The Sun.
London, England, 1841-11-23 00:00:00

THE SUN, LONDON. TUESDAY, NO 23 1841.

holders. He thought that Mr. Ricardo and the other
contractors, and their agents, had inflicted a very- great
injury on the Bondholders ; they had taken eighty
ppr cent. fro :n th.. capital of every gentleman present.
--(Hear, hear.) They had represented their case to
Lord Palmerston, and had been received by him most
kindly ; but although his Lordship had done all he
could for them, it was not his official business. They
ought to have gone to the Legislature, and made the
matter public, and then perhaps these great contractors
and their agents would have been found out, and the
shuffling course which they had pursued would have
been exposed. No one could tell what correspondence
had passed between these parties and the Ministers of
Spain.—(Hear, hear.) Under these circumstances, let
a meeting be called of Spanish and Portuguese Bond-
holders, and let a petition be addressed to the Legisla-
ture on the subject. He had no doubt that they would
have a strong majority in the Legislature.
Mr. HADLOW said that Mr. Ricardo had been solicited
to attend the meeting, and that a copy of the memorial
had been left at his office last Friday. Possibly he might
have been out of town, and it had not reached him.
Mr. TOMLINSON said it was very strange that after a
person had given them a list, and told them that they
had 1001. a year, and then it turned out that they had
but 301., no explanation could be offered. Bales of goods
to the amount of 50 millions had fallen 50 per cent.—
(Hear, hear.) Yet they were left to struggle with Lord
Aberdeen as they had done with Lord Palmerston, and
he was sure that if they addressed him fifty times he would
not be able to render them any effectual assistance. Tie was
not officially bound to assist them. The only course
opeil to them was to call a meeting to petition the Legis-
lature on this subject; it was useless to appeal to Lord
Aberdeen.
The Csainmax fully concurred in what had fallen
from Mr. Tomlinson. If he had been a contractor for
the loan, he would have considered it an imperative
duty to attend and assist the Bondolders. He bad ex-
pected that Mr. Ricardo would have taken the chair,
and have endeavoured to assist them in the dilemma in
which they were placed.—(Hear, hear.) He could not,
however, compel Mr. Ricardo's attendance, and having
been solicited to take the chair, he had done it with
the greatest pleasure.—(Hear, hear, and cheers.) He
fully concurred in the object of the meeting, but
if it had been left to him, as the Commissioners
were now on their way, he would have recommended
that the meeting should be postponed for, a few days,
because they might then have gone into the matter
more in detail. But he had no choice when the meeting
was announced. He had felt himself in honour bound to
lay before the meeting his correspondence with his Ex-
cellency the Minister of Finance, and With the Earl of
Aberdeen.—(Hear, hear.) As far as his services could
avail them, they might call upon him at any time.—
(Cheers.) The next step which he should take, as Chair-
man of that meeting, was to submit for approval the
memorial which he held in his hand.
The following memorial was then submitted to the
meeting :
" TO HIS HIGHNESS THE REGENT OF SPAIN.
" This Memorial of the Spanish Passive Bondholders,
Dead,
to at a public meeting, held at the King's
Head, Poultry, London, on Monday, November 22,
1841, Richard Thornton, Esq., in the Chair.
" Showeth,--That this meeting is profoundly im-
pressed with the high and honourable sentiments and
actions of your Highness, and feels encouraged by them
to approach your Highness, for the purpose of making
known how, much we, as holders of Spanish Passive
Bonds, have been the victims of injustice and oppression
by former Spanish Governments, with the hope of ob-
taining, through your Highness, the fulfilment of those
solemn engagements and pledges made by the Spanish
Government to the holders of Spanish Passive Bonds,
but which have been uniformly violated, whilst similar
engagements with another class of Spanish Bondholders
have been uniformly kept and fulfilled. In the year
1834 the Government of Spain declared itself unable
to pay ,the interest on its Five per Cent. Stock, and de-
termined to reduce one-third of its capital into
a Passive Stock, and to give a Deferred Stock for the in-
terest then due, engaging, at the same time, that the
Deferred Stock should become Active, in the space of
twelve years, from January 1, 1838, by an annual draw-
ing of one-twelfth into Active Stock; this engagement
has been faithfully kept. By the same law (viz., Novem-
ber 16, 1834) and the same article of it (i. e., 16) it was
declared that ulterior proceedings shall be adopted for
the redemption and repayment of Passive Bonds. One of
these ulterior measures was the operation of a sinking
fund of one-half per cent. upon the Active Stock, to be
replaced annually by Passive Stock, but the Spanish Go-
vernment has not been able to continue the sinking fund
in operation, on account of the expense of the civil war,
so that the holders of Passive Stock lost this advantage;
the second and most important " ulterior measure" was
the law of January 16, 1836, and the royal decree, dated
28th February, 1836, to carry that law into effect,
wherein it was decreed that the debt without interest
(viz., the Passive) should be consolidated in six years,
beginning from that year, viz., 1836, at the rate of
fifty pounds Active Stock, with interest from Ist October,
1836, for each one hundred pounds Passive Stock which
should be drama, in which ever of the six years, should
be to the holders most convenient to send them in.
By the Bth article, the Government reserved to
itself the right of increasing the quantity to be
annually drawn froth one-sixth to a larger amount, and so
reduce the number of drawings. The 9th article de-
clares no delay shall take place, and article 17 declares
the sum is designated for the consolidation of the present
year; i. e., 1830. To carry this law and decree into effect,
on the 15th of July, 1836, Messrs. Zulueta and Pareja,
Spanish Commissioners made the following announce-
ment in the London Journals :
" London, July 15, 1836.
" Conversion of the Spanish Foreign Passive Debt.
—The Commissioners appointed by the Spanish Go-
vernment for the Commission of' the foreign debt of
Spain, having received orders from Madrid for carrying
into effect the decree of the 28th February last, relative
to the Foreign Passive Debt, beg to inform the holders
of this stock that they have given instructions to Messrs.
Ardoin and Co., in Par:9, and Messrs. J. and S. Ricardo
and Co., in London, to take measures for putting into im-
mediate execution the provisions of the above•
mentioned decree. As the decree provides for
the conversion of one-sixth of the Foreign Pas-
sive Debt annually, should the applications exceed
this amount the lists will be transmitted to Madrid, and
the numbers entitled to the privilege be determined
by lot. The Bonds will be converted into Active Stock
on the same terms as those granted to the holders of the
Interior Passive Debt ; for every one hundred pounds
stock twenty-five pounds money in Bonds, at the price
of fifty, will be given, bearing interest from the Ist Oc-
tober next, payable at Madrid only. Thus the holder of
Passive Stock, who may obtain the benefit of the con-
version, will receive in exchange half the amount of his
Bonds in Active Stock. Upon the arrival of the result
of the drawing it will be immediately announced to the
public, and the exchange will take place so soon as the
new Bonds shall be transmitted from Madrid.
(Signed) P. J. DE ZULUETA,
' E. PA REJA.'
"London, July 15, 1836.
" And on the same day Messrs. I. and S. Ricardo, of
London, gave the following Notice :
" Angel-court, July 15, 1836.
" ' Conversion of the Spanish Foreign Passive Debt.
—Messrs. J. and S. Ricardo and Co., being authorised
by the Spanish Commissioners to carry into execution
the decree of the 28th of February last, beg to apprise
the holders of Spanish Passive Stock, that they are pre-
pared to receive applications for the Conversion of these
Bonds, agreeably to the conditions of that decree.—All
parties desirous of converting their Bonds must send to
Messrs. J. and S. Ricardo and Co. lists of the numbers
in duplicate, according to a printed form, which may be
had at their office, on or before the 15th of August
next, after which period no further applications will be
received.' "

