The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1847-12-11

- GQaoHnAN -.

From dc 8sD oasau Bulletin.
hATE EUROPEAN NnWs.
ARRHsaL or THE acaDL4.
The mail, yes erday, brought the letters and
papers by the British steamer at Boston, from
which we make extracts, which will be found
below;
The advices from London are to the 3D., and
from Liverpool to the 4th instant, inclusive,
and are not Of a favorable nature. Since the
last accounts, more failures have occurred in
the principal towns among merchants and
manuiacturers-and also several banks have
failed in different parts Of the country. The
North and South Wales Bank, at Liverpool,
having numerous branches in the Ptincipality,
has succumbcd under the influence Of a mis-
chicyOus report, which causoda run upon The
bank. The silsbury Bank, the Shaftosbury and
Hindon Bank and the Shrewsbury Banks have
already stopped payment.
The English Parliament would assemble on
tho 18Th instant; for the despatch Of business.
The India mail had arrived. Accounts said
to be good.
Money was easier at the Stock Exchange,
London, at the latest advices, worth say 6 per
cent.
In Manchester, the failure Of Mr.. Robert
Gardner, a merchant trading largely to China,
has caused great CONSERVATION. Several other
heavy firms there have also failed,
In London, Messrs. Coates g. Co, the buyers
Of goods for the American market, in Bread
street, Cheapside, have stopped payment.
Their liabilities are estimated at 100000.
/, A telegraphic despatch to the Liverpool Elk.
change, dated London, Nov, A, 10, a, M, says;
"India Mail arriyed-accounts said to be good.
i, Money easier at the London Stock Exchange,
worth say six per cent"
On the Continent considerable failures have
taken places Leghorn, Genoa, Trieste, Lisbon
and Client, having chiefly suffered, The
/, French house at ST. Petersburg, Of C. Riva &
Co., has also failed.
J From the London Times.
The following is the copy Of a letter address
t sed to the Governor and Deputy Governor, by
, the First Lord of the Treasury and the Chan
, cellor of the Exchequer:
DOWNING STREET, October 26, l847.
Gentlemen: Her Majesty's Government have
4 seen, with the deepest regret, the pressure which
! has existed for some weeks, upon the com
mercial interests Of the country, and that this
pressure has been aggravated by a want Of that
: confidence which is necessary for carrying on
e the ordinary dealings Of trade.
They have been in hopes that the check Civ
en- to transactions Of a speculative character,
h the transfer Of capital from other countries,
the influx Of bullion, and the feeling which a
g knowledge of these circumstances might have
/ been expected to produce, would have removed
the prevailing distrust.
They were encouraged in this expectation
BY the speedy cessation of a similar state of
feeling in the month Of April last.
These hopes have, however, been disappoint-
0 ed, and Her Muiesty's Government have come
u to the conclusion, that the time has arrived
when they ought to attempt, by some extraor-
y binary measure, 10 restore confidence 10 the
! mercantile and manufacturing community.
For this purpose they recommend to the Di-
%rectors Of the Bank Of England, in the present
emergency, to enlarge the amount of their dig
counts and advances, upon approved security;
but that. in order to retain this operation with
Q in reasonable limits, a high rate of interest
should be charged. In present circumstances
they would suggest that the rate Of interest
should not be less than 8 per cent.
. II this course should lead to any infringe
9 ment Of the existing law, Her Majesty's Gov
. eminent will be prepared to propose to Parlia-
ment, on its meeting, a bill of Indemnity.
They will rely upon the discretion Of the
Directors to reduce as soon as possible the
9 amount Of their notes, if any extraordinary
Q issues should take place, within the limits pre-
% scribed by law.
Her Majesty's Government are of opinion
that any extra profits derived from this mea-
g sure, should be carried to the account of the
: public, but the precise mode Of doing so must
be left to future arrangement.
: Ae' WaJestys government are not lnsenslble
to the evil OF any departure from the law which
has placed the currency Of this country upon a
n sound basis; but they feel confident that, in
the present circumstances, the measure which
they have proposed may be safely adopted;
+ and that, at the same time, the main provisions
d Of that law and the vital principle of preserv-
ing the converlibilily of the bank note may be
firmly maintained.
We have the honor to be, Gentlemen,
!, Your obedient humble servants,
Signed JOHN RUSSELL,
CHAs. WOOD,
The Governor and Deputy Governor of the
RANT &c Eon1.aI