THE EXAMINER.

130 REET aN : sg : ee ee ee ene ‘Monday, in the middle of the day, the foliowing official a renewed drain of gem na ot pyre ae be- insufficient for the occasion. It will not save POS i a bd oleh enti public :-— ‘cause the a ae ai stot _ nee Saath e famine which stares them in| documents we en? 9= 41847 =| a contracti e circulation; pute or districts’ from the ‘absolute famine which stares them 1 ‘ Downing-street, October 29, 1847. jacontraction o ; p

the face.” It will not give to Ireland that ability to re- DE te le seen | relief enforced by representations of the good effected lieve herself which she aes not at present possess, ‘Gentlemen,—Her Majesty’s Governm ag existed DY the relief in October; new concessions; another re- ales ileal b i ified, what course will the with the deepest regret the pressure which a peer bound of prices and of ‘confidence; again a drain of if this poss aye content themselves with for some weeks upon the commercial ae a ‘d b ; bullion; an alarm at the exhausted coffers of the Bank ; Ministers pursue : ne 2 ated ? with enforcing the country, and that this pressure has been aggrava e ing | rush for goid; an issue of one-pound notes; another omg See i n the end leave Ireland to a want of that confidence which is necessary for carrying rebound and another panic, and, finally, a suspension of need and the way F - Poa districts to die of the on the ordinary dealings of trade. They have See specie paymenta. The aie agile’ Wak Wick * ‘ ? ry. ¢ t VIC Abs “ Ait . . - P ? oe : ~~ « ~ g4i* i — in llama ee tens them ? Will they treat hopes that the check given to eer of , ae ee these circumstances may come about no one can attempt amine which no ee - % al eile 2 transfer of capital from oth Z . inis ing c freland as a part of a United Kingdom 2? or will they tive seme 7 as a ion feelings which a| determine, because, the Minister hav ng a fall back upon the notion tha: these kingdoms are of tries, the influx of bullion, ances might have been ex-|t0 regulate the supply of money, it is now a matter no an t Ireland is a distinct nation; that her claim knowledge of these circumstances migh , Jine of calculation according to fixed laws, but entirely of one; that Irelan : a. } 1to produce, would have removed the prevailing |" -*. lis ion; but, that such events or others upon England, in point of justice, is no greater than pected to pre ; “y this expectation by individual discretion; but, that of France or any other foreign land? Will they distrust. They were encouraged * veer in the analagous to them will happen, can only be doubted on take refuce in the commercial distress of the present the speedy cessation of a similar — shares .3 been the supposition that the yielding Minister of to-day will vear, and allege that England has spent, or is spending, month of April last. These hopes have, a ‘e come determine at some time of far severer peril to take his Lo: ae shillin r, and that the claims of justice are/ disappointed; and her ee they stand and to deny relief of any kind. oe a eo une 2 at! s] q 1e time has arriv : . powerless against her because she is impotent: W hat to the pe da rg SH and temporary; On the other hand, the London Morning Chronicle, course will they adopt? What pretext will they allege? |ought to attempt, by ] r - ; ge gk Ages oh urged the Government to interfere, in a series of England cannot take ireland to herself by halves. | measure, to restore ~ a sc thd pale they re- brilliant articles, when the measure was announced, in- ag ao . ar art : re itv. om } : : The Union, if rightful, must be for better and for worse, ee ee of the Bank of England, in dulged in the most extravagant expressions of satisfac- . : - . » c ’ 2 Ss = ‘ . . . ‘ for richer and for poorer, till Death do us eg ill oo . <a Sone ileal of their|tion and exultation. Ministers had saved the country, “tana i ; YY Ss > 3 - i : . ° common-sense steps in to dictate the terms of a ¢ doubt. dis ae i advances, upon approved security; but that journal said, and had given a deathblow to a most ee ee cia co ie retain this operation within reasonable absurd law which only imposed fetters on trade. The ful, that of all conceivable courses the course of wrench- that, in « im ” MD Sone be charged. In|.Morning Post and Morning Herald were equally unre- ing from Ireland the power of ber own development, and limits, a high rate = te! served in their unbounded satisfaction at the acknow- t refusi { her the privileges of an entire present circumstances they would suggest that the rate’ n earns t yet refusing to accord her the privileg ane wees : he} han 8 percent. If this|ledged failure of Sir Robert Peel’s Act, which was con- union; to plead inability to help her, and yet to refuse of interest should not be less than 8 } . 5

seer . . . ? > oan . Th : ‘isting | demed by them all in the most unequivocal terms. e her permission to help herself; to assure her that we | course should lead to any infringement of the existing | ¢ y q

