The Sun.
London, England, 1830-05-24 00:00:00

FRENCH PAPERS.

(From the Messager des Chamlres of Friday.)

SECOND EDITION.

PARIS, MAY 21 (at Noon).—The Mon/tem-Ala not
been published to-day, probably on account of the Ascen-
sion. To.morrow'e number, we are mitred, will contain
the nomination of M. Berryer, jun., to the office of Under-
Secretary of State in the Department of the MiniNter of
Justice, and that of Baron Dudon to the dignity of Alibi.
ster of State and Member of the Privy Council.
EXPEDITION TO AFRICA.

According to letters from Aix, in Provence, the head-
quarters of the division forming the reserve of the army in
Africa will be in that city. The regiments composing that
division, under the command of Lieutenant-General Mon-
tesquieu-Fesensac, Were to reach the environs of that city
by the 15th of June next. The Major-Generals up.
pointed to command the three brigade, of which it is
formed are MM. De Saint Michel, Count De Rochechouart,
and d'Arhaud Jouqucs.
The first orders for the expedition to Algiers were given
in the month of Februwy ; and on the ISth of May not
only were the fleet ready to put to sea, after having em-
barked the troops and the materiel of an army of 40,000
men, but the first division of the fleet had sailed, and the
other divisions were on the point of following it. History
affords no example of such celerity, the military depart-
ments having given, on this occasion, proofs of a zeal which
we must make haste to praise before the first successes of
our army and fleet absorb the public attention, and excite
general enthusiasm.
The superior officers of all arms openly acknowledge
that, even under the Government of Napoleon, whose
prodigious activity it seemed impossible to equal, no ar-
mament was prepared with more speed ; and even the
English who are at Toulon confess themselves that, not-
withstanding the advantages which long experience in
naval expeditions should seem to give them, and the im-
mense magazines in their ports and arsenals, England
could not have performed, in so short a time, the prodigy
which they witness.
MARSEILLE*, MAY 14.—A Spanish Captain, who ar-
rived at Cette on the 13th, has declared that he had fallen
in with a squadron of sixty sail steering towards Algiers.
It has been reported at Marseilles that several ships of the
line and frigates had sailed from Gibraltar, and gone to
demand the English Consul, and that, after they had fired
a few cannon-shot at the city, the Dey lowered his colours,
and hoisted the English flag. These statements, which
have gained ground, require confirmation.
(ritIVATE CORRESPOND/01M )

TOULON, MAY 15.—1 t is said that there are already
many sick amongst the troops embarked. The soldiers,
who had made forced marches in rainy weather, and were
obliged to bivouac for the night on the damp ground,
were embarked at a moment when the rain was falling in
torrents. The sea being very hollow, in consequence of
the east winds which had prevailed for a week past,
greatly fatigued our troops. However, the great care
that is bestowed on them will soon dispel those symptoms
of disorder.
Notwithstanding the sudden change of weather, which
weald have permitted the embarkatio❑ of the third divi-
sion to have been continued to-day, that operation has
been totally suspended; it does not well appear wherefore.
It is said that orders are given to continue it to-morrow
(Sunday) ; but to-morrow the weather may change, and
a valuable day will have been lost. An extraordinary
courier arrived, indeed, yesterday, at the residence of
General Bourmont, and this delay may be the result of
the news which he has received ; and yet we can no more
join in this idea than in another, entertained by many per-
sons, who think that England 113 s firmly resolved to op-
pose our landing by force. On this supposition the
Cabinet of St. James's would act with the most flagrant
bad faith, since we sloald not have taken all our measures
to promote this war' with success but with its consent,
and, new, that it perceives that the French Ministry can-
not possibly retrmit a single step, it would come and throw
obstacles in our way ! If it is so, there is a fine oppor-
tunity to show that haughty Power that we know how to
act aloes when we resolve to do so.
What shoull we have to fear ? Our squadron is well
commanded, the sailors and soldiers are animated with the
best spirit, and an act of hostility on the part of Erg-
land would exasperate them to such a degree that every
the might he expected from the courage and zeal of the
fleet. It would seize so flit- an opportunity to revenge
defeats, in which no reproach can ever be made to French
valour.
As I told you before, .the English, who are seldom seen
in our sea-ports, frequently visit Marseilles and Toulon, in
which our expedition is fitted out. One of their cutters
which are at Toulon being on the point of putting to sea
on the 11th of this month, an intimation was made to the
English Captain that he was not to put to sea till eight
days after the fleet should have sailed. This measure was
extremely disagreeable to the English Captain, who was
doubtless going to give an account of his secret mission ;
leaving, however, another vessel of his nation in our road
to watch our movements, and, under the pretext of enjoy-
ing the fine sight afforded by the sailing of so numerous a
fleet, to follow us, perhaps, to before the walls of Algiers.
A foreigner, accompanied by four fusileers, was seen to
pass through the city yesterday. It is said he was a spy,
who had been arrested.

