The Sun.
London, England, 1847-12-24 00:00:00

AMERICAN NEWTS.

By the packet-ship Isaac Wright, Captain Marshall,
arrived at Liverpool, we have advices fronaNew York
to the 3d inst. We extract the following summary
from the New York Express :
The week has been rather a blank one for news.
Nothing striking has reached us from the seat of war
in Mexico, or, indeed; from any quarter. Public at-
tention is now turned to Washington. The session of
Congress commences on Monday, and there is no
doubt that the house will be organized, and the Mes-
sage transmitted on the following day. The views of
the President, and the report of the Secretary of the
Treasury, will be read with unusual interest by all
classes.

In the early part of the week the weather became
i
suddenly cold, which closed the Erie Canal ; but it s
believed that the storm of rain on Wednesday night,
and the mild atmosphere of yesterday, have again
opened it. In the course of two or three weeks the
North River will be frozen, and probably remain ice-
bound for three months.

The fall season is over, and the belief is, that it has
been a good one. The crops of the country have been
abundant ; prices are high, and all domestic trade sa-
tisfactory. The year 1847 has probably been one of
as great prosperity as this country has ever ex-
perienced.
Ashes—Both sorts have declined, owing to the in-
creased receipts ; but since the canal has closed there
is a little more firmness in the market ; sales of pots
at 5 dolls. 75c., and pearls 7 dolls. 50c. The stock
on hand is 3,118 pots and 1,197 pearls. Export for
the month of November, 1,210 barrels and pots,..no
pearls.
Cotton The advices from the south state that
prices are higher. The market has become better;
there is a more active demand, and prices have
advanced c. The demand for export has principally
been for the Mediterranean and of her markets. The
•total receipts at all the shipping porte are-298,790
bales, against 318,022 to same date last year, a de-
crease so far this season of 19,232 bales. The total
foreign expors this year is 77,718 bales more than
last—say 44,845 increase to Great Britain, 17,058
increase to France, 15,105 increase to the north of
Europe, but 710 less to other foreign ports. The
shipments from southern to northern ports are 14,872
bales less this season than last, but there is an excess
in stock of 5,534 bales.

Flour—We have had a cold snap of weather,
which has partially, if not wholly, closed the canal.
With the prospect that the receipts must soon stop, the
market is up about 12/ cents, and holders firm. Oswego
and Western is selling at 6 dolls. 12je. to 6 dolls. 25c.,
and Genesee at 6 dolls. 25c. to 6 dolls. 50c. The stock
of Southern is light; sales of Brandywine, at 6 dolls.
75c.; Petersburgh and Richmond, 6 dolls. 37kc. to 6
dolls. 50c. ; rye flour, 4 dolls. 62c. to 4 dolls. 75c. ;
buckwheat, 3 dolls. 25c. to 4 dolls 12jc. ; corn meal,
3 dolls. 25c. to 3 dolls. 37j-c. The receipts down the
Hudson since the opening of the river navigation to
yesterday are of—wheat flour, 2,787,566 barrels; corn
meal, 106,825 barrels. Export from the Ist to the 30th
of November—wheat flour, 26,091 barrels.
Grain—There is an active demand for wheat, and
sales of 2,000 bushels of Genesee, at 1 doll. 35c. to 1
doll. 36c. ; Illinois, 1 doll. 25c. to 1 doll 27c. ; Sou-
thern 1 doll. 25c. to 1 doll. 30c. Parcels in store
are held for an advance. Rye is selling at 88c. to
90c.; barley, 85c.; oats, 50c. ; corn went up a cent or
two, but is again slack ; sales of 6,000 mixed, at 72c.
to 74e. The receipts down the Hudson since the
opening of river navigation to yesterday are of—
Wheat, 1,739,264 bushels ; corn, 3,520,682 bushels;
rye, 345,335 bushels.
Export from the Ist to the 30th of November--
corn, 59,865 bushels; wheat 27,688 bushels ; rye,
none ; barley, none ; oats, none.
Tobacco—There exists some inquiry for Kentucky
leaf, and sales of about 250 hhds. have been effected,
part taken for export, and prices remain unchanged ;
150 hales Yara brought 35c.; 140 ditto St. Domingo,
for export, on private terms.
Money—The market continues to be tight, and
there is a good deal of paper in the market selling et
1 to 1/ per cent a month discount. Within the month
about 2,000,000 of specie and large amount of bills
have been sent abrcad. The market is in an unusual
state. The pressure seems to pervade two branches,
viz., those engaged in foreign comrrerce, and those
operating in stocks. The large interest of regular
traders connected exclusively with this country
are comfortable and easy, and are not
pressed'
great jobbing and grocery trade are
easy. This is not singular; the trade 0f the
country has been sound and profitable. There
has been no excited speculation in any branch of
business. The embarrassments of Europe, however,
have reached this country ; confidence has, been so
shaken that a large portion of the remittances have
been in specie. So much having been drawn from
our banks has affected those operations; and they
have contracted their discounts. Still, with the ex-
ception of one or two German houses, there have been
no failures. The fall of Treasury-notes to par has
prevented any considerable demand for specie on our
banks; this has relieved them in some degree. The
general impression is, that there will continue to be
some pressure throughout the month, but that money
soon after will be more abundant.

