The Sun.
London, England, 1837-04-27 00:00:00

MONEY MARKET.

WEDNESDAY EVENING.—The now American Securi-
ties are gradually taking root in the Stock Exchange, and
to all appearance are likely to :produce important effects,
though the operation may be a slow one, upon our whole
monetary system. If they obtain full credit here, they will
disturb not only the floating debt, Mr. Spring Rice's circu-
lation of Exchequer Bills, but the funded debt itself, by
the superior interest they will yield. We have not seen in
this market for years past a security bearing interest of six
or seven per cent., the capital of which was secured repay-
ment at a fixed and not very distant period. The leading
bankers are already beginning to tura their attention to
this, for if once a good and regular market is established
for them on the Stock Exchange, there is no reason
why they may not be held in temporary depo-
sit in the same manner as Exchequer Bills, in
which case there will not be much hesitation about
giving the preference to them, from the superior re-
turn which they give. This, however, is not all. The
important feature of the transaction is the power
which it must give to the makers of American public
securities of all kinds over the money-market of this coun-
try. Let them once establish credit, for the disposition of
the monied interest in this respect is well known, and there

•is absolutely no limit to the circulation they may obtain
here. They will not be at all fastidious about the terms
upon
.which they are to raise money in this country ; for such
is the tendency of the United States, through the great
enterprise of the people, to a high rate of interest, that
it will for ages to come -probably be above the rate paid
in this country. It will he worth their while always to

give us an abundant and a constant supply, and, what-
ever vicissitudes may occur in commerce, they will be
furnished always with the means of keeping their gold
circulation. Though there may be inconvenience occa-
sionally in shipping goods upon failing marketc_. there
can be none in supplying paper of this kind to settle the
trade between the two countries ; and should they think it
worth while to lay siege to the stock of gold in the Bank
of England itself, through this medium, it is difficult to say

in what manner it is to be prevented. Most reflecting men
are struck with the tjuiet deep policy of the present scheme,
and from the decided success, as indicated by to•day's trans-
actions, which is likely to attend it. The common run of
American securities, owing to the inconvenient form of

them, had become absolutely unmarketable at the date
when these made their appearance, but by merely adopting
this new shape, under which the capital is abso!utely se-
cured and made payable in London, they instantly aeTtire
a firm footing, which every day will improve. 'Henceforth
the money-markets of the two countries will be closely
blended together in their operations, and we should not ho
at all surprised within a very short time to see a branch of
the Bank of the United States established in this city,—
. Titres.

PHILADELPHIA, APRIL I.—Honour to Nicholas asldle,
President of the United States Bank ! No sooner did he
learn the extent of the commercial embarrassments of the
merchants of New York, than he repaired to that city for
the purpose of concerting plans for their relief, in ‘Yllielt
patriotic and noble project he was supported by all the di-
rectors of the great establishment. The full particulars of
the correspondence between Mr. Biddle and a meeting of
merchants you will find in --all the New Yolk papers. It
will, therefore, be unnecessary for me to go over tha
around. I confine myself to results, which are—that th
Bank of the United States will issue their bonds, payable
at twelve months in London, for one million of pound,,
sterling. Also, that two million of dollars in specie should
be shipped to I,7,ngland, one mil Eon by the United States
Bank, and. the other million by the city banks. Thus a
credit for seven million has been created; and the- merchants
of New York, who are respectable and responsible,
saved from great inconvenience, and perhaps immense
loss; This is not all—the Bank of the United States also
undertakes to issue post ❑otes in exchange for southern
drafts, ' which would be otherwise non-negotiable. This
conduct is nol)le and generous on the part of an insti-
tution which has been reviled by the application of every
epithet that political rancour, bigotry, and party spirit
could apply. Mr. Biddle never inquired whether the
applicants for relief were pro or anti hankmen ; whether
they were Whigs or Van Burenites ; but he threw the
doors open to the relief of all, and that, too, in sr rival
city and state to those in which the bank is -located.
His sole motive seemed to be the laudable one of serv-
ing his country ; and I can only add that, in such a
crisis as the present, no thanks can be too warm for so
patriotic an act. Mr. Biddle may be truly termed the
master-spirit of American finance ; and in that character he
stepped forward in an hour of peril to the commerce of the
republic, stood between the living and the dead, and ef-
fectually stayed the progress of the commercial plague. The
moral effect of this conduct has been, not only to remove
present difficulties, but to restore confidence. The other
banks have recovered front their fears, and in the most spi-
rited manner endeavoured to emulate the example of their
great leader. As a body they have held a meeting, and
agreed to extend their discounts beyond the usual amount
by 1,500,000 dollars. The Manhattan Bank will issue
bonds 'payable in London for 1,000,000 dollars. The
Girard Bank (Philadelphia) will do the same for one hun-
dred thousand pounds. The Bank of America will also
draw on London for 1,000,000 (after date), bearing six per
cent. interest. The same bank intends drawing on Roths-
child's in Paris. Since my last there have been a few more
failures in New York, but none in Philadelphia. The
Money Market, from the causes I have stated, is easier, con-
fidence is restored, and the storm has completely passed
over. The Committee appointed by the Legislature of
Pennsylvania to investigate the charter of the United
States Bank by the State Government have confirmed that
charter i❑ the most honourable way. The consequence of
this measure is, that Bank Stock is rapidly rising.-
21forning chronicle.

