The Sun.
London, England, 1849-09-21 00:00:00

MISS PARDOF.
This day is published, in 2 vols. Svo., with numerous Portraits,
rrIIE COURT and REIGN of FRANCIS the
FIRST, KING of FPANCE.

but by the unanimous animadversions of the public
press in every case that may come under their observa-
tion. Above all, we insist that it is an imperative duty

THE FRENCH REPUBLIC.

By Miss PARDOE.
Author of "Louis the Fourteenth and the Court of France,
The City of the Sultan," &c.
Richard Bentley, N Burlington-street,
(Publisher in Ordinary to her Majesty.)

We have received the Paris papers of yesterday.
The Moniteur du Soir announces that the Council
of State is engaged in devising a project for the settle-
ment in Algeria of the convicted of June, 1848, who
are at preient imprisoned in Belle Isle.
The official Zekoniteur publishes an announcement of
the raising of the blockade of Venice by the
Austrians.
The improvement in the health of M. DE FALLOUX,
noticed on Tuesday was not permanent. He had a
relapse on Wednesday, and recourse was again had to
bleeding. The Patrie of last night says, " The state
of M DE FALLoux continues to be of a rather grave
character; nevertheless we are assured that it is not
of such a nature as to occasion serious uneasiness."
The Committee of the National Assembly on the
Budget met yesterday. It is said that they expressed
an opinion that there was no necessity to have imme-
diate recourse to a loan.
According to the Evenement, the Greek Govern.
ment has applied to the Government of the French
Republic, requesting that no more passports for
Greece may be given to political refugees.
The negotiations at Borne still continue. The
Assemblie Nationale boasts that the POPE will make
none but mere formal concessions, and of the nature
of those concessions we may judge from the following
letter addressed to the National, by its Roman Cor-
respondent :
" The concessions said to have been accorded at
Gaeta, so far as the amnesty is concerned, amount to
this—that the Pope, on his return to Rome, early in No-
vember, will grant an amnesty, from the benefit of which
shall be excluded all the members of the Constituent
Assembly, the TriumverP, the Ministers of the Republic,
the leaders of the popular clubs, and the chiefs of the
National Guard ; so that the amnesty would, in reality,
embrace only those who have no need of it. As to the
secularization of the Government, it will only admit
laymen to offices that the clergy do not consider of much
importance. In the same partial manner the Napoleon
Code will only be applied in the reform of certain tri-
bunals, and to matters which do not infringe on the
power which
finally had
turned
tre-
ceived hof
esanction of i h
the elergy .TthenPope, municipalw
i
b w
into a consultative body, to be elected by municipalcipal
councils with power of deliberation on financial ques-
tions only."
A number of Poles in Paris, desiring to quit
France and proceed to America, to establish Polish
colonies in that country, addressed a letter to the
Prefect of Police, to be permitted to meet in order
to discuss the means of carrying their plan into exe-
cution. The first meeting was held on Tuesday
afternoon, in the Rue des Poules. The Commissary
of Police of the quarter, attended by several agents,
assisted at the meeting, which terminated by the
nomination of a commission of six members, who are
to occupy. themselves immediately with the prepara-
tions for their departure.
There were rumours rife in Paris yesterday of an
impending Ministerial crisis. It has been finally
resolved on that M. DE FALLOUX shall definitively
retire from the Ministry ; and it is said that another
of the Ministers, M. PASS; has also signified his
intention of resigning in consequence of the opposition
which his scheme for the imposition of an income-tax
has encountered; his colleagues have strongly urged
him to withdraw his unpopular proposition, after
the example set by Lord JOHN RUSSELL in 1848,
but M. PASSY is of a firmness almost approaching to
obstinacy, and he refuses to hold office except on con-
dition that he shall be permitted to propose his in-
come-tax.
It has been determined to re-enact
‘the tax on
potable liquorz.
JACINTO MORENO, an aide-de-camp of General
ORIBE, has arrived in Paris. It is stated that he is
charged with an extraordinary mission relative to the
affairs of La Plata.
The Princess DE LIGNE has arrived in Paris.
Signor DELLA Roca, ex-Minister of War in Pied-
mont, has also arrived in the same city.
The Algiers journals of the 15th announce the
total defeat and flight of a pretended Bou Maza, who
was endeavouring to excite the Kabyles of the Ju-
jurra to insurrection.
PARIS BOURSE.—THURSDAY, SEPT. 20.
The market has been again firm to-day, and prices
have slightly improved—Threes, for the account, closing
at 56g. 45c., and Fives at 89f. 35c. The market closed
as follows:-Threes, for cash, 56f. 35c.; for account,
56f. 450.; Fives, for cash, 89f. 30c.; for account, 891.
35c.; Bank of France Shares, 2,3551.; Neapolitan, 88f.
50c.; Spanish not quoted.
RAILWAYS.—There has been but little doing in Rail-
way Shares to-day, but prices have been well maintained.
Orleans closed at 755 f.; Rouen, 5351.; Havre, 265 f.;
Avignon, 225 f.; Vierzon, 312 E 50c.; Strasbourg and
Basle, 102 f. 50c.; Bordeaux, 4051.; Northern, 441f.25c.;
Paris and Strasbourg, 355'.; Nantes, 3021. 50c.; Monte-
reau, 1151.; Dieppe, 180 f.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE. Sam 20.
Northern of France, 214 dis.—Paris and Rouen,2l—Rouen
and Havre, 10%, Sambre and Meuse, 2,4.

