The Sun.
London, England, 1841-04-01 00:00:00

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PRICE sth

preach of a British army. Her scattered navy happens
at present to be very inadequate for any sudden emer-
gency, nor could it be concentrated without the twofold
disadvantage of considerable delay, and its withdrawment
from remote interests which usually demand protection.
Her " sinews of war" also—the well-replenished coffers
nod stable credit indispensable to a good commissariat—
are dreadfully cut of order ; added to which, the millions
of he r slave population ready to sacrifice ex ers thing for
penzonal freedom, constitute, as sl,e well kaows, an enemy
within the camp, quite manageable io tranquil triter, but
willing and competent, at a moment's warairg, to
make common cause with any invading army that
might inscre them deliverance from their oppressors.
The expedient of the American authorities for main-
taining their national dignity, by resolving to have M'Leod
tried at Albany, for the purpose of preventing his convic
lion, is, therefore, a very prudent and intelligible after-
thoug,,ht. Upon the whole, the prospect of a war with
Great Britain upon this isolated question, even if Mr. Fox
should have actually demanded his passports, seems to be
considered by all parties in America to be at an end.
What may subsequently come of the other unsettled dis-
putes respecting the north-eastern boundary, and the right
of search on the African coast. it were mere folly to con-
jecture. It is perfectly clear that our national rights on
those points cannot be surrendered without equal injury to
the seewity of our Canadian possessions, and to the hu-
mane wardenship in regard to the slave-trade which this
country is irrevocably pledged to exercise. That we may
eventually be involved in war on such grounds is far from
being impossible: but in the mean time we console our-
selves with the reflection-, that " sufficient for the day is the
evil thereof."

(From the Morning Herald.)
The discussion last Tuesday, on Mr. Colquhoun's
proviso to the 10th clause of the Poor-law Amendment
Bill, admirably illustrates the unsettled views of those who,
while calling for the education of the people on a com-
prehensive principle, have not arvongst themselves an
understood principle at all. *'r. CTslql.thoun's preposition
was direct and practical--" That in the union schools
the infant poor a chaplain of the church of England be
appointed to regulate and superintend the instruction
of the children, except the children of such parents as
are of a different creed from the established church ;
or, in the case of orphans, whose godfather or god-
mother object to the child receiving instruction in the
doctrines of the established church." Let us ace the
variety of objections to this truly conciliatory propo-
sition. Dr. Lushington, after having declared in a
long speech that "he believed that the Dissenters of
this country would receive this proposition not merely
without reluctance, but with joyful acceptation," repented,
and said that " he would leave the door open, not only
to the parents and guardians, but also to those who were
interested in the welfare of these children, to show what
was the belief of these parents " To say nothing about
the assumption that people could feel vc ry much interested
in the welfare of poor children and let them go to a union
bastile, the doctor's proposition is about as absurd as any
" notion" (as he called it) we ever heard of, except one.
Mr. Langdale decidedly outdid him. That lion. Gentle.
man moved that the following words be added to the pro-
viso—" That no instruction should be given to an orphan
against the express wish of the orphan it,ell! We rather
suspect that Mr. Langdale must have been petted at
home under a foolish mother, who would not allow a
tutor to instruct him against the darling's "express wish."
There is no other way of accounting for such juvenile
Utopianism. Lord John Russell, however, did riot cut
a much better figure, when we contrast him with his
former self. lie insisted that the word "religious" should
be inserted before the word " instruction " in the clause,
when all the world knows that in his famous education
scheme, he would not earn; the clergy of the Establish-
ment to have the superintendence of religious instruction
at all ! Then there was Mr. Hawes, who roust have his
hand in every thing, objecting to the appointment of
Chaplains, that it would aggravate the Church-rate
question—when the snore that question was aggra-
vated the better it would suit the Honourable
Member ; and there was Mr. Ward asserting that the
clergy should only be paid rateably ; and there was
somebody else who contended for something like a
sectarian census of the population, so as to know what pro-
portion of the children would fall under the care of the
Established Clergy; and to end this amusing discussion,
there was Mr. Hume to grace it with a vulgarity which
we thought had been exploded for years, " that there were
lots of black coats doing nothing, taking away the pro-
perty of the country, and appropriating it to themselves I"
The truth is, that all this precious school have an ill-will
against the Church which most of them cannot define, and
which not one of them dare explain. Sonic dislike it as
the bulwark of religion ; others hate it as a buttress to the
institution of property ; and all of them are inimical to it as
adverse to organic changes, which would unsettle every-
thing, and the religious faith of society amongst them.
(From the Morning East.)
The anxiously-expected arrival from America has taken
place, and we have carefully collected in another column
all the intelligence from the Uaited States which it has
placed in our possession. This intelligence will not
realise the expectations; generally enteric ined in this coun-
try, for it does not include any intimation of the liberation,
actual or intended, of our fellow-subject, Mr. M‘Leod ;
nor does it convey to us anything more than the prevalent
rumours at Washington and New York as to the na-
ture of the demand relating to him which has been
addressed by Mr. Fox to the American Government,
in pursuance of the latest instructions from Lord
Palmerston. Thu news is, indeed, rnech more
vague than the people of England expected and de-
sired. It amounts merely to the fact that ..oplication
of some kind or other had been made ey ;tie British
Minister to the United States Government ; that General
Harrison and his Cabinet had held an anxious, or at least
a prolonged, conference, supposed to be on the subject of
that communication; and that no open and visible steps
had yet been taken to affect in any manner the position of
Mr. MlLeod. One Journal, indeed, expresses its belief
that the Attorney-General of the Federal Government
had received instructions to repair to Lockport, and con-
jecture: that the object of this legal mission is to inter-
pose, in the name and by the authority of the Presi-
dent, on the approaching trial of the British prisoner.
It is, in the meanwhile, not disagreeable to remark
the very striking change which has taken place in the tone
of the United States journals. The language of arrogant
boasting and of fierce disdain has somewhat suddenly
given place to a show of moderation and a display of argu-
ment. Of these we have collected a few of the more fa.
vourable specimens ; and the British public., if they can-
not, in perusing these lucubrations, compliment their
brethren at the other side of the Atlantic on the accuracy
of their statements, or the strictness of their logic, will
recognise with pleasure the visible improvement of their tem-
per. It is said that one of the passengers by the Britannia
is a special messenger charged with important despatches
from Mr. Fox to the Blitish Government.

