The New York Herald Newspaper, November 9, 1857, Page 1

THE NEW’“YORK HERALD. WHOLE NO. 7739. MORNING EDITION—MONDAY, NOVEMBER 9, 1857. The Police Commissioners. ‘FHE RESIGNATION OF MR. DRAPER—ELEOTION OF PR- LBTIAH PERIT TO FILL THE VACANCY, UPON THR NOMINATION OF MAYOR WOOD—THE HARLEM AND NEW HAVEN RAILROAD QUESTION, BTU., ETO. «» ‘The Police Commissioners meton Saturday afternoon at ®aeir new rooms, coruer of Broome and Elm streets. Present— Mayors Wood and Powell, and Messrs Bowen, Stranahan, Nye and Cholwell. « Gen. Nye, after the reading and adoption of the minutes, banded to the clerk the letter of declension of Mr. Dra- per, already published in the Herat. Mayor Woop moved thatthe letter be received and rdered on file, and that the Board should then proceed ‘@ elect another person to fill the vacancy. WHAT MR, CHOLWELL MADE UP HIS MIND T0, AND WHY HE DID IT, Mr. Cuoiwxit said that before taking the vote he would Bke to say afew words. He regretted as much as any member of the Board that Mr. Draper had declined the momination. And further, he would like to say that he ought that this matter of proceeding to elect without a consultation among them was not likely to lead to any con. @osion. He had made up his mind to pursue a different eourse from what he had heretofore, for several reasons; ene of which was, that the Chairman of the Board had seen Mt lately to charge him with sundry acts which he (the ehairman) knew nothing about, in open debate and before Strangers; one of which was that be isa Cholwel!) did not dare vote contrary to the direction of Fernando Wood, and another of which was, that he had voted the straight oat democratic ticket.’ (Gen, Nye smiles.) It might De a subject of laughter to the chairman, but it was mone to him (Mr. Cholwell). In the station houses, especially in the one in his ward, it bad become @ subject of talk among the men, and had become so that he now did not go into the station house. The men quoted Gen. Nye as Chae § for these stories, which were without foundation; and he wished to say that he should vote hereafter for a member to fill this vacancy as be pleased; and if he did vote for any man to fill the va- cancy, it would not be a man that would sustain Gen. Nye or any other member of the Board. Gen. Nyx then took the question on the motion to go toto an election to fill the vacancy, which was carried wnanimously. The following was the choice of each member as his mame was called Gen. Nvs... . Woe. . John Wheeler, Mayor Powmm.. John Wheeler. Mr. Bowsn.. . Cyrus Curtiss. Mr. STRANARAS Cyrus Curtiss. Mr. Caocwai, ... John Wheeler. Mayor Woop, after the ballot had been continued four {ames without any variation in the result, said it was un- fortanatethat there was no more compromising disposition om the chairman’s side of the housefin filling this vacancy. He was satisfied that; the Police Depaarment could not be made efficient until the balance of the force was made up, and that could not be accomplished until this vacancy ‘was filled. He had himself evinced every disposition to fill the vacancy with a man who would be acceptable to the community, as well as to the majority of this Board; and he hoped that they would to-day, before adjourni: select some person who would accept. He now nomi- nated a gentleman—a man of position in the commanity— who, he believed, would be acceptable. He named Dr. William Schirmer, who, he said, was a gentleman of con roping reputation, holding a position on the east side of city. Mr. Bowsy confessed that he had never heard of this p osce yng before. He did not know him, and had never hig name before. He was not prepared to vote for @ man whose name he had never heard before. If there yes, objection, the vote might be delayed by laying matter on the table, in order to give time for inquiry. Mayor Woop thought they might go on now and elect. General Nys said he would propose Mr. Charles F. mn, of the same ward, The vote was then taken again, with the same result, ‘and still again with the substitution of the name of Moses B. Grinnell for that of Cyrus Curtis. Mayor Woop hoped ‘that the members would inform themselves with relation to Dr. Schirmer between this and the next meeting. Mr. SrRananan wanted to know whether it would not De well té adjourn the matter now to obtain information with regard to the Doctor; it would be well to cast about. Mayor Woop—We have been casting about six months. Mr. Bowxw—We have reached a conclusion. Mayor Woop had no objection if his colleagues wished to hold over until Monday, in order to give the gentlemen an opportunity to find somebody in New York who would Gxx. Nye said he had given the name of a gentleman who he believed had the confidence of the community, a pro- perty holder, and with as much at stake as a large majo rity of citizens, and who commanded the confidence of every man who knew him. He submitted the name of E. D. Morgan, president of the Black Republican State Cen! Commitiee. He did it in the same public spirit of libers ty that had been suggested, and without contrasting him with Mr. Draper, at least as deserving of respect. MAYOR WOOD NOMINATHS PELETIAN PERT, WHO 18 UNANT MOUSLY KLECTED. Mayor Woop—He is a very respectable citizen. IT have esented here the names of Michael Ulishoetfer ‘al Phelps, Moses Taylor, David Banks, J. B Murray, J. "E. Cooley, R. L. Stuart, and last, though ‘not least, Simeon Draper, who was the only one out of the whole lot that received one vote on your side of the house. Iam desirous of filling this vacancy without reference to the political views of the gentlemen. 1am not aware of the political sentiments of Mr. Uli sboeffer, Mr. Cooley, Mr. Stuart, Mr. Taylor, and other that I have proposed. 1 am willing to elect any high toned, m le citizen of substance, who is not a politician Tam entirely willing to take such a man—take Peletiab Perit, the President of the Chamber of Commerce, and 1 eballenge you, gentlemen, to vote for him. Mr. SrRananax—Will you vote for Mr. Perit at the next meeting of the Board? Mayor Woop—I will vote for him; let us select bim Bow. You know him; you cannot say that he is a citizen ‘that you do not know. He is one of the firm of Goodbue & Co., and a merchant of forty years standing. ‘Mr. Sreawanay.—The Mayor must be aware that I reside wm another city, and am not acquainted with the great men Of New York, as his Honor; I should like to inquire. Mayor Woon—I am willitig to let it wait. Mr. Bowen—Is the Mayor aware whether Mr. Perit ‘would accept? Mayor Woop—I have no reason to believe that he would notaccept. I desire to say that not one of the gentle men whoee names I have presented, knew of my Seeign. The name of Mr. Perit is unexceptionable, Mx. Bowry.—I will vote cheerfully for Mr. Perit. He laa man of high character and has a great wtake in this community. He is unexceptionable. 1 will vote for him. 1 voted for Mr. Draper a fortnight since, and trust that we eee if I vote for . it. Mayor Woop—-I will guarantee that Mr. Perit will not a you a fortnight waiting. . Bowxx—I am prepared to vote affirmatively for Mr. Perit now. Gen, Nve—The Clerk will call. Mr. Stxananan—I want to give an intelligent vote, 1 ‘would sooner vote on Monday. 