The Queen must again observe that the drafts have since some weeks past been sent to her after they were gone, so that she can make no remark upon them. The Queen wishes to have copies of these drafts.
Lord John Russell to Queen Victoria.
CRISIS IN THE CITY
Chesham Place, 14th October 1847.
Lord John Russell presents his humble duty to your Majesty. He has seen the Governor (Mr Morris) and Deputy-Governor (Mr Prescott) of the Bank, Mr Jones Loyd[11] and Mr Newman. Sir Charles Wood has seen many others connected with the City, and they have both made statements to the Cabinet.
The general result is: That an unsound state of trade has prevailed for some time.
More failures may be expected.[12]
The funds may fall still lower.
Any interference by Government in the way of issuing more notes might postpone but would aggravate the distress.
The railway calls add much to the present difficulty.