The Sun.
London, England, 1849-05-29 00:00:00

neglecting to make fitting provision for main-
taining the " effective value" of the " plant," and
" way," or in setting aside a depreciation fund, far
beyond actual exigencies and requirements.
At present there appears to be a tendency among
shareholders to fall into the latter error. The most
strenuous and indefatigable exertions have been
made by parties, who have entered into an
organized combination to depress railway po-
perty, to create alarm in the public mind, to
excite a panic that must be productive of the most
fatal results. The "Bears" of the Stock-Exchange have
had recourse to many devices to advance their favourite
theory, the total worthlessness of railway securities.
For this purpose there is no extent to which they are
not prepared to go ; they stick at nothing to pro-
mote their objects. No sooner is one fraudulent pre-
text exposed than another is started. They are
continually entering into contracts to an enormous
amount for the sale of property which was never in
their possession, on the chances of being enabled by
unfounded rumours and baseless insinuations to de-
press the quotations so far that they may be entitled
to receive considerable differences on settling days.
This bold and unscrupulous party have
lately succeeded in exciting the most gloomy
anticipations as to the amount of the depreciation
of " plant" and " road ;" under a pretended anxiety for
the interests (I) of the shareholders, they have raised
an outcry that has reverberated throughout the length
and breadth of the land. Grossly exaggerating the
amount of " deterioration," they have insisted upon
larger sums being appropriated from the net profits,
to form a "depreciation fund," sums far beyond the
amount actually required for that purpose, and thus
by unduly depressing the dividends, and also by
creating vague fears in the minds of timid proprietors,
their nefarious projects have been attended with but
too much success.

Two reports which have just appeared most op-
portunely will, however, go far to place these im-
portant questions on a proper foundation, and to
relieve the minds of those really interested in correct
solutions from the apprehensions to which they have
recently given way. The first is a report to the
directors of the London and North-Western Railway
Company, " On the present Condition of their Moving
Stock, with Remarks on the nature and necessity of a
Deterioration Allowance," by Captain linisn, the
general manager of the railway. The second is a
report from the same gentleman and Messrs. Docrc-
RAY, NORRIS, WOODHOUSE, APCONNEL, TEE VITHICK,
RAMSBOTTOM, and WATKIN, all of whom hold
important situations in the employment of the
company, "On the present Condition of the Per-
manent Way, with Remarks on the nature and extent
of a Fund for Deterioration, and on the principles of
Relaying and Maintaining the Road." The great ex-
perience and sound practical knowledge of these
gentlemen would entitle these reports to the utmost
consideration ; but a mere perusal will satisfy the
most sceptical (provided it be an honest scepticism,
not occasioned by "Bearish" propensities), that all the
necessary elements in the calculations have been fully
taken into account, and that sound conclusions have been
arrived at. These reports, it is true, refer more par-
ticularly to the position and prospects of the North-
Western Railway, but the principles on which they
are founded will apply to every existing company,
with some slight modifications as to the nature and
extent of its traffic, and the present condition of the
" plant " and "permanent way."

Captain limn and the directors of the North-
Western Railway are entitled to great credit for the
public spirit and generosity which induced them to
consent to the publication of these important results
of the laborious and protracted inquiries
that took place, and thus to give to the railway com-
munity the valuable documents that had been pre-
pared for their own exclusive use. This praise-
worthy conduct will, we have no doubt, be fully
appreciated, and the parties will be rewarded by the
consciousness of having added largely to the general
stock of knowledge on railway subjects, and of
having materially contributed to disperse those doubts
and'difficulties which havelhitherto tended materially to
depreciate railway property generally, in consequence
of the fears and apprehensions excited by the existence
of an " unascertained but inevitable liability."
We regret that our space this day will not permit
us
we tsoheanl
lt epr irebnat oblyt hde
edetailsso a o f these
futur a
future
oclaclaes
odno.c u mmeenatns
Mean-
while we most heartily recommend every person in-
terested in railway property to bestow a calm and
attentive perusal on the statements contained therein.

It appears that some ofthe morning papers were
in error in the report of what took place on Thursday
evening in the House of Lords on the subject
of the Bankrupt Law Consolidation Bill. Lord
BROUGHAM 011 Thursday, after mentioning that he
had had a communication from the LORD CHANCEL-
Loa, requesting him, in consequence of his Lordship's
illness, to put off till after the 'Whitsun holidays the
Committee on the Bill, which stood for that evening,
also stated that the CHANCELLOR and he were agreed
on all but some unimportant details, which would
soon be settled, and the Bill immediately go on.
Lord BROUGHAM pledged himself, and also pledged
the CHANCELLOR, that no delay whatever should take
place, and he then moved the committal of the Bill pro
formu for the purpose of introducing several amend-
ments. This was done, and on Friday these amend-
ments were reported and the Bill ordered to be
reprinted, and the Committee now stands adjourned
to Tuesday, the sth of June.

'THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.
The following is the speech delivered at the close
of the lest sitting of the Constituent Assembly by the
President, M. ARMAND MARRAST

" Citizen Representatives,--My first sentiment, at the
moment of taking leave of you, would lead me to express
the deep gratitude which I feel for the kindness which

you have on every occasion mauifested tawards me. Yet,
however great may be the honour which the National
Assembly has done me, I beg its permission, in return-
ing it thanks, to speak at this parting moment only of
itself, of its labours, and of its claims to the esteem of its
fellow- citizens. It would be unworthy of you that I
came here to sing your praises; but it may not perhaps
be useless for me to give a rapid summary of what has
been your policy, and to briefly state by what striking
traits the National Assembly is presented to the view of
the clear-sighted, and to those unbiassed by passion. It is
unnecessary for me to recapitulate the details of our la-
bours; what took place at two phases of our existence, at
the commencement and at the end, will be sufficient to point
out its leading characteristics. The National Assembly has
attacked a
tchkee dv
very
it
y a
ment its
had the singular fate of exciting, at its opening and at its
byda thyoase ssawilheod
close, the mistrust and the injustice of extreme parties.
commencement,Regretted
it , perhaps,
s every
who then regarded it with the greatest enthusiasm and
the most sanguine Lopes. That is the history of all
moderating powers; and thanks be rendered to your
wisdom, you have refused the support of your majority
to all violence ; you knew that reaction and Utopian
schemes engendered each other, and in your patriotic
solicitude you kept yourselves at an equal distance from
both one and the other, thus realising by your acts what
many know how to preach of, but few to practise. What
you have sincerely and constantly wished for is the Re-
public. Founded by lopular acclamation, it received
from
.you the sanction of law, and if your labours be
!stemmed, it will be adsaitted that you have left no doubt
in the mind of any one as to the manner in which you
understand it. Warned by signs, the meaning of which
is evident to all, that society had arrived at an age when
transformation was abiolately necessary, you have re-
garded political poweras the active instrument of social
amelioration. And let me be permitted to say, that if
we, the ardent ant constant supporters of the
Republic, had only latoured for a personal work, for a
fruitless displacement of men and institutions, we should
have been not only vulgar ambitious men, but detestable
intriguers. The peace and even tie temporary prospe-
rity of the country are not to be staked at such a miser-
able game of personality. If universal suffrage were
only to bring back Fresco to the point at which it found
her, if it were only to give us a petrified society, pre-
carious order, permatent iniquities without progress,
without general ameliorations, without concord at home,
as without grandeur abvad (may God forgive me the im-
pious expression), bettor would be for the people to have
the brutality of despoosm.—(Sensation.) Such is not
the lot which the National Assembly has prepared for
future generations. Independently of the propositions
which have not been irought to a conclusion, you will
find in the summary ofits labours a considerable number
of decrees and bills,
whch fully testify to its constant at-
tention to the interests the wants, and the sufferings of
the poorer classes. lun aware that the benefit is as
yet little apparent, that misery, which still exists because
it was so deep rooted, still complains of delay. There
have been, notwithstaidiag, serious, extensive reforms
effected, but which can only be durable by the aid of
progressive renovation,. It is necessary to enter on
that path, and march reiularly in it; not to flinch before
difficulties, but also not 0 be precipitate, lest everything
should be compromised and plunged into an abyss of
danger. When the necositie3 of the exhausted trea-
sury rendered it essentiit for you to husband all kinds
of resources, you adjouised both postal reform, that of
the duty on Ash, and ott of the direct contributipas,

