The Sun.
London, England, 1847-01-08 00:00:00

I'..'i ittilitt c _., Alll'3

LONDON, FRIDAY, JANUARY 8, 1847.

CABINET COUNCIL

A Cabinet Council was held at twelve o'clock this
day, at the Foreign-office, Downing•street.
Lord JOHN RUSSELL, Lord PALNIERSTON, Earl
GREY, and most of the Ministers were present.
The Chancellor of the Exchequer is out of town,
in consequence of the death of his father.

Before many days have elapsed the " vexed ques-
tion" of the Spanish marriages will have been sub-
mitted to the deliberation of the Chambers of Peers
and Deputies in France, and: the Houses of Lords
and Commons in England. After the voluminous
and elaborate commentaries of the newspaper press
in both countries, we are loath to revive a subject
which has already been examined perhaps too cu-
riously, and discussed perhaps too precipitately. Par-
ticularly when we bear in recollection the circum-
stance already mentioned, namely, that this com-
plicated and discreditable transaction will be soon
considered by the collected wisdom of the several
deliberative assemblies, we are disinclined to recur to
a matter, the mysteries of which we ourselves have
long since divulged to the very core. The be-
haviour of Great Britain in reference to
the nuptials of the Due DE MONTPENSIER has, how-
ever, been so egregiously and wilfully misrepresented
in an article in the Westminster and Foreign Quar-
terly Review, just published, that some refutation of
the fallacies contained therein appears to us to be ab-
solutely requisite. In the first place, the writer stands
aghast with astonishment because the peace of conti-
nental Europe appears to be actually endangered by the
matrimonial alliance ofa very youthful Royal High-
ness and an Infanta not yet out of her girlhood.
" Surely the world must have made little progress in
civilisation during the last century, if the destinies of
great nations are to depend on the marriages of the
members of royal families," says the Westminster
Review. Surely it must. That is precisely the
consideration which has operated as such a powerful
incentive to Lord PALMERSTOI in the transmission
of protests from the Foreign-office to the British
Ambassadors accredited to Paris and to Madrid.
That is precisely the consideration which has influ-
enced Mr. Hems BULWER and the Marquis of
NORMANDY in their expressions of displeasure to
the Ministers of the Iberian peninsula, and the
Cabinet of the Tuileries. The national mind of
England revolts at the mere supposition that the
destinies of great nations are to be in any man-
ner dependent upon the intrigues of a palace,
or the machinations of an ambitious prince-
ling. It is sufficient, assuredly, to excite the
indignation of every dispassionate spectator to
observe the liberties of a people once so great as
the Spaniards staked upon the hazard of a wedding
garland, and rendered the toys of an aspiring dynasty,
The disgust excited by that spectacle has given em-
phasis to the remonstrances of her MAJESTY'S Minister
for Foreign Affairs, and pungency, and tartness, and
enthusiasm to the popular wrath, which has found a
willing voice in the Press. But the construction of
the reviewer's sentence implies a very different mean-
ing from that which we have here expressed. He in-
sinuates that the English Government has shown
itself ready to draw the sword, and even to fling away
the scabbard, merely "because a Royal Duke and a
Royal Princess have married." That is a casus
belli most conceivable under a system of feudality,
but is it possible at this period, is it possible in 1847,
that the populace should be prepared to engage in a
brutalising contest, to trample the golden wand of
peace into the dust, and pour forth again bloody
libations to Mars, as men did in the old days, because
forsooth a marriage has been solemnized between a
Royal Duke and a Royal Princess? Not so. The
scales have been removed from the eyes of the
multitude. When the British Ministry and the
several organs of public opinion evince their
indignation at the nuptuals of Donna LUISA,
that indignation is aroused, not because of the alliance
of the Infanta So-and-so and the Duke of This-and-
that (gni n'inzporte rien), but, because by that union
of the Duke of This-and-that with the Infanta of
So and so, the independence of an illustrious race is
jeopardized, and the balance of European :power
endangered. Any different explanation of the senti-
ments entertained upon the matter in Downing-
street, and throughout the length and breadth of
Great Britain, would be an absurdity and a deli-
berate distortion of the truth.

In regard to the celebrated interview between Queen
VICTORIA and King Louis PuiLirrz at the Chateau
d'Eu, the Westminstsr Review is again filled with the
most surprising astonishment. Instead of recognising
in the compact between the two Sovereigns (to the
effect that the Due DE 111ONTPENSIER would be at
liberty to seek the hand of the Infanta whenever a
Coburg Prince was advanced by Great Britain as a
candidate for the hand of Queen ISABELLA, and vice
versa), instead of recognising in that compact a
guarantee of the unanimity of the Cabinets of St.
James's and of the Tuileries, upon the problematic
question of the Spanish marriages, the re-
viewer considers it merely as an index to the
selfishness of the two Governments. If the
stipulation at the Chateau d'Eu had been tantamount
' to the perpe.tual incarceration of the children of FER-
DINAND, or to their compulsory marriage with some
Most Noble Sawney Bean or some Serene Blue-
beard, then might the arrangements of her Most
Gracious MAJESTY and the KING of the FRENCH be
stigmatised thus emphatically. Not otherwise.
The reviewer is indignant with Mr. BULWER
for " a most remarkable breach of diplomatic
etiquette," namely, the transmission of his first
letter to a member of the Spanish Cortes ; but
no mention whatever is made of that most remarkable
breach of political honour and royal honesty, which
alone elicited that letter, which palliates everything
unprecedented in the publication of that letter, which,
indeed, renders that letter a memorable testimony of
the shameless duplicity and ungraceful guile by
which Louis Pimarea alonerealised his most ardent
aspirations. The withdrawal of the British Minister
from the Court of Madrid, and
the absence
of the British Ambassador
from the
eowf
Paris, are designated by the Westminster R
as " undignified and petty exhibitions of temper"
There never was an imputation more utterly
pre-
posterous than this. Can any sensible man for one

