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

' kct, ;3 morning greatly aggravated by the failure
cf the eminent Banking-house of Sir PETER POLE,
THORNTON. and Co. This event has occasioned the
utmost consternation in the City ; and now, while we
are writing, Consols for the opening .are at 82. It was
understood that. the recent panic had caused such a
heavy run upon this celebrated firm, that though they
were provided with securities to an immense amount be
yond all their engagements, it was impossible to convert
those securities into mcney,and therefore, that the Bank
had liberally interfered to assist them. The alarm, how-
ever continuing unabated, they have been under the ne-
cessity of stopping payment. This is a misfortune which
we sincerely lament,as it must occasion inevitable tempo-
rary distress to many thousands throughout the country,
_whose funds will,for the moment, be rendered unavail-
able, unt I the affairs of the House are wound op ; and to
mitigate that distress by the most energetic means, to
stem the c.verwhelming torrent of universal distrust,
which is on the eve of producing such fearful devasta-
tion, we most earnestly concur with a Morning Paper,
in calling upon the Merchants and Bankers of London
to meet immediately, and send forth to the public a de-
claration of the real state of mercantile credit, which,
backed by the weight of their most respectable testi-
mony, cannot fail to restore confidence. They are—
they must be aware, that the present alarm is utterly!
groundless; that it has originated in a great degree in
unreasoning fright; that the resources of the country
never were so abundant, and that the evil is alone occa-
sioned and aggravated by the pressing claims of cre-H
dicers to withdraw their funds suddenly in every quar-
ter, which spreads so rapidly that the whole circulating
medium of the country is insufficient to meet the tenth
part of them, unless this panic be arrested.

CITY. HALL AST ONE O'CLOCK.

The panic which has for time pervaded the monied
interest and the commercial world, was greatly aug-
mented this nsotaing by the banking house of Sir PETZR
Pout, Ttroarron, and Co. in Bartholomew-lane, sus-
pending its payments. It is understood, that for some
days this highly respectable firm has been severely
pressed, in consequence of the exaggerated alarm which
prevails, and affects more or less the credit of every
establishment; but they were able to meet every en
gagement up to Saturday inclusive, but this morning
the payMents were suspended.

No sooner was this known, and n 2 telegraph could
have transmitted the intelligence more rapidly through
the town, than such an immense crowd assembled in
front of the Banking.house, that it required the assist.
ante of officers to keep the thoroughfare open. The
effect on the money market has been excessive, and'
such as the voppage of no single banking•house, bow.
ever respectable, could justify. The Three per Cents. Re-
duced, which opened at 88k, fell as low as 79k; and even'
Exchequer Bills are at a discount of 60. The house of
Sir Pwrart PoLc and Co. is connected with upwards of
forty country banks, so extensive are the ramifications
of its business, and the alarm at least will of course be
equally extensive.

It is not a little rem arkable, that the bank of WENT-
WORTH and Co. at York, first learnt the intelligence of
the failure of the house in town from London Papers. I
The Editor of the York Heath!, after quoting the
paragraphs from the London Journals on this subject,'
states that he repaired to the Bank, and requested to
see one of the firm, but the partners were all absent.—
He then saw two of the clerks, who stated that they
knew nothing more about the affair than what was
•fated in the London papers ; and that they sihcerely
hoped the rayon:ion of payment would but be tem-
porary. They could not, however, take up one note or
bill, till the arrival of the partners, and on this account,
the numbers who attended for the purposes of business,
were requested to retire.
The same Paper, in a Third Edition, publishes the
following Circular :

" Messrs. Warmest's and Co. having, under most particular
circumstances, been compelled to suspend their Pavatzwrs,beg to
acquAnt the Public, that they confidently hope to make such
arrangements in the course of a short time, as will enable them
to satisfy every claim, and to resume their business as heretofore."

The consternation in the City of York, which was
beyond all description, was somewhat allayed when
this circular was issued ; and as by a late Act of Parlia-
ment the real estates of bankers are all answerable to
the demands of creditors, it was hoped that the loss
would not be serious.

Hatsiburgh Papers to the 7th instant reached us this
forenoo,n but they contain no political intelligence. An
article from St. Petertburgh of 19th ult. states that se-
veral colonial articles, as tea, coffee, sugar, &c. espe-
cially the first, were rising considerably in pride; the
foreign exchanges were very low, and the commercial
operations chiefly cm:fined to consignments of goods to
the interior. The following are extracts: