The Sun.
London, England, 1841-07-15 00:00:00

THE SUN,OLONDON, THURSDAY, JULY 15, 1841.

—(Long-continued cheering from the whole mass of the people)
—and that we separate without any ground for angry retros-
pection or for personal offence.—(Cheers, especial), from his
Lordthip's opponents.) But as to those with whom I have
had the greater happiness of agreeirg, now that so many re-:
collections of considerate kindness, of, disinterested zeal, of ge-
nerous forbearance, of past struggles, of past victories, come
rushing at once upon my mind, I feel what language cannot
embody, and thanks cannot convey.—( Cheers.) I have learned
gentlemen, even to love the inanimate features of your natural
landscapes, with which I have grown familiar during my re-
peated canvass among your heath-crowned hills and your )vjde-
spread valleys.—( Cheers. ) But how much snore, then, has
my spirit Igiunded in answer to the cheers which roused the
mountain echoes, or to the welcome which ushered me into the
busiest haunts of your living indmtry.—(Cheers. ) I trust I
need not debar myself from the hope, that in the various courses
of life opportunities may present themselves to me of showing
an abiding sense of gratitude for your past favours.—(Cheers. )
And I cannot help &daring, though it may seem to bespeak
a more poignant sense of the loss I have sustained, that I do not
think I couldsreconcile myself for the present to occupy arty
other seat or represent any other men....( Loud cheering. )
And now, Gentlemen, that I have to take my leave of you, bear
with me if I adopt for one moment a more solemn tone than I
I might otherwise have thought it fit to use on any such occa-
sion ; but I cannot refrain from putting up one fervid petition,
that the Disposer of all events, the Giver of all good, may visit
each and all of you with his choicest and most abundant bless-
iog,.—(Cheers. ) May he store your garners with increase,
and reward your industry with plenty ! May he scatter the
seeds of order, of temperance—(Cheers)—and of domestic
and public virtues far and wide amidst all your dwellings ! May
he crown your hearth and home with peace, with comfort, with
content, with thanksgivings, and ever supply you with those
who can, I will not say more faithfully, but efficiently serve
you.—(Cheers.) These, Gentlemen, are my latest words.
Thanks again to you. Fare you well, and all good he with you.
'I he Noble Lord retired amidst the universal cheers of the
people.

SPIRIT of -the. PUBLIC JOURNALS.
FROM THE DAILY PAPERS OF YESTERDAY.
CHRONICLE.—The Reformers have not worked the re-
gistration machinery; the Tories have. The Reformers have
contented themselves with the votes obviously allotted to them ;
the Tories have experimented upon the number of votes tha
could be fuund or made, in any property available for the pur-
pose. We are not beaten by change of opinion. There is no
reaction. Our ranks are not thinned. We are as numerous
and ready as when we were victorious. But the registries have
been crammed and packed. And unless we are content to be
jockeyed in this dirty way out of all that is most precious in
political rights, and all that is most important to national pros-
perity, some effort must be made, and some expense in-
curred, to deer the registries of men of straw, and en-
sure a fair representation of the popular interest. Our
representative system is professedly based on property ;
and there is abundance of property in the hands of
Reformers to suffice, by the registration of its assigned
and proportionate votes, for protecting the country
against the permanent domination of- a rapacious
faction. An articld on " The Ensuing Registration" in the
Times of yesterday, affords strong corrobsratios of the yew we
have taken. With the usual blunder of unprincipledness, the
writer, in driving at one impression, forgets that he may be
producing another impression not so much in harmony with
his general object. His statements are by no means the less
valuable on that ace ount. He says, " Lori Morpeth has just
been turned out of tee West hiding mainly through the atten-
tion paid to. the regiStry, by the Yorkshire Conservatives during
the last Jour years." Again : "In London, between tee
hip: hest candidate on the poll and the expelled Whigs, there
was but a difference 'of 'some 200 or 300 votes; a differ( nee
wholly caused by the exertions of the City conservative Asso-
ciation." And his generalconclusion is, that "as our victories
have been the fruits of long and steadily-sustained efforts, so
must those efforts now he continued, or we shall speedily fall
back into the weakness of 1832." Such has always been our
own interpretation of
.what was fraudulently termed " re-ac-
tion." he trick has succeeded once; but the people must be
inert and doltish indeed for it ever to succeed again. They
arc likely to pay dear for its temporary triumph.