single moment maintain that the Marquis of NOR-
MANDY coutl attend levees and eat dinners at
Paris ith the members of that Administration
tag.tinst the proceedings of which he had, in obcdienca
to the directions of his Government, just tendered
such a stern and decisive protest, or that Mr. BULIY ER
coal have participated in the festivities of the nup•
tial ceremonies after the course he had felt himself
bound to pursue in opposition to their celebration ?
The thing was impossible : the Ambassadors would
have been in a decidedly false position ;
they would have been, at one and the same moment,
sanctioning and protesting against the alliance. As
to the circumstance of this union between the Duc
DE MONTPENSIER and the Infanta LUIS.k being
opposed to the principles of the solemn stipulations
of the Treaty of Utrecht, it would be in
sanity to quibble to the contrary interpretation of
that treaty. By the alliance of an Orleans
Prince with a Princess of the Spanish Bourbon dy-
nasty, the sacred engagements of Pump have been
violated. It is ridiculous to dilate upon the improba-
bility of the French and Spanish Crowns ever becom-
ing united in the person of the Duc DE MONTPENSIER,
or one of his descendants. It is absurd to enumerate
the divers barriers between the present uncertainty
and the possible evil—namely, the lives of his
brothers and their offspring. It is frivolous to argue
in this manner, because the question is not as to the
barriers, but as to what is beyond the barriers; not
as to the probability, but as to the possibility ; not as
to whether the gulf yawns at our feet, but as to
whether we have made a single step in
the direction of that gulf. That the com-
bination of the Gallic and Iberian crowns upon
one head might result from the marriage which
has just occurred, is proved by the very coincidences
advanced with a contrary intention. The death of
the Dauphin, and of the Dauphin's son, and of the
Dauphin's son's son, and the ultimate accession of
Louis XV. to the throne of France and Navarre, is
a significant illustration of the precariousness of
human life. Nevertheless, the question is not abso-
lutely whether the young Due DE MONTPENSIER or
one of his descendants may not be sole monarch of
France and Spain, but whether his espousal of
Donna LUISA may not render the Government of the
Peninsula a mere instrument of the Supreme Go-
vernii4ent at Paris—whether, in fine, the Spaniards
may not ultimately become the virtual denizens of a
Genic province. Upon this problem the Cabinets of
St. James's and the Tuileries are at variance. Those
are the horns of the dilemma.

An article, copied from The Times into The Sun
of Tuesday, referring to the late case of HoinswouTu

V. GIBBON and others, proprietors of the Plymouth

Journa, affords a strong illustration of the risks
incurred by public journalists when, in the discharge

of their duty, they expose the fraud and mal-practices
of those obtaining _money by means other than those
of fair industry. There is nothing more important to
the public generally than that they should be warm d
of the artifices, and cautioned against the devices, of
such persons, that they should not be suffered unwit-
tingly to fall into the snares artfully designed for
their plunder, but that they should obtain the fullest
and most authentic information in every instance
where such publication may be beneficial. Pubic
journalists are seldom influenced by any private
motives in making such statements : they may not be

actuated by any feelings of malice or ill will to the
parties alluded to ; they may be quite .ignorant of
their existence until the occurrences which they

report or comment upon have actually taken place,
and yet that malice will be implied, and every party
in any degree connected with the publication will be

held legally responsible, and subjected to proceedings
in several different form?, by any of which great ex-
pense and inconvenience will inevitably be entailed
upon him.
The liberty of the press is now justly regarded as

one of the greatest safeguards to the liberty of the
subject, and yet it is subjected to many serious draw-
backs and impediments. We are by no means ad-
vocates for any privileges that might possibly be
unduly acted upon ; we do not desire that the full and
fair freedom of discussion for which we contend should

be suffered to degenerate into licentiousness. We

gratefully admit the great benefit conferred upon the
press, and on the public generally, by the admirable
provisions of the Act introduced within the last few
years by Lord CAMPBELL, but still we think that
' something more may still be done to prevent the
wanton and vexatious proceedings by which all thome
connected with that press may still bo harassed and
annoyed. A distinction still subsists between libel

and oral defamation, for which we think there is no

sufficient reason. Words that would not be actionable,
if spoken of or concerning any person, will immediately
become so if published in a written form. Anything
will be regarded as libellous which in any degree
tends to hurt the feelings, or injure the reputation of

the complaining party.
Three different modes are afforded by which the
defendants can be attacked—by indictment, by in-
formation, or by a civil action for damages. If the
complainant should select the first of these methods,
the truth of the statement will not be a sufficient jus-
tification, and it was not until the passing of Lord
CAMPBELL'S Act, to which we have alluded, that the
defendant would have been permitted to prove that

truth, either as an excuse for the publication, or even

in extenuation or mitigation of punishment, and still
it will not be a sufficient defence unless it be also
specially pleaded and proved that it was for the public
benefit that the matters charged should be published.
The same may be said of a proceeding by information ;
an additional safeguard is, indeed, afforded to the
press, as no prosecution in that form can be instituted