devolving on the University authorities to discoun-
tenance such proceedings and to adopt such regula-
tions as will prevent tradesmen residing within their
jurisdiction from giving unlimited credit.to:persons
in statu pupillari.

THEATRE ROYAL, ADELPHI.
odor the direction of Madame Celeste,
THEE EVENING,

Will be performed the popular Drama of MARIE DIICANGE
Prlncipal characters by Messrs. Boyce, 0. Smith, Wright, Worrell
and Madame Celeste.

It is the duty of the State to protect me against
foreign competition, says the Protectionist. It is the
duty of the State, says the Socialist, carrying out the
argument a step further, to furnish me with the
instruments of labour (meaning thereby capital
and tools), and thus to protect me
against the tyranny of the capitalist. It
is the duty of the State to render the tyranny
of the capitalist impossible, and to give to every indi-
vidual a fair, that is an equal chance, in the race of
life, by confiscating all capital, says the Communist ;
and the Communist is the most consistent logician of
the three. Communism is the ultima ratio of Protec-
tion. Three years ago we should have considered this
reductio ad absurdum sufficient, but now-a-days there
are to be found many Protectionists who, rather than
give up their darling doctrine, would accept it with
all its absurdities—who prefer marching under the
banner of M. PROUDHON to accepting the common-
sense of Sir ROBERT PEEL. It behoves us, therefore,
to demonstrate the fallacy of the argument which is
common alike to Protectionists, Socialists, and Com-
munists. The State is bound to do so and so, say
they all. What is the State ? Not a Prince Fos-
TUNATUS, wandering about the world with an inex-
haustible purse—not a lord and master bound to
maintain all mankind, and authorised to demand
the proceeds of the labour of all mankind in return.
The days of l'Etat c'est moi are gone; even NICHO-
LAS of Russia would not venture to announce
himself as the Moi if he were-to be held responsible
for all the obligations which Protectionists, Socialists,
and Communists would force upon 1 'Etat. The state
is not a person—nnt an abstraction possessed of
certain rights different from the rights possessed by
individuals, bound to perform certain duties different
from the duties which devolve upon individuals, and
having property distinct and separate from the
property belonging to individuals. The state is
simplystate
tate; buttheit
aggregateby
no
m means
sfollows the persons
that
theaggregate
composing th e
of the properties of the persons_ PRo
composing
ngothheimstsaetlet
are the property of the state. M M.
does not carry out his principles to this extent. Even
M. FROUDHOR contends that he has a right of pro-
perty in his own hat, his own boots, his own coat, his
own waistcoat, his own shirt, his own unmentionables,
therefore we take it ex confesso that the
cggregate of the property of the indi-
viduals composing the state is not the
property of the state. Of what, then, does the
property of the state consist ? Simply of the contri-
butions which are levied by the state from indivi-
duals, and those contributions can be justly levied
only from all the individuals composing the state,
according to their means, for purposes from which
each individual derives a benefit. Thus all the indi-
viduals composing a state are equally interested
in its defence against foreign aggression;
therefore the expenses attending the maintenance of
the army and navy are justly defrayed out of the
%xes, that is to say, out of the contributions levied
rom all the individuals composing the state. Each
ndividual is equally interested, and therefore each
bears his fair proportion. The same with regard to
the administration of justice, the same with regard to
the preservation of the public peace. These expenses
are all most justly defrayed out of the common con-
tributions of all. But there are certain other ex-
penses which, although large portions of the indivi-
duals composing the state benefit from them, yet as all
do not benefit, are not defrayed out of the taxes, thatis
out of the property of the state—(for the state can
possess no property but that which it levies from in-
lividuals) : such are the expenses of lighting. The
