Ireland has suffered a great financial blow. The Bank of
Munster suspended payment on Tuesday, as a result, it is said, of a decision in the Irish Vice-Chancellor's Court against the Directors of the Bank, delivered at the end of June in a suit instituted near two years ago against them by Sir Robert Jack- son and others. There had been a considerable loss of business in consequence of the institution of the suit; but the adverse decision caused a regular run upon the Bank, and on Tuesday the Directors had to stop payment. It is said that the depositors are perfectly safe, and that even the shareholders may hope not to lose very much; but this last hope is, of course, a perfectly absurd view of the situation. No bank ever stopped payment yet, however soon it may have resumed business, and however adequate the securities it held, without heavy losses to the shareholders. If some of the Directors had overdrawn their accounts for much larger sums than they had given security for,—as is stated,—the panic can hardly be said to have been at all unreasonable.
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