The Sun.
London, England, 1826-01-03 00:00:00

[Tiff: TIMES.]

While that vague and groundless terror by
which the commercial,. world was lately disturb.
ed, andwilich most other. classes of men caught
up like a pestilence, may he said to have nearly,
it not altogether, vetliShtd, some of its Mints.
quences, by no means so chimerical its their COUtif.,
UPISt be expected stilt to press upon and ern.
harraa the most important interest, of the corn-
rittiltity. It is already known that the Govern-
went were obliged to disburse considerable sums
for klxchequer Bills, and that the extraordinary
drains (run the Slaving Banks created a propor-
flutottm demand for money. With these clr-
gurnstonces, a third is now affirmed, in vari-
ous quarters, to have recently CO•OpPrated :
we meat; that there has been e decline in
the receipts of the Treasury from more tlinn one
amuck of the revenue. It would he, therefore,
,flogronnd of Astonishment, nor of specific blame,
if the Treasury itself were found to be labouring
under an unwonted deficiency of resources, and
if delava and impediments, not experienced for
some years past, were now displayed in the sig-
nature of warrants, and in the satisfaction of
Claims. We repeat, that the occurrences of the
snontb just expired leave been suet as would natu«
rally produce the effects to which we hove been
therefore, as to take ftwey
alluding ; and such,
4urprise at the novel malady resulting from them.

To this it is but fair to add, that the comp)! .
attaW ab le 1151
pal-
liative of the disease is not qnite
at ordinary Periods. The Woke England,. which,
whether for the national good or evil,' has been
the accustomed refuge of every Minister in im-
mediate distress fer money—the Bank. itself has
been kept in full employment, Between reliev-
ing the actual sufferings of some, and administer-
,,,ng'to .others 'the of lithely precaution, the
funds of the Bank of lingland have been snore
freely appropriated to the exigencies of merchants
:and bankers every where, than would admit of
much accommodation to a Chancellor of the Ex•
chequer and his unwieldy wants. In truth,
it is asserted, and on sound authority,
that. the Treasury feels • somewhat embar-
kissed, for money. We have taken pains to
show, by the observations which preceded our
statement of the fact, that there is nothing in the
fact itself which aught to startle any body, beyond
the ;degree of alarm which appertains to on un.
• derstanding of the crisis whence public credit his
just emerged, and to the prospect of a suspension,
at least, it, the overflowing tide of the revenues.
Whether this pinch, however, will-not involve a
.series of financial consequences, developing them-
selves in the progress of the ensuing session, it
may be worth wbile,to watch.

[sup: PUBLIC LEDBEIt.]
We have -received the Paris Papers of Sohn.,
day, with Sunday's Mono. The former are
chiefly occupied with a Report of the abdication
of the new Russian Emperor in favour of his
brother Nicholas. Some of them, includi%g the
Journal des Debuts, mention it as a pOsitive fact
whilst another Journal goes so fur as to lay that
it has been officially announced to the; French
Court by its Representative at St. Petersburgh.
In. reply to this last statement, it may be proper
to observe, that the Paper, in whose columns it
appears, has no connection with the Ministry.
Moreover, the Mode of Sunday, which by-the-
bye discredits the report, proves, in our opi-
nion, the itnpossibility that such an account
could be • received in Paris from the Russian
capital on Friday lust. The Grand Duke
Michael, who would have been the hearer of
so important a decision, did not leave 'Warsaw
before the 11th; and as he could not, with
whatever speed he travelled, reach Peters-
burgh in less than six days, particularly at a
.period of the year when the roads are most un-
fit for travelling, it is quite evident that the pur-
port of his journey could not have been trans-
mitted from the Russian to the French capital in
sufficient time to enable a Morning Paper of Se.
turday to publish it on that day. The officio!
version is, consequently, an embellishment ; but
as to the original report, it appears, from a letter
in the Journal des Debuts, to have been current
nt Frankfort-on-the-l 1 oine in the beginning of
last week. But as that City Vamous for Stock-
jobbing, it is not at all improbable that the ru-
mour may have been got up there for some pun.
pose of the kind, particularly us the long and
expected stay of Constantine tit Warsaw would
help to assist the fraud. It is in this lam
circumstance that the rumour probably on
gloated ; and it seems so inconsistent with
the impetuous character of the new Sove
reign, to tarry so long in his Polish capital,
that we are not surprised at the speculation to
which it has given fist!. Had he taken, however,
the resolution ss hich it attributes to him, and so
early as the 11th, when the Grand Duke Michael
set out for St. Petersburg!), the chief cause of
wonder would he, not that it was first known in
the French Capital on Friday last, but that it was
not known several days sooner. Decisions of this
nature are not kept secret, because there is no
motive for secrecy ; and had Constantine ab-
dicated the Throne in favour of his brother, lie
would make no mystery of a matter, to which
neither himself, nor any one else, could see
the slightest inducemeet particularly as the abdi-
cation would he made in favour of the Prince
next to the introne in the regular order of suc-
cession, The circumstance is also noticed in pri-
vate letters from Paris, which no one will regard
as n confirmation of it, seeing that it was the ge-
neral subject of conversation at the time that
they were written.—We have also heard that it
is mentioned in a private communication from
Hamburgh, which was received yesterday ; but
the Papers of that place, which were received
yesterday by the same conveyance) do not even
hint at the existence of such a rumour ; and
our doubts, we confess, have acquired additional
consistency in consequence of this omission.

