The Sun.
London, England, 1842-12-15 00:00:00

SCOTCH BANKING.

To resume with the Scotch banking systetn. B. D.,
our Edinburgh correspondent, who charges himself
with, and approves himself fully competent to, its
championship, thus resumes and contrasts the merits
of that system with the demerits of the English joint-
stock system. The point of departure is not exactly
selected in the most impartial taste, but let that pass.
" The Scottish banks add much to the powers of
capital by bringing the smallest surplus into a situa-
tion rendering it accessible. They add also doubt-
less to the volume of capital, in so far as their currency
in use may exceed the actual capital deposited with
them, and so far they save the expense of coin. But
they do not lend themselves to raising up men of
straw to compete with and ruin actual capitalists;
they do not lend themselves to deranging business by
creating goods beyond the fair wants of the home, or
rushing injudiciously into the foreign markets. They
assist business, but do not create it, nor by undue
assistance derange it. They are money changers
merely, not co-partners in commercial gambling at a
fixed profit."
There is questionless only too much truth in- the
charges here resumed in the comparison between
the two against the English joint-stock banks ;
so far however, and so far only, as the more
rotten among them ; those, for example, which
have gone to the wall already, or which may be
in an unsound condition and conducted upon
a corrupt system, of which one or more instances
might be cited, were it necessary or expedient, at
this present time in the metropolitan county as in
one of the ridings of Yorkshire. It may be sufficient
to observe now incidentally of these, that their doings
do not escape attention although they may not be
animadverted upon. But although the Scottish bank-
may not " lend themselves to raise up men of straw ;
' *** to deranging business by creating goods be-
yond the fair wants of the home, or rushing injudis
ciously into the foreign markets," like the notorious
Bank of Manchester ; although in the commercial
sense they may not do this, yet upon their system they
may do, and do, what is tantamount to the same
mischievous result in the agricultural sense. By
loans upon mortgage they contribute largely to sus-
tain the value of land in Scotland ; by their loans
and small note circulation they have contributed
largely to raise the value of land there, and the
prices of stock and provisions both there and here.
They have created a stronger competition for
the possession and tenantry of land than what
in the natural order of things could have arisen ;
and they have assisted in raising up compa-
rative " men of straw" to compete with and
injure the actual and industrious farming capitalist.
The injury thus inflicted upon Scotland has re-acted
to a large extent doubtless upon England by raising
and sustaining rents, and stimulating an excessive
concurrence for the occupation of land. The results of
bank loans on landed securities and of a one-pound-
note circulation have, although not to the same excess,
produced the same effects in Scotland as, under a
similar system of bank management and circulating
accommodation, were developed in England during
the war, and ultimately, eventuated in the universal
catastrophe consequent on the Currency Bill of Sir
Robert Peel. It requires no power of second sight
now to foresee the time approaching when, with
(without even) the extinction of that local and excep-
tional small note circulation on the artificial' and
insecure foundations of which they have been too
exclusively built up, the prosperity prices and rents
of land and the produce of land in Scotland, must
descend from their high estate and find a lower level.
When, as the prices of produce decline through the
operation of that larger and less trammelled compe-
tition of similar foreign products ; of the corn of the
Baltic and the Black Sea, the beeves of Holstein,
Mecklenburg, and Spain, and the pork and piggery
imports en masse of the United States, which now and
henceforth may be looked for and must be reckoned
with; the wary Scotch banks recal their loans on
land, and the signal it will be to which all other the
capitalist mortgagees of land will hastily respond,
then will come the day of trial for Scotch agriculture
and the day of peril for Scotch banks. The one-
pound-note circulation, if still permitted an existence,
will then prove an embarrassment rather than a con-
venience of power and profit.
The Scottish system in its purity, if so it may be
ealled, would be inapplicable in England if only for
the vicious quality of the circulating medium compos-
ing an inherent portion of it. That, however, is not
the only objection which may be urged against it; its
mortgage investments alone are a standing sore in the
system. Far from admiring, moreover, the open
or cash-credit practice under that system, there
is reason to deprecate its introduction into this coun-
try however well generally it may have worked in
Scotland, where so long established. A cash credit
is conceded to an applicant of fair character and sup-
posed means on the strength and 'security of two
approved bondsmen, and upon this cash credit the party
is entitled to operate to the extent. The question here
arises, whether advances thus made upon a bonded
security alone possess an equality or a superiority of
guarantee over bills of exchange, with one or more
endorsers, presented for discount, and, according to the
practice of English banks, discounted.