HERALD.—It is impossible to exaggerate the magnitude
of the Nieto& which, on all hands, the Conservatives are slaw
achieving. 'lt is impossible to over-rate, perhaps, the present
effect or ultimate value of the demonstration which they have
made of strength and organisation as little anticipated as wel-
come (it may be) in some quarters—whilst, in others it may
have appeared more abruptly energetic than a long political
experience had ever led them to anticipate. Nest to the
extent of the effort which has been made, we prize most the
promptitude with which it has been put forth. In the ninth-
cation of great principles of national policy and domestic
legislation, this power of calling the elective franchise into
immediate action constitutes one of the most powerful as well
as the most constitutional resources of the subject against the
unprincipled exercise of official influence and Ministerial
authority. If we could only find reason to believe of the Brea.
Conservative party which exists among us, that there is as in-
herent a degree of permanency as there is of in-
cidental facility of manifestation, in the vigilance they
have exerted on the present great occasion ; we should
feel perfectly tranquil as to the result of the next elec-
tion which we may be called upon to witness. What
may be the general reasons which induce us to con-
template the possibility of such an event at no very
distant period, lee pause not, here, to recapitulate,
They have been too often discussed—too ostentatiously, of late,
brought under the notice of the public by those organs which
are supposed to give expression to the views and opinions of
her Majesty's present Government—to need any further illus-
tration at our hands. Enough for us, that,—looking to the
desperate tenacity with which that Government clings to
office, after reiterated defeats, and a long and shameful series
of failures legislwive and executive,--there results the more
than possibility of their attempting to elude the sentence
which they have challenged,—to demur to the jurisdiction
which they have appealed to. - There aro 'not wanting instances
in which some of the principal defendants to the heavy
charges of public delinquency aced self-convicted incompe-
tency that have, been eoiemnly preferred against the
existing Ministry,—hare breadly announced the intention of
their colleagues to.son:ke a second appeal to the nation ! This
second appeal han beep seriously speculated upon as the certain
eveof tha "*turns, on the pending General Election proving
as nnfav,"arable as, now, beyond all speculation, and on sober
and nt'alised fact, they are. Nay, Lord Morpeth himself, a
no}',"ieman undoubtedly of the very highest pretensions on the
score of personal character and honour, which any party in this
country can boast of, has told us as much. It would be a
' grievous injustice, a flagrant want of generosity to a political
opponent, not to render to his deliberate assertions' (and the
more especially in the crisis of his defeat), the hOmage of our
unhesitating confidence. No political differences can so far
extinguish this personal respect as to permit us to doubt the
sincerity of a statement made, under such circumstances, by
Lord Morpeth. But the able speech delivered by him, on the
occasion of the returning officer's declaration of the numbers
polled at - the election for the West Riding of Yorkshire on
-Monday last, puts the matter beyond all doubt!
