The Sun.
London, England, 1849-06-13 00:00:00

ely „A,
- Atnii,
_

LONDON, WEDNESDAY, JUNE 13, 1849.

The Navigation Bill is now virtually the law of
the land. It was read the third time last night in the
Hou-e of Lords, its noble opponents contenting them-
selves with merely reiterating the objections they
had already put forward at considerable length
against the measure, but without going through the
useless form of a divi-ion, from which (as was candidly
admitted by the Protectionist Leader) "it was im-
possible to anticipate a different result from that which
followed on a former occasion." A clause, subsequently
moved by the Bishop of OXFORD to be added to the
Bill by way of rider, to the effect that Brazil should
be excluded from the advantages afforded to other
nations by the measure, was ultimately rejected
by a majority of 14, and nothing now remains but
that the It yal assent should be formally declared, and
the unwise and impolitic restrictions established
under the Protectorate in 1651, and confirmed,
with some slight modifications, in 1660, under
CHARLES H., will be at once, and, we trust and be-
lieve we may add, for ever abolished.
The beneficial results of a free and unfettered com-
merce are now thoroughly appreciated. The spe-
cious fallacies of protection have ceased to impose
upon the nation, and although interested parties may
still ascribe the evils under which the country has
suffered to the removal of the monopoly, by which
the industrious classes have so long been taxed for the
benefit of a privileged few, they can no longer
hope to deceive the people, or to produce a reaction
in favour of their narrow and shortsighted views.
Some degree of hope, however, existed while the
navigation code remained on the statute-book. So
long as the unnecessary impediments to free inter-
course with any nation remained—so long as it could
be asserted that any class were still
protected that any duties were imposed
for purposes other than those relating to revenue—
". lingering hope remaiaed that the "good old times,"
as they were pleased to call them, of high prices,
might be restored. If our merchants were prevented
from transporting, without let or hindrance, the
commodities which they were entitled to purchase in
any country, it could not be said that commerce was
really free. If the principle of buying in the
ch:eipest, and selling in the dearest market
be really well founded with respect to articles of con-
sumption, no v 1 reason could be assigned why
the doctrine should not also be applicable to the car-
riage of those articles, and to the vessels in which they
might be borne from one psrt or country to another.
By retaining, therefore, an exclusive system with
respect to ships, it might eventually be re-established
in every other respect.

There were certain grounds on which the naviga.
tion-laws might be maintained which did not apply
to the corn•laws. In the first place, it could not be
expected that•the Members of either Lure of Farlia.

ment were personally interested in their continuance. ,
The. great majority of " hereditary " or " elected "
legislators know but little of shipping, of ship-
owners, or of sailors ; they do not speculate
in freights, or undertake maritime specula-
tions. They might be charged with having
arrived at an erroneous and impolitic decision, but
the purity of their motives could not be assailed ; no
charge of selfishness could be preferred if the code
should still be maintained in all its stringency. An
adherence thereto might, therefore, have been
regarded with greater indulgence than if they
had been more directly interested in the result.
Many wealthy Peers and Commoners might be
induced to persevere in their opposition to the mea-
sure, who for very shame sake could not offer so
determined a resistance to enactments demanded by
the entire community, and by the passing of which
they might suffer serious pecuniary losses. Several
votes might have been influenced in the existing state
of affairs by such a consideration.
But the argument chiefly relied on by the
opponents of the Bill was the probable results of the
abrogation of these laws on the maritime defences of
the nation. The " wooden walls of England" would
then, indeed, cease to afford protection to our shores ;
" the honour of the British flag would for the first
time be tarnished ;" " the sun of England's glory
would set for ever ;" and " a gloomy darkness
would succeed the brilliant light that had so long shone
with a clear and steady lustre." Such were the
vaticinations uttered with grave aspect and in por-
tentous tones. The high authority of ADAM SMITH
was adduced to show that " the Act of Navigation
was one of the wisest of the commercial regulations
of England," and that " opulence was of greater
importance than wealth," was repeated in every pos-
sible form. Many enthusiastic free•traders were de-
ceived by these prophecies, and induced to sanction
the continuance of a code which their reason
condemned. The cause of truth and justice has,
however, triumphed, notwithstanding those difficul-
ties. Sagacious and prudent counsel!, have at length
prevailed, and we may now congratulate the
nation on the removal of the last remnant of mono-
poly and exclusion, and the establishment of our
national trade on a basis of perfect freedom, without
restriction or impediment.

