The Sun.
London, England, 1847-01-09 00:00:00

LONDON, SATURDAY MORNING, JANUARY 9, 1847.

against the proceedings of which he had, in obedience
to the directions of his GovernmeLt, just tendered

such a stern and decisive protest, or that Mr. BULWEH
could have participated in the festivities of the nup-
tial ceremonies after the course he had felt himself
bound to pursue in opposition to their celebration ?
The thing was impossible : the Ambassadors would
have been in a decidedly false position ;
they would have been, at one and the same moment,
sanctioning and protesting against the alliance. As
to the circumstance of this union between the Due
DE MONTPENSIER and the Infanta Luisa being
opposed to the principles of the solemn stipulations
of the Treaty of Utrecht, it would be in•
sanity to quibble to the contrary interpretation of
that treaty. By the alliance of an Orleans
Prince with a Princess of the Spanish Bourbon dy-
nasty, the sacred engagements of PHILIP have been
violated. It is ridiculous to dilate upon the improba-
bility of the French and Spanish Crowns ever becom-
ing united in the person of the Duc DE MONTPENSIER,
or one of his descendants. It is absurd to enumerate
the divers barriers between the present uncertainty
and the possible evil—namely, the lives of his
brothers and their offspring. It is frivolous to argue
in this manner, because the question is not as to the
barriers, but as to what is beyond the barriers; not
as to the probability, but as to the possibility ; not as
to whether the gulf yawns at our feet, but as to
whether we have made a single step in
the direction of that gulf. That the com-
bination of the Gallic and Iberian crowns upon
one head might result from the marriage which
has just occurred, is proved by the very coincidences
advanced with a contrary intention. The death of
the Dauphin, and of the Dauphin's son, and of the
Dauphin's son's son, and the ultimate accession of
Louis XV. to the throne of France and Navarre, is
a significant illustration of the precariousness of
human life. Nevertheless, the question is not abso-
lutely whether the young Due DE MONTPENSIER. or
one of his descendants may not be sole monarch of
France and Spain, but whether his espousal of
Donna LUISA may not render the Government of the
Peninsula a mere instrument of the Supreme Go-
vernment at Paris—whether, in fine, the Spiniards
may not ultimately become the virtual denizens of a
Gallic province. Upon this problem the Cabinets of
St. James's and the Tuileries are at variance. Those
are the horns of the dilemma.

An article, copied from The Times into The Sun of
'Wednesday, referring to the late case of HOLDSWORT/I
v. GIBSON and others, proprietors of the Plymouth
Journal, affords a strong illustration of the risks
incurred by public journalists when, in the discharge
of their duty, they expose the fraud and mel-practices
of those obtaining money by means other than those
of fair industry. There is nothing mcre important to
the public generally than that they should be warned
of the artifices, and cautioned against the devices, of
such persons, that they should not be suffered unwit-
tingly to fall into the snares artfully designed fur
their plunder, but that they should obtain the fullest
and most authentic information in every instance
where such publication may be beneficial. Public
journalists are seldom influenced by any private
motives in making such statements : they may not be
actuated by any feelings of malice or ill will to the
parties alluded to ; they may be quite ignorant of
their existence until the occurrences which they
report or comment upon have actually taken place,
and yet that malice will be implied, and every party
in any degree connected with the publication w ill be
held legally responsible, and subjected to proceedings
in several different forms, by any of which great ex-
pense and inconvenience will inevitably be entailed
upon him.
The liberty of the press is now justly regarded as
one of the greatest safeguards to the liberty of the
subject, and yet it is subjected to many serious draw-
backs and impediments. We arc by no means ad-
vocates for any privileges that might possibly be
unduly acted upon ; we do not desire that the full and
fair freedom of discussion for which we contend should
be suffered to degenerate into licentiousness. We
gratefully admit the great benefit conferred upon the
press, and on the public generally, by the admirable
provisions of the Act introduced within the last few
years by Lord CAMPBELL, but still we think that
something more may still be done to prevent the
wanton and vexatious proceedings by which all those
connected with that press nsay still be harassed and
annoyed. A distinction still subsists between libel
and oral defamation, for which we think there is no
sufficient reason. Words that would not be actionable,
if spoken of or concerning any person, will immediately
become so if published in a written form. Anything
will be regarded as libellous which in any degree
tends to hurt the feelings, or injure the reputation of
the complaining party.
Three different modes are afforded by which the
defendants can be attacked—by indictment, by in-
formation, or by a civil action for damages. If the
complainant should select the first of these methods,
the truth of the statement will not be a sufficient jus-
tification, and it was not until the passing of Lord
CAMPBELL'S Act, to which we have alluded, that the
defendant would have been permitted to prove that
truth, either as an excuse for the publication, or even
in extenuation or mitigation of punishment, and still
it will not be a sufficient defence unless it be also
specially pleaded and proved that it was for the public
benefit that the matters charged should be published.
The same may be said of a proceeding by information;
an additional safeguard is, indeed, afforded to the
press, as no prosecution in that form can be instituted
(save by the Attorney-General) until the permission
of the Court of Queen's Bench for that purpose has
been had and obtained, which permission will not be
conceded unless the prosecutor by affidavit shall dis-
tinctly deny the truth of the charges imputed to him,
and it shall appear that he comes into court with clean
hands, and that his conduct with respect to the entire
transaction will bear the strictest investigation. This
is a just and equitable course; wherever the motive of
the injured party is to vindicate his reputation, to
clear his character from the aspersions cast upon it, to
justify himself in the face of the world, the fullest
opportunity is afforded to him of doing so, if in his
power. And, consequently, this is the mode adopted
by the great majority of honourable and high-minded
men, who are compelled to come before the public as
complainants, and no parties charged can utter any
complaints apinst the measure of justice which may
be inflicted upon them. But, unfortunately, a similar
protection does not exist with regard to either of the
other proceedings. Any vindictive person may bring
an action for damages, or prefer an indictmente.c mere
mote. If he is willing to incur the risk of the costs ,