It is said that the Bey of Constantia has declared for
France ; he is the most powerful of the Governori ap-
pointed by the Dey of Algiers, and his desertion would
leave the Turks entirely to their own resources. It is said
that one of his agent. is now at the lazaretto ; and this
Bey, who is not a Turk, has already been out of favour
with the Dey, who bas caused his patron to be executed.
These circumstances may give some degree of probability
to this news.

France and England arc both endeavouring, in different
ways, to influence the Bey of Tun's, who, it seems, will
remain neuter. Deeply-rooted national hatred makes him
averse to an alliance with Algiers.

(From the Constitutionnel of Friday.)
(PRIVATE CORRESPIONDENCE.)
TOULON, MAT 15.—Much has been said of the im-
mense preparations made for the expedition to Africa; but
there was nothing positive. It was known that upwards
of five hundred vessels of all sizes were fitted out or
chartered, and from hence it was supposed that the number
of objects embarked must be very considerable. By great
exertions I was enabled to collect trite details, which will
enable you to judge the French enterprise well with re-

. _
spect to the expense :—There are 70 bronze cannon, 30
four-and-twenty pounders, 20 six-pounder., 12 eight-inch
howitzers, and eight ten-inch mortars, weighing altogether
about 137,776 kilograms. Eighty-eight gun carriages,
and 156 tumbrils or ammunition waggons, follow these
cannon, for which 57,000 cannon balls, 12,000 howitzer
balls, and 6,400 bomb-shells, &c. have been embarked.
These are materials for the reduction of a fortress of the
first rank. Algiers dues not deserve to be treated with so
mach honour. Two-thirds of this material would, no
doubt, have sufficed, and considerable sums might hive
been economised in the transport of one-third at least
thus uselessly embarked.
Exclusive of the armament of the soldiers, 2,000 in-
fantry muskets, and 3,846,000 cartridge., none-hundredth
part only of these balls hit, 30,000 Arabs or Algerines
will be killed or wounded, and this is probably more than
our army will meet on the coast of Africa.

The Materiel of engineers, carriages, forges, utensils,
engines, awl sundry articles, weigh not less than 1,345,900
kilograms.

Provisions of every description are carried out, as you
may imagine. The weight of the different articles re-
quired for the service of 3,000 sick is no less than 115,000
kilograms for the use of the camp, It seems no greater
number of wounded and bedridden men will be kept on
the coast; and this is proper. It would be better to
carry t. Toulon all such men as stand in need of con-

stani attendance, than to leave them in Africa, where the
climate may have a pernicious influence on their health.
The Hospital of St. Alaudrier is destined for the nick from

Algiers.

He camp equipages are innumerable ; all these are
calculated on a scale for 40,000 men—thus 3,280 tents
for soldiers and non-commissioned officers; 1,175 mar-

(pees for the General and superior officers, 40,000 wor-

sled coverlets, and as many camp-bags ; 40,000 small
seeks
and kegs for the carrying of water and of wine ;
5,000 camp ovens, &c.
The service of the military baggage consists of 129
caissons (of No. 2) ; 128 two-wheeled waggons, or cais-
sons; nine cavalry forges; 137 harness ditto for non-
commissioned officers; 286 draught-horses; 600 pack-
horses, mules, Ice.

The provisions for subsistence correspond with the rest.
There are, for instance, upwards of 5,000 quintals of bis-
cuit, '7,110 ditto of flour, 1,500 salt beef, 9,000 hecto-.
litres of wine, 180 ditto of brandy, 10,000 metrical quin-
tals of wood. As for forage, there are 14,400 quintals of
pressed bey. 7,200 ditto of oats; 1,000 live oxen have
been sent by M. Sellier, the hides of which are to be
sold by section at Marseilles and Toulon. Transports will
continually sail between Toulon and Africa.
The scale on which the expedition is conducted is so
great, that really few people—even amongst those who
knew the incapacity of the Mfiiistry, and it deference to