citizens of Liverpool are not called upon to defray any
portion of the expenses of lighting the city of London,
but the citizens of London, who alone desire the be-
eefit, are alone called upon to defray the expense.
the Protectionist, however, demands that taxes shall
be levied upon all for his especial benefit. He is a
corn-grower, we will suppose, and he asks that every
Ildividual in the community shall be forced to give him,
say two shillings per bushel more for his corn than it
could be purchased for in the open market of the
world, that is to say, he asks that the shoemaker, the
tailor, the cotton-spinner, &c., shall be robbed of
a certain portion of their wages, the pro-
ceeds of which robbery shall be handed over
to him, the corn-grower. This he calls protection.
rile Socialist demands an organisation of labour. M.
Louis BLANC, the head of this sect, proposes to or-
pinize the cabinet-makers in the first place, and he
proceeds to organize them after this fashion. An un-
:ertain number of cabinet makers associate them-
adves in a workshop, the state is to furnish them
with capital for the purchase of materials, of shop.
room, of tools ; they are to work together, the
idler is to receive the same wages as the industrious
nan, the idiot as the clever man, their wages are to
be sufficient for the maintenance of all the men em-
ployed, and the remaining profit, if any, is to go not
to repay the debt to the state, but to the formation
of a fund for the maintenance of broken down cabinet-
makers. Thus all other trades are to be called
on to contribute to the support of the
cabinet- makers, for be it remembered that
the state has no property but what it levies
from the individuals composing the state—all
the other individuals composing -the state are to be
called on to take shares and pay up on those shares in
this joint-stock cabinet-making concern, without any
hope of a dividend ; and among those so called on to
contribute, be it remembered, are all those cabinet-
makers who are not members of this joint-stook
company, and who are thus called on to pay towards
the support of a concern in opposition to themselves.
Ile propounders of this scheme call it the organiza-
tion of labour—we call it the organization of robbery ;
and yet, if we admit the doctrines of Protection-
ism, we cannot argue against the doctrines of
socialism. If you protect the corn-grower
against foreign competition, you are equally bound
to protect the cabinet-maker and every other
producer ; and if you protect the labourer
against foreign competition, you are equally bound
to protect labour itself against the competition ex-
cited in the home market by the capitalist, and you
can do this effectually only by accepting the doctrines
of Communism and destroying capital altogether.
Communism is the logical deduction from Protection.
Free trade, and the rights of property, or Communism,
such is the choice we have to make; there is no
middle term, for Protection fairly carried out, that is
to say, equal protection to all against all is Com-
munism ; if not fairly carried, i. e., if more protection
is given to one than to another, it is robbery. It is
very true that Protectionists, Socialists, and Com-
munists, alike seek to hide the truth under
the flimsy veil of a pious care for the
interests of the poor, but this hypocritical pretence
has not even the merit of originality. It is now
more than eighteen hundred years since their great
prototype expressed a desire that the offerings of the
faithful should be " sold for thirty pence, and given
to the poor ; but this he said, not that he cared for
the poor, but because he was a thief and carried
the bag "

After which a new Farce, entitled A BIRD OF PASSAGE. Mr.
Carry Chick, Mr. Wright; Mr. Chaunt Ginger, Mr. caul Bedford;;
Mr. Charles Pusker, Mr. Boyce; Ernest Hopeful, Mr. Worrell; Mrs.
Waters Rummer, Mrs. Frank Matthews.
To be followed by a Farce, called GOING TO THE DERBY THE
DERBY DAY. Mr. Jeremuth Twiddle, Mr. Wright; Mr. John
Ja nes Chucks, Mr. Paul Bedford ; Captain Nobble, Mr. Worrell ;
Mrs. Chucks, Mrs. Matthews ; Mrs. Twiddle, Miss Woolgar.
To conclude with the Farce of THE DANCING BARBER. Lord
Mincington, Mr. Boyce ; Lady Flitterly, Miss E. Harding.

