Star.
London, England, 1825-12-15 00:00:00

PROM TilE TIMIS.

Another day of agitation and alarm has passed ever
in the City. As early as ni.te o'clock in the morning,
it was asc ruined that two of them had suspended their
payments, viz.—Messrs. Sikes, Briaith, and Co. and
Messrs. Evers}t,Walker. Maltby, Ellis, and Co. of
Alansicni4ifinse-Sireef.- Me stoppage of these houses
was announced in the STA Rof )e terday3 Mr. Everett,
the head of the second firm, is, we believe, the 1L..-
ceiver-Generil for the 'County of Middlesex, and was
thought possessed of much landed and other property.
The Messrs. Walker, we understand, have este:hive
iron-works in Stafford-hire ; and Mr. Maltby is con.
cerked in arise large operations in the metal trade.
1 Twelve Country Banks drew on Messes. Everett, .but
not any, we believe, on Messrs. Sikes and Co.
The following placard was affixed at Mem:. Everett's :
" No. 9, MASMIOV-1100iM eraser, 14th Damns&
" Owing to the unprecedented state of general pecuniary distress.
Messrs. Everett, Walker, Maltby, and Co. are under the
painful necessity of announcing that they uc compelled to suspend
their payments. . • .
" If the negociations now on feet with the Bank of England
should prove successful, • they will be shaded immediately to
resume' their business."
The result of Messrs. Everett's application to the
Bank did not transpire in any official manner, but it
was understood on 'Change, that the partner through
whom it was made was only offered a portion, some-
thing more than half, of the accommodation he soli.
cited, and that be declined accepting it, in con ce
of its being insufficient for the purpose the homebd
-
it view.

r`-

o,s rm;4:•:1,,-' !'

The B-tnk Directors assembled again yesterday, and
displayed touch energy in administering to the relief of
the.persons who made application to them in various
forms for assistance. Among the first of them was an
eminent Country Banker, from a manufacturing town
in one of the midlrnd counties, who had been in town
the whole of Tuesday, vainly endeavouring to raise
50,0001. on securities worth Lit übli that sum. Yes er lay
morning he learnt, by letters from his pat titers, that in
consequence of the tailure of another Bank in the same
town, the townspeople had assembled in a tumultuous
manner to force, if possible, the payment of their n)tes,
and that it had become nr cessary to call out t e military
to preserve thepeace of the place. These circumstances
had the effect which was to be expected, the Banker
was supplied with the 50,0001. on the s:curiries which
he had to deposi-, the greater part of which lie con-
vened into sovereigns, and set off immediate'y from
Lombard street,in a post•cltaise,hu the place of his des.
tination. The Bank Directors leave also given way on
a point respecting which their have hitherto resisted all
applicati-ns—viz. in lending money on the security of
Government Stack or of Bank St tck ; and large sums
were yesterday advanced on such securities, particularly
to Country Bankers, who had to state that they were
u table to convert thent into money in the open
market, exe-rt at enormous sacrifices. It is further
said, that the Directors have adopted a supgestion
repe ledly nude to then by some of the leading capi-
talists, that they should purchase Exchequer B.lls in
the open market, as the most direct and effectual way
of supplying the deficiencies in the circulation. With
respect to the lot eign and country bills which were
presented to the Bank to be discounted, the Directors
were said to be not only liberal but profuse in the ac-
commodation afforded, having cashed, we believe in
nearly every instance, the whole of those Lffered by
each individual.