1 think exceedingly well of Mr. Perit from what 1 have heard of him. Would there De any impropriety in an adjournment? ‘Mr. Bowxx—Perhaps in the meantime the Mayor could tacertain whether he would accept. ‘or Woop—I would rather have no communication ir. Perit until he is elected. . STRANAHAN—I would like to have proper time—— Mayor Woop—I regret that an adjournment is required by x ho Mr. Li -y " . wanaN—It is all owing to my ignorance. Cer- talaly ito no redoction coer’ Teva, xf ‘The Clerk then proceeded to call the roll, and eabh mem- Der announced Peletiah Perit as his choice to fill the va- =z: Mr. Perit was therefore declared duly elected to fi) the existing vacancy in the Board. A communication was received from the General Super- mtendent, setting forth the meagre numbers of the police the necessity of an immediate increase. The ve a on the sul of the Barlem and New Haven Railroads. Mayor Woop was not sure whether the Board had any- They had passed a resolution matter. told that the resohstion re- He had told the par- wo draw an appropriate resolution and be would pro- it to the ‘ se I i tte communication to it in a proper manner, further from their in- fel i ] p. Davennses old sathing wat than a design to exhibit any disrespect w the In a conversation the other day with Mr. Bowen very subject, he said that if the resolution tatiefactory, wo should have another, and it was ‘much in consequence of that ag anything else that the communication was prepared. Mr. Bowen said he had informed the ‘men that ho ‘was prepared to give the redress asked. He drew the former resolution and considered ita full direction to the tendant to perform his duties, He moyed to lay the resolution on the table. Mr. Drvansavx said the objection to the resolution was, & the first place, that it did not define whether this duty ‘Was within the duty of the police, and secondly that it did not define the proper authorities to direct the General Su Perintendent. . Cuovwaus thought that if tha Genoral Saperinten- Gent required further snutructions be should apply fo Gen. Nrm road the resolution, which was, that the Ge- ‘Beral Superintendent be directed to enforce the ordinance Rey | the New Haven and Harlem Railroad Compa- Ries to discontinue the use of steam below Forty-second Mr. Rowse thought that {f- the General Superintendent entertained any doubta aa to hia power, his duty was to state bis doubts to the Roard directly. a. ead & note which he had rocetved from counsel of the com , stating i on Council ¢ er cnuidern Propriety of time enforeing the ordinance mi in saawer on nay nt ho would be prepared iF BrnASARAN thought 1 was better to walt, as the Common Council had the matter in hand, He would vote Sor ais resolutivm it the Common Couyei! were Bob about itt e 82 wo He would vote for that or a similar resolution, this Board hed very tittle discretion in the matter. Mayor Woop took it that the Board had no discretion. Mr. Srrananan ag a they might under the circum- ys. Wo oD se fa that if the i erning this Magor (00D Bai ings gov is case illustrated the efticiency of the Board in executing the laws, the government of the city would be very pitiable. If they were to discuss the propriety of granting delays to await the action of the Common Council, it was wonderful, If they were to do that, they would have great difficulty in enforcing any of the ordinances. He took it fof granted that as this case involved the arrangement of the machinery of two large railroad companies, it was an extraordinary one. He was not aware that the Board had the slightest discretion in the matter. must execute the ordinance. This was an ordinance, and they could not go behind it and say that it is best to wait until the Common Council passed another ordinance re- moving the character of the a one. As he under- stood it, the Board must obey orders if they broke owners. It was their duty to enforce the ordinance, and they had no discretion. Mr. STRANARAN said it would be recollected that the ex- ecutive power governing the police heretofore had delayed this matter not only for days but for months. He thought that their example would justify a delay of a few days. ir. , another citizen prominent in complaints against the railroad companies, here desired to speak, Dut was interrupted by Mr. Bowen. Mr. Bowsn said that he quite agreed with the assertion that they could not go behind the ordinance; they were executive officers and bound to carry the ordinance into They proposed to do go, and passed a resolu tion which was considered entirely satistactory to tha end. Until they receive d official information that it had not been carried into.effect, he was opposed to doing any- thing more. Mayor Woop said that was his view of the case. Mr. Wurriock said one of the Commissioners did not seem to understand the circumstances. The presidents of the eompanies had said to the citizens, “Gentlemen, will you be satisfied to grant us seen gence for a year, and we Will not take any steps to delay this matter, which has al- ready been allowed to hold over for our benefit?’ oy had said yes, and went to the Mayor and asked his indui- gence. But’now that the companies had violated their agreement the citizens asked no indulgence for them. He thought it very unjust that this rich corporation should be allowed to violate the law, while if a poor man trans- gressed he was certainly punished. It was improper for them to set an example of disobedience. The simple sum of $10,000 would be involved to carry this thing into effect. Much had been said about the Raiiroad Company having dug through Murray hill, but what had that to do with the violation of the law, Gen. Nyx thought that the contract between the city and the Railroad Company was such that anybody trying to pve! ga ordinance into effect would become involved in trouble, Mr. Bowen thought they had better see the General Superintendent and ascertain whether he had performed bis duty. Mayor Woop said, in response to a remark by Gen. Nye, that the question whether it was proper to interfere with these companies in using steam down at their lower depot, was not now under discussion, and which he did not wish to discuss. He would not say whether the ordi- nance was wrong oF not; it was passed before he became Mayor, and it may have been that he should have vetoed it. He expressed no opinion about that. He had to en- force it as it came to him, and he appealed to the Board to help him. ‘That was ail there was about it. Whether it was right was no question, and it was their duty to execute it. The question was then taken on laying the resolution on the table, which was carried, Mayor Wood and Mr. Chol- well voting in the negative. Mr. Bowen called up his resolution recognising Mary A. Sparks as widow of policeman Thos. A. Sparks, Mary Jarboe, widow of Walter Jarboe, and Josephine Anderson, sister of Eugene Anderson, as entitled to the benefit of the Policemen’s Life and Insurance Fund, and to be paid the interest of $2,000 at 6 per cent {annually. The resolution was carried. Mr. Bows presented bills for music supplied to the po- lice parade, which he had refused to pay. He had been told that the bills were formerly paid out of the contingent fund by the Chief of Police. Mayor Woop said if it was, he never knew it; his recol- leetie was that the men paid for the music them- selves. The bills were laid on the table. Mayor Woop presented a complaint against Captain Hart, of the Seventeenth ward police, charged, upon the affidavit of W. C. Marshall, of No. 59 Third street, with having entered the room of the Republican Association of that ward with a posse of police, at the late primary elec- tion, insisting upon voting, and succeeding in voting in epite of the protestations of the club. The document was referred to the Committee on Applications and Removals, ‘as was also a complaint against officer John Bull, of the Fifteenth precinct, presented