ADVERTISER.-Whilst our cotemporaries are busily oc-
cupied in attempting to adjust with precision the amount of
Tory gains and Liberal loss, by the general election, it may
not be inopportune for us to direct aftention'to the chief causes
which have given the Tories a numerical majority of some for-
midable appearance in the new House of Commons. Great
is the exultation of the Tory organs over the " glorious re-
action" that has taken place in the public mind, and the " glo-
rious victories" which their faction has thereby achieved. If
the Tories are to be believed, the country has been recovered
from the mental delusion under which it laboured, when it forced
upon the Crown and aristocracy the Reform Bill of 1832, and the
other and numerous salutary reforms which followed in its wake,
and now looks back with regret and sorrow upon the wild and un-
seemly freaks it played during that long period of "unnatural
excitement." '1 he Reform Bill and its various adjunct>, fiscal,
legal, and social—including the opening o; the East India
trade,' and the curtailment of the Bank monopoly ; the break-
ing up of the self-created and corrupt municipal corporations,,
and the commutation of tithes in Eugland and Ireland; the
diminution of the number of Irish Bishops, and the reduction
of the incomes and secular power of the English Bishops ' • the
prohibition of spiritual pluralities, and the enforcement of Ec-
clesiastical residence ; the revision of the Bankruptcy and
Chancery Courts, and the amplification and cconomisi-g of
civil ann criminal jurispi udenee ; the abolition of finds and re-
coveries, of imprisonment for debt, and of the:punish'ment of
death for innumerable offences by no means commensurate with
the awful penalty attached to them ; the extinction of some
hundreds of sinecures, the reeuction and consolidation of
numerous unnecessary offices, and the diminution of exces-
sive salaries, both at home and in the colonies, the abolition
of slavery in the West Indies, and the protection thlowe
around the factory children in Er gland and Scotland ; the
reduction of the dot es on papers, newspapers, and advertise-
ments; the abolition of the house-tax and of various other
vexatious and oppressive taxes assessed for the Crown ; the re-
vision of the Pension-list, the restrictions placed on the Sove-
reign in the appropriation of the public moneys, and the con
trot. given to the House of Commons over the distribution o'
the Royal bounty ; the reduction of the postage charges, am'
the numerous improvements introduced into the Post-office
establishment, by which rapidity of communication and eco-
nomy of expenditure arc alike secured. All these, and a thou-
sand other and equally important measures affecting the political,
civil, and social condition—not of a class, but of society at large,
and in all parts of the British empire—are atlength found out to be
of but doubtful value, if not of positively mischievous tendency ;
and the country is anxious to confess its errors, and make due
reparation for its folly in desiderating and accepting them at
the hands of the Whig Governmepte by dismissing. that Go-
vernment from office, and elevating to power the faction which
has strenuously and uniformly resisted each successive step
taken towards a better course of policy, and obstinately de-
fended the old citadel of absolutism and corruption., Such, is
the interpretation which the Tories complacently put upon the
result of the general election ; and such is the spirit by whiel,
their policy is to be enforced and directed ! We greatly Mis-
take, however, if many weeks are permitted to peas Oyer Tory
heads before the film will be removed from their 'eyes, and the
veil be thin from their hearts. 'I he problem of the apparent
growth of Toryism may be easily solved, without recourse to
any presumed re-action in favour of Tory policy having taken
place in the public mind.
POST.—The writhings and twistings of. the Whig-Radical
Journals in their present circumstances of discomfiture are
most ludicrous. The Chronicle of yesterday quotes the new
number of the Edinburgh Review on " the grounds and ob-
jects of the Budget." The article it S . 'seems " di n inguished
for ability, candour, and liberality." But then we are told
that " the impression which it leaves on the mind of the reader
is gloomy in the extreme." Now, if there bo really candour
in the article, we are not at all surprised that a Whig-Radical,
writing on " the grounds anti objects of the Budget" should be
very considerably in the dismals, for truly a snore melancholy
failure than this same Budget has proved, from beginning to
end, we belieire no unfortune party ever before had to complain
of. Still we do not see very clearly the use of the Edinburgh
Review coming out to make its readers "gloomy in the extreme,"
for we fancy they have materials for gloom sufficiently abundant
at the present " crisis," without a dose of " blue and yellow"
bile to help them. The Chronicle further tells us that "the article
is chiefly devoted to to the sugar branch of the budget." In
other words, the author takes a sugar-stick for his theme.-
Strange that an enlightened Whig should leave an impression
" gloomy in the extreme " when writing about a sugar.-stick.