It will scarcely admit of doubt that a bill is a more
perfect representative of value than a bond, and more
readily recoverable on default of one party against the
others superscribing. The bill represents a real trans-
action consummated ; the bond represents transac-
tions to come, in progress, or in the end completed.
In the. case of the bill the bank has at the moment
the nature of the transaction before it, as well as the
agents in that transaction, but the bond leaves the
Scotch bank with the immediate agents only before
it, and of the nature of their transanctions it
can only be imperfectly informed. The bonds-
men stand moreover towards each other, and to-
wards the bank, in the position of three parties to an
accommodation bill, which, according to the more pru-
dential practice of English banking, where fairly car-
ried out, would be tainted by the fact and scouted at
once. And the three parties to the bond may after
all, and doubtless often do, rEpresent but one security.
For if A and B become bound for C in a cash credit
at one Scotch bank, C must return the compliment to
both at another bank, and so on A for B and B for A.
The three compose a leash and run together fcr good
or for harm, they sink or swim together. The bank
of A may have some cognisance of what he is doing
so far at least as the credit is operated upon; but how
is he to overhaul the accounts and the business of B
and C for whom A is bound, and whose credits are
opened with other banks ?
The comparison, it may however he observed and
conceded, scarcely holds good as between advances on
joint bond and bills discounted. The practice of ad-
vances, however, by English banks, though apparently
less guaranteed, appears to possess equal if not more
solid elements of security. Take a bank located in an
agricultural district. It is a part of their business to
loan money to the farming interest. The farmer re-
quires an advance, say for rent-day, for the purchase
of seed, or of stock. He has no bondsmen to offer,
but he refers to his stacks of corn, or hay, or turuips,
or stock fatted for market, for which the demand is sure,
although it would be detrimental to force them all on
glutted markets at once.---Herald.

----------
OULD NICK'S SECURITY FOR lIIS RENT.-. 0
afther thinking, yer honor, it's yersilf can be letting
ould Nick O'Brien a bit of a cabin to hould his wife
and childer," said a wild-looking Irishman, from the
mountains of Connaught, as he entered the office of
one of our house-factors. " And who will be caution-
ing old Nick, for the payment of his rent ?" asked the
factor, eyeing him as no bad impersonation of the
character whose name he had so coolly assumed.
Och ! if it's the matther of caution you mane, no-
body but his honour, the gintleman of the Savings'
Bank, will do that for ould Nick," said the wild-
looking mountain man, as he threw down a well-
fingered Savings' Bank pass-book. On examining
this document, the house-factor found that Nicholas
—for such was his real name—had been for a good
while a regular depositor in the Savings' Bank, and
had saved a number of pounds. On being asked how
he managed to save so much money in these hard
times, Nicholas replied, "I found my wife Judy be-
ginning to stick hard to the tay, and the, shugar, and
the swate buther, and the potheen, like her Scotch
neighbours, jist as if she'd been the wife of
yer honor ; so I said, this is not honour to
Ould Nick, and I tuk to spind the money mysilf, and
to stick to the stir-about, and the praties and bacon,
and thin I could call and see his honour at the Bank
now and again ov a Saturday, and lave a crown."
Judging Nicholas by his bank pass-book, and the de-
scription of his household economy, to be an honest
and prudent man, though somewhat rough in his ap-
pearance, the house-factor let him a house. But no
sooner was Nicholas settled in his new house than
one after another of the previous tenants called
to ascertain what kind of man they had got
for a neighbour. Instead, however, of saying
anything of him, the factor aslc
onlyedwhraetplytk
had to say of him. To this theycould
" Oh, nothing ; but he looks so queer, and they call
him Nick ; and he is always banning theteaa,satnkdi theg
sugar, and the fresh butter, and whisky,thheowel ,er ad a heart
to for the gentry."
to be kind, as well as Nami Nicholas,
idhe'entio:ir
ibtniegm
times
snsdokfui
lsdltiirnsigtoruetssos and
es
saving, and by bestowing
asecbou,nto.a.
less provident neighbours inh
Ould
industrious,N ickw
misnomer
very soon cfoornvoilnlecetidlatthNevians,
ktoantest?
mica], prudent, and generous—one that was all this
by means of the Savings' Bank.—Glasgow Argus.