the wishes of the Duke of Wellington--will beton that
the burning of Algiers is the sole object of the war. A thou-
sand conjectures are formed in this respect. It is not
supposed that the colleagues of M. de Bourmont wish to
give this General three times the means of what a skilful
General could have required for so easy an enterprise. The
forming of a colony in Africa is spoken of, but nothing po-
sitive is known on this subject,
The reports of the armed intervention of England in
this expedition are revived, but find little credence. It is
not to be believed that the English squadron would attack
us at the moment of our landing. Undoubtedly it is
known that our enemies would make light of breaking
their alliances, and of making an attack, without any pre-
vious declaration of war; but would they dare to fire on
the French flag, when no motive could legitimatise such
an act of violence ? It is impossible to suppose that M.
de Polignac should not have been certain of the neutrality
of England before he ordered but a half-armed fleet to put
to sea, which, in its actual condition, could not measure
itself with an English squadron, If by some improvi-
dence, which it would be too repugnant to suppose, a vio-
lent collision should happen on the coast of Algiers be-
tween England and ourselves, what penalty ought not
Minsters to pay for the misfortunes that would be thus
occasioned? But no c the Ministers would not expoe
all the naval force we possess in a struggle so manifestly
unequal. It is not with vessels armed en-flute, and brave
but inexperienced seamen, because they have seen little
service, that Fiance would measure herself with English
ships, manned with old sailors, that are besides well
equipped and armed. All apprehensions of this kind ate
probably chimerical ; and if they are not, we ought, from
this moment, to go into mourning. Our officers and
seamen would courageously do their duty, And be killed
like brave men ; but their resistance could not save the
honour of our flag. Our materiel would be lost, and
with it, the fins elements of a navy which we possess,
and which require only good institutions in order to deve-
lope themselves.
The embarkation of horses continued to-day. The
.4retliusa frigate has received her contingent of soldiers.
Some accidents happened yesterday. Two or three non-
commissioned officers fell into the sea, and were drowned ;
others succeeded better. One boat was upset by a rope
which got foul of it ; there were sailors in it, all of whom
were saved.
A steamer for the navigation of the Rhine was this day
launched.
General Desprez, the Major-General of the land forces,
issued an order of the day for the police of the troops on
board. Captain Hugon, the Commander of the flotilla,
would not adopt it, the police on board belonging to the
Navy. M. Hugon has given orders in this respect to the
convoy which obeys him. Otherwise the land army is on
a good understanding with the
.squadron. The service
only experienced some delays owing to some misconcep-
tions, which might have been easily avoided, and which
are not attributable to the navy.
(From the Journal du Commerce.)

Toutow, MAY 14.—The English Admiral Malcolm is
at anchor in the Gulf of Palma, in Sardinia, with one
three-decker and two 74-gun ships. It is said that he has
taken this position for the purpose of better observing and
sooner receiving intelligence from Algiers, and of sailing
thither in case of need.
If some persons are to be believed our expedition is to
meet with great difficulties on the part of the English.
Some pretend that they mean to oppose our landing,
others that they will attack our squadron after the troops
are landed. It is to these projects that the movements of
their Mediterranean squadron are attributed. Certainly
no one is ignorant but that this expedition displeases the
Wellington Cabinet in the highest degree, and that it
does every thing in its power to prevent it. The well-
known perfidy of this power imparts too much credit to
these reports, which assume much consistency. It is
probable enough that if the thing appears possible to it,
England will ruin, by violence and treason, that enter-
prise which its negociations could not prevent. Be this
as it may, it is affirmed here that the commanders of the
land and sea forces participate in these fears, with several
of the officers belonging to the Staff:
Although in the critical position of England, which is
disquieted by Ireland, in want of cash, oppressed by
debts, and on the eve of a new reign, which must pro-
duce a revolution in the Cabinet, such an undertaking is
very improbable; and though it is almost absurd to sup-
pose that the English fleet, even were it fifteen ships of
the line strong, would pretend to stop an army of nearly
60,000, which might envelope it on all sides, and-take it
one by one by boarding, in a position where manceuvring
would become impracticable—that, after the landing,
when the French are masters of the coasts and ports, they
can protect their squadron, and place it in safety ; still
these reports are discouraging to our troops, and they are
so widely spread that it becomes necessary for the Govern-
ment to explain itself on the subject. A candid declara-
tion, be it what it may, would calm the uneasiness—
doubts alone being dangerous.
(From the Gazette de France, dated Saturday.)