Swift, we remember, was merry in writims ilia meditatiens
upon a broom-stick. We imagine it would have been well for
the Edinburgh if it could have have kept its Broom-stick and
left the sugar-slick alone ; but even blue and yel'ow wisdom
will fag sometimes. In one column of the Chzonicle it
would seem as if nothing would please it. Es•en the
ry grapes are sour, Not only does it., growl with
the Edinburgh man over " the sugar branch of the
Budget," but it makes a moat singular as well as lugu-
brious groaning over the dismissal ef • Lord Howick from
Northumberland. It says that, according to Sir Robert Peel,
the return of Lord Ilowick "ought to have been looked upon
as a ga-n to the Conservative -party ;" and yet it growls and
howls because Lord HoWick was not returned, but kicked out,
poor man, with very little ceremony. How is this ? Surely.,'
if the return of Lord Howick would-have been a gain to the
Conservative party, the virtuous Chronicle ought to rejoice
that he was not returned. We hope our- contemporary is not
going to turn Conservative on our hands, in order to keep in
with the Government party. A little further on the Chronicle
states, with
, its accustomed decorum and respect for truth,
that—" fact has been recorded undisg-uiceolv; however re-
gretfully, that, for the moment', the Queen and 'the people are
overborne. by 'the •Tory -and monopolist- oligarchy."-:..Alas
how doleful And yet we hope her Majesty '.enjoys
her accustomed cheerfulness, the rather, as when 'her" Ma.

jesty appealed to the reople, her good sense is likely to be.
satisfied with her people's decision. How the people are to be
overborne by the decision to which the people have came, we
leave enlightened Whig-Radicals to explain. But after all this
grief and grumbling, the Chronicle discovers in the next co-
lumn that nothing so bad for the Conservatives could have
happened as their success at the general electisn, and that
they are already in a very ticklish condition by reason of the
majority which they have gained ! We wonder what our
Contemporary would be at ? In the meantime these chang-
ing, or dissolving views, as exhibited by the Chronicle, are
very amusints.
'mlE:S.—We have purposely waited till the excitement of
the great political struggle in which the country has been en-
gaged should have in some degree subsided, before calling the
attention of our readers to the progress of a movement of a very
different character, on the part of those who are intrusted with
the government of the Church of England. It is generally
known that a plan for the establiahment of additional bishoprics
in the British colonies has been for some time past under the
consideration of the proper authorities. On the 27th of April
last a public meeting was convened by the Archbishop of Can-
terbury in furtherance of this design ; and on the Tuesday in
Whitsun week an assembly of the Archbishops and Bishops of
the United Church of England and Irelansl was held at Lam-
beth, at which it was resolved to proceed immediately to the
erection of bishoprics in New Zealand, the British possessions
in the Mediterranean, New Brunswick, the Cape
.of Goo
Hope, Van Diemen's Land, and Ceylon ; and, after these
sees shall have been provided for, to carry out the same
good work in Sierra Leone, British Guiana, South /Suss
tralia, Port Philip, Western Australia, and Northern and
Southern India. We do not hesitate to say, that the assem-
bling of this synod (for we can call it by no other name) is the
most important event in the history of the Church of England
which has happened since the time when her convocation was
put to silence for vindicating her creed in the memorable ease
of Bishop Hoadley. Ever since then the government of the
Church has been virtually in abeyance, and she seemed to
have lost the power of acting unitedly according to her proper
organization. Swarms of societies usurping her name and
office, though but little influenced by her principles, have
stepped in to fill up the place which her inaction left void. We
honour the intentions of those who were instrumental in the
formation and maintenance of these societies, and, of course,
we are far from denying that they have been the means of ac-
complishing much good, which might otherwise have been left
undone. But we believe that they have also unintentionally
dene some evil ; that many of them have introduced new tests
and standards of doctrine, either at variance with those of
the Church, or, at all events, not of her imposing : that
few of them have kept ecclesiastical order in view,
and that the majority have regarded immediate and specific,
rather than general and permanent results. There has been
no unity of plan, no concentration of energies, no adequate and
comprehensive notion of good to be attained and evil to be
avoided. Each society has acted in its own petty sphere, ter-
minating its views within itself, not co-eperating (for the most
part) with others, but rather discovering a dislike and jealous),
of competition in the same field of labour. They have acknow-
ledged na responsibility to any common ecclesiastical authority,
and have adinitted no control on the part of the rulers of the
Church over their operations. The consequences have been,
a large amount of confusion, a consideiable addition to the ele-
ments of discord within the Church at home, an unjustifiable
and mischievous interference with foreign churches not subject
to our jurisdiction, a great degree cf perplexity, distraction,
and discouragement to the religiously disposed public, whose
contributions have been demanded on every side by a Babel of
unauthenticated appeals, and an expenditure of vast sums of
money without any proportionate results in the proper fields
of missionary exertion.