" Printed. forms were obtained by those holders who
were desirous of having their Stock exchanged by the
first drawing, which was fixed for the month of June,
1836, to be continued each year in the same month; but
most extraordinary as it may appear, no answer has ever
been given by the-Spanish Government to our applica-
tions, for the result of the first drawing, and the law, the
decree, and the official notices, appear to us to have been
rather designed to sport with our misfortune in having
lent our money to the Spanish Government, and our
poverty and misery in consequence, than to afford us
the amelioration we had a right to expect. The Spanish
Government has fulfilled all its engagements with the
holders of Deferred Spanish Stock, by drawing it an-
nually at the rate of 100 Active for 100 Deferred Stock,
while not one single drawing has taken place in Passive
Stock, though at the rate of 50 Active for 100 Passive.
Your memorialists beg leave, therefore, to submit to your
Highness as their just right (the whole of the six years
for drawing Passive Stock having expired) that they
may be permitted in the approaching consolidation of the
interest on Active Stock to present their Passive Stock
for consolidation, each 100 Passive Stock to represent
50 Active, with five years' interest on the 501. up to Oct.
Ist, 1841. These terms, and these only, can repair the
injury we have sustained by the gross partiality and bad
faith of' former Spanish Governments, and re-assure us
of the honour and upright intentions of the Spanish Go-
vernment towards its suffering creditors."