" We laid before our readers, yesterday, the ordinance!
by which the new Ministers are appointed. Our respect
for the Royal prerogative forbids our making any reflec-
tion upon these ordinances, emanating from the free will
of the King.

" We shall wait for acts, in order to judge of the new
Ministry, the Ministry of the 19th May.

" Count Matutschewitz has arrived in Paris from St.
Petersburgh, on his way to London, where he has been ap-
pointed Russian Charge d'Affaires during the absence of
the Ambassador, Prince Lieven, who has returned to St.
Petersburgh. There is a question of charging Prince
Lieven with the direction of the education of the Grand

Duke Alexander, heir to. the empire, but it is not yet
quite certain. The Emperor Nicholas has quitted the
capital of Warsaw, to open the Polish Diet. The Em-
peror has not accompanied him. Instead of going to
Ems, which she had some idea of, her Majesty will take
sea baths at Rove!, in the Baltic. 7he Emperor intends
to visit the provinces of Caucasus and the south of Russia.
If this project is put into execution, M. Alexander Hum-
boldt, who is at Warsaw, will accompany his Majesty.
After the opening of the Diet the Emperor will pt °bah!).
have an interview with the King of Prussia.—National.
" The Temps ofthis morning says At this moment
the Prince de Polignac is victorious, and M. de Villele
defeated. His public organ, the Gazette de France, re-
pelled all idea of a modification of the Cabinet before the
elections were over ; but the modification has taken place.
M. de Montbel, his representative, has lost the portfolio
of the interior, and hesitated to iuffer himself to be led into
another office, and accept the charge of the Finances ; he
was somewhat angry, and feared being exposed to ridicule.
The King, however, insisted. M. de Villele, too, must
have been of opinion that it was better to have one foot
inside the door than to be totally shut out. There can be
no doubt he thought it desirable that M. de Monthelshould
remain. As to M. de Chabrol and M. Courvoisier, their
resignations were received without a moment's hesitation.
They were, however, in the confidence of the party of the
centre droit, the men who have been so highly praised,
and whom it was sought to persuade they were treated
with deference. What deference towards them is displayed
by the re-admission of M. de Peyronnet, the Minister
against whom they have the greatest antipathy—who has
alienated from him the tribunals, and against whom the
centre droit, but twelve months ago, eagerly voted in a
body ? Not only is M. de Peyronnet restored to office,
but he will very shortly have the ascendancy in the Council
—hc is active, intelligent, and bold. The Prince de
Polignac will continue to have the name, but M. de
Peyronnet will acquire all the influence. The stumbling-
block of the Villele Administration will be the real chief of
the Polignac Ministry. Tons this is of little importance;
we have no interest in any of these intrigues ; these ups_
and-downs in the coterie of the palace. The elections,
and the elections alone, engross all our thoughts, and shall
be the only object of our labours, and in these we shall find
the name of M. de Peyronnet highly serviceable.'
" The Globe of this morning says:—' It appears that
the change in the Ministry was brought about abruptly,
and not without difficulty. M. Suleau was at first
thought of for the Finance Department ; but having pro-
posed, it is said, some conditions respecting the reimburse-
ment of the renter, he was set aside, on suspicion of being
favourable to M. de Villele. M. de Montbel held out
long in his refusal. He was not even informed of the
creation of the Department of Public Works. He only
learned it by M. Beequey, who brought him a letter, written
in a curious style by the hand of M. de Polignac, announc-
ing his dismissal. Baron Capelle, on accepting the new
office, promised his co-operation in the electoral works,
probably considering them as forming a part of the public
works.'

" The Augsburgh Gazette contains the following,
dated Constantinople, April 26 :—"flie Reis Effendi had
a personal interview on the 23d instant, with the three
Ambassadors, who communicated the result of the Lon-
don conferences as to the definitive arrangement of the af-
fairs of Greece, and announced to them the unconditional
concurrence of the Sultan in the resolutions formed in the

said conferences. The next day he confirmed his oral de-
claration by writing. It is remarkable that this decision
was communicated by the same Minister, Hamid Bey,
who occupied the post of Reis Effendi at the breaking out
of the Greek insurrection, nine years ago ; and that, as
t
kelt the Greek holidays were marked by the slaughter of