Specie—The failures in England have been so
numerous and extensive, that confidence is greatly
impaired. A large portion of the remittances
have been in specie, and since the month came in
over two millions of dollars have been ex-
ported. Many houses have written out to
ship specie, and not to take bills at any rate,:
in consequence of the difficulty in getting 60 days
bills discounted after they get there. Another
cause why so much specie has been sent is, that
there is no specie going to England from Mexico.
Those who are working the mines there are purchas-
ing army bills and Treasury notes at a premium, and
sending the same to this city, where they are turned
into specie and sent to England. The export of spe-
cie to Mexico is done, and all the payment of specie
for duties is nearly at an end, all the payments being
in Treasury notes. Our imports are now s° lightl
that it is believed that the balance of trade cann,",,t
long be against us, and that soon the same specie that
has gone, and is going, will be returned.
Per cent.
American gold, old lO6 to 106
Ditto, new . , 100 .-104
Half dollars look —100 k
Portuguese gold lOO look
Spanish dollars
Ditto, quarters
Mexican dollars
Ditto quarters
Treasury notes
Value.
$. c. , c.
Carolus dollars.. 1 3 to 1 6
Five francs
Doubloons
Ditto, patriot ... 15 60 15 75
Soverei ls

4gn.
Ditto, light
Heavy guineas .. • ••• 5 0
Napoleons . 3 83
Exchange—Foreign----The market has continued
in the same state as last week. The sailing of the
packets and steamer of the Ist has taken a large
amount out of the market. No bills have been sold
but those of unquestionable credit. English Govern-
ment being the favourite, the range has been from
1091 to 1101. All second-rate names are withdrawn
from the market. per cent.
Bills on London, 60 days, £ sterling 109+ to 1101
Bills on Pari5.....
Bills on Amsterdam -40 f
Bills on Antwerp
Bills on Hamburgh, Marc Banco Bsi
Bills on Bremen, rix-dollar ••• • • 78
Freights—Foreign All descriptions are dull•
There are some shipments of cotton to the Mediter-
ranean and Havre, but at a low figure. To Evglona
freights were seldom as low or more depressed. ,
To Liverpool—Cotton square and round bales, tu'
to 3-IGd. per pound.

