The Sun. — London, England, 1847-09-30 00:00:00

'tinder. No man can refuse a legal tender. I livery man can refuse currency. Who, then, Fbould issue legal tender ? Who should issue money ? We hold that the Crown alone should be the issuer of the legal tender of the nation ; and that the Crown should not be permitted to issue any amount it pleased, but only such an amount as the united Parliament may agree upon as the representation of the taxes of the country.—(Hear, hear.) You will thus have a guarantee, through Parliament, against the unlimited issue of money ; end, through the obligation of con verting it annually into taxes, a guarantee against depreciation. Now, these are the two circumstances which, when rightly understood, liberate paper money from the charge of being a fraudulent or ficti tious medium of interchange. I read in the Times newspaper last Monday, a paragraph somewhat to this effect—" Anybody can make money ;" ,and having laid this proposition down without telling us whether this money was a legal tender or not, the Times adds— " But no one will take that money." Now, either the writer in the Times meant that money was legal tender, or he did not. If he meant it to be legal ten der, then the person to whom it is tendered would be compelled in law to take it, and that part of the argument would fall ; hut if the writer meant by money "currency," then he confounded two things that are essentially distinct. But he endeavoured, by using "money" and " currency" in such senses as he pleased, to throw darkness on the subject.—(Cheers.) But I would ask the writer in the Times, or any one else entertaining his opinions, whether he would ob ject to receive an Exchequer-bill of 1,0001. in pay ment of a debt of 1,0001. ? An Exchequer-bill is only paper, and therefore intrinsically worthless. Moreover, it is not convertible into gold either at the Mint or at the market price. Now, if the Queen be empowered to issue Exchequer notes for 1,0001., and you trust her by taking those notes as legal tender, cannot you trust her for 1/. ? The reason why we advocate this system depends somewhat upon philoso phical principles, but I have no doubt that in the course of a few sentences I can make that philosophy perfectly clear. The Queen has no right to demand from her subjects any duty which her subjects cannot perform. I think that is a fundamental principle.— (Hear, hear.) The Queen is entitled to taxes be cause she protects her subjects, but she is only en titled, as her ancestors were, to taxes in kind—that is to say, she has a right to receive a portion of the labour or of the produce of her subjects in exchange a or in payment for the protection she affords; but she has no right to commute those taxes in kind into a foreign metal which Englishmen cannot always ob tain.—(Cheers.) If the Queen were to call upon the people of Sheffield to pay their taxes in cutlery, on the people of Leeds to pay their taxes in woollens, on the people of Coventry to pay their taxes in rib bons, on the people of Birmingham to pay their taxes in buttons, and so on, the obligation between the Crown and the subject would be completely dis- Charged. The* would be no difficulty in this, be cause every person would have in his own possession the instrument by which taxation was to be paid. Now when for the convenience of Government the form of taxation is altered, it is not just to increase the pressure on the tax- payer. A change made for the convenience of the Crown ought not to oppress the subject.—(Hear, hear.) Mr. Jonathan Duncan then went en to say that if the Queen were prepared to say that any pound of taxation represented five pennyweights of gold, then the people might justly say to the Queen—" We insist upon your keeping the gold continually in this country, othetr wise you ask us for impoisibilities." They kno w that gold having a merchantable value would be ex ported to foreign countries when it was dearer in those countries than at home; and all our Acts of every hat he sold, and in that view he would ulti mately be driven into the Gazette. This illustration applied to every commodity which foreignerss could produce ; and the general rule to be deduced was, that free trade could not be carried on between two countries unequally taxed in a legal tender money, which only expressed intrinsic value and did not ex press price. Surely free trade, which would give all the advantage to the foreigner, could not be encou raged by any except by those who wished to ruin the native producer. He would say nothing more as to free-trade principles generally. He would not say whether they were right or wrong, but he would say this, that the man who paid taxes ought to be treated in a different manner from the man who did not, and that whether in currency or any other financial consi deration, this distinction ought not to be overlooked. If due allowance was made to the Englishman for the taxation which he had to bear, he could compete most advantageously with the foreigner, who would have to bear all the expenses of transit to the British market. Under the proposed system, when the foreigner received paper for 30s. for his hat, and took it to the bullion broker, the latter would give him 5 dwts. of gold, and not 7 dwts. as under the present system, for 5 dwts. would be the intrinsic worth of the 30s. note. The difference, or 2f dwts., was what was due to taxation. Neither would this injure the foreigner. He got as inuala as he was en titled to receive. Under the presefil stupid system, the foreigner had perfect free trade, while they had no free trads at all themselves. The foreigner took the advantage ofhigh prices • for that which was intrie sically worth 5 dwts. of gold he got 7f dwts. He wished to make some remarks upon Sir R. Peel's Currency Bill of 1844. Sir R. Peel asked, What was a pound ? He threw up a sovereign and catch ing it again, said, " This is a pound.' It certainly was 5 dwts. 3 grains of gold. But when Sir Robert Peel asked, What was a pound ? did he mean a money pound ? He thought it only fair that this interrogatory should be put to him. Then, the next question was—What was money ? Sir R. Peel assumed, by implication, that money should possess an intrinsic value, but they disputed that principle altogether, and said that money ought not to possess an intrinsic value. After declaring that according to the ancient policy of this country, the meaning of the word pound was nothing more than an obligation to pay 5 dwts. of gold, Sir Robert Peel said, I pro pound a system in accordance with this principle. It unfortunately happened that in that speech of May 7, 1844, Sir Robert Peel contradicted this fundamental principle no less than five different times. He would show in what manner. The people of this country, it appears, owed 11,000,0001. to the B ink of England. The Government of this country, notwithstanding its great resources, did not seem able to pay off this debt of 11,000,0001. to the Bank, so they gave to it the power of issuing 11,000,0001. of notes, which were not convertible into gold. This was the first contradiction. Sir Robert said the Govern ment of the day always want a temporary assistance, in the shape of an advance from the Bank; we will add 3,000,0001. of Exchequer-bills, making 14,000,0001., to which amount the Bank might issue notes. Against this 14,000,0001. the Bank of England was not bound to hold one ounce of gold. But Sir Robert went further. The country bankers, for fourteen months before the Bill of 1844 came into operation, issued to the extent of 8,000,0001. Well, people, on reading the first part of Peel's speech, would have thought that he was going to extinguish those banks at once; but no such thing; he still would continue to allow them to issue 8,000,0001. without an ounce of gold. He gave permission to Scotland to issue 3,000,0001. and to Ireland to issue 6,000,0001., making in all 31,000,000/. of paper float Parliament, our fleets, and our armies, would in such; case be absolutely ineffectual in keeping the gold in England. But if gold was the instrument of taxation ; and the Queen would not suffer her subjects to pay their taxes in any other, she would be acting like Pharaoh towards his slaves, when he commanded them to make bricks, but withheld the straw. — (Hear.) Surely such would not be the conduct of a paternal Government; and this formed one of the arguments in favour of a paper currency. Would the paper currency they proposed be safe ? Ile thought it would. Let them see its nature. In the first place, they proposed not to exceed the amount of annual taxation in this paper currency. If the taxes levied by the authority of Parliament amounted to 60,000,0001. year'y, then why could not Parliament issue taxation paper to the amount of 60.000,0001. At the end of every twelve months, or fiscal year, the expenditure and receipts would, under this system, balance, and there would be no overplus or deficiency. There would be nothing to be funded, and no further accumulation of the national debt. ing about in this country, without any metallic basis whatever. And all this was recommended by a Mi nister who laid down as a principle that the obliga tion to pay a pound meant nothing but to have al ways at hand 5 dwts. of gold to discharge that obligation. He was willing to believe that Sir Robert Peel had been misled, and thought he would yet change his opinions upon the currency as well as upon all the great subjects which had occupied the attention of Parliament. During Mr. Homer's life Sir Robert Peel obstinately opposed cash payments, hut no sooner did Mr. Horner die, than he became a thorough bullionist. During Sir Samuel Romilly's lifetime Sir Robert opposed every relaxation in the criminal code, but no sooner did Sir Samuel die, than Sir Robert came forward as a cri minal law reformer.