The Sun.
London, England, 1841-08-04 00:00:00

EVENING SUN.

SECOND EDITiON
THE FUNDS-(CLOSING PRICES.)

BRITISH FUNDS

Bank Stock 169 ' India Stock —
3 per Cent Red. 9O Ditto Bonds
3 per Cent Cons B9i Ditto Old Annuities ...
3-i per Cent Red 99i ,Ditto New Annuities...
New si per Cent 9Bi iEx. Bills, 1,000/-20 14 pm
New 5 per Cent — ! Ditto 500/ l4 pm
Long Annuities to expire I Ditto Small l4 pm
Jan. 1860 l2i Bank Stock for Acct...
Oct 1859 124 India Stock for 0pg....
Jan. 1860.
FOREIGN FUNDS. _

Austrian, 5 per cent 109 ;Portuguese, 5 per cent.
Belgian, 5 per cent lO2 !Ditto, New Ditto —
Brazilian 80nd5.... — Prussian, 5 per cent —
Buenos Ayres, 6 per cent Russian, 5 per cent 1144
Chian, 6 per cent...... !Ditto, Aletallic
Colombian, 6 per cent... 20 Spanish, 5 per cent 194
Ditto, 1824. ... !Ditto, Deferred —
Danish, 3 per cent 794 .French, 5 per cent. —f. —c.
Greek, 1825, 5 per cent — !Exchange —f. —c.
Mexican, 5 per cent.... 23/ French, 3 per cent —f. —c
Ditto, 6 per cent, 1825. . Dutch, 2& per cent. ... 52
Peruvian, l 825, 6 per et. Ditto, 5 per cent 102
SHARES
Cheltenham and Great Western (62b paid) 21i
Great Western Railway (65 paid) B4
Ditto New Shares (50 paid sB}
Ditto Fifth (4 paid)
London and Brighton (50 paid) 431
London and Birmingham Railway (90 pd) 161
Ditto Thirds (32 paid)
• Ditto New Shares ( 2 paid)
London and South Western
Midland Counties Railway (100 paid) .. 844
Ditto Quarter Shares (15 paid)
Northern and Eastern (30 paid) ......
• North Midland Railway (100 paid)
Ditto New Shares (40 paid)
's'outh Eastern and Dover (38 paid)... 18
York and North Midland Railway (50 paid) 76
Ditto New Shares (10 paid)

SPIRIT of the PUBLIC JOURNALS.

FROM THE EVENING PAPERS OF THIS DAY.
GLOBE.—The Conservative journals are filling up the
the time, until the meeting of Parliament, in placing
daily bandages over the public eye, to keep it still in the
dark as to the intended movements of the Tory Govern-
ment. Their present art is literally their mystery,
and he whe can say the least in the longest space
shows himself the most useful partisan of the ex-
pectant Itinisary. The allegation that the pro-
per use of words is to conceal ideas seems to
be no longer a bon mot, but a truth, which is being

daily reali'Sed in the columns of the Tory newspapers.
The Times and the Herald of this morning have run
almost a dead heat in the race of unmeaning ver-
bosity—though the latter wins by a length, having
turned the column in advance of its antagonist. The
article in the Herald is a drowsy amplification of two
words—Experientia docet—a transition of which it
ingeniously fills nearly half a sine in furnishing. The
Times opens well with a solution of two or three of the
most elementary sentences of Blackstone in a stream
of pompous wordiness, and takes up considerable space
in drawing out the intelligence that this country was for-
merly divided into counties, hamlets, and parishes. Our
contemporary has, however, got somewhat into a mess
towards the close of his article, for he claims from Sir
Robert Peel the undoing of those things which
he himself helped to do ; while in another part
of the paper he is called upon to carry, into execu-
tion 'the very measures to which he has been the
chielimpediment. Thus Sir Robert Peel is to oppose the
Poor-law Pill, which he helped to carry, and has pro-
mised to maintain ; he is to attack the establishment of
rural police, founded entirely on a model of his own; and
he is to repudiate the principles of Parliamentary pri-
vilege, which a short time since he, in conjunction with
Lord John Russell. so stoutly contended for. In an-
other part of the Times the Hon, Baronet is invoked to
promote free trade, his opposition to which caused the
overthrow of the Liberal Government ; and, indeed, it is
clear, from the inconsistencies demanded of him, that
his party rely much more on his flexibility than his
principle. He may have succeeded in rendering him-
self the point of union between the contending interests
of which the Tory body is composed -, he
,may have
given an arm to pne on each side, and he may have
offered to bind himself hand and foot to opposite sec-
tions, for the sake of inducing them to lean temporarily,
towards him; but what will be his fate when these con-
flicting interests all strive to lure him in their own di-
rection, and the trunks of long, Tory growth, which he
has bent, not broken, rebound into the stubborn attitudes
from-which he has allured them into momentary flexibi-
lity ?
_ . _