GLOBE.—If it were possible that the arguments
of Sir Robert Peel and Lord Stanley, in- their re-
spective recent addresses to the collective wisdom of
Tamworth and North Lancashire, could permanently sa-
tisfy their minds of the policy of monopolies, we should be
compelled to think more humbly than we wish to do of
the faculties of those respectable fractions of our
fellow-citizens. .There is nothing in either of these
harangues that does not resolve itself into one or other
if two equally groundless assumptions—assumptions of
which it is difficult- to believe their authors did not see
the fallacy. The one is, that by admitting foreign sugar,
or foreign grain, we should simply throw out of the
market the same quantityof colonial or home growth. The
other is, that because the project of Ministers is not calcu-
lated to lower prices' greatly, on the average of a series
of years, it is therefore not calculated to confer any great
benefit on consumers. Thee° two arguments, if argu-
tnent they are' to be ealled—the one addressed to the
fears of producers, the other intended to damp the hopes
of consumers—are, as we have said, mere shallow assump-
tions, on which it is quite _impossible that any well-
informed mind should really rest, with any satisfaction
or confidence. They are, however, very well calcu-
lated for immediate effect on audiences not accustomed
,o reflection on economical subjects. The same
simple considerations will suffice to demolish them
ooth. Is it possible that men holding the station of
iir Robert Peel and Lord Stanley should be dupes
mf the stupid notion that the demand and consumption of
!orn and sugar is a fixed quantity; and that no other
question is under discussion than whether that quantity
should be furnished from domestic or foreign sources ?
fa it possible they should imagine that a small difference
of average price is the sole advantage which the sup-
porters of free trade expect to realise ? We do
not indeed undervalue the importance of small differ-
ences of price. In order to estimate that impor-
tance, we need only consider how very small a rise of
price will preclude the poorest and most numerous classes
of consumers from the consumption of articles not of prime
necessity. Where prices are artificially raised (though but
slightly) on all provisions, economy must be exercised
:sy the poor man on those least necessary. Thus dif-
:erences of price, which appear slight to those less eir-
smmscribed, may, nevertheless, make all the difference
is to consumption or non-consumption, by great masses
if the population, of comforts and luxuries like coffee
ind sugar. It has, on the one hand, been experienced,
that a !al of price, in, the former commodity has im-
nensely increased its consumption, and that a rise of
price on the latter has ditninished it. With these facts
before us, it is idle to sneer at small reductions.
