The Sun.
London, England, 1840-06-04 00:00:00

MONEY MARKET and CITY NEWS

(WEDNESDAY EVENING.)
POST.—There was nothing passing at the Stock
exchange to-day out of the usual course. Consols
were quoted 92.1- to Money, and 93i to for Ac-
count ; Exchequer Bills, 265. to 28s. prem., and Bank
Stock, 176 to 7. The shutting of Consols and the
New Three-and-a. Half per Cent. Annuities was what is
called a " a good shutting," and money was to be ob-
tained on the moderate terms of 4 to 5 per cent. The
sales of Three-and-a-Half per Cent. Stock which took
place some days ago are ascertained to have been made
with a view to the reinvestment of the proceeds in City
Bonds, the inducement being the higher rate of interest
payable on the latter.
The Foreign Funds were flat, with little doing.
Five per Cent. Dutch Bonds were quoted 1011 to i;
Brazilian, 76i to ; and Active Spanish, with the
overdue Coupons, 271 to 1. The circumstance of the
Finance Minister of Spain being about to issue a large
amount of bonds on Treasury Bills, as soon as the
sanction of the Cortes can be obtained to the measure,
has had a very depressing influence on the market for
these funds ; but we should not be surprised if the
agents here were at this moment: once more employed
in the same way as in 1837. The public cannot be too
auspicious, after the criminal act! that are known to
have taken place at that period. We allude, of course, to
the clandestine issue of stock, as a means of raising money.
A geed deal has been said within the last day or
two about the non-payment of a crossed check by one
of the private banking-houses. The rule among the
London private bankers is, and has been for many
years, not to recognise such checks otherwise than at
the clearing house, and if Messrs. Jones, Lloyd, and
Co. hare refused to pay one of them over the counter,
contrary to the universal practice of the metropolis, wo
consider that they have done quite right. The circum-
stance of the check in question being presented by tke
manager of a joint-stock bank is nothing to the purpose,
but :it is to the purpose that the amount was large
(25,0001.), ac, in this circumstance, there was ground
for more than ordinary caution. The idea of the pri-
vate banks being allowed to participate in the advantage
of the clearing-house belonging to the private banks is
absurd in the extreme. The clearing system, and an
excellent one it is, was adopted by the private bankers
long before the joint-stock hanks were heard or thought of.
The private bunks have every motive of self protec-
fon for declining all connection with the joint stocks.
Tee principles upon which the two interests conduct
their business are too clashing to admit of a coalition
betwcen thorn.
The, meaning of tt e house that drew this check for
5,000/., in crossing it, was that it should not be psid
other wise than at the clearing-house. It is evident
therefore that no rensonah!o complaint can come from
that quarter of the course taken by Messrs. Jones,
Loyd, and Co. The crossing amounts to a positive
order, and it is one which has received the sanction o.
our Law Courts.

SUN.—The transactions in the public securities were
eartied on to some extent this afternoon, chiefly as respects
real business, and, as there were some good purchases,
Consols for iminatflate transfer rose to 93, closing, how-
ever, at and for the 16th of July they touched
93i ; Exchequer Bills were firm at 261. to t.lBs.
prcrnium ; Bank Stock was firm at 1761-, and the New
Toree-and-a-Half per Cents. obtained 1011 to -71.
The Foreign Securities were not at all the magnet
of attraction, the attendance of the jobbers being very
sby. The oxpress from Paris, ann,.;uncing the retreat
of the Carlists from the neighbourhood of Morella,
which was sure to fall into the hands of the Christinos,
who were within the wails, had but a slight effect on the
Bonds, which from 27-g, rose to 27!. To-morrow,
however, the market wilt no doubt be improved ur,-,11.
Portuguese old Bonds were done at C9.-} ex div., Chilion
Sleek at 87, and Brazilian at a decline to 76:1,-.
The Brighton 11..tilwav Shares declined to 4,-1- 5 dis-
count, the Great Western to 321- premium, and the
South Eastern to discount ; Birmingham and 11,rby
Shares were at 144, «nd North Midland at LI, discount.
.Natiouil and Provincial Bank of England were firm, at
fol premium.