MONEY MARKET and CITY NEWS.

FROM THR MORNIN• PAVERS OP TIM DAT.
TIM ES.--It is said that the East India Company have
to-day raised the interest of their bonds from 3to 31 percent.,
a measure which would appear to be needlessly deferred,
as it was obvious from the state of the Money Market that
they would only circulate at a large discount, and thus lose
the preference they have usually obtained, as a deposit of
capital fur temporary investment, for which purpose, in
times past, they have often stood on an equal footing with
Exchequer Bills. This change of system has partly arisen
from the conditions under which the last issue of bonds was
made obliging the Company to give a notice of twelve
months previous to any reduction of the interest, and they
seem to have held it politic therefore, to try the strength of
the market as long as posiele, before incurring an ad-
ditional charge for interest, of which it would take them
so long a time to relieve themselves if they fouud that
they had exceeded the market value. Those who have re-
mained steady holders of the security will probably have no.
reason to complain, for though, under the old system of
raising the interest as soon as the bonds fell to a discount,
they would have got tie advance a little sooner, yet that
difference will be made up to them by the increased
length of the period for which they are insured against
reduction. For those who have only made use of
India Bonds for short investments, who are by far
the grei ter number, the old method would be pre-
ferable, and the Company on their side have always
to consider that the continued quotation of their securities
at a discount does not exhibit them in the high standing
of credit which they ought to occupy. They had better
by far err on the contrary side, and these nice calculations
as to a quarter per cent. more or less arc better suited to
petty traders than to the first mercantile corpora ion in the
world.

The Consul market in the early part of the day was sta-
tionary, but some purchases subsequently made by influen-
tial brokers rallied prices, which closed firm at a trifling
advance upon yesterday. The incremed rare of interest
that India Bonds are to bear has also improved their stand-
ing in the market.

With a demand for money at about 7 per cent. the set-
tlement in the foreign securities pas3cd over without diffi-
culty, and its only characteristic was the firmness of the
market at the conclusion of business, with a slight advance
in the South American and Peninsular bonds.

TO THE EDITOR OF VIE TIMES.