The energy displayed in the Bank Parlour has led to
a corresponding activity in the executive department of
that establishment. in the Discount office the labour
of the clerks is doubled, and those in the five and ten
pound note office are kept in attendance nearly the
whole of the night, to get those signed which are to be
issued on the following day. With all their exertions,
it is said, they have not been Able to supply tire quantity
required, and it has becootenecessary in some c .ses to
issue notes which had been brought in from circulation
—a circu ',stance which, in the ordinary practice c.f the
Bank, is never resorted to. ,'foe counters of the Bullion
office are beset the whole day by a multitude of persons
waiting to convert bank-notes into sovereigns.
• The drain of notes and specie for the Country Banks
at this juncture is prodigious. One provinCial Banker
'lone carried with him nearly SOO,OOO/. on Tuesday
evening.
Aceording to the mode in which business is conducted by the
steady London Bankers. it appears that the general practice is, and
till the present moment it has always been considered a safe one, to
reserve at most one-third of the deposits made by their customers,
and to employ the remainder in discounting short bills, or other
representatives of money, convertible at a short notice into cash.
la reference to the Meeting at the Mansion house, it .may be
proper to state. that the opinion of the leading Bankers was in op-
position to such a measure, and that they thought no practieal good
could result from it. while it was possible that it might Increase
rather than allay the generl ferment.
PllO/1:1116 MEW TIMIS. •
,W.ll 2114W114.71/111‘4.0bterveJ- by Mr. Baring, at the
Meeting 'of yesterday, that in a state cif alarm like the
present, it is not the rash a '4l incautious speculator
that suffers, it ' is the prudtnt and Ili right and ho•
insurable Banker. Look at the facts (and- most im-
portant facts. they were) that were elicited in the
course of yesterd ifs discussion. One eminent house
has stopped with a surptus (After paying everybody
twenty sh llings in the pound) of a hundred and seventy
thousand pounds on the parcoers•,ip books, besi,ks large
landed estates, and £1041,000 in the private pr'opei:y of
the p4ltners. This is Sir Peter Pole's case. Another
h use stops, with 500,000/. in sol,d. securities, and the
landed property art the chief partner. This is Mr. Vil-
.iams's case. A utird stops, and is likely soon to resume
business ; the he id of the firm has a large entailed estate
of many thousands a year; and his son, with an honour-
able feeling that does him the highest credit, declares
he will joi•a in cutting t.ff the entail rather than suffer
nis tatter's creditors to be hser s.

Here, t en, we see that the want of confidence has
been shewn towards persons in whom the utmost con-
fiJence:might and ought to have keen placed, both on
account of tbeir p-operty and of their lir.nour. We see
that the panic which has seinJ so many perm:: has
been altogether Wild and indiscriminate. A relief
is wanted which, though temporary, must he substan-
tial. The effect of o.e over-trading, in which the diffi-
cult es originated, was to wsilidraw A la•ge portion or
o-at circulating medium: the effect of the-alarm was to
wiihdraw• a much, larger portion; and the result of the
i , that the actual mcney and paper in circulation
is not shrlsairs much more, than half what it was a
twelvemonth ago.
The Declaration of the Merchants and Traders will
at once stimulate and ju-tily the Bank t-f England in
enlarging its i.sues, and in extending the sphere of its
acconsmodationst it will justify the Government in
secoading the operations of the Bank, directed to so
laudable a purpose. We rh.ll not pretend to decide
what are the most advisable methods for the Bank to
pursue; only we say (and we believe both -the-Bnikki
and the Government feel) that what is done shoild. be
done quickly. The fabric of our credit is in flames
around us. One establishment falls after another. Four
great houses have already been sacrificed to panic—
three or four others have made immense sacrifices to
withstand a pressure. Aid must be given largely and
liberally. In the words of Mr._ Baring, let us follow
general principles in ordinary cases, but in an extra.
ordinary emergency like the present,let us 'resort to an
adequate though extraordinary remedy.

