The Sun.
London, England, 1826-01-12 00:00:00

SPECULATION IN SPELTR.E.

A late number of the liur•sen Halle, a Ham-
burgh paper, contains among its commercial in-
formation the following article respecting the
trade in speltre, or zinc, by which name this
metal is more generally know n. refers but
vaguely to the late disgraceful speculation In
speltre which took place in this country, although
what is said is quite sufficient to establish its real
character; but it evinces very clearly that the
parties who engt,ged in it have been disap-
pointed in their oli•{ect, and that they must ulti-
mately SUStati u -very serious loss of money as
well as of reputation hy it.

(Pram the Barren Halle.)
SPELTIIE Olt ZINC.

. .
A speCulation ea singular, but not. quite laudable nature,
has distinguished this article in the year just ending. Heal
sales took place in the first few months; but between April and,
Octobei the price was driven up from 13 to 26 marks, it wits
occasioned In the following manner :---London speculators Of
sufficient capital, as early as the beginning. of the year, bought
the whole of what Silesia produces of this metal during .the
year. Baying succeeded thus fur, they began buy large par-
cels for delivery at a ftiture time, but which, as may be imp-
posed, could not he procured when that time arrived. The ad.,
Mrs were, in consequence,obliget to come to an understanding
with the speculators, and of course with very'coosiderable,loSs
to the. former:

Now if we consider that the shipments for the East. Indies
in the course of the year were but small ; that the price at
present is languishing, and shows no tendency towards *a rise;
and that it will in consequence be neglected In Europe, it is
tauty to conceive, that although these speculators or jobbers
could succeed for once, in their secret transactlowt, yet when
they are disclosed, the whOle Is put an end to in an instant. This
article, which, as late as October last, was at 25 marks, can at
present be obtained at 14, for delivery in the spving.of 1020.
There are but feW buyers at 12 marks. Formerly the pro-
dticc of zinc in Silesia was computed at about 300,000 cwt., but
in consequence of the demand and the high price, it increased
to near 500,000 cwt.; ,and if we consider that according to late
accounts trim Cali:luta; the stock on hand is equal to three
year's consumption, too that in London as well as here the stock
is also very considerable, we cannot (without some particular
occurrence) except a Icilli3nt market.
Ott the LoudonExc • t the probable loss of
1411 =t!
the speculutos in Speltre is estimated at 100,0001,

-
DEATH BY DIUNKING:—A man unmet! Thos.
Truelove,• who resided in Young-street, Little Sheffield,
the.
fell
victim to. intemperance hot Week-
lie undertook, for
trilling wager ai.so-, out of bravado. to drink a whole bottle of
.i.rum in a short time, anti died soon after he had triumphed M
winning his wager,

APPENDIX.
Plan of a Chartered Company, to be called " The London
Bank," to promote the Establishment of Country Banks,
and for placing them on a Footing of Public Security and
Private Advantage (originally painted in 1817).
The advantage derived from country banks, when prudently
conducted, are far beyond what are commonly apprehended.
By these means, country districts enjoy the some benefits, result-
ing from abundant circulation, that formerly was almost exclu-
sively possessed by the metropolis, and the farmer is furnished
with capital at his own door, with asmuch facility as the manu.
facturing and mercantile interests, to which the success of menu.
factures and commerce has been principally owing. There is
every reason also, now to believe, that country banking, by en.
crurtging production and circulation, has more effectually pro.
mote I the general prosperity of the country than any other cir.
Cu atstance whatever. This is easily accounted for. An ade.
spate circulation in coin cannot be obtained in any district
unless it be purchased. Hence the expence of procuring the
precious metals impoverishes a district, anti checks the pro.
greys of its improvement. But remove that obstacle, establish
an adequate circulation without expence, and the remotest cor.
ner of a country feels an impetus which insures its prosperity.
Nothing, therefore, can be more mischievous than the idea of
annihilating the circulation of small notes, in country districts.
It is of the highest importance, that a system, whose results
are so truly beneficial, should be placed on a footing of security;
and the best mode of effecting that objeFt would be, through the
medium of a Chartered Company, with .4 large capital, who
would act as " A General Agent," to such country banks as
chose to apply to it.. Such a company would be enabled, by its
capital to supply country bankers, possessed of property ade-
quate to their business, with money in cases of emergency.
They would'not- then.be liable to the same sudden reverses as
.they have been ; more confidence would be placed in their sta.