Mr. WYLLIE wished to observe that he thought Mr.
Ricardo had been. alluded to in terms of too great
severity.
• He (Mr. Wyllie) thought that no contractor
had a right to attend a public meeting for the purpose
of answering questions, without previously consulting
those whom he represented. It was a rule in commercial
transactions that an agent could not give any information
as regarded the affairs of his principal without his
knowledge and permission. Now Mr. Ricardo might
have absented himself from their proceedings
from a desire to act upon that principle ; and
it was not right to visit any party with censure beyond
what they deserved. Mr. Tomlinson disapproved
of an address to Lord Aberdeen, and recommended an
appeal on the part of the Bondholders to Parliament.
Now he (Mr Wyllie) should like to ask Mr. Tomlinson
what good could arise from an appeal to Parliament? They
were not in a position to make such nn appeal—they
had no case which could justify them in taking such a step.
There was now at least an honourable Government in
Spain—(Hear, hear )—and any person who would take
the trouble of carefully reading over and weighing and
digesting the frank and honourable letter of his I4eel-
• lency Surra y Bull, would be convinced that
.the intentions of the Spanish Government were
Just and honest as regarded the Bondholders. He
believed he would be further borne out by
the Chairman of the Treasury Bonds, in stating
that he had received the most satisfactory reply to his
application on the part of the Treasury Bondholders. He
was of opinion that the holders of Passive Bonds had
now no other course to pursue than to pass the resolutions,
which as he (Mr. Wiyllie)l understood them, were merely
declaratory of the original decree, and of the right of the
Passive Bondholders to receive all the attention on the
part of the Spanish Government that was compatible
with the exigencies of their' Treasury. Before he con-

