The Sun.
London, England, 1826-02-14 00:00:00

THE SCOTCH BANKS,

The general eulogium- passed on the safety of
the principle on which the. Scotch Banks are
established, appears to-be atkogether founded on
misconception. In fact, the only difference be-
tween the Banking Associations of England anti
Scotland is, the limitation of partners in a Bank-
ing-house on this side of the Tweed, to ki,v per-
sons, In all other respects, the Scotch -Ranks.
are precisely similar to those in England, Vitt,:
following extract from the Edinburgh Keikki64'
affords some useful information on this subje,ll--
..
" It should also (the writer observes) .be Icekt
owing to the comparatively liinited extent anrpoptaition of
Scotland, we have only from twenty-eiglil to thirty es!abilsh4;
mints for the finite of notes ; and in consequence of this fewlt-
ness of their numbers, it is easy for them to concert their rues*
sures in common, and to support each other duringia period of .1
panic. Those who, were acquainted with the,,real 10.14 e of thing
in Scotland•were not a little amused by the paragraphs in, thersi
Newspapers about the confidence, stability, &c. of tit.: Scotelt
Banks during the late crisis. The truth is, that these estiiblishz"
ments,were then, we shall not say on the brink of deatritetio;r44
but certainly in a state of very great danger. !pad the Britiabo
Linen Company and the National Bank noi stepped forwair
to the assistance of the Fife Bank, the Istter mast
have stop
payment; and the alarm that would have been cauasti,by,tirat
circumstance, in conjunction with that which Was caused ,b 7
the failure of POLE, TllOli NT ON, and. would hardly, have
failed to occasion a ran that might have been productive of tbo
moat disastrons consequences..
,!
" It is obviously impossible, however, that,any "such coneert.
can ever obtain among the'hutidreds of banking -estis,blithments
that must always exist in England ; and this eireumitance it;
Of itself Sufficient to vitiate all interferences drawn from the ,
state of bunking in the one country to its state in the other...,
No contagion spreads so rapidly as that of a panic. A failure'
in Portsmouth not unfrequentiy excites a strong sensation in
Newcastle; and has ultimately,
.on more than one occasion,
led to a run on the latter !

We apprehend, indeed, that moat of those who have been
so very lavish of their eulogies on the Scotch Banks, have been
but very slenderly inforrnea with respect to the real situation,
of these 'establishments. from the statements recentiv put
forth, one would be led to suppose that there is not a Binh in
Scotland• Without some hundred partners; whewas, the plain.
matter of fact is, that out of twenty-40f or fiarfy establish..
meats for the issue of notes, there are TwE NT Y, the no other of`
whose partners vary from fifteen to two, one, ma three I The
Bank of Scotland and the Royal Bank are out of the question,
for they are chartered Banks, and the partners are 'only liab'e
ter the amount of the shares which they respectively hold, or,
taking them in the aggregate, for the cayital of the Banks,
which is any thing but an excessive security, And with the
exception of the Commercial Brink, the British Linen COM:
patty, the National Bank, established only the other day, two
banks in Dundee,theAberdeen Bunking Company and the Pi r h
Banking Company, the partners in most of the other banks are
very little, if at all, more numerous than those in the English
Banks. For example, there are only 15 partners in the Leith
Bank, and If in the house of Sir Wst..l.OttnES and Co. ;- the
Greenock Bank, the two Paisley Banks, anti the Renfrewshire
Bank, have amongst them only twenty five partners; two of the
very first ban ks in Glasgow, the Ship Hunk and the Thistle Bank,
have only thirteen partners; the Ayr Bank has only nine ; the
Kilmarnock Bank jive, and so on. And it will be observed
not only that many of the establishments with the smallest
number of partners arc founded in the West of Scotlarul, where
the risk incurred by the bankers is infinitely greater than in
the other parts of the country, but that the notes of some of
them have a most extensive circulation ; and that they enjoy;
and we believe Most justly, an equal share of the public confi,
thence with those that havonpreni,merous bodies of proprietors.' 1

NORTH AND SOUTH AMERICAN

SUBSCRIPTION ROOM, Vxn. 14.

