The Sun.
London, England, 1861-01-22 00:00:00

RISE IN THE RATE OF DISCOUNT.

On Monday, the Bank raised the rate of discount from
6 to 7 per cent. the highest rate to which it has gone
since the panic of 1857. The Bank of France raised its
rate of discount, on the following day from 5} to 7.
A great diminution, from £3,000,000 to £4,000,000, in the
stock of bulion of the Bank of France, is reported
to have taken place since the last month's
return. Considerable sums are being withdrawn also
from this country for America, as the reserve of
notes, on which the Bank of England relies for discount
purposes and to meet its demand, was diminished by no
less than £1,024,260 by the last return, the bank is again
forced into this step of raising the rate.
The effect is immediate. It is reported from Manchester
that there is a decided suspension of all but indispensable
business in yarns and goods. In Staffordshire it is said that
the depression is the iron trade " is as great as it has ever
been." Throughout the country a feeling of distrust and
anxiety will spread day by day. .
Thus we begin the year 1861 under anything but cheer-
ful commercial circumstances. Every hope for the future
arising from our successes in China is &pressed, and every
cause of alarm, fromthe bad state of the finances in India,
is exaggerated by a rise in the rate of discount. Trade
was quiet and steady. Speculation dormant. But the
moment the rate is raised and the circulating medium con-
tracted, the commercial machine is then out of gear.
There is, as we have repeated again and again, no reason
why this should be. It is only from the idiotic system
which Peel's Bills have established that tke exportation of
a few paltry millions of gold is made to affect the whole
commercial relations of the nation.
We ask Mr. Gladstone how he expects to raise the
enormous amount of taxation with paralyzed trade and de-
clining commerce ? And this as perfectly unnecessary as
it is disastrous.—Derbyskire Courier.

The report from Liverpool this morning shows
that the news by the Canada of Mississippi and Louisiana
having committed themselves to immediate secession has
increased the prevailing excitement in the cotton-market,
large transactions having taken place at a further advance
of id. per lb.

The Roxburgh Castle has arrived from Melbourne
with 41,708 ounces of gold, worth about £167,000. The
other ships known to be out are the Wellesley, 79 days at
sea with £131,000 ; the Strathdon, 67 days, with £196,000 ;
the Clutha, 66 days, with £95,000 ; the Essex, 65 days,
£59,000 ; and the Champion of the Seas, 59 days, with
£36,000,

THE REPRESENTATION OF BOLTON.-0a Friday
evening a large and influential meeting of the members of
the Reform Registration Association met in the Tempe-
rance Hall, Bolton, for the purpose of adopting measures
for filling the vacancy in the representation of the borough,
which will take place on the assembling of Parliament, in
consequence of the resignation of Mr. Crook. Mr. Hey-
wood, president of the association, occupied the chair, and
read a note he had received from Mr. Crook, stating his
intention of resigning as soon as Parliament meets. It
was then resolved that a requisition should be got up to
Mr. Thomas Barnes, who formerly represented the borough,
and when sufficiently signed by the electors, that the chair-
man should present it. On Saturday last the requisition
was in course of signature, and was receiving many names.
REPRESENTATION OF ABERDEENSHIRE.—The
Aberdeen Herald of Saturday says :—" We are glad to see
that the Liberal cause in Aberdeenshire is not to be left in
the lurch after all. The Hon. Arthur Gordon who, owing
to peculiar circumstances, has a much better chance of suc-
ceeding against the combinations of Tory lairds than any
other man in the county, is to come forward as a Liberal
candidate in compliance with a requisition which is now
in the course of signature. The enthusiasm with which
this intimation was received yesterday in the market, and
throughout the county, as well as the number of signatures
to the rpelli.,;“.. 6LaO Lave boon volunteered. gives
ample promise of success to this spirited and judicious
movement. Of the qualifications of Mr. Gordon it is hardly
necessary to say a word. He possesses all the kindness,
_courtesy, and gentleness, and much of the ability and bug
ness knowledge and habits, of his late father, combirsed with
sound liberal and independent principles; au' we know
that he has endeared himself greatly to the tenant farmers
throughout a very large portion of the er;unty. He is much
liked by the volunteers of the disix;_ct to which he belongs,
and we have no doubt he will 'speedily become a universal
favourite in this part of le country. Of the certainty of
his willingness ar!'f, desire to come forward there need not
be the
"...igntest doubt, whatever attempts may be made to
create a contrary impression."