THE FUNDS.-CLOSING PRICES.

Bninsli FUNDS.

Itenk Stock .. ............. ..........201.% Otriniatn
3 ~ser Cent. Red. 8l) India Stock
3 per Cent. Cone 9O-4 .Ditto U0nda...... lc I,:n
3;,, 1)(4. Cent. .9 South Sea Stock: —
3i' Cent. Red. --. 9'71/, Ditto Old Annuiti,

,iki i:ei Gent.
New 34 I:er Cent 9S3i, Ditto New Ammitic- —
1 I=cr Colt. Aasentcd
Dissented .... Ditto SOO' :18 pm.
Lon Annuities to expire Ditto 5001 40 pin.
Jaz n'oo 14!4 Bank Stock for Opg. —
ac: 111.50
Jan, li-60
FOREIGN FUNDS.

Portuguese Bonds, 5 per cent.
Ditto, New Ditto ... 47'
Prussian. 5 per cent.
Russian -8Qn.1.,, 5 per cesa. ...BIN
Ditto, Metallic
Spanish, 5 per cent —
Ditto. Consolidated. 2i N,
French, 5 pet cen:
_
Extd:m4.7.,
i'rench, d per ceir ...-f ....,,
Dutch, :4 per cent
_ I Uitto, 5 per cent ... . th,.„,
SH A tES
Birmingham and Derby Railway... 1 y.,
London and Birmingham Railway
London and Southampton Railway.... 134
London and Croydon Railway
Loudon and Brighton Railray (Stevenson's)
No other variations in the Prices fit Shares since our One n'eksrk
List.

Austrian, 5 per cent
i.Seli;iiai, 5 per cep
Br,zilian Bonds .. 84%
Utienos Ayres, 6 per cent. —
Chilian, 6 per cent 3S
Columbian, 6 per cent. —
Ditto, V;34
Danish, 3 per cent 72
Gteek Boas, 'tan, 5 per cant —
Nlexican, 5 per cent.
Ditto, 6 per cent., 189.5
Peruvian, 1825,6 per cent

The Countess of Bridgewater returned from Ash-
bridge Castle last week to Grosvenor,.square, and 'was since
resumed her splendid banquets. The first was to the DuchesF-
Countess of Sutherland, the Earl and Countess of Surrey, the
EA.! and Countess of Clarendon, Vi count, Clive and Air.
Henry Clivf, I.kly Emily Cust, the lion. Thomas Grenville,
Mr. and Lady Sophia Towers, Lord Alford, and Sir Abraham
Hume, Bart. The next dinner will be given om Saturday
next. and the third on the 9th of May.

The Earl and Countess of Clarendon Will entertain
a disti❑guished party this evening at their magnificent man-
sion in North Audley-Aceet.

l'he Countess Dowager of .Buckingimmshire has
contributed greatly to the relief of the Spitalfields weavers by
giving an order for silk curtains, through her upholsterers,
11essrs..:11iles and Edward:,

The Dowager Lady KinlOch entertained at dinner
-011 Tuesday the Marquis of Tweedale, the Earl and Cctnte,,
of Plymouth, the Earl and Countess of Bradford. the lit n.
Mr. intl Mrs. Bootle Wilraham, Sir It obert and La ly Fit z-
Wygram, Lord CranAmm, &c.
The Toty papers have been stating that at the
Westminster Conservative dinner, between WO and 600 per-
E...;ns attended : the truth is, not quite 400 sf:t down, and a
large proportion, like the Marquis of Douro, not voters fur
Westminster.

