The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-01-19


Some friends OF the late Cabinet are still sanguine
OF its speedy restoration to oce-of course without
Sir Robert Peel at its head What Is to become OF
him does not clearly appear. correspondent, IN,
will be Immediately created Peer by the titles OF
Baron Trent, viscount Drayton, and Earl OF Tam
worth, and that IN the House of Lords ne Will give
ms independent suPpo 70 Ina. hs coiIsse
And here, for this occasion, closes our Budget OF
MINISTERS present. and to come.
MIR. Labouchere has promptly followed the exam
pies of Lords John Russell and Morpeth, as appears
by The following address, which he has caused to be
circulated in the form Of handbil:-
To THE BAiLIrFs OF THE BoRouoH TAuNroS:-
Gentlemen-I understand that il l. intended 10 invite
you to call public meeting Of the inhabitants Of Tsun-
ton to consider the subject Of the law and
afraid that il will not be in my power to attend IT, ad-
dress You for the purpose Of conveying my opinions
For many years. both in office and as an Independent
member Of parliament, have opposed the laws which
country Il appeared to me that the principle Of the
sliding scale which they founded, raught
with dslusion the landed interest which
favor, while from ts ancommsrcial character il
most injurious to the community at large lie trade which
to the subsistence Of the people rem
tain, il is clear that all this additional peril and
vexation must ON the long rum be paid for By the
people themselves But we were assured that the scale
had at last been sklfully constructed that could
never exclude the adequate supply Of foreign corn
present furnish additional proof Of the futy
and mischief Of all these contrvsncss to supeysds the
steady and equabs provision for wants which COM
merce when left to her own free action can alone suta-
bly, afford to u.s. Wheat Of good quality 10 selling in
city is spprshended Foreign nations are drawing their
supplies from our warehouse: But the operation o. ne
oSr
In desiring the repeal Of the existing law. ! wished
a, S % T.
thought it expedient that the corn trade
should for some time be conducted will not trouble
you with all the arguments which induced to prefer
this course seemed to me to be most in accordance
with that prudence and circumspection which become
which affect the gravest interests and excite the strong
passions Of multtudss was certainly recommend
greatest weight Of authority. believe that adopted
by most mercantile distinguished from manufac
who for the part desired that all duty should
at once cease and also by very respectable minority
among those connected with the landed interest itself
thought saw in all this the materials for fair and
stable compromise.
But the progress. Of events has rapidly diminished.
and at last exngushed all chance Of any such grange
ment II strenuously opposed BY the great body Of
the sgriculturiss and by the ministers Of the Crown,
whom they had placed in Office Indeed the latter used
vent any choice being offered TO the country except
tween law like the present and total repeal, and
Now, gentlemen. believe this to be the actual con-
dition Of this question, my choice cannot be doubtful
cd nor have altered any opinion which have hitherto
entertained but am sure that 1t 10 now my duty 70
that the Of the season are very svorsbs
to such change which would confer great and speedy
tue s1
culturists.
Gentlsmsn. beg that you and al my constituent:
Will have the goodness to excuse this long letter
longer speech, (which. however. would. knew. have
been received by you with your accustomed indulgence
II. LABOUCHERE
The Railway Bubble.
ccdc as,v ns~r ~
The announcement Of the Speakers intention 10
authorize payment OF railway deposits TO the Az
COUNT General by instruments, has considerably al
layed, - might have been expected, the anxiety
4 about the transfer Of the whole large sum which
will have TO be deposited by the applicants for bills
in the next session. We take tor granted that the
companies, who by concert may do much, will do
their utmost to carry out benefically this mode Of
payment by lnstalments: One instalment paid into
the bank will be available to assist the bankers Tor
payment of another nstalment or the investment
government securities of sums already paid to the
| credit of the Accountant General. will tend TO
prevent depreciation OF these securities, out of
which companies may have to sell, tor the transfer
While there is no doubt that the transfers BY in
stalments will be very great relief, il 10 still much
to be regretted that the interviews between the
bankers and the Chancellor of the Exchequer have
not yet resulted in an undertaking by the govern.
ment to introduce, Immediately on the meeting OF
Parliament, and carry, without delay, through all Its
to receive government securities as well - money,
in payment of the deposits. This would set the
public mind entirely at rest on this important ques-
tion There is, at least, fortnight after the meet
ing of Parliament, in which 10 pass such bill.
Fourteen days from the first Friday after Parliament
meets are allowed for presenting private petitions,
and the required sum must be deposited before the
petition is presented. Such bill, introduced by
the government, could meet with no opposition.
Whatever opinion individuals may entertain OF the
character OF the railway movement, every one must
wish to diminish, # possible, its EVIL consequences;
honest honest, but FOOLISH by producing convul-
sion of the money market. -,
We hope that, II the government do not quickly
promise to do what in them lies, the directors and
bankers of leading railway companies will combine
to press them to it. In matter OF this kind any ad
ditional days suspense Is serious EVIL, Let the
government make up its mind at once, and, without
delay, declare it.
In the mean time, we end as we began, by saying
that the Speakers authority for payment by install
ments, will do much good, and has already been iet
benefically. And we have very strong belief That
amalgamations and other causes Will considerably
reduce the sum to be deposited and that the current
calculation of thirty millions Is 10 great extent
imaginary. short time will show
The BANK OF ENGLAND.-The movement OF the
Bank OF England for the week ending on the 18th
uItimo, gives the following changes, compared
with the week ending on the I'D uumo IN the
department Of issue the notes had decreased 1Soz,
746. which had been effected by the abstraction OF
E2Sl $50 OF gold coin gold bullion, and E1o,!SO
Of silver bullion. On the debit side Of the banking
department the the rest had decreased Eo,1eS the
public deposits had increased f3U, 4lS the private
or other deposits had decreased x3l ,504; and tho
seven day and other bills had decreased 3:as.;:. fls
5rs 400. On the credit side the government
securities remained unaltered; the other Sc
curtes had increased Cages the notes
had decreased fl44,0 a0; and the gold and silver
coin had decreased xl9,9l3. which squared the &C
count The bullion in both departments Of the bank
had decreased from &l3550 sol to els, 236,Ss, DC,
ing difference Of E322, 663. The paper in actual
circulation, including the sevenday and other bills,
was Ell, Si7 ,O39, against E22 O23 l5, being de-
crease Of E176, lis.
There were rather more bills on Tuesday after
noon on some of the continental towns, but tnsre
are only some very light shades Of difference IN inc
rates Of exchange. Amsterdam, three monins' ~