The Sun.
London, England, 1841-01-21 00:00:00

PUP, SUN', LONDON, THURSDAY, JANUARY 21. Mil.

gigantic as may be the ambition of the Legislature ;
and therefore we conclude that it ought to leave
every business alone, including the modern and yet
incompletely developed business of banking.
One of the arguments for interfering is to secure
responsible banks for the public. The Legislature
has been anxious to have large and wealthy concerns.
Private banks, banks set on foot by individuals,
have been discouraged by the law, and sneered at
by writers. It having been the object of our legis-
ation to secure wealthy banks, let us call the atten-
tion of the public to a proof of its failure to add to
the many others already on record. We quote the
following passage from an article by Mr. Glum RT,
in the last number of the Wesinzinster Review :
The numerous banks in America are not the result
of free trade, but are the result of the Acts of the Le-
gislature. The State Legislatures have thought proper
to give a large number of charters, and of course there
is a large number of banks. Had the charters been
fewer, the banks would have been larger and more re-
spectable. The number of banks in England, too, have
been the result of the interference of the Legislature. In
the renewal of the charter of the Bank of England in
1708 it was enacted, that no other bank having more
than six partners should have the privilege of issuing
notes. As the growing trade and wealth of the coun-
try required banks of some sort, and as banks having
more than six partners could not be formed, a great
number of banks, each not having more than six part-
ners, rose into existence as they were required by the
increasing trade and wealth of the country. Hence,
instead of having a small number of large banks, we
have had a large number of small banks.
If we look to Scotland, where banking has been free,
we find that the total number of private and joint-stock
banks is only twenty-eight. Banking has been free
beyond fifty miles from Dublin for the last fifteen years,
yet throughout that district there are only five banks of
issue, with the exception of the Bank of Ireland. In
England, where there has been, as we are told, a frenzy
in their favour, the joint-stock banks of issue arc only
ninety-one, and probably they would have been less
numerous had not the law excluded them from London.
The capital which has been embarked in a number of
small local banks would have been invested in large
London establishments, and the place of the local banks
would have been occupied by branches of the London
banks. From these facts it seems fair to infer that
sonic of the small joint•stock banks and many of the
private banks will, in the course of the next twenty
years, be merged in larger establishments. The sup-
position that unlimited freedom of banking would lead
to the establishmant of an inconvenient multitude of
banks, is wholly unsupported by the testimony of ex-
perience.
If chartering the Bank of England, and limiting
the number of partners, have had the effect of
preventing the establishment of solid and large
banks with numerous proprietors, having branches
in the country, the intention of the Legislature has
not been realised ; and in this, as in many other
cases, we find that the busy haste of the lawmaker
has far exceeded his wisdom.

The Paris Journals of Monday have all been
received. The i%Joniteur publishes the following
official news from French Africa :
" TOULON, JAN. 15, 4 o'CLocK, P
" THE MARITIME PREFECT TO THE MINISTER OF WAR.

" During the last days of December, General Guin-
gret executed a razia on the territory of the tribe of
Beni Sala Haam. The perpetrators and accomplices
of the murder of the Captain of the staff Saget were
either killed or delivered into our hands. 60 Arabs
were killed ; 800 oxen, 1,200 sheep, tents, and a great
quantity of grain, fell into our power.
" The expeditionary corps returned to the camps
in the beginning of January, without basing suffered
any loss.
" These particulars have been given to me by the
Commander of the Isere."

There may be some English readers who know
not what a razia is ; and for their information we
may observe, that it is the surrounding an Arab
village or district with troops, when the inhabitants
fancy themselves in a state of security, and indis-
criminately slaughtering all capable of offering the
slightest resistance, and carrying off their property.
This is the French system of colonization; and in
the records of the murder of every Frenchman found
separated from his companions, we read the history
of the only success which so inhuman a system
merits. The French war in Africa is a war not
simply of conquest, but of extermination.

