The Sun.
London, England, 1836-03-03 00:00:00

THE SITN, LONDON, THURMAY, MARCH 3, 1836.

We are aware that there are distinguished names
in British history upon whose memory this sen-
timent may seem to cast a reflection—such for exam-
ple, as ELIZABETH, CROMWELL, and WILLIAM 111.
—but the fault was not theirs, for there were then no
Doctrinnaires capable of teaching the art of preserving
the peace of Europe. None of the illustrious names
we have mentioned knew anything of the wonderful
importance which modern statesmen attach to the re-
ception of all diplomatic intelligence, through recognized
channels ; nor would it have been easy to have per-
suaded them that anything done was not done till the
announcement was made conformably with the rules of
official etiquette. Lord PALMERSTON had no doubt
of the occupation of Cracow by the Austrian army.
This would have been quite enough for either CROM-
WELL or WILLIAM 111. They would have sought
no more than the conviction that action was
necessary to prevent a foul stain from being cast
on the honour of Great Britain. But if greater re-
serve be necessary—if advices are only to be received
through certain channels—why is their conveyance not
accelerated ? It is absurd that rumours copied from
journal into journal, and translated out of one language
into another, should travel faster than the couriers of a
Government.

The Memorial Bordelais contains the following an-
nouncement, which, if true, is very important :
" An order of the ay, published in all the French regi-
ments on the frontier, authorises the officers and sub-officers
to serve in the Spanish army, and promises them promotion.
It is said that, in consequence of these arrangements, the
French auxiliary legion will be increased to 12,000 men."
Annexed is the latest intelligence received by the
French Government from Oran :

PARIS, MARCH 1.--We collect the following particulars
from the accounts by several vessels that have arrived from the
Coast of Africa in the ports of France.
The expedition to Tremezen returned to Oran on the 12. k
February, having had two serious engagements with Abel
Kader, who had 8,000 men, but was defeated. A letter says
that Marshal Clausel had levied contributions at Tremezen,
so that this campaign will have the advantage of haring been
glorious, and of having occasioned no expense.
Another letter says that Tremezen has been burred. This
seems improbable, because a garrison of 300 french and
1,500 Turks, under Colonel Cavaignac, with imvisions for
seven months, was left in the town.

While these events are passing in the interior )f the cows-
try, the fury of the Arabs was extreme, and not a day
passed without some musket shots being exchang:d with them
about the ramparts of our three fortresses. At Oran, the gar-
rison, reinforced by all the men able to bear arms,were not
strong enough to go out of the gates, and protcet the natives
our allies, whom the enemy despoiled of their fbcks. It was
hoped that Marshal Clausel, on his return wouldsand a detltch-
meat to punish these acts of plunder and recaer the booty
taken from our allies.

Expeditions intended to be undertaken next spring, among
which is that to Constantia, are still spoken )f. It is sup-
posed that the troops that went to Mascara,. will remain in
Africa, as well to co-operate in these expeditons as to enable
the troops that have been four years in the coony to return to
France.

A letter from Bona says :--" The Agathe Jed brought us a
reinforcement of "WO men, of which we had great need, for the
garrison had so many sick and convalescent that it could not
supply the men necessary for all the posts in the town. At
present there arc few deaths in proportion to the number of
sick. The fevers have ceased, and in general every holy is as
well as can be wished."—Messager, March 1.

FRENCH FUNDS.—PAirts, MAtCH 1.
Five per Cents., 109 f. 71c. 73c. 60c. 65c.
Four per Cents., 1041.
Three per Cents., 80f. 75c. 70c 60c. 65c,
Rank Action.. 2,160 f.
Rente de Naples, 99f. 80c.
Roman Five per Cents., 10314.
Spanish Actives, 41114 457 k 46.
Spanish Differes, 2344.
Spanish Passives. 15W, 15.
Belgian Loan, Five per Cents, 101.
Portuguese Three per Cents. 5334.
EXCHANGE ON LONDON.
One month, paper, —c. —c. ; money 25f. 50e
Tkrcc months, paper, 251. 35c. ; money, 25f. 33c
—lO ,rs AuthentiVie.