STANDARD.---13ut how will Ministers act ? Lord
Horpeth's intimation of a design to retire from public
iife looks as if it were not intended to meet the new Par-
liament, bat the general impression is, that they will
meet Parliament, and Lord Msrpeth, we see, is to be
put in nomination for one of Mr. O'Connell's seats
'Limerick county). What is generally believed, in
.`act, is, that Ministers will not retire before the 19th
of next month, when the writs are made returnable ;
that then, if they can find no pretext fur violating
Lord' John Russell's pledge, and postponing the as-
sembly of the two houses until November, they will
meet Parliament with a peccavi speech, and . try
to prolong the , ignominious period of their continu-
ance in office, by yielding. to the Conservative reac-
tion, confessed by Lord Morpeth, though so stoutly
denied by all the 'Ministerial Journals. This would not
astonish us. The men are mean enough to resort to any
pretext for keeping place, and the duty of submitting
to the expressed opinion of the country may serve well
enough as an (xcuse for not subjecting her Majesty to
the pain of a separation from " the friends of her
childhood," who, however, never saw her until she
was of an age to exercise the functions of Sovereign of
the greatest empire on the face of the earth. If any
of the ordinary motives which determine men to re-
ire from stations, the duties' of which they cannot
lischarge with honour to themselves, and to the advan-
,age of the country, if any such motives could have
.vei,glit with the Melbourne Cabinet it would have ceased
-0 be a Cabinet some years ago. For our part, we shall
lever believe them fairly out of office until some days
titer having seen it ; for the bed-chamber plot proves
that they perfectly understand the trick of " going out of
she front-door and coining in through the back." That
trick of some kind is in contemplation we are
;ally satisfied ; and for this reason it is that we once
again strongly urge upon Conservatives the necessity
>f patience and circumspection. We know that some
who affect to speak the language of the Court, say
hat "Lord Melbourne will still retain office" with the
,aincipal part of his Cabinet. Such boastings must not
me received as in the slightest degree expressing the
.wishes or purpose of our beloved Queen, but they show
what is passing in the minds of those who have been
!olaced about'her MajLsty : and of them we know they
ire capable of any stratagem or fraud that can serve
heir: interests and the interests of their party. Caution
and temper were. never. more needful than in this the mo-
ment of victory, when, perhaps, it is most difficult to
exercise them.

,C9l,TRlER.—The'visit of the-King of the Belgians to
her Majesty has given rise to many surmises in various
quarters, most of them connecting it, however, with con-
-grOwint out of the state of parties and the
impending change of administration in this country.
These conjectures are, .however, altogether unfounded.
We are informed,• on authority which may not be dis-
credited, that the presence of King Leopold has refer-
'lice to affairs in which he has a direcrinterest himself.
is concerning .his kingdom of Belgium, 'and in which
•noreoverLonts Philippe,. his Royal father-in-law, and
.!nice, would seem to take- a more lively- interest stiff.
e allude to the demolition of the fortifications
- the frontier toiling -of Belgium. The convention
which seated King Leopold on the thrOne of that realm,
contained stipulations between the contracting parties.
.)f whom he. and the _King of the French were of course
two. of the principal,.providing not only that the fortifi-
qttions of those towns should be dismantled, but razed.
The grounds for such precautions were obviously rea-
ionable, since in the hands of the Belgian Government
they were utterly unserviceable as a barrier against pos-
;ible aggression on the side of France, and therefore
worse than. useless. in the sense of that indirect guaran-
tee for the general peace and security which their former
conservation under a different state of things involved.

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF YESTERDAY.

.......
TI ME S.— The prernium on gold at Paris is 74 per male, which
at the English Al int price of 3/. 17s. 10id. per ounce for standard
gold, gives an exchange of 25. 34, and the exchange at
i%ris on London at short being 25. 45, it follows that gold
is 0.44 per cent, dearer in London than in Paris.
By advices from Hamburgh the price of gold is 429 per
mark, which,' at the English Mint price of 31. 17s. 101/d. per
ounce for standard gold, gives an exchange of 13. 7, and the
exchange at Hamburgh on London at short being 13. it
followS that gold is 0.40 per cent. dearer in London than in
Hamburgh.

The' cjurse of exchange at New York on London is 1084
per cent.; and' the par of exchange between England an.;
America being 109 23-40 per cent., it follows that the ex-
changeis 0;82 -per cent. against England. But the quoted
exchange.,at New York being fur bills at 60 days' sight, the
intekest must be deducted from the above difference.