Nothing further remains to be done, at any rate
this session, in the Imperial Legislature, with re-
ference to the, scheme of Arbitration. After the
lengthy debate of last evening the public have had
quite enough of it for one while in all conscience.
Of this we are the more particularly satisfied, from
the knowledge that the masses of our countrymen have
no very great appetite for those " political crotchets
and 'international vagaries" which yesterday passed
under the incidental sarcasm of the Hon. Gentleman
the representative of the county of Buckingham.
However ingenious may be the arguments of the
Member for the West Riding, they failed to persuade
the House of Commons that the acceptance of
his motion would be other than a subject of scorn
and ridicule to every nation in the European conti-
nent. Surely we don't want Mr. COBDEN'S assurance
that war is wrong to satisfy our judgment upon a
point which, eighteen centuries ago, was decided by
the divine and inspired pen of the Evangelist. The
blessedness of peace among nations, as among families,
is too self-evident to require any illustration that can
be gathered by the uiembers of the Arbitration Society.
Both the Hon. Gentleman who frittered away the

time of Parliament last evening by introducing his

very amiable but very absurd, because very im-
practicable and visionary scheme, and the sup-
porters of the Honourable Gentleman, have com-
mitted a most extravagant blunder in supposing
that the Houses of Legislature have to be schooled by
them, forsooth, in the doctrines of Christianity.
Why, there was not a man with two grains of com-
mon sense who had not long ago known and ac-
knowledged that war was a grievous and perilous
necessity, contrary to the impulse of every humane
feeling, and in direct opposition to the dictates of
religion. Mr. COBDEN is marvellously mistaken in
imagining that the world waited to be enlightened
upon this sul-ject by himself and his coadjutors. The
world knew it years and years (and the truth bad
been discovered and proclaimed ages and ages) before
he was born. The whole project, however, being one
vast fallacy, one preposterous day-dream, it has been

appropriately based upon this preliminsry blunder.
Another monstrous error which the Peace Society
seem to be very solicitous to promulgate is this, that
no one but themselves and their sympathizers can
entertain a proper appreciation of the horror► of blood-
shed, that no person opposed to their idle and im
possible aspirations can be sincerely and conscien-
t►ously solicitous for the general pacification of man-
kind. This impudent pretension we altogether and
at once repudiate. And we insist upon the truth
which has long since been condensed into an axiom
that virtue does not exclusively belong to those who
announce themselves to be its po'sessors. Because