LIVERPOOt, FEn. 12.—Wind %V,S,%V. freab breeze.—A
rived the Alexander, Baldwin, from Charleston, sailed Jtat.
in company with the Marmion, Petrie, for Liverpool; the (e-
-neral Brown sailed Jan. 23, for 'Liverpool. Cargo of the Alex,
ander, 1,126 bales of Upland Cotton; ditto of the Murntion,
705 ditto, 99 Sea Island, and 410 barrels of Suar. Alm) ar.
rived the Ajax,. Nichols, from Savannah, sailed Jan. 0, in corn.
}zany with the Niagara;. Elizabeth, Biker', from Jamaica;
Rover, Cook, from Alucalo.; Minerva, Chambers, from Beetles
Ayres and Monte Video, sailed Nov. 17—(every thing was
quiet at Monte Video when the Minerva left) ;—Defianee,
Lily (American Schooner), from St. Michael's; Juniata, Cutter,
Liverpool, at Wilmington Jan. 18; Robert Me:William,
cockson, cleared at ditto for Liverpool Jan. 18 ; Ann, George,
Livool, at Monte Video Nov, 13. Price of Canoe, Jan. 17,
at Milledgeville, 10 a 10' ills. per pound ; price of ditto, Jan,
19, at Fayetteville., 11 a 11::,
DEAL., JAW. IL—Arrived, and proceeded to the River, the
Lalla Rookh, Stewart, from 'the Zak of France; P.trobe,
Richardaon, from Demerara; Sarah Ann, from the
South Seas; and the Princess Royal transport and the Trans,
port No. 5 ditto, from the westward. Came down from the
River the Regent packet, Collins, .for Terceira; Tickler,
Wright, for Jamaica; Harriett, Kindley, for Vera Cruz, ; Hehe,
Heaviside, for Rio Janeiro ; London Packet, Mackay, for
Boston; Faith, Dalivitte, for New South,Wales; and Dicta,
for Bahia ; all remain in he Downs.

f FROM LIJOYnts.I
DEAL, Fru. 13.=.-Wind and sailed for the
River, the htllagtookh, Stswart, from Penang, sated the 24th
of ()either; S:trah Ann, Phillip, from the 'ouch Srret, with
1000 barrels of oil ; Phoeby, —, from Demerara ; Prin-
cast
Ruyal. and 1 Villiam Harris transports, finm Corfu—the
latter remains. Came, clown from the River, and remain, the
Prince R9,,ent, Collins, for Terceira ; Deliote, for New
South NI ales; London 'Packet, Mackie, for Boston; Asia,
Round, for Carthagena ; Ilarriet, Aindley,' for Vera Cruz, and
Dido, for Bahia.

• PORTSMOUTH, Fun. I3.—Wind S. to S.S.W.—Sailed
the Juliana, Trines, for Madras and Bengal; and the Wallet-
mina, Weyboitrgh, for Haniburgh.
PrAtmotrrit, FEE. 12.—Wind SM.—Arrived the Perseus,
Jackson, fain Newcastle for Bermuda. Sailed the George
anti Thomas, with several others, bound eastward.
FALMOUTH. FRR.l2.—Wind S.W.—Arived the •Sanil.
wich Packet, from Lisbon, sailed the sth inst. Sailed the
Lion, Jones, for Jamaica; and the Maria, Tessier, for London.
LivERPOOL, FEB. I2.—Wind S.W.....:Arrived the
bath, Ekin, from Jamaica, failed from Montega Bay the 21st of
December; on the 4th of January, in the Gulf, picked up the
crew (18 in number) of the Danish ship Ida " Margaretta,
Christian, IVom Hammitt for Ilamburgh, , which vettel was
wrecked on the Doublc.headcd Shot Keys ; also _arrived the
Minerva, Chambers. from Monte Video, bailed the 19th of
November (left the Ann and the Grove there) ; Mary,
from Trinidad; Alexander Baldwin, Chariwiton;. Ajax,
Nicoll, Savannah " Rover, Cook, Multi(); Greg,
Bflboa ; Pelorus, Goodwin, Messina; Minerva,
Marseilles; Margaret, Long, from Charente; and Defiance,
Ely, from St. MiehrtePs.