eluded his observations upon the subject of the Spanish
Government, he would beg to state his belief that no
other Government in Europe could have effected so
many important reforms, and diaeharg.d wore holm, aLly
the duties imposed upon them, than the Government of
which Espartero was at the head.—(Hear.) That was
not the first occasion upon which he (Mr. Wyllie) had
found himself called upon, in consequence of his know-
ledge of Spanish character, and his former resi-
dence in Spain, to raise his voice at a pub-
lic meeting in defence of the honour of Spa-
niards individually. He believed the character of
the people was not rightly understood, and he was per-
suaded that the conduct of the Government of Es-
partero was not only calculated to elicit the warm
approval of their friends, but he was sorry to be
obliged to add the jealousy of their French
neighbours. He was exceedingly sorry to find
that there was reason to believe that, notwithstanding
the high character of the King of the French, his Ma-
jesty had countenanced a course of proceeding in Spain
calculated to disorganise that country, and to retard its
social progress. He felt strongly that nothing emanating
from that meeting should be thought capable of conveying
any censure of the existing Spanish Government ; and
he thought that the policy of the Bondholders was to
give that Government the weight of their moral support—
( Hear, hear.) The two memorials were merely to be
signed for the purpose of keeping up the chain of official
correspondence ; and it was not to be supposed that they
were forwarded to Lord Aberdeen from any doubt that
the Spanish Government meant, to the utmost of its
power, to act honourably towards them.—(Hear.)
Mr. Tommrsom was quite surprised at the
statement that had been made, 'that Mr. Ricardo
was not responsible for the act of his principal.
He denied such a proposition; he asserted as a com-
mercial man that he was responsible, and must
know full well the whole effect of the contract entered
into with Spain.—(Hear, hear.) It was then said by the
worthy gentleman to the right of the chair, that
they were not in a situation to go to the Legis-
lature. Good God, had they not waited for
eighteen years, in the hopes of having a return for
the money, and had not 200,000 British subjects
either being confined in lunatic asylums, or died in the
greatest penury through that?—(Hear, hear, hear.)
Under these circumstances, he thought his friend
to the right of the Chairman was wrong in say-
ing that they were not in a condition to go to Parlia-
ment.—(Hear.) He felt convinced; if they went
to the Legislature, the contractor and his agent would
be Ashamed of what they 'had done. He thought, how-
ever, if they did not make the matter public by bringing
it before the House of Commons, it would be impossible
for them to do any good.—(Hear, hear.) He thought
not only the Spanish but the Portuguese Bond-
holder ought to petition the Legislature, and there
would then be a • strong handle for the Secre-
tary of State ; at present all he could do
was to write a recommendation, which, probably,
would never be attended to. He thought, if what he
Lad suggested was carried into effect, Mr. Ricardo and
others would attend their meetings.—(llear, hear.) All
he could say upon that was, that if they did Rot, they
would not act as honourable men.
Mr. WYLLIE wished to say one word in reply. He did
not mean to dispute the immense injury which had been
inflicted upon the Bondholders by the delays upon the
part "of the Governments of Portugal and Spain in former
times—they had all felt that, and had all suffered—but
now, when they had got a Government in Spain desirous
to do justice, he thought it was but fair that they should
have a fair trial. He did not see how an appeal to our
Legislature could benefit them in any way;
and an appeal to it, and . a refusal on their
part to take up the question, would much damage the
position of the Bondholders. They had now got an
honest Government in Spain ; it was then only fair
and politic that they should be afforded time to do jus-
tice. Let them pass the resolutions, and not let their
feelings carry them beyond the objects of the meeting.
Mr. TomuNsoN entirely agreed that the present Go-
vernment of Spain was the most honest they had had to
deal with, and he was disposed to give them a fair trial,
but that would be done within the next three months,
and if in that time justice was not done them, he would
most strongly advise an appeal to our Legislature.
Mr. TASKER having taken an active part since the
formation of the Committee, in which he had had
the honour of working with Mr. Tomlinson,
would appeal to him to say whether during the
last thirteen' or fourteen years, they had not
sent petitions and memorials one after another, and had
written at least a dozen letters, yet not one answer had
they ever got. But since the accession of the present Mi-
nister of Finance there had not been a single application
made but had met with an immediate and almost satisfactory
answer.—(Cheers.) It was under these circumstances he
congratulated the meeting on their being able to bring
their case before a Minister who would pay the utmost
attention to their claims. Having such a Minister to go
to would render it unnecessary for them to appeal
to our own Legislature.
The CHAIRMAN said , that, before he put the resolu-
tions which had been read, together with the memorial,
he begged to make a few observations. He had stated
before that the long continuance of civil war
in Spain had exhausted the resources of that
country, and he was convinced that it was that
alone which was the cause of the dividends
being in arrear. With respect to a neighbouring country,
which owed him upwards of 900,0001., he saw many
Portuguese Bondholders present, and he need not tell
them, but he would tell those parties who were not
Bondholders, that the crown of Portugal was
hypotheticated to the Bondholders, and strange
as it might appear, the revenue of that king-
dom was taken, not to pay their (the Bond-
holders') dividends, but to pay the dividends on the
local stock. There was now 17} per cent. due in arrear
on the Portuguese Bonds. He (the Chairman) was a
creditor to the amount of nine hundred thousand pounds.
The only satisfaction he had was, that he could
do without it, and that while Portugal had stopped pay-
ment, Richard Thornton had not.—(Laughter and
cheers.) He wished to draw their attention to Spain,
who had not served them as Portugal had done. She
told them she would pay them equally with the local
stockholders.; and could they in fairness ask more ?
They had every confidence in the present Ministry of
Spain. Let , them tell the Spanish Government that
they had confidence in them, or their Chairman had,
and if 'they disappointed their hopes he would hold up
his hand with his friend Tomlinson, and say, they
might put him first in their ranks to go the Legislature.
But he implored them to agree to the resolutions and the
memorial. Perhaps the memorial would be better with
a little alteration. He had not read it till he had come
into the room ; but those trifling alterations he left to
the Committee. Still he hoped that they would agree
to those resolutions and the memorial, and show to the
Spanish Government that they had confidence in them.
The resolutions and the memorial were then put and
agreed to.
Mr. T. THORNTON rose to propose a vote of thanks to
Mr. Zulueta, and moved the following resolution :
" That the letter of M. Zulueta is of much importance,
inasmuch as it clearly shows that the nonexecution, by
previous Governments of Spain, of the laws and decrees
appertaining to Spanish Passive Stock, is the primary
cause of his resigning the important post of Commis-
sioner for Spain ; and hence the holders of Passive Stock
have, as far as M. Zulueta is concerned, reason to be
thankful to that gentleman for the stand he has made ;
and this meeting is of opinion, as long ,as the claims of
the Passive Bondholders are neglected, a blot will re-
main on Spanish credit, which nothing but a strict ob-
servance and performance of the obligations due from
the Spanish Government to this clasS of creditors can
wash out."