SPIRIT of the PUBLIC JOURNALS

FLOM TITS MORNING PAYERS or THIS DAY.
(From the Times.)
In reply to Mr. Serjcant Talfoard, on Tuesday asst,
who eteted a ease of what wo hold to ha illegal ptinsa_
meat inflicted en the Chartist Vincent, Mr. Fox Maule
Aelenecated very lustily "the exenernent of popular sym-
pathy in favour of one who had dbne much to disturs the
public peace.'" It is well known that we are no advo-
cates of Chartists. But much worse would be the advo-
cacy of unlawful punishments, in virtue of a power as-
Emoted by gentlemen-justices, to inflict sufferings, whether in
the native of bardebips or otherwise, more severe than had
:bean war-anted by the sentences of judges, and, therefore,
as we conctive, not warranted by law. Mr. Fox Maule's at-
tempt at apcsaking, On the above occasion, was throughout
so admission that the law had been violated, and an excuse
rev the violation of it. Lord John Russell was about to
atenrnhan, hem weal:ness, the principle of the preroga-
tive which had been confessedly strained through violence,
whola Sir flebere Peel came in to the rescue of the Crown
frock the hands of its cevn spiritless confidants and guard-
iaes, aan:l remonstrated strenuously anainet this breach of
trust. Bur:this, though the formal subject of debate, was
not taws merit:ale or eubstantial part of the subject. The
eits_ence of the question, not touched upon in this instance
within, :1,0 walls of the House of Commons, has neverthe-
less coot plod tare serious and indignant attention of Her
Mak' ity '5 subjects. out of doors. The question is asked in
every q'sa rtor—if men " who have done much to disturb
the
...pti!iiSc peace" arc to be punished beyond the letter of
tine r.ain„ 'according to the Under Secretary of State ; and
if Zaleeg ra. Vincent sad Feargus O'Connor—apostles of
edition,. as we must aderrit—are thus to be dealt with by,this
Ll'erral Government, how comes it that other culprits
h.rve done so much more than either of the
117 rove personages "to disturb the public peace," are
i.eft not merely unpunished, but unprosecuted?
(From the Morning Post.)
We cannot help regretting that so very important a
subject as tient of the emigration of our surplus labourers
to British posses dons beyond sea, which arc in the want
of haboureee. should have been discussed in so thin a
Iftuse as that of Tuesday evening. It is to be feared
that such a circus ester:cc as this may he la'd bold of in
'order to increase t he hatred of the Legislative Govern-
ment of this coup try, which many political incendiaries
are constantly incukating upon large bodies of the peo-
ple. It will he said that this question, which so im-
mediately concerme the interests of the lowest and most
destitute classes, had an that very account no attrac-
tion fur the cm: ed of Members of Parliament ; and
ether questions c f a party character, but not so im-
mediately interesting to the mass of the people, will be
panted as commending a hundred times more ear-
nett attention in the House of Commons. Honourable
Idernbers ought to be cautious not to, leave room for repro.
seritations of this kind. We have no doubt that the Mem-
bers who staid away, as well as those who attended, do
feel a very great interest in the welfare of the working
Cheeses. It was not because they were indifferent to the
subject that they did not attend, but because they knew
that nothing practical nor important was likely to follow
from a motion introduced by Mr. W. S. O'Brien.
(From the Morning Advertiser.)
We stated yesterday that the Corn-laws had two most
obvious and disastrous results; and we confined ourselves
to one of those—tike disease and death which they inflict
directly and indirectly on the population. The other
result is not less formidable and fatal—the daily de-
struction they inflict on our foreign trade and our
home manufactures. In neither case can the ques-
tion be allowed to rest where it does. The Leeds
Mercury (the representatire of a large and important
neaufacturing district) says on Snturday, " The manu-
factures of Germany, Switzerland, Belgium, France, and
tire United States, have of late years increased more
rapidly than those of England. This is not surprising,
aster; it is notorious that our restrictive Corn-laws keep
the chief necessary of life at least 50 per cent, higher in
England than on the Continent ; whilst the Continental
Governments, very naturally provoked by our exclusion of
ih it produce, enact exclusive tariffs against our mnufac-
tuees, and encourage their own. Thus the English manu-
facturer has to struggle against a combination of natural
ascl artificial disadyaktages, which all his skill and enter-
.:Priae are unable to overcome—high taxes—exclusive
iiriffe—and rival manufactures." But hard as the situa-
on of the English manufacturer now is, it is likely to
hooorne still harder. The countries of the German Com-
mercial League have distinctly offered us this alter_
native, namely to reduce their duties if we will admit
their corn, but to raise their duties if we continue to
exclude their corn. As their Ministers and mer-
chants perceive that the English Parliamentringteisrariseesotlhveeidr
not to after the Corn-law, theyaeref pthreepa duties at the ensuing settlement
( From the Morning Chra7zictriff. The severities inflicted on those who aree.:swuffering im-
prisonment for seditious libel show that an
the Press has been silently created, of a chatrPhaocwteerrroyft
unconstitutional and unjust. Even the Judges
it appears, did not know what they were doing when they
sentenced O'Connor and Vincent. The punishment thee;
intended was much lighter than that which actually fell
lowed. The House of Commons, it also appears, did n
comprehend the mischief with which it attempted to dealot,
in the amendment to the Prison Regulation Bill, but left
untouched the authority for recent cruelties derived from
the Tory statute of 4 Geo. IV. The present alleviation
proposed by Lord Nermar.by is only of a discretionary and
arbitrary character; and even that seems not to find favour
in the eyes of the Tory Peers. These circumstances are
oreieoes to the right of freely discussing, public men and
ianesures. The powers of the Home Secretary aro at
present exercised by an individual who has been threatened
with impeachment for his leniency towards offenders. The
oyprestive action of which the machinery la capable, is
little likely to be developed while Lord Normanby con-
thauee ia his present office.
(From the Morning Herald.)
The enemies of the Corn-laws or•ertailnaturally
enough, feelings of deep dislike tog. u
cf
Buekingham and Caandos. has ~undoubtedly,
verned the hatred of those sordid manaucef who would f can add to their
Eeree,selinsthprie:ltlettsaiOnlegh'aclhfeon;etlhe
paid as wages to labourers, sad who
stun now
knew: that their plot against the independencevi of the la-
bouring: classes can seeeeed only hy thro
tient:on all the lighter soils of this countr;ig oTuhte Df
pointn, the Anti- CUr4:
Buckiegliam has resisted, at all
law conspiracy against the best interests of En
Meer. natural is it, therefore, we repeat, that the tools
of
the finti. Corn-law League—men whose trade it
is to tare-
tyr rith truth—should seek to heap on his Grace as la -
a rocr
entre as piandb!e of their coarse and rnal:gneo► -tee
miere
preersetatien.