by Mayor Wood, Mayor Woop moved that when they adjourn it be till three o'clock P.M. He would otherwisef serve to the neglect of bis official du¥es; and he hoped the Board would change the hour. Ly ag hoped the hour would not be later than two P. M. Mayor Woop said, that that day when he came, he had left, he supposed, fifty persons who had been waiting to see bim on official business. Mr. Bowen wanted to compromise on half-past two, to which the Mayor supposed he would have to accede if he could do any better; and the Board adjourned till that tume op Monday. The Special ittee was e along time after the pet in peas Se chimes of old policemen to having been illegally discharged, Another Flushing Lunatic Asylum Case— A Lady confined for Seven Years. SUPREME COURT—SPECIAL TERM. Before Hon. Judge Davia. In the Matter of the Cabeas Horpus of Anne Bassett Smith, —Mr. Selah Squires applied for and obtained a writ of ba- eas corpus, commanding Allen McDonald, the keeper of the private lunatic asylum at Flushing, Long Island—ren- dered somewhat celebrated by the Woodman case—to produce the body of Anne Bassett Smith, who, he alleges is improperly restrained of her liberty at that institution. Mr. Squires says that Anne Bassett Smith is detained by Mr. McDonald on account of alleged ‘moral insanity,”” and that he (Mr. Squires) sues for her release at the re- quest of her brother, Thos, Gregory Smith; that he, in company with her brother visited the lady at Sanford ‘Hall on the 34 instant, when she asked Mr. M Donald for nor ink and paper to write an authorization for her rother and himself (Mr. Squires) to act in her behalf, and that McDonald positively refused to grant her re- quent. It will be remembered that duri the eas of the case of Mrs. Caroline Woodman, . Bust received a note from Mr. Selah Squires which was published in the , and which we now reprint: — 229 Broapway, Nov. 2, 1857. Drax Brstxep—I have now @ case in hand where a young lady has been confined at Flushing sev ears, ‘on no other ground than that of moral insanity. ‘the cir: cumstances are peculiar, and the young lady is of one of the first families in the city; and ‘a brother (my client) has only been able to find where his sister was within the last year. I feel, therefore, a deep interest in the result of the Woodman case, Yours, &c. SELAH SQUIRES. This case, from the fact of Miss Smith being so long an inmate of the asylum at Flushing, is likely to prove one of an interosting and romantic character, The New Arsenal. By the act of the Legislature last winter to provide for the completion of Central Park, it was rendered neces- ary that there should be lgislation relative to the State Arsenal, which is located within the limits of the proposed grounds, and another bill was passed appointing Inspector General Bruce, Adjutant General Townsend, and Commig- sary General Ward, of the New York State Militia, as tions for the new edifice, but the prices asked for the land were so high that it was deemod best to advertise for propositions, &c. This was done, and ten days since the = were opened and examined, and on Saturday it the award was made. The lot selected is 100 feet in length by 200 feet in depth, and is situated on the northeast corner of Seventh avenue Thirty-fifth street. owner, Mr. Youle, ,000. a oa tg age by Messrs. Cleveland architects. KM will & large three story in hei the first floor of stone, and the second and third of and on each corner will be a The wi of excavation will be commenced soon, and it is ex that the foundation will be finiahed befure the winter in, and in the spring it will be advanced to ‘Three other Arsenal buildings are to be erected—one Brooklyn, one in Buffalo, a third in b corporations of Buffalo and Corning have given sites the buildings gratuitously. No selection has yet made in Brooklyn. gE iJ & ie 33 years of age, was killed on Saturday afternoon by one of the down trains on the Harlem Railroad, in Fourth ave- nue, near Sixtieth street. It seems he attempted to croas the track incautiously, when he was caught by the cow catcher and hurled with such force down the em! that he was fatally injured, He was taken to his home at the corner of Rivington and Freex streets, Where be died in great agony. An inquest will be held on his to- day. It does not seem that anybody was to blame, From Care Haytrex.—The schooner lard, at this port, Wrage asta nos Con iy tne ‘The only item of intelligence ia contained is the follcw he ox. trast from a letter, dated escort, wo Court of city. They will all leave on the 15th by sea, on board of a small hfe * ey" ‘The ies, orders transfer ir prisoners Jearning from the States that » United States war veasel was to be sent Cape Haytion to investigate the matter, The authori ties at Waal m were informed thie morning of tha above facts, and it is probable that the sloop of war yane, which had received orders for the Cape, will also be gent Wo Port ou Prince,—desen Avening Jougnal, ‘ov, 6, Police Intelligence. THE GREENWICH STREBT OUTRAGE—ARREST OF TWO OF THE ALLEGED CULPRITS. James Toole, one of the alleged murderers of Mrs. Spitzlin, was arrested late on Saturday night, at the house No. 52 Greenwich street. It seems he had been concealed in the oven all day, but being hungry, and supposing that the coast was clear, he came out of his hiding place, but wes intentions pounced upon by the officer, and taken to the First ward station house. Yesworday he was taken before [Alderman Clancy, at the Tombs, who committed him for examination. "During the day it was reported that O’Connel! was seen lurking around the Fourth ward, and word being sent to Captain Walling, he immediately caused a strict search to be made, but the culprit could not be found.. Captain Walling, with two officers, made a thorough search of the Fourth ward last night, where the Captain had every reason for believing that O'Connell hot made his hiding place, but the most vigilant search failed of its object. re is no doubt, however, that the alleged murderer will yet be caught. is too well known to escape. Quite a number of officers are in search of him. very haunt he has been in the habit of Rreaieedicg 6 wi ed, and it will be next to impossible for any of his friends—if he has any—to render him any assistance. William Hagan, one of the young men who was with the many on the night of the fata} assault, came into the First ward station house last night and delivered himself up. Hagan is one of those whom the Coroner's jury found asan accessory before the fact. He, however, denies any ry on hig part. He states that he was with the party, but did not enter the house, and had no knowledge of the dreadful occurrence until it was allover. He states, moreover, that he was anxious to deliver himself up to the police from the start, but his friends advised him not to do so; but he had finally delivered himself up to the authorities, as he was convinced an investigation would prove his entire innocence, ALLEGED ATTEMPT OF A MOTHER TO MURDER HER OWN CHILD. A German woman, named Adeline Spider, was brought before Justice Flandreau, at the Jefferson Market Police Court, yesterday, charged with an attempt upon the life of her own child, a little boy five years of age. It seems the woman had been married twice, the first time toa man named Williman, by whom she had the child in ques- tion. Soon after the death of her first husband she mar- ried again, and from that time, if the ee of the neigh- bors are true, she has behaved most bar! ily to her firet born. It was repeatedly beaten, and its bears marks of great violence. So severely had the child been injured that it is now deaf and dumb, and besides has been rendered almost idiotic. Yesterday morning some of the neighbors of the woman, who resides in Fifty-fourth street, near Sixth avenue, saw her bring the child out, and stand it in @ pool of stagnant water filled with all manner of refuse matter, mud, ooze and filth. She it the child under water, then took him out and let im stand for some time in the cold, while she returned to the house to procure a towel, which she used, not to wipe the child, but to beat it,which she did so unmer- cifully as to provoke the interference of her watchers. Word was sent to the Twenty-second precinct, and an officer was sent to arrest the alleged culprit, who was taken before the magistrate, followed by a’ crowd of neighbors, all of whom were convinced that the wretched woman wished to Kill the boy. The te, how- ever, only held the woman on a charge of assault and , and demanded $600 bail, in default of which she was locked up. The boy, whose name is Edward Williman, was taken to the Alms House, and will soon be on Randall’s Island. It is said the woman’s first husband is not dead, and that ® given asa reason why she might wish to make away with the child. AN ALLEGED FORGER ARRESTED. Deputy Superintendent Carpenter received a telegraphic despatch Saturday night, from the office of the Chief of Police of Philadelphia, to the effect that one Leon Gold- smith, of this city, had obtained $1,666 on a forged draft from a gentleman in that city, and that it was desirable that the alleged forger should be arrested forthwith. The Deputy Superintendent placed the matter in the hands of officer Wilder, who succeeded in arresting Goldsmith with- inan hour—an instance of quick work quite unusual in these slow times. It seems the officer found out the resi- dence of Goldsmith, and proceeding thither rang the door bell which was answered by the servant girl, who, on being asked, eaid that Goldsmith was inthe house, and, at that moment the officer discovered him in the hall- way reading a letter, He came forward, on hearing his name mentioned, when the officer arrested him. On his person was found a id watch, a silver ditto, a heavy gold chain, and about $20 in money. The prisoner seemed very anxious to es- cape, and offered all his valuables to the policeman to let him off, but the officer was not to be bribed, and he was taken to prison to await the requisifon of Gov. Pollock. A DANGEROUS YOUNG WOMAN—A STRANGE STORY. Sarah Chambers, alias Sarah Forne, a raaber good look- ing young woman, gave herself up to the police authori- ties yesterday, telling at the same time a very extraordi- nary story. She stated that she belongs to a chain gang of os young women who have bound themselves to stand by one another in their warfare upon society. They were to make ita business to throw vitriol upon all persons they disliked, or who had done them any wrong, and were moreover, instrumental in passing counterfeit money. Sarab stated that she had been married, but her husband had went off with another woman, both of whom she intended to be revenged upon. She also stated she had a child which she had murdered by putting cotton up its nostrils, Thee statements she made in all gravity to the magistrate at Essex Market Police Court, 10 locked her up to inquire as to the truth of fer al . Sarah is a good looking girl, nineuwn years old, and lives in Cow Bay. It is probable that she is insane. Brooklyn City News. The following decisions were rendered in the Boooklyn city Court, special term, on Saturday :—~ Ferdinand Meyer ws. the City of Brooklyn.—This was a motion on the minutes of the Court for @ new trial. It will be remembered that some two weeks since a jary in the City Court awarded $7,250 damages to the plaintiff for injuries received by being thrown from his wagon on Flushing avenue, in June last, by reason of a hole in the street. The grounds of this motion are—First, that the action should have been brought, if at all, against the City Railroad Company—the Legislature having granted permiasion to the company to lay down their rails and use the same with their cara on such terms as might be agreed upon between them and the city. The Railroad Company obtained permisaion of the city to lay down their: rails, &c., upon condition that they would keep the streets in which their raila were, in order and condition be- tween the rails and three feet each side thereof. The Railroad Company bound themselves to the city in a bond for $20,000 to keep the streets in repair as above. Second that the evidence showed that the plaintiff had travelled the #treet daily prior to the and must therefore have known of the hole, and was guilty of some negli gence in not avoiding it. ' Third, that evidence pet by the tiff showing that tbi Rt hy his men. tal faculties was im . Fourth, that plaints © what sum he earned four years ago for his weekly la- bor was im) a that euch time was too remote. Toe Court overruled each of these objections and or- dered judgment for plaintiff with costs. The case will go up upon there exceptions. 'm. Mackey ve. Ai Fitch.—The right to arrest de- fendant does not d: ‘on the form of the summons or the allegations in the complaint, but in thig case solel, on the affidavibof plaintiff (8 Pr. Rep. 47). The affida ig more ‘iffe than, but not inconsistent with, the com- plaint. answer verified in the usual way is not suffi. cient to contradict the affidavit. Motion to yacate order of arrest denied with $10 costs to plaintiff. ‘Senrovs AccrpeNt.—On Saturday afternoon Messrs. Jobn 8. Pierson and Peter Clemiteon, attached to the office of tha District Attorney, were seriously injured on the Clove road, on which they were drivi were thrown out of the wagon, justained ‘a fracture of one of his legs, and Mr. Pierson waa seriously bruised. They were both taken to their residences. Bigamy.—James L. Colyer was arrested on Friday evening by officer Corwin, of the First precinct, on the charge of bigamy, preferred by one of his wives, whom i Before @ full Bench. FAILURE OF JOHN THOMPSON, THE WALL STRERT came up on appeal an made by the court below. The plaintiff and the defendant are both bankers, ‘The former Toney with the latter, against which deporited drafts were to be drawn, and & balance was in the hands of the defendant, he dishonored the drafte. In the answer these facta are admitted, but an additional fact f also interpleaded, which ia that by the agreement the defendant was to pay interest, and to be permitted to use fhe money, This, if proven, puta the case in a light which makes it @ fair presumption that the money was not ro- ceived in a Aduciary capacity. The defendant has nothing Keys mo im the order, and that must be confirmed wi 7 James Cornell w. John Androws —Judement “Stary Aun Orenama ewe lary te. Owen Dunigan.—Motion to die- ypeal denied without caste. ‘One, as by appellant, to be settled by Me Judge who tried the cause. ‘George C. bose ne, Hul —Judgment, bag ohn tae to be seuled Barbara Beryre, &c., ve. White, L—Jadg- ment and order of special term amrmea. — SPRCTAL TRAM. Pere Hon. Judge Doer. Wright vs. Wilkes et al—Complaint diemiesed with Conta. Mount ve. Daviaon.—Judgmont for plaintiff on demurrer, unless defendant within twenty days put in an issuable Answer and pay costs of demurrer, Paige vs. Barker.