Mr. WYLLIE concurred in .the view of the iiono-
rary Secretary relative to the honout able conduct
and good intentions of M. Zulueta. At the same

time that he agreed in the spirit, of the resolu-
tion, he thought it better to modify it. He could not
but regret the tone selected by M. Zulueta for
his resignation, at a time when Spain had an honest
man for her Minister of Finance, because it might
imply distrust of the Spanish Government. His objec-
tion was to that part of the resolution which related to
that transaction. He fully approved of the reso-
lution, as far as it went, to convey their thanks
to him for the information he had so readily furnished
upon all occasions. But it certainly would be politic to
avoid the question at issue between M. Zulueta and
the Spanish Government. He would, therefore. express
his wish that the resolution should be modified in
conformity with the suggestion he had offered.
He then moved that the resolution proposed by
the Secretary should be amended as follows:—" That the
thanks of this meeting be given to M. Zulueta for his
frank communication of this day, and also fur his former
communications."

The CHAIItMA.N said that if the meeting should be
pleased to pass the resolution as amended by INlr.Wyllie,
he would write to M. Zulueta, thanking him for the
communication, stating that it had met the appro-
bation of the meeting, which returned him its
thanks. He thought that would be the better plan.
The letter manifested a feeling
highly honourable to
M. Zulueta, as he refused to undertake any further-
arrangements for the Spanish Government until those
arrangements entered into by former Governments should
be religiously and faithfully carried out.
The resolution, as amended by Mr. Wyllie, was then
put and marled unanimously.
Mr. WYLLIE would propose to the meeting another re-
solution, which he thought was necessary, in order to
show that whatever might transpire as to their proceed-
ings of this day, it was far from their intention
to offer any offence to the present Government of
Spain, in which they had the greatest confidence.
The resolution he should propose was, " That there was
nothing in the contents, either of the resolutions or the
memorial agreed to at the present meeting, intended to
cast the slightest censure on, or manifest the least dis-
trust of, the present Administration of Spain."—
(Cheers.) There was also another resolution which he
had to pro
routine. It ought to be understood that, according to
Pose, relating to a point of official
official etiquette, the Committee could not address the
memorial directly to his Highness the Regent. It ought
to be communicated to his Highness through his Minis-
ter
of Finance, and it was necessary that a resolution
should be passed, ordering the memorial to be trans-
mitted to his Highness in the proper manner,
and through the regular channel. As Regent of Spain,
he occupied the same situation with respect to his Mi-
nistry and to his nation that the Queen occupied in this
country. He would, therefore, propose that the Chair-
man be requested to address a letter to his Excellency
Don Pedro Surra y Hull, the Spanish Minister of
Finance, thanking his Excellency for his exer-
tions on behalf of the Bondholders and pray-
ing him to elevate the memorial to the attention
of his Highness the Regent. He used the word elevate
because it was the Spanish phrase usually used on occa-
sions when communications were transmitted from an
inferior to a superior.

Mr. TOMLINSON suggested that it might be more ad-

viseable to transmit the memorial through the Spanish
Ambassador.
Mr. WYLLIE thought that very shortly a change wonid
take place at the Spanish Embassy. Indeed he believed
that Senha Sancho, a liberal-minded man, and one who
in former Parliaments had, long before Surra y
Rull had become Minister, stood up with him
to advocate the claims of the foreign Bondhold-
ers, had been already appointed to the Embassy
in London. On his arrival it would be proper to enter
into communication with him on the subject, but in the
interim, as they had already had several communications
with the Finance Minister on the subject, it would be
better to continue to communicate with the Spanish Go-
vernment through the same channel.
Mr. HADLOW suggested that a copy of the resolutions
and the memorial should be sent to the Spanish Embassy,
and another be transmitted to the Finance Minister, so
that if one should miscarry, the other might reach its
destination.