SPIRIT OF THE PUBLIC JOURNALS.

Mr. Charles Buller's motion last night, that the
Bill for Regulating the Decision on Controverted
Elections be read a second time, elicited some remarks
on the proceedings of the Committee now sitting on

the Longford election. There can be no doubt as to
the absolute necessity of an improvement in this re-
pect. The long experience we have of Committees
Las but too clearly established their utter unfitness to
discharge the important judicial duties that devolve on
them. Prejudice too frequently has superseded the
law of the realm, and the elective franchise has been
the sport of political predilection. The character of
the House of, Commons has thus been materially da-
r,a_ged in the public estimation. So much so, that
in all cases of petition against the return for a county,
city, or borough, the usual question is—not what are
the merits of the case, but what is the political hue of
the Committee. And it must be admitted that the
conduct of Committees in too many instances has
in some degree justified this:reproach. They des-
Fise usage, or rather, by setting precedent at nought,
they exclude usage ; they take, each of them, a
veculiar view of the law, and the voter's rights
lave been made to rest upon no sounder or surer base
than the sic vo/o of, it may be', the Chairman. The
evi effects of this state of things were remarkably elu-
cidated in the evidence given by one of the witnesses
examined in the Longford case on Tuesday. This
gentleman openly stated, in presence of the Committee,
that he had, outside the door, impugned their deci-
sions vnd their motives, and he repeated his imputa-
tion in their presence. He unhesitatingly denounced
their decisions as illegal and unjust. From what Mr.
Henri Grattan stated in the House of Commons last

right, it would seem that Lord Clive's conduct does not
5,—.10 with the constitutional views of Honourable
Mymbers. We say Lord Clive, because he, as Chair-
mac, has pursued a course unprecedented, we believe,
in election Committees. The usage has been; that
the Chairman votes only when the Committee divide
In the Longford case such a division can
never OCCUr, there being but nine, exclusive of the
Chairman, now serving.. Instances, few and far
betv‘-een, however, have occurred, where the Chair-
man has voted with the minority—when his so
don equalised the votes—but such a vote
;els hitherto been invariably followed by the casting
vane in favour of those with whom the absent Member
would, it was supposed, have voted had he been pre-_
:..;ent. Lord Clive has departed, we believe we may
state, in-ahnost every instance from this custom. He
;,ot only votes with the Tory minority against the
•franchise, but, haying thus equalised the numbers, he
d na, throws his casting voice into the scale with • that
zirtv, and against those with whose political opinions
he absent Member, Mr. Horsman, is known to coin-
Why do we state these facts ? is it to throw
iscrft.lit upon Lord Chive's motives? Not at all ; we
the statement because the facts have given rise to
injurious; rumours, and because these rinuours arc an
4 vi:;ence of the necessity that exists for altering the

E've'n.

cic:'

in this respect. A new tribimal is .‘vuitin';. Ti:..
,I.,:csAlt tribunal is essentia:ly unfit for it, i)urp..-se. To
opeo the registry is monstryus ; and in the TA nofor,
tile evil effects of this monstrous proceec',.,q I;ave

!men. shown in the disfranchisement of some of the
inost-. substantial, independent, sod bona Ale. free-
lloldeis in the United Kingdom.—Morning Chronicle.