It may be interesting to merchants and others to
know that the Lords of the Treasury, in reply to a
letter from the East India and China Association, re-
questing that, on the return of the steamer which
brought Major Malcolm
from Nankin, she might
carry back a bag of the merchants' letters, state that
the Auckland steam-ship immediately returned to
China after landing the dajor at Suez.

SINGULAR CASES OF RECOVERY
OF HAIR, AFTER 15, 25, AND 26 YEARS' LOSS.
A few attestations (selected from numberless others,
received during the last 40 yea to the virtues of
ROWLAND'S MACASSAR OIL; the originals of
which may be seen at the Proprietors.
-To Messrs. Rowland and Son, 20, Hatton-garden, London.
Hummums Hotel, Covent-garden, Feb. 26, 1802.
Gentlemen,—ln announcing to you the following cor-
roboration of the efficacy of your Macassar Oil, if
your making it public it will be of any service, I she
consider myself but returning in a very small degree the
great obligation I feel I lie under to you, and shall be
most happy during my stay in London to satisfy any
Gentleman who may feel interested in the truth of tli?
following :—ln the year 1776 I went to India, itni
shortly after my arrival there my hair fell off in consi-
derable quantities, so that I soon became entirely bald. ;
in which state I remained until my arrival last year inf
America, and at Boston was induced by reading- one °
your Advertisements to make trial of your Macassar
Oil, though I confess with but little hope of success:
After the use-sof one bottle I found my hitherto balct,
,
head covered with a sort of down, continuing the use et
the Oil much to my surprise and
now the pleasure to inform you, without exagg?ration o
vanity, that I can boast of as fine a head of hair as ell
one need to have.
I am, Gentlemen, your grateful Servant,
A. MACKENZIE.
0,
Extract of a Letter directed to Mr. Oldroyd, Merchant t
London, from a friend at Naples, dated May 6, 1823,„;,,
gratification, haler
I must turn your attention to the following :—Clll3''',l
Kranshair, of the 4th Regiment of Lim', in the servic,4v4
his Imperial Majesty the Emperor of Austria,
Ile hoed 44
years, has been bald ever since the age of 18.
recommended to try " Rowlands' Macassar 011;
Gentleman who had already experienced itg gj
effects : he bought some of me of the last quantity.f.
received from England, and persevered in applYing
In less than two months his hair grew on the bald 1)0,,
andtis now very thick. The Captain is highly P
1 "Is four
and has spread its fame. I assure you the dement
that article is very great, and must beg you to send "
fresh supply without loss of time.
Quire
Gentlemen,—l consider it almost an imr,,,
to state the efficacy of `your most excellent Maragg'^, fled
For the last fifteen years I have been bald, oceas...Eru-sea
by a most dreadful fever whilst in In have but
almost every means to procure a head of hair egalciend
all my efforts seemed fruitless, until, accidentallb a Te
advised the use of your valuable Hair Restorer--(lean fiery
it no better name)—and, after using 6d. bottle,
symptom of a new head of hair began to show itself,o,
the joy, not only of myself, but my children. I res tor:
on having another, and obtained a 7s. bottle, and, bef
fig
the whole of which was used, I had, and have
d, and I
handsome a head of hair as ever man enjoYfebig Jost
earnestly recommend all who have not tried
excellent Oil, will not fail to do so.