The balls Rookb, arrived in the Downs, left the following
ships at St. Helena, viz. :—Thst Malcolm, from Machu ;
Magnet, and the Calcutta, from Bombay, and the Catherine,
from Batavia. _

The Medal
eof Liverpool, has been condemned at St.
Thomas's (Africa) as unseaworthy; master and crew (except
the mate) died previously.
The Ophelia, from Liverpool to Savannah, was totally lost
on Kish Bank on Saturday, and two of the crew drowned.

MIDDLESEX. SYMONS (THIS DAY) .--.These
Sessions commenced this morning before F.
CONST, Esq..,and a Bench of Magistrate.. The
traverse paper is by no means heavy; there ore,
however, a great number of larcenies for trial.
THE MESSRS. LAW SON.—The parties bound
over to prosecute the above Gentlemen, who are
committed to Newgate on the capital charge,
Lord Ellenborough's Act, attended this day at
Clerkenwell-green for the purpose of indicting
them.

We-regret to state, that a communication was
yesterday made by Dr. %Turman; In the Court of
Arches, Doctors' Commons, tolhe afrect, that
Dr. LusurmoTom, in consequence of severe ill.
mess, was unable to come down to the Court to
argue two important can*
,which he was re.
gained.

TILE LONDON JOURNALS.
DAILY
nxtruel* fivin the .1/timing Papers, Feb. 14',.1826.

(stourtmo tugnAt.n.)
The Earl of Liverpool, last night, brought into
ti e House of Lords a Bill to amend the 49th
George ICI., liMiting the number of partnersln
banking establishments, &c. It was read a first
time, and4ti ,: second reading fixed for Friday,
fur which .their Lordships were ordered to
0
be append! tturnmoned. In the Commons, the
Chancellor-of the Exchequer moved, that the
House go again into a Committee on his Re-
solution regarding country bankers' small notes ;
bit the Speaker was 'le allowed to quit the
~Ctutir, in order to the rOs?imption of the debate
in. Committee. Sir J. Wrottesley declared, that,
having heard what the Chancellor's plan was,
he would do all in his power to stop it in limine.
Cie condemned Ministers for having made the
subject the leading topic of his Majesty's Speech,
and the only one on which they were provided
with 44 correctives." ' The t 4 panic," in rea-
lity, had passed away, though the did not mean
to say that no dufliculties existed ; but, us far as
'Uovernment and legislatorial interference was
concerned, matters ought to have been 44 left
alone." As to joint-stock banks, he believed,
that instead of mitigating the evil, they would
increase it. The measures of Ministers would
do no good ; they had already created great
alarm, and would occasion more alarm and in-
jury to credit, if not at once stopped, and, there.
fore, he called on the House to support him In
refusing further to entertain the measure. Mr.
Alderman Thompson also condemned this mea-
sure, though he had felt it right to support the
commercial views of Ministers. lie declared
that the pressures, following the over-trading and
panics, had already occasioned a 44 vacuum" in
the circulation of the country, to the amount,of
8,000,0001. which, with the 4,000,0001, of 1/.
end 21. country notes to be withdrawn, would
make 10,000,0001. That 44 vacuum" in the cur-
rency was to be supplied with gold ; but he naked
how was the gold to be obtained when the ex-
ports were against us ? lie deemed the measure to
be calculated to increase the convulsion, and as

it was easier to withdraw in time than to restore

destroyed confidence, he implored the Chancellor
to abandon his plan. Mr. T. Wilson spoke to
the like effect, and declared that the measure
would do no good whatever—that in fact it
would do more harm than good. It was des-
graying confidence and creating alarm in all
directions; he wished Ministers would let
these matters alone. Mr. J. Smith likewise de-
aired that Ministers would postpone this plan ;
its agitation was producing indescrihatle mis-
chiefs and alarm. Mr. C. Grant then said, on the
pert of Ministers, that the measure was poposed
merely to meet 4 specific evil, and to prevent in
some degree, when existing difficulties may have
been overcome, the recurrence of a like suculative
spirit; it was not ,pretended that the plans now

. _ .
submitted would remedy the evils under which
the country laboured. Mr. !Peel afterwards
spoke at some length, and declared that as the
small notes must he got rid of at tome time, he
thought, under all the Circumstances, it WWI
_ _ .