BOE:ItSF., THREE O'CLOCK.—The settlement of the month's
account is going on smoothly. The Three per Cents. were
better before the regular opening of the Bourse, the price
being then 80f. 821 c., but it has since receded to 80f. 70c.
The Spanish Actives looked up at the opening. The first
quotation was 461, but it has since fallen to 45K. It is as-
certained that the fall of yesterday was occasioned by great
sales for a party at Antwerp.
WattTER TO Four..-Five per Cents., losr. 60c. ; Three
per Cents., 80f. 60c. ; Five por Cents_ gpo.nisli, Three
per Cents. Spanish, —; Cortes, —; Coupons, —; Gueb-
hards, —; Differes, I7i ; New Loan, —; Actives, 46 ;
Passives, 15 ; Ducats, 99 85 ; Romans, 103 k ; Pedros, —;
Belgians, 104 ; Dutch, —f. —c. ; Haytians, —f. —c, ;
Aliguels, —; Brabant Bank, —; Belgian Bank, 14; Con-
tinuation, —c. ; New Differes, 235; Five per Cent. Perpe-
tuelles, —; Royal Loan, —.

Her Most Faithful Majesty DONNA MARIA has
placed herself in such a strange predicament, that she
can neither advance nor recede without either offending
her consort, or violently opposing the Cortes. By ad-
vices from Lisbon to the 21st ult., we learn, that her
MAJESTY had the temerity to write a letter to her
husband, conferring upon him, of her own mere Will,
the Commandership-in-Chief of the Portuguese army.
The Cortes naturally enough were alarmed at such a
stretch of the prerogative. A motion was made in the
Chamber for excluding the Prince- from the command,
which was so well received, that the utmost Ministers
could obtain was the adjournment of the debate sine
die. Thus stands the affair at present ; and though
it is likely that the Chambers will eventually confirm
her MAJESTY'S appointment, yet the attempt to con-
fer it without the consent of the Cortcs will not be soon
forgotten. DONNA MARIA is very far from being so
popular now as. she was at the period of her accession.
Her temper is by no means likely to endear her to her
subjects ; and her notions of the prerogatives of
a Constitutional Sovereign such as accord not with
the convictions of her people. Neither is her MA-
JESTY'S heart likely to redeem the faults of her head,
if we may presume to judge from her conduct on those
occasions when the QUEEN stood confessed in the

woman.

The sale of the national property still continues,
and the lots recently disposed of have brought high
prices. Throughout the country the people are tran-
quil, orderly, and industrious. Some time must
elapse before all the injury done to property during the
late war is repaired.

Lord HOWARD DE WALDEN, the British Minis-
ter, was in daily communication with the Foreign Mi-
nister on the subject of a new treaty between Great
Britain and Portugal. His Lordship, on the part of
this Government, offered to reduce the duty on Portu-
guese wines, if certain reductions were made by the
Portuguese Ministry on British woollens and cottons.
This proposition had not been agreed to on the 20th
ult. In fact the Cortes were decidedly opposed to any
treaty which might appear to confer the slightest ad-
vantage on Great Britain.

During the last year the quantity of wine exported
from Oporto was 38,297 pipes, of which Great Bri-
tain alone imported 32,297 pipes And yet the Por-
tuguese Cabinet demur to grant a treaty which may
encourage the manufactures of a customer seven times
better than the whole world besides !