—(Hear, hear.) Whilst Canning lived he vehemently opposed Catholic Emancipation, after the death of that illustrious man, he repudiated his former opinions. More recently, Sir Robert Peel for several years opposed the repeal of the corn-laws, but finally yielded to the " unadorned eloquence of The nation, like a prudent individual, would balance its accounts annually. Had they been acting in this way since 1688, they would not now be burdened with an enormous national debt.—(Hear.) He would endeavour to illustrate this point a little further, and in so doing would confine himself to the internal transactions of this country. They would perceive that in the first instance the Queen was, so to speak, in relation to the taxes, the debtor to her subjects. She was so by paying the army, the navy, the judi cial establishments, and the fundholders—to sum up, the Sovereign was the debtor for all those sums of money which the Government owed to its func tionaries. In order that the Queen might acquit herself of these debts, they proposed that she might draw bills, at twelve months after date, upon her subjects. The date to be limited to twelve months, and the amount of the notes to be such as the Sovereign and her subjects might think proper. The notes would vary in amount, as Parlia- Richard Cobden." In this manner had thirty-five years of the political life of Sir R. Peel been spent— the latter part in opposing the opinions advocated in the former. As soon as Sir R. Peel had got Lord J. Russell and Sir Charles Wood tightly and irrevocably pledged to the present currency, so soon would he come round to his (Mr. Duncan's) opinions, and ad vocate them most ably, and no doubt successfully.— (Hear, and cheers.) They would have a missive from Tamworth, recanting all his former declarations.— (Laughter.) After some further observations, Mr. Duncan concluded amid loud cheering. Mr. TAYLOR, having been called upon to address the meeting, said he came forward under great disad vantages. His life had been passed in a very retired manner, and he never had addressed a public meet • ing before. He would not have been present on this occasion if he had not felt it to be an imperative duty to come forward and afford his aid in promoting the cause. He also felt under great disadvantage in fol- ment should think fit, 11., 51. , 501., 1001., &c., and lowing the most excellent speech of Mr. Duncan. He the Sovereign might command that those notes be (Mr. Taylor) had been long connected with this sub taken in discharge of an equivalent amount of taxa- jeet, and had from time to time published the results tion. This being done, the character of the Sovereign of the inquiries he had felt disposed to make, and he would be changed from debtor to creditor, and the thought it his duty when called upon now to testify people would then discharge the obligations to the in public his belief that the doctrines which he had Crown by paying into the Exchequer these taxation professed were right, just,. and true. COn that account notes. He thought this system of internal currency he had come forward this evening. —(Hear, hear.) was not open to any objection. Such paper would The meeting had heard a most excellent account of never be depreciated, because it never would be circa- the whole of the case relied on by the advocates of lated above the annual taxation. The annual taxation paper money, but there were one or two points upon would absorb all that would be issued. Its amount which he wished to dilate, because they referred to eould not exceed that which the public desired, for something which was more of an historic, and, per- Parliament would itself sanction it. If Parliament haps, of an antiquarian nature than would be generally wished for 5,000,0001. to pay the army, then let notes dwelt upon by a public speaker. The money w hich we to that extent be issued. In - what way, he asked them, now have had been imposed upon us under a false so far as their internal transactions were concerned, or colour. Few of the meeting were, perhaps, aware their internal taxes and debts, would this currency that the cur renc y w hi c h now p reva il e d i n thi s king be less valid than a foreign metal ? It would perform dom was a very different currency from that which all the functions of gold more effectually than gold, formerly prevailed. In the years 1816 and 1819, and, as he had already remarked, it would be per- under the auspices of the late Lord Liverpool and the fectly safe, for it never could be depreciated, and present Sir Robert Peel, a great and radical change it never could be excessive. Gentlemen might say was made in the monetary condition of this country. that in the time of war paper was issued in excess. Before that period we had a protective currency, as He admitted this, and its injurious consequences ; but had been observed before. We had now an unpro the evil was guarded against in their plan, for Par- tected currency. Severe laws were passed from a liament would issue no more of this paper than the very early period—from the very first introduction of annual amount of taxation rendered necessary. He gold and silver currency into these realms—for the would now call their attention to the evils which the protection of that currency, and to prevent it from present gold currency brought upon them. Their being taken out of this country. For some years, any gold was made to discharge three separate functions : one detected in taking the currency out of the country —First, as regarded the internal taxes ; secondly, was liable to forfeit the whole amount in his posses the internal debts between man and man ; and, thirdly, sion. This rule applied also to foreign coin which to pay the balance due to the foreign trader.—(Hear.) had once found its way into England. A curious Now this was demanding from one instrument much story was told of Erasmus with reference to the ope more than it could accomplish. If there were ration of this law. He consulted Sir Thomas More, 10,000,000/. in the Bank of England under the law the Lord Chancellor, as to whether he (Erasmus) of 1844, 10,000,0001. of notes were circulated against might take out some money which he had brought it; but if 1,000,0001. or 2,000,000/. were sent away, into this country. The Lord Chancellor was of opi there was a reduction in the paper. What was the nion that Erasmus might do so. Acting upon this result ? The whole superstructure of bills of exchange, opinion, he proceeded to Dover, where he was which rested upon this various basis of gold, was af- stripped of all the money he had, and when he got to fected to the extent of 10,000,0001. or 20,000,000 e, or Calais he was obliged to write a book in order to pro even 30,000,0001. If they lessened the depth of the cure himself subsistence. Up to 1819 we had a pro water in the Thames, they would strand the vessels, and tective currency, and though it consisted of gold, yet '1 they were performing the same operation when they the country was able to pay its taxes and conduct its prevented the free circulation of commodities from affairs without being at any time particularly dis man to man by taking away the instrument with tressed for money. But there had been during that which that circulation could be completed. But they time a great issue of Exchequer money, called tallies. did more than this. Take, for instance, the case of That money would not go out of the eountry, so that t f a man who was anx i ous t o ra i se hi mse lf i n t h e world. we h a d th e benefit of a ll t h at home money, and, at He accu mu l a t e d s t oc k. A scarc i ty o f gold came the same t i me , we had a protective currency. tl n n u —he had 100,0001. wor th o f goo d s i n hi s warehouses t hi s system we wen t on nourishingly. A great 7 -yets, if that man had bills to meet, and was not for- ber of our noble families rose during that period from Ciliate enough to get his bills discounted, he must the ranks of trade and commerce — numbers of them must take his goods to the market, and sell them at a having served as Lord Mayors of London. The dis elepreciated price. So that a man worth 100,0001. covery of South America led to the cheaper produc emight; under our present monetary arrangements, be tion of silver; and, during the first sixty years after Yendered 50,000/. worse off in the s h or t s pa ce o f a th e re i gn o f Elizabeth the silver and bullion coin fell t o s telh i i e , for, in order to keep hi mse lf ou t o f t h e 33 per cent. in value. Sir Robert Peel told us that he would b e o bli ge d t o se ll hi s goo d s at in 1819 he restored the ancient money of the whateve r al price they would fetch, even if that were coun t ry . He restored - first of all the shilling which less than. hew of emir prime cost.