the Patriarch, so now that festival coincides with the firul
decision of the fate of Greece. To this circumstance, as
well as to the greet concourse of Greeks who have lately
arrived in this capital, may be ascribed the circumstance
that the Easter festivities this year were unusually well
attended. The Greeks, however, indulged in insults
against the Jews and Mahometans to such an extent, that
the police were obliged to interfere. Notwithst tnding the
great influx of strangers, consisting of Greeks and Catho-
lic Armenians, the price of our provisions has fallen con-
siderably. The emigration from the districts of Bulgaria,
now onupied by the Itussiars, to Bessarabia, still conti-
nues, as the inhabit ints are apprehensive of ill-treatment
from the Turks on the departure of the Russians. General
Diebitsch takes every possible means to put a stop to these
emigrations, as the fears of the people appear groundless.
It has been agreed between Russia and Turkey to establish
a Russian Consulate at Selitnno, at the foot of the Balkan,
whose presence will contribute to allay the apprehensions
of the Bulgarians. M. Vassen to has been appointed Con. el.'
" Letters from different parts of Greece, up to the be-
, ginning of April, published by the Aupsburgh oa2ette,
give a very favourable account of the public affairs of that
country. Confidence in the stability of the new Govern-
ment was increased by the news of the election of Prince
Leopold, and the certainty that the President would re-
main in Greece by the special- desire of the Sovereign
Prince. The product of the customs and other indirect
taxes was daily improving. Considerable activity pre-
vailed in the ports and towns, and the aspect of the fields
promised a rich harvest. A great number of the inhabit-
ants return to Attica unmoksted. They are even in-
vited by the Turks to take possession of their property,
and to cultivate their lands, for the Turks know that the
Sultan will consent to the independence of Greece, and
that the order for their departure fron► Athens and Eubcea
wi.l shortly arrive from Constantinople. On the other
hand, the Turks come in great numbers to Egina and
Napoli di Romania, and seek in perfect security their
wives, children, and other relations. From the amicable
intercourse which now exists in those two towns, between
the mingled nations, one Would scarcely imagine that they
fought so desperately against each other only a short time
since. Dr. Zucearini, who has just sent a collection of
natural curiosities to Munich, is now analyzing the mineral
springs near the Temple of Eseulapias, at Epidaurus in
order to render that town a watering place."
FRENCH Fuzing. —hams, MAY 21.—Five per Cents.,
104 f. 75e. 70e. 65c. ; Three per Cents., 81f. 40c. 50c.
20c. 15c. 20c. 15c.; Bank Stock, 1,917 f. 50e. 1,9151. ;
Rentes de Naples, 92f. 25e. 10e. 92f. 91f. 80e. ; Rentes
d'Espagne, Itti 16 ; Royal Spanish Loan, 88 ; Rente Per-
petuelle d'Espagne, 79 78 -1 78 78 -.4.—Exchange on
London, one month, (paper), 25f. 50c.,•' (money), 25f.
45e. ; three months, (paper), 251. 35e. ; (money) 25f.
30c.—fours Authentique.

MONEY MARKET.

(From the Times.)

SATuRnAv EVENING.—There exist very good grounds for be-
lieving that large purchases of stock have been made recently for
account of the 6. Governor acid Company" of the Bank of Eng-
land, although the object of such purchases is almost wholly
matter of conjecture. The general impression in the city has
been, that it is incompatible with the terms of the charter fir
the Bank to deal in Government securities,—that is, to become
buyers and sellers of stock. It has been, in fact, very seldom
done, but there are, it seems, precedents for it. In the affair of
Fauntleroy's tbrgcrieg, for example, a large amount of various
descriptions of stock was purchased by the Bank to make good
the loss sustained by individuals; and other cases of the same
sort have, from time to time, occurred. The mode then pursued
was to transfer the stock into the names of the Governor and
Company, from whence it was conveyed to the different persons
who had claims upon it. On the present occasion, at least, if
the accounts in circulation on the subject may be believed, a
different course is adopted. The stock has been first placed in
the name of the broker who made the purchase, and from him
transferred to the Governor and Company of the Bank of Eng-
land. Such statements, it must be allowed, ought not to be re-
ceived at all, except on very good and unexceptionable evidence,
for it seems, at first sight, very unlikely that the Bank, if cir-
cumstances made it expedient to purchase stock, should resort to
a subterfuge like this to conceal the operation. It has, however,
certainly obtained Lelief among some of the leading brokers of
the Stock Exchange, who have taken much trouble, probably
through some private interest of their own, to sift the matter to
the bottom. It is also believed that the purchases made do not
amount to less than 400 000/. or 500,0001. That the Directors
have, however, sanctioned so irregular an act, on all the good
and accepted rules of banking, as that of buying stock to sell
again at some future period, no one lends credit for a moment.—
The only explanation of the transaction, therefore, that bears
any feature of probability is, that the purchases result from the
surplus profits of the Bank, which it has been for some years the
practice, to a certain extent, to hold in reserve ; and it is pre-
sumed that the Directors propose following a plan which has
been introduced lately by some of the great Insurance Com-

