The Sun.
London, England, 1844-05-07 00:00:00

THE SUN, LONDON, TITRSDA

strained—it crash, the ruin of hundreds of thou-
sands, followed by years of depression to all, of
misery to most. It is to obviate this dreadful evil that
the more important parts of Sir Robert Peel's plan are
directed—he would take away, as far as he can, from
bankers the power, and to a great extent, where he can-
not take away the power, he would take away the
temptation, to augment the circulating medium. With
this purpose he establishes a clear practical distinc-
tion between banks (as they are insufficiently called
from one only of their functions) of deposit and banks
of issue. The bank of deposit is the old and legi-
timate bank—the bank that was known before the
existence of bank notes ; its earliest use was to
receive cash and securities in deposit, and to advance
money upon them. Afterwards it became the medium
of transferring cash by foreign and inland bills of
exchange, raising money upon securities and all
the other banking operations now sufficiently
well known. As long as banks limited their dealings
within this sphere, they could scarcely operate upon the
circulating medium to any material extent. Such banks
are perfectly harmless, where they are not grossly dis-
honest ; on the other hand, if the public has assurance of
their solvency, the more of them there are, and the more
active the competition among them, the better for all.
The introduction of a representative circulation in
the form of paper money, however, introduced a new
class of banks, banks of issue, and tempted some of the
banks established upon the old principle to embark in
a new branch of trade, the manufactory of money.
The combination of functions of a bank of deposit
and a bank of issue opened new fountains to swell
the circulating medium, but in many cases the
combination was unavoidable. The deposit banker
would lose his customers, if not as accommodating
to them as the banker who manufactured money ; but
at a time of urgent demand and high prices, in order to
accommodate them, he also must become a manufacturer
of money, and so the manufacture of money went on
with perfect honesty—perhaps on the part of all with
perfect honesty—certainly on the part of the majority,
but without any other necessary limit but a panic, a
crash, and a sequel of public distress.

'TIE LONDON GAZETTE.
(THIS EVENING.)

WHITEHALL, MAY 4, 1844.
The Queen has been pleased to appoin Philip Henry Stan.
hope Esq. (commonly called Viscount Mahon), and the
Right Hon. Thomas Babington Macaulay to be additional
Commissioners for the purpose of inquiring whether advantage
might not be taken of the rebuilding of the Houses of Parlia-
ment for promoting and encouraging the Fine Arts.
WHITEHALL, MAY 7.
- -

The Queen has been pleased to present the Rev. John Reid
to the church and parish of Applecross, in the presbytery of
Locharron and county of Ross, vacant by the death of the Rev.
Roderick Macrae, late minister thereof.

The Queen has also been pleased to present the Rev. J.
Blair to the church and parish of Straiton, in the presbytery
and county of Ayr, vacant by the transportation of the Rev.
R. Paton, late Minister thereof, to the church and parish of St.
David's, Glasgow.
OFFICE OF ORDNANCE, MAT 4.
Royal Regiment of Artillery.—Second Captain H. H. D.
O'Brien to be Captain, vice Farrell, retired on full-pay;
First Lieutenant F. Ramsay to be Second Captain, vice
O'Brien ; Second Lieutenant F. C. Standish to be First Lieu-
tenant, vice Ramsay, April 28.

ADMIRALTY, MAY 3, 1644.
Corps of Royal Marines—Gentleman Cadet W. S. Davis to
be Second Lieutenant ; May 3, 1841

ADMIRALTY, MAY 6.
Corps of Royal Marines—First Lieutenant G. E. Hunt, to
be Captain, vice Captain H. Savage to half-pay ; Second
Lieutenant F. J. Richards to be First Lieutenant, vice Hunt,
promoted ; May 3. Gentleman Cadet E. C. Demville to be
Second Lieutenant ; May 6.
Commission by the Lord Lieutenant of Middlesex.
George Forbes, Esq., to be Deputy-Lieutenant ; Henry
Jelf Sharp, Esq., to be Deputy-Lieutenant, April, 29.
West Middlesex Regiment of Militla—The Right Hon.
George Stevens Byng to be Colonel, April 29.

BANKRUPTCIES SUPERSEDED.
GEORGE CAVE and RICHARD CAVE, drapers, Ban-
bury, Oxfordshire, April 24.
HENRY TAYLOR, victualler, Bilston, Staffordshire,
April 17.