--( Hear , hear.) had ne ver ex i s t e d b e f ore . —(L aug ht er .) Thi s s hill ing 'He would' gi ve a n other illustrati on. Suppose weighed eighty-seven grains. In the reign of Elizabeth that no indirect . taxation existed in this country, the shilling weighed 96 grains, and in the latter part that the whole taxation was levied by direct taxes of her reign it was reduced to 92 grains. Sir Robert upon property, realised or capitalised, and that un d er P ee l also boasted of having restored the ancient these circumstances the intrinsic va l ue of a hat was pound. His pound, however , only weighed 103 grains, twenty shillings, or 5 dwts. of g o ld ; then supp ose hut the sover e i gn o f Elizabeth weighed in the former that the Government determined to r a i se a reveue part of her reign 174 grains, and in the latter part by indirect taxation, and placed a tax of fifty per 172. The pound coin in her time was worth 11. cent. upon hats. I n or d er th a t the hat manufacturer Bs. Bd., - while our coin was only worth 11. Os. 6d. should retain his position on the same terms as during He did not, therefore, restore the ancient coin.— direct taxation, it wou ld b e necessa ry for him t o a d d (Hear, hear.) The silver money of that day was a ten shillings to the selling price of his hat; that was legal tender to any amount. But Sir Robert Peel to say, he would get thirty shilling s where formerly had g i ven us a s il ver currency which was not a legal he got b u t t wen t y - t h- ee — or, i n othr wor d s , ei dwts. tender for more than 'Os. This caused an immense of gold where h e f ormer l y go t b ut 5 d wts., an d this difference with rega l % t o th e t ra ffi c o f the country. increased price he would get if a ll f ore i gn com p e tition The gold was a l egal tender only as it preserved the . were y prohibit e d. B ut ad m i t an untaxed foreigner we i g h t i t was originally coined at—namely, 123 into our mark e t, w h ose h ats are in all respects equal gra i ns. Si r Rober Peel asked, " What was a pound ?" in quality to th ose o f t h e nat i ve producer, that is to and he (Mr. Taylor) would say, in reply tha t a say, possess eq ua l i ntr i nsic value—the foreigner could pound was that sum of money which the - Government sell his hats for t wenty shillings, or 5 dwts. of gold; of the country had determined should be a pound i while the Englishman would require fifty per the legal tender of the country. Whatever the Go cent. more, since he owes ten shillings, or 2} dwts. vernment of the country determined should be a legal of gold as a tax to the Government. Sirtender, thit was essentially money, and 1/. o f th a t er, Itobert Peel tells us to buy in the cheapest was a pound, whether it was gold, silver, or paper. • market; now in this case the foreign arti c l e wou ld I n th e t axa ti on l ev i e d i n thi s coun t ry much in be the cheapest; we therefore should buy it; the jury had been done to the productive classes. They native producer must therefore aband on hi s tra d e, f were a b ody of men who had suffered grievously from unless he carried it on by losing ten shillings on our monetary system. The employers of labourers had comparatively kept their position without material injury, but the whole burden of this unhappy legisla tion was borne by the operative classes.—(llear, hear.) Sir R. Peel said, at the close of his speech on the 29th of June, 1846, on the corn-laws, "I shall leave a name execrated by every monopolist, but it may be that I will leave a name sometimes remem bered with expressions of good-will in those places which are the abodes of men whose lot it is to labour and to earn their daily bread by the sweat of their brow—a name remembered with expressions of good will when the labourer recruits his exhausted strength with untaxed food, the sweeter because it is no longer leavened by the sense of injustice."—(Laughter.) No one could surely believe that Sir Robert Peel, after using such language, would willingly injure the poor man ; and yet by his Bill of 1819 there could be no doubt but he threw down upon the lowest classes those heavy taxes which had been imposed on the wealthy during the war. They all knew that there was a difference between direct and indirect taxation —direct taxation was levied in the form of a property. tax, indirect taxation was levied upon commodities. The poor man paid equally with the rich, as a consu mer. They did not want to prevent the tax being paid by the poor man, but what they said was, if he was to be taxed upon his sugar, his candles, his tobacco, and his spirits, he should be entitled to charge so much more for the articles he made. They wished that he might be enabled to charge a higher price on the produce of his labour, so that the tax which he paid as a consumer might thus be returned to him. The farmer who kept a number of horses for the work of his farm did not half starve them ; and why should the labourers of this country be kept at star vation point? Was it not highly desirable to raise their condition, which under the present state of things, could not be done. Mr. Tay lor went on at considerable length to argue against the present monetary system, and concluded by saying that they wanted such a currency through the country as could not be taken away—as would enable them to pay their taxes without leaving a residue—as wouly allow them to carry on their large transactions freely, without any of the panics, and losses, and disorders to which the present currency is liable.—(Cheers.) Mr. CAPPS would direct his observations to the mode which, by the proposed system of currency, they proposed to carry on their foreign trade. A great misconception existed upon this point. They did not wish nor expect to subject the foreigner to any loss, but they were desirous of putting their own countryman, on fair terms, to compete with him, and, at the same time, to give the foreigner the full value of his goods, viz., 5 dwts. of gold for every pound sterling, and he was not entitled to more. The rate of interest at the Bank for discount had fluctuated very much since 1832. In that year it was 3 per cent.; in 1833, it was 3; ; in 1834, it was 3 1-3 ; in 1837, it was 41 ; in 1838, it was 2i ;in 1839, it ranged from 31 to 6. In 1840, it varied from 6to 4. In the present year the interes: was 3i, 4,5, and si. The bill-brokers were charged from 10 to 15 per cent. As the value of money fluctuated, so did prices rise and fall. The foreigner would not take our commodities at high prices when he could get gold cheap; but he takes our gold, and when the prices of our commodities fall then he takes our products.—(hear, hear.) Under the present system we gave the foreigner three articles, and we only received two in exchange, and that had ever been the case since Peel's money law of 1819. Before that Bill passed, for 30,000,0001. of exports, the declared value of our imports amounted to 44,000,0001. After the Bullion Com mittee sat, the balance in our favour gradually di minished, and now we were sending out 100,000,0001. of products and receiving only 60,000,000/. in re turn. A gentleman remarked that in 1845 the official value of our exports amounted to 150,000,0001., and that we were paid for these with 60,000,0001. Mr. CAPPS believed he had understated the amount. It was evident that the balance of trade was against us, and one mode of getting rid of the evil would be by adopting such a system of currency as would enable the native producer to compete with the fo reigner.—(Hear, hear). Mr. Capps went on at great length to argue in favour of the proposed • plan, and concluded amid the plaudits of the meeting. Mr. BELL said Mr. Duncan had made an observe • tion from which those who agreed in the principles which he advocated must derive consolation. Head verted to certain changes in opinion upon the part of Sir Robert Peel. Mr. Taylor afterwards adverted to the same point, and he (Mr. Bell) thought that if they did advert to the history of bullion legisla tion, they might perhaps be able to derive some ' light as to the nature of that monetary juggle by which the productive classes of this country were for thirty years sacrificed.—(Hear, hear.) Mr. Duncan had stated truly, that in 1811 Sir Robert Peel had voted against the opinions of Mr. Horner. He voted in 1811 that the paper money of the day was not de• preciative. He voted that a 1/. Bank of England note and a shilling were equal in value to a guinea when the guinea sold for 28s. Such was his opinion in 1811.—(Hear, hear.) In 1819 he changed again, and admitted that by the Bill then introduced the paper money of the day would be depreciated to the extent of four or five per cent. Let them next come to 1828, and then they found a member of the Bullion Committee stating distinctly, in the House of Com= mons, that he and the great majority of the House had been grossly deceived by the representations of witnesses summoned before the committee. These were the wards of the late Mr. Bankes :—" The mea sures adopted in 1826 were unwise, and the sudden contraction of the circulation had been productive of much mischief. Could he have foreseen the effects which had resulted from the measures begun on this question a few years back, he never would have been a party to them.”--(Hear, hear.) Mr. Bankes added that the country had, to its cost, learned the mischiefs resulting from the measure of 1819, and that instead of four or five per cent., the loss had not been less than forty or fifty per cent. Mr. Bankes applied on that occasion to Sir R. Peel for his opinion. Sir R. Peel was silent. Sir James Graham asked Sir R. Peel whether he dissented from Mr. Bankes' statement ? Sir R. Peel was still silent. In fact, he eventually admitted by that silence that the extent of the evil which had been inflicted upon the home producer was not less than from forty to fifty per cent.