'We have advices from Bilboa to the 12th instant.
The incapacity or treachery of CORDOVA--we know
not by which name to call it, though we believe the
latter to be the proper one—is loudly
complained of
in all correspondence from that quarter. Hie boasts
are mere empty vapourings, to which no attention is
paid by any party. The siege of Balmaseda has been
raised, after being carried on " with great fury and
obstinacy on both sides" for nearly a fortnight ; and
yet at what cost of life and property does the public
suppose ? Some hundreds slain, an equal number
made prisoners, and the loss of several pieces of can-
non ? No, no ; not so bad neither. The Carlists
and Christinos are more considerate in their mode of
carrying on war. If they cannot slay their enemies
wounded.
without danger to themselves they march off, sa.
tisfied with having spewed themselves in arms.
On this occasion neither the besieged nor the
single me
exchanged,ankilledo which
did
bseosmieegerrsaniciloarnd a sin v
shots

about is much execution as if the belligerents had
taken aim at the man in the moon. In fact
it is nly when some straggling unarmed band of
the enmy fall into their - hands, that the Spaniards
disPlasa right valorous spirit. In theCarlist Gazette of
the 7tl of February, it was officially announced that a
Britisi officer, a sergeant, and three privates, had been
capturd by the Carlists, and that by command of the
PRIME they were all shot. Some of the Urbano-
militia were likewise seized, and the same merciful
aspirait to a throne gave orders that they should be
hange, without the formality of a trial ! It is in the
perpetation of such cold-blooded butcheries as these
that tie Spanish soldiery display the valour for which
they re so celebrated.

Leters and papers from Madrid to the 24th ult.
have )een received. The Gazette of the 23d contains
a reprt from General CORDOVA to the Minister at
War giving an account of an interview which he had
withsome officers of General HA RISPE'S staff, from
whici he is pleased to augur the happiest results.
It Tpears that the French authorities provided
a ccch for him, with which mark of respect he
is so elated as to request that the French KING
may receive the thanks of the Spanish Ambassador,
in the name of his Government, for the favour of
which the Spanish Commander-in-Chief was the ob-
ject. This is very pretty, and if complied with, may
indwe LOULS-PHILLIPPE to order two coaches for
COIDOVA the next time he passes the French frontier.
We do not greatly blame CORDOVA for writing
sucli frivolous despatches. Such an employment
of his time, is even better than playing at hide-and-
seek with the Carlists, and then complaining of the
mists, fogs, rain, weather—and, in fact, everything
but his own incompetence to lead an army. The Mi-
nister ought forthwith to recal CORDOVA, and replace
him in his nominally warlike post at the Palace.
Among the ladies on the Prado, the dangling of his
sword might add considerably to the grace of his ex-
terior ; and certainly it is the only place in which it
well becomes him to wear one. Something more than
etiquette is required to put down a rebellion in which
the principal actors are steeped to the lips in atrocities
of the most barbarous description.

Prince CHARLES of Naples and Miss SMYTH,
had arrived at Madrid on the 23d.

In the Moldavian correspondence of a Morning
Contemporary, we find it stated that the reigning,
PRINCE is the creature of the Cabinet of St. Peters-
burgh. This is a fact of which few are ignorant ; and
is moreover only the natural result of the treaty of
Adrianople, by which all but the nomination to the
Hospodariats of Wallachia and Moldavia was ceded
to the AUTOCRAT. The concluding passage in this
letter is, however, of importance to commercialists.
Here it is
The towns of Galatz and Ibraila on the borders of the
Danube, Kiatra on the border of the Bistritz, the capitals
Jassy, Bucharest, and Krajora, and the towns Botochan and
Foksham'en in Moldavia, are places which promise much from
the establishment of English mercantile houses already in pro-
gress in those places. I can assure you that their inhabitants
&sire to see many more establishments of the same nature ;
and as they afford the means of making handsome fortunes,
we have every hope that the English commerce will soon
spread amongst us, so that we too may benefit by it, and,
above all, that we may never again be lost sight of in a politi-
cal sense."