* See Hints on Circulation, by the Right Hon. tqr John
Sinclair, Bart,, published an. 1822, where the Scotch system
is described: In the Appendix, No. 3. An account is there
given of the six banks which had suspended their payments in
Scotland, during the last .50 years.
t See Chalmers'; p. 297, edit. 1804.
Nothing can he more absurd then the idea, when bank
grants security, or deposits stock, that it locks up its capital.—
Has not the Bank of England lent the public many millions,
and cannot it carry on its business ? Suppose a private bank
deposits witba Board of Commissioners 100,000/. in stock: It
not 9nly,receives the interest of that sum, but it is authorised to
circulate 60,000/. in notes (for 130,0001. of 3 per cent. stock can.
not be valued at par), 'it' will receive all the profits to be de-
rived from their circulation.

§ With great, deference to the oinion of others, I would pre.
o; ritteed4,nru abtergejurelYr
fer silver for' the following reasons';-Silver indispensable for
the smaller, and consequently the more n'unierous payments; It
iiwtecaatntrilolnbegoelxdp
jsriplarrodfietra,brydri3leels.sted i adbol4t
risk and heavier charges our accounts ere kept in pounds
and shillings, or in reference to silver ; it is the least subject to
variation ;—and it is the general legal tender in Europe and
America. Indeed, silver ever has held, and probably ever
will-bold, tbeprerogative of being the general standard in com-
mercial eouttries; gold being always valued by silver, but not
silver by gold. Had silver been the standard, it would not
have been so easy to have drawn from the banks their me-
, Who currency, during the late alarm.