—(Hear, hear.) In 1840, before the committee appointed to inquire into the operation of banks of issue, Mr. Jones Loyd said, in reply to questions put to him, " Any contraction of the cir culation of the country will act, of course, upon credit; bills of exchange being an important form of credit, will feel the effect of that contraction in a very powerful degree ; they will, in fact, be con tracted in a much greater degree than the paper cir culation." The following question was then put to him :—" Is it the result of your experience that, upon a contraction of the issues of the Bank taking place, the amount of bills of exchange is also narrowed, and is in the exact ratio, or in a very increased ratio?" He answered—" It is in a very increased ratio. I believe that answer to be perfectly correct." Sir R. Peel, as they had seen, admitted that by the Bill of 1819 prices had been lowered forty or fifty per cent., but what did he do next ? Why, in 1844, he lent himself to the ad vocacy of those principles advocated by Mr. Jones Loyd, and which were to lower the prices still more. —(Hear, hear.) As regarded the observations of Mr. Taylor, he thought it was obvious that the en hancement of prices in this country must benefit the producer, for how could the traders expect high pro fits when the prices were low ; and how could the la bourer expect high wages if there were low prices. So that they were in reality the friends of the poor man. But what had the law of 1819 done for the producing classes ? Let Lord Ashburton, who had been in his time one of the greatest of British mer chants, answer the question. Lord Ashburton said that in his time there were ten rich merchants in London, for one he could point out now.—(Hear, hear.) Mr. Bell then alluded at some length to Sir R. Peel's promises respecting the working classes ' and proceeded to say, had not Sir Robert Peel and Sir James Graham within the last three years told those poor women and children who had been working in factories, that on the continuance of their slavery depended the whole of the fabric of the commer cial greatness of the kingdom ?—(Cheers.) Such bad been the practical result to which the bullionist principle of Sir Robert Peel had led. Nay, more, within those three years, during the discussions on the general distress, was it not true that Sir Robert Peel, in his place on the Treasury benches, declared that, however melancholy the condition of our fellow subjects might be, it w as not poss ibl e t h ey cou ld their di s t ress , h e sa id, was of ci v ili sat i on ?—(Laughter.) e h a o u p s e ed fo b r y an th y e re, easss In 1846, moreover, to revert again t o th e po i n t noticed by Mr. Taylor poor man's strengthwith loner leavened w ith a sense of ~ Sir Robert P ee l said he b sh re o injustice. "Untaxed bread" — these were the word s a u d l d u nt hope ax e t d o , r a e n c d r u n i o t t o h n e g used by the man who had thrown on the poor of the country the whole burden of indirect taxation.— (Cheers.) The meeting did not intend to adopt Sir Robert Peel's theory of civilisation; they were not called upon to look round the country, and having contemplated distress in its ten thousand forms, t o say—" These things are the necessary consequences of the march of civilisation." In Peel's monetary policy they saw a solution sufficient for their pur pose. They must say—" You, Sir Robert Peel, and the gentlemen that supported you, have, by means of your currency principles, narrowed the field of productive employment, and have deprived tens of thousands of our poorer fellow-subjects of employ ment ; and then you charged them with being a sur plus population. You, Sir Robert Peel, told them, not you individually, but the gentlemen, with whom you acted in 1834, when your currency measure was in full 0/aeration, you and my Lord Brougham espe cially, brought against the working olsases of the country the grossest and most unfounded charge. The working classes were charged with being tainted with idleness, improvidence, and vice."—(Cheers.) The money-law of 1819 having swept away fifty per cent. of the profit of productive capital and the wages of labour, Sir Robert Peel, in 1834, tells the labourers or England that by their habits of idleness, improvidence, and vice they were swallowing up the capital of the country. It was remarkable that the gentlemen to whom the country was indebted for the money-law of 1819 were never foundin the wrong. Every prediction they hazarded might be falsified, yet still they main tained that no fault could be attributed to their mone tary policy. It must be in the recollection of many gentlemen that the year 1822 was marked by the deepest distress, particularly among the agriculturists. Sir Robert Peel was charged in the House of Commons with being the author of this misery, in so far as he was the author of the money-law of .1819. What was his reply ? "My money-law has had nothing at all to d with it. You, gentlemen agriculturists, are the cause of it. During the war you cultivated too much land, and the fact is we have now a redun dant supply of food ; and in this I discover a sufficing cause." The early part of the year 1826 was marked by great prosperity. Towards the end of that year there was a dreadful commercial crisis. What was the cause ? Of course not Sir Robert Peel's money law. Oh, no. It was owing_to the private bankers of the country, who supplied their customers with too much money.—(Laughter.) In the years 1830 and 1831 the deepest distress prevailed among the agricultural labourers, and incendiary fires blazed throughout the country. Commissions were issued by the Government, and then came— what ? not an acknowledgment of any error on the part of our rulers, not en apology by Sir Robert Peel for the money law and its effects, but the new poor law. The labourers of that time were charged with being idle, improvident, and vicious. Having been robbed by the influence of this monetary legislation, they were told that they were no longer entitled to that right which those before them enjoyed for nearly three centuries—the right to be supported in idleness at the cost of the wealthy, provided the wealthy were no longer able to find them employment. 1839 was also a year of distress, but we were told that this dis tress was caused, not by the labourers or prive`e bankers, but by the monopoly of landowners. Well, the monopoly of landowners had been got rid of, and here again, in 1847, we had severe distress. Did Sir Robert Peel, or Sir Charles Wood, or the bullionist supporters of Sir Robert Peel admit that this mone tary policy was at fault? No, they said that traders were now improvident, that they indulged in rash speculations. It was most extraordinary that from beginning to end every body was impugned but Sir Robert Peel. First, the landlords, for sending too much food into the market. In 1826 the private bankers were attacked for giving their customers too much money; in 1833-34 the labourers were charged with eating up the capital of the country. In 1839-40 the landowners, and now the traders and merchants of the country, were in turn impugned. When the traders and merchants of a mighty community like that of Great Britain were charged with being too fond of speculation, and too ready to indulge in hazardous enterprises, were they not entitled to ask Sir Robert Peel how far the censure might conform to the spirit of the theories which he and his supporters indulged in ? Were we not told by Sir James Graham that England was no longer a chiefly agricaltural country, but trading and commercial country, and were we not encouraged by Sir Robert Peel and Sir James Graham to extend our commercial enterprises? Thrl we not hear loud congratulations from those men when the Chinese market was opened to the industry of this country? Were we not told that the Usury Laws were opposed to just speculation, and were not those laws repealed and set aside in order that speculation might be encouraged ? Such being the theories of Sir Robert Peel and his supporters, what right had those gentlemen, after .encouraging speculation, to turn round and censure our merchants ?----(Loud cheers.) It was said by Mr. Taylor that the working people in this country were treated worse than the cattle. He (Mr. Bell) feared there was too much truth in the statement. The farmer found it to his interest to keep the cattle in good condition, but the same stimulus was wanting with regard to the labourer. The condition of the great mass of the labourers of this country was far from being comfort. able, and we should no longer flatter ourselves that the traders and manufacturers of this country would long continue to enjoy that measure of prosperity hitherto permitted them, provided the policy which had debased the labourers of the country continued in force. It was impossible that the traders and manu facturers could be long prosperous if the labourers were permanently debased.