A small pamphlet "On the Fluctuations in the
Money Market, by a Money-Dealer," has been lately
published by EFFINGHAM WILSON. The writer's ob-
ject is to point out the pernicious effects of the system
pursued by Bankers, Bill Brokers, &c., in their pecu-
niary transactions, and to suggest a remedy for the evil.
These fluctuations, so mischievous to the commercial
and trading part of the community, he imputes to the
errcneous notions entertained by the money-dealing class
respecting the nature of the bank note, which
they consider not as the representative of capital,
but as capital itself. To this radical error he traces
those foolish alarms which are every now and then
occurring, when it is known that large payments are
about to be made in bank notes. On those occasions
the universal answer in Lombard-street, to applica-
tions for money, is " nothing to spare,"—a dread of
the notes going in and contracting the circulation,
producing not a scarcity of money, (for that may be
more plentiful than before,) but an unwillingness to
part with it. But on the other hand, let the Bank-
broker go into the Market and buy half a
million of Exchequer Bills, and what a different as-
pect the Money Market assumes I Discounts fall—
Consols rise—and the bankers have more money than
they know what to do with.
To correct this extreme sensitiveness in the Money
Market, which the author contends is entirely governed
by opinion, he suggests that all large payments to the
Treasury or the Bank should be made in bills instead
of bank notes, by which means the scarcity of money,
occasioned by the very apprehension that it will be
scarce, would be avoided, and—to use his own words
--" the relief to the Money Market would be instant,
great, and permanent." The pamphlet is well written,
and we doubt not will attract, as it deserves to do, the
attention of the mercantile world.

Since wri ting the foregoing article, a pamphlet,
p üblished by RIDGWAY, recommending a Parlia-
mentary enquiry into the circumstances of the panic
which took place in 1825, has been put into our
hands. It is from the pen of Mr. T. JOPLIN, the
author of an excellent digest of the evidence taken by
the House of Commons on the last renewal of the
Bank Charter, and in its style and manner bears
a strong resemblance to the lucubrations of the
" Money-Dealer." Mr. JOPLIN enters into an inte-
-1 resting detail of the circumstances attending the great
national crisis, and claims for himself the credit of
having arrested it. We think he has made out a good
prima facie case, and as he asserts that he can bring
forward sufficient evidence to substantiate his claim,
he is quite right in pressing it on the public attention.
Wre are not sure, however, whether a Parliamentary
Committee, at least in this stage of the business, is
the best mode of arriving at the attainment of his ul-
timate object, which is remuneration for the service he
rendered to the public. At all events we should re-
commend the enquiry to be limited to that one point ;
for to set about a solemn legislative investigation of the
causes and effects of a panic, which occurred so long
ago, might go far to produce a similar event at present.
The foundation on which Mr: JOPLIN rests his claim
is this :—lt is well known that the policy of the Bank
is to contract its issues when the foreign exchanges
are against this country, and to enlarge them when
these exchanges are favourable—that is to say, when
gold is leaving the country, and becoming scarce,
it is made more scarce ; and when it is flowing in
from abroad, and becoming plentiful, it is made
more plentiful. We do not know that the Bank,
constituted as it is, can be expected to act otherwise.
It is bound to pay its notes in gold, and it must at all
hazards provide itself with the means of doing so; but
the necessary result of such a system is to produce
fluctuations in the Money Market, and vicissitudes in
the commercial world.,. From 1819 to 1821 gold had
been pouring in from abroad in a copious stream.
Money was to be had in abundance—trade was in a
flourishing state, and speculations of all sorts were en-
tered into with a keenness and thoughtlessness wholly
unprecedented. In November, 1824, the oscillation
in a contrary direction began. The Bank, however,
did not commence its counteracting operations until

