The Sun.
London, England, 1837-01-04 00:00:00

THE SUN. LONDON, WEIJNESDAY, JANUARY 4, 1837.

pounds of stock •so Ndeposited. It, is plain the Govern-
ment may thus realize an annual bonus of fifty per cent.
upon its revenues ; applicable among other objects to
the redemption of the depositors' stock, who, on receiv-
ing fifty per cent. more from Government will have
realized the full amount of their just dues, and yet Go-
vernment will have actually paid for it only fifty per cent.
in this new circulating medium. A circulating medium,
it may now be observed, more stable than coin and bullion,
hocanse this can never he withdrawn from the place of its
deposit so long as the Bank of England and the Government
will receive the new emission of Bank notes in payment of
dues to them respectively ; for these Bank notes will be in fact
the representatives of specie, coin, and bullion, and Govern-
ment stock to a greater amount than their face by 331
per cent. ; and whenever refused by the Bank or Govern-
ment in payment, they will become instantly demandable-
at the bank in specie. They should be issued at the lowest
denominations, say from ono pound to one thousand, so as
to circulate most extensively among the whole people of
England, as their circulating medium. The more exten-
sive its circulation the better.

" The provisions of this Act might be extended to the
Bank of Scotland, and the Bank of Ireland, and the Bank
notes of each may be made receivable in like manner by
all at their respective banking houses, and by Government
i❑ every part of the three kingdoms. The same system
may be extended to the colonies.
" It will be perceived that a circulating medium thus
constituted, will expand with the wants of the money mar-
ket, whenever money is rising in value, because the holder
Of coin and bullion and of stocks, by making his deposits
of bullion and stock, will realize an interest on the invest-
ment of his bank notes to the amount of one hundred
and fifty pounds of principal, instead of one hundred
pounds, besides his interest on the whole of his stock.
Here then is motive enough for all capitalists, large and
small, to deposit their specie and stocks, and thus aug-
ment the circulating medium of the country. And this
augmentation will go on steadily advancing with the
wants of trade, subject to no decrease nor contrac-
tion. Over-trading' will cease to be denounced as a
cause of scarcity. The whole community never over-
trade, and the small portion of them that do will suf-
fer for their own errors, without involving the prudent and
discreet in their calamities.

" Adverse foreign exchanges,' drains of corn and bul-
lion to foreign markets' political panics,' and the host of
causes to which the Bank of England in its efforts to do its
best in trying emergencies, and from a natural wish to keep
its own imbecillity unblamed, has been forced to denounce
as the causes of scarcity, will be reproached no more. The
Bank of England will never be subject again to a run for
its bullion, but will become, with the Banks of Scotland
and Ireland, what perhaps it should have been before,
—an effectual instrument of providing and sustaining a
stable and adequate circulating medium for the Empire.
" The operation of this circulating medium, as a means
in the hands of Government to reduce the National Debt
within convenient and useful limits, is quite too apparent
for elaborate explanation. The Government acquires by
this system a bonus annually equal to 50 per cent. on its
revenues, and with this 49.11 purchase annually the double
of the amount in stock (timed by depositors in the Bank.
The Government may At its own convenience purchase
bullion to the amount 1,000,0001., and pay for it out
of the notes received from the Bank, and retain 500,0001.
for use in any way, having deposited 1,000,0001. of old
stock. What makes tkia sotem perfectly effective to this
extent is the provision that the coin and bullion which this
circulating medium rapressnots, can never be withdrawn
from deposit."

The whole of the French Papers of Sunday have
been received ; Monday's raails are due, but the state
of the road continues to prevent their regular arrival.
On Saturday the Chamber of Deputies proceeded to
the election of the Committee charged with drawing
up an answer to the Speach from the Throne, when
Ministers were so forttntate as to obtain a decided
majority. M. THIERSf however, was himself elected,
and no doubt will employ all his eloquence to infuse
a spirit into the address, calculated to raise the spirits
of his already desponding supporters. Ministers are
much stronger than they expected to be before the
opening of the Chambers. MEUNIER'S ill-directed
shot was a most lucky affair for them. It threw the
Chambers eff their balance, and sealed the lips of the
few who came prepared to assail the conduct of the
Government. According to the Nouvelle Mi-
nerve, the late attempt to assassinate the KING
has given birth to a variety of the most extra-
vagant projects. Every visitor at the chateau
considers the fabrication of some new plan for the
safety of the KING'S life as an indispensable piece of
court etiquette. The one most in vogue with Minis-
ters is the appointment of the Duke of ORLEANS to
a participation in the Government of the kingdom
during his father's life. By associating his Royal
Highness with his august parent, on the throne of
France—the Cxsar of " the best of all possible Re-
publics !"—Ministers would very prudently and saga-
ciously provide against the worst. This, doubtless,
would be a great consolation to the KING, who would
thus be flattered by seeing the few obstacles that stand
in the way of his being shot entirely removed. But
looking at the question in a rational point of view,
what would be the inevitable consequence of such a
step ? The Duke of ORLEANS would adopt the
line of policy followed by Louis PHILIPPE
since his accession, and clearly chalked out for
the future, or he would not. If he would, the
next assassin would arm himself with two pistols
instead of one ; or else ALIBEAUD and MEU-
NIER would fire together, instead of at intervals of
months' duration. If his Highness would not follow his
father's course of policy, a struggle would ensue, which
would terminate in the forced abdication of one or the
other, if not in the expulsion of both, by the nation.
We are merely reasoning upon the report of a project
which we are aware has been talked of in the hearing
of members of the Royal Family, but which, neverthe-
les, we are almost confident will never be carried into
effect.