—(Cheers.) It, therefore, behoved all who wished well to the labourer, to strike a blow at those laws which narrowed the field of his employment. If he could suppose any gentleman in that room indifferent to the sufferings of the labouring classes, to that gentleman he would say, if engaged in commercial pursuits, let him look to his own posi tion. The position of le labourer might soon be the position of the great body of the mercantile men in this country. (Mr. Bell resumed his seat amid loud cheers.) Several questions were then asked by different par ties in the room, awl answers given, explanatory of the proposed monetary sy s t em . Some gentlemen 'who - ,Wisti€l to prolong the dis cussion were anxious for An adjournment; and the Chairman, in order to meet the wishes of all parties, withdrew the resolutions, and contented himself by putting to the meeting a resolution to the effect that an Anti-Gold-law League be formed, and that Mr. Bell, Mr. Duncan, Mr. Taylor, Mr. Capps, an d th e Chairman, form a provisional committee, with power to add to their number. The resolution was adopted, two only dissenting. The thanks of the meeting were then given to Mr. Bennoch for presiding, and the proceedings terminated shortly after twelve o'clock, SALMON FISIIING. — The season terminated last week, and parties have now had time to calculate and ascertain the amount of profit and lass gained and in curred. In regard to the former, a few have actually been found on the winning side; but the balance oh the whole is sadly adverse to the great majority concerned —making a total loss on the aggregate, it is said, of no less than 1,6001. This sum, however, is not the amount of loss incurred by those fishings with which Perth is more or less concerned, but takes in the entire river—s,, that the sorrowful side of the ledger may probably only show for us and ears somewhere about I,oool—Perth Advatiser. HERRING SEPT.2.3.—The weather has been such, since our last report, th..t even admitting the fishermen had been inclined to go to sea, no oppor tunity has been allowed them, Here, and along the whole coast, the boats now generally occupy their w int er quarters, being snugly laid up on t h e b each; as a conse quence, no farther attempt will this year be made. As to the general results of the fishing, we are st;11 inclined to the opinion, that the total eaten is materially under n ek b , for exampl e , in consequence e in g much diminished from that h h f a a tt t h engaged b e ei ranr .othe b t Vig in fio Isaht 5 i1846, the catch cannot b e les s hrnbg 15,000 year. The average at a is fully 50 erans un d er last r s t e a u r, again, cra" under l ast y ear — making the catch there other 15,000 less than that of the previous season. It is quite true that along the Caithness coast, and at Helinsdale, a larger quantity of herrings has been caught, but certainly not nearly so much as to counterbalance the decrease referred to.— John o' Groat Journal. THE WEATHER AND CROPS IN THE NORTH. Since wir last publication the weather has undergone a most agreeable change. In the beginning of the week it was cold and stormy, with frequent showers of rain. On Wednesday the temperature rose considerably, and, though somewhat damp, that day and yesterday ex hibited a complete summer mildness. The wind during the week has been generally high, and yesterday (Thurs day) blew in the exact style of an equinoxial gale. Har vest in the south seems to be almost or - altogether com pleted. It is not so in the north. Though the corn was generally ready for eutting, , , the wet weather of the last few weeks considerably retarded the operations of the field. Early in the present week there appeared to be scarcely less than one-half of the crops out, while n,, small portion remained uncut. While we write, the harvest must be pretty far from being finished in the counties of Banff and Aberdeen, and some portions of Moray. The quality of the grain will in general be ex cellent, but the quantity of lodged corn that we have seen argues tho unsoundness of a considerable proportion.— Aberdeen Banner. TEE ELECTRIC TELEGRAPH.--We are happy to learn that in the course of about six weeks from the pre sent time the electric telegraph will be completed between London and the North. The delay which has occurred in completing the line of communication, by the fixing of wires between London and Rugby, is anything rather than creditable to the greatest of railway companies: we rejoice that the reproach which it involved is to be so soon reicored. At the present moment the telegraph from the Commercial-buildings, Leeds, can communicate with York, Hull, Newcastle, Berwick, Edinburgh, Man. chester, Birmingham, Derby, Leicester, Nottingham, Lincoln, and Rugby, and when the chain is completed between the latter station and London, all the towns at present connected with the metropolis will, of course, be also in communication with the north. The line from Manchester to Liverpool is now, we believe, completed, and will be opened for the transmission of messages on Monday next.--Leeds Mercury, A fatal accident occurred at Warrington on Sun day, wheu a party of workmen (ten in number), belong ing to the Bridge Foundry Works, went ont upon the river in a small boat, the greater number being at the time in a state of intoxication. The river was slightly fl oded from the late rains, and therefore, the cur rent wa3 - somewhat stronger than. it is on ordimiry occasions. They were not long out when, owing some mismanaz-went, the boat upset, and f2ur of the party met with a watery grave. RELIES' DEPOTS Fog THE WlNTER.—Government have given orders to have a ll the stores in Ireland, hick they held when Sir R. Pool was in office, re taken, and prepared for food in the coming winter, as notwithstanding the assertion " that, the crisis is over," they have grounds for anticipating scarcity before the linryest of 1848 in Ireland..!--.Limerick Reporter, POLICE INTELLIGENCE. Ili AN SIO,N SE. Jaseph Seager, the reputed clerk to Gardner and Holliday, who have been committed to Newgate upon the charge of having conspired with Cusell and Loup to defraud Mr. Gray, the rope-maker, was brought before the LORD MAYOR as a particeps criminis with the above-mentioned defendants. Mr. Hilleary attended for the prosecution ; Mr. G. Broetn appeared for the defence. The defendant had been apprehended through the unwearied exertions of Mr. Barber, of St. Paul's Churchyard, on the Toes day night, to whom the Lord Mayor considered the thanks of the commercial public were especially due Mr. Hilleary said, in bringing forward the charge, —Since your Lordship committed the four defendants who were some days ago accused by Mr. Gray, we have traced part of the goods which were obtained, antecedent to the transactions specified in the exami nations already held, from that gentleman to the defendant, and we have discovered that the defendant has been completely mixed up in the system of gross imposition so fully exposed. We have found that the defendant, es ith the knowledge that the goods were packed and marked for shipping, removed them from .me wharf 'to another, and finally pawned them for 211. Under such circumstances, it appears to me to be quite evident that Joseph Seagar is a particeps critninis in the fraud, and I hare to request your Lordship to postpone the further considertion of the case until we have prepared it for a jury. The LORD MAYOR said, he was happy to see that the prosecutor and his friends showed every deter mination to follow up their strong statements with corresponding acts. Mr. H. T. Gray stated—ln June last I supplied Gardner and Holliday, of 4, Pancras-lane, with rol e to the amount of 911. 193. 11d. Holliday called at my house and said he had an order to ship some cordage to the Cape of Good Hope, and upon the faith of that representation I supplied them with goods to that amount, and I sent those goods to the Custom-house Quay-wharf for the purpose of being shipped. They were marked " H.C.' (in a diamond), which denoted that the package was for shipment, and were delivered at the shipping department at the wharf. I have since found they were sold in this country at reduced prices, and that the defendant had pledged sonic of them at Budge-row, at Mr. Booth's premises. When I delivered the invoices at the office of Gardner and Holliday I saw the defendant in the counting-house, and be was aware of the transaction. I have been there before and after the goods were ob tained from me. Cross-examined by Mr. Brown—l took the de fendant for a clerk of Gardner and Holliday, and he told me to draw a bill at three months for ray account. Kibblewhite, City policeman, 45, said--I took the defendant into custody. I told him I appre hended him for removing the six packages from the Custom-house Quay to West Kent-wharf in a boat, signing the book in his own name, on the 12th of June, and on the 14th of the same month, taking them in a cart to Messrs. Booth's, the auctioneers', in Budge-row, getting 211. upon them, and signing Mr. Booth's book in his own name, and paying Mr. Booth 50s. for packing the goods. I said we had proof that he had taken the cases or gunny bags having the shipping mark on them off the rope, and that he took the covers away with him. The defendant said that he did take the goods from the Custom-house Quay• wharf to the Wes:, Kent-wharf, in a boat, but h declared it to have been his intention to take them to Paul's-wharf, as Holliday was to meet him there. He said the waterman was not able to get so far as Paul's-wharf, on account of the tide running strong, and that at the suggesti n of the waterman he lent them at West Kent-wharf, and on the 14th he fetched them in a cart, took them to Mr. Booth's, met got 211. upon them from that gentleman ; that he told Mr. Booth that they