The Sun.
London, England, 1847-07-24 00:00:00

itnung

LONDON, SATURDAY. JULY 24, 1847.

Now that the Royal Proclamation has positively,
announced the dissolution of Parliament, it is incum-
bent upon the independent electors to endeavour by
every reasonable means in their power to forward the
cause of liberality. Exultation at the successes achieved
during the bygone sessions must not be so far in-
dulged in as to produce sluggishness in the possessors
of the franchise. A trite saying is especially appli-
cable at this juncture in the political affairs of
England—" Much has been done, but more remains
to do." So many important questions are now de-
manding the popular consideration, that the journalist
is naturally solicitous that not one amongst them
should be overlooked. At the same time the subjects
requiring the scrutiny of the electors before any
single candidate can be conscientiously selected are
somewhat bewildering in their multiplicity. Before
any constituency can conscientiously select a repre-
sentative we are satisfied that it is absolutely essential
for the national prosperity that the catechism of the
hustings should be rigid and precise.

The Member who should be elected to the
Legislatiye Chamber at Westminster should be
qualified only by a satisfactory explanation of his
principles ; and that explanation should alone be
regarded as satisfactory which testifies that be is
resolved to advance and facilitate the perfect emanci-
pation of commerce—that he is an earnest advocate
for sanitary improvement—that he is resolved upom
enforcing the necessity for a revision of the currency
—that he is, in the sincerity of his heart, solicitous to
re-organize the criminal code, and render more
lenient the exercise of judicial authority—that he is
anxious to place Ireland upon a literal equality in
every social and political advantage with England—
that differences of creed are to him no adequate reit,
son for the sufferance of disabilities—that the dimi-
nution and assuagement of pauperism throughout the
British empire is to him a paramount benefit to be
acquired, and that it is only to be acquired by con-
sulting in an equable manner the rights of property
and the charities of the entire community—that he is
ready to aid in a comprehensive modification and ul-
timately in a total re-adjustment of our present
system of taxation—that he is determined, moreover,
to exert his personal influence upon the settlement of
these important questions by an assiduous attendance
in the House of Commons. The most honourable
prestige of a candidate should assuredly be the re-
membrance of a career of legislative libe-
rality; but, as a considerable influx of men
hitherto unknown on the arena of St. Ste-
phen's is anticipated, their characters in the dif-
ferent localities they will aspire to represent in the
national councils will be an ample guarantee for their
competence to forward the interests of their fellow-
citizens in the Lower House of Parliament.

After so many and such sweeping innovations as
have rendered the late Parliament remarkable beyond
most of its predecessors, it is but reasonable to anti-
cipate that there will be something Tike a react ion
among the more timid portions of the community.
Against this tendency to reaction the whole enthu-
siasm of the free-trading constituents must be brought
to bear; for, as Mr. COBDEN observed in his electioneer-
ing address from Venice, as Sir ROBERT PEEL partially
intimated in his pamphlet to the electors of Tam-
worth, and as Mr. MACGREGOR has distinctly
assured the Liberals of Glasgow—the battle against
the protective system is only. half-fought. And
surely Mr. COBDEN, as the Free Trade Champion,
and Sir ROBERT PEEL as the Free Trade Prime
Minister, and Mr. MACGREGOR as the Free Trade
Secretary to the Board of Trade, are competent
authority I- Not that we` would imply for a single
instant the supposition that there is any possibility of
a retrograde step by the Legislature. There is no
longer a possibility of any successful movement anta-
gonistic to the emancipation of commerce. Such
obstinate sticklers for Conservatism as Mr. ARCM..
BALD Amsort may prate in historic chapters upon
the madness of our late commercial reforms, but
their indignation can be of no avail whatever for the
furtherance of their very obsolete aspirations. We
are only solicitous lest the advantages which have
already accrued from Sir ROBERT PEEL'S liberative
measures may not be nullified by an insane pro-
crastination. Therefore it is that a great duty de-
volves upon the advocates of unrestricted
importations and exportations—a duty render-
ing it incumbent upon them to secure an
overwhelming majority of free-trade representatives
in the ensuing Parliament. Our system of currency
is so intimately and, indeed, inextricably blended with
our financial prosperity arising from the abolition of
protective duties, that we adjure the electors of the
United Kingdom to follow up their ardour for the
attainment of free trade in grain to the realisation,
moreover, of free trade in gold. One is as essential
for the due development of our commercial resources
as the other is for the security of our financial
strength. Unless this be secured to the nation
there will be a more disastrous metallic scarcity
in the City than there has been a scarcity of pro-
visions in Ireland. The importance of these sub-
jects cannot by possibility be exaggerated, and what-
ever constituency in the British islands shall treat
them with indifference, by not eliciting the opinions
of the various candidates upon each, will have acted
with enormous culpability.

A better illustration of the debased state of Spanish
credit could not have been afforded than the scene
which took place at Madrid on the occasion of the
Minister of Finance putting up to public competition
the 1,000,0001. sterling loan in Treasury bills, the last
new scheme by which that high and honourable na-
tion desired to extract further sums from the pockets
of Englishmen, in addition to the 46,000,0001. ster-
ling which it long since obtained, and which it retains
with the most unblushing effrontery, without the
slightest real exertion or bond fide effort to discharge
the obligations and liabilities thereby occasioned.
Every formality was strictly observed. The Minister
of Finance, Senor SALAMANCA, took the chair in so-
lemn state, supported by the Assessor and Director-
General, and other functionaries. The royal decree,
authorising the loan, and the conditions of the loan,
were duly read, and it appears that, with a due ap-
preciation of the unwillingness of capitalists to have
namestheirnatakraleplace, and a lively associated with such a transaction,
a natural fear that no offerely se
ornee
ofbidding
might the
ridicule to which in such a case he would be
subjected, the Minister had provided himself,
adopted
auctioneers,tedintheevewntith an
of
no
aoftffeerr
which
eiemb anwnaeer
toof tbehe
more favourable proposition being offered at the
public meeting. An ominous and unbroken silence
was, however, maintained by all who had been in-
duced by curiosity to attend. Neither Spaniard nor
foreigner could be found to sustain the gross and
abominable system of dishonesty that has been pur-
sued by Spain towards her creditors, by contracting
for, or in any manner interfering with, new loans until
the old are placed upon some more satisfactory footing
than that in which they have been suffered to remain
for so many years, to the grievous loss of the un-
happy bondholders. In vain were the invitations re-
peated, and every person anxious to participate in the
advantages so temptingly held out, called upon to
come forward. No response was made, no voice
uplifted—no chivalrous banker rushed to the rescue
of the discomfited Minister. After a painful and
humiliating interval, it was announced that the
loan was adjudicated to the Union Bank
of Madrid, on behalf of a Mr. SMivu, an
Englishman, being the acceptance of the pro-
position with which Senor SALAMANCA came
armed to the meeting. Whether it was a bonci fide
offer actually made, and which it is intended to act