(save by the Attorney-General) until the permission
of the Court of Queen's Bench for that purpose has
been had and obtained, which permission will not le
deny the truth of the
conceded unless the prosecutorti
chargesby a
imputedtlidavit t
o d
shall dis-
tinctly
andh an dist shall
,an(p
and that
tahaie rthat
ti
his
eo hecomes
conduct
ct in
with
retsop
respect
co
tu r w
to
t the cleaner.ti re
etthrleaeanrsianeis tuirocetrdah\r vpaialelrt is
to
the vindicate
the strictest investigation. This
is a just and equitable course; wherever the motive of
ty
i nadsipceartaei
nhiss cast reputation,npo n i tt
to
justify i 1
himself
from
the face of the world,
so
theld,,if in b
fu.liesist
opportunity is
afforded
: to him of doing
power. And, consequently, this is the d bed
suede a op
by the great majority of honourable and hi gh-min,led
men, who are compelled to come before the public as
complainants, and no parties charged can utter a:ny
complaints aoinst the measure of justice which muv
be inflicted upon them. But, unfortunately, a similar
protection does not exist with regard to either of tile
other proceedings. Any vindictive person may brit .g
an action for damages, or prefer an indictment cx may
mote. If he is willing to incur the risk of the 'costs'
in case of failure, there is no check or restriction on
his power. He may be well aware that in case of a
verdict for the defendant it will be entirely out of his
power to reimburse the costs and expenses that must
necessarily be incurred in preparing for the defence,
in bringing a number of different witnesses from con-
siderable distances in order to establish the truth of
the justification pleaded, and he may speculate on
being able to extort an apology and the payment,
perhaps, of a sum of money by the certainty that the
defendant, even if successful, must incur a far greater
expense in defending than in compromising the action.
Surely such a state of things should not be suffered to
continue ; some protection should be afforded to those
whose duty it is to provide the public with authentic
information, and to protect them from the machina-
tions of knaves and swindlers. This protection may,
be afforded in either of two ways—viz., either by,
providing that in any action or indictment brought
against the printer, publisher, or proprietor of any
public journal, the leave of the court should first be
obtained, as in cases of criminal infbrination, or,
secondly, that in case the defendant should plead a
justification, and rely on the truth of his statements,
and that they were inserted for the public benefit, and
without express malice, he should be entitled to have
the proceedings stayed until the plaintiff should give
security for costs, as is now the case where the plain-
tiff resides out of the jurisdiction of the court, is
bankrupt or insolvent, &c. &c.
Such a course could not be injurious to any person
really aggrieved, and-it would afford a great protec-
tion to innocent persons, and also be to the public
advantage, in preventing the guardians of their
interests from being obliged, from the fear of a
ruinous loss, to withdraw or apologise for true state-
ments. The proprietors of the Plymouth Journal ,

might have offered an apology, and paid a small sum
into court, which would have exempted them from
tile lwavy expenses which they were well aware they
should in any event sustain ; but, in the high-minded
and conscientious dicharge of their duty, they
scorned so cowardly a course, they established fully
and entirely the justice of their conduct, and the truth
of their assertions, to the satisfaction of the court and
jury, and they have to bear a loss of 9.,0001. sterlirg for
so doing. We are rejoice to find that a meetk.g has
been held at Plymouth, for the purpose of procuring
a public subscription in aid of the expenses incurred
by the proprietors. It is the cause of the people in
general, and we are convinced that they will not suf•
fer those who have passed the ordeal unscathed to be
out of pocket for their upright and honourable con-
duct. At this moment a handsome tablet, with a
suitable inscription, erected in the place of greatest
resort in this city, and scholarships named after one
of our Contemporaries, a tribute alike honourable to
the donors and the recipients, attest the generosity,
the justice of that public; and we trust that the
proprietors of the Plymouth .Journal, fully reimbursed
in their expenses and rewarded with the public appro-
bation for their straightforward and manly conduct,
may have no reason to regret their defence of the
action of Dr. aoLnswouru.

Madrid papers of the 31st ult. have arrived.

The Gageta contains a notice from the General
Direction of the Administration of the Sinking Fund,
informing the public that " various titles, payable to
the bearer, of the Three per Cent. Stock, series E,
and of 48,000 reals capital, have been ascertained to
be forgeries," stating at the same time that the office
for the verification of these securities was open every
day, where the holders could always ascertain the
authenticity by presenting them. In noticing this
cccurence El Tiempo says—,
" Yesterday an unforeseen and scandalous occurrence
created a great sensation and produced a fall at the
liolsa ; twenty-three forged Three per Cent. titles, each
of 48,000 reals, made their appearance. The conse-
quences of this fact, which may greatly injure public
credit and private interests, might hare been, and may
be still averted, it the titles were transferable, and not
payable to the holders, as they now are."
Senor INIENDIZADAL was present at the opening of
the Cortes. The arrest of OLOZAGA had excited the
indignation of all parties, and had been denounced
even by Count BRESSON as an act of tyranny. The
matter will be brought under the notice of
the Cortes at an early sitting. It was ru -
moured in Madrid, and a .considerable degree of
credit was attached to the rumour, that OLOZAG
had escaped from his guards at Briviesca.
MADRID BOLSA, DEC, 31.—The Three per Cents.
were done at 33-1 for cash; the Five per Cents, at 201 ;
the Coupons at 18:1 ; the Debt without Interest at 6:1 ;
and the Vales at 81.

We have received the Paris papers of Wednesday.