were for Gardner and Holliday, but Mr. Booth said he only knew'him (the defendant) about it: This morning the defendant asked me if I had got Gardner and Holliday's books and papers from their office ? I said we had all we could find, anti he said there was a book secreted, which he thought we had not got. He said, "If you go to the further cupboard you will find it standing upright against the front of the cupboard, but you won't see it unless you put your head inside." I have since been at the office, searcned the cupboard, and found the book 1 produce. The defendant said he had been persuaded by his friends nut to come forward before. Cross-examined—The defendant appeared to be willing to give information upon the subject. Mr. Brown submitted that his client had merely acted as clerk to Gardner and Holliday in the trans action, and had obeyed the instructions which he had directly received from them. The . LORD MAYOR said it was quite clear to him that the defendant was a particeps criminis to all in • tents and purposes, in whatever relative capacity he might have appeared to have been acting, and re manded him for a few days. BOW-STREET. Yesterday Mr. Stevens, the secretary of King's College Hospital, waited upon the magistrate, Mr. Jardine, to take his advice respecting the refusal of the parish authorities of St. Clement's to bury the body of a poor old man who died in the hospital. It appears that the patient was David Howell, a casual pauper, of St. Giles's, who eslept...in Seven Dials the night previously to his admission into the hospital, where he was taken in a state of exhaustion and died from apoplexy. As the hospital is in the the parish of St. Clement's, the parochial officers were applied to, to bury the body, but they refused, on the ground that the pauper had been taken from St. Giles's and had received casual relief. The se cretary added, that in consequence of the refusal of the two parishes to bury deceased patients under cir cumstances like these, the charity had been put to an expense of 151. within one month; and if the respon sibility was not removed, the governors of the hospital would have to require some indemnity before receiv ing sick persons into the institution. Mr. JARDINE said the law clearly placed the re sponsibility on the parish in which the patient died, and quotecUthe authority of the Poor-law Commis sioners to-;this. effect. WORSHIP-STREET. A young man, named Henry Thomas Thomas, de scribed as a Preach polisher, wes charged with having discharged a rifle loaded with ball at a young woman named Sarah Meade, who now lies in St. Bartholo meW's Hospital in great danger. Police-constable Leigh, of the G division, stated, that while on duty in the City-road about 11 o'clock on the preceding night, he suddenly heard the sharp crack of a rifle from the direction of the Eagle Tavern, which was instantly succeeded by a loud shriek in a woman's voice, and the exclamation, " Oh, he has shot the !" On hastening to the spot he found a young woman supported in the arms of a cabman, with blood gushing from an orifice in the side of her mouth, and a stream also pouring from a correspond ing wound in the nape of her neck, close to the spinal column. In answer to his inquiries, the injured woman, who spoke with great difficulty, and could scarcely articulate more than broken sentences, told him that she had just before met a man named Thomas, with whom she had been previously slightly acquainted, who carried a gun in his hand, and that the moment she accosted him he levelled the piece at her head, and, exclaiming " I will shoot you," instantly discharged it at her. She was scarcely of opinion that the act was committed intentionally, but upon observing the blood streaming from her face the man etarted off and effected his escape. Witness conveyed the young woman to the station-house, where she was promptly attended by the divisional surgeon, who dressed the wound, and, pursuant to his directions, a cab was procured, and she was at once conveyed in it to the hospital. Witness and officers had since been in constant pursuit of the prisoner, but were unable to meet with him until just after the opening of the court that morning, when he came up to him in the doorway, and, saying that he was the unfortunate young man who had shot the woman the night before, expressed a wish to surrender himself to meet the cliarge. Edward Smirke, a friend of the prisoner, stated that he accompanied the latter, on the preceding night, to the Albert shooting-gallery, at Hoxton, the conductor of which requested each of them to carry a rifle enclosed in a case to the house of the proprietor , in the City-road; but that on reaching the Shep• herdess-walk they observed three girls standing in front of the Eagle Tavern, one of whom inquired whether the guns were loaded; the prisoner said that they were not, and was raising up the cover from the but-end of his gun, when it instantly exploded, blow • ing off the end of the case from its mouth, and the girl, after uttering a loud convulsive laugh, exclaimed that she was shot, and dropped to the ground. On hearing her exclamation the prisoner hurried back to the man from whom he had received the piece, who was walking a few paces behind him, and asked if the gun was loaded ? to which a reply was made in the negative, and the witness did not think it could have been, as it was the practice to discharge all the pieces every night before they were taken away, although that did not appear to have been done in this instance. Two young women, named Henrietta Ward and Mary Anne Mansfield, who were in company with the girl Meade at the time in question, generally cor roborated the first witness's evidence, and 'added that immediately upon discharging 'the rifle the prisoner turned round with the observation that "there was nothing in it," and hurried away. Mr. John Mather, the surgeon, deposed that upon being summoned to the station-house to attend the injured woman he found upon examination that she had received a lacerated gun-shot wound, extending about seven inches in length from the centre of the right cheek, and forming, as he found upon probing it, a perfectly clear channel to the beck of the neck, where there-appeared a large ragged orifice, througi which the ball had evidently passed into the street. He considered the injury to be of a very dangerous description, and a considerable time must elapse be . fore the young woman would be able to attend and give evidence. Mr. Vann, for the defence, assured the Magistrate that the unfortunate occurrence was purely accidental, resulting from the culpable negligence of the person who had entrusted the prisoner with the rifle, without apprising him that it was loaded, and hoped that under the circumstances bail would not be refused. Mr. HAMMILL ultimately acceded to this applica tion, but said that the bail must be heavy; he should not be satisfied with less than the prisoner himself in 4001., and two sureties in 2001. each, with twenty-four hours' notice to the officers to inquire into their solvency. LAMBETH. Yesterday Mr. Humphreys, the solicitor of New gate-street, applied to Mr.-Elliott for two summonses against Mr. Gray, a gentleman residing in Windmill terrace, Camberwell-road; one for wiltul damage, and the other for being guilty of behaviour with intent to provoke a breach of the peace. Mr. Humphreys stated, that some months since Mr. Gray had been summoned to this court for a series of annoyances to a young lady, the 'daughter of Mr. Martin, the gentleman who then accompanied him ; and it was hoped, from what then transpired— he being convicted in a penalty, and the severe and proper admonition which he had received at the hands of Mr. Norton—that his conduct would have become altered, and that there would have been nothing more heard of his annoyance. In this hope, however, the family of Air. Martin were very much disap pointed; for, though not to so great an extent as before, Miss Martin was still the subject a continual annoyance. For instance—she had been prevented from attending her regular place of worship from the dread of being followed there and back, and when she got into an omnibus Mr. Gray was in the habit of getting into the same vehicle and getting out when she did ; but though these annoyances, as might be well conceived, were of the most disagreeable description, they were not those of which the family of Mr. Martin had more imme diately to complain, nor those for which he (Mr. Hum phreys) requested summonses. A few days ago Miss Martin was out with her mother, and on their return they were followed to their own gate by Mr. Gray, who addressed the young lady, whose name was Jane, in a familiar manner; and when she was going in at the gate said, " Good bye, Jenny," or something to that effect, and extended both his hands from the tip of his nose in a fan-like form, which he (Mr. Humphreys) understood was what was vulgarly called " taking a sight." This conduct rendered him liable to a penalty under the Police Act, which states, " That any person who shall use any threatening, abusive, or insulting words or behaviour, with intent to provoke a breach of the peace, or whereby a breach of the peace may be occasioned, shall be liable to a penalty of 405." The act of the party, as he had de scribed it, was certainly such an act as was calculated to create or lead to a breach of the peace ; and on these grounds he Claimed one summons. The