The resolutions were then put and carried unanimously.
Mr. WYLLIE said there was one thing which ought
to be mentioned arising from the letter of M.
Zulueta. M. Zulueta had stated the ground of
his having given up his situation as Spanish Com-
missioner, and resigned• the trust into the hands
of M. Murietta. Now, he might mention, as one
who knew the standing of that highly respectable Spanish
house, that M. Murietta was a partner in the firm of
Messrs. Solarte and Murietta, of No. 8, Old Jewry.
Both partners were highly respectable and honourable
men, and personally acquainted with Espartero and with
the Spanish Prime Minister. They were men of capital
and character, and although it was not possible anywhere
to select a man of more rectitude and honour than M.
Zulueta, yet M. Murietta was not inferior to him in
those honourable qualities : and he possessed such in-
fluence amongst Spaniards and others, that if he exerted
himself in the way he ought to do, and would do, he
considered M. Murietta as able, by putting his shoulder
spiritedly to the wheel, to give a very great impulse in-
deed to Spanish credit, and to hasten the day, Which he
hoped was not very distant, when the Spanish Active
Bonds would deserve their active character, and when
the holders of them would receive their full dividends.
He was quite certain that any gentleman who would read
carefully the Third Report of the Committee, and enter
into the figures, a great many of them given officially
by the Spanish Committees of Estimates themselves
would feel with him, that if the present Government
were properly supported, the clay was not far distant
when Spain would be in a position to pay the dividend
upon her whole debt.—(Cheers.)
The CHAIRMAN said he believed the business of the
meeting was now brought to a close.
Mr. TASKER proposed that. the thanks of the meeting
sbould be given to the Chairman, for his efforts to forward
the interests of the Bondholders, and for his conduct in
the Chair.

Mr. WYLLIE seconded the motion, which was then put
and carried unanimously.
The CHAIRMAN begged ,to return his most cordial
thanks for the honour which had been conferred upon
him. He thought better prospects were dawning upon
Spanish affairs, and he sincerely hoped that they would be
rewarded for the pains which they bad taken. They
had done nothing more than call upon a nation to
fulfil religious obligations ; and he was quite sure that
if they knew their own interests they would not he-
sitate for a moment to do justice to the Bondholders.
If his services could be available upon any occasion,
they should always be at the disposal of the Gentlemen
present.—(Cheers.)
The meeting then separated.
We were informed by Mr. Tasker that a very lengthy
correspondence had recently taken place between him
(Mr. Tasker) and the Spanish Minister, Surra y Rull,
which was highly interesting to the holders of Spanish
Bonds, and which can be inspected at the office of Mr.
Thornton, 9, Old Swan Wharf, London-bridge.