But as soon as you were in a position to give free career
to your sentiments as well as to your convictions, you
did not hesitate to reduce or to do away altogether with
the taxes which weighed so heavily on the poor. At
the same time that you showed yourselves severe to the
utmost point, with respect to the salaries of public func-
tionaries—the number of whom is still too great—you
recompensed with eagerness the services of the pri-
mary instructors, and you gave proofs of your re-
spect for the old age of officiating priests, pre-
viously too much neglected. Never was an appeal msde
in this Assemby in favour of wretchedness, that the ma-
jority did not show itself ready to respond to it. The
difficult problems connected with the question of labour,
manufactures, and credit were t minified in all their
points of view, and though no definite result was come to
in many cases, yet you proved that you did not pass over
with indifference these formidable subjects, and that you
felt that they ought to be the object of a more profound
discussion. It may certainly be regretted that from
debates on these subjects there has not issued one of
these vast and sure conceptions destined to realise the
benefits which the people expect. At least, a warring
to the people themselves has emanated from what
has taken place, namely, that the most bril-
liant theories, when subjected to the test of
cool examination, are found to contain more decep-
tions than the boldness with which they were put
forward could authorise any one to suppose pos-
sible. Whilst urged by your feelings to show yourselves
jealous of the interests which the revolution of
February had recommended to you, you not the
less, on every occasion, evinced a firm resolution to pro-
tect France from all perturbations. The noble words
of order and liberty have been so much abused, that I
almost fear to use them after the hypocrisy which has
prostituted them. Your history, however, suffices to
render testimony to your devotedness to those principles
without which all society is only a heap of ruins. I will
not at this moment pause to draw your attention to these
terrible reminiscenses of civil war, further than to pay
a last homage to those of our colleagues whose ashes
are mingled with those of that immense hecatomb
formed by our dissensions. May so much blood serve
at least for a long time as a pledge of the internal
peace of the country ! May hostile parties stop short
at last in face of this formidable monument ! There
are other enemies to be opposed abroad ; and if the
Republic must have its anger and its hatred, let it turn
them to the profit of its greatness and of its glory against
those powers of which hordes appear to again menace it.
—(Loud applause.) There is no longer room in Europe
for two hostile principles; if the hour for the encounter
has struck, let France, who has never thrown out any
provocation, know how to accept that addressed to her,
and prove once more that peace has not withered her
heart or dulled the edge of her sword.—(Hear, hear.)
Your former and your recent votes have proved that you
have been anxious to turn in that direction the foreign
policy of our country. The Republic at its outset only
wished for peace, but that peace set forth as its condition
the right of nations—it contained the safeguard of its
nationality. Thanks to a calm and firm attitude, the
nations recognised the rights of each other, and every-
where the breath of the newly awakened spirit roused
up liberty, and dispersed what still remained of those
treaties of 1815, so long before torn to tatters. Every-
thing at the present moment is in movement in Europe.
Whilst Italy and Germany endeavour, by noble efforts, to
effect their independence, a valiant race has arisen from
the east, and after organising an army of 150,000 men,
has proudly taken its place i❑ the family of nations, by
inscribing her right on the page of her victories. Such
is the state in which we leave the world. Abroad are
hostile principles already in collision ; within are two
hostile parties which mutually calumnia'e each other
on the eve of all great struggles. To the latter you
leave as a legacy a constitution which must henceforth
be the rule and the shield of all power and right. 1
issue in your name the most ardent prayer that this law
may inspire all parties with the respect due to the work
of the Assembly chosen by the people to perform it.
Those who would attempt to violate it would not only
bring on their heads punishment but the curses of the
country. Let us salute with confidence the new Assem-
bly which is called to replace us, having faith in the
destinies of the republic. And let me be permitted to
close this discourse and your labours by the words which
inaugurated them—" Vive la Republique."
The authority of Assembly was to the last vindi-
cated by M. MARRAST against the usurpation of
General CHANGARNIER. M. MARRAST, on General
CHANGARNIER giving the order to the Lieutenant-
Colonel in command of the Guard of the National
Assembly to give up his command, forbade that officer
to do so, and he was obliged to obey the orders of
M. ARMAND MARRAST, whose authority as President
did not cease until midnight on Sunday, when that of
the President of the new Assembly commenced, so
that General CHANGARNIER was clearly acting ille-
gally in interfering at all with the Guard of the
National Assembly. To the firmness of M. ARMAND
MARRAST it is mainly owing that the coup d'etat for
the destruction of the Republic contemplated by the
Legitimatist portion of the Cabinet, and fomented by
"the detestable passions," to use the words of ODILON
BARROT, " which are agitated around the PRESIDENT
of the Republic," has been rendered impossible. It
is somewhat remarkable that M. DE FALLOUx, not-
withstanding his brilliant speeches of Thursday and
Friday is, it is said, no longer a member of the Cabi-
net. Can it be that he has resigned because his col-
leagues, more timid than himself, shrunk from the
fl grant violation of the law contemplated
by the apologist of the massacre of St. BARTHOLE-
MEW, and the panegyrist of the Inquisition, or is it
that M. ODILON BARROT, having at length opened
his eyes, refuses any longer to throw the mantle of
his political probity over the intrigues, by which the
brothers FALLoux, acting in concert with their
Jesuit allies, have endeavoured to sow dissensions be-
tween France and the Roman Republic. It is, how-
ever, almost certain that he has ceased to be a Mem-
ber of the Cabinet, which will it is said be consti-
tuted as follows :