in case of failure, there is no check or restriction on
his power. He may be well aware that in case of a
verdict for the defendant it will be entirely out of his
power to reimburse the costs and expenses that must
necessarily be incurred in preparing for the defence,
in bringing a number of different witnesses from con-
siderable distances in order to establish the truth of

the justification pleaded, and he may speculate on
being able to extort an apology and the payment,
perhaps, of a sum of money-by the certainty that the
defendant, even if successful, must incur a far greater
expense in defending than in compromising the action,
Surely such a state of things should not be suffered to
continue ; some protection should be afforded to those
whose duty it is to provide the public with authentic
information, and to protect them from the machina-
tions of knaves and swindlers. This protection may
be afforded in either of two ways—viz., either by
providing that in any action or indictment brought
against the printer, publisher, or proprietor of any
public journal, the leave of the court should first be
obtained, as in cases of criminal information, or,
secondly, that in case the defendant shoull plead a
justification, and rely on the truth of his statements,
and that they were inserted fur the public benefit, and
without express malice, he should be entitled to have
the proceedings stayed until the plaintiff should give
security for costs, as is now the case where the plain-
tiff resides out of the jurisdiction of the court, is

bankrupt or insolvent, &c. &c.
Such a course could not be injurious to any person
really aggrieved, and it would afford a great protec-

tion to innocent persons, and also be to the public
advantage, in preventing the guardians of their
interests from being obliged, from the fear of a
ruinous loss, to withdraw or apologise for true state-
ments. The proprietors of the Plymouth Journal
might have offered an apology, and paid a small sum
into court, which would have exempted them from
the heavy expenses which they were well aware they

should in any event sustain ; but, in the high-mind: d
1 and conscientious discharge of their duty, they
scorned so cowardly a course, they established fully
and entirely the justice of their conduct, and the truth
of their assertions, to the satisfaction of the court and
jury, and they have to bear a loss of 2,0001. sterling for
so doing. We are rejoin dto find that a meetit g ha=
been held at Plymouth, for the purpose of procuring
a public subscription in aid of the expenses locum d
by the proprietors. It is the cause of the people in
general, and we are convinced that they will not suf-
fer those who have passed the ordeal unscathed to be
out of pocket for their upright and honourable con-
duct. At this moment a handsome tablet, with a
suitable inscription, erected in the place of greatest
resort in this city, and scholarships named after one
of our Contemporaries, a tribute alike honourable to
the donors and the recipients, attest the generosity,
the justice of that public; and we trust that the
proprietors of the Plymouth Journal, fully reimbursed
in their expenses and rewarded with the public appro-
bation for their straightforward and manly conduct,
may have no reason to regret their defence of the
action of Dr. HOLDSWORTH.