The Journal des Debuts says—

"It is confidently ass• rted that the same schism
which has made its appearance in the Opposition jour-
nals is o❑ the point of bursting Barth in the Chamber. It
is said that M. Billanit and M. Ddriatl-e separate thni.
selves openly from M. Thicr3, and that they cannot
dig.st a plan of acting which would force them to slo.w
theaiselves more friendly to the English alliance than
M. tkfzut himself."

The speech of the Queen of SPAIN 15 commented
on in soma of the papers, bat they all of them adult
that it is a most insignificant aff.tir. If, however, the
speech of the QUEEN is insignificant, there is much
s:gnificancy about the acts of her Ministers. Witness
the appointment of the Marquis DE Vir.uMA to the
Presidency of the Senate, and the arrest of Senor
01.0AGA. In speaking of the appointment of the
Marquis DE VILUMA, the Constitatiound &,ys—
"We have no need to refer to the previous history
of the Marquis de Viluma, an old Carlist, who joined
the Queen's pasty at a late period. M. de Viluma was
))ppointed Ambassador to Lon !on, but he was called to
Spain before he took possession of his ollioo, and was ap-
pointed President of the Council at the perk(' that an
unconstitutional measure was attempLed at Barcelona,
' which MM. Mon and Pidal, then Liberals, caused to be
defeated. The Mat quis de Viluma, who only accepted
office in order to adv_nce Absolutist doctrines, resigned
his functions, and became the leader of the Absolutist
Opposition in the Cortes, which *he has since directed.
This is the man whom the Madrid Cabinet has appoint, d
President of the Senate. It may be easily imagined
what uneasiness has been created amongst the public by
the choice of the Marquis de Viluma. The 7'ienipo
deprecated such an appointment as inopportune, unsuit-
able, and of a bad signification. Tee Herald° expressed
itself in the same terms, and added, that it had produced
an unfavourable imnyression on all fractions of the ma-
jority. l~ perseveres in condemning and deploring it.
The nomination of the Marquis de Viluma coincides
with the creation of twenty new senators, at the head of
whom figures General PLzuela, the brother of the Mar-
quis, and several other persons, whose opinions in favour
of Absolutism are well known."
The arrest of OLOZAGA is denounced in ail the
journals as a most daring violation of the electoral
law, proposed and carried during the last session of
the Cortes by the very Ministers who are themselves
the first to set its provisions at defiance.
" We cannot tell," says the Constitutionnel, " what
pretext M. Isturitz may hare recourse to in justification
of such a violation of the privilege of the Deputies. An
attempt was made to prevent M. Olozaga from returning
1 to Spain, by making the Ambassador at Paris refuse
to grant him a passport; but M. Olozaga obtained one
from the Consul at Bayonne, by presenting to him the
certificate of his election, and . citing the law of 25th
April, 1846, which inflicts the pain of death upon
every functionary preventing a deputy from repairing
to his post. M. Olozaga having thus been enabled to
set his foot again upon the soil of Spain, nothing less
was necessary to prevent his taking his seat in the-
Cortes than an open violation of the law. It cannot
be said that M. Olozaga was under any prosecution;
for on the occasion of the celebrated affair of 1845,
he succeeded in making his escape before any resolu-
tion against him had been come to by the Cortes, which
soon afterwards became dissolved. At the ensuing elec-
tions M. Olozaga was one of the candidates for Madrid,
and was very nearly returned. Never has he been
ordered to be put on trial, never has any prosecution
against him been commenced, the Spanish Ministry
having willingly suffered to lie dormant an affair which
it feared might bring forth revelations dangerous to itself.
ft is in vain, therefore, for M. Isturitz, after a lapse of
,ii st
mustl I.
nOlozaga at no
ifb by' the force' of his new election. It has,
three years, to atbtaedmpbteetno
oroemvimveonacgoadi
obsolete prosecution, or rather ono that never existed,
wilfully and knowingly arrested a deputy
eecnihejcted, and thus violated a law proposed by
eislattvetiheansigsieteediarluigficitm.lvfyri'ioliiiiiui.
Such a commencement is a sad augury for the
about to be opened. 'flue nomination of M.
and the arrest of M. Olozaga sufficiently indi-
spirit in which will be conceived the new laws
announced in the Queen's speech for the press and the
clergy. The creditors of .Stpoairtbheavcelebrgeeyn, ainlretandeyvuern
dy-
e .1(21 cc of the despoiled
lavv, by
tinel. restoring
nations!t()rirl4
principal and surest guarantee. ,Frorn this to the estab-
lishment of the ancient privileges of the clergy, accord-
ing to the desire of M. Viluma, there is but one step, and
this step will be taken without faltering. The Isturitz
Ministry has suspended the freedom of the press, and by
a simple ordonni.toluic3eiyhtaosis)uulleccatteidona,lalntdhetojouunranrablsitrtaor)a,
already caused seversl to disappear. The
presentation of a law for regulating
te.‘rclttleitenii‘:p':rnwresaislieniiennpitloPlthair:wicsveosf the
press. It is intended, probably, to
pass into law that which already exists in practice, and
to make an obedient Legislature sanction and consecrate
au oppressive rule, to which a change of Ministry would
be sunicient to put an end. Thus it will be seen that it
is impossible for any party to throw itself more boldly
cmaeni
workingnrt t b et 0
r blindthemtsoe
themselves.
task they are theven-
itnutrig uppeotnh, of reaction than M, Isturitz and his col-
leagues are doing. They are the less excusable, as they
ing and that they must know they are not
They are evidently only clear-
vbecs.c.ifects of the
the way for the Absolutists, and immediately the
path is open M. Viluma will use it to reach the Govern-
meet, to his predecessors nothing but the shame
("laving gradually ruined the liberties of their country."
The National is very bitter on this subject, which
it considers as an exemplification of M. GuizoT's
theory of monarchy and liberty acting in co-opera-
tion. It asks—