EXETER HALL.—Last night the Sacred Harm
on
Society repeated Handel's Orator of
accompaniments, the It east ,
accompanio th
witiho
Mozart's additional '
and the attraction
of the performance was such that the large hall wee
completely filled. The vocal parts on this occasion
were assigned to Madame Caradori Allen and Mil's
Steele, Mr. H. Phillips, Mr. Leffler, and Mr. Bennett,
and they acquitted themselves in the most successful
manner, rendering the beautiful music with that purity
and simplicity alone befitting the divine productions of
Handel. The band and chorus were on the most exten-
sive scale, consisting, as stated in the programme, of
five hundred performers, and nothing therefore Wes
wanting that could add to completeness and effect.
The
choral department of the Society exhibits considerable
improvement, their singing last night being marked by
that closeness and steadiness which good drilling and
constant practice only can produce. The patronage
which the Sacred Harmonic Society continues to receive
is the most flattering compliment that can be paid to it,
and affords the most gratifying proof that the exertions
of the Society have been properly appreciated.
ANTI-GOLD-LAW LBAGID3.—The tenth meeting
of this association was held last night at the Crown and
Anchor Tavern. The advertisements stated that special
reference would be made to the discussions in Parliament
on the appointment of the Currency Committee, and
upon " the too evident attempt of the bullionists to
shelve the question, notwithstanding the intense and
extensive sufferings of the mercantile classes of the
UnitedjKingdom." Mr. Francis Bennoch, president of
the League, took the chair, and he stated that Mr.
Taylor, Mr. Duncan, and Mr. Bell, who bad undertaken
to engage in the proceedings, were prevented, tho two
first from illness, and the third by indispensable busi-
ness. He was himself ready to proceed, but he suggested
that the sense of the meeting should be takes, whether,
f,,trcuinstanc,A, the procolings sLould not b.;
Af3j.l/2arnt d. question being put, there appeared
to be a majority for the adjournment, and the proceed-
ings consequently were deferred till after the holidays.

I

SPORTING INTELLIGENCE,
,TATTERSALL'S.--YESTERDAY.
WAKEFIELD STEEPLECHASE.
3 to 1 agst Captain Little's The Chandler
3 to 1 agst Mr. Bretherton's Wolverhampton (Glau-
cus gelding)
10 to 1 agst Mr. J. Robinson's Fanny Grey—taken
19 to 1 agat Mr. Ma.dclock's Proceed—taken
10 to 1 agst Mr. Buclaanan's Mitchleis—taken
LIVERPOOL STEEPLECHASE.
15 to 1 on the field
20 to 1 agat Mr. Barry's Sir Arthur—taken to 501.
20 to 1 agst Capt. Alleytie's The Nigger—tkn to 501
DERBY.
12 to 1 offered on the field
1•000 to 150 agst Mr. Pedley's Besborough—taken
1,500 to 50 agst Mr. B. Green's Beverlac—taken

DR. HAMPDEN'S PROMOTION.
The following answer has been returned by Sir
merge Grey to the memorial from the Dean of
liereford to the Queen on this subject :
" Whitehall, Dec. 20, 1847.
Sir,—Lord John Russell having placed in my
,"ands the petition addressed by you to her Ma-
Asty, and transmitted in your letter to him of the
17th instant,
," I have had the honour to lay the same before the
Queen, and I am to' inform you that her Majesty has
not been pleased to issue any commands thereupon.
" I have, &c., " G. GREY.
" The Tery Rev. the Dean of Hereford."

THE TEN HOURS BILL.
Minima AT TODMORDEN.—In consequence of the
leeretary of the Association of Masters and Mill.
owners, held in Manchester, having forwarded to all
the manufacturers in the kingdom copies of resolu-
tions recommending that an effort should be made
°Y the masters to get a repeal of the ten hours clause
i.of the Factory Bill, accompanied by a form of peti-
°to; to be presented at an early opportunity, John
'ielden, Esq., of Centre Vale, late M.P. for Oldham,
immediately published an address to the factory
eperatives, exhorting them to remain firm to the
Principle of ten hours, for which many of them have
fsr more than 30 years been struggling. The short-
time committee of Todmorden met on Friday even-
'g last, and came to a unanimous determination not
to allow themselves to be deprived of the victory
they had so recently assisted in obtaining. An im-
Portant meeting was held at Todmorden on Monday of
the central committees of Lancashire and Yorkshire,
Mr. ,Josph Hurst in the chair. The Chairman having
opened the proceedings, the meeting was addressed
eY several delegates, urging the necessity of the re-
organisation of the various local short-time corn-
Inittees ; and expressing their regret that the mill-
Owners should attempt to get the factory hands to
isign an eleven hours petition, without giving the ten
'lours clause a fair trial. Mr. Mullineux, secretary
to the Lancashire Central Short-time Committee,
Made several statements as to the means used by
rosny masters in Lancashire to coerce the hands to
sign the petition, but said that, in nearly all cases,
the masters had failed in their attempts. Letters were
read from Lord Ashley and other Members of the
Rouse, expressing their determination to assist the
factory operatives in boldly maintaining the ten hours
Clause. The meeting separated, after several hours'
deliberation, and having passed several resolutions
Unanimously.