second summons was for wilful damage ; and in this case he should be able b prove, by the servant of Mr. Martin, that some under linen belonging to her young mis tress, and other articles, were placed to bleach or dry on a grassplot in the garden, and that Mr. Gray, from his own garden, which was only separated by a wall, had sprinkled the property with a corrosive liquid, which rendered it perfectly useless. Mr. ELLiofT granted summonses in both cases, as required, and they were placed in the hands of English, the constable, for service. THE CORN TRADE. The advance which has taken place in the value of wheat since the commencement of the month has had the effect of inducing farmers to supply the markets more freely ; and though the deliveries have not been particularly large this week, they have proved quite sufficient for the demand. The millers and merchants, who have for some time bought rather freely, have suddenly contracted their operations, owing partly to the general disinclination to hold stocks, and partly to the unwillingness to continue their purchases at the enhanced terms asked by sellers. The trade has, therefore, lost the buoyancy by which it has re cently been Characterised ; and though we are in• dined to think that prices will not fall to the point from which they have recently risen, it is more than probable that a portion of the late advance will again he lost. Any material reduction from present rates would most likely give a renewed impetus to the in quiry, whilst it would be almost sure to cause a decrease in the supplies from the grow ers, more particularly as the time has now arrived when they will have to busy themselves with the preparation of the land for autumn sowing. In the early part of the week holders of wheat were generally firm, and at most of the provincial markets held previous to Thursday, very cull terms were insisted on. At Liverpool, on Tues day, there was, it is true, not much doing, but the sales made were at rates 3d. per 701bs. above those current on that day week. American flour was, how ever, procurable on rather easier terms, owing to an immense arrival, upwards of 125,000 barrels having been received at that port from the United States and Canada during the week ending the 20th instant. The flat accounts from Mark-lane of Wednesday, and a falling off in the country inquiry, imparted a very languid tone to the trade at Liverpool on Friday; and to succeed in placing either wheat or flour, less money had to be taken. The decline on wheat amounted to 3d. to 4d. per 701b5., and the best brands of Western Canal flour were freely offered at 275. 6d. per barrel. At the leading towns in Yorkshire business had already become dull. On Tuesday, at Hull, an en deavour was made to establish a further advance, which, however, was firmly resisted by buyers, and very few bargains were closed.' At Leeds, on the same day, the transactions were also unimportant, the millers being determined to await better supplies. The advices from the principal shipping ports on the east coast are still firm • and it is pretty evident that farmers are not disposed to make any important concession. In cases where they have not been able to get the prices demanded, they have preferred to take their wheat home rather than submit to lower terms, and at Spalding and Lynn on Tuesday, as well as at Boston on Wednesday, needy buyers had to pay 2s. to 3s. per qr. above previous prices. Whether this advance will be maintained after the dull accounts from the chief consuming towns shall have been received may, however, be questioned. In the western and north-western markets, where prices rose more rapidly in the early part of the month than elsewhere, a marked reaction has this Neek occurred; and at Bristol, Birmingham, Glou cester, and other large towns in that part of the king dom, prices have already receded 3s. to 4s. per qr. from the extreme point attained last week. From Scotland we learn that very little increase had taken place in the deliveries from the growers ; and though purchasers had become somewhat cau tious in their operations, wheat, as well as most kinds of spring corn, realised higher prices at Edinburgh and Glasgow on Wednesday than on that day week. The Irish letters still speak very doubtingly about the late crop of potatoes ; but the reports on this subject have all through the season been so conflict ing that very little reliance can be placed on the same. Supplies of new grain had come forward pretty freely ; notwithstanding which, and though the accounts of the yield and quality of the crops were mostly of a favourable nature, the upward move ment in prices had not then received a check. Barley, of home growth, has again come forward rather sparingly ; but the malsters and distillers have not been eager to buy, preferring to wait better supplies. Owing, however, to the smallness of the receipts, former rates have been insisted on, and the trifling business done has been at about last Mon day's currency. A few cargoes of foreign barley have arrived, which, with what was previously on the market, have afforded a good display of samples. Having had a pretty active demand for feeding pur poses, sellers hare been enabled to realise very nearly Alonday's prices for sweet heavy qualities ; but to ' place Egyptian, and similar sorts, it has been neces sary to accept low terms. The operations in malt have not been of much im portance, and, in the absence of business of conse quence, quotations have undergone no change requir ing notice. The market has again been very indifferently sup plied with oats of home growth. Wheat being much too high in the Baltic to allow of business being done with this country, the advices from thence have for the present ceased to be of much interest, and some of our correspondents have become less regular in their communications. The letters from the principal ports state that, in the absence of sup plies of consequence from the growers, holders had refused to make any concession, though the demand had been the reverse of lively. In the southern markets prices of wheat appear to have been well supported; indeed, we learn from Marseilles, that in consequence of a continued demand from the interior, quotations had tended upwards until about the middle of the month ; then, however, a slight reaction took place, Polish Odessa, which had at one time sold at equal to 475. per quarter, having afterwards been offered at 455. 6d. per quarter.— Mark-lane Express. HULL, SEPT. 28.—The trade closed dull last market day. Farmers brought forward a large sup ply, and their exorbitant demands checked business. Th e same appears to have been the case with other markets, where the decline since Tuesday has ranged from 3s. to ss. per quarter. Millers had got well into stock, and were comparatively independent. Foreign and farmers' supplies coining forward to ;ether, account for the decline, which, however, is not . likely, we think, to be of long duration. Foreign is not pressing on the market : the bulk of our stock here is fine white wheat, the sales of which just now ;ire rather in retail. There was a good supply of I I wheat again at to-day's market, but not at all equal to that of last week; farmers were unwilling to submit to the reduction which yesterday's London market led millere_tc expect, and in consequence the business done was but limited, at a declide. of 3s. -to 4s. per quarter. Nothing doing in foreign, for the reason assigned above. Grinding Barley is scarce and in demand. In Malting, transactions are limited. Less business doing in Oats, but no inclination to take lower prices the expense of landing being already incurred. Beans are in unproved demand, and seem likely to e - mtinue so; the saute remark applies to Peas. Our chief supply of the former are Egyptian. We are without fresh arrivals of Rye Meal; the article supports its value, and, with the present high price of Cakes and other articles of similar nature, is likely to be extensively used for general feeding. With considerable arrivals of lin seed, chiefly from the Black Sea, but a moderate quantity comes on the market; prices are conse quently well supported. Without any stock of foreign linseed cake, the demand falls exclusively on Hull. make, which are delivered from the mill as rapidly as they can be made, at fully our quotations. We are still unsupplied with rapeseed, which, with the present demand for oil and cake, is extraordinary. Rape cakes very scarce, and worth 6/. 7s. 6d. to 61. 