" now or never." Mr. Canning aho supported
this view of the question. It will' be seen that,
after an extended discussion, the Resolution was
c.,rried with a large majority in its favour.

• [MORNING POST.]
'flip great question of Our Currency may bt
Considered as settled by the decision of last night,
and as sottlffa in a manner most triumphant to his',
Majesty's Ministers. Notwithstanding-thearrayed'
hostility to the proposed measure, and the vigour
.with widch,it was so unexpectedly attloked, a
majority of .23t1 to 39, has .proclaimed d adopt.
ed' the sound principle, that kmetallic currency
can alone secure The country against those alter-
Mlle extremes of superabundant capital and
sudden scarcity which create wild' iipeculations•
,u 4 one period, only, to produce still wilder ruin at
another. As this, is a principle for wbich we
•have &nay turd, honestly combated, we doubly
feel the jnya of victory. it is more complete
then' the' most sanguine friends to the liberal
xygeiti pursued by Government could have
.anticipated, and: it places the Executive in
lit 4040011 and an attitude or strength which
'cannot fail to have a beneficial and deCiSitri,
influence over every other important metisure
is bleb may be bronght forward this! sfisotion.
The disciission last night took place on the .ques-
lion that the Speaker do leave litre Choir,- wit,-
atter several other 'Members, had spoken, IMr.
flaring, who °ion& it consistent-with the
fereata of the country that Ow $llOlll4 reinain in
the Binh! or uncertainty which had prodoe,ed her
greatest evils, moved an Amendment, that ie in
the present distrosset! srittenf public and private'
credit, it was not expedient to enter into ti
nonsiderstion of the flanking siitem of till
. Country." in the conrae•of the de bite the close
and courike energy of Mr. Secretary Peel, and
rite rich and magnificent oratory of Mr. Secretary
thinning, couthliwri to ertposo the f:dlacy of the
Argnments urged 1' tieelT ctof
it 10.54.01101,01.1 ttreaina sir viorptence WAS irrPAirtiitir.
prir; Gptfles c,rrot---,nay•, Mr, liroughtin'hicwwil,i
,tddetl !heir streitittli to the deretlee ; rip ittit flird
,„„,
spit w4ti truerejvction of fwiroy,-„ s
cheat by the glorious tn,ijortty tvltitli we ha,ve
atiptn secolid t.trovt WaS then
ort(r the House "had goii into the Coonnitteo, to
4irleoithe ineriiure in part ; but this attempt 'was
rtjll more unfortunate titan the firSt, having only
fonndM Support it, Whilst slaty-
votes appears'against like trittrupintly
try find ,Wefintiht not, advantageously
to the country, has,th,e, import9nt question heAn
ti!USdeeided.

[stortNroo otnoriter,E.'
Arr. Allibt'OeYr 14". iug!str‘ e:a police of a
motion,.ruspectipg a subject, of yd?;,l, the iaipott.
ance can iiardly be over esiimated, namely, the
issue of between thirty and forty of kx-
elloquer Bills, the connection between the Bank
of England and Government ; and, in short, tall

matters connected with the funded and unfunded
Debt of the Country. He said he gave the notice,
that the Chancellpr of the Exchequer might be
prepared to fix upon a day convenient for the
discussion, when the Committee of Ways and
!Deane should first sit. This is probing the na-
tional wound.