ACCIDENT ON TEI NORTH•BRITISH RAILWAY.—
Last night, about nine o'clock, an accident, which might
have been attended with very serious consequences, took
place on the North British Railway. From what we
have ascertained, it appears that an engine, in charge of
a stoker, was proceeding from Meadowbank to Edin-
burgh (a distance of about a mile), when it was overtaken
by a luggage-train upon the same line of rails. The
concussion was considerable, but not such as to damage
Materially either of the engines. The stoker, it is sup-
Posed; fell from the engine in consequence of the force of
the collision; and the steam not being reversed, the
engine ran into the station at the North Bridge, where
It came in contact with four waggons. These it dashed
in pieces, and drove in great violence against the stone
supporta of the Edinburgh and Glasgow Railway Sta-
tion, where it was brought to a stand-still. In addition
to the demolition of the trucks, a cast-iron pillar in the
station was driven down. Great as the damage un-
questionably is, it would have been still more so had the
engine happened to be on any of the side rails instead of
the centre one, as in that case it would have done sad
havoc on the passenger carriages, which generally stand
ranged on each side of the station-house. The stoker,
We learn, is injured by the fall, but not severely.—
Scotsman.
CHATHAM,.DEC. 22.—Yesterday the 63d Regi-
ment assembled on special parade in the barracks, for
the purpose of witnessing the presentation of a silver
medal for meritorious and faithful services, awarded to
Quartermaster Serjeant James Stewart, he having served
in the regiment 22 years, 14 of which have been in India,
and six years as Quartermaster Sergeant. The medal
Was presented by Lieutenant Colonel Pole, in front of
the regiment.
SIiDDEN DEATH.—About a quarter before three
o'clock yesterday afternoon, a stout gentleman, appa-
rently 60 years of age, came to the Euston Railway sta-
tion, stating that he came to meet the train arriving at
three o'clock. He had only been on the station a few
minutes when he suddenly fell down and almost instantly
expired. He was dressed in a black body coat, waistcoat
and trousers, low shoes and gaiters, with a brown over-
coat, his linen marked " J. 8.5." A paell: was also
found upon him, addressed " Captain SterEerareof
Captain Dyett, bark Robert, The body now lies cat the
Royal George, Drummond-street, awaiting the Coroner's
*uest.
It appears that the draughts of the North-Western
Bank of India, which were on Wednesday refused ac-
cstance by Glyn and Co., have been accepted by the
officiating agent of the establishment in London, and
that expectations are held out of the whole being paid at
maturity. The bills of the bank at sight, it is also said,
are paid by this party immediately on presentation. The
capital of the bank is now understood to be 400,0001.
LOUIS PHILIPPE AND THE PRESS.—The Commerce
has calculated. that during the last seventeen years no
less than 1,129 prosecutions had been directed against
the journals in the name of King Louis Philippe, who
had inaugurated his accession to the throne by a formal
promise that no prosecution should be in future insti-
tuted against the press. During that period 57 journals
Were obliged to suspend their publication in consequence
ofthe severity of the penalties. The writers were sen-
tenced to 3,141 years and 8 months' imprisonment, and
the journals to 7,110,500 f. fine.
THE BRITISH AND FOREIGN BIBLE SOCIETY.—
A parcel of Breton Testaments have arrived here by a
steamer from one of the French ports, which are in-
tended for gratuitous distribution by the British and
Foreign Bible Society, and the Lords Commissioners of
her Majesty's Treasury have granted permission for the
books to be delivered to the Society, free of duty, for
the purposes mentioned.
WHALE STRANDED AT ABERDEEN.—On Saturday,
while two boys, Robert Fernie and Isaac Massie, were