Madrid papers of the 31st ult. have arrived.
The Gageta contains a notice from the General
Direction of the Administration of the Sinking Fund,
informing the public that " various titles, payable to
the bearer, of the Three per Cent. Stock, series E,
and of 48,000 reels capital, have been ascertained to
be fergerieS," stating at the same time that the office
for the verification of these securities was open every
day, where the holders could always ascertain the
authenticity by presenting them. In noticing this
occurence El Tiempo says—
.. Yesterday an unforeseen and scandalous occurrence
created a great sensation and produced a fall at the
Bolsa ; twenty-three forged Three per Cent. titles, each
of 48,000 reels, made their appearance. The conse-
quences of this fact, which may greatly injure public,
credit and private interests, might have been, and may
be still averted, if the titles were transferable, and not
payable to the holders, as they now are."
Senor MBNDIZABAL was present at the opening of
the Cortes. The arrest of OLOZAGA had excited the
indignation of all plrties, and had been denounced
even by Count BRESSON as an act of tyranny. The
matter will be brought under the notice of
the Cortes at an early sitting.. It was ru -
moured in Madrid, and a considerable degree of
credit was attached to the rumour, that OLOZAGA
had escaped from his guards at Briviesca.
MADRID BOLSA, DEC. 31.—The Three per Cents.
were dune at 331 fur cash,- the Five p .r Cents. at ;
the Coupons at 18 ; the Debt without Interest at Gi ;
and the Vales at 8-a.

We have received the Paris papers of Wednesday.
The Journal des Debuts says
"It is confidently asserted that the same schism
which has made its appearance in the Opposition jour-
nals is on the point of bursting feral in the Chamber. It
is said that M. Billault and M. Dufaure separate th, in-
selves openly from M. 'niers, and that they cannot
dig:st a plan of acting which would force them fo slo
themselves more friendly to the English alliance than
M. Gu'zot himself."
The speech of the Queen of SPAIN is commented
on in some of the papers, but they all of them admit
that it is a most insignificant affair. If, however, the
speech of the QUEEN is insignificant, there is touch
significancy about the acts of her Ministers. Witness
the appointimnt of the Marquis DE VILEMA to the
Presidency of the Senate, and the arrest of Senor
OLOZAGA. In speaking of the appointment of the
Marquis DE 17.1LUMA, the C'onstitutiounel says—
" We have no need to refer to he previous 4istory
of the Marquis de Viluma, an old Cellist, who joined
,he Queen's pasty at a late period. M. de Vilume, was
ippointed Ambassador to London, but he was called to
Spain before he took possession of his office, and Ives ap-
pointed President of the Council at the perk(' that an
unconstitutional measure was attempted at Barce!oso
which MM. Mon and Pidal, then Liberals, caused to be
defeated. The Mat quis de Viluma, who only accepted
uffice in order to adv..nce AbsAutist doctrines, resigned
his functions, and became the leader of the Absolutist
Opposition in the Cortes, which he has since directed.
This is the man whom the Madrid Cabinet has appoint, d
President of the Senate. It may be easily imagined
what uneasiness has been created amongst the public by
the choice of the Marquis de Viluma. The Tiempo
deprecated such an appointment as inopportune, unsuit-
able, and of a bad signification. The Herald° expressed
itself in the same terms, and added, that it had produced
an unfavourable imyression on alI fractions of the ma-
jority. It perseveres in condemning and deploring it.
The nomination of the Marquis de Viluma coincides
with the creation of twenty new senators, at the head of
whom figures General Pezuela, the brother of the Mar-
quis, and several other persons, whose opinions in favour
of Absolutism are well known."
The arrest of OLOZAGA is denounced in all the
journals as a most daring violation of the electoral
law, proposed and carried during the last session of
the Cortes by the very Ministers who are themselves
the first to set its provisions at defiance.
" We cannot tell," says the Constitutionnel, " what
pretext M. Isturits may have recourse to in justification
of such a violation of the privilege of the Deputies. An
attempt was made to prevent M. Olozaga from returning
to Spain, by making the Ambassador at Paris refuse
to grant him a passport; but M. Olozaga obtained one
from the Consul at Bayonne, by presenting to him the
certificate of his
election, and citing the law of 25th
April, 1846, which inflicts the pain of death upon
every functionary preventing a deputy from repairing
to thus been enabled to
set hisis
the soil of Spain, nothing less
was necessary to prevent his taking his seat in the
hpost.
foot
againM. °
upon o 3nga having
Cortes than an open violation of the law. It cannot
be said that M. Olozaga was under any prosecution;
for on the occasion of the celebrated glair of 1845,
he succeeded in making his escape before any resolu-
tion against him had been come to by the Cortes, which
soon afterwards became dissolved. At the ensuing elec-
tions M. Olozaga was one of the candidates for Madrid,
and was very nearly returned. Never has he been
ordered to be put on trial, never has any prosecution
against him been commenced, the fipanish Ministry
having willingly suffered to lie dormant an affair which
it feared might bring forth revelations dangerous to itself.
It is in vain, therefore, for M. Isturitz, after a lapse of
three years, to attempt to revive against 3,1. Olozaga an
obsolete prosecution, or rather one that never existed,
and which, if it had been commenced, must now fall to
wilfully and knowingly arrested a deputy
the ground by the farce of his new election. It has,
elected, and thus violated a law proposed by
ltegitself.hearlelfyor eSuch a commencement is a sad augury for the
session about to be opened.. The nomination of M.
Viluma and the arrest of M. Olozaga sufficiently indi-
cate the spirit in which
will be conceived the new laws
announced in the queen's speech for the press and the
clergy. The creditors of Spain have been already un-
duly despoiled by restoring to the clergy, in the very
face of the law, the national property which was their
principal and surest guarantee. From this to the estab-
lishment of the ancient privileges of the clergy, accord-
lag to the desire of M. Viluma, there is but one step, and
this step will be taken without faltering. The Isturitz
Ministry has suspended the freedom of the press, and by
a simple ordonnence has subjected all the joarna!s to a
censorship previously to publication, and to an arbitrary
rub, which has already caused several to disappear. The
Queen announces the presentation of a law for regulating
the present law of the press. It is intended, probably, ti
pass into law that which already exists in practice, aad
to make an obedient Legislature sanction and consecrate
an oppressive rule, to which a change of Ministry would
be sufficient to put an end. Thus it will be seen that it
is impossible for any party to throw itself more boldly
into the path of reaction than M. Isturitz and his col.
leagues are doing. They are the less excusable, as they
cannot be blind to the effects of the task they are ven-
turing upon, and that they must know they are not
working for themselves. They are evidently only clear-
ing the way for the Absolutists, and immediately the
path is open M. Viluma will use it to reach the Govern-
.nent, leaving to his predecessors nothing but the shame
of laving gradually ruined the liberties of their country."
'l"he National is very bitter on this subject, which
it .considers as an exemplification of M. GUIZOT'S
thiaery of monarchy and liberty acting in co-opera.
tion. It asks—