1
"What do you say to this proceeding? It is brief
and mild.
A man elected in two places, protected by
the most express law, arrested and thrown into prison,
because it does not please the Government that he should
take his seat in the Chamber. These are little experi-
ments by the representative Government which M.
Guizot has set up in Spain, in order to give us before-
, hand a taste of it. Do You not imagine that Spain is
fortunate in being governed by what is called the French
party? and that a matrimonial alliance, the object. of
which is to maintain such a regime, is incontestie,ly the
best means of making the two nations friendly, and of
P:uaranteeing the secular interests which cause the two
s ides of the Pyrenees to move in the same sphere? It
v ,e, wero not afraid of appearing to be too curious, we
51....0u1d like to know the opiiion of the Dibat3 on this
little expedition a he Turque,
provided it should not in
an y way &range the sup& rb theory which represents
In.;inarchy and liberty as acting in co-operation."
The condition of the Bank of France still continues
to• occasion geeat uneasiness. The statement of the
ac !counts of the Bank for the last quarter of 1846
(t. :lade up to the 26th ult.) shows the following re-
su Its :----Lctif—The Bank had then in hand, cash,
7! 2,734,7921. ; in discounts and loans, 244,453,397 f.
Bra nch Banks Accounts, 78,021,5641. Rentes, public
seen rities, and reserve fund, 64,240,807 f. ; credits and
vario us items, 1,131,751 f, Passif—The amount or
the L =lc notes in circulation, 259,459,8011.; ac-
counts current, 111,507,428 E; capital and_ reserve,

81,900,000 f.; different items, 7,715,083 f. The dis-
counts, advances, and loans made during the quarter,
amounted to 519,767,400 f.; movement of accounts
current, private,'3,094,732,600f.; public, 266,511,300 f.;
general movement of the caisse, 3,789,850,400 f.

The Commerce remarks on this statement in the
following manner :
" The general opinion in Paris is that since the 26th
of December the rest has again diminished, and that
it is this continued falling off which determined the
journey of M. Hottinguer to London. Last year, at the
same date, the reserve in cash at the Bank of France
amounted to 187,334,863 f., so that there is a reduction
of not less than 116,000,000. In examining the situation
of the Bulk, it will be seen that this diminution does
not proceed from any facilities afforded to business, for
it:: discounts and advances of public securities and ingots
only reach the sum of 244,000,000, whereas in 1845
these items amounted to 252,000,000. Neither can the
reduction of its specie be attributed to its circulation, as
this circulation is only 10,000,000 less than that of last
year, and is nearly compensated for by the falling off
in the money advanced to trade. It would appear from
the statement furnished by the Bank of France, that
three causes have especially contributed to the with-
drawal of its specie ; first, the diminution of the ac
counts current, which from 118,470,005 f. (on Decem-
ber 26, 1845) have falle❑ to 61,565,281 f. (on December
26, 1546); secondly, the dimuniti3n of the Treasury
account, which is reduced to 48,226,647 f., from being
95,149,739 f.; and, lastly, the constitution of capital for
thu new branch banks, and the advances which it was
found neces-ary to make them. '['tie purchase of corn
in foreign countries, and even at home, explains the
withdrawal of the fund, appropriated to accounts current.
But this withdrawal would not have caused any uneasi-
ness, had not the Treasury been obliged to take away a
great part of the funds which it had deposited at the
bank. It was no doubt most convenient for this estab-

lisimagnt to be able to dispose of a sum of more than
one hundred millions for which it paid no interest,
whilst fifty millions of its capital of 67,900,000 f. were
investLd in rentes. But. this situation could not always
last, and the present crisis shows what a dangerous
path was entered on. Let the Treasury take away
the f,rty-right millions which the Bank still owes it,
and the latter will see its specie reduced to twenty-three
millions—or not the tenth part of the notes in "circula•
tion. The Bank of France has manifested the preten-
sion to replace, by its branch establishments, all the de-
partmental banks. Without entering here into an era-
Initiation of this question, we may ask, is not the immense
danger of such a monopoly evident ? The Bank has a
disposable capital of only 17,900,000 f., since 50 are in-
vested in rentes; it is with this sum that it has to suffice:
Ist. For the discotrlts of comunsrce of Paris ; .secondly,
for the constituted capital of its branch banks (28
millions); and, thirdly, for the advances which it has be-
sides to make to these establishments, and which at
present amount to upwards of 50 millions. Is it not
monstrous to see an establishment, not having a dis-
posable capital, constitute, from time to time capitals
for the branch banks which it establishes in tha depart-
ments, and that without any limit being imposed, and
without its being obliged to augment its capital? This
grave inconvenience we pointed out when the discussion
relative to the renewal of the Bank charter was going
on, but the present interest of the shareholders pre-
vailed, and nothing was done."