walking along the beach, they observed a whale blowing
away and playing about outside the breakers, and soon
after got into shallow water and was washed ashore.
While he lay stranded, and lashing the tide with his
tail, one of the boys ran to the shipbuilding-yards, where
they were instructed to give information to the proper
authorities at the Town House ; but by this time Capt.
Reid, of the Pacific, had got accounts of the stranding of
the monster, and proceeding to the spot, harpooned him,
and cut his initials on the blubber. Intimation having
been given to the town-clerk, it was arranged that the
whale should be taken charge of by the magistrates as
admirals of the port and harbour ; and Captain Reid has
got the necessary instructions to have it cut up and the
oil boiled. The whale is 49 feet in length by 26 in cir-
Oumference—is a male of the finner species—clinker
built, and has very little whalebone in its head. Thou-
sands of the intabitants have flocked to see the monster.
—North of Scotland Gazette.
WINDSOR, THURSDAY EYRNING.—HER MAJESTY'S
Naw YEAR'S GIFTS TO THE Pooa.—Her Majesty has
just commanded, that on the morning of New Year's-
day a liberal quantity of provisions is to be given away
iso nearly 500 poor families residing in the parishes of
-Windsor and Clewer, the recipients of the Queen's
bounty being selected from amongst the most deserving
of the needy and distressed, by the Hon. and Rev. C. L.
Courtenay (her Majesty's domestic chaplain), the Rev.
Isaac Gossett (vicar), the Rev. Mr. Gould (curate), and
the Rev. Stephen Hawtrey (the incumbent of the church
of the Holy Trinity, at Clewer), assisted by the church-
wardens and overseers, and the ladies of the Visiting
Committee. The Royal gifts will consist of meat, bread,
plum pudding, coals, and potatoes; the quantity to be
regulated according to the extent of the families of the
respective applicants. There will also be given away,
by command of her Majesty, a quantity of winter cloaks,
flannel, and calico, besides upwards of one hundred
pairs of blankets. The distribution will take place in
the Queen's Riding-school, at the Royal Mews, in the
presence of her Majesty, the Prince Consort, and the
'members of the Royal household.
ROYAL SAPPERS AND MINERS. -- The company
stationed at Chatham, under the command of Captain
Robinson, Royal Engineers, left Chatham on Wednes-
day morning for Nine Elms to proceed by railway to
Portsmouth, where they are to be employed in con-
structing fortifications at that important naval port.
The duties of the company at Chatham will be per-
formed by large detachments from the companies at
Woolwich.
THE LATE FAILURES IN THB IRON TRADE.—
The first decided step towards a reduction in the price
of South Staffordshire iron has just taken place, the
agent of Lord Ward having issued a circular fixing the
price of forged pig iron at 31. 10s. Last quarter-day the
nominal price was 51., although little business has in the
meantime been done at that quotation. A meeting of
the creditors of Messrs. Oakes and Jones, of the Kelley
iron-works, Kingswinford, was held at Dee's Royal
Hotel, Birmingham yesterday (Thursday). The atten-
dance was numerous. The liabilities of the firm, exclu-
sive of debts beetired by mortgage, were said to amount
to about 20,000/. There was a unanimous expression of
good feeling towards Messrs. Oakes and Jones, and of
confidence in their honour and integrity. After dis.
cussing the affairs of the firm, it was resolved to accept
an instalment of 6s. Bd. in the pound, payable in January,
1849, and further instalments of 3s. Bd. every six months,
until the debts are fully liquidated—thus finally winding
in yPars hence. The concern will
lierrart:.r 11,1rfi, 1.11•6er ..p( (Mop M.
Charles gnaw, of Birmingham ; IL of Dudley ;
and Williamson, of the Potteries. The meeting of the
creditors of the Oak Farm Works is further postponed
till Monday, the 3d of January.