—Motion for new trial denied, with oats Accessory Transit Co. ve. Corneliug K. Garrison. —Mo- = to suppress deposition of Parker H, French denied, With coetg cy FINANCIAL PANICS. CAUSES OF THESE PERIODICAL DISTURBANCES Chronological Account of the Great Mo- netary Revulsions in England and the United States. THE GREAT RAILWAY SCHEMES, Over-trading, Over-banking, Over-dresing and Over-bullding. CORN AND COTTON SPECULATIONS. eer EXTRAVAGANCE AND BANKRUPTCY, &o., to, ke. We present below a history of the several financial crises and revulsions which have occurred in Eng- land and the United States since 1667. To pre- serve the order of chronology, the English history is given the first place; it will merit a careful perusal, having a direct bearing upon the financial history of the United States, which is appended; and on the eve of the meetings of the National Congress and the several State Legislatures it will be found pecu- liarly valuable, appropriate and suggestive. ENGLISH PANICS. ¥IRET RUN UPON THR RANKS. yoar is memorable in the financial annalg of ‘Deimg the date of the first ran made upon the Danks. It was, in fact, only afew years previously that the firet regular banking house bad been established by Mr. Francis Child, Anterior to his time the goldsmiths, and before them the Lombards and the Jews, had been the depositories of private economies, the intermediaries of commercial transactions and the sources from whence the crown derived aid in its necessities. By the year 1667 the banking business had attained considerable impor- tance, the extravagant habits of the second Charles and of his courtrendering the trade a most profitable one, In that year, however, the imbecility with which the war with Holland had been carried on, encouraged the Dutch to invade the British coasts, and even to carry their rava- ges as far up the Thames as Chatham. The citizens were seized with @ panic; those who held money on deposit were suddenly called upon to pay it, and London witneesed the first run upon the bankers. The latter, however, promptly honored ali the calls made upon them, and the King having issued a proclamation, stating that the demands on the exchequer should be met as usual, confidence was at once restored. 1672.—Another panic was created this year, by an infa- mous expedient resorted to by Charles, at the suggestion of Shaftesbury, to raise money. The bankers were in the habit of carrying their spocie to the Exchequer, and of advancing it on the security of the funds, by which thoy were afterwards reimbursed when the money was Jevied on the public. By this traffic they got eight, some- times ten per cent, for sums which either had been con- signed to them without interest, or which they bad bor- rowed atsix per cent. The King, in order to raise means to gratify his immoderate passions, ordered the Exchequer to be closed, and no payments to be made. By this arbi- trary measwa* the bankers were ruined, and their deposi. tore with them. Thoueands of families were deprived of bread, and the general indignation reached such a height that the King was compelled to yield. For the sum thus seized upon, #ix per cont was paid ont of the hereditary excise during the remainder of this reign. 1683.—The project of a national bank of credit was started this year. It was established after some difficulty at Devonshire House, in Bishopsgate street, London, but did not remain long in existence. Ite machinery was too complicated, and the risk of depreciation in the value of manufactures too great for such ap institution to maintain a hold of the public confidence. FOUNDATION OF THE RANK OF RYGLAND. 1694.—The commencement of an era of wild specula- tion, which gave birth to a multitude of gigantic schemes, including the Darien Company and the great South Sea bubble. Amongst the infinite variety of projects to which the popular mania gave rise, were, however, two which have conferred great benefits on the English’ peo = New River Company and the Bank of England. latter institution received its charter of incorporation on the 27th of July inthis year, The conception of the on it wae founded is attriboted by some writers to Burnet, Bishop of Salisbury, and by others to William Patterson, the projector of the Bank of Scotland, and the originator of the Da- rien Company. The immediate results of its estab. lishment were to lower the rate of discount on foreign bills to 6 per cent, to relieve the government from bor. rowing at usurious rates of interest on the public secu rities, to give life and currency to double and treble the value of its capital in other branches of the public credit, and to secure the success of the campaign of 1695, and subsequently the conclusion of peace in 1697. The bank traded on the deposits of its customers, and when first established allowed interest for running cash. D'Avenant complains of this ae being a continual bar to industry. VIRST BUHVENSION OF BPYCIR PAYMENTS HY THM HANK OF RNGLAND. 1695.—Owing to various difficulties, among others to those arising from the re-coinage of the silver, the Bank of England was compelled temporarily w suspend specie payments. The coins had been diminwhed by clipping and filing; the bank had received the clipped money at its full value, and when the notes issued by it in exchange came in, there was not sufficient «pecie to meet the daily demand. Had it paid in full, it must soon have been drained of specie, ao it resorted to the plan of paying cash at first in instalments of 10 per cent, once a fortmight, and afterwards 3 per cent once in three months. That the in. stitution was not discredited by this arrangement was from sealed bills bearing interest being re- ceived by their creditors in lieu of specie. Other vigorous measures were resorted to by the directors to meet their difficulties, and so great was the confidence inspired by the prudence with which the affairs of the bank were con ducted, that it received from the government great addi Vional privileges, including an extension of ita charter to ‘the rapidity with which bank stock rose in va Ine, we have the evidence of the fact that stock given to the in exchange for tallies at fifty per cent discount rove to 112 per cent. 1697.—A al was made thie year ‘that the be branched into every city and market town in England; and that the be ae- countable to the ral bank in London for the profits of ve hes.” This project 1667. for specie. This movement was favored by the minor bankers, such as Sir Richard Hoare and Sir Francis Child, of their erful'rival. Instead, however, establishment, tt confirmed it still more ‘of the people, When the o it ts pre 1 per cent on ite proprietors, which, with the au port that it received from private individuals, enabled 7 to meet all demands, 1708.—The charter of the Bank of England was further extended until 1732, and additional privileges were granted to the These favors were the result of ap unsuccessful attempt at the invasion of the preraga- tives of the bank by a bubble com) started about this period, under the title of the ‘Company of Mine Ad yentarers.”’ In this year the bank also undertook, for the first time, the circulation of exchange bills. ithe of England was description. everel riotaa mob eet out with the settled purpose of . The Queen on hearing of their in tention, with & self-devotion and courage worthy of all Praise iat her own person unprotected and sent a strong =, of ryt ty guard that i toa The r Te, reparations been male w receive them, rapidly Tetteated, 1713.—Another run upon the bank, caused by the dan rour iliness of the Queen and the rumor gf an armament the invasion of by the Pretender being in readiness to leave the French porte, Her Majesty's rapid recovery wens the authoritative contradiction the S ports me it, at once pit an end to panic. charter: ofhe bank ‘Was again renewed this year until 1782. 