Shortly after the opening of the Bourse on
Wednesday Bank shares fell 4.5 f.; they closed at a
fall of 20f.
The Budget to be prevnted to the Chambers will,
it is said, avow a deficiz•ncy of 35,000,000 f.
The Presse states that the provision crisis was not
yet at an end, and that, until the gathering in of the
next crop, _France would be obliged to import
at least 5,000,000 hectolitres of foreign wheat.
" Sothe persons," a says, " estimate the quantity ne-
cessary at from 8,000,000 to 10,000,000 hectolitres.
Calculating it only at .5 000,000, it will entail on us
an o:itlay of upward:4,of_ 100,000,000 francs, which
we shall have to pay in bullion at periods of
six or seven months. The-present circumstances ac-
cordingly impose upon us great prudence."
The QUEEN of the FRENCII has recovered froth- the
slight indisposition under which she was labouring a
few days since.
Algiers papers to the 30th ult. have been received.
The intelligence•eontsined in them is unimportant.

The Three per Cents. closed on the Paris Bourse on
Wednesday at 80f. 200. ; the Five per Cents., 1181. 60c. ;
the Orleans Railroad Shares, 1,2-151. ' • Rouen, 9151.; Havre,
GB7f. 50,.; Great _Northern, 640 f. ; Avignon, 8671. 50c. ;
Vierzon, 6021.50 c. ; Bordeaux, 562 r. 50e.; Paris and Stras-
burg, 485 f.; Paris and Lyons, 508 f. The. ; Lyons and
Avignon, 4871. 50e. ; Bordeaux and Cette, 455 f. ; Spanish
Domeitic Debt, .20%.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, JANUARY 7.

Boulogne and Amiens, 153,i—Great Western Bengal, %
Jamaica South Midland Junction, I'4—Louvain a la Sambre,
1715 —Lnxembourg, %—Northern of France, 101,4—Orleans
and Bordeaux, 814—Paris and Lyons WA—Rouen and
Havre, 271(1—Sambre and Meuse, 4:y4.

PANAMA.
(FROM A CoRIZESPONDENT.)

- .
NOVEMBER 22.—The Pacific Steam Navigatinn CoM-
pan)'s steam ship Ecuador, from Callao, W. Shannon,
Commander, has arrived here, bringing, in addition to her
usual passengers and cargo, the mails in continuation with
the Company's steamer Chile, which left Valparaiso on the
28th of October, from the under-mentioned ports in
Chile, Bolivia, Peru, Ecuador, and New Granada, of the
respective dates as unclernoted:—
CHILE Valparaiso 2Bth of October
Coquimbo ' 29th „
Iluasco
Copiapo 3oth ~
BOLIVIA .... .... Cobija
PERU
Arica 3d t,
Islay
Pisco
Callao 7th „
Pay ta l4th „
ECUADOR . Guayaquil l6th „
NEW GRANADA Buenaventura l9th „

THE LATE WILLIAM EGERTON JEFFREYS, ESQ.—
We regret to record the death of this highly-esteemed
gentleman, which took place on Saturday last, the 2i
instant, in the 73d year of his age. Mr. Jeffreys was a
magistrate of the county, and formerly a solicitor of
first-rate practice in Shrewsbury; was one of the ancient
freemen of the borough, who had served the office of
mayor in the old corporation, and was an alderman of
that body, being likewise a borough magistrate in the
new municipality, Sce. This might serve to show his
high standing as a townsman, but would convey no fur-
ther sense of the estimation in which he was held be-
yond the duties of his office and profession. He was,
happily for the times and his colleagues, an uncompro-
mising Tory, during 50 years of his active and useful
life—distinguished equally for the firmness and consis-
tency of his principles, the evidence of his talents, and
the amenity of his manner.... These were the cause of
his being looked up to in all emergencies, both by the
leading gentlemen of the county and the town, whether
for his aid or for his advice; and never looked up to in
vain—his time was ever at the service of the people, in
fair weather or in foul, and his purse at the command of
their cause. His death is, therefore, as extensively felt
as it is deeply regretted; and in the absence of such a
man, in an age of lax Protestantism, and of defections
alike from post and from principle, we have lost ono of
the great constitutional landmarks of other and better
times.—Shrewsbury Journal.

THE WESTMINSTER IMPROVEMENTS.--Yesterday
in contemplation of the Westminster improvements,
several houses were disposed of by auction, by the
Messrs. Eversfield, by order of the Commissioners of
Woods and Forests, in order to be cleared away for the
new line of street. They are situated in Little Dean-
streA, Westminster, and are the first that have been sold
for the purpose in question.
THE ADDRESS.—We understand that the Address
in reply to her Majesty's Speech will be moved in the
House of Commons by Mr. Charles Howard, and se-
conded by Mr. Ricardo.

THE ELECTRIC TELEGRAPH. Yesterday the
excavations for the conducting pipes of the electric
telegraph were commenced on Waterloo-bridge, so that
by Ntonday next it will have reached the central station in
the Strand, formerly the office of the Courier.
Dtmr..—A duel has just taken place at Caen be-
twe( n two law students ; one of them received the
thrust of a sword in the side, but, the point having
broken against one of the ribs, the wound is not con-
sidered dangerous. This affair led to a meeting between
the seconds, who fought with pistols. One of the com-
batants received a ball in the thigh. Au inquiry has
been ordered by the authorities into this affair.
SIGNS or DISTRESS.—The number of recruits
from inferent parts of the country brought up to West-.
aainster during the few days of the present year, has
been much greater than for many years past ; whilst
experienced recruiting sergeants state that the men are
in a far greater state of destitution than usual, even at
this season.