BANKING ESTABLI "HMI NTS..
capitals would be prevented. =—
The advantages of this plan are,
hints, ; and the mischiefs which have arisen from insufficient
On the means of Relieving the present Pecuniary Embarrass-
lie Commissioner; whereas, at present, it is quite a mystery.
menus of the Country, and Preventing their Reiktrrince 1. That the amount of the circulation would be know to pub-
2. That no circulating paper could be issued without together with the plan of a Chartered
_Company for Pro-
moting the Security of Country Banks. ade-
quate security,
By the Right Hon. Sir J oner SINCLAIR,. Bart.
3. That its amount might be limitedi and kept within due
•-; - -
It is quite practicable by placing the circulation of the coup-
bounds. And, -
try on a proper footing, to prevent the recurrence of those me- 1. That it would ultimately be convertible into the precious
la_
lancholy scenes of distress, which are So frequently experienced ',metals
in,England.. In Scotland, where a judicious system. of bank-
gold, for the purposes
ing is established, insidious attacks of foreign enemies on the.principal source or
and where any number of persons can assn-at the current price, to
den merely,, or to prornotathe
ss hot to encourage a run for
lama le, _when really wanted, for legitimate purposes.
princifiallY by transferring to England the same system, which ciate for.banking purposes, they are scarcely known ; it is our prosperity and power, but that gold might always be at-
the experince of above half a century has sanctioned in Scotland,
that the great object in view, an advantageous system of paper
circulation, may be attained. •
•In Scotland, during a period of above fifty years, only six
banks have suspended payment,—only in two instances were
there any.deficiencies,—and these, in all, did not amount to
30,0001. ; whefeas in Ithgland, 71 banks stopped payment in
one year-f •, and great losses were sustained. Recent events
have fully. proved the superior excellence of the Scotch system.
In England, in the short period of three weeks, sixty-one
banking establishments in the country, and six in London,
suspended their payments. These failures were attended with
the most disastro6 consequences, for they not only occasioned
much individual misery, produced' great depreciation of pro.
petty, and brought sudden ruin on numbers of industrious
persons, but materially injured public, as well us private credit,
and essentially affected the revenue.
Daring this frightful convulsion in England, in Scotland
not one banking house has stopped. • In various parts of
England also, the same fortunate circumstance has taken place,
but at the expence of immense sacrifices' in the part of the
bankers, or by means of the support they received from the
great landholders, and most respectable mercantile interests, in
their immediate neighbourhood. The necessity," however, of
applying to. a number of individuals foretteh aid, placed. those
banking tetalilisinnents in a most painfulipredicament..
It would take a lengthened discussion to explain, in detail,
the plan I now beg to offer, as a preventive of such mischiefs.
Some general outline of it therefore, is alone given, which may
be extended if necessary.
1. The establishment of respectable banks by public licence,
in every county of England where required, is the basis of the
whole system. The advantages of such establishments, when
properly regulated, cannot be questioned (see Appendix); and
to place them on a footing of' security, I am persuaded that the
Bank of England would forego its exclusive privilege of bank-
ing with more than six partners, in so far as regards country
districts ; us the Directors of the Bank must be aware that the
mischiefs which have lately been experienced, originated in a
great measure from the existence of that monopoly.
In order, however, to induce the Bank to make that sacrifice
willingly, time public should guarantee the existing dividend,
during the continuance of the present charter, and should agree
to give one year additional of charter, for one year relinquish-
ment of claim ; the monopoly, however, to be continued to the
Bank, in so far as regards London and its immediate neigh-
bourhood.
2. That a board of seven commissioners, not members of
either House of Parliament, shall be appointed for licensing
country bankers, without authority from whom no engraved or
printed notes payable to bearer on demand, shall be circulated,
nor even then beyond the sums for which landed, funded, or
personal security, has been given to the Commissioners. It is
quite an anomaly that we should hung one individual for coin.
mg .1 shilling, and suffer another to pass with impunity, who
has circulated thousands of promissory notes, payable on de-
mand, without the means of retiring them
3. That a great corporation shall be erected in London, to be
called " The London Bank," to act as a correspondent to such
of time principal bunks as choose to employ it. This is a most
important part of the plan. No private banker in London can
stand his ground, when there is a great run on u number of
his country correspondents. (A plan for erecting a great cor.
poration, in the centre of country circulation, was drawn up
by me some years ago ; but unfortunately the public were not
the
e circulation
iia tikof
then ripe for its adoption. An abstract of it is annexed.) Stich
a corporation might likewise have the 'liberty of circulating
neighbourhoodtullinonctinotes
a,l%n)tuhireoc)county',
1 trust, will always be found entitled to the confidence
thext exclusively
slbielvai eel! leaving
gtot aitisnithiatst
ofE niirlanhddo n;
In times of distress in country districts, how much easier
could a supply be conveyed, and a panic dispelled, could alarm
be met, by the•notes of such a corporation, issued under the
sanction of public cenunissioners, than by imperfect supplies
of gold or silver ?
4. That, subject to the above regulations, the privileges of
the Bank of England shall be continued ; for it is a corporation,
Which, on many trying occasions, has been eminently useful,
and is conducted with much ability ; that its notes a mall be a
legal tender in all public and private payments ; and converti-
ble into old, at its average price for the preceding quarter, to
be periodically inserted in the London Gazette. § Gold and
' silver, like other commodities, must vary in
price; and if those
who require them, can get them at time market price, •
it is all
they are entitled to expect.
After having thought on the subject for a number of years, I
ant convinced, that a plan fourided on the principles of this
brief outline, would place the circulation of Englund (on which
the pfosperity of Scotland "and Ireland so greatly depends). on
a secure footing—advance the national prosperity.und prevent
those sudden reverses, to which, under the present system, we
are constantly exposed. But, to attain these great objects, pre-
judices must be got rid Of, 'and sacrifices tirade.Th at such a
plan may be improyed upon is readily admitted; but, if the
principles arc in general recognised and acted on, any defects
which experience may point out would 'easily be remedied.
Time great object is, to secure a circulation, distinguished by
by two, great advantages; 1. Safety; and, 2, Abundance.
When that great blessing is attained, all the industrious classes
of the community are employed, the revenue flourishes and the
nation prospers. Whereas' ,when circulation is diminished,
confidence is destroyed, and the whole nation, with the excep.
tion of a few opulent classes, must experience great distress.
JOH N. SINCLAI/L
133, George-street, Edinburgh, Jan. 1, 1826.

CORONERS' INQUESTS.