1714.—The death of the Queen and the uncertainty pre- bmg bey ages to the future dynasty, caused another ran upon which lasted for several days. Tpe insti tution was able to meet all the demands made upon it; bank stock howevor fell from 126 to 116. 1715.—The rebellion caused by the accession of the first George not having extended to England, no marked effect ‘was produced by it on the affaire of the bank. As soon as tranquillity was restored the mon and Parliament with the aid of that institution, reduced the lagal rato of interest from six to five per cent, me 1718.—Snbseriptions for government loans were for the first time received at the bank. In this year the Regent @’Orleans established in Paris a royal bank, of which he made the celebrated Law Director General. From thie period Law's cherished project=the grem Mississippi Ww be developed, 1720,—Explosion of the Mississippi bubble and rosigna tion by Law of his office of Comptroller General of Fi- nonce. The coach of the adventurer was destroyed by the mob in the streets of Paris, and he himself was com lied to fly the kingdom, After a brief residence on the tinent he went to England, where he witnessed the rige and failure of another great scheme as delusive and disastrous as bis own. ‘TUX GREAT SOUTH SRA RUBRLE. 1720.—The history of this tw’ is the history of the fouth Sea delusion in England. Anderson says ‘it was a year remarkable beyond any other which can be pi upon for extraordinary and romantic projects."” “Were it not in its consequences so full of the materials that make tragedy,” adds a modern writer, ‘the South Sea bubble might have been represented on’the stage as an admira- ble farce, satirizing more broadly than comedy would have — befitting her dignitygor the common sense ‘of probability, the eternal passion for wealth.’? e origin of the South Sea Company is too well known to need recapitulation here. We may briefly state, how. ever, that its first offer to the government was totake and consolidate the whole of the debts of the State, amounting to £30,981 ,712, at five per cent, until 1727, and after that pe- riod at four per cent, for which it was to pay three mil- ions and a half. The Bank of England offered five mil- lions for the same privileges, whereupon the South Sea Company increased its offer to seven and a half mil- lions, which was accepted. The rumor, industriously cirenlated, that the South Sea, Company were desirous of incorporating with their own all the funds of the bank, East India Company and Exche- quer, raised their stock to fabulous prices. On the 2d of June, 1720, it rose to 890, and shortly after it reached 1,000. All sorts of lies were resorted to by the agents of scheme to maintain this unnatural elevation, Hopes of gains of fifty per cent, anticipations of immense profits from markets and acquisitions im the South Seas, and mines of hidden treasure, were amongst the baits held out, The public mind was completely turned; all the available resources of the kingdom were embarked in visionary speculations, and Change alley was crowded from morn- ing till night’ with peers of the realm, country gentlemen, clergymen and ladies, Smollett says that “during the in fatuation produced by this bubble, luxury, vice and pro- fligacy increased toa shocking degree of extravagance. The adventurers, intoxicated by their imaginary wealth, pampered themselves with the rarest dainties, purchased the most sumptuous furnRure, equipage and apparel, and tdulged their criminal passions to the most scandalous excess.”’ Does not this description apply in a modified degree to the excesses observable in our own community during the late years of insane speculatien and inflation? That there were not wanting among the wits and jour- nalists of the day minds sufficiently acute to foresee the disastrous consequences of the popular mania, may be seen from the number of jeus d’ if publial in con temporary periodicals. Change Alley, the scene of the South Sea and other swindling operations of the time, ia thus happily deacribed:— In London stands a famous pile, ‘And near that pile an alley, Where merry crowds for riches toil, And wisdom stoops to folly, Here sad and joyful, high and low, Court fortune for her graces, And as she smiles or frowns they show Their gestures and grimaces. Here stars and garters, too, appear, Among our lords the rabble, To buy and sell, to see and hear The Jews and Gentiles squabble. . Our greatest ladies hither como ‘And ply in chariots daily, Or pawn their jewels for asum To venture in the alley. Long heads may thrive by sober rules, Because they think and drink not, But head-longe are our thriving fools, Who only drink and think not. Another epigrammatiet as pithily sagirizes the airy cha- racter of the speculations in which every one was en. aged im = A wise man laughed to see an aes Fat thistle and neglect good grass, But had the sage beheld the folly Of late transacted in ‘Change ailey He might have seen worse asses there Give solid gold for empty air, ‘And again:— As fishes on each other prey, The great ones eating up the smal}, ‘So fares it in the Southern Sea, The whale directors eat up all. The Englieh and German capitalists who have deen «pe. culating so wildly in our railway stocks, will probably ap- preciate the piquancy of the following: — He that is rich and wants to fool away A good round sum in North America, Let him subscribe himself a hea@ong sharer And asses ears shall honor him or bearer, The history of the explosion of the bubble is well known. The South Sea Company grew jealous of their rivals, and commenced legal proceedings agaihst some of the companies. This brought the whole affair to an issue, and @ general panic seized upon the conductors of these When the law proceedings began, South Sea stock was at 850 per cent, and from that time it rapidly declined, until, on the 20th of September, the following month, it fell to 175. Then set in a period of despair and confusion as wild as the delusion itelf. ‘Thousands of f- milies were reduced to . Many bankers and goldsmiths who had lent money on the security of the stock Were compelled to stop payment, and a run was soon made on the Bank of England, which, fortunately, having kept free from any connection with tho company, did not feel to any great extent the shock of the tremen: dous revulsion which had set in. Of the punishment m- flicted upon the concoctors and ministerial favorers of the bubbie, and of the measures devised by Sir Robert Walpole for the relief of the sufferers, it is not necessary to speak here. 1722.—The particulars of an alleged conspiracy in favor of the exiled Pretender, which were communicated by the Duke of Orleans to George I. gave rise thia year to an- other commercial panic and run upon the Bank of Eng land. The vigorous measures adopted by the govern- ment, however, soon led to @ restoration of confidence without the bank haying been compelled to suspend specie payments. 1732.—Enlarged premises having become necessary for their operations, the Directors of the Bank of England resolved to build a bank and office on the present site in Threadneedle street. In 1734 they commenced business in the new building. In the following year they erected & marble statue, by Cheere, of William I1., the founder of the corporation. 1742,—The bank charter was again renewed until Auguat 1764, in consideration of a fresh loan required by the go. vernment. THE PANIC OF 1745—LANDING OF THR PRETENDER. 