The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-08-01 00:00:00

THE BANK ACT OF 1844.

The Lords Committee have condemned the working of
this act. One novelty, one peculiar feature of the Act of
1844 was, that it tied up the bank issues by a rule drawn
from the quantity of bullion in hand. This was a sort of
finishing-touch of the great bullionist-statesman. But
hear how the practical men of the city—men who under-
stand what they are talking about—hear how they speak
of this last freak of Sir R. Peel.
Mr. HORSLEY PALMER thus describes the whole crisis
of last autumn—tracing it in a great degree to the absurd
restrictions of the Act of 1844 :

"The bank was compelled under the Act of 1844 for-
cibly to contract, in order to regain its position, and which
forced proceeding caused a very severe pressure for the
time upon the money market. Extensive suspensions
caused a general discredit, and an abstraction of bank-
notes and coin from circulation to a very material amount,
thereby creating a largely increased demand upon the
reserve of the hank, which under the Act of 1844 it was

found most difficult and indeed impossible to sustain, the
amount of the reserve having been reduced on the 23d of
October to £2,000,000, including London and the branch
banks. Thus situated, notwithstanding that the bank
had advanced the rate of interest in August, September,
and October to 5-.1, 6,7, and even 9 per cent. per annum,
the demand continued to increase until the 25th of Octo-
ber, when relief was offered by withdrawing the restrictive
clause of the Act of 1844, and by which the pressure was
immediately relieved, and credit has since been gradually
restored. During the whole period, from the middle of
April to the day of withdrawing the restrictive clause in
the Act of 1844, the foreign exchanges were in favour of
this country."
Mr. SAMUEL GURNEY and Mr. G. C. GLYNN gave
similar testimony.
From Liverpool, the following evidence is given :--
"The state of things immediately previOus to the pro-
mulgation of the government letter of 25th October was
perfectly fearful, and, I believe, without precedent in the
commercial history of this country. Bills of exchange of
the first quality in themselves, and to which this and other
banks were willing to add their endorsement, were abso-
lutely inconvertible into cash; and it is my firm belief
that many houses, who were not merely solvent but able
to pay 40s. and 60s. in the pound, must have stopped had
the government letter not been issued. Immediately on
the issue of that letter the whole difficulty was removed.
Not only were our hills available at the Bank of England,
but with all the discount brokers ; they were, I may say,
eagerly sought for by the country banks. and by private •
monied parties seeking for investments, at even lower
rates than the Branch Bank of England here were willing
to discount at. This showed,- beyond dispute, I think,
that the scarcity of money was artificial, not real, and that
the panic was a moral one, caused by the mischievous and
whimsical provisions of the Bank Act of '1844, and not by
want of confidence in the securities (the bills of exchange)
themselves, for the securities remained of course precisely
the same after the 25th October as before that date.

have no hesitation in stating that, in my opinion, the
letter of 25th October virtually annulled the lilt of 1844,
and saved the country from an almost universal stoppage
of payments, in which the banking department of the
Bank of England would have been included."
As a general conclusion the Committee thus expresses
its own opinion :
" Many other statements, authorities, and illustrations
might be given, exemplifying the same principles, and
proving the evil consequences of disregarding them ; but
enough has been stated to prove, in the judgment of the
committee, that the inflexibility of the rule prescribed by
the restrictive clauses of the Act of 1844 is indefensible,
when equally applied to a state of varying circulation;
and that its enforcement in 1847 was an aggravation of
the commercial distress, and was therefore wisely set aside
by the authority of the government on the 23rd and 25th
of October."
Another circumstance to which the committee most
properly draw the attention of Parliament is this, that the
Act of 1844, having first imposed these absurd shackles
on the Bank, next proceeds to set that corporation free
from all responsibility, and to encourage it to speculate
like any private firm. The result is, that, without stint
or remorse, the directors lower their rate of discount when
money is abundant, and raise it enormously when money
is scarce, thus always exaggerating the existing evil.
Hence has resulted this frightful fluctuation :
" Mr. Cotton states (3246), that in his commercial ex-
perience he never knew such a fluctuation in the rate of
interest as occurred in 1847.
" Your lordships will bear in recollection that the years
1837 and 1839 were years of peculiar preSsure.
" The following table, extracted from the evidence of
Mr. Browne, exhibits the contrast between those years
and 1847 :

