The Sun.
London, England, 1827-07-06 00:00:00

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that notwithstanding the high duty and the active manu-
facture at home, the importation of fine Swiss and French
printed calicoes into England continues to increase. This
overflow of English goods was of course very injurious to
Saxon manufacturers. Only some eminent houses, such as
Pflugbeil and Co., and others in the Saxon Ergebrige,
could count on a certain sale, as they had means at their
command to make good articles and fine patterns, for all
indifferent goods tended only to punish the ill-judged specu-
lation. The hosiery of Chemnitz and Hohenstein was in
rather more request, because the manufacturers use the
iron looms for their finest cotton stockings, and that gives
them the elasticity which distinguishes the English."

We mentioned in our City article yesterday,
that at the breaking up of the Weekly Court of
Directors of the Bank of England, late in the
afternoon, the important communication was
made that the Bank would, from this day, dis-
count at 4/. instead of 5/. per cent. The effect
of this communication upon the Money Market
was very great, Consols immediately advancing
from 861 to 88-}, and it may be expected to have
a considerable influence with respect to the prices
of various other descriptions of property.
It will not be deemed presumptuous in us to
question the policy of this measure when we find
that it was resolved upon by a majority of only
one Bank Director ; and although we should be
sorry to have it supposed that we would wish to
insinuate that the decision of the majority may
have been influenced more by motives of per-
sonal advantage, than by a due consideration
of the interests of the great Establishment
under their controul, it is not impossible
that such motives may have had some little in-
fluence in the adoption of a measure to which
the most experienced Directors had the strongest
objections. Whether, however, the measure
may or may not be advantageous to the Bank
itself, we cannot but apprehend that it may be
productive of ultimate injury to the nation at
large, by unduly increasing the circulating me-
dium, and consequently enhancing prices—sub-
jecting us, too, to the possibility of some violent
revulsion, in the event of political or other cir-
cumstances occurring to render it necessary for
the Bank again to reduce its circulation, and alter
the rate of discount. But our strongest objec-
tion to the measure arises from the mode in
which it is carried into effect, and to the power
which thus exists in twenty-four men to alter the
value of every man's property in the country, by
a resolution which may be revoked in the
following week. If we recollect right, on the
former occasion when the Bank reduced its
rate of discount, notice was given that at a time,
then some months distant, such a measure
would be carried into effect. On the present
occasion, the Resolution passes one day and is
to be acted upon the next,—thus undoubtedly
giving a pretext to some of those scandalous in-
sinuations as to the purity of the motives which
have influenced the deelslolr. of' %Uwe. 101.1r11z r wlour,
b WISZOh, w. h.vv no doubt, are entirely with-
out foundation.

All inettNureb, the tendency of which is to oc-
casion sudden and violent fluctuations in the
value of every description of property, are to be
deprecated, and as in the present posture of po-
litical affairs, circumstances may arise which would
oblige the Directors to retrace their steps, we
think they would have acted with more caution
and prudence if they had followed their forme/
precedent, in notifying their intention to discount
at 4 per cent. at the expiration of three or six
months, provided events did not in the mean time
arise to induce them to depart from their deter-
mination. Power, used as the Bank Directors
have exercised it, is injurious both to individuals
and to the community at large.

We received, this morning, the St. Peters-
burg Journal, of the 19th June, detailing some
further operations of the Russian army against
the Persians.