“ BROWN'S PATENT ENVELOPES.”—This very in-
genious contrivance effectually prevents the letters of
correspondents from being read by those for whom they
are not intended ; or, at least, from being taken out of
the envdopes and afterwards replaced therein, so as to
atnird persons whose curiosity, or addiction to prying
into other people's business, overcomes their sense of
honour, from gratifying their predilections. Whatever
letter is once placed into one of these patent coverings,
and the seal properly compressed, can only be taken out
of it by tearing the envelope, so that the detection of
meanness is certain. The seal is ferrned of metal, the.
under poirt projects about the eighth or tenth part of an
inch, or hardly so much, and when the lid, as it may be
termA, or the envelope is let down, it is received into
metallic cap on the lid, a slight blow is then to be given
to the seal or cap, and it is so firmly incorporated with
the protaberance, that they are rivetted together, and
cannot be torn asunder. Some of the Government offices
have born supplied with thesi, and those in authot ity
have expressed their perfect approbation of them. Where
secresy and rapidity arc required, they are a most Yalu
able invention.
ERRATUM.—In the paragraph on the Crawford
peerage, which appeared in The Sun of yesterday, the
style of Sir Alexand.,r Lindsay was incorrectly given.
It should have been Sir Alexander Lindsay of
Dunrod," not Dinned. .

We regret to learn that our respected representa-
tive, Mr. Fuller, is detained in Wales by serious iudis-
position.—Brigh ton Gazette.

MONEY and COMMERCIAL NEWS,
CITY, QUARTER TO THREE.
The Cotton market at Liverpool yesterday was quiet.
Sales 3,000 bales, all to the trade. There was no al
teration in prices. Shares were much the same.
The eapose of the Bank of France has excited much
interest here, because of the recent rapid reduction in
the amount of bullion held by the establishment,
and it is inferred from the statement that
the principal cause, as alleged, is undoubtedly the with-
drawal of the large amount of deposits usually left by
the Treasury in the Bank coffers, as well as the in-
creased liabilities which the parent establishment has
incurred by the formation of branches in the provinces.
This has been done without the least addition to
its capital, and, in fact, as the result proves,
with a positive diminution of its resources,
owing to the scarcity of money, both with
the Government and the mercantile community,
having prevented their leaving the usual balances to
their credit at the bank. The calculation made that the
actual sum with which the Bank of France conducts its
business is under 18,000,000 francs, cannot but excite
surprise, if not some uneasiness, because of the mani-
fest impolicy of licking up so large an umount of its
means in rentes, while at the same time these have
afforded too handsome a profit to the corporation, while
trading upon the Government deposits, that the direc-
tors will be extremely loth to sell out largely. For
its own stability, however, not only must this
course be resorted to, but there must likewise be a
restriction of discounts, either by limitation of dates cr
advance of terms. With every desire to accommodate
the mercantile community of Paris, we do not see how it
is possible for the Bank of France any longer to delay
the necessary measures for easing its own position.
In the accounts from the West Indies we find
nothing of particular novelty. The weather was
favourable in most places for the growing
crops, although in some districts too wet for
sugar making. In Barbadoes, for instance, certain
parts were under water, a great contrast to their blighted
appearance for so long a period during the distressing
drought which prevailed until very recently. The
planters of Jamaica, and the other Colonies, manifested
still very great dissatisfaction at the reduction of the
sugar duties here. As to the state of affairs in Mexico,
there is much written of Santa Anna's proceedings, but
very little that can enable us rightly to appreciate his
chances of success against a persevering and well fur-
nished enemy.
The advices by the Crane packet, from Rio de Janeiro
and Buenos Ayres do not seem to communicate anything
of particular import.
The funds have been rather firmer to-day, and the
business done is to a -moderate extent. The dividends
are now in course of payment, and there is a fair
attendance of annuitants at the Back. It is
as yet too soon, however, to determine whether
much of the interest received will be re-invested
either in stock or shares. We are inclined to believe,
however, that after payment of the railway calla falling
due, the surplus will be pretty well absorbed, and it is a
blessing for the working classes that such will be the
case, because railway payments become actively circu-
lated, ',Melees stock investments merely go to enhance
the market value of the funds. Consols are 931 i for
present transfer, and 934 j for time. The New Three
and-a Quarter per Cents. have been 954 4, and the
Three per Cents. 93i to 941. Bank Stock is worth
2051 to 206. Exchequer- bills are very firm to 11s. to 14s.
premium.
There is very little business doing in the Foreign Stock
Market. Portuguese Four per Cents. are 371, Mexican
have receded to 23i1, owing to a letter written by Santa
Anna disapproving, although not revoking, the cony( r-
sion, which, in fact, it would be impossible for him to do ;
Chilian are 95, and Dutch Four per Cents., 928 to 934.
Railway Shares have been very well maintained again
to-day, thou h not so brisk at present as they were
' yesterday.