Lowest rate. Highest rate. Difference.
1837
1839 .SI . .... 61.
1847 -
He adds—' this does not give an accurate view
so
persons
the interest of money was in 1847. because
frequently paid a 'commission which made it amount to
10, 20, and 30 per cent., depending on the time the bill
had to run, and the pressure of money at the moment
The commission charged in 1837 and 1839 was by no
means to the same extent. The Governor of the Bank
states, that on the 23rd of October £225,000 was dis-
counted by the Bank in the London market at rates
varying from 51 to 9 per cent.' Afterwards he added, in
reply to the question, whether, within his own expert.
ence, or within his own knowledge, he was able to refer
the committee to any period when the variations in the
rate of interest were so considerable as they were during
the period to which his evidence applied—' I have no re-
collection of a period in which the variations in the rate
of interest have been so great.' "

On Saturday night a man, in a drunken fit, leaped
from the upper wind,ow of a shop in Whitechapel, his
back catching a sign-post in his fall. Although the leap
was from a window three stories high, on reaching the
ground, he got instantly up, and walked into the shop !
He had sustained serious injuries, however, and is now
confined to his bed, scarcely expected to recover.

For NEW YORK,
4., The only regular Packet-ship sailing on the 6th of
The new Ship CONSTITUTION,
Captain JOHN BRITTON ;
2000 tons register ; 2500 lons burthen ; m.w on her fifth voyage;
built in the city of New Y rk, under the particular superb].
tendence of her commander, expressly for a regular packet.
Is one of the largest and most magnificent ships afloat ; has
three decks fitted up with every modern improvement for the
comfort and convenience of passengers, which, with Captain
Britton's well known kindness and attention to all those who
may be fortunate enough to sail with him, should obtain for
this noble ship a decided preference, and parties about to cross
the Atlantic should examine the accommodations on board the
Constitution before making engagements elsewhere.
For terms, and to secure berths, apply immediately to
B. BYRNE and Co.,

126, WaterloO-road, Liverpool
P.S.—Parties` wishing it
secure berths in rhea above ship Can
midi" a deposit of with names nd ages, to B.
do so by
BYRNE and Co., as above.
This Ship carries a SURGEON.
To be succeeded by the Packet-ship HOTTINGUER, on the
6th September.

11.5/9'‘;l.ll'

D. O'DONOVAN'S
AMERICAN
W EMI
EGRATION
AD, OFFICE,
117, ATRLOOO
LIVERPOOL.

For NEW YORK.

The undermentioned American Packet-ships will sail punc-
tually on their appointed dates :
Tons register. To sail.
ANDREW FOSTER Howas.... 1642.. .. loth Aug.
NEW 'WORLD KNIGHT-1500... . 21st
- JOHN R. SKIDDY LUCE .... WOO. 2t;th „
The splendid Packet-ship "Andrew Foster" will sail as
above. She is without exception the best specimen of naval
architecture that ever left the port She is built of the best
materials, is quite new, having performed only one voyage.
and that with a rapidity which leave% her unrivalled.
Her
between decks are ;otty, airy, and expansive, being well
furl olted with patent ventilators, which serve to carry off the
impurities that so otten generate disease.
In addition to the above, the unremitting kindness and at-
tention which emigrants are well known to receive from her
experienced Commander, will render her a very desirable con-
veyance for persons intending to emigrate.
Passengers desirous of heing very comfortable and select,
can, at a very moderate expense, secure berths in the cabin on
deck. which is set apart for a few respectable persons.
The precaution of securing the best berths lefore leaving
borne, which can be done by remitting as part payment of
passage, will he found to greatly thin nigh the annoyance, trou-
ble, and expense to which passengers will be otherwise exposed.
Apply, if by letter, prepaid, to
D. O'DONOVAN, 117, Waterloo-road, Liverpool.

GLASGOW AND LIVERPOOL
STEAM-PACKETS.
The respective Steam-packet Companies'
sels are inte;lllts.tyassa,uinf:lceirth. or without
FROM LIVERPOOL.
ADMIRAL "WINS Day, August 1. at 23, Afternoon.
Pit t xcEss ROYAL *Thursday, August 3, at 4 , Afternoon.
ORION *Saturday, August 5, at 5 , Afternoon.
ADMIRAL *Monday, August 7, at 63, Evening.
PRINCESS ROYAL Tuesday, August S, at 5 , Afternoon.
ORION
ADMIRAL *-'4aturday, August 12, at 113, Forenoon.
PRINCESS ROYAL *Monday, August 14, at 1 , Afternoon.
ORION *Tuesday, August 15, at 13, Afternoon.
ADMIRAL *Thursday,August 17, at 23, Afternoon.
PRINCESS ROYAL *Saturday, August 19, at 4 , Afternoon.
ORLON *Monday, August 21, at 6 , Evening.
ADMIRAL *Tuesday, August 22, at 63, Evening.
PRINCESS ROYAL Thursday, August 24, at 63, Evening.
ORION caturday, August 26, at 7 , Evening.
ADMIRAL *Monday, August 25, at 1 , Afternoon.
PRINCESS ROYAL.... *Tuesday, August 29, at 2 , Afternoon.
ORION *Thursday,August 31, at 23, Afternoon.
ADMIRAL *Saturday, Sept. 2, at 4 , Afternoon.
*JO, Goods intended for shipment on the days marked thus *
must be alongside the vessel three hours, and on other days
One Hour before the advertised time of sailing.