NT T. T! • ,
last. The ex-Minister's Report on the fortifica-
tions of Paris, has made him an especial favourite
at Court. What do the war faction now think of
the consistency of their champion ?
The following paragraph appears in Galignani's
Messenger of Monday :

Several of our contemporaries have intimated that
M. De Lamartine is to have the embassy at Vienna,
but we understand that these reports arc devoid of
foundation. It is true that the present Ministry, im-
mediately on its installation, gave M. De Lamartine
his choice between the embassies of Vienna and Lon-
don, but he declined accepting either, from motives
which M. Guizot duly appreciated. Since then the
affair has not been again brought in question. The re-
ported acceptance of the embassy at London by the
Count de Saint Aulaire is equally erroneous—he has,
on the contrary, refused it from family motives.

The same Journal contains a summary of the
opinions of the French Journals on the propused
amendment of M. LARABET on the Fortifications
Bill, which demonstrates clearly enough that the
Government will have the detached forts, or op-
pose the Bill altogether. The debate on the Bill
is expected to be exceedingly animated.
The Toulonnais of the 13th inst. states, that the
Phsoton steamer was waiting the arrival of a personage
from Paris, who, it was believed, would replace M.
Cochelet, the Consul• General of France in Alexandria.
Another steamer, the Chamelion, had been ordered to
hold herself in readiness to convey General Bugeaud to
Algiers.

TREATY WITH BUENOS AYRES...--M. Meruilliod, the
Ministerial Deputy for Havre, has addressed a letter
to the President of the French Chamber of Deputies,
stating that he had to present the protest of 12,000
French subjects in La Plata against the Convention
signed by Admiral Mackau, and adding that the state
. .

of his health would prevent him from-asking explana-
tions of the Minister before the ensuing week.
The following is the latest news from Soleure : it is
dated the I2th of January :
" At this moment (nine o'clock) in the morning, a
salute of 101 guns announces the acceptance of the
Constitution. The following is a statement of the
votes :—For the acceptance, 6,289 ; Against, 4,277.
—Majority, 2,012. Of 15,600 citizens in the canton
entitled to vote, 5,134 did not make use of their right.
All seems tranquil at Soleure."
The sanguinary conflict which has taken place in
the canton Argovia may be considered as ended.
Berne and Zurich have sent their troops into that can-
ton, and order is completely restored.—Gaz. de France.
The document distributed among the members of the
Chamber of Deputies relative to the project of law for

the fortifications of Paris : Ist, An extract from
the Memoirs of Napoleon on the question of the fortifi-
cations of Paris. 2. An extract from an unpublished
Memoir of Vauban on the same question. 3. An
Analysis of the Inquiries made by the Committee of the
Chamber of Deputies on the question of supplying
Paris with Provisions. 4. An Essay on the Fortifica-
tions of Paris, considered with a view to the Expense.
5. Another Essay on these Fortifications, considered
with respect to the Time and Number necessary for
their Completion.
M. Duvergier de Hauranne has written a letter to
the Editor of the Journal des Debals, in which he says

that he has entered his name to vote not against, Cut
for, the project of law for fortifying Parts.—Le
Consti-
tutiomwl.

BOURSE...-PARIII, MONDAY, JAN. 18.

Mist Highest Lowest Last
Price Price. Pricy. Price
French 5 per Cents ll2 2 ... 112 30 ... 112 25 ... 112 20
4 per Cents 99 ... 99 ... 89 ..- 89
9 per Cenu 77 35 _. 77 35 ... 77 t-a, ... 72 30
11..nk 'of trance
Lifitte Batik I,ooot. 611.... .10L0 ...1050 ~.1050 ...1050
.....aglan Bank
5 per Cent....
3 i er Ceitte
0 ... 64 90 ... 68 90 ... 68 00
New Loan
Spanish Active 25 ... 2.5 ... 25 ... 25
Passive 0 ... 6 ... 6 ... 6
Neapolitan
101 60 ... 101 80 ... 101 60 ... 101 80
Roman.... ...... ..... ....... . . lo;ilfi ... 1601,4
HALLWAY SHARES. ... 190 ... WU
St. Germain .....,.,•.•.....
Ve:•sailles,R. It 450
••• 450 ... 450 ... 450
L.B
••• 34 10.
Orleans .
Strasburg to Bale 247 50 ... 247 50 ... 245 25 .., 247'50