ONE CLOSING
I'ItICES OF BRITISH FUNDS. O%.:LOCM. PIM' As.
Bank Stocfk
3 per Cent. I:educed Anns 93% 941,8 941/4
% ',Z4
3 per Cent. Consols Annuities .93 9374
Net 3% per Cent. Annuities 951/2% 95%
uongAnnuities to expire J an. 1860 974 974
Ditto 30 years, Oct. 10,1859, ..- 9 11-16 3/4 9'N
Consols for Opening 9334 74 931/2
Exchequer Bills, 1000/. 11,4 d.... 11 14 p 14 p
I )it: o, 5001 - p 14 p
Ditto. Small

ONE CLOSING
ItIC ES OF FOREIGN FUNDS. O'CLOCK PRICES
Chilian Bonds 6 per Cent 95 fr
Mexican, 5 per Cent. 1846 23%
Ditto, Account 23:-A%
Portuguese Bonds, 4 per Cent
Ditto. Account ..... ... ..... ...... 3714

Spanish 5 pei Cent. 1840.
Ditto, Account . —
Dividends on the above payable in London.
Dutch 2!4 per Cent. .
Ditto. 4 per Cent. Certificates 93 92% 93% 93 iii
nut :El or PAID. BUSINESS DONE CLOSING
It LIMY tY SHARES AT ONE. O'CLOCK. l'lticEB
Aberdeen
Amber., Nott., Boston,
and Easton' Junction 2%.....
Belfast & County Down 43/1 ...... ,
Birrnin. and Glsucester..loo
Ditto New 17% —
Birmingham and Ox-
ford )unction
Birmingham, Wolver-
hampton, and Dudley 425...... 63% p 6% p
Birniing., Wolverh'pton,
and Stour Va11ey..... 42a.......
Birkenhead, Lancashire,
and Cheshire June.... 2%
Boston, Stamfd, & Ilirm. :2`2s. % I p......
Bristol and Exeter 75

130

Ditto, New
Bristol sad Gloucester 32
Buckinghamshire
Caledonian
Ditto Half Shares 2%
Dit to, Clydesdale J kale 25
Chester and Holyhead... 271 a 2sl<z
Cheltexham and Oxford 2
Clarence .. 100
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10
Do. Government Loan,
4 per Cent.
Cork and Killarney
Cork and Waterford ... 1% .
Cornwall
Ditto, Half Shares ... 2% —
Direct. Northern Scrip.. 2% 2:!,/i
Direct Norwich
Dublin and BelfastJ unc. 12% 51(,.
Dublin, Belfast, and
Coleraine
Dundalk & Enniskillen 10
Easterneounties 141. 16s. ..... .23 22% 23%... 23%
Ditto New
Ditto Perpetual, 5 per
Cent, No. 1....... 61.135. 4d.
Ditto ditto, No. 2... 61. 13s. 4d...
Do., York Extension.. 2 ...... 3%a/
Eastern Union
Ditto, Quarter Shares 10
Do. Exten.(Harwich) 1% — ......... .....
Do., Carib. and Ely.. 2111 —
Egg Lancashire
Ditto, New
Do., do., New Scrip
East Lincolnshire ...... 1 %At .. .• • • 3%
Edinburgh and Glasgow 50 ...... . ........ ...
Ditto Half Shares ... 10
Ditto, Quarter Shares 12% ......
Edinburgh & Northern.. 121,4
—Ditto, New
Ditto, Newport
Ditto, ditto, New .... • 11/2 3%
Edinburgh and Perth... 3
Ely and Huntingdon ... 12% I3IA
Exeter,Yeovil,& Dorset 2% l'
Glasgow, Dumfries, and

Carlisle
Glasgow, Kiltitar.,&. Ayr 50
Ditto, New .. 15
Do., VL Shares (5 per
cent. guar.)
Great Northern (London
and York Regd.) 2 4..... 3% q
Do. (Direct Northern
Regd.) . ... 334 414
Great South. and West.
(Ireland)
GreatiNorthof England-100 238
Ditto New 5 -
Ditto, New . . —
Ditto, New
Great Western B5 133
Ditto % Shares. 5O
Ditto 14 Shares l2l/ 2114.
Ditto Fifths
Ditto, New ... 41/
Huddersfield & blanches. 13 —

Ditto, Extension 3
Hull and Selby 5O 107% 107%
Do. Half Shares 25 — •••

Ditto 14 Shares
Ipswich & Bury St. Edm. 14
Do., do., and Norwich 5
Lancaster and Carlisle... 50
1)o. New
Leeds and Bradford
Leicester and Bedford... 16s.
Leeds, Dewsbury, &c.... 22% 371/2 38
Do., Branch % Shares 21/.• ...
Do., Branch (Blue) ... 2% — ......... ...... -
Do.Extension(Green) 21/2..
Leeds and Thirsk 17%..... 1646
Ditto, New
.....
......
Do., Prefer., 6 per Ct. 31/2 47g
Liverpool, Crosby, and
Southport .... .......... 2
Liverp., Ainchstr & New;
castle Junction 2A...... ... ...... .. ...
L -.fton and Blackwell. 161. 135.4 d
Do. New
Ditto Extension
London, Brighton, and
South Coast
Ditto, }Wats
Do. Cousol. Eighths lO
Do. G'aarant. 5 per et. 9
London audGreenwich 12/ 1554 d 9%
Do. Preference ...18/17s 2d
Loi,don and N. Westernloo 199% 199 2OO
Do. Quarters ..
Do~ no.. New
Ditto Fifths ..... .... 2 ...... 20
Do. 14 Shares (G. J.) 5
Do 401.Shares(L.M.) 8 -
Do. 40/. (M. & 11.) ... 40
Do. 101. (M. & B.) A. 5
Do. 10. f. (M. & B.) B. 5
Do. 101. & B.) C. 1
London, Oxford, and
Cheltenham
Lon 4. Si S.Western 411 6s 10d - 65%
Do. New Consol. Bth 40 ...... 49 .••
Do. New
Do. New
Ditto Tenths . .. 5
Ditto Tenths ... ..... 4
Ditto Scrip
Ditto ditto ...........4
L.indon and York Scrip 2 ,‘, ..... 3% • ••••••••-•
Do. Extension : 2% 3