I am, Sirs, your most grateful and obediercitosloenr:
IVALIcER,
WhittlyLodge, near Taunton, May 10, 1336.
om
falling off or turning Gre Chan
ROWLAND'S' MACASSAR OIL prevents hair 15
pS ro dad
makes Colour f •y ;
• rees it from Scurf and Dana la
makes it beautifully soft and curly. OIL"
* *
Ask for " ROWLANDS' MACASSAR
And see that those words are on the wrapPero•
, four
Price 3s. 6d. ; 7s. ; Family Bottles (equal
small), 10s. 6d. ; and double that size, 215. per bott •
Sold by them, and by Chemists and Perfuraers•
G y Ilair to a

----"""
Viscount Canning arrived in town yesterdaY worn'
ing from Windsor Castle. I, c last
AN ADVENTURE AT SEA.—On the 2.5 t.. o.
month, the Meg Lee, of Sunderland, while roceedi._l:so
down the Cattegat, on her voyage from anto:,
0. r
London, was happily the means of saving the crewitc,
mzudnet,ininwhaichsaitlhore'smoeNnVllwweroerdssa, At 10 51;IY,
a small Danish vessel. The following graPhic the
next morning, saw a small sloop making for us, ittil
a signal of distress flying. I immediately shortened
sail, and brought the ship by the wind. At this ti,ela
it was blowing a strong gale from the S.E., and
thick snow drift (and you know, T Presnifie with
it is not only cold at such a time, especially ~
wet clothes on, but rather bad to look underwaid„
ward) ; and as the ship had been
___,'
saved for
relate
...
press of canvass before I could get the necwserr•Y
quantity of sail reduced, we had run past the sloo_li,'
We wore ship—came round upon the other tack
..w_rr
again ran pa.lt, and saw the poor fellows waving the",„
hands in the most frantic manner. Whilst 1 Nci-
givin
beingcalled out that the sloop had gone down. The hln:oci
giving some orders about the sails, the man at the hel:
up at the time reefing the foretopsa, 1 roan"
out to them to come down, and we got sail made ~e lie
the direction of the sloop. After a few minutes
had the pleasure to see the crew in a little boat, 081
ten feet long. They kept their bead to the sea, act4.ll;
brought the ship close to them, and succeed,
tell
getting them on board, three in number. Immecr 4
atlillemlobsota;,—filGledatewsihtheadwoatbesre.rveTr.hey had put 3 lew.ore
their most valuable things into the boat, which were
A lIS*.
hibit Walter,th PATENT CHIMNEY-SWEEPING 31- Cil Anetlf
Mr.'SE
St. Clair Trotter, secretary to the Ran4`e'org.o
Association, in Foley-place, attended by Mr•
wnaleitdeedlsoenf tltiheeLpoartdenMat yeloirirnye'yes..tselrydealpi,g:
to
chineex-
, and to requeSt permission to sweep the chin] .._,
of the Mansion-house. The machine the
0::
tractof and expand according to the dimensicras
song
as
chimney, its universal joints attaching the rods'
~
to pass at right angles. It has been exhibited P__ .
approved by many of the public establisbmentstireot
to-morrow they are to be exhibited, by uPP°,,intLorel
3,ofithe Board of Ordnance, at the, Towel% -Lueroeut
ayor immediately gave orders that an exPer!„ the
should be made of the efficacy of the machine 1
chimneys of the Mansion-house. cp, Aala)
•Dri THE ENLARGED TONSIL AND B--56:,00,1,
_UVULA BY JAMES YEARSLEY, ESQ. (CHURL iS
rRINCES-STREET, SOllO.)—The author of this v.-
the
already favourably known by his researches in"
t of
nature, causes, and treatment of deafness. u.lO,
these investigations has arisen the work before, 00
which we are induced to notice on account 01 jo
novel and important views which it developer' out
this publication Mr. Yearsley has ably
the intimate connexion which exists 'between e eveval
morbid conditions of the throat and ear, and .'e rib.
After CIE 6
imperfections of the voiceand h
speec • uyiliat
ing the anatomy. and physiology of the tonsils, ..00
&c., Mr. Yearsley asks the important qr.erso
cried
" whether the mortality of scarletina is not ille jot
by the presence of enlarged tonsils?" 'This Pjyfr.