in the present state of
(
It is a melancholy thin.. n
Europe to be always having to complain of the
unprincipled conduct of Liberal Governments.
States blessed with free institutions might be sup-
posed anxious on all occasions to prove by example
how much more conducive such institutions are to
the promotion of human happiness, than those sub.
ject to a despotical form of goveinment. Such ex-
Portugal are especially bound to
amples Spain and

give the world, after so recently passing through the
fiery furnace of civil war, rather than bend the knee
before the footstools of Carlist and Aliguelite despot-
ism. Speaking an almost common language, having
a common origin, with institutions in perfect
harmony with other, is it not, therefore, disgraceful
to find these countries ready to:cut each other's
throats about the instant settlement of a question
which has been five years in abeyance without pro-
voking a word of remonstrance or complaint ?
The Douro question is in the same state now that
it was five years ago, and yet we are told that Es-
PARTERO refuses to allow the Portuguese Govern-
ment a single day after the 31st of the current
month to settle it, although it cannot be constitu-
tionally settled without the consent of the Cor-
tes. The champion of the Spanish Constitution
openly threatens the violation of that of Portugal.
Now, Portugal having asked and obtained Bri-
tish mediation, ESPA RTERO cannot hope to cross
the frontier without offering a deep insult to the
British nation—a nation for whose sympathy he
ought to have a profound respect, seeing that it
saved constitutional freedom in Spain, and mate-
rially assisted in making a Regent of a soldier of
fortune, who otherwise would have shared the fate of
the equally brave and patriotic General RIEGO. But,
however warlike may be the feelings of ESPAR-
TEno, we cannot suppose that in a step which
would force Spain into s collision with Great Bri-
tain in any way, he would obtain a majority of votes in
the Council of Regency. Spain would not readily par-
don the Cabinet that would deprive her of that British
sympathy which so mainly contributed to the suc-
cess of her revolution. Possibly, however, we
over-rate the danger of a hostile collision. Such
at least is the opinion of the Journal des Dehats,
in whose columns of Monday we find the follow-
ing paragraph :
" We think that too much importance is attached
to the vivacity with which the Spanish journals and
the Madrid Official Gazette express themselves with
regard to the Portuguese Government. The passage
of the speech of the Queen of Portugal relative to the
affair of the Douro, and the terms of which have ap-
peared offensive to the Spanish Government, is the
sole motive of this momentary excitement. 'Flue Re-
gency declares that it will enforce by arms the execution
of the treaty ; there is every reason to believe that the
treaty will be executed without its being necessary to
have recourse to this extremity. Portugal has already
applied for the mediation of England ; and as the
British Government, according to the language of its
organs, recognises the justice of the Spanish claims, it
is very probable that the difference will end in a pacific
solution."

Both Portugal and Spain want repose, to con-
solidate their civil and ecclesiastical institutions, to
foster industry, paralysed by civil dissensions, and
to extend their commerce. If ESPARTERO wants
employment for his army, let him employ them in
making roads, building bridges, and other great
works calculated to benefit his country. In this
way only can he increase his claims to the gratitude
of his contemporaries and of posterity.

The Madrid Journals of the 11th inst. have
reached us. The report of a new treaty of com-
merce between England and France, by which the
duty on French wines imported into England would
be reduced from 321. 10s. to 101. had seriously
alarmed the Spanish wine-growers. It: was fur-
ther dreaded that the British Government, dis-
pleased with the new Spanish tariff, would increase
the duty on Spanish wines. The merchants of
Xeres had deputed an agent to England to watch
over their interests.

On the Bourse the Five per Cents. were in
much demand on the 11th. They opened at
28 11-16ths, and closed at 28i for cash.

The private intelligence received from Constan-
tinople of the 28th ult., brings a very different ac-
count from that previously communicated to us of
the conditions upon which the SULTAN has signed
the firman,' granting the h,reditary Government of
w MEHEMET ALI. In fact, from the
statements now made in private letters from the
Turkish capital, it appears to us that the VICE-
ROY has been very shamefully treated ; and from
the tenor of an article, of which we quote an
extract in another column, from the Manzari Shark,
an English journal, published at Smyrna, and
supposed to speak the sentiments of Lord PONSONBY
upon all questions connected with Egypt, we
fear that our Ambassador has had a large
share in the proposed humiliation of a Chief of
whom his Lordship has long been supposed to en-
tertain a strong personal dislike. The correspon-
dent of a Contemporary, whose letter from Constanti-
nople is dated the 28th ult., gives the following
account of the conditions upon which the SULTAN
consents to allow MEHEMET ALI to retain the
Pachalic of Egypt :