The debates of last night wero not unimpottant, as
wo ;hail have occasion to obServe, neither %vete they
entortb..ining. The Scotch have a quiet, steady way of
(,ine s' r which tends much to the promotion of
;heir objects, but little to animating the discussion of
The Municipal Bill and the Royal Burch Bill.
tbeo, were father drowsily disposed of. The Contro-
verted Election Bill was also carried in its second
.11Tog, all opposition to it being defer red. until goll:
_into Committee. At last came on the Freeman's Ad:-
raission Bill. Take what view we may of the freemen
e tlf.-iselves, this Bill was a good Bill. Are the freemen
corral,*, ?—well, this Bill was to do away with one of
temptations to corruption, and a most important
one, too. It is on the very threshold of his rights that
vow juvenile freeman usually trips. He wants his free-
; the money must be paid for taking npitis freedom,
at.'l he does not to pay this money. '' Oh but
sa:m some good-natured gentleman who has just been
addressing the free and independent electors, " it
is a great shame that you should not have your
freedunn, and a great annoyance that you should
pay for it—allow me to settle this matter ; your
freedom shad be had, shall be paid for, and all that I
ask in return is, that you should use it in my favour ;"
and whom could the just-initiated more appropriately
oblige than so charming and generous a gentleman ?
Now, Mr. Williams, mindful that it is the first false
.step in corruption that- subsequently' induces the voter
to wallow in it, removes the stumbling block. He
takes away the fee—the inducement to he bought, and
the occasion to buy, and then some gentleman cries
out, " You arc only thinking of the purses of the can-
&dates ;" and a very proper thing to think of too.
" And what," as Mr. Warburton very properly said,
" what do all Bills to prevent bribery aim at ?" Why,
soring the pockets of the candidates, to be sure—
imist they not do so F Who is to bribe ? But the
Tories chuckled ; they thought, somehow or other,
that Lord Lyndhurst's plait of popularizing Tory-
i:crn was about to be carried into effect. They
have always, from old Liverpool recollections, pa-
tronised the freemen ; and now, thought they,

is a capital opportunity. " We will he all for
tire freemen. Those Whigs and Radicals, who ate
Always dreaming about purity, and that sort of non-
stmee, will object to doing anything for the freemen,
he,cause they know we have hitherto had a knack of
purchasing these excellent men ; and so we shall go
forward to the world as the freeman's, the poor man's,
champion." There was a smile—the notion was so
singularly pleasing—even for two seconds on Mr.
Trevor's countenance. When, lo and behold I Lord

John Russell rose. Did he reject the Bill ?—did he
denounce the freemen ! No ; he drew, very properly,
.a distinction between what the freemen had been and
were, and what this measure was likely to do for theil
bnyrovement. But he did not stop here—that was
the cruel thing—had he stopped here all might yet
have been Nye 11 , and Sir Robert Peel and himself
walked out of the House arm-in-arm together. But
he (lid not stop here :—" There are two classes of
voters (he said), the freemen, and the ten-pound
householders. Now, I will not oppose this Bill, because
I thbik it may improve one. of these classes, but if I con-
sent to a measure which is to increase the freeman's
facility of obtaining a vote, I will also bring forward a
measure which shall increase the facility of the ten-

poand householder obtaining his vote ! and though

General Evans is absent, I will adopt his motion of trio
Tears ago, and remove, or, considerably liglften, the ob-
sti7uction on voting , which the rate-paying clauses of
the Reform Act impose." That Lord John did just
what he should have done was evident by the Tories
not knowing what they should do. Cdnfusion was in
the midst of them. Sir Robert Peel got up and
played off a few of those ponderous levities which he
has so happily described. But it would not do. They
ended in no decision. His party could come to none.
They Would not pledge themselves to one measure if
it were to be coupled with another. They like the
:freemen, but they hate the ten-pound householders.
"Sims, strange to relate, the glorious gemini of the
~-rrt. at constellation were gemini no longer—out of one
door marched Sir Robert, out of the other Mr.
Gatilborn I !—Morning -Chronicle..
It is vary little in our way to know aught about the
internal corwerns of the Romish Church in Ireland, or,
knowing, to wake them subjects of attention, much
less of.public commentary. Where the Popish priest-
hood keep within thejr own jurisdiction, and meddle
.only with the spiritual atTairs of their flocks, or when
the higher clergy, -in their treatment of the inferior
class. of priests, behave towards them in conformity
Avith the known laws and regulations of the Church of
Roinc, whatever we Protestants must think of such
regulations, it is no business of ours to intermeddle,
or trouble our Protestant brethren with questions
winch in no manner affect their immediate interests or
v:elfare. But it is not, and ought not to be, so, when
Roman Catholic priests, of high or low degree, step
lbevond their sphere, and exercise powers with which
too human authority has invested them ; while, in trans-
vressing the canons of their own Church, they violate