a man does not choose to make himself ridiculous by
joining, in the demonstrations of some eccentric phi-
lanthropists at Exeter Hall, he is not surely on that
account to be regarded as a bloody-minded indivi,
dual, gloating over the returns of the killed and
wounded received at one moment from Hungary, at
another from Jutland, at another from the Italian
peninsula. Neither is a Member of the House of
Commons to be abhorred as a hater of his kind—a
sort of compromise between TIMoN and SAWNEY
BEAN—simply because he votes against some fanciful
project introduced by the Hon. Representative of the
West Riding.
Let Mr. COBDEN carry out his project for the sub-
stitution of Arbitration for War, and consequently
for the ultimate disbandment of the army and the
total abolition of the military profession ! Let him
send the artillery to be broken up and melted into
peaceful articles of ironmongery—let him turn the
swords and hangers into toasting forks—let him re-
strict the employment of gunpowder to the brown
paper pods of the pyrotechnist—and what would be
the result? Why, we warrant him, the noble
science of self. defence would be very soon in the
ascendant. The military tacticians would be
succeeded by the heroes of the Ring! Mr.
BENJAMIN CAUNT might hope to replace
the Duke of WELLINGTON at the Horse Guards.
We should find Mr. THOMAS SPRING gazetted vice
the Right Hon. Fox MAULE, and Signor BENDIGO
in lieu of the Marquis of ANGLESEY. JOHNNY
BROOME might hope one of these days to be Governor
of the Tower, and OWEN Swwr aspire to become
Lord Warden of the Cinque Ports. Deprived of all
other means of perpetuating contention, men would
fly to any accidental instrument as a weapon of self-
defence or of vengeance. Turn, in proof of this, to
the popular
of re
outbreaksbruaroy. We a
of the French.
to
b.
by the
Lookat hs
invaemenint thatm multitudes
t twhenudes
historians of that
the populace weregresattreammo
through the streets in the direction of the
Tuileries, for the purpose of storming the palace
of so many sovereigns, they were armed not merely
with swords, and muskets, and daggers, and knives,
and pistols, but that among the combatants hundreds
were recognised with all descriptions of outlandish
weapons. One man, says Mr. WALTER K. ELLY, in
his narrative of the " Days of February,'' was seen
carrying a rod torn from some area railings and
sharpened to a point, the surface still glistening from
its recent application to the grinding stone. Another,
says he, bore a huge block of granite pendant from a
cord. Another toiled along under an immense plank,
to be used as a battering ram. Another had no better
contrivatc,e than a piece of steel wire, heated, to be
employed as an instrument for puncturing. Besides
these, there were numbers of children, the enfant de
Paris, carrying stones, gathered in their caps and
pockets. This, be it remembered, was for war in the
streets ! And yet we are told by Mr. COBDEN and
his colleagues to disband our army, to do away with
our navy, and to set about establishing an universal
system of Arbitration ! If History, past and present,
assures us, as it does, that it is impossible to pre-
vent fighting within the frontiers of one country,
does it stand to reason that this system of general
international arbitration is in the smallest de-
gree feasible ? Ne : before the Peace Society
can work this sublime miracle tbey must
effect a complete change in human nature. They
must eradicate from the breast of man all evil pas-
sions, all hatred, all envy, all rage, all revenge, all
cruelty, all cunning, all impetuosity; they must po-
pulate the earth not with fallible beings like ourselves,
but —with infallible; they must improve upon the

creations of the Great GOD, and people the globe not
with creatures liable to sin, not with French, or Rus-
sians, or Italians, or Americans, or Anglo-Saxons,
but with Angels. Non Angli sed Angell. A witty
essayist may undertake, in a spirit of jocoseness, to
disprove the accuracy of old adages, as was done
so merrily by our immortal " Elia." But Mr. COB-
DEN will find it rather tough work to attempt any-
thing of the kind with the heavy weapon of political
argument. The scimitar of SALADIN was required
to sever the gauze veil. The broadsword of Cceur de
Lion was effectual only upon some obstacle more
massive. So will it be with the present adventure of
the Peace Society. Si cis pacem, para bellum, will
survive all their attacks. Let them remember,
moreover, the fate which attended the venerable
'Leader of the Pickwickians, when he endeavoured to
illustrate the advantages, first of arbitration, and
then of mediation—his philanthropic interposition
between Mr. POTTS and his antagonist being re-
compensed on the one hand by flagellation with
a kitchen shovel, and on the other with
the descent of a carpet-bag on his " organ of
benevolence," the said carpet-bag being rather un-
pleasantly stuffed with a very hard hair• brush in one
corner. So much we fear awaits all those simple-
hearted gentlemen who revel in the practicability of
Arbitration. The members of the Peace Society
had better " look out" for the movements of the
carpet-bag and the shovel, especially if they intend
to hold their next congress at Paris!

MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.
The market for Cotton at Liverpool yesterday was
steady and closed firmly, but without animation. The
sales were estimated at 7,000 bales, including 5,000
American at 34d. to 60., 1,100 Pernams, &c. at 4;d. to
5d., and 300 bursts at 3kd. to 31d. per lb. Railway
Shares were rather better.
In the Corn Market there has been no alteration of
moment.
Accounts from Belgium represent the grain crops as
presenting a most luxuriant appearance. The rye was
strong and full, the wheat thick and vigorous, and ap-
t parently ot excellent flavour, owing to the night dews
and the dry days. The potatoes also are well spoken of,
and this, with the large supplies of corn on hand, in-
duces the opinion that prices will be much lower for
corn before the next harvest. The quantity to be ob-
tained from St. Petersburgh, Odessa, New York, &c., is
considerable.
The Amsterdam market was firm on Monday for
Dutch Securities, but Mexican and Peruvian were
lower. At Berlin, on the 9th, there was no variation
generally. The market was good. The Frankfort
Bourse- on the 9th was steady. The Five per Cent.
Austrian bonds were at 73.
The letters per Canada steamer were delivered yester-
day afternoon, :and confirm generally the outliae given
under this head. Trade was in some respects rather dull,
but this may be a pause after the large imports to meet
the anticipated Californian demand. At the latest date,
however, the imports were much smaller than at the
corresponding period of last year, or indeed of any period
tor the last three years. That the wants of California
will be great we have not the slightest doubt, and it is
equally certain that there will, in the course of a few
months, be much prompter means of sending remittances
in return, the chief drawback hitherto, and the cause of
that pressure in the American Money Market which has
subsided only upon the arrival of bullion from England.
There is a great deal said about the Cotton crop in the
States, but the conclusion we come to after a perusal of
the various accounts is, that although it may be a week
or two behind- hand, there is no fear of the yield not being
adequate to the consumption of Europe.
Trade in Canada ruled very dull.
The accounts from New Grenada are more favourable,
and great anticipations were formed of the result of the
administration of the new Governor, General Lopez.
Venezuela, on the contrary, seems to be retrograding.
There is reason to hope that the civil war in St. Do-
mingo will now be early brought to a close, President
Solouque having sustained a signal defeat. The Port-
au-Prince market was necessarily very dull.
The Severn had arrived at Mobile from Vera Cruz
and brought advice. from the city of Mexico to the 14th
May. The ministerial crisis in the city of
Mexico, has passed. After the refusal of Senor
Munos Ledo, it was proposed to confide the
portfulioof Foreign Affairs to M. Larraiozar, but having
met opponents in the body of the Cabinet, it wan aban-
doned. The choice was then fixed on Senor Penay
Pena ; but having been numbered among the traitors of
his country in favouring peace, his confirmation
was refused by the Chamber of Deputies by a
vote of 38 to 35. The Deputy Dun Jose Marin
Laeunza was then proposed, and his nomination to
the portfolio of Foreign Affairs was confirmed by the
Chamber ot Deputies, thus completing the Cabinet. M.
Arrangoiz had submitted a plan for liquidating the
national debt, which amounts to dollars 138,000,900.
In the neighbourhood of Jalapa new mines had been
dibcovered which were about to be worked. The Alexi-
' can Boundary Commissioners were expected to occupy
about twelve mouths in their labours.
The effect of the settlement is not yet over in the
Stock Market, but as the Bears have nearly brought
their accounts to a close, the quotati•eas are left with-
out
artia,A,l support. Consols have been 924 to 924,
with the dividend and for money. Bargains for the
opening have been made at 901 to 9(-1 ex div. Batik
St ck has touched 1941 to 195. Exchequer-bills are