STANDARD.—The newspaper supporters of the
" deficit Ministry" appear to be agonised by conflicting
doubts of what Sir Robert Peel's policy will be
when called upon to succeed Lord Melbourne in the
administration of the affairs of the country. They are
indignant beyond measure that he has not afforded them
the opportunity of oltjecting to it on any' more
tangible ground than a general reference to his al-
ready recorded opinions. They are naturally anxious
to be made acquainted with the particular measures
which the majority of the House of Commons may be
invited, to support, in order that they and their
patrons may shape their course accordingly. Lord
Melbourne has already shown, on numerous occasions,
that he is not above being taught by his oppertents--:
"it'MVAcould Sit froließ-Peer-but have Wen provokel to
dew' Ate from the delicate and dignified course of re-
fusing to prescribe remedies for the patient until he is
regularly called in," his Lordship would no doubt
adopt just so mach of his " treatment" as would afford
plausible materials for a Speech from the Throne
calculated to meet the emergency of the moment.
His Lordship's newspaper advocates are evidently di-
vided in opinion as to what they are to expect from the
Right Hon. Baronet, and are accordingly prepared for any
alternative. If he should continue to advocate the measures
of temperate Reform, which have hitherto characterised
his policy, he is to be liable to the charge of plagiarising
the views of her Majesty's present Ministers ; and
should he refuse altogether " to grapple with the great
question of fiscal reform," he will render himself even
more obnoxious to their censure. Whatever be Sir R.
Peel's intentions, therefore, it is perfectly clear that they
will be equally obnoxious to the criticism of a large
class of the supporters of Ministers. The country has no
need to apprehend that Sir Robert will plagiarise the
policy of his predecessors, but there can be no substantial
reason why he should refuse. to persevere in his own
course of moderate and temperate reform, because he has
refused his assent to those extravagant measures of
fiscal refon which were proposed by a Cabinet in ex-
tre.tnig, to save it from the consequences of long years of
previous misgovernment. The anticipatory charge of
plagiarism against Sir R. Peel comes with an ill grace
from the supporters of a Ministry which is indebted to
.him for its ability to carry the only beneficial measures it
has hitherto attempted. It was not only the gross assault
projected by the Government on the great interests of the
country that deprived it of its confidence, but the fact,
proved by the repeated majorities of Parliament against it,
that it had long lost the power of legislating on any im-
portant measure without the assistance of its Conserva-
tive Opponents. The Whig Budget was certainly the
last drop to the already brimming cup of the country's
endurance, but it is equally notorious that it was a far
larger one than was necessary to occasion its overflow.
The alternative of a second dissolution of Parliament is
one to which even the O'Connell Administration, selfish
and profligate as they have proved themselves to be, dare
not advise her Majesty to resort: but if they should, she
has, we are satisfied, too intimate an acquaintance with
the constitutional rights of Englishmen to dream for one
moment of adopting it. The struggles of the faction
are fierce in proportion to the hopelessness of their con-
dition, and it would therefore be as unwise as ungene-
rous in their opponents to visit too harshly the grotesque
Contortions by which they seek to braien out their
defeat.
CO-I RIER.—We have, on former occasions, adverted
•
to the .primary causes of manufacturing
condensedatdepressionhom
e andthe
,
under
they may, indeed, summarily be
two heads of overtrading and overbanking
abroad:- The prosperous sod uninterrupted career for
many years of manufacturing industry,uec
accumulation of capi-
Lancashire
for example, led :to an overflowing urnti
tals and a boundless expansion of credit. Had these
real capitals only been wisely restricotmeds, to
the •iniesment in cotton mills and power lo
gra-
dual extension of manufacturing power could_ not
not have shot far ahead of the capacity for con-
sumption. Unfortunately-, however, speculation. took,
a far other 'and less legitimate direction_i _tilf--.
che:?ler....people must nettls—eifibirk lir the coinage of
nioney as well as in the manufacture of calicoe:s
banks of issue, discount, and deposit numberless
started into existence on all sides, the concoctions of
brainless projectors,- or something worse, and the crea-
tions of a year. The promise of open credit accounts
attracted shareholders with funds, and more without,
and the unlimited as facile fibricatim of " flimsy" sti-
mulated the fary for the construction of more factories
and the over-production of more fustians. Nor was
the rage for bank-making limited to the locality
where it was first originated. In the laboratory of the
cotton and woollen districts of Lancashire and York-
shire, in fact, banks were compounded for all England
and Ireland, literally from Manchester to the Land's-end,
and for all Ireland. It was not difficult for a sober
looker-on to foretell the issue. Railways, with a thou-
sand other speculations and schemes less laudable in their
object, came to crown the banking mania, from which
arising, and by the money credit facilities of which sup-
plied to repletion. Shall we wonder that the explo-
sion came at length ; ought we not rather to admire
that the combustible materials smouldered so long
without bursting forth into • consuming flame ? The
enumeration of joint-stock banking follies authenticated
beyond dispute were an endless task. The failure of
two manufacturing concerns some two or three years
ago, developed the extraordinary fact of one bank being
the chief creditor for cash advances for some two or
three hundred thousand pounds in each case, with no
security but bare walls and machinery worth not much
more than a tithe of the amount ; and of such enormous
instances of overbanking mismanagement the history of
almost every MancheAar joint-stock bank affords preg-
nant evidence. Trading convulsions in the United States
and elsewhere came to consummate the ravages of over-
producing and overbanking at home, and with markets
which they had overstocked everywhere on the face
of the globe, and banking credits woefully curtailed at
home, Lancashire spinners and manufacturers find them-
selves inevitably compelled at the eleventh hour to relax
the steam pressure, to work short time and lessen pro-
duction, until in the regular action of trade a healthy
balance shall o
is a true anndeeme be struck with consumption.
This
causes of trading faithful, though brief, narration of the
mo-
ment. That m
depressionl in Lancashire at this mo-
ments, innocent demasTlev and once wealthy establish-
ments,
with ae.sMiPneorrhhapossi of psi
pat
traderstici a tsihoonuildn
the popular fr
the consequence of such a wild hurricane of
be felled by

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