.i..:,TLEY'S ROYAL AMPiiITHEATRIC.
Proprietor, Mr. W. Batty.
trader the Patronage of her Majesty the Queen, his Royal Highness
Prince Albert, fiec.
In compliance with numerous requests at the Box-office, the po
pubmr Spectacle of MAZEPPA ; or, the Will Horse, will be pro
diced with great splendour
THIS EVENING,
To be followed by an inimitable display of SCENES IN TEE
CMCLE. in which Marie Macarte will appear, supported by the fret
Eluestrian talent of the day.
To conclude with a facDurite Farce.
Box-office open from Eleven till Four.
,tazo NT .rarer, Mr. W. West.

11147: WATER AT LONDON BRIDGE.

Tnis DAT —Morning, 32 min. after 4 I Eveninz, 51 min. after 4
To-Montow—,ornine, 8 min. after 5 I Evening, 21 min. after 5

THE WEATBER.-SUN OFFICE, SEPT. 21

THERMOMETER, Lowest, 45, Highest, 57; Neon, 59

BAROMETER, 30.25.
Wind N.N.E.—stormy, with rain, early in the Morning;
Afternoon cloudy.

4-7.1
d.f.,
.40),

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....d :: );
i --,-, --L,'- ,--•:, :- - .41,0%,, ,
.
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311 Z ,-
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hitiizz *....:4',

.
:. ~1 F. [.' a.l~~

SPAIN.
Madrid journals of the 15th have arrived.
Their contents are unimportant.
MADRID BOLSA, SEPT. 15.—Threes, 27 13-16 ;
Fives, 11i; Exchange on London, 51.

THE SUN, LONDON, FRIDAY EVENING, SEPTEMBER 21, 1849.

at :ravity of the occasion ; and those who mistook its
firmer leniency for weakness, will perhaps believe me
n future, when I tell them that what I say as her
lajesty's representative, I most assuredly mean to
erform. In the present instance, there shall be no
ainesty until justice has been done upon the men
whose crimes have disgraced the community to which
hey belong. I call upon all good citizens. to assist
we in this task. I call upon them to r. fleet upon the
eischief already done to the material interests of this
stand, by the interruption of its trade and industry
it this most critical season. To all who are willing
o aid in putting an end to this miserable insurrection, I
)romise protection, encouragement, and reward; and it
's most consolatory to me again to advert to the excel-
lent spirit shown by many large districts, and to the
!xertions made by them in support of order and law.
f'he criminals are now surrounded by her Majesty's
troops, the coast is blockaded, and every boat in the
worts of the island has been sent into the harlTiur o!
trgostoli, or sunk. Their escape, therefore, if they
should succeed in escaping for a few days, will be due
co the smallness of their numbers, and the nature of the
.;‘)untry in which they are concealed: but all may aid
in bringing the matter to an end, by giving infor-
ea.tion to her Majesty's officers, and by withholding as-
si,tance from the rebels, whose demands for food and
.eelter they must resist, if needful, by force. Those '
who furnished assistance of any kiwi to Vlacco, or
his band, will do well to recoil• et that martial law
is no longer a mere word. It is at full force in
seals, and the adjacent districts of Coronus, Valtt s,
Racli, Leo, and Catuleo. It is in force throughout
Omala, Icossimla, Talamies, Samos, and Pirgi; and
ceeir inhabitants will learn, if the slightest provoca-
tion be given, the terrible powers with which
powers are now armed. It will be most painful
to me to see those powers long, or largely, used, and I
have abstained on that account, from proclaiming any
1 district that has not been actually visited by the rebels.
But whatever be necessary to crush the insurrection must
be. done. The Government feels that it has a sacred
duty to perform towards those who have trusted it, and
who are entitled to its aid, and in the execution of that
duty I shall shrink from nothing that I find requisite for
the complete re-establishment of the authority of the law.
"IL G. WARD, Lord High Commissioner.
" Thursday, One P M.
" An engagement took place las:, night, at half past
nine P.M., with the whole band of rebels headed by
Theodora Vlacco, and the Priest Nodaro. who attempted
to pass the detachment commanded by Capt. Coote, in
two lines, firing a volley as they went by. Vlacco's
party was so closely pursued, that nine prisoners were
taken, amongst whom were Spiro Vlacca, his cousin,
and Michaele Cucotroi, •upon whom immediate justice
will be done."

