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 office-ot course without
aim does not clearly appear. correspondent, in.
Iced, last night informed US that "Sir Robert Peel
will be Immediately created Peer by the titles Of
Baron Trent, Viscount Drayton, and Earl o. Tam
his independent support to that measure, OF the poll
of which he has failed TO convince his collesgues
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 handbill:-
To THE BAiLIrFs THE BoRouoH OF TAUNTON: =
GentlemenI understand that il s intended to invite
you to call public meeting the inhabitants of Taun-
tom to consider the subject Of the corn law and an
afraid that il will not be in my power to attend it. ad-
dress you Tor the purpose Of conveying my opinions to
For many years, both in Office as an independent
have regulated the admission Of foreign corn into this
country Il appeared to me that the principle Of the
with dslusion the landed interest which
favor while from its antcommercial character il
most nurou. to the community at large lfs trade which
indispensable to the subsistence Of the people
tain, ii is clear that all this additional peril and
people themselves But we we're assured that the scale
had at last been skiully constructed that could
when il was really wanted The circumstsnces Of the
present furnish additional proof of the uty
steady and squsbls provision for sur wants which com
merce when left to her own free action can alone sua
BY afford to u.s. Wheat Of go0d quality !. selling in
city l. apPrehended Foreign nations are drawing their
supplies from warehouses But the operation Of the
averages has been such that bonded grain IL excluded
In desiring the repealed the existing law, wished
as the system upon which, under all the circumstances
thought il expedent that the corn trade
you with all the arguments which induced to prefer
this course seemed to me to be most in accordance
statesmen and pariismsnts when dealing with questions
which affect the graves interests and excite the strong
est passions Of mutudss II was certainly recommend
ed by the writers whose names carry with them the
greatest weight Of authority believe that adopted
BY most mercantile men, AZ distinguished from manufac
urers who for the most part desired that all duty shos
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,
ment was :lenuously opposed by the great body Of
the agrcuurists and by the ministers Of the Crown,
every means in their power to ascredt It. and to pre-
vent any choice being offered TO the country be-
tween law like the one and tot. repeal and
Now, gentlemen, believe this to be the actual
dition Of this question my choice cannot be doubtful
reason to regret the which have pursu-
ed have altered any opinion which have hitherto
entertained but am sure that 1t il now my duty 70
that the very favorable
such change which would confer great and speedy
excite the fear Of present mischief among Il. sss
cultursts.
will have tho goodness to excuse th: long letter.
will probsblysave you from the obligation Of hearing
longer speech; which. howsser would. kncw. have
II. LABoUCHERE.
The Railway Bubble.
TErou h. Ioudnu Suu II
The announcement Of the Speakers intention 10
authorize payment OF railway deposits TO the Az
count General by instruments, has considerably al
ayed. as might have been expected, the anxiety
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 benehcially this mode Of
payment by instalments: One instament paid into
the bank will be available to assist the bankers for
payment of another lnstalment; or the investment
in 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 transfen BY in
stalments will be very great relief, - 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 a. 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 TO pass such a 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 blil, 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, If possible, Its EVIL consequences
no one can wish to punish SPECTATORS whether dis
honest or honest, but foolish, by producing convu
sion of the money market.
We hope that, il the government do not quickly
bankers Of leading railway companies will combine
to press them tot 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 ielt
benefcialy. And we have very strong belei thst
reduce the sum to be deposited and that the curIen!
calculation Of thirty millions is TO great extent
imaginary. short time will show
THE BANK OF ENGLAND-The movement OF the
ultimo, gives the following changes, compared
with the week ending on the I'D ultimo In the
department OF issue the notes had decreased &SOz
Which had been effected d sy fhs ssa q
Of silver bullion On the debit side Of the banking
the the rest had decreased e, 7e the
nblic denosits had increased f3U7 ALB the private
o or other ue deposits had decreased and the
seven dav and other bills had decreased E1s,-
Ol5, making the total Of the Liabilities fSS,-
5OS.3OO On the credit side the government
securities remained unaltered; the other Sc
curities had increased E4l6,664; the notes
had decreased fl44,040; and the gold and silver
coin had decreased x19,9l3, which squared the ac-
had decreased from El3 $50 sol to El3 236 64e, be-
ing difference Of E322 653. The paper in actual
circulation, including the seven-day and other bills.
was Ell ,S47 0e9, against E2202s,l 54' being de-
crease Of El76 lis.
There were rather more bills on Tuesday after
noon on some Of the continental towns, but there
are only some very light shades OF difference IN inc
rates Of exchanpe Amsterdam, three months, ~