"what do you say to this proceeding? It is brief
awl mild. A man elected in two places, protected by
the most express law, arrested and thrown into prison,
becrarse it does not please the Government that he should
take his seat in the Chamber. These are little experi-
ments by the representative Government which M.
Gazot has set up in Spain, in order to give us before-
harvd a taste of it. Do you not imagine that Spain is
fortunate in being governed by what is called the French
Party? and that a matrimonial alliance, the object of
which is to maintain such a regime, is incontestably the
bet it means of making the two nations friendly, and of
ga: iranteeing the secular interests which cause the two
as of the Pyrenees to move in the same sphere? If
we were rot afraid of appearing to be too curious, we
shoe Id like to know the opinion of the Debags on this
halt expedition a la Turque, provided it should not in
any way derange the superb theory which represents
uv,na achy and liberty as acting in co-operation.
Tins condition of the Bank of France still continues
to oJe, tsion gent uneasiness. The statement of the

aceol n ats of the Bank for the last quarter of 1846
(time(' up to the 26th ult.) shows the following re-
sults :.--Actif—The Bank had then in hand, cash,
72,7!34,792f.; in discounts and loans, 244,453,397 f.
Bra nch Banks Accounts, 78,021,564 f. Rentes, public

sec unities, and reserve fund, 64,240,807 f.; credits and
vat ious items, 1,131,751 f, Passif—The amount of
tlio bank notes in circulation, 259,459,801 f.; ac-
COtr ats current, 111,507,4281. ; capital and reserve,

84 900,000 f.; difTerent lions, 7,715-,083f. The dis-

coy nts, advances, and loam; made during the quarter

ana ounted to 519,767,400 f. ; movement of accounts

current, private, 3,094,732,600 f.; public, 266,511,300 f.;
general movement of the caisse, 3,789,850,400 f.

