The Sun.
London, England, 1826-02-20 00:00:00

THE' FUNDS.

This will be recorded as one of the most event-
ful days within recollection, as regards the sod-
den and remarkable fluctuation, from depression,
to an eagerness for getting into stock, certainly
without precedent.

Consols closed on Saturday 76/ I, and after
the close, they were done at 76r7, 77. This
morning they opened at that price, but with a
general ferment in the Market, that drove them
with unexampled rapidity to 79,x. A Hebrew
broker began with a lot of 150,0004.abd con-
tinued buying, straight for Ward, until Sellers for
account were quite, exhausted. He then went
in for Money Stock, of which lie made con-
siderable purchases. During the heat of these
operations, the price differed from to iin dif-
ferent parts of the house, which was so crowded,
that it may be said to have formed a general
mob, in full activity and uproar. Before half-
past twelve, Consols were done at 79i for
account ; from that puint they dropped to 781—
then mounted again to 79q—and at one o'clock
stood 79 to 79i. Whatever be the true cause of
this sudden rise—very many Members of the
House will infallibly be involved in utter ruin,
of which the settlement on the 28th will givo
abundant proof.

It was rumoured early in the day, that some-
thing wrong ;vas suspected, with a house that
had become heavy Bears—and this it is supposed
stimulated the Hebrews to make an united effort
to punish the Bears, by driving up Consols.
Others report, that a deceased eminent operator_
stood a Bull to an immense amount at 80,
and that to save the different Brokers left by him
la the lurch, •Consols were forced up by a com-
bination. So sudden was the rise, that no time
was afforded for changing an account, and thus
the Bears will be completely caught. Consols
have been per Gent. higher for money than for
time.

3 per Cent. Consols (Money)
3 per Cent. Reduced .
3) per Cent. Reduced
New 4 per Cent.
India Stook
India Bonds . .
Exchequer Bills, 01000
.1:500 }-par I pm.
1:100
It will be seen that, notwithstanding the Bank
purchases, Exchequer Bilk cannot get above
par—the Bank declining to operate but at a
discount.

- 791.
• . 80i
883.

. . . . 971.
. 4. _ • .. 223.
1 6 pm.

The operation in Exchequer Bills has con-
tributed essentially to the success of the ma-
noeuvre now played off. by the Bulls—who
exchanging their Bills for Bank notes,
hays been enabled to get into consols, which
it becomes their interest to force up. That
the advance can be permanent, must, how-
ever be considered questionable— for the
distress of the Country still continues to in-
crease. If, as is supposed by some, the
public are now buyers, it is evident that there
must. be a still further substraction from the re-
sources to which individuals ;night resort for
relief.

The Country Bankers generally, are contract.
ing their circulation of small notes, for which one
and two pound Bank of England,are expected to be
übstituted The fate of this renovated dissemina-
tion of Bank Paper may be readily anticipated—
that they will flow back upon the Bank for
Gold, as fast as they accumulate in the till of
the Country Banker. It were surely beyond
reasonable expectation that the Country Banker,
whose one and two pound notes have been ex-
tinguished, will encourage the circulation of Bank
paper as a substitute. Admitting this view •of
the subject to be correct, k may be assumed,that
the circulation of Country Bankers' small notes'
being extinguished, their place can be supplied--
only by a metallic currency.

The question then is, has tha Bank a sufficient
stock of gold to meet the demand which will in.;
fallibly be made for sovereigns ?