1745.—The Sanding of the Pretender and the first suc. ceases that attended his arms caused universal alarm amongst all classes in England. Even the King made preparations to effect his eacape. A run commenced upon the Bank of England for which the directors were not pre- pared, and the destruction of the institution seemed m- evitable, The funds fll to 49, and depositors flocked in crowds to the bank w obtain payment for their notes. The directors resorted to @ stratagem which saved the institution. Payment was not refused, but the corporation retained its specie by employing agents to enter with no \ aw in time, were paid in sixpences and as these e first were entit to priority o payment, the ‘went out at one door with the specie they had received and brought it back by another, #0 that the tona fide holder of notes could never get near enough to present them. “By this artifice,” says the writer on whore authority this fact is related, “the bank preserved ita credit and literally faced its creditors.” The retreat of the young Pretender from Derby stopped the run and re- stored contidence among all classes. To the credit of the merchants of London be it said, that they stood Ormly by the bank in this crisis, receiving its notes in payment during the whole of the panic. 1746.—The capital on which the bank stock proprietors divided this year amounted to £10,780,000, having octupled in little more than half a century. m the bank first commenced ite operations the rate of discount charged by it was from four and a-balf to six per cent, but the rates were afterwards equalized and varied from four to five per cent til 1775, wi the latter sum was fixed upon, at wae 4 rome ined wil 1822. 1168.—' ret note was presented at the Bank of England, by Mebard Vaughan, a Stafford linen draper. In thie year was algo pronounced the important legal decision‘ that any person paying a valuable consi- deration for a bank note payable to bearer, in afair course of vesmnens , has an undeniable right to recover from the 1759.—The bank chartor was again renewed till 1766 _— loan advanced to the government ou exchequer REVULSION OF 1772-—PIROT FAILCRA® OF RANKERA, 1772.—In this year occurred a panic resembling somewhat in it# original features the revulsion under which we areat t Suffering in this country, On the 10th of June, Neale Co., bankers, of Threadneedle street, stopped payment. Afew other failures followed, and the city was thrown intoa state of general consternation. The prompt aid, however, afforded by the Rank of England, and the annint ance of the merchants, prevented many of the Cores stoppages, and trae for the moment appeared to re stored to its former security, On Monday, the 22d @ the same month, the alarm again became general. T use the words of e ceatemperary authority, U 1b te beyond tho power of words to describe the general consternation of the metropolis at this instant. No event for Mfty years has been remembered to give so fatal a blow to trade and the public credit. An universal bankruptcy was expect- ed.” Subsequent eventa showed that the alarm was a groundless one. The resumption of a by most of the houses—at firet compelled to bend the storm— restored confidence, and matters gven went on in their usual train, Although the panic had passed away in England it ex. tended itself to the Continent, and by the end of the y there seemed to be an universal wrecle ef credit to amount of $50,000,000, “It was only the prudence and food feeling exhibited by some of the leading nations,” says Mr, Francie, ‘‘which prevented the most disastrous results, The Dotch merchants acted with their usual wisdom. The Bank of Stockholm gave support to every house of real responsibility, and the Empress of Rasein came to the assistance of the British merchants in St. Petersburg, by giving them a credit on her own banker ‘The pressure soon passed away, and commercial faith took the place of commercial distrust.” Tt & worthy of note ae Fe Presented the first cases of failure on the part of bankers in London. To show the epirit of reckless speculation that had set in, we quote the following from Anderson’s History of Com meree—‘At the breaking up and dividing the oa an eminent partnership, many years , Of & private banking hue, which for many years had divided @ of several is, on valuing alkthe real stock of the conan he whole did not it to above three or four hundred pounds, consist epurely of shop instru mentg and furniture.” a 5 PRICE TWO CENTS. 1780.—In June of this year the Protestant riots under Lord George Gordon threatened the security of the specie im the vaults of the Bank of England. ‘Owing to the ‘energy and courage of the Governor and directors, how- ever, the building was promptly tarned ito a fortifica- tion, the old inkstands were caat into bullets, and a warm reception was prepared for the mob. The ofa formidable military foree completed the discouragement of the rioters, and they soon abandoned their imtention of penetrating into the building, Since this period a guard of soldiers has always been posted nightly in the interior of the establishment, 17#1.—The bank charter Was this year extended for m further period of twenty-five years, in consideration of a fresh loan of two millions advanced to the government. 1782-3.—During these years the cash and bullion of the bank were very low, a drain of «pects having set im from the commercial expansion which followed the peace. To remedy this state of things the directors wok the bold step of refusing to make advances on the loan of 1783. The expedient suceoeded. By an alteration in tha exchanges, all further causes of anxiety on thie score were relieved. 1790.—In December of this year, Mr. Pitt made hig firet attempt apon the unclaimed dividends in the banks ‘This was averted by a proporal made by the directors ta Jend £600,000 without interest, until the unclaimed divi- dends should be less than £600,000. Mr. Pitt, seeing tha improbability of their decrease, accepted the proposal. PANIC OF 1793-—INTERFRRENCE OF PARLIAMENT, 1793,.—The East India annuities were placed under tr management of the bank. This year wasalsoone of grea gloom and commercial distress throughout England. Om the isth February, the Bank of threw out the paper of Lane, Son & Frazer, and next morning they stopped payment to the amount of near a million sterling. A universal panic followed, Bankers and merchants of unquestioned solvency werd compelled to bow defore the storm. Upwards of one hundred country banks failed, and the value of property seemed annihilated, Mr. Tooke consiters tha: distress of this period to have been exaggerated, and Mr, Chalmers is of opinion that the whole mischief had ariwer from the increased number and recklegs operations of the country banks, one of which was in nearly every market town. "Parliament was compelled to interfere, and an ad~ vance of five millions on the security of Cayom aah Dilies was voted for the relief of the suffering trade of tha country. This measure operated like a charm. The capi- talists Who had held back when help was required, cama forward immediately when government proffered its ase siktance. Uutof the five millions voted only twoand a quarter were required, and by the end of the year contl+ dence was entirely restored. 179%,—The wealth of England was this year demon strated by the extraordinary readiness with which Mr. Pitt’s application for a loan cf £18,000,000 was met by tha country, The subscription ou the first day amounted to ‘one million, on the second to nearly twelve, and on tha third the remainder of the sum was subscribed in lite more thap an hour. SROOND SUSPENSION OF SPRCIE PAYMENTS BY THB BANK OP ENGLAND. ? 