Yesterday produced another fall in the prices
of every species orStock, and although there did
not seem to be any new cause or alarmotill the
most gloomy apprehensions were every where
entertained. Among the subjects of conversation
during the day, was the private meeting
of Merchants and Capitalists, which was held
on Saturday, for the purpose of taking into
consideration the expediency of applying to
Government for the loan of Exchequer Bills
on property ; but as none of the details
were known, few ventured to form a judgment
on the policy of such a measure. Three per Cent.
Consols.for,miney, were done during the day as
low as 76i, but left off at 754 ; and the same
Stock for the Account was sold at 754 ; but on
the close of the market it reached 7tii, being a
fall of one.half per cent. since Saturday.—(Mid.)

rnitITISH
Although no"fresh arrivals were announced
yesterday, the de-cline of prices in every descrip-
tion of Security continued until a late hour in the
day, when, a re-action took place. Consols for
Account, which left off on Saturday. at 76k,
'opened at 76, fell, to 751, advanced to 76i, and
again receded to 751. The only rumours of any
consequence were a declaration of war against
Turkey, the commencement of hostilities on the
Prot!), the unparalleled distress in the country,
and failures in London.—These gloomy ail-,
nouncements, however, were succeeded by a no-
tification that . had, a tendency to restore conii4
dunce, at least if we may judge of its effect by
the improvement that was occasioned in Consols
towards the conclusion of business, the last quo-
tation for the Account being 76k. The commu-
nication to which we allude was, that Govern-
ment had agreed to lend to the merchants five
millions of Exchequer 13111 s. This intelligence
seemed to have a most cheering effect, and Con-
sols left off with some firmness at the above quo-
,tation. Exchequer Bills were 49.1 75., 9s. 10s.,
discount • Bank Stock, 196 b 1951, and India
Bond 11 s 8. —The Foreign Market was in a state
of great agitation during the day,, and the prices
were more than ever depressed. Colotnbiam Bonds
were as low as 60i ; Mexican Six per Cents.,
581 ; Spanish Bonds' 9f ; Russian dittO, 751,
70f ; and Greek Bonds, 17f, 18. Indeed, this
Stock •seemed the only one amongst the Foreign
Securities that had any buoyancy in it.

(Write~ PUBLIC LEDGER.']
We have recciVed the Paris Paper of Slitnrdity,
and the Etude of Sunday. The latter is occu-
pied, to the entire exclusion of other matter mat-
ter, with the
,proceedings of the. two Chambers,
The Session has proceeded favourably for the,Mi-
nisters us yet ; but this -calm -is deceitful ; and
several measures, particularly ,the, proposed law
of primogeniture, are likely to excite great
heats. In the mean time, the Answer of the
,to the Address of the Second Chem':
be is calculated .to disarm Opposition, if
words alone could produce this effect; and his
pledge to respect the liberties of the nation,
were it not occompanied with the offensive insinu-
;tam that they were a rept! gift,'would'probably
give unmixed satisfaction. The exceptionable
hint, however, may have been _accidental ; and
let us hope-so, notwithstanding the frequency of
these accidental insults to national feelings. The
King may, sooner than he imagines, stand in need
of the undivided confidence of his people to meet
the'eventful times, which, if the appearances of
'the political sky 'can be relied on, are 'approach-
ing at a rapid, though noiselessi pace. The artifi-
cial system, erected at the termination of the last
warprod which from the beginning has been sup-
ported by the bayonet, itr the teeth of public
feeling,. has exhibited marks of decay ever since
the legitimate ieeasion'of Spain ;: though it might
have been upheld some years longer, but for the
violent concussion which it received by the death
of the, Emperer Alexander. Ly that event the
European system has been rent from top to
bottom ; and it therefore 'behoves the French
Monarch not to speak of the constitutional
rights of his 'people, as if he could take them
away at -pleasure, for he must know that an
offensive expression hurts more, and is longer
remembered, than a blOw. lie Might, at his-
thee of life, to Aivest of the prejudices
of the nursery, as the French nation is no longer,
what it was fifty years -back; and the
,quiet
pertmeet whicin4.it exhibits no la not so much
the result of the wisdetn of ita' rulers as of con-
scionsness el its own strength. .1t is ..but cam.
men justice, hoWever, to that Government to
say, that its conduct on the' whole is praise-
wdohy ; and it is well for it that this is no
hol-
low comptinwnt, as a very trying, crisis for all
monarchical governments is probably near at

hind.