The Supreme Council has at length decided on the
terms to be conceded to Mehemet Ali; they are such only as
a conqueror would itt pose on an enemy completely at his
mercy ; and the insolent spirit in which they are dictated
may be characterised in two words, V a victis The tenure on
which he will be allowed to retain the Pachalic ofiEgypt will
be no better than that of any other Pacha of the Porte. He
is to have neither army, fleet, nor revenue ; he is to be as-
signed a yearly salary, while the Porte appoints its own
mouhassils for the collection of the public taxes. The
Egyptian troops are, to a certain extent, to be
quartered every year in Turkey, and to be replaced
by a Turkish force, which is to be commanded by
Pachas of inferior rank, nominated by the Porte.
Such part also of the Egyptian fleet as it shall deem
expedient must be delivered, together with the Turkish,
into the hands of Admiral Stopford. The effect of these
provisions will, if duly executed, be to reduce Mehemet Ali
in the Government, where he has for the last 30 years en-
joyed sovereign and undisputed authority, to a mere cipher.
He would, in short, be placed by them so completely in the
power of the Sultan that he would have no security for his
bead, which, indeed, there has already been some question
in the Council of declaring forfeit. The Sheikh Islam,
doubtless at the instance of Reschid Pacha, and in order
to silence the supporters of Mehemet Ali in the Council,
openly denounced him as one with whom no terms could
be observed, and who, by his treason and his crimes (the
most atrocious of which was having put to death two of
the principal Sheikhs), bad forfeited all claim to mercy. It
is evident, therefore, if the Four Powers still lend their
assistance to the Porte, that the Pacha has little to expect
from its forbearance.

We sincerely trust that the Four Powers, and es-
pecially England, will not constitute themselves
mere executioners of the vengeance of the Porte.
MEHEMET ALI'S right to the Government of
Egypt on the conditions at first proposed by the
Four Powers, and sanctioned by the Porte, is as
sacred as ABD-UL-MEDJID'S right to the investi-
ture of the sword and mantle of the Prophet.
Now these conditions implied the uncontrolled do-
million of Egypt, civil, military, and financial. It
was in this sense they were understood by the
VICEROY, by the Four Powers, and by France.
If the Porte meditated treachery from the com-
mencement, let us be no parties to it. On the
contrary, it is our especial duty, having signed a
convention with the PACIIA, to protect him in
every right which we thereby, acting with the con-
sent of the Porte, guaranteed to him.
Dr. lt tact!, who was attached to the embassy
of Sir JOHN M'NEIL, proceeded, on the 27th ult.,
from Constantinople to Teheran, charged with the
ultimatum of the British Government to the Shah
of PrasrA.

It is said in the City that the Portuguese Go-
stores ; and that the En
vernment concluded on Tuesday a contract for 2,000 sets of
maddlery, 12,000 sets of accoutrements, and other military
give them on credit a large quantity of muskets, pistols,
and other arms, the delivery of which is taking place at
this moment in the Tower.
THE ROYAL
English Government has agreed to
HUMANE SOCIETY...—The Earl
of Stamford and Warrington has inclosed to Mr. Hawes,
sen., the treasurer of the Royal Humane Society, a donation
of 10/. in aid of the benevolent purposes of that institution.
ELECTION FOR THE OFFICE OF BRIDGE-
MASTER.--.Yesterday, at Three ,'Clock, the numbers were :
Gibbs
Ledger ,
2 269
...............
Majority for Gibbs ... ......... -----272
A great effort wilt, it was said, be made thi3 day, when, at
four o'clock, the poll will close for the election.

Itlol-;EY and COMMERCIAL NEWS.

CITY, WEDNEDSAY EVENING.