panics, and intend to'giv'e at some future rwriod a bonus in stock
to the proprietors, and to propose at the same time a reduction
of the dividend in a proportionate degree. It is obvious enough,
indeed, that a dividend of eight per cent., for any long time to
come, is wholly incompatible with the present state of banking
affairs.

The Bill for authorising an issue of Exchequer Bills, to an
amount adequate to the payment of the dissentients titythe reduc-
tion of the Four per Cents., is just published, and throws much
curious light on that operation, as well as on the general finan-
cial policy of the Government. We have before adverted to the
extraordinary powers obtained by the Treasury under three re-
cent Acts of Parliament,—viz., 1. The Act to consolidate and
amend the Acts relating to Savings' Banks. 9. The Annuity
Act; and 3. The Act to amend the several Acts for regulating
the reduction of the National Debt, which all fall under the ma.
nagement of the Commissioners of the Sinking Fund, and by
which they are enabled to receive money, to buy, to sell, or to
extinguish, Stock or Exchequer Bills to an almost unlimited ex.
tent. To these are now added a fourth Act of Parliament, es-
sentially of the same character and tendency, and giving, conse-
quently, an increase to the power before possessed by the Com-
missioners, under whose management it falls equally with the
three others. They are empowered under it to apply the pro-
ceeds from the Savings' Banks, the purchase of annuities, and i
the Sinking Fund (to quote the words of the Act) " n the pur.
chase of any Exchequer Bills, and advance the whole or any
part of such monies, stocks, or funds, upon the credit of any
such Exchequer Bills." It appears, further, to be the spirit and
intention of this last-named Act, that such portion of the New
Three and a Half per Cent. Stock as may be said to be repre-
sented by the dissentient Four per Cent. Stock, shall be trans-
ferred into the names of the Commissioners of the Sinking Fund.
Their course of proceeding in regard to the fulfilment of the new
Act will then be, it is presumed, something to the following
effect :—As monies accrue to the Commissioners, either from
the purchase of annuities, the deposits; or the sales of Three per
Cent. Stock on account of the Savings' Banks, they will be ap-
plied, in the first instance, to the purchase of the new Exche.
quer Bills, the issue of which is just authorised. Such Exche-
quer Bills will then be delivered up to be cancelled. With the
amount the dissentients to the reduction of the Four per Cents.
will be paid off; and a corresponding value in the new 3% per
Cents. will be placed to the account of the savings' banks, or that
of the Annuity Act, in so far as the purchases have been made
with money. The interest on such stock will then form the
available fund for the payment of the annuities or the clams of
the depositors in the savings' banks; and thus the whole process
for the payment of the dissentients, by the machinery above de.
scribed, will go on without either an advance from the Bank of
England, or a sale of Exchequer Bills in the open market, and with-
out, in fact, any part of it being rendered perceptible to the public
at large. It would at first appear, that as the payment of the dis-
sentients is near at hand, being due on the sth of July, and as
provisions must be made for their claiming the whole at once,
there could hardly accrue from the sources above described funds
sufficient for the purpose. Of this, however, there cannot be any
great doubt. The operation has not now to be commenced, but
has been acted upon for some time past, probably in anticipation
of this act ; and independently of the accumulation of money in
the hands of the Commissioners, which is very great, the power
of selling the stock of the savings' banks is, in itself, at once
a fbrther great resource, and a beneficial operation, tinder the
present circumstances, on behalf of those institutions, as a con-
version is efft,cted by which they exchange a stock paying 3
per cent. for one paying 34 per cent.
We do not know to whom the merit of these various financial
plans is to be assigned. Though they are working at present
almost unnoticed, it is certain they constitute a power over the
public creditor which Government itself is probably far from
being aware of, and which must produce hereafter very remark.
able consequences. If the views ascribed to the Directors of the
Bank of England, in the former part of this article, are correct,
they are acting, whether intentionally or not, in concurrence
with the same object.

FASHIONABLE INTELLIGENCE.