1-I.E'F.AL.D.--The belief is gaining ground in the United
States that the project presented by the Secretary of the
Treasury Inr..the creation of what is loosely termed a Fiscal
Agent Af;the United States, but wl.ich in reality means a Na-
tional Rank, will be affirmed by Congress wfth certain modifi-
cations; during the present extra session, and become law,
therefore, unless objected against by the President. On the
2lst ult. Clay brought up the Report of the Select
Committee on the currency appointed to consider the plan
and details, and did not hesitate at the outset to designate
it by its proper name as a "bank of the United States."
which " a sound and just policy requires the establishment
of with as little delay as practicable." The Committee
report strongly in favour of such a bank, but suggest
various modifications of the original scheme. For in-
stance
the maximum of dividend to be allowed the stock-
holdersis raised tram 6' to 7 per cent., which after all will be
no great temptation for the investments of foreign capitalists,
f a although the higher- rate is to be legalised, yet the profits

may not be such as to allow it to be divided, whilst in some of
the older countries of Europe where money is Most abundant
securities not less solid are to be found where nearly as great a
return may be steadily and annually realised. It is scare ly
possible that the capital of such a bank can be established by
the subscriptions of shareholders in the United States alone,
that is, if the condition, and an indispensable first condition it
should be, were that the 7 shares subscribed should all be paid up
in specie. If permitted ti be paid up in the paper of state and
other banks, or in United States treasury or other bonds, the
present vicious state of the currency would be very little im-
proved by the bank. Again the extreme rate of legalised divi-
dend must be a less allurement still to capitalists in a coun-
try like the United States, where ti.e rates of interest
ruling on money are never less than 6, but ranging variously
and often from and between that pint up to 25 and even 30
per cent. per annum. Another important modification sug-
gested by the Committee or Mr. Clay consists in permitting the
Bank to deal in foreign exchanges, that is, to buy and sell fo-
reign bills of exchange. and give foreign credits, &c., which
seems a very questionable sort of interference with what should
represent as closely as possible a branch of regular trailing ope•
rations. With a powerful competing Bank ever in the field
against him the merchant will seldom be able to calculate wish
any precisjon the result of his combinations, however prudently
they may be planned.- The differences realized by exchanges
favourable or the reverse, frequently constitute the sole
profit upon a mercantile operation. Another modifica-
tion of the original draft of the scheme consists in, ac •
cording to the 13ank, an indefinite power to establish
branchss in the various States of the Union. Doubts
are entertained in some quarters whether this may
not be viewed among the states themselves as ass invasion of
states' rights, and resisted accordingly. There are otherwise a
considerable number of stringent provisions for controlling the
action and management of the proposed bank, the principal
seat of which is to be located at Washington, so as to bring it
more under the general supervision of the Government.
One of the reasons urged for the establishment of the bank is
fairly stated to be the counteraction " of the influence exerted
by the Bank of England upon American interests," &c. In
pursuance of another recommendation of the Secretary of the
Treasury, a bill to authorise a loan for 12,000,000 of dollars
had been reported to the House of Representatives, and it was
expected would pass. The object, as stated on a former occa-
sion, is to provide for the deficit in the treasury, and withdraw
a portion, or the whole, of the floating debt, or treasury bills,
from circulation.

POST.—The fall of Spanish stock to a price one-fifth below
the amount of the interest in arrear is &circumstance that the
holders profess not to be able to comprehend. They surely
cannot forget that supplies of ready money hive been repeatedly
drawn by Spain from this and the Continental market, through
the issue of newly-created bonds, convet ted from masses of
what is called " ancient stock," lodged years back in the hands
of capitalists as security for petty advances. Such deposits,
although no more than perhaps 31. or 41. per cent. was given
upon them, being redeemed, have been put into circulation in
their converted term at the price of the day. No market can
withstand such a system, and the present weakness of the fo •
reign funds being otherwise unintelligble, it is but rational to
conclude that capital is once more absorbed upon the old prin-
ciple. The Committee of the Stock Exchange offer no impe-
diment to such operations, for the obvious, though very unsa-
tisfactory, reason, that their body live by the fluctuations caused
by trickery and fraud. The Spaniards had never the shadow
of a justification to urge for the issue of Active and Passive
Bonds privately against those put out under an open contract,
materially underselling the legitimate subscribers ; nor had
they any right whatever to make purchases of Deferred, or, in
fact, to traffic in either class of bonds during a suspension of
dividends. A practice more.undermirting and fatal to the
bondholders could not be conceived ; but those reports to which
we have often referred show the enormous Extent to which it
was carried, up to the time of their publication in 1837.