EsiOnNING (Amor:rem]
In the Money Market yesterday there was a
decided improvement, as compared with Satur-
day's prices, and money appeared to be still more
abundant, Large purchases of 3 per Cents. for
Account were made in the morning at flcit, and
from this price they rose to I, and from thence to
I, at which price they closed, looking steady.
Three per Cent. Reduced was scarce, and sold
at 81f to 81i. Three and a Half per Cent.
reached 90f, and Long Annuities were done at
20i. India Bonds were at P 7 to 10 prem., and in
Exchequer Bills there was also an advance, the
larger bills being at a premium of 4 and 5, and
the smaller ones reaching 8. Intelligence was re.
Ceived in the course of the morning of an improve-
meet in the French Funds, at leapt I per cant.,
which tended to uphold the Market, and counter-
nct the efforts which are making to keep them
down till after settling day. The payment of the
dividend on the Mexican stock, also, had its
effect in lucre:lying the supply of cash. Persons
"Whig 3 per Cents. Reduced, or Si per Cents.
Stock, may lend it at the present prices, and
get the use of the, looney for nothing, the job-
bers agreeing to replace it on a day to be
settled, be the price what it may. Although ca-
pital is thus abundant, confidence does not seem
to be quite restored, and it must be very good
bill which will operate as u temptation to dis-
count.----Messrs. Williams, Dencon, and Co. com-
menced business yesterday, according to promise,
and, we uuderatand, several new accounts were
opened. The circumstance was of great im-
portance to those whose balances were locked
up, and diffused a good deal of cheerfulnesi.—
The news from the country was in general favour-

able, but there was an 'unpleasant rumour afloat
respecting a long.established house in the woollen
trade, the principal partner in which was stated
to have converted all his disposable property into
cash, and absconded, leavklg his two partners to
meet the inevitable ehock"aof such an action, The
Foreign Market, like our own, is looking up, and
the prices 6f several of the Mining Shares con-
,
bane to-increase.

' [MOANING SIERALD.3
" Order and economy are the wealth of Kings.
By these one may double the good he does."—
This maxim is not more applicable to Kings than
to private persons. We quote it, however, not
for this reason, but because it is made the text of
a panegyric on Charles X, in one of the French
papers, for his munificence. This panegyric dif-
fers from most others on living Kings-4t must
in the Main be just and true, for it is little
else than a recapitulation of facts. The -words
moreover are those of this Prince himself on
hie accession to the throne. The first fact is
this—on his accession, his own establishment as
first Prince of the blood was incorporated with
that of the deceased King—not an individual of
either was discharged, and yet he caused a re-
trenchment of two millions (francs) from the
Civil List. lie has, it is stated, given more than
twelve hundred pensions, and more than two
thousand persons have partaken of his munificence.
To pass over all that he has done for the fine
'arts by porchasing collections, and the embellish-
ment or enlargement of the galleries of the mu-
seum, which are somewhat exaggerated, and but
common places in a King, and follow him out of
`the beaten track of royalty—we find him turning
farmer. He has, it is stated, purchased a farm,
which is to he a model to all the farms and far.
triers of •France, and which is stocked with long.
fleeced sheep imported by his Christian Majesty
from Engliind. Here the observation naturally
suggests itself, that his Majesty fleeces his
English sheep, whilst other monarchs are flee-
cing their subjects. Charles X. is not only a far.
mer but a manufacturer, lie is, it appears, partner
in a manufactory for the making of poplin,
which is to excel that manufactured by the rival
industry of the United Kingdom. Thi., how.
ever, is not kind to the people of Ireland—in.
terfering with one of their staple superiorities—
and on the part of his Christian Majesty, who
takes such an interest in their condition. There
is one act cf liberality which should be specified :
it is the grant of a pension to " the collateral
descendants of Joan of Arc." There are, of
course, notwithstanding some prophane calum-
nies of an eminent wit of the last century, no
lineal descendant of that redoubtable maiden.