. -| Daily News was the only paper which, carried away by ~ ae 3 Government will be prepared to pro-| Daily Ne ; 4 have no strength left except what just suffices to keep law, her Majesty s Gove : iif ight of the moment at secing ‘the- charm af tha her hands tied and her impotence perpetuated ; this, of pose to Parliament on its meeting, a bill of ene ee oy peer y tli ie: eee eee all courses, is at once the most hateful and the most) They will rely upon the, discretion of the directors to} a , 0} nt Pp ’ Fel. journal’ sail 0a fool o ‘reduce as soon as possible the amount of their notes, if, restricted paper currency. ‘T J sald, € foolish. a ie ee ‘ithin the | cannot for our lives see in what way the public is more It have one result. Amidst sufferings more than any extraordinary issues should take place, within the benefited by the Bank giving into the hands of the pri- hiatal sage rhleh +t Wil be didheek v0 restrain, limits prescribed by law. Her Majesty’s Government) ashenhidin ana ae nstenhiiteiaanaeas it will disseminate and perpetuate the resolution to ob-,are of opinion that any extra profit derived from this) vate ba P it will disseminate and perpe 5

‘measure should be carried to the account of the public,

tain repeal. but the precise mode of doing so must be left to future

[From the European Times. } sensible to the evil of any a pS agua from the law a — ‘ re has placed the currency of this country upon a soun

THE COMMERCIAL PANIC. ‘abel but they feel confident that in the present cir-

The interval since our last publication has been preg-|cumstances, the measure which they have proposed may

nant with the most remarkable commercial events. The be safely adopted; and that, at the same time, the main

circumstances we now detail, which led to the interven-| provisions of that Jaw, and the vital principle of preser-

tion of Government, its transitory effect, and the resolu-| ving the convertibility of the bank note may be firmly

tion of assembling Parliament on the 18th November, maintained. We have the honour to be, gentlemen, will all be read with feelings of deep interest in every your obedient humble servants,

quarter of the globe where the European Times circu-| (Signed) ‘ JOHN Russet. . . . : * i ‘ * lates. ‘The state of commercial affairs in this country, | Cuas. Woop.

as well as the consideration of what is to be done for ‘The Governor and Deputy

freland, rendered it necessary that Parliament should! Governor of the Bank of England,’

meet before Christmas. It is also very desirable that if, (Copy of reply.)

the Bank Charter Act should be infringed by the Go-| ‘Bank of England, Oct. 25, 1847. vernment measure, the heavy responsibility which Minis-| ‘ Gentlemen,—We have the honour to acknowledge ters have taken upon themselves should be relieved with ae Poor opine oie the least possible delay by the people themselyes,| YOUF See — ae — — sag a through their constitutional representatives in Parlia-|'® the Court of Directors, — ig ey sg oly oe ment assembled. We think it right to add, however,|!eSclutions thereon, and we have the honour to be, sirs, that the best informed persons, including the Bank Dj-| Yur most ene es iii

rectors themselves, are of opinion that no actual violatiog| (Sigued) ; ts ORRIS, ee

of Peel’s Act need be ventured upon. The Bark. ; a, ee” sn Directors perceive that to infringe the act would forfeit ‘ Tothe First,Lord o - tania :

their charter; and before Parliament consented to pass | and the Chancellor ” the Exchequer.

a Bill of Indemnity, such conditions might be insisted! ‘ Resolved,—That this Court do accede to the recom- upon as would destroy the exclusive privileges of the mendation contained in the letter from the First Lord of Bank for ever. Whilst the Bank Directors themselves the Treasury and the Chancellor of the Exchequer, dated are actually borrowing money on stock at seven per cent, | this day, and addressed to the Governor and Deputy- until the 29th November, and charging eight per cent, Governor of the Bank of England, which has just been on similar security, and nine per cent. on discounts, it read. ey '

is plain that, as regards money, no present reliefcan be| ‘That the minimum rate of discount on bills not hay- calculated upon. The general contraction of all busi- ing more than 95 days to run be 8 per cent.

ness and engagements is, however, working gradually! ‘That advances be made on Bills of Exchange, on acure.. Its fatal effects, however, are but too evident Stock, Exchequer Bills, and other approved securities, in our present journal. iu sums of not less than 20001., and for periods to be On Tuesday, the 19th ult, a deputation of Liverpoo} fixed by the governors, at the rate of 8 per cent. per merchants waited on Lord John Russell in Downing- 20num,’ street, and set forth in earnest terms all the evils under The effect of this measure was electrical ; in the general which the town and the general commerce of the coun- eagerness of speculators fora fall to buy in their ac- try were labouring. An advance on the credit of the counts the market became wild, Consols in a day or two country was solicited. The Government, however, advanced, after the most violent fluctuations, not less firmly, but in the most considerate terms, refused the than five per cent. upon their extremest point of depres- application, and in the three or four following days the sion of the previous week. Shares of railways, which mercantile pressure considerably increased. Banks in had been ruinously depressed, rose rapidly. London various parts of the country failed. On Saturday, the and North Western rose from 10/. to 12/.a share. Ex- 23d ult., Mr. Masterman and Mr, Glyn, at the head of a ehequer Bills only rallied to about 15s. to 20s. discount; deputation of London bankers, called upon the Prime The sugar market became more active, and cotton and