FA RES :—Cabin,lss. ; Steward's Fee, 2s. Steerage, ss.

The Vessels leaving LIVERPOOL on MONDAYS, and GLASGOW
on TUESDAYS. call (weather Permitting) at RAMSEY BAY,
ISLE OF MAN, to laud and receive Passengers.

gents for the ORION

T. MARTIN and BURNS and Co.,
7, Water-street, Liverpool.
Aunts for the ADMIRAL and COMMODORE
DAVID MACIVER and Co.,
14, Water-street, Liverpool.
Agent for the PRINCESS ROYAL :
ROBERT LAMONT,
33, Water-street, Liverpool.

CELEBRATED THROUGHOUT THE GLOBE.
HOLLOWAY'S OINTMENT.
CURE OF FISTULOUS SORES AND PLEURISY.
Extract of a Letter from Mr. Robert Calvert, Chemist, Stokes-
ley, dated September 3d, 1847.
To Professor HOLLOWAY.
SIR, r. Thompson, National Schoolmaster of this Town,
desires me to send you the particulars of his Son, who had been
bad for three years and a half, and has received the greatest
benefit by the use of your Pills and Ointment. He is of a scro-
fulous constitution : a pleurisy had left a large collection of
matter in the chest ; this eventually formed a passage through
the wales of the chest, and ended in three fistulous sores which
discharged large quantities of pus, when he was induced to try
your Pills and Ointment ; at this date he was apparently in a
dying condition, the stomach rejected every thing it took.
Your Pills and Ointment had theeffect of completel ycuring both
the cough and stomach affections, his strength and flesh are
also restored, his appetite keen, and digestion good. There is
every prospect that a little further continuan?e of your medi-
cines will finish the cure. (Signed) ROBT. CALVERT.
The " Mofussulite" Newspaper, published at Meerut, has, on
the 15th October, 1847, copied an article from the " Benares
Recorder," Qf which the following is an Extract :
"The Prince Of MAHARAJAH BISSONATH Si NOR , who was
temporarily residing at Chittercote, was suddenly taken ill with
i
Spasmodic Colic, and during hisillness His Highness often
asked for Holloway's Pills and Ointment, as he had heard much
of their virtues, but none could be obtained in the neighbour-
hood, and Professor Holloway, no doubt, unfortunately loses a
certificate which would have graced and dignified his list of
cures."
The native Princes are now usingHollaway's celebrated Pills
and Ointment in preference to every other medicine, they being
so wonderfully efficacious in the cure of diseases in India.
THE TESTIMONY OF A PHYSICIAN IN THE CURE OF
SKIN DISEASES.
Copy of a Letter from W. l?. Powell„ 11. D., 15, Blessington
street, Dublin, dated February 9th, 1817.
DEAR Stn,—Having devoted my attention for some years to
cutaneous or skin diseases, I think it but right to inform you
that I have in various cases recommended the use of your Pills
and Ointment, and invariably found them to have the most
perfect effect in removing those diseases.
POWELL, M.D.
(Signed)W. E.

Sold by the Proprietor, 221, Strand, (near Temple Bar,) Lon-
don ; and by all respectable Vendors of Patent Medicines
throughout the Civilized World,,ln Pots and Boxes, Is. lid.,
2s. 9d., 4s. 6d., Ils., 225., and 335, each. There is a very con-
siderable saving in taking the larger sizes.
N.B. Directions fortbe guidance ottatients are affixed to
each Pot and Box.

By order of the Honourable the Eaat India Company.
On TH URSDAY next, the 3d instant. at One o'clock, at Henry
Whitaker, Son, and Co.'s Office,
5850 Bags Bengal SUGAR,
Ex John Gray, Panthea, and Duke of York, from Calcutta ;
being the remainder held in Liverpool.—Apply to WILLIAM
RATH DONE, Esq., Agent to the Honourable the East India
Company, or to
SALISBURY, TURNER, and EARLE, or l Brokers.
HENRY WHITAKER, SON, and Co.,