The Sun.
London, England, 1825-12-06 00:00:00

[MORNINq POST.]

If the Catholics, or any amongst. them, could
possibly doubt the folly and impolicy of the con-
duct pursued by their leaders, let them look at the
proceedings taking place in the County of York,,
at the meetings assembled, at the resolutions pass-
ed, at the calls made upon Gentlemen connected
with the Protestant interest to come forward in
defence of our Constitution and our Church, and
those doubts will be removed. If ever there was
a cause which was injured, if not sacrificed, by
its pretended friends, it is that of the Roman Ca-
tholics. If ever men were roused from imprudent
slumbers to a just sense of imminent danger by
the insanity of their enemies, Protestants are
those men. At this time last year, and still more
perhaps after the putting down of the Catholic
Association, the ►feeling of confidence and security
was so strong, that there was a general disposi-
tion throughout the country to proceed blindly
to the extremest length of concession. The great
mass of the Protestant Clergy rem-►ined unalarm-
ed, or at least, silent and inactive, -and temper
and humility on the part of those who craved the
highest boon which the nation can give, would
have done much to increase that lethargy which
laid suspicion asleep, disarmed resistance, and
threatened to leave the ark of our religious li-
berties ungarded. But the Catholics once in
sight of their object, could no longer hide the spirit
by which they were actuated. The veil which
they had assumed to mount the steps of the
temple, dropped when they stood upon its thres•
hold ; and the cry of triumph which they raised
was so wild and dissonant, so little like grati-
tude, and so full of hostility and menace, that
the whole country woke at the sound, and now
presses forward to repel the intruders and to
close the gates against enmity and pollution.
Foremost in this great national movement are the
patriotic and enlightened Protestants of the
County of York. But if they have the honour
to be the first who rally, round our Constitu-
tion, they will not be the only ones. In every
county the spirit which they have displayed
lives to the same extent, and only waits times and
circumstances to break forth with the same fer-
vour. The signal has now been given, the mode of
acting has been pointed out, and the excellent re-
solution passed on Friday last at the numerous
meeting held at York under the presidency of
Lord Macdonald," to support at the ensuing elec-
tions only those Candidates who are decidedly op-
posed to the further concession of political power to
the Roman Catholics," will be reiterated in every
quarter with so much unanimity and effect, that
during the whole existence of the next Parlia-
ment, peril shall not again, approach our Church,
and Protestantism will flourish, yielding protec-
tion and toleration to all, and the more able to
do so, as it will feel itself secure and invincible
in its own strength.

[MORNING HERALD.]
The French Five per Cents. appear to have
recovered from the late shock. We should not
be surprised if they were to remain at their pre-
sent price, or nearly so, if even our Three per
Cents were to tumble still lower. Some time
since we copied, from a French Paper, a state-
ment showing that full nine-tenths of the French
debt were held by people possessing each not
wore than from fifty to 100 pounds Stock.
Now, though the French debt be 200,000,0001.,
yet when it comes to be divided in this
way, it is not easy for any sudden panic to
make an impression of it. This division, there-
fore, of the French debt into small parcels
may account for the late re-action. At any
time, and almost under any circumstances, small
holders of any thing are not, even in cases of
panic, induced to part 14 ith what they hold. Our
debt, and particularly the Three per Cents., is

differently circumstanced. The debt of the United
Kingdom, though amounting to 800,000,0001.,
is only held by about 200,000 of the people,
which is only a hundredth part of the population
of the country. Besides, there is always a good
part of our debt held on speculation; therefore,
when a panic takes place, it falls in a rapid ratio.
But our Three per Cents. as compared with land,
houses, mercantile bills, and Foreign stocks, is
much too high ; and from that cause alone,
we think it likely to still further decline in
price. But the bursting of the time bubble
certainly accelerates the fall. To the people ge-
nerally a fall will make no difference, the present
holders will still receive the same dividends and
pay the same taxes, and future holders will be
able to invest their savings at a more advanta-
geous rate, which will keep them from embark-
ing with so much eagerness either in_home or
foreign schemes, or foreign funds; and as to
the Sinking Fund, if there is a Sinking
Fund worth mentioning, it naturally makes,
a greater progress in the reduction of the Debt
when Consols are low than when high ; altoge-
ther we think this fall of Stocks advantageous
to the country. ft' they could have been forced
up beyond 100, and if the holders could have
been frightened by the Ministers into a reduction
of one-half per cent. interest, then the Minister
might either have been able to have added two-
and-half millions a year to the Sinking Fund, or
have remitted so much from the taxation.