The Funds were heavy to-day, probably on account 1
of a disposition, on the part of the public, to realize
their profits on the recent improvement in prices.
The value of Consols for immediate transfer was re-
duced from 90i- and 89i to 90 and 891 ; and for the
Account from 90i- and 901 to 90i and 89i. The clos
ink; quotations were 891 for the former, and 90 for the
latter. Exchequer Bills brought Gs. to 10s. premium,
and East India Bonds Ss. discount, being each rather
lower. Bank Stock went up 1 per cent. again, viz. to
170 and 171 ; but we are unable to assert with confi-
dence whether there is any truth in the statement that
the Charter of the Bank of England is likely to be re-
newed, and that Government Commissioners will be
appointed to check the administration of its affairs, as
in France, in lieu of sweeping reforms in the currency.
The New Three-and-a-Half per Cents, were at 981
to 97-i.
Not much animation prevailed in the Foleign Stocks
or in the Railway Shares. Spanish Active Bonds, in
consequence of the still rather unsettled state of affairs
at Madrid, went clown to 248 ; Portuguese New Five
per Cents. were at 32 to 32i ; and the Three per
Cents. at ; Mexican Bonds were 2Si toe ; Bra-
zilian 721 to 73 ; French Five per Cents. 112 ; and
Dutch Two-and-a-half per Cents. 50 to 1.
The Railway Shares were barely supported at pre-
vious rates. South Western declined to ISt, and
Great Western to 251 premium ; London and Bir-
mingham were 83 premium ; London Joint Stock
Bank Shares were 3 premium without the dividend,
and Australasia Bank 14 premium.
The failure of a member of a wealthy family engaged

in banking pursuits in the City, did not cause any great
sensation to-day. The liabilities are understood to be
rather considerable. The party was connected with
the trade_to the north of Europe.

(From The Sun of Last Night.)
LIVERPOOL COTTON MARKET, TUESDAY..--;We
continue to experience a good den and for Cotton at
full prieee ; the sales to-day are 6,000 bags, of which
2,000 bags have been taken on speculation.
LIVERPOOL SHARE LIST, JAN. 19.—Eastern Coun-
ties, £34 ; Debentures, 5i ; Grand Junction Half Shares,
95 ; London and Birmingham, 1711.
MANCHESTER STOCK EXCHANGE, JAN. 19.—Our
market still continues heavy, prices receding. Man-
chester and Leeds, 781, London and South Western
58, Manchester and Birmingham 25 u 26, ditto Exten-
sion 8 a 3,i, Eastern Counties 8:1 a 9, Edinburgh and
Glasgow 29 a 291, Union Bank of Manchester 8 a Bk.

Demerara papers to the 28th November have been
received, by which it is stated that the British Guiana
Insurance and the British Guiana Steam Navigation
Bills have passed the Court of Policy. The capital of
the latter is to be 100,000 dollars, in the first instance,
with power to increase it to a million, on the recom-
mendation of the Governor. The shares have been
fixed at 50 dollars each, as it would allow the labourers
who are now purchasing landed property to invest their
capital in that speculation. The means of increasing
emigration of the free labourers into the country are
still under discussion, and various means are suggested
of inducing the negroes of the Carribbee Islands and
the United States to settle in British Guiana. Much
discussion is also going on as to comparative value of
property before and since the emancipation. The
Guiana Chronicle mentions the fact of Plantation
Sparta, which was bought in 1834 for 11,7001. having
been recently sold for 18,0001.
JAMAICA.—The accounts from this fine island are
much more favourable, the planters and labourers be-
ing on much better terms, and the prospect for the fu-
ture more favourable than they have been for some time.

Consols oponed heavy this morning ; left off at 90
Sellers for Money ; at present 894-- for the Account ;
closed at 90i at present 89i 90, since which done at
90 to 90i
We cannot as yet account for the heaviness of
the market, but it is supposed that money is
again getting tight. Exchequer Bills 8 10 prem. ;
Bank Stock 169 171 ; this stock is 14 per cent, higher
than it was a month since ; India Stock 251 253.
In the Foreign Market Spanish Active is a shade
lower ; left off at 242 at present 24 ; Deterred
12-g- e ; Passive 6-2-3 d ; Portuguese same us they left
off, 321 2 ; Three per Cents. 201 ; Colombian 231 2 ;
Mexican as they closed, 29,1 29 ; Brazilian the same,
72 73 ; Dutch Two-and-a-Half per Cents. 5014 ;
Five per Cents. 982 992.
SHARES.—Great Western 28 29 prem. ; New 13
14 prem. ; London and Brighton 6 6 dis. ; Black.
wall 141 13 dis. ; Birmingham 83 85 prem. ; South-
ampton 57 58 per share ; Croydon 122 2 per share ;
Greenwich 81 2 per share ; Manchester and Birming-
ham 15 13 dis. ; South Eastern and Dover 142 dis.
PRICES OF SHARES THIS DAY AT OP+l.:.
RAILWAYS. Paid. Per Share.
Bristol and Exeter 6O ...... 32 ... to
Great Western
London and Brighten
London and Birmingham
London and Greenwich (New)... 20
JOINT STOCK, BANKS.
e• -
London Joint Stock 10