The philosohical M..GUIZOT has of late been try-
ing to rival M. PERSIA in the good graces of the Royal
Family. The Ministerof Public Instruction is, however,
no match for that incomparable Court-LISTON, the Mi-
nister of Grace and Justice. M. GUIzoT has attached
himself to the QUEEN, to whom he delivers lectures on all
manner of subjects. PERSIL, on the contrary, keeps
close to the KING anti the male members of the Royal
Family. The Queen of the FRENCH, greatly to her ho-
nour, takes no part in the political intrigues of the Court.
Her MAJESTY eschews politics in every shape, con-
tenting herself with the discharge of those duties which
properly belong to persons of her sex and exalted
station. Never was There a more amiable, or less
ambitious woman, than- the illustrious consort of Lours
PHILIPPE. There is therefore no hope for M.
GutzoT in this quartac„ and we are confident that so
very little cares the K v& for his philosophy, that he
will dispense with his services at the earliest oppor-
tunity.

There is no other news of any moment in these
papers, save what will be found in our extracts from
them. The news of the relief of Bilboa. by General
ESPARTERO was conveyed to Paris by telegraph on
Saturday. Don CARLOS is reported to have fled
from Durango to Villafranca. On Sunday, being
New-year's day, the King of the FRENCH received the
congratulations of the Ministers, the Officers of the
Royal Household, the National Guards, and the whole
of the Foreign Ambassadors.

Four Paris Journals, the Siecle, the Temps, the
Courrier Francais, and the France, have bee❑ seized
at the Post Office, for violations of the laws of Sep-
tember, which forbid the introduction of the KING'S
name in articles on political topics. Two of these
were seized on Saturday. Want of space prevents us
from taking further notice of this scandalous violation
of the liberty of the Press and of the subject, to-day.
We shall, however, not remain long silent.

A numerous meeting of an association of merchants
connected with the East India and China trade was held
at the Jerusalem Coffee-house, Cornhill, yesterday, for
the purpose of receiving the report of a committee
appointed to inquire into the expediency of extending
our commercial relations with China, and opening a
communication with India by means of steam naviga•

tion. The report was favourable to both these objects, and
entered at great length into details calculated to show
that our Government need only adopt a firm, de-
cisive line of policy, to enable our merchants to
gain a respectable footing in the great trading towns
on the coast of the celestial Empire. With respect
to the communication with India by way of the Red
Sea, the committee considered the project as worthy of
the cordial support of the society. Possibly we may
return to this iinportant. subject.

EAST INDIA HOUSE.-(THIS DAY.)

A General Court of Proprietors of East India Stock was
held to-day ; Sir J. R. CA rtNAc in the Chair.
The CHAIRMAN acquainted the Court that it had been
made special for the purpose of submitting for confirmation
the resolution of the General Court, held on the 21st of
December, approving the resolution of the Court of Direc-
tors, granting to Sir John Campbell, late Envoy from the
Government of India to the Court of Persia, a pension of
4001. per annum, on the grounds therein stated.
The resolution was carried ; and there being no other
business, the Court adjourned.

LLOYD'S SHIPPING.-(THIS DAY.)

DEAL, JAN. 3. —Wind N. N. W.— Arrived the Hoop de
Boer, from Bremen ; and Triton, Connell, from Belfast. Ar-
rived from the river the London, Lamb, for the Cape of Good
Hope ; Unity, Gater, for Rio Janeiro ; George, Brown, for
Demerara ; Woodbridge, for the Westward, and remain, with
the Margaretha, for Batavia. Passed through the Downs on
the Ist instant the Sarah and Elizabeth, Dennison, Sydney.
PORTSMOUTH, JAN. 3. —Wind W. N. W.—Arrived the
George Canning, Krabb, from Hamburg for Valparaiso ; and
Ranger, Dring, from London. Sailed the Cambrian, Dring,
for Hull.

LONGROFE, JAN. 2.—Arrived the Rankin, Mitchell, and
Nancy, Rogers, from Quebec.
LONDONDERRY, JAN. I.—Arrived the Oak, Ritchie, and
Pandora, Banks, from Riga.
FRITII OF FORTH, Dac. 31.—Arrived the Patriot, Denni-
son, from Riga.
KIRKALDY, JAN. I.—Arrived the Hotia, from Riga.
LIVERPOOL, JAN. 2.—Wind N.W.—Arrived the Grace,
Higgins, from New Orleans; Chieftain, Stephen, from Que-
bec ; Deborah, Start, from Newfoundland ; and Frederika,
Knall, from Dantzic.
GRIMSBY, JAN. 2.—The Reopdale, Tucker, got off the mud
the 31st ult., after discharging part of her cargo.
Hum., JAN. 2.—Arrived the Alexandria, Vagt, Wismar.
RAMSGATE, JAN. 3.—The Amanda, Batland, from Gamla
Carlby to Leghorn, having struck on Smith's Knowl the 26th
ult., and lost her rudder, has been towed into the Gull stream.

The Edward, bound to Boston, is condemned at Cork.

THE FUNDS.-(THIS DAY.)

CITY, TWELVE O'CLOCK.

A meeting of the merchants and others interested in the
East India and China Trades, was held yesterday to re-
ceive the Report of the Committee of the Association
formed last year, to protect the interests of those concerned.
The Committee submitted the expediency of sending out
a commercial agent, or consul to Canton, with judicial
functions, with the view of preventing the infraction of
Chinese laws, and that all the power and servants of the
East India Company should be withdrawn ; that domiciles
should be obtained at Canton for British merchants and
their families. Lord Palmerston, in a letter addressed to
the Committee, stated that the suggestion would meet the
due consideration of his Majesty's Government.
Our only arrival this morning is one French mail—one
due ; two Hamburgh are due. No ship-letters.