10s. There is no business to report in bones. LIVERPOOL CORN-EXCHANGE, TUESDAY, SEPT. 28, —At our Corn-Exchange this morning there was a middling attendance of the trade, and a large show of simples of all kinds of grain, flour, &c. There was a limited demand for wheat, at a decline on priceZ of this day week of Is. per 100 lb. on Irish new, and of 64 on foreign. Flour, too, met slow sale at 265. to 275. per barrel for Western Canal, and other kinds in proportion. Oats were pretty steady in price. Barley, beans, and peas were dull, and cheaper. Indian corn and Indian corn meal were less free of sale, at about previous rates. THE ELECTRIC TELEGRAPH IN LIVERPOOL. (Prom the Liverpool Standard of yesterday.) This important addition to the railway facilities possessed by the town of Liverpool was first brought into working- order yesterday afternoon, in a tempo rary room, fitted up over the carriage depository at the Lime-street station. At present it is only capable of being worked in communication with Manchester, and there is no connexion along the London and Birmingham line beyond Rugby. The workmen, however, are actively employed in laying the wires for the remaining distance, which will no doubt be completed by the time that the company get into possession of their permanent station in Tithebarn street, opposite the end of Exchange-street East. By the politeness of the clerks in attendance at the station, we were erabled to witness the facility with which messages are sent and answers received. As an example of the almost instantaneous travelling of the electric fluid, we may state that, from the moving of the handle of the telegraph to the cor responding movement of the needle, not a quarter of a second's interval is perceptible ; yet to move the needle in Liverpool, the fluid has to travel to Msn.;• chester and back, a distance of over sixty miles. The understanding between communicants at each end is most accurate; indeed, mistakes appear so thoroughly guarded against as to be almost impossible. Whilst at the station the arrival of a vessel (the Mary, Amelia, Captain Long) from New York was trans mitted to Manchester in a space of time not exceed= ing one minute, and in another would be recorded upon the slate in the Manchester Exchange. A pri vate conversation was also held by a gentleman con nected with the Liverpool press, nith one of the editors of the Manchester Guardian, who was sum- - mooed per telegraph from his office for the purpose- A s soon as the arrangements are completed, tbe ila fdrtnation received from the various telegraph stgdonsi the London markets, and any . other commercial or other intelligence worthy of being transmitted, wi be written up in the room, which will be open to sub scribers paying two guineas per annum. RAILWAY SHARE MARKETS• BRISTOL, SErrEanaEn 29. STOCK EXCHANGE.--The sales are-Bristol and Exeter , New, 2 1 % dis.-Great Western, Quarters, 2/. 16s. 3 d. p• -- Ditto, New, Id/ 4 p.-Midland, 40/. Shares, 3 p.-Ditto, 501- Shares, 2 p.-Taff Vale, New, is. 3d. die LIVERPOOL, SEPTEMBER 29 • STOCK EXCHANGE.-We have not had such a good mar ket for shares to-day. The sales are-Birkenhead, Lento shire, and Cheshire, 311. Shares, 3s. 9d. dis.-Caledonian. 14 2 dis -Great Northern, 4% dis.- Liverpool, Crosby, and Southport, IA p.-London and North- Western, 158 t2 -Ditto, Quarters, New, 8 p.- Manchester, Sheffield, and Lincoln shire Quarters, No. 1, 3 / 4 p.-Midland Stock, 115-Ditto'4o/. Lincoln shire, 43-Ditto, New , Halves, 1% p.-North Staf fordshire 1 1 4 p.-Shrewsbury and Cheshire (late N. W. 1114 10/. Preference, 2 p.-South-Eastern and Dover, No. 4. Thirds, 38s. 9d. dis.-York, Newcastle, and Berwick, G. N. E. 2 1 4 p.-Ditto, New, 2M p.-Liverpool, Manchester, and Newcastle Junction, 2 1 % dis.-Dublin and Belfast Junction. 15 dis. MANCHESTER, SEMEN:BEA 29. STOCK EXCHANGE.-The sales are-Ambergate, Notting ham, and Boston, 1% c. dis.-Caledonian, 10% dis.-Grea t Northern, New, 1% dis.--Huddersfield and Malichester Rail way and Canal, 1 1 A dis.-Ditto, Thirds, 1 ,4 dis.-Lancashi re and Yorkshire, Quarters, par-Ditto, Fifths, 1M p.-Ditto, 321. Shares, 4 dis.-Ditto, Fifths (late West Riding Union), 1 13-16 dis -London and North-Western, 159 1 ,E-Nortn Staffordshire,l 3-16 p.-Soutb-Eastern and Dover, N 0.4. 1% dis.-York, Newcastle, and Berwick, Extension, No. % 2 5-16 p. LEEDS, SEPTEMBER 29. STOCKExcirsarair..-The sales are-Ambergate, Notting ham, and Boston, 32e 6d. n. dis. - East Lancashire, New, 4 n. dis.-Ditto, Quarters, 195. dis.-Great Northern, 4% e. dis.-Ditto, Extensions, 30s. dis.-Lancashire and Yorkshire, Fifths, 1 1 % p.-Ditto (West Riding Union), 2 dis.-Leeds and Dewsbury, Extensions, Scrip (green), 245. 6d. dis.- Leeds and Thirak, 15 dis.-Leeds, Wakefield, and Midland. 163. 9d. dis.-Leicester and Bedford, ss. dis.-London , Brighton, and South Coast, 44%-London, Oxford, and Cheltenham, 15s. dis.-North British, Halves, 13-Ditto, Thirds, Is. 6d. p.-Ditto, Quarters, 28. 6d. p.-North Staf fordshire, I% p.-North-Western, 78s. 6d. dis.-York, castle, and Berwick, No. 2, 21. 4s. 6d. p. HULL, SEPTEMBER 29. STOCK EXCHANGE.-The sales are-Ambergate, Notting ham, and Boston, 225.-North-Western, 755. dis.-London and Yorkshire, Extension, 255.-North British, Quarters, 38 * p.-Northern Counties Union, 55.-North Staffordshire, 260. p.-Wakefield and Bradford, Remanets, ls. 6d. NEWCASTLE-UPON-TYNE, SEPTEMBER 28. STOCK EXCHANGE.-The sales are-North British, 2 6 19 -North Staffordshire, 1 1 h p.- York, Newcastle, and Ber wick (late Newcastle and Berwick), 6 p.-Ditto, New, N 0.% p. GLASGOW, SEPTEMBER 28. STOCK ExcnaaiGE.=--The sales are-Caledonian 301.--• Caledonian and Dumbartonshire, 9s. 6d.-Dundee andi Perth. Quarters, 645.-Edinburgh, Leith, and Grantor, Quarters, 76 , 3d.-Glasgow, Kilmarnock, and Ayr, 1051. ex div. ex new -Ditto, 4 1 ;1. Shares, 41M ox div. ex new-Ditto, HMV , * No. 1, 61. 19 x. x. i.-Great Northern, 698. ex int.-Manchest er and Southampton, 12s. 9d.-North British, Thirds, 2 " Ditto, ditto (scrip), 258. -Ditto, New Quarters (scrip), 10s. 6d.-York, Newcastle, and Berwick (Great North of Eng land Purchase), 10%. CAD VERTIS EM E NT.] —THE EXTRAORDINARY EFFI CACY OF HOLLOWAY'S PILLS IN THE CURE of ENO.. THER SEVERE CASE OF DROPSY. —The Wile of Mr. W. Gatcker, of Hanging Houghton, had been most dread fully afflicted with dropsy so bad, that she was confined to her bed and tapped three times in the course of a few months ; she had then recourse to Holloway's Pills, and by steady perbeverance and a strict adherence to the system laid down in the insttuctions, the disease was conquered, and for eighteen months past ther e has been no accumulation of wa ter. She can walk about with the greatest ease and comfort, and is daily galling flush and sir nitth.—Theae pills are sold by all dru gg ists, and at Professor Holloway's establishment, 244, Strand, London. [ADVERTISEMENT.] —SENT INTO TH E COUNTRY Pass UPON APPROBATION. 39, Albemarle-street, Piccadilly. — ro vr _ i f .. . .vented Spectacles, Invisible and all kinds of Acoustic 1.1- strumenfe for relief of the most extreme deafness _Opera Glasses and Telescopes.—Patronized by Field Marshall T. venor, Generals Sir Edward Paget, Sir Evan Lloyd, John Keatings, Maiston , Frederick Goodfailow. Clayton. Mor rison, pyot gobertscs, Mackenzie, Galway Biggs, Sheodde, Sir P. Maitland, Woolf, Murray, Walker, Fox, Price, Lindsay. ant Thackray, Major-Generals sir John Rose, Sir James Cockburn, Su James Russell, and T. H. Blair, Auchmuty, Baltine Fyers. D. Mackleod, Hamilton, Turner, We:Dyes, and Cook; Lieutenant Generals Sir Henry Bouverie, Sir J. Macdonald, Sir R. Barton. Sir T. Dallas, Sir Am. Eustance, Sir Edward Kerrieon, and Buller; Admirals Lord John Hay, Sir G. Cockburn, Sir George 3f andar Sir George Martin, Sir James H. Whitshed, Sir Edward Codrinton, Ross, Alexander, Cartons, TomPkinson. Hollis, and Price; Vice-Admiral Sir F. Austen; .Resr Admirals Brown and Kibouleau, the Hon. 3. Percy, &c. Aso Pot" erfnl Achromatic Telescopes, Opera Glasses, and 3licroscopesh — ' Caution—Messrs. S. B. Soloraons, opticians, are no t it ' ' any way connected with a person of the same name ,in eir imtne7 diate neighbourhood, nor in any part of the country. To prevent mistakes, be cautious, and observe —Only to be had at 39. Albemarle street. Piccadilly, opposite the York Hotel. Sit D. Gold BIRTHS. On Wednesday, the 29th inst., at s e eßraham Hall, Norfolk , the wife of William Haggard, Esq., of n On the 19th inst., at Bayswater-terrace, t h e lady of JAWS Husband, Esq., of a daughter. On the 24th inst., in Dorset-place, Dorset-square, J . Dim Foster Elmslie, of a son. On the 26th inst., at Elmore-court, Gloucestershire, the lady of W. V. Guise, Esq., of a son and h the wife of Bi clard On the 27th inst., at Upper Clapton, Walker, Esq., of a son. Co l o nel On the 27th inst. , at Halton-place, the lady of Horton, of a son. On the 27th inst., in Lower Gore, Kensington, t h e lady T. C. Campbell, Eaq., of a daugh ter. n. On the 27th inst., the la d y of Frederick Hale Tho meo Esq., of Berners-street , s f a son. On the 28th inst.. at Hanover-terra c e, M rs. Longman, of daughter. On the 28th inst., at the Terrace, Kennington- coratuo th Mrs. William Webb Ogbourne, of a daughter. On the 28th inst., at Torrington-street, Torring the lady of the Rev. Profess or Campbell, of a son. ton-square' Ou the 28th inst., i n Brompton-square, the wif e of H _ Munster, Eaq., of a daughter. enri MARRIED. On the 23d inst., at Stainton Church, Cathcart Gybbon Many Penny, Esq.. to Emma, daughter of Thomas DutuaTnet Esq., of Milford, Pembrokeshire. On the 28th inst., at Kensingt o n, M. Marcus Paul Perm boschi, to Jane Stuart, fourth daughter of the late James Mill, Esq. ._..-------- DIED. On the 26th inst., Captain Hillas, of Porcbester- terrace. On the 25th inst., in Great Russell-street, Bedford-square, Major George Taylor, of the Bombay Army. On the 20th inst., at Withycombe Cottage, near Exmouth, Devon, Henry Scott Floud, Esq., aged 40. On the 27th inst., in New Cavendish-street, Portland place, Lamare Morison, aged 33. On the 27th inst., at Henfield, Susaes, Mary,relict of the late John Becket, E n aged 90. _ _ 'on : abns;,,, tlti)t; YOUNG, et No. 11 :i tQ St/ 3,nd, Prinr, at The ZumOille, No. :,traud. lu tlar rreals a the Savol. 'a th e Cosotzt of 311cidlesoz, Thursday, floptembor 1847. THE SUN, LONDON, THURSDA Y -EVENING, SEPTEMBER 30, 1847. 'I A