THE ACCIDENT IN ST. JAMES'S PARK.
Yesterday evening an Inquest wusheld before
Mr. GELL, Coroner for Westminster, at the Red Lion public-
house, Princes-street, Westunnsfer, to ,inquire into the death
of the two young men who were drowned in the Canal of St.
James's.rark on Tuesday afternoon. There was only one wit-
ness, namely, Edmund Fullager, of No. 2, Bell-yard, Doc•
tors'-commons' who came forward to give evidence. He stat-
ed, that about half-past two o'clock in the afternoon of the
above named day, a number of youths had been sliding on the
Canal, and had stopped on the ice to await the arrival of more,
that all might start together, when, from their weight, as be
supposed, the ice gave way, and they were all immersed.--
Some persona instantly rescued five or six, but for a consi-
derable time the remain er were in great peril, and the two
deceased persons sunk,- baring grasped each other so tightly in
their struggling, as to losesensibility. , The witness considered
that the whole was tt,piere accident: every thing was done to
rescue them without ;_Several persons risked their own
lives. The'Juri.then viewed the bodies, which were at differ-
ent public-houses, and retiiiried vOdicta of—" Accidentally
drowned."—Neither of the bodies have betn owned.

Two Inqtrisitionsrviere taken before Tiiostas Hum, Esrl•
TWO CHILDREN, BURNT.
in the Board Room of the Westminster infirmary, in James-
street, near Buckingharn-gate, on the bodies of Matilda Turn-
penny, aged six years and four months, and Mary Hock, about
six years of age, who were unfortunately burnt to death. Mrs.
Sarah Weblin, of No. 10, Al illbank-street, stated, that the de. ,
ceased (31atilda Turnpenny's) parents resided in the same house. .
On Tuesday, about ten minutes before five o'clock, while sitting
in her room, she heard a violent screaming, and on going to the
door, saw the deceased running down stairs all in a blaze; the
deceased appeared frantic, and ran into several of the losigisre
rooms ; witness procured 'IS blanket, and placed it round
her, but by that time her clothes were literally burnt of '
The deceased's father came in at the moment, and carne(
her to the hospital. The mother was out at work; there
were two other children in the same room, one ten, the other .
two years old. The eldest child said, she was playing with
her sisters ; the deceased was hanging a pair of bellow*
up by the side of the fire place, when her pinafore went
I against the bars of the grate, and it instantly caught fire, in
j which condition she ran down stairs in a blaze.—Mr. John.
Maitland, house surgeon at IVestminster Hospital, attended
the deceased, and found her severely burnt all over the body;
her face, one thigh, and an arm literally to atoms ; owl
thing possible was done for her, but. she expired the same
evening from thedreadful burns. When deceased was brenght
in, she seemed sensible, and did not complain of any bodY'
On the next inquiry, concerning the death of Diary
Rock, t;
appeared from the evidence of Elizabeth Hanson, of NO. 8,
Vine-street, Westminster, that the deceased's parentsre-
sided is the same house. About nine o'clock in the toorhiDg
iof Wednesday week, she heard loud screaming in the
kitchen, and on going to the spot saw a lighted candle'
'on the table, and a fire in the grate. The deceased's
clothes were in flam ; witness from the alarm exPected
it was -fire ; and accordingly too a sack with her, which etc
placed round the deceased, whose clothes were nearly ehl''
sumed. She was immediately rubbed with oil, and on her
mother coming in was taken to the Hospital. Two other chil-
dren were also in the same room, one about four and the other
two years old.—The mother of the deceased said that her
daughter told her one of the children had lighted the candler'
when she got upon the' chair to put it put and her clothe*
caught fire. Witness at the time was attending on hermotheli
Iwho was very ill, and has since departed this life.—The flousc
Surgeon of the Infirmary proved examining the deceased•
whom he discov'erte isevsrely burht on' the body, neck, and
arms, the deceased-lingered several days, but eventually expired
from the dreadful injuries.—The Jury deeply regretted the less
of the two unfortunife Children. They expressed themselY. :.
satisfied with.the evidence adduced; and the attention paid
~, br
the medical gentleman to restore them but unsuccessfully
They, however, hoped through the publicity of this case, dor'
parents would prevent such a recurrence by placing them under, . -.
the protection of some person during their absence, and returnea-
verdtcts of
," Accidental Death,". in both instances.