the end of April 1835. It then found that six mil-
lions and a half of its treasure were gone, and it began
to contract its issues. The Directors made amends
for their former dilatoriness by the subsequent rapidity
of their movements, for they effected in six months
what, as Mr. JOPLIN observes, ought not to have
been done, if done at all, in less than two years. The
affect of this great and sudden contraction of the cir-
culation was a general scarcity of money, and unprece-
dented distress among commercial men. The Bank
feeling its coffers drained refused to discount bills, or to
advance money on any security. Country banks began
to break—the town banks followed—the alarm
was universal. Up to the 13th of December, 1825,
the Bank adhered inexorably to its resolution.
On the afternoon of that day there appeared a leading
article in the columns of an Evening Contemporary,
pointing out the course which the Bank ought to pur-
sue, and showing the perfect safety with which it
might extend its issues, to any amount required to
supply the temporary absorption of the circulating
medium. Several other articles to the same purpose
followed in succession, and the writer of these articles
was Mr. JOPLIN. The principle laid down by him
was, that no danger of affecting the exchanges was to
be apprehended from the issues of the Bank being
increased at that moment, as the money was wanted,
not for the purpose of commerce—through which
alone, and after a considerable time, the exchanges
could feel the effects of such issues—but to fill up the
vacuity in the circulation occasioned by the panic, which
had produced an unreasonable want of confidence, and
had prompted all who had money out to call it in ; and
that when the pinch was over and confidence restored,
the Bank would find no difficulty in withdrawing the
superabundant supply. The principle was sound ; and
there can be no doubt, that on the morning after the
recommendation of Mr. JOPLIN appeared, the Bank
completely altered its system—so much so, that from
the 13th to the 24th of December, its issues increased
from eighteen to twenty-five millions, independently of
gold, which must have raised the amount to ten mil-
How. Whether it took the hint from Mr. JOPLIN
or not, is a point which we cannot determine. That
it did so seems extremely probable, but we think there
• can be little difficulty in coming at the truth. The
testimony of the Bank Directors would be conclusive on
the point, and we cannot think it would be withheld.

CARLOW ELECTION COMMITTEE
(THIS DAY.)

The members of this Committee met this morning in the
Vice Chancellor's Court, pursuant to adjournment. As on
former days, a great crowd of spectators was in attendance.
The case against Mr. O'Connell having closed yesterday, the
Learned Gentleman's defence was proceeded with to-day.
The first witness examined was Mr. Thomas Tyrrell, a
native of Carlow, now residing in London. His evi-
dence related to the first negotiations with Mr. Ra-
phael respecting the representation of Carlow, previous to
the general election of 1835, and of which, for a consi-
derable period, Mr. O'Connell had no knowledge. The wit-
ness, in his various communications with the ex- Sheriff, repre-
sented to him the necessity of spending a considerable sum
of " money," in order to ensure his return for Carlow, on ac-
a,ount of the expenses of the contest, and particularly to in-
demnify the voters who would certainly suffer persecution for
having voted for him. Mr. Raphael expressed his satisfaction
with this.

Mr. Tyrrell was under cross-examination by Sir. F. Pot
lock when our Reporter left.

DUBLIN ELECTION COMMITTEE.-
(THIS DAY.)

The Committee met again this morning, when they came to
the following resolution, in reference to the objection urged
yesterday by Mr. Austin, against the validity of the assess-
ment :—" That the assessment of the paving rate is, in the
opinion of this Committee, valid for all the purposes of the
late Dublin election."

Mr. AUSTIN then urged another objection against the assess-
ment, that inasmuch as it was a charge upon land, it should
be by deed sealed, and in proof that such an instrument was
deemed necessary by the Commissioners of paving, the assess-
ment was always made by deed up to 1834, when the practice
was discontinued. Upon this point the Committee decided that
the a§sessment being a personal charge, as well as a charge
upon land, the deed was not necessary for the purposes of the
election.

Mr. AUSTIN urged several other technical objections against
the assessment, all of which were overruled by the Committee.
Mr. AUSTIN then proposed that all the votes included in this
head should, to save the time of the Committe, be struck off
by the agents of both sides out of Court.
Mr. HARRISON objected to this course, on the ground that
many of the voters belonging to that class might be liable to
other objections.
An objection was then taken by Mr. HARRISON against
the vote of Thomas Walsh, who voted for the sitting
Members, on the ground, that although his landlord
had contracted with him to pay the
,taxes of his house,
still, that in point of law, he was liable, although his land-
lord had hitherto paid the taxes, and that the fact of his
liability invalidated his vote.
Counsel were discussing the question when our reporter
left. We understand that 279 votes are numbered in the
question.