The Commerce remarks OR this statement in the
fAlowing manner :
" The general opinion in Paris is that since the 26th
of December the rest has again diminished, and that
it is this continued falling off which determined the
journey of M. liottingt er to Lyndon. Last year. at the
same date, the reserve in cash at the Bank of France
amounted to 187.334,8f3E, so that there is a reduction
of not less than 116,000,000. In examining the situation
of the B ink, it will be seen that this diminution do s
not proceed from any facilities afforded to business, for
its discounts and advances of public securities and ingots
only reach the sum of 244,000,000, whereas in 1845
these items amounted to 252,000,000. Neither can the
reduction of its specie be attributed to its circulation, as
this circulation is only 10,000,000 less than that of last
year, and is nearly compensated for by the falling off
in the money advanced to trade. It would appear from
the statement furnished by the Bank of France, that
three causes have especially contributed to the with-
drawal of its specie ; first, the diminution of the ac
counts current, which from 118,470,005 f. (on Decem-
ber 26, 1845) have fallen to 61,565,281 f. (on December
26, 1846); secondly, the dimunition of the Treasury
account, which is reduced to 48,226.647 f., from being
95,149,739 E; and, lastly, the constitution of capital for
the new branch banks, and the advances which it was
found necessary to make them. The purchase of corn
in foreign countries, and even at home, explains the
withdrawal of the funds appropriated to accounts current.
But this withdrawal would not have caused any uneasi-
ness, had not the Treasury been obliged to take away a
great part of the funds which it bad &posited at the
bank. It was no doubt most convnient for this estab-
lishment to be able to dispose of a sum of more than
one hundred millions for which it paid no interest,
whilst fifty millions of its capital of 67,900,000 f. were
invested in rentes. But this situation could not always
last, and the present crisis shows what a dangerous
path was entered on. Let the Treasury take away
the forty-eight millions which the Bank still owes it,
and the latter will see its specie reduced to twenty-three
millions—or not the tenth part of the notes in circula-
tion. The Bank of France has manifested the preten-
sion to replace, by its branch establishments, all the de-
partmental banks. Without entering here into an exa•
mination of this question, we may ask, is not the immense
danger of such a monopoly evident 7 The Bank has a
disposable capital of only 17,900,000 f., since 50 are in-
vested in rentes; it is with this sum that it has to suffice:
Ist. For the discounts of commerce of Paris ; secondly,
for the constituted capital of its branch banks (28
millions); and, thirdly, for the advances which it has be-
sides to make to these establishments, and which at
present amount to upwards of 50 millions. Is it not
monstrous to see an establishment, not having a dis-
posable capital, constitute, from time to time capitals
for the branch banks which it establishes in the depart-
ments, and that without any limit being imposed, and
without its being obliged to augment its capital? This
grave inconvenience we pointed out when the discussion
relative to the renewal of the Bank charter was going
on, but the present interest of the shareholders pre-
vailed, and nothing was done."
Shortly after the opening of the Bourse on
Wednesday Bank shares fell 45f. ; they closed at a
fall of 20f.

The Budget to be presented to the Chambers will,
it is said, avow a deficiency of 35,000,000 f.
The Presse states that the provision crisis was not
yet at an end, and that, until the gathering in of the
next crop, France would be obliged to import
at least 5,000,000 hectolitres of foreign heat.
" Some persons," it says, " estimate the quantity ne-
cessary at from 8,000,000 to 10,000,000 hectolitres.
Calculating it only at 5.000,000, it will entail on us
an outlay of upwards of 100,000,000 francs, which
we shall have to pay in bullion at periods of
six or seven months. The present circumstances ac-
cordingly impose upon us great prudence."
The QUEEN of the 1-I'RENCIT has recovered from the
slight indisposition Under which she was labouring a
few days since.
Algiers papers to the 30th ult. have been received.
The intelligence contained in them is unimportant.
The Three per Cents. closed on the Parrs I3ourse on
Wednesday ECL 801. ; the Five per Cents., 1181. GOc.;
the Orleans Railroad Shares, 1,215 f. ; Rouen, 9151.; llavre,
687 f. ; Great Northern, 6401: ; Avignon, 567 f. 50c. ;
Vierzon, 602 f. 50c. ; Bordeaux, 562 f. 50c.; Paris and Stras-
burg, 4851.; Paris and Lyons, 508 f 75c. ; Lyons and
•
Avignon, -187 f. 50c. ; Bordeaux and Cette, 455 f. ; Spanish
Do-3estic Debt, 10 y.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, JANuArtv 7.
Boulogne and Amiens, 16%—Great Western Bengal, %
Jamaica South Midland Junction, 11/2—Louvain a la Sambre,
17§—Luxembourg, %--Northern of France, 10 Orleans
and Bordeaux, 81/2—Paris and Lyons 814—liouen and
Havre, 27 t/—Sambre and Meuse, 4%.