Sir,—Having seen in your paper of today a statement
which, among many others, has, as I fear, been made to
you to prejudice me in the eyes of the public—viz., that
Mr. Abbott's difficulties arose from transactions with me
in foreign loans,—l beg leave to sny that at no pe,ic'q
of my life was I ever (to my recollection) concerned
with that gentleman in any stock, or loan transaction,
whatever..

I was well acquainted with Mr. Abbott, and occa-
sionally assisted him in moments of pecuniary difficulty,
and always found him honourable in his transactions; and
the different advancos made to him were some time ago
consolidated in a mortgage on some building land in Li-
verr. of (now in the hands of our asignees), and which
will, as I believe, when realized, fully cover the amount
advanced. I am, Sir, your obedient servant,
18, Aldermanbury, Marsh 31, JOHN WRIGHT.

of Novamber, issued by the Finance
POST.—'Phis being the last day left for the assent or
dissent of the Portuguese bondholders to, or from, the
gals been one of very great excitement,
decree of the 2d
influenced, as they nevessarily must
tbl‘ileil e:itiP,sytaerttrhiecagt'aLdi nvisiccbacosne:sit he Committee, hacked as that Com-
mittee is by Lord Palmerton and Lord Howard de Wal-
denthe uric hand, and the threats of exclusion of the
Portuguese agents in London, countenanced as they are
said to be, though the fact can scarcely be credited,
on

41.

2,4,1e.e5L
EDITION

by the very contractors of the leans themselves, on
the other, not knowing how to act for
.the best. Is
is not for U 3 to attempt to point out which is the
better course for the sufferers to take, but it is to be • Pit
observed that they have before them two prominent
stances of the injudiciousness of precipitately aequiescingAii:
in schemes of conversion submitted for their acceptance. -
In the case of Spain, the advice of Mr.,. Weeding, wheA
was eleven years chairman of the Spanish Committee,
was rejected, the bondholders obtaining fresh paper for -
their original bonds; hut of what intrinsic value is thlat
paper conversion now ? In the case of Chili, the bond-
holders had the better sense to act upon the suggestions
of their equa;ly indefatigable Chairman, Mr. Robinson,
Mr. R. C. Wyllie, and the other Gentlemen of the
Committee. The resulr in the latter case in the com-
parative value of the too properties is too apparent to call
for illustration. It has been stated, doubtless at the instance
of interested persons, that certain bankers holding Portu-
guese bonds had declared themselves, on the part of the it
clients, favourable to the conversion. The Committee hare,
however, with praiseworthy induAry, got at the truth. Thee
discover that all 55(11 statements are totally destitute of
foundation. Two if the leading bankers named, Messrr.
Coutts and Co., afid Messrs. Child and Co., were applied
to upon the subject. Each of there eminent firms may
hold, on behalf of others, about heif a million of stock. La
the case of the sane not a client had authorised conversion,
while in that of the other about one-twentieth part re-
mained doubtful, the holders of that twentieth-part being
undecided, nod leaving their (skims in the hands of their
bankers to act as might, in so desperate a matter, seem to
be for the best.

We will put the affairs of the Portuguese bondholders
More them ia this manner. Spain, in 1834, under the
constitutional system, seduced the Spanish bondhoZdr rs into
a conversion of their stocks. One-third was deducted from
their capital, and the eleven years of interest was wholly sa-
crificed, or thrown intoa deferred furvi. This was to secure
a punctual and religiously scrupulous discharge of the
dividends on the poor i courant. Through Messrs Rie.ar
do and Co., of London, and Messrs. Ardoin and Co.,
of Paris, new bonds were obtained; but th.ise new bonds,
it is to be observed, have nothing of the stringency of
security of the original ones about therm_ a circumstance
that has been commented upon by Mr. Thornton and 134
committee, as it will continue to be, until some redress
is afforded.

may;='4

Portugal has always been found to fAlow the exmaple
of the Sister Kingdom in financial as well as other thinks.
The present mothcat is no exception to the general rule.
Let the Portuguese bondholders therefore reflect, while
there is yet a moily:nt left them to do so, and beware of
being improvidently engulfed in the fatal Spanish preee,
dent we [dace before them.