M. ODILON BARROT .....Keeper of the Seals and
Minister of Justice.
Marshal BUGEAUD

M. DE REMUSAT.. Foreign Affairs.
M. PASSY ....Finances.
M. DUFAURE
M. DE I'OCQUEVILLE Public Instruction.
M. DE TRACY
M. LACROSSE Public Works.
A preliminary meeting of the new Legislative
Assembly was held on Sunday, M. KERATRY pre-
sided as Doyen age, and MM. Roca, ESTARCELIN,
ROLLAND, DE COISLIN, COMMISSAIRE, and BAUCEL,
being the youngest members present, officiated as se-
cretaries. The business transacted was merely formal.
The new members were in general respectably
attired, although some of the Ultra• Republicans
appeared in party-coloured jackets and heavy broad-
brimmed hats of black and white felt, similar in shape
to those the Italian brigands are represented as wear-
ing. The three non-commissioned officers, BOICHOT,
RUTTIER, and COMMISSAIRE, were also present,
wearing an undress uniform, without epaulets. A few
of the non-elected representatives, amongst whom M.
GOUDCRAUX was conspicuous, remained en perma-
nence in the Salle des Conferences until a late hour,
so as to form a nucleus around which the members
might rally, in the event of any attempt, on the part
of the Reactionaries, to renew the coup (Petal manqué.
The National, alluding to the rumour, that the
President and Ministry have disowned the acts of M.
LESSEPS, says, that by the bases of the treaty the
Romans would be entirely independent of the POPE
in so far as temporal power is concerned, and that is
what M. FALLOUX, amongst others will not ratify.,
On the other hand, it is said that M. FALLOUX s ob-
stinacy in this respect has thrown him out of the new
Cabinet, into which moderate Liberals, like REMUSAT
and TOCQUEVILLR, were to enter in his stead. This
latter rumour is the one most entitled to credit.
The Three per Cents. closed on the Paris Bourse on
Monday at 53f. 50c.; the Five per Cents. at 83f. 40c.;
Orleans Railroad Shares, 760 E; Rouen, 510 f.; Havre,
235 f ; Great Northern, 418 f. 75e.; Avignon, 193 f. 75c.;
Vierzon, 297 f. 50c.; Bask, 100 f.; Bordeaux, 402 f. 50c.;
Paris and Strasburg, 363 f. 750.; Tours and Nantes,
312 f. 50c.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE, NAY U.
Boulogne and Amiens, 634 ex coupons—Central of France
(Orleans and Vierzon), 1134—Great Indian Peninsular, 5
Northern of France, 9%—Paris and Rouen, 193/4—Tours and
Nantes, 3%.

SPAIN.

Madrid journals of the 22d have arrived.
The TRISTXNYS have returned into France.

MADRID BOLSA, MAT 23.—Three per Cents. 25 ;
Five per Cents. 10i, both paper. Exchange on Lon-
don, 50 30.

DAVIES'S MAPS OF LONDON.--Mr. B. R. Davies
has just engraved and published a map of the
British metropolis, on a large scale, which is the
most complete and correct of the sort that has yet
been presented to the public, inasmuch as it is carried
to a sufficient extent to show the boundaries of the
metropolitan boroughs, the county courts' districts,
and the sewers districts. There are, besides
the general Imp, two other editions, the
one coloured to show the county courts' districts,
and the other to show the sewers' districts. Mr.
Davies was employed to map out the sewers' districts
by the Commissioners of Sewers, and had, therefore,
access to every official document which he could
require to make his survey complete.

INSOLVENT POST -OFFICE OFFICIALS.—The Post-
master-General intends issuing a notice that persons in
the employ of the Post-office will be dismissed if they
take the benefit of the Insolvent Act. In peculiar cases,
however, where a person has become insolvent through
sheer misfortune or from the treachery of others, the
Postmaster-General reserves to himself a power to re-
instate such a person in office. This notice has been
rendered necessary in consequence of the frequent ap-
pearance of the clerks at St. Martin's-le-Grand in the
Insolvent courts, and the almost perpetual blockade of
the points of ingress and egress of the General Post-
office by sheriffs officers. some of the stratagems to
elude the vigilance of the blockade are exceedingly
comic, and are oftentimes very effectual, owing to the
numerous avenues to the interior of St. Martin's-le-

Grand.
The General Steam Navigation Company's steam-
ship Soho arrived at Madman early yesterday morning
with several passengers from Antwerp, after a delightful
passage 9f eighteen ta9uro,