1797.—This year witnessed another suspension of specia payments by the Bank of England. is Measure, whicte went into operation on the 27th February, wae neceasi- tated by a variety of causes. The subsidies by England to foreign nations—the duplication of the nauionall debt—the apprehensions of an invasion—the pressing and continually increasing wants of the government, and the gradual diminution of gold in the coffers of the > during the previous twelve months, to the low figure of £1,272,000, all combined to render it imperative. Had the minister been guided by the advice and remonstrances of the directors, this measure might have been avoiled. Mr. Fox thus characterized it in bis place in Parliament:— “ For the first ime since the Revolution, an act was done which struck at the foundation of public crodit, by seiz- ing the money belonging to individuals.” It was the opinion of many the practical mem of of the time that the bank might have escaped tha difficulty by increasing instead of diminishing its circu- Jation. Mr. Henry Thornton stated to the Parliamentary committee, that “it was the want of bank notes and not of guineas that was felt.” The contraction preceding the suspension of specie payments had been very great. On the 26th of np the notes were reduced to one- fourth of the sum at which they stood at the beginning ot the year. It must be remembered, however, that the di- rectors were in a critical position. Between the advances: demanded by government for the safety of the country and the large discounts required for the extensive mercantile operations carried on they were reduced to the necessity of taking ® step which must have cost themm many painful struggles. In this year an act was passed authorizing the issue of bank notes under £5, and a large quantity of dollars sup- plied by the bank and stamped by the Mint were put um circulation and taken iv exchange for the notes of tha bank. The latter soon, however, fell into disfavor, and om the 31st October were called in. ‘Tho report of the secret committee of the House of Com= mons, printed in November, shows the condition of tha bank on the 11th of that month. Outstanding demands, £17,578,910; funds for discharging the same ¢ including: £11 686.800 due from government), £21,418,460. Not- withstanding their afflaent conditian, however, the bank restriction act, passed in May, prevented the directors from reverting to cash payments. 1800.—The bank charter was again renewed this year on consideration of a further Win of three million® ade vanced to the government for six years without interest, with the right of claiming repayment at any Ume before the expiration of six years, if consols should be at or abova 80 per cent. The directors were, however, to allow 6 per cent per annum on the sum repaid for the time that to lapse. In return for this payment irae wo . among other advantages, the privilege of holding yp lic balances in their possession. 1802.—Conclusion of the peace of Amiens. An act wag parsed in April of this year further reatri the Lo from resuming specie payments before Tet of March, 1803.—The Bank of Pogland lost upwards of £300,000 this year, by the celebrated fraud in the transfer of ex. bm od bills, committed by Mr. Robert Astiets, itg cashier. tion of cash payments by the bank, until etx montha after & definitive treaty of peace. In the dincussion on this measure the Chancellor of the Exchequer remarked, “ that it was very much to the credit of the bank, ithad not abused the divcretion given it, with a view ta its own private profite.”” 1807 —The bank dividends were raised from 7 to 10 per cent, free of income tax, at which rate they remained anu 1822. 1808.—A revision of ~~ pe expenditure having: been recommended by the ellor of the Rachequer, the bank agreed to withdraw £600 000 from the une! dividends for the use of the pablic, to make an economy on the management of the loans of'£70,000 por annum, and to advance a further loan of £3,000,000 to the State, on the security of Exchequer bills, to be made payable from the ‘upping of a definitive treaty of peace. 1811,—Efforts were made by Mr. Horner and others im Paracas 3 to bring Gest a resamesice of payments um specie. King distinguished himself by refusing te receive the rents of his estate in the bank ismuer. meet there attacks on the currency of the bank lor® Stanhope’s act was passed, declaring it il or give more than twenty-one shillings for a less than twenty shillings for a one note. Inthe discussion upon this measure Earl said, “The bank is one of the bottom planks of the and woe be to us if we permit it to Atone period in this year the touched 1, and thy E: 3 i : i late report death and of the entry of the allies into Paris, with which the name of the pre- sent Earl of Dundonald (Lord Cochrane) was 80 painfally and, it is wo be hoped, erroneously associated. Of he extensive character of this fraad some idea may ba formed, from the fact that on the Saturday preceding the Monday on which the deception waa ateempted con- tole and omnium to the extent of £826 000 were purchased for various individuals, many of whom were seriouely '815.—On the restoration of peace the ‘Was continued by a new act until the Sth July, 1816. 1816.—Renewal of the Bank Restriction 1818. This year and the last wero mercial Copression. During their continuance there o¢~ curred 5,014 bankruptcies, of which The profite acquired by the Rank of England from the rea= friction of epecie payments, enabled it to an addition of twenty-five per cent to the capital stock of See By act of Parliament the capital of the establishment was increased from £11,642,400 to £14,553,+ 000, at which amount it a ae p . the directors were compe a bonus of about righty thousand por . in the shape of @ Joan without interest. 1817.—The Bank of England annoanced that after the 2¢ at, Gas cae Gee Ge all ite notes of one and two dated pri- or to let of January, 1816, or exchange em tee vw avis @ Roouse Many HR — bic was, however. #0 of their hoes were'nent in A fu hor notin wan od, that after the Ist day of October, would be ready for all theif notes dated prior "to let. January, Whit, e bullion speculators now in, ook iy the exchanges, and went more five millions to continent. Parliament was compelied to interfere, and am act wae restraining the bank from paying any, more of iy noter. 1818.—The value of bank paper, which, about 16% per cent below that of gold, rowe thie yoar within 23¢ per cent of bullion. By thi = of Mr. Peel's ba oe Ling A is bill provision was made resumpwon cle payments by the bank, and_all the former acte re straining the exportation of gat from being melted were repealed. Thir act was the AT Se enunciated by Mr. Peel, the Ny Bank should always be prepared to pay cie for ita notes on demand—a principle which he subeg quently worked out in he Charter of 1044, five to four per cent PANIC OF 1826-—NARROW BACAPR OF THE RANK FROM ANOTIRGR SURPREMION. 1824-6. —Diecovery of the celebrated Fanntlerey foros rice. This period is also remarkable for the spirit of specu! tion wale ee the country. orn stork com= injes of every were put forward taker &. In 1824 and 1825 no less than 624 new "ence mate theif appearance. To the prospectus of one company war attached the name of a prince of the blood, to cube bir} of the Archbishop of Canterbury. Mr, Teoke says that the quantity of gold expected trem the South American makgs WAG RO great Wha many well informed person