SUN.—To.day prices were buoyant. The account
prices of Consols have been up tc-day to 891 to For
immeeinte transfer the quotations were 881. to Exche-
quer Bills brought 6s. to Bs. premium, and India Bonds
ss. to discount, the improvement in this latter security
arising from good purctases made in it during the last
day or two. The NC A Three-and-a-Half per Cents.
were steady at 971 to 1. Aloney was in rather more re-
quest among the jobbers, in consequence of the settkmeut
in the foreign market, and was as high as 6 per cent. on
the deposit of stock.
The account in foreign Stocks was arranged tc-day,
but notwithstanding the pressure among the jobbers, no
defalcations occured. Spanish Active Stock was at
221 to 23; Poitnguese New Five :per Cents. realised
32i to 33 ; the Three per Cents. 19i1 to 194 ; Mexi-
can Bonds 294 to 30 ; Colombian 221; Chilian, 63 ; and
Pernam, 16i:-. Belgian Stock receded to 1003, but
Dutch Two and -Half per Cents. advanced from 504 to
51. The advices received this af[ernoon from the Am-

sterdam 80ur,,,e notice rather an improved feeling there,
and the closiNg prices on Monday were 50 11-16 to for
the 'Fwo-and-:•:- Half per Cents., and 97 15-16 fix the

Y

.

, .

Five per Cente. Since the 15th instant the fluctuation in
the Active Spanish Bonds here has been from 22i
23i, and in the Pot tu7ilesa New from 30i to 32k, taking
the account prices al through..
Railway Sixates wee steady., but not animated tc-day.
The Gre 'i3 e:tern St.ineihave been atl2s ; the London and
Birmingham New at 211; and the South Western at 161
premium ; ,Brighton wore 5i ; Manchester and Leeds 2 ;
and South Eatern 16 :discount ; National Bank of Ire-
land Shares were 2 ciii.
We are glad to perceive that the washed and kiln-
dried 1-'4.a offered some time back to public competition,
still hangs on the hand; of the importers, who ought never
to have offered such trash to the public. About 800
packages per Westminster, on which the conditions of stile
had been fulfilled, were again put up to-day, but were
chiefly withdrawn for want of purchasers.
• SHAME FU

3

L AND UNFEELING
FRAUD.

A
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kday or two prior to Saturday the 6th inst., art adverL
tisemeat was seat by post from London, for insertion in
the Gfturdittn,. and, being paid for by means of a post- •
(Ace order, was of course iinerted ou that day. It was to
the following effect
" To Engiroers, Engravers on Copperplate, Joiners,
and Cabinet Al.drer..—Wanted, good hands, to proceed
to New York and Peiladelphis. A free passage and mess, ,
with capital wages. Parties must forward age, particulars
of family, if any, present rate of wager, &c.—Post free,
with a stamp, Co, Vv'ashington Percival, 11,' Southampton-
street, Euston-square, London, who will' communicate all 2
partiaulars."
In consequence of this advertisement, so tempting at a .7
time win n employment is generally scarce, many persons
made application' by letter, as directed in the advertise-, '• ' •
meat ; add, in the course 'of a post or two, each applicant
received a reply, id, raring him that his services would be
accepted, at a very handsome rate of wages ; but requ'xing eft,.
from can a remit nee of 11. " to ensure registration, and •ect-,
•
prevent disappointment." The general character of these
answers maybe gathered from the following copy of one •
addressed to a mechanic uho had made rill lication :-
2, Oxford-street, London, March 16, 1841.
SIR.-In reply to yours, I beg to say, that you will b
required to enter into an agreement to serve Messrs.
Gralfe and Tompkins, of New York, for three years, at the
weekly suer of 60s. English: money ; week sixty-six hours,
including two hours per day for meals. Your two sons
shall also be engaged, and receive proportionate wages-
Your and their passage, with beddinz and provisions of
the best kind, c. ill be free. Your wife will he charged
10/., and your youngest son 51., the child under two years
of age milt not be charged. You must, remit 11. by return
of post, to insure registration on board, and prevent disap-
pointment, which will be returned to you on your arrival
up here, together with 11. 15; for your expenses. Tillie
passage money for your wife, &c., 151., you Hill have to
repay by initilments of 10s.. per week, on your arrival in
America You must be in town on the sth of April. As
your application has been so late, you had better remit the
registration money to the above address (No. 2, Oxford-
street) by return of post, provided you make up your mind
to go, as our list is nearly complete.—l am, &c.,
WASHINGTON PERCIVAL.
Thomas --