BANKRUPTCY.-(THIS DAY.)
(Before Mr. Commissioner SHEPHERD.)
IN RE PINKERTON.
IMPORTANT TO BANKRUPTS.—This bankrupt had
carried on business as a dealer in glass, &c., in High-
street, Borough, and to-day applied for his certificate
under very peculiar circumstances.
Mr. Turquand, the official assignee, said, that the
fiat was issued in 1840 under the old Act, but the bank-
rupt did not obtain the necessary number of creditors to
sign, but bad gone into business and obtained credit; he
now only bad property to the amount of the new debts,
but as the now Act was coming into operation in a few
days, he sought his certificate at the hands of the Com-
missioner.

The Learned COMMISSIONER asked the:bankrupt why
he had not applied before?
Bankrupt said it was neglect on his part, and he had
not been able to engage a solicitor for want of means.
His HONOUR said the bankrupt had acted very un-
fairly to his present creditors, for, being an uncertificated
bankrupt, all the property he now possessed could be
claimed by the creditors under the first bankruptcy. He
(his Honour) could not certify that the bankrupt had
conducted himself properly or conformed to the Act.
The solicitor to the assignees said he was not in•
structed to oppose.
His HONOUR said ho should adjourn the case till Mr,
Commissioner Pane (the Commissioner to tho fiat) re-
turned after the vacation. The bankrupt had been with-
out protection which was now granted.

RI•MINAL COURT.—(THIS DAY.)
OLD COURT.
(Before Mr. Baron PLATT and Mr. Justice WILLIAMS.)
MANSLAUGHTER.—James Newton, aged 36, described
as a labourer: was indicted liar the manslaughter of John
Jones, alias Richard Gunner.
The prisoner pleaded '• Not guilty."
Mr. BODKIN stated the case for the prosecution. The
I prisoner, he said, was what was called a dog-whipper,
having the charge of a number of men engaged in the
construction of a railway, and had recently been em-
ployed in that capacity in the East and West India
Docks, and Birmingham Junction Railway. At one
point of the line it crises over the Great Northern
Railway on an embankment, and the occurrence which
formed the subject of• the present inquiry happened at
that spot. A temporary timber bridge had been
erected for the purpose of conveying one line
over the other, which, from some cause or
other, became unsafe for ballast waggons to
cross over it, but, although the attention or the pri-
soner had just previously been directed to that circum-
stance, he ordered one of the men under him to drive a
truck over it, and the consequence was the bridge gave
way, and the truck and its contents falling on the de-
ceased killed him on the spot. Had the prisoner bee❑
absent from the spot, or ignorant cf the dangerous state
of the bridge, no blame could have attached to the pri-
soner; but the tact was, as the truck advanced a man
engsgel upon the Great Norther❑ line called out
" Don't go over, it is not safe," and in spite of this
warning the prisoner insisted upon the driver's proeet d-
ing, which rerdered him legally responsible for she con
sequences that ;ollowed.
Mr. CLARKSON, who defended the prisoner, insisted
that the indictment could not be sustained, inasmuch
as the death of the deceased did not result from any act
of the prisoner. There were, however, one or two facts
connected with this case which the Court ought to be
in possession of before the point of law it involved was
argued and decided upon. The bridge in question, the
Court would remember, was erected in the first instance,
by the contractor who employed the prisoner, in a good
and substantial manner, but the Great Northern con-
tractor finding some of its supporters impeded his pro-
gress, had them removed, and thus rendered it unsafe.
That was the state of facts the case would disclose; but
before the prisoner could be tried on such an indictment
as this, the Court must decide whether or not the order
given by the prisoner could be viewed in the light of an
act.