Minister at Downing-street, and were immediately ad- corn advanced considerably, The difference of opinion)

mitted to an audience. They represented the intensity of amongst the press respecting the policy of this virtua] the panic ; the impossibility of allowing matters to con- abrogation of Peel’s Bank Act was most striking. The tunue without making some effort to alleviate the pres- London Times, with an ill-suppressed feeling of disap- sure ; that the bankers were full of money, but not one pointment, boldly reproduced all the areuments which dared to part with it to his customers for fear of a run they have lately so unflinchingly urged against the in- upon him, and their statements produced such effect on terventien of Government, which was again pronounced the mind of the Minister that he promised on the Monday as most mischievous. In the city article of the Times. | following to give them an answer, Mr. Rothschild also that powerful journal pointed out the apprehended mis- visited the Minister. When the news of these inter- chief in the following terms :— views transpired a better feeling in the city was the re-| ‘The Government has now fairly taken the crisis on sult, Consols and shares somewhat rallied. Jt trans- its own shoulders. The consequences may easi] be pired, also, that Sir Robert Peel had arrived at London foreseen. A general belief that the worst is saul mt oa the previous evening, and was immediately called withholding of shipments, which would otherwise have upon by the Chancellor of the Exchequer. The inter- been forced off at a sacrifice ; a rise in the price of cot- view lasted several hours. Sir Robert Peel and his lady ton as well as of all fother articles; a steady in-| the following day went to Windsor Castle on a courtly crease of imports; a continuance of railway works ; and)

visit to her Majesty, all which was d€emed highly sig-|a readiness to enter into future commitments, where

nificant that something important was meditated. On otherwise all would have been caution and contraction ;)

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‘banker issuing his own notes to the same amount, see- ing that the security would in both cases be the same.’ ‘arrangement. Her Majesty’s Government are not in-| The experience of the history of the last twenty five | » years, and ofall the failures of private banks of issue, which spread at various periods universal ruin, seemed for the present quite disregarded. ‘The satisfaction of ‘some of the journals which have applauded the Govern- ‘ment measure obviously arises from rancorous political

‘animosity towards Sir Robert Peel; the gratification of being triumphant is a source of delight to others; whilst ‘again sincere conviction seems to be the cause of the |Satisfaction expressed by more than one journal at the virtual repeal of Peel’s Act. The London Times and the Manchester Guardian, in a graver view of the case, ‘appear, on the other hand, equally and conscientiously | impressed with the signal impolicy of tampering with ithe currency of the country to obviate difficulties not |produced by the currency, but, as they allege, by other causes,

The excitement and rise of Stocks proved evanescent. | After the first general rush of prices upwards, specula- ‘tors began to reflect upon all the bearings of the mea- ‘sure, and Stocks became at first Stationary, and then |proceeded steadily torecede. Consols, before the week terminated, had relapsed to about 80 for Money, and ‘London and North-Western Shares to 147; the price \of Exchequer Bills, perhaps the truest criterion of Go- \vernment credit and the value of money, fell to 18s. dis- count; the cotton market became as dull and inactive as ever, and prices receded’; whilst failures in Manchester, Glasgow, and London, still continue to cause great dis- ‘may inthe mercantile world. Meantime, the tone of ithe press generally has much moderated towards the | measure.

CONTINENTAL AFFAIRS. |. The hourly increasing danger of a Swiss civil war, ‘Since war is actually declared, is the only topic connect-

‘ed with European politics which attracts much attention. It will be seen elsewhere that in obedience to the orders ‘of his Government, Baron Von Kaiserfeld, the Austrian Minister, has demanded his passport, in order to with-

draw from Zurich previous to the commencement of hostilities. His assurance that Austria would not in-

terfere between the belligerents had, in some d: gree,

cooled the valour of the Sonderbund party, which had how appealed to France. It is said that the Radical

party 3s not quite ready to take the field, or at any rate that a few day’s delay will operate disadvantageously to the League party, whose finances would be impoverish- ished by procrastination. The Russian ambassador has left Switzerland, and the Prussian Minister is expected to receive similar orders every moment. In this critical State matters remained at the last dates.

In Italy the Austrians evince no intention whatever of evacuating the position which they have usurped. But the din of revolutionary meetings has somewhat subsid- ed, and matters, just at the present, seem to indicate that they will soon relapse into their previous state of politi- cal apathy. In the meantime the Pope, by his endeavours to promote peace, not only throughout his own States, but also in Naples and Switzerland, is laying the foun- dation for a still more glorious career. The Sultan has come to the resolution of henceforth placing the Chris- tians of the Lebanon under the direction of 2 represen- tative of the Holy See, thereby rendering the interference of France wholly unnecessary in the Turkish empire.

In Spain the effects of Queen Christina’s intrigues are already beginning to be developed. Narvaez has been deprived of his portfolio of foreign affairs, and, for some

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