• -•-

On receipt of the I/. you will be considered engaged.
Several of the parties who received these letters had the
prudence to make a little inquiry before sending their
money, and were advised to have nothing to do with Mr.
Washington Percival. Others, however, were not so
careful ; and we have reason to believe, that a number of
sums were forwarded as directed, and some of them, no
doubt, fell into the hands of the scoundrels who had devised
this nefarious scheme of plunder. Amongst others, the
party to whom the preceding letter was addressed, who
had been some time out of employment, and was in very
poor circumstances, pledged his watch to raise the neces-
sary sum, and sen; it by post as directed. He would also
have incurred the further expanse of conveying himself sod
his family to London, if he had not, fortunately, had
his suspicions awakened by what he heard from an-
other applicant. who, instead of sending the money
required, took the precaution of writing to a friend in
London, and requested him to make some inquiries about
Mr. Washington Percival, at the place indicated in his
letter. The party entrusted with this inquiry found that
No. 2, Oxford-street, was a public-house, the landlord of
which knew nothing of Mr. Percival, except that became
there occasionally for letters. On further inquiry it was
found that there were then two mechanics in the house
who had come from Manchester with the view of procuring
engagements. A third person in waiting at the same
plaoe, turned out to be a policeman in plain clothes, who
was waiting for Mr. Washington Percival, with the inten-
tion of giving him an opportunity of explaining his conduct
before a Magistrate. Mr. Percival, however, had most
probably received some intimation that " hawks were
abroad ;" and ho did not make his appearance, though a
number of letters, some of them evidently containing
money and money-orders, were waiting for him. We un-
derstand that the attention of the police had been called to
the matter by the landlord of the public-house, who
'r
sus.
whaosshuios;
sus-
pected, from the conduct of his visitor,
quite right, and very properly co in mu
picions to an officer.
e fads will operate
We hope that the publication of
,these
on whom
as a warning to all parties in this neighbourhood
ade hereafter. No
any similar attempts at fraud may
be made
will ever require
honest man wanting servants or workmen ittte alld
his
be quite itire that
the oPPlicacnieliraed him.—Manchester
them to advance money; and, awhenever any demand of
the kind is made,
there is a design on foot to
Guardian. .

473 f

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PtroltiErSu.
otiAee
ttcasea
uintdteehoremitreh
pe
0;
bas just CONTESTS OF
FwWticAbwrbi;aBititlrreoleikglhMetss injury
public,:coimespaanndieestlimeotvoa maintain
o f t
the
Correspondent, to pro— .
monopoly of the article they - 111;
e old
go, theydsiusposP
inflictedoteiwtThibeaonc bftoauaswntc
district odte 1 rsfonoaor rofi vieertna :sot:: bfaY°:eWb' Southwark.
pci aosnettert all
engineOw an
cent,ar 'the
°i.
in
t therT2 11 cr°rate,
telyears a
London-
bridge Comp
the B
ca their c
he latter the supply
r • oneern to Borough Company
wants were obliged to submit, as they had no means of re-
sistance. Some
persons, however, denounced this increase
of rate as an extortion, and expressed their determination
to' get a supply from another source, if such a source pre-
sentedthenewly
ariasthe
itself, the monopoly alone keeping the power in the
bands of the Borough Company. The desired opportunity
was at length afforded by the establishment of another, the
Vauxhall Campany, which not only destroyed the mono•
poly, but offered to supply water on such terms as
would have put the inhabitants nearly in the same po-
sition as several years 800. The Southwark establish..
about to d exert
meat perceiving that the inhabitants were
offered by the Vauxhall
them, and embrace the advantages o consequenceatot erw forhi thus placing
having yet laid thAr pipes
the Vauxhall Company not in
Company, at once cut off the supply of nearly 20 tenants,
the neighbourhood. These tenants were chiefly engaged
in pursuits which rendered a constant supply ef water iw
dispensable, and the consequence might have been that
they would all have left immediately, to the great detri.
meat of the landlord's property. Fortunately the Vain-
hail Company prevented the mischief by a seasonable sup-
ply with their water-carts. The merits of the case betweeis
the two companies it is not requisite to consider here, but
it seems very dangerous that such arbitrary power should.
be company over one of the chief ne-
cessaries in
whena what they consider to be their in-
tercet
s, of
tercet may offer continual temptations to abuse it.— Times
the