) Mr. Baron PLATT thought it would be much better
for the prisoner that his case should go before the jury
than that it should be decided on the technical objection
raised by his counsel.
Witnesses were accordingly called to prove the facts
mentioned by the Learned Counsel for the prosecution.
On cross-examination the w itnesses who were present
when the accident happened admitted that there had
been some squabbling and legal disputes between the
Great Northern and East and West India Dock contractors
about disturbing the bridge, which was perfectly safe,
before the Great Northern men began to meddle with it.
There was a noisy engine at w3rk near the bridge, and
it was doubtful whether or no the prisoner, heard
the voice of the man who warned the driver of the truck
of the insecurity of the bridge. Previous to the acci-
dent waggons had been continually passing and repas-
sing over the bridge, and the deceased during the whole
of this time was employed underneath in raising sup-
porters for the bridge.
Mr. ljAabouttoaddress the jury for the
defence,
b eJury, butr hez(ws
b'WN ba s
s awastdb
they
e interruptedy by
Thad made up their minds
upon the case, and were satisfied the prisoner was not
guilty.

Fie wai accordingly acquitted.
Mr. Baron PLATT intimated that he had felt it would
be more for the benefit of the prisoner that his inno-
cence should be declared by a jury than that he should
escape upon a technical point of law, and it was that
keeling which induced the Court to let the case go on.

1V E W COURT.
(Before the RECORDER.)
11'wjouurficlyingwalts air;n
d eCt
el7dT TfIoNrG
feloniously
U NeDditrit
iGn.g— 'lan nd
noddy, with intent to do her grievous bodily Lam.
TLe prosecutrix, a widow, re•.iding in Shadwell, stated
that on the afternoon of the 15th inst., she was standing
in a court near her home, when the prisoner, who keeps
an oyster stall in the same street, came up and spit at
her. Upon asking her the cause of such conduct, she
said, " do for you;" and taking a knife out of her
pocket stabbed her in the arm. The wound was an inch
deep, but was not of a very seri, us nature.
The jury found the prisoner Guilty of an aggravated
assault.

It was understood that the prisoner was enceinte.
The FOREMAN, after a pause, said, on second con.
sideration the jury recommended her to mercy.
The RECORDER sentenced her to one year's imprison.
ment in the House of Correction, care being taken that
her situation should be taken into consideration.
DELIBERATE MURDER.

evcry possible means for upwgrds of an hour to restore
animation, but unfortunately all efforts to restp:eitate the
deceased were fruitless.

after the discovery of the murder, a large
body police arrived from the station in Kennington-
lane, when the nasn Weston (who had previously been
conveyed to Lambeth workhouse, and phced under re-
straint) was taken into custody at a late hour last night,
and conveyed to the place last named, where the charge of
wilful murder was preferred against him.
This morning the summoniLg-.Afieer r. V. Roberts)
proceeded to Mr. I. Carter, the coroner, with informa-
tion of the murder, and that gentleman has issued a
warrant for the inquest, which will be held in the boaid-
room of the workhouse te-moi row (Saturday) forenoon.
The mother of the deceased child is in a state of great
mental excitement, and the sad affair has completely
shaken her.

MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.
The Cotten market at Liverpool yesterday was ex-
ceedingly dull, and prices of American were a shade
lower. 'fhe sales were estimated at on]; 4.000 bales,
I 000 of which were taken for export and on speculation,
and included 3,500 American; 150 Pernarn and Maran
ham, at sd. to 6d.; 200 Bahia, at 51 I. to 6d.; 200 Surat,
at 4d. to 4ii.; and 60 Sea Island, at Is. Oil. to Is. 3d.
per lb.—The Railway Share market was greatly de-
pressed, and prices of every descriptien were lower.
The Colonial produce markets have been tolerably
firm this week, and there has been a steady demand f, z.
home consumption with a fair inquiry for export. The
prices of Indigo, &c., have not varied much.
Very favourable accounts reach us this morning from
the Frankfort autumn fair, and the result, compared with
the fairs held previously this year, has been highly en-
couraging for cotton and woollen fabrics especially, as
they realised an edvance of Bto 10 per cent. Leather
also sold well.
The Belgian journals contain the particulars of a
plan for building a workmen's village upon the common
lard of Ixelles. A private capitalist has undertaken the
task, but the Government gives certain essistneee,
The Foreign Stock markets were rather dull still at
the latest advices received to day. At Amsterdam on
Wednesday the Dutch Two-end-a. Half per Cents. were
quoted 54*. The Vienna Bourse on the 16th inst. was
depressed in consequence of the expo of the Minister
of Finance, in which the new loan was adeerted to, and
being Sunday private bargains were made in the sub-
scription. rooms at a material decline, viz., to 96i for the
Five per Cent. Metallics.
The flenehurgh mail of Tuesday brings the rate of
exchange on London at 13 10.
It is really something delightful to hear of a plan for
easing, much less paying off, the National Debt, and
since Sir James Graham's book, advocating the right of
the country to wipe it off entirely, these plans
have never found much favour, intolerable as
is the evil which they are intended to meet. A
citizen of Edinburgh, nothing daunted, however,
comes forward with his views, and states that " the na-
tional creditor, as a holder of national capital, is en-
titled to bear his share of the burden. It has already
been stated that the debt is divided into several different
kinds of stock—Five per Cent., Three, Three-and-a-
Quarter, Three-and-a-Half, all bearing a different price
in the pubic market. It would, therefore, be manifestly
unjust to secure to the holders of stock, in each case,
the same amount of capital. The Five per Cent. Stock
is clearly more valuable than the Three per Cent. Stock.
Besides, in order to prevent juggling in the Money
market, at a time when the arrangement shall come
to be made, it will be necessary, before stating
the tax to which the debt itself should be subjected,
to state the principle on which it should be levied, and
the debt paid. Every one knows how on the Stcck Ex-
change prices can be raised or depressed. To prevent
any improper action of this nature, it is right the
holders of stock should be informed that the nation will
never pay 1004 for 60/. or 701. which they received a few
years ago, of which the interest has been regularly paid.
Our proposal is to lay a tax of 7i per cent. on the
capital debt of the nation, whether funded or unfunded,
and to limit the capital on which the charge should be
made to 801 for every 100/. of the Three per Cents., 851.
on the Three-and, a-Quarter and Three-and a-Half per
Cents., and 100/. on the Five per Cents.; or, in other
words, to pay the whole debt at 7i- per cent. below
the prices here fixed. It is necessary, whatever
precise sum may be adopted as the basis, that
distinct warning be previously given, otherwise
the gentlemen on the Stock Exchange would run
up the Three per Cent. Stock to 100/. and then
cry out robbery. The prices above fixed are a
fair valuation. In this proposal there is no breach of
national faith—neither honour nor justice re quires
more. The amount to be provided for-658,432,945/.
A tax of 7i per cent. on this sum amounts to
49,332,470/., but instead of carrying this to the credit
side of the account, it will simplify the matter by at
once deducting it from the amount of the charge, as the
easiest mode of collecting the tax, aid thus fixing the
claim of the public creditor 49,332,470/., leaving
609,100,475/. to be provided for by the country at large."
The ways and means to be made available our author
considers would be Church property, as well as that un-
der the control of the Commissioners of Woods and
Forests, a tax of 5 per cent. on railways and other pro.
perty, and 10 per cent. on land, yielding altogether
678,225 0001.
The Funds are rather fluctuating. Consols 928 for
present Transfer. and 921 8 for Account. Eigi,equer.
bills are 365. to 395. premium.
The Foreign Sectuites are Hat as regards Mexican,
which are 271 to -a. Spanish Three per Cents. are 34
. / Dutch Two-abet-a-Half per Cent, are 544.
4
Railway Shares are exceedingly depressed.
BRITISH I,IJ:NITh Till DAI Al OM:: u'CLOCE
(From the Official List.)
3 per Cent. Consols Anna ........ ...... 921 -4,%
(:0116018 for Account ...........
.........
:exchequerl IA cL
March.

2d.
June.
1,0001.
5001 39p
PRICI. OF FOREIGN FUNDS AT ONE O'CLOCK,
Danish Bonds 1825, 3 per Cent.... 76
Mexican lion.o.s, 1846, 5 per Cent., Coupons
Ditto Ex Coupons
Ditto for the Account 27
Peruvian Bonds, 6 per Cent
Ditto, 4 per Cent., Active s6th
Russian Bonds. 1822, 5 per Cent 107:%4 IA;
Spanish Bonds, 3 per Cent 311.23/4
Dividends on the above payable in London.
Dutch 2% per Cent., 12 Guild
Ditto 4 ner Cent. Certificates