'!'lies► are a few specimens selected, with studious
fairness, from the miscellaneous panegyric upon
Charles X.--mid if in some instances it becoun
a doubtful point between the sublime and the
ridiculous► let it always be remembered that
order and economy are great and estimable vir.
toes In a King.

[lllllll5ll PRESS.
44 The statements," says a orning Paper of
yesterday, " put forth by some of the • banking
establishments which have stopped pnyment dur-
ing the late panic, both in London and the coml.
try, are, as well es the silence of others, anything
but satistfactory, and calculated, we think, to
shake the public confidence in the present system
of banking altogether." And with respect to
country bankers, the same Journal lays down
the law of its opinion thus The country
hanker who inundates a whole district with
his notes, and who, when pressed, declares
his inability to pay them, or to return the
deposits of his customers, is placed in a situa-
tion, we conceive, not different, in point of
moral honesty, from his' own clerk, who may have
embezzled—and suffered perhaps severely for
having embezzled—part of those very assets."—
A writer must have very, extraordinary concep.
tions of morality, as well as of banking establish-
ments, who can send forth such opinions as these.
They are too palpably foolish to deserve a serious
refutation. But ns the subject of country banks
is of such perpetual recurrence in the Daily Press
we will just say a word or two upon them. Let
us suppose a banking firm, consisting of five part.
ners, each partner bringing in thirty thousand
pounds; here is a capital of one hundred and
fifty thousand pounds. Suppose them, upon the
strength of this capital, to issue their notes
to the extent of one hundred thousand pounds;
this every one will acknowledge they are perfectly
justified in doing. After ft time they find that

upon an average 50,0001. of hank notes and cash
is amply sufficient for all the current demands
upon the bank ; that is, it is amply sufficient to
pay on demand all their notes as they come in for
payMent. Suppose the credit cash in their hands
belonging to their customers to amount to one
hundred and fifty thousands, and that, of that
sum, they have employed on loans, on adequate
security, and in:discounting hills, a sum to the
amount, in the whole, of one hundred thousand
pounds. Such a hanking-houseoOus carrying on its
business, is manifestly competent to fulfil all its en-
gagements. It has the means of discharging the
amount of all the notes in full ; it is therefore
completely solvent ; it keeps, moreover, always
a supply adequate to the current cash demands

upon it; namely, fifty thousand pounds, or one.
third of their capital. Out of the remaining
twn-thirds, it is that, after defraying the in-
cidental charges of their establishment, they
derive their yearly profit. But a sudden panic,
such as has been lately witnessed in the corn.
mercial world, if It occasions a run on this'
bank—if all who keep cash in it rust),
ellcount, andch nlc °
unsl ltoh ebe
o lfidresrts toot' idt rs
anwn t eosu, ai mt irsaec.
d
lest it should stop, hasten to get them exchanged
for cash or Bank paper, it is obvious that, notwith.
stahtilcdhillagreteh;ualltutbo all the of the Bankers' funds,
which
the demands that can be
made uponthrm, they must suspend their pay.
merits. For although they are able to discharge to
the last shilling every claim upon them, they are not
able to meet those claims all at once, when taken
thus unprepared! Neither is it any iMputation
upon their integrity that they were not prepare 4
to take up the whole of their issues, thus unex.