PROM THE MORNING CHRONICLE.
The folly or the panic is best proved by the circum-
stance, that were it to continue, it would involve the
whole commercial world in a common rain. Nineteen-
twentieths at least, observed Mr. Baring, of the Banker's
were as sate men as it was possible to deal-with, but
no extent of sacrifices could protect the most prudent
and cautious of rn-n from a panic which would throw,
doivn the soundest as well as the rotten. Can anything
be more absurd than for men, who are not in
immediate want ef ,money, to draw their balances
from the bands of Bankers of the most. unquestioned
stability ? It was stated .by Alderman Atkins, that the
house of -Williams could have given the most solid se-
curity "for half a million, but that a run of between
three and four. hundred thotisand pounds had been
.
made on them in a few days.
Temporary pressures requite temporary expeiiints.
The Bank may, with the utmost safety, issue on go Kt
secnri:y, so long as the Exchange, are
.s 9.
Things will,soort *adjust them•elves-; bin let the trinsi-

illaPnotrelheadension
ova.,
tion be made es easy at possible. there is ,
to
danger of extravagant speculation br
gateibli
the contrary, the danger to be guarded
a2s•ieo ,
excessive
on et imexiidsittsy. ;sns Lid es awn
at the present moment.
The accounts from the country agree •
tep
internal inteal industry,- in almost all its branch.,
a very thriving state. It is of the utmost con
to keep this in mind. In the case of any demi,
of commerce by war, the operations of indo6•
necessarily suspended till new channels are o •
This is real. distress, end net a mere question,
or shorter securities. But at present a demand
industry is supplying fresh weilth, and the
circulating it will soon exist in the necessary m
ar
It Is admitted on althauds, that the Bank Directors
to discount with great liberality ; and although therell;al
much country paper done yesterday as disco the pr,e,di 4"
the amount was large—and in the town nts a tld:
anticipated that much will be done to relieve the act„i Y
the public. We yesterday alluded to the misehi„ms
have resulted from the general disposition of , kegs.
counts at private Bankers, to withdraw their balances; this
is still but too prevalent, and we have heard that end,
deed new accounts have been opened with the Bank d
whieb,We have sufficient reason to !show, have been released
establishments perhaps not less deserving of public cuaE,ri,e
FROM THZ BRITISH PRESS.
The Public Meeting yesterday at the Mansion-h
will tend greatly to tranquillize the public mini;
being no fear but that tie Bankers and Traci
London, aided, as they no doubt will be, by the
berative wisdom of Government, will adopt
measures for restoring public confidence, as will
fail to produce the desired effect. It will soon be
that the apprehensions which have been so nefai'
excited, were perfectly unfounded, and therm:l,
with which the Bank of England has comfort,.
aid of the private Bankers, will be everywheteree
as a sufficient guar ntee of theis solveitcy,an3
.a stop to the present inordinate • run upon the,
manifesting to the public not only that their land
more than competent to sustain their credit, bst
they were in a condition to have afforded the
material relief in the exigency of private credit, b
the causeless alarm which involved then' in thee
rassments which it has so rapidly generated.
One great can,' of pressure on the Lornbri Ban
arising from this public panic, has been, thit not
have their general customers drawn out their act
but the various Public Companies and wealthy inr
tions of the metropolis, who had always I.rge
balances—an average portion of which luigtt al
be reckoned upon as deposit—have been hkeoi,
duced, by the different Directors and Comm:cc
draw them out, from an unwillingness to incur any
in a csi,is of such portentous uncertainty. The a!,
gate amount thus drained from the different
Banker; has been immense. Bat for the excessive p
.hat has been created, this would never hare ti
place ; and as soon as it has subsided—as soon it
do— the return of confidence ail! restore everythia
its tor mer state,

Itisquite certain that, in conseqnence of that
sternation to which the good sense of so many has!
way,much money will be h-arded up to provide ag
contingencies ; much will likewise be sent to the e
tty banks, to supply the demands occasioned by th 4
medic which the stoppage of some will throw, mo
les, i!pon the notes of all: and unless the Bank ok
land supplird the vacuum thus occasi ned in the
culating medium, cr mmercial confidence would I
no means to retrieve itself, and an utter subversio
public credit would be the inevitable resn!t.
FROM THE 110RNING HERALD.