Consols continue heavy, and have been done at 89i for
the Account; at present may be quoted 891 90; i❑ the
early part of the morning a little Money Stuck was brought
to market, but not to say extent. We have a report of a
failure in the mercantile line of a very respectable house
to some extent, which has had rather an clfect upon the
market. Exchequer Bills have fallen, 4 10 6 prem. ;
India Bonds, 8 dis. ; India Stock,23l ; Bank Stock,l7o 171.

Money is easy in the House at present, but is expected
to be scarce in a few days. In the Foreign Market
Spanish Active 2.11 ; Portuguese 324 ; Three per
Cents. 20Z ; Brazilian 721 ; Dutch Two•and_a-Half
per Cents. bOi; Five per Cents. 99k.
In the Share Market scarce anything doing. London
and Brighton .13f ; London and Birmingham 173.
CLOSING PRICES.
BRITISH FUNDS.

Bank Stock
3 per Cent. Red 9o,i Ditto Bonds
3 per Cent Cons ...... .. 89z Ditto Old Annuities BBA
88 per Cent Red— .. 988- Ditto New Annuities...
New 38 per Cent .. ... 978 Ex. Bills, 1,000/....2Ad Spm
New 5 per Cent ... ...... Ditto 5001 Bpm
Long Annuities to expire Ditto Small 9pm
Jan. 1860. l3 3-16 Bank Stock for Acct ...170i
Oct 1859... l3 India Stock for Acct -
Jan. 1860 ... ...... 12 15-16 Consols for Opg
FOREIGN FUNDS.
A ustrian, 5 per cent... 1088 Portuguese, 5 per cent.
Belgian, 5 per cent — Ditto, New Ditto._ .
Brazilian Bonds ... .. .. Prussian, 5 per cent....
BuenosAyres, 6 percent 20i Russian, 5 per cent....
Chilian, 6 per cent
Colombian, 6 per cent... Spanish, 5 per cent 2-I'c!
Ditto, 1824 — Ditto, Deferred ...
Danish, 3 per cent..... French, 5 per cent...ll2f. —c.
Greek, 1825, spercent. Exchange .. —f. —c.
Mexi,an, 5 per cent.... French,3 per cent... —f. —c.
Ditto, 6 per cent, 1825. Dutch, 2 per cent soi
Peruvian,lB2s,6 per et,. Ditto, 5 per cent..... 99
SHARES.
Bristol and Exeter (60 paid)
.., ... .. 32

. .
Great Western Railway (65 paid) 9Ol
Ditto New Shares (50 paid) .... 624
London and Brighton Railway (50 paid) 43A
London and Birmingham Railway (90 pd) 173
London and Greenwich Railway (20 paid)
Ditto New Shares (:20paid)
London and South Western Railway 57/
London and Croydon Railway (Trunk)
North ALdland Railway (100 paid) 79
South Eastern and Dover (28 paid )... 121

THE NATIONAL DEBT AND

CORN-LA WS.

