The Sun.
London, England, 1839-04-05 00:00:00

METROPOLITAN POLITICAL

SUMMARY.

The Morning Chronicle of this day, in the course of a
leading article on the subject of the corning political crisis,
remarks, that Government has little or no chance of re-
maining in office, unless Reform is allowed to march at a
much more vigorous pace than it has yet done. " It is
now evident," says our Contemporary, " that Ministers
will have to encounter the approaching Parliamentary
struggle unsupported and uncheered by popular demonstra-
tion in their favour on this side the Irish Channel. This
fact speaks volumes on the great error of their policy, arid
the necessity of adopting a different course. In Edin-
burgh, the most Whiggish of cities, a vote of approval
cannot be obtained on the most unquestionable point of
Whig policy, and the Local Press throughout the coun-
try is as the thousand echoes of a single voice. This is no
Tory exaction. The dissatisfaction of the multitude is not
the result of their having veered towards Toryism. but of
their belief that Ministers have veered towards Toryism."
The Morning Post, commenting on Lord John Ru-s
notice of mation for the 15th, remarks as follows It a
discussion of the general conduct of Alinisters should
happen to take place on an early occasion in the li,use of
Commons, Ministers, however they may be alarmed at the
prospect, have themselves, and themselves only, to k
for it. The battle is of their own seeking. They have
chosen their own ground. They have fixed time and pia,
and occasion, all for themselves ; and if out of this shouid
arise an event, the bare possibility of which they contem-
plate with affright, the blame is upon their own heods.
They have invited whatever may befal."
The Times contains a leading article suggested by t
present popular desire for further alterations in the
form Bill, in which our Contemporary makes the following
observations:—" We are decided enemies to the sages of
the movement, who worship the B tllot (an expedient,
whereby fraud is covered with impunity), not as an end,
for in itself it is no end, but as a means—who puff ip
Universal Suffrage, not as an end, but as a means to
thing further, and inexpressibly worse—to wit, the couceo-
tration of unbridled power in an uninstructed cod imps.
tioned populace—that portion of society which, beyond
every other, is eminently disqualified for the exercise of any
political power at all."
The Morning Herald, in the course of an article on the
late public meeting at Edinburgh, remarks incidentally
At the present moment, no man can pretend to tell what
are the principles of Lord John Russell and his colleagues.
Is it not universally believed that they are willing to become
any thing which a majority of the House of Commons fray
require them to be ? They actually bold office at th;s
moment through the favour of the man whom five years
ago they denounced in a King's Speech. and they vi curd
again denounce that individual, if thereby they could secure
a lease of office for two years longer I"
The Morning Advertiser observes, in allusion to the pre-
sent aspect of political parties :—" No Administration on
Tory principles can ever endure for six months in this
country, but still it may be again and again altempte !, end
every attempt will be for the time attended with more or
less mischief. Such an attempt may even now be at hand.
Certain parties are coquetting with, and making salutations
to, each other, which bodes no good to the progress of
Reform. Parties who some time since would scout the
idea of a Tory accession, now contemplate its probability
with almost complacent composure."

MONEY MARKET and CITY NEWS

POST.—The Bank Directors held their usual weekly
Court to-day, but, as we ventured to anticipate, theymade
no alteration in their arrangements for the regulation of
the currency. What may be their policy next week, when
the payment of the dividends shall have commenced, is
another question. Much will of course depend upon the
appearance of the Foreign Exchanges during the interval.
The rates on Tuesday were, as we mentioned at the time,
rather upon the advance. Since that period, however,
the Corn-market has exhibited more firmness, owing
to the continuance of cold and somewhat unseason-
able weather, and it is possible that a renewed
traffic in grain, and fresh exportations of specie,
may be the consequence; in which case a more direct
action on the currency, on • the part of the Bank authori-
ties, will, perhaps, be deemed inevitable. For the moment,
the only measure taken for rendering money scarce, has
been the sale of Exchequer Bills and some amount of
heavy securities. These are still brought forward from
day to day, as was the case in the early part of the week,
and it is to be presumed the effect is beginning to be pretty
generally felt throughout the country. We judge, however,
that the Bank Directors will not consider it prudent to
part with any more of their bullion for the present, and.
if we are correct in this opinion, and an adverse state of
the exchanges should continue to exist, the application of
what is technically termed the screw within a short time
would seem to be all but certain. It behoves the mer-
cantile interest, therefore, to watch their progress
with the closest attention, and to regulate their
financial affairs accordingly. h is also worth the while
of the public generally to obierve the effect which the im-
portation of foreign grain has upon the monetary system
of the country. A suspension of the duty for the space of
a few months has been sufficient to produce some, or, as
many think, much, derangement of the currency ; and it is
quite clear that if an abolition, or anything approachini, to
an abolition, of the Corn-laws should be at any time''de-
termined upon by the Legislature, of which, however,
thereis certainly no great prospect, the old system of bank.:
ing must be abandoned, aid a new one substituted, z‘s it is
impossible that a guarantee should be afforded us that pay-
ment will be taken for supplies of grain by foreign growers
otherwise than in the precious metals.
Consols have rather improved in value to-day. There
was, however, no news to account for the circumstance,
and it seems to have been produced entirely by the opera-
tions of the Bears, in anticipation of the settling day,
wl:ich is now near at hand. Two or three parties who
have heretofore been speculating for the rise were observed
to change their tactics, and it is concluded that they have
thought it prudent to buy up their accounts, or those, per-
haps, of their constituents. A large amount, probably not
much short of 100,0001., of new Three-and-a Half per
Cent. Annuities was sold in the course of the day at about
the former quotation. An effort was also mads to effect
sales of some Long Annuities, but the quotation gave way
before the intended operation could be completed.