may be easily solved by the profession, fotr. of
Yearsl.ey has established that these enlarg emell;Mu33-
be excised, even when in a state of active in why,
pointed. Data
tion, with little or no hemorrhage resulting ...the
then, should patients be suffered to iiie withaveves
trial of such a remedy ? The authc Jr also contebroat
that relaxation of the mucous membrane of the tans
and elongation of the uvula give rise to sYTP ost
which simulate in an extraordinary manner le
rot
stages of consumption. It certainly is Pe.ssib ef ,the
the incessant irritation which such a condition 0
_, lie
throat is likely to produce, may develope or
disease of the lungs in persons hereditarily Yre or
posed to this malady. The author has laid dallearif
portant rules for the excision of the uvula. lie cbeed-
shows that this is not an operation carelessly r roves
i essly to be performed. At the same time, 1,lel:, the
conclusively that when circumstances hub° ration
necessity for the excision of the uvula, 'the ope
once
may be had recourse to without clang...lr or lniketo in'
nience to the patient. Singers will fir ,d mu c,,
roice
terest them in this work. It is shown that the,„` the
may be increased both in compass and qualitY %eri.'
removal of the uvula. Mr. Yearsley-'s. great elr-sod
ence in the treatment of the diseases cf the throat 400
affections of the voice entitles all he s: iys in contr,S,..
with these subjects to much attentioi 1 and consl'—
tion.--Times ~ hre'
THE STATISTICAL SOCIETY.—This Society -repentl
pared seine curious statistical records from a
there
survey. Ina parish containing 1,500 houses' nor-
are no less than 700 children in arms, giVirig .the 0
_se ;
mous average of nearly half a baby to each 11°.,u_, ii,
and in calculating the number of street door bel.lsnaci
still larger result is arrived at. Of sever. hundred oa
forty-twc knockers, there are six hundred it
twenty out of the reach of a child, eigl ity-n hie w!,.,3,
fresh painting, thirty-two are in tolera
the remaining one has been wrencliedi off' since
_.,"'",
Society's last survey. Out of seven -families oeini
pying nine rooms, four had paid il -rent, tw° '°
t eir 1 to
some idea of doing so, and the remaining ene,,', is,
made a point of always running away- with the ge`;' 7f
in anticipation of any harsh proceedingbolne trheeP•apially°:°
the landlord.—Punch.
_____.....010 •

BIRTHS.
On the 10th inst., in Russell-square, Mrs. Charles W. al' boil'
of a son. the
On the 14th inst., in Quebee-street, Portman-square,
Hon. Mrs. Keith Stewart, of a daughter.
----- '.

MARRIED. Gooll "1
On the 13th inst., at Leamington, Commander ,
Gallie Macdonald, R.N., to Maria, sweviving daughter o'.
Rev. William Oddie, M.A.
On the 13th inst., at St. Mary's Greeting, Suffolk! v;
Cunningham Douglas, Esq., late Captain 17t1, Lancers,
Lydia Louisa, daughter of Major-General Charle s Tar

DIED.
On the 2d of October, at Calcutta, Emily Cteiirginai wif.e.°l
Captain W. M. Wetenhall, of her Majesty's 10th Regimen' t,
On the 3d inst., at Portobello, near Edinbr.rgb, Leut'enall
Colonel Thomas Bates, of the late 21st Light Dragoons.
On the 11th *asst., at Clarlam.comm( Bartholosie"
Jeffery, Esq., aged 63. 511
On the 12th inst., William Frederick HilE Rooke, youngest
son of Major-General Sir H. Willoughby R orke.
_3034
On the 14th inst., at Newington-butts„ Edward Conn
infant son of Mr..C. 11. Delmer. •
.f Beddingtonty
On the 14th inst., Mr. Charles Lambert,
Surrey, aped 56.
On the 14th inst., in Newgate-street, Mr. J. Dia,
Tulproat
On the 14th inst., in Upper North-place, Gras's
Mr. John Richardson, aged 70.
On the 14th inst., at Peckham' Mrs. Robins.
widow of ,
late Matthew Robins, Esq.
On the 11th init., at Weymouth, Elizabeth, the"wife of Be"
Admiral Hancock,
On the 11th inst., George Lane, Esq., of Cimonb ury-ort.r..e.
110111.111M1 of
London : Printed and Published by MURTIO Y0L11%16
No. 112 ,Strand, at The Sun Office, No. 112 , SL" °''r'
the County of Middlesex, Thursday, December 15,1842'
the