BUSINESS DONi, IN RAILWAY SHARES AT ONE O'CLOCK
RAILWAYS. PAID. PIZ SEAILL,
kberdeen
Ditto, Preference
Ani tier., Notting., Boston, &c. 6 6LA IA dis. to
kyrshire and Galloway
Belfast and County Down .. 261/2 .. ..
3erks and Hants Extension
(Gt. West. Perpet.s per ct.) 6 -
Birmingham & Oxford J unct.,
calls duly pd, or with guar. 20
Do., without a guarantee... 20 .„.
iiirminghani,Wol., & Dudley,
calls duly pd, or with guar. 10 ... .
Do., without a guarantee... 10
Birming., Wol., & Stour -Val. 13/.14s —
Birkenhead, Lancashire. and
Cheshire Junction..
Boston, Stamf., & Binning.— 71. 4s
Bristol and Exeter
Do~ Thirds
Buckinghamshire.. — 17% —
Caledonian
Ditto, Quarter Shares 124 .. ...
Ditto, New 10/. Preference 10 ...... 9%.'4 to
Ditto, Clydesdale Junction 50
Chester and Holyhead._
Ditto, Preference
Clarence.
Do., let Class, 6 per Cent... 10
Do., 2d Class, 5 per Cent... 10
Do., Gov. Loan, 4 per Cent. 10
Direct London & Portsmouth 514 —
Dublin and Belfast Junction.. 40.

Dundalk and Enniskillen ... 271,E —
East Anglia, 251. L. & E.,
aad L. & D . 25

Ditto, 181., E. & H
Ditto, 31. 10s., E. & H... 3% —
Eastern Counties .... 2O 714 % x.d. to
Do. New Guarant. 6 per Ct. 10
Do. Exten.,s per ct. No. 1,6/. 13s. 4d ..
Do., d 0...—. ......... N 0.2,61. 13s. 4d...
Do., Northern & Eastern... 50

Do., 5 per cent.
Ditto, New .
Eastern Union, Class A (late
E. U. Shares) ... - 25
Ditto, ditto, Class A, ditto 3% .
Ditto, do, ('lass B (I. &B) 25 ......
Ditto, do, Class C, ditto... 22% — to
Ditto Scrip (gua. 6 per ct.) 20 ...... ..... to
East Lancashire .....
...... to —.
Ditto, New .. ........... .... • 25. -
Do., New Quarters
Do., 6 per Cent. Preference
Quarter Shares 614 —
East Lincolnshire ... 25 ..... to
Edinburgh and Glasgow
Ditto, Halt Shares
Edinburgh and Northern
..... to --
Ditto, New p0rt..... ..... .. 15 - ...... to —.
Exeter, Yeovil, & Dorchester 2% —
.... to
Exeter and Exm0uth......... 2ls. - ... .. to _
Jilasg., Dumfries, & Carlisle-84 6s.Bd — ..... to _
31 asgow, Kilmarnock, & Ayr 50
...... to ---
Do. Preference Consolidated -
Great Northern 2O ...... 7 .. .. to --
Do. 1/2 A Deferred .....
Do. 1/2 B 6 per Cent 7l,‘ 41% ...... to
Do., 5 per Cent. Pref. .... 71/2.
Gt. South. & Nest. (Ireland) 47th 281/
Great North of England 100 - ..... to
Ditto, New 404... ...... .. .. 49
Ditto, ditto
Ditto, New 304
Ditto, New 151......... l5 ...... .
k.ireat Western 100
Ditto, Half Shares
• Ditto, Quarter Shares
Ditto, Fifths 2O -
Do. New 171
Hull and Selby 5O
Ditto, Half Shares .. ...... 25
Ditto,Quar ter Shares 12% — ...,.. to
I,aucasicr and Carlisle.... ... 50
Do., iliirds
I,oneathire and YorlAiire —lOO
Ditto, ditto, M. B. & B ... 96
Ditto, ditto
Ditto Half Shares - 46 ...... .. ... to
Ditto Quarters 22% ...... x.d. to --Ditty Fifths
Ditto. Thirds . . 15
Do., New Guar. 6 per cent. 10
Do. Liverpool and Bury... 46 - . ...
Do. (Rudders. and Shoff.) 50 - ..... to
Do., West Riding Union... 9 ....
Do., Preston and Wyre ... 25
Do., do., Half Shares (A) 10 -
...... to
Leads and Bradford ........... 50 -
Leeds and Thirsk
50 •
.g...• --- •••• • to --
• Do.,do.,Frefer., 6 per ceLt, (5 , ... •
,