We copy the following from a pamphlet by a
" Somersetshire Clergyman." It is, we are well as-
sured, quite visionary, as every thing true and good
expected of the Legislature and of those in autho-
rity is quite visionary. To expect men in office to
make sacrifices, or set an example of patriotism, is
contrary to the whole course of nature. They
struggle, they fight to enjoy the emoluments and
power of office, and to give up those would be like
parting with life. The Bishops, too, care nothing
for Christianity, nothing for the Church, nothing
for the people ; through their whole lives they seek
wealth and power ; and to ask them to retire from
the House of Lords and lay down their incomes is
to ask the Ethiop to change his skin. This Somer-
setshire Clergyman, therefore, according to the
language of the world, though his writing is emi-
nently eloquent and eminently Christian, is a poor
spooney. But so it " ever bath been, shall be, be-

neath the sun ;" and those who speak the words of
truth and righteousness are crucified as malefactors,
or ridiculed as fools. The extraordinary nature of
the recommendation may, however, pique the curi-
osity of our readers, and therefore we insert it. It
assumes the character of a speech delivered by her
Majesty at the opening of Parliament :

It has been stated that there are a thousand persons
residing within a circle whose radius is ten miles, this
house being the centre, whose united property could
pay off the national debt. It is not to be expected,
however, that any particular class should surrender their
entire property ; and it is but just that all who have
riches, that is, all who possess food, clothing, and habi-
tation, and something to spare, should bear their share
its this noble enterprise. It is also not necessary that
the whole sum of eight hundred millions be liquidated
in one year. It will be more equitable to the present
generation to extend the payment over the next twenty
years ; and in the humble hope that I may live to see
these my dominions free from debt I have determined
to surrender.

I.—All my palaces, lands, and forests, except Buck
ingham Palace and Windsor Castle.

2.—A1l revenues derived from the Duchies of Corn
wall, Lancaster, or any other source, except the Civi
List.

3.—One-half of my annual income arising from the
Civil List, including the funds from which pensions are
paid, leaving all pensioners to seek a more honourable
source of income.

I have no doubt but that, in like manner, her Ma-
jesty the Queen Dowager will, out of the income of
100,0001. a-year, willingly cede to the nation which so
willingly gave it, 90,000/. a-year ; and that, being only
an individual without family or incumbrance, she will be
most happy to live upon 10,000/. a-year.
I am confident that my uncles, the Kings of Belgium
and Hanover, will see it to be their duty to surrender
all income or emolument which they now receive from
this country.
Each of my Ministers of State will be most happy
to serve the country for 2,0001. a-year, and my ambas-
sadors, officers of my household, and all commissioners
silt be reduced in like proportion.
Out of regard to the peculiar sanctity of the office of
the Bishops, and to prevent the scandal to religion
which the wealth and pomp of the prelacy have brought
upon it, I do, with the authority vested in me, as head
of the Church in all things of a secular nature, recom-
mend thorn to cede their income, their palaces, and
their lands, with the accumulated wealth they have laid
up, to the supply of the exigencies of the State ; thus
testifying their conviction that " it is more blessed to
give than to receive ;" and in order that, having learned
to abound, they may now learn in humble circumstances
to be therewith conten ; and that they may render
useful service; and, after the fashion of apostolic sim-
plicity, be able to appeal to their brethren, to witness
that their own hands have ministered to their necessi-
ties. I further recommend them to depart from this
House, and diligently to apply their minds, first to the
practice and then to the preaching of Christ's holy
gospel.

A 3 head of the Church, I further propose that the
property of all Chapters and Cathedrals, all incomes of
Deans, Canons, and Prebends, and of all livings, the
excess above 300/. a-year, be devoted to the samo great
object ; and as it is one of the first lessons which the
instructors of youth should instil into their minds to