SPIRIT of the PUBLIC JOURNALS.
FROM THE EVENING PAPERS OF YESTERDAY.
GLOBE. —There are times at which the
shout arises (in the phrase of the proverb)—
" The cow hath run adry ; let us go milk the
bull." These are times of disappointed popular
expectations—of discredited philosophical prin-
ciples. A disposition arises to impute exist-
ing evils to remedies which have never
been tried, or at least, to impute impo-
tence to them, because they have proved barren
of practice. The popular mind then vacillates
between old-fashioned opiates, and the heroic
prescriptions of quacks. What, by common con-
sent, is thrown overboard is sober science and
common sense. The Laissez faire doctrines of
Turgot and Adam Smith are suffering this dis-
credit. In France and England the political eco-
nomy founded in the last century is undergoing
incessant attacks, partly from those who would
restore what it exploded, and partly from those
who say they would not do that, and do not
say what they would do. They are looking out
for a milch bull, and in the meanwhile clamour
at the cow's dryness. They may too rashly
presume on the lacteal temper of the desired
taurine substitute: and we shall not be surprised
if they bring the 'bull at last into the china-shop.
For our part, we say—get the cow out of the pound
—give her plenty of fodder—and then let us see.
The question ofLaissezfaire, or Not Laissez faire,
is one which cannot be answered by any general
formula of intervention or non-intervention.
Laissez faire, either to the few or the many,
may be leave to do mischief. The phrase, how-
ever, is as good as another to express the very real
distinction between those two classes of social
speculators, one of whom regard individual liberty
of action and competition as the most essential
condition of future as it has been of past im-
provements, and the removal of unnecessary re-
strictions on that agency as the first remedy to
be applied to the evils of our actual situa-
tion—the other of whom regard isolated
action and unrestrained competition as a main
source of social evils, and an anarchy calling
for some new guidance. For our own part we
are convinced- that neither good governance
nor free action can be well. dispensed with;
but we value the former as opening the widest
range for the latter. The Laissez faire prin-
ciple, as it is held by its rational advocates, does
not mean—Let some do that which shall hinder
others from freedom in their doings. Land-
owners make laws which aim to concentrate the
possession of landed property ; to withdraw
it from the natural alterations of time and
commerce—to keep it in few and idle hands;
and give it an artificial value.
STA N DA RD..—The Opposition Journals make
the most of the unfavourable prospects of the
winter. This was to be expected, after the exhi-
bition of eager satisfaction with which every
menacing appearance of the. weather was wel-
comed during the summer and autumn. What-
ever use our antagonists may make ofsuch a visita-
tation as is so joyfully anticipated, it is ourduty not
to allow their conduct to divert us from the right
path. We must meet the calamity, if it come,
with prudence and Christian humanity. As an
argument, however, against any system of per-
manent legislation, such a calamity is good
for nothing—worse than good for nothing
in the' case of laws which cause a greater
amount of food to be grown, not only in our
own island, but upon the whole produce of
Europe, than otherwise would be grown. The
effect of such a law can only be to mitigate the ill
effect of a bad harvest. We are told in a trium-
phant antithesis that the Corn-laws make food
dearer and labour cheaper. This is true occa-
sionally, but it is the reverse of true on the ave-
rage of years; and it never was further from
truth than at present. The Corn-laws temper the
prices of food and of labour, and, like all modi-
fications of temperance, they ensure a progres-
sive improvement, by restraining occasional ex-
cesses, always followed by more than corres-
ponding fhilure. When we speak of a law, we
speak of something of permanent and constant
operation, and we must judge of its wisdom or
not by casualties, but by the tenor of its
usual results. Now, the results of the Corn-
laws have undoubtedly been to lower the prices
of food, and to raise the scale of wages,
nieasuring'the rate of wages by the scale which
the means of subsistence afford. Accordingly we
have seen that commerce, agriculture, and popu-
lation have made an unexampled adVance under
the more than 25 years of their operation. The
accidental inconvenience, arising from a particular
visitation, which is not, and cannot be, the effect
Of those laws—which is the effect of causes above
human control—we repeat it, proves nothing.
As well tell us, that the British Constitution is
an evil, because it does not afford a perfect bar-
rier against national afflictions and the crimes of
individuals.

MONEY MARKET and CITY NEWS,

FROM THE MORNING PAPERS OF YESTERDAY.
HERALD.—,The failures of several mercantile
firms of consideration abroad were announced to-
day. Two of these are Spanish houses, one of
them established in Cadiz, and the losses result-
ing will, it is understood, fall heavy on some es-
tablishments in this City, more especially on one
which is largely concerned in the Spanish and
Spanish American trade, but well able, however,
to bear up against much more considerable com-
promises. An East India house of agency was
reported also as being in embarrassments, but the
concern is of inconsiderable note. The event,
howeverovhich excited the most surprise was the
reported failure of one of the largest establish.
ments in the metropolis in the retail haberdashery
and linendrapery line.
The grand Exchequer bill fraud might still
have been carried •on for years perhaps, before
final explosion, but for those monetary derange-
ments which rendered it every day more difficult
to obtain advances of money on deposit of bills,
excepting on conditions so usurious as could not
fail to excite misgivings that the security de-
posited was not come by legitimately. Hence
detection of the existence of duplicate numbers
of bills by an astute banker applied to for ad-
vances of money on his own terms, whatever
those might be, which arousing his suspicions