455. to 435. premium ; and lodia Bonds 68s. to 71s.
The New Three-and-a-quarter per Cents. have been
914 to 914. The prospi et of the Sti ck Matket appear
to be good, and the ultra-Republicans at Pads are
not expected to gain the ascendancy, while there is an
impression that when the French succeed in entering
Herne, which eventually they are fully expected to be
able to do, they will show that the satisfaction of their
amour propre was the chief point aimed at, and that
having yin :icated their military honour, they may be
di,-pused to be very liberal, and leave the Romans to act
freely in establishing a new form of government. This,
while keeping the Austrians in check, would have a very
good effect generally.
The arrangements for adjusting the Foreign account
are in progress to-day, the settlement taking place to-
morrow. Spanish Five per Cent. Stock has been 161 to
161, and the Three per Cent. 33i to 334. Portuguese
Four per Cents. have been 27i. Dutch Two and-a-
-ll& per Cents. have touched 501. Mexican Bonds are
294 2, with the Coupons. Grenada 16 to 4, and Bra-
zilian 78. Peruvian Four per Cents. are 51 to 524.
The Committee of Spanish American Bondholders have
received a letter dated Mexico, Ma) 12, from Mr. W. P.
Robertson, who states that the negotiations are proceeding
favourably for the appropriation of a portion of the
American indemnity money, to the part payment of the
overdue dividends, accompanied by an arrangement for
the payment of a graduated interest on the principal sum
due by Mexico to be hereafter agreed on, and Mr.
Robertson speaks highly of Senor Arrangois.
Railway Shares generally are firm to -day, and in
some cases higher. Midland, North• Western, and the
York lines are an exception, but Great Western, Brigh-
ton, and Eastern Counties are buoyant.
CLOFING
FUNDS PRICES
Hank Stcck ... l9ll/2 195 195
3 er Cent. Reduced A-ms ...... 9014 91 91
per C3r.t. Consols Annuities 92N qi,/,%% 9214
New 34 per Cent. Ann 5...... 015.a043i043% 913/4
song Anns. to expire J an. 1860 -16 8 8
Ditto 30 years. Jan. 5, 1860 B% 83k
India Bonds, 1,0001.
uitto under 1,000/........- 7l p 71 p
Consols for Opening .. 92%A 5,1% 92 LA2
W,actiequer 13ilia. I iyd. & 2d.
1,0001. June ..... ..... 45 p 48 p
5001. June ............ 45 48 p 48 p
Small. June 45 p 45 p
PRICES OF FOREIGN FUNDS ONL CLOSINe
011:LXIC. ?RIC r:s.
3razilian Bond's
Equador Bonds
Grenada Bonds, 1 per Cent 1614 16 15
Ditto Deferred 3
Mexican, > per Cent. 1846, with Coupons 29% 29%
Ditto, Ex Coupons
Ditto, Account 27'%41/4 27%
Peruvian Benda, 6 per Cents
Ditto, 4 per Cent.
Ditto Deferred l4
Portuguese 6 per Cents.
Ditto, 4 per Cent .. 27% 27%
ltirsisin Bonds sss WI 101
Spanish 5 per Cent. 1840.
Ditto, Passive
Ditto, 3 per Cent
Venezuela Bonds, 2% per Cent — 2014
Ditto, Deferred 6
Dividends on the above payable in London.
T;U2shper
SHARES.Cen AI
Cent., 12 Guild 50% 50 50% 50
RAILWAY %
• PRICES OF PD.
AriTtrs
oIg3O3,CDLOocNKE. CLOSING
Aberdeenso
Birmingham and Ox-
ford Junct., calls duly
Bristol paiitdo:arin7diiii tErhd.: '94%7:: 71914 ..... -
Buckinghamshire ... 161.4.. ..... -**
aledonian I
2614
Ditto, New 101. Pref... 10
Eastern ..... 20 .........
Do. New Guaranteed
6 per Cent..
Ditto, Extension, 5 per
Lincolnshire
p
East sj
—.6.1'.
2123058.
175-
G EdinburghrDe
Great
ttt
Cent.,
NoNorthern
t haNal
efnor
nd Glasgow
Shares
hia.r.
.e:2500
15%.............. ...... .... . . . 2-9
5;4
79 79%
Ditto, 4 Shares ...... 60 ......
16%
Ditto, 14 Shares ...... 23 .....
GrDDDeao:t.:
16 Ditto, Fifth,............ 20 ...... 13 ,
Ditto, New 171....... 15 ... 10!4
Hall and Selby ...... 50 971/e • .
C-ee.d.n.t.:1012027%11/1.....-
Lancashire & Yorkshire 93 .....
Ditto, ditto
34
Ditto, Shares ...... 46 ... 34
Do. Fifth 5............... 10
Do. Thirds 15 7 •..-
4
Do. (W. Riding Union) 9 ... 4 ......
37%
Western
BAt
e n6DsPieoefner r:
Do.( Preston & Wyre) 25
Do. 14 Shares (A.)... 9% ............
1014
London & Black wa11...... 12;4 •• ......... •• Viz
L midon, Brighton, and
South Coast 5O ..... 361,4',54..•....•• 36%
London and N. Western 100 ......125 126 125%
Ditto, New Quarters.. 7
7
.2