" owe no man anything," and as that precept is equally
true of men in their collective as in their individual ca-
pacity, I would suggest to the masters, tutors, and fel-
lows of all colleges and endowed schools, to surrender
one half of the estates of such colleges and schools.
The property of the Lords Temporal, and a all
wealthy commouers, 1 propose to set treefrom au en-
tail-and, by an Act of the Legislature, to abolish the law
of pritnogeniture ; and I recommend that your Lord-
ships vie with each other in the extent of property that
you will dedicate to this great object ; and let it
henceforth be deemed a crime against the State for a
wealthy man to leave property to those who are already
wealthy, instead of bequeathing it to provide for the
reasonable expenditure of the country to which he owes
his birth, his many privileges, and the protection of his
property.
I am credibly informed that the less respectable por-
tion of the aristocracy are in the habit of violating the
laws, and committing breaches of the peace, by wrench-
ing off knockers, breaking windows, and assaulting the po-
lice, for which the punishment which the lawsprovide is ut.
terly inadequate ; I therefore propose that a fine of 1,0001.
for each offence be paid.towards the liquidation of the na-
tional debt ; and if the offence be that of endeavouring
by bribery or intimidation to influance an elector in the
exercise of his franchise, that the fine in such case be
the forfeiture of one half of the estate to the same pur-
pose ; and if the person so offending be in his minority,
or not come into possession of his estate, one half of the
estate of his father, who has brought up a son in princi-
ples arid practices so dishonourable.
My Lords and Gentlemen—Permit me to assure you
that the noble sacrifice which I now recommend will be
infinitely superior to your ostentatious charities and
subscriptions to religious societies. To sanction a sys-
tem which makes men poor, and then by parochial re-
lief, or gifts of bread, clothing, or fuel, to pretend to
pity their poverty, is a mockery of true charity, which
" soLketh not her own, which thinketh no evil, and re-
joiceth not in iniquity." You part with a few hundreds
to feed the poor, but you take from them as many thou-
sands, and you glory in the deed. You subscribe to the
building of churches ; and if you did so in the spirit of
that man who, because he loved the Jewish nation, built
them a synagogue, you would do well ; but you have no
right to be generous until you have been just. You
arc spending on churches that which is not yours, but
which belongs to the people ; and such profession of
religion, whilst you neglect its great command, "to
love your neighbour as yourself," and " to do to others
as you would that they should do unto you," is the very
cause of the abhorrence which millions now feel towards
that holy religion, and of the infidelity now so increas-
ingly prevalent. To the rich young man, who came to
our Lord to ask what he should do, it was not said,
" Build a synagogue," or " Subscribe to religious in-
stitutions," but—" Go and sell that thou bust, and
give to the poor, and thou shalt have treasure in
heaven." The industrious millions of this empire
are poor, and burthened with debt : I urge upon
you the performance of the sacrifice which he whom
you Frofe:ll to serve urged upon the rich when he was
upon earth. If you do not trust in riches, you will
willingly follow the advice which I give, and the example
which I am about to sat ; and if you do trust in riches,
the duty is still more urgent-, for all your prayers and
services are nothing until you can become willing to part
with all the treasure on which your heart is fixed. You
are not invited to take upon you the Christian name
until you have done this, since the order is " Go and
sell that thou bast, and give to the poor," and then
" come and follow me." You are not invited to pre-
sent your subscriptions to religious institutions ; on the
contrary, so long as the people have just cause of com-
plaint against you, the command to you is, If thou
bring thy gift to the altar, and there rememberest that
thy brother bath aught against thee, leave there thy
gift before the altar, and go thy way ; first be recon-
ciled to thy brother, and then come and (Pr thy gift."
Remove the evil consequences of those unrighteous
wars in which you and your fathers have involved the
nation ; do away with those partial and oppressive laws
which you and your fathers have enacted ; and if you
would have a religion worthy of the respect of common
sense, imitate the converted publican Zaccheus, and
say, " Behold, Lord, half of my goods I give unto the
poor ; and if I have taken anything from any man, I
restore him four-fold." Such a religion would be far
better than the profession of even the purest creed,
and would infinitely surpass the childish conceits of
Puseyism.

TOTAL Loss OF THE PHILESTRUS.—On
Tuesday information reached Lloyd's of the total loss of the
brig Philestrus, of Greenock, on the morning of Wednes-
day week last, in Dundrum Bay, on the coast of Ireland,
and attended with dreadful sacrifice of life. It appears
that the unfortunate vessel left New Orleans on Nov. 11.
for Greenock, having on board a valuable cargo of cotton.
The crew consisted of the master, Captain Delley, first and
second mate, sixteen seamen, and three boys. At about
three o'clock in the morning above-mentioned the vessel
struck the sunken rocks in Dundrum Bay, and became in-
stantly a wreck. All perished except the second mate
and two of the boys, who were washed on shore on a spar,
to which they had lashed themselves. The spot where
the catastrophe occurred is some miles from any habitation,
and no assistance could be obtained. The survivors re-
mained on the rocks eight and twenty hours, and were
taken off by a fishing-smack. The loss of the vessel is
reported to be 2,0001,