SPIRIT of the PUBLIC JOURNALS.
FROM THE MORNING PAPERS OF TH IS DAY.
TIMES.—The report which appeared yesterday
of the proceedings at the quarterly Cout ~t of the East
India Company concurs with the Parlissmentary mo-
tion lists in intimating that the case of the late Raja
of Sattara is not considered closed by his death.
Such resolute advocacy is, of course, no more than
consistent with a true conviction of his innocence.
We have no wish to disparage the pleaders in this
cause, or suppress the inquiry. All that we have
desired is to describe more accurately what was the
injustice which the Raja suffered, if he suffered any;
what form his complaints would reasonably assume ;
what were the relations between him and his judges;
and what could be alleged in behalf of the latter, if
exculpation they should be founts to need. We are
not without some hope that our simple exposition of
the facts involved may have placed this question to
many eyes in a clearer point of view than before,
and offered some more tangible materials for forming
an equitable judgment. Some credit is fairly
ours if we have imparted any novelty, or
much interest, to this interminable suit, for
there is nothing more difficult than to correct
such indefinite preconceptions as these, and to commu-
nicate accurate views on a subject which has been
thoroughly hackneyed without being half compre-
hended. Petitions poured into the House upon this
matter even during the late session, nor do we mean to
deny to the subscribers the credit of sincerity or good
intention. They have been probably impressed with
the idea that a helpless Prince has been persecuted by
an overbearing power, and has at length been driven to
his grave without redress, and they trust to see that
justice done to his memory which was refused to his
remonstrances. What we have endeavoured to show
is, that whatever may have been the injustice Of his
fate, it was not such as has been represented. He
was not "an independent Prince:' He was not "im-
prisoned "or " persecuted" by us ; nor is there the
smallest imaginable possibility of concluding that his
deposition was owing to any of those motives ascribed
to his judgee by the uninformed advocates of his
case. His mimic principality was not confiscated on
his removal ; it was transferred to bis brother, who
enjoys it still ; and it has been said, indeed, by some
,)f the most intelligent observers on the spot that the
family jealousies created isy this promotion have been
more instrumental than any other cause in per-
petuating the agitation of the case, and that if the,
British Government had but appropriated, instead of
transferring, the revenues of the princedom, the ex-
Prince would have been speedily reconciled to his
change of residence. That the Government of India
should have concerted a plot for deposing a native
ruler in order to impound a few square miles of
territory at the transfer of the Rajaship, is an idea
which could never for a moment be entertained by
any person to whom the affairs of Hindostan were not
as strange as the affairs of Patagonia. We are sure
that Mr. Hume, at least, with his knowledge of these
matters, will not pretend to affirm that the proceedings
in the Raja's case could have ever either originated or
been conducted in any possible ideas of aggrandizement
or gain. The motives of the Government,whether well-
grounded or not, were manifestly political. They
were caring for the peace of the Peninsula, not the
income of the Presidency. If they erred, it was in
discharge of their public duties—in defence of the
British dominions, not in pursuit of their own ends.
Whether they did err or not may be a question, but
it is a very different question from that ordinarily
stated. In 1839, when our army was entangled in
the distant passes of Affghanistan, and wiser heads
than those of its leaders were just surmising that our
troubles were presently to come, there was a very
prevalent impression that a combination was on foot
amongst the Hindoo Powers of the Deccan to strike
a blow at us in our embarrassments. Our experi-
ence of Oriental character tended to substantiate, if
it did not suggest, the belief. It was not that the
several Powers had anything to complain of—on the
contrary, there was not one who did not owe to us
such tranquillity and consideration as he enjoyed; it
was not that they had anything to hope—on the con-
trary, it was certain that the most murderous anarchy
would ensue on the first suspension of our practical
supremacy. But it was in the highest degree pro-
bable that at the rumours of embarrassments and
miscarriages which even then began to find their
way from the wilds of Candahar, they would be
unable to resist the impulse of Oriental nature, and
that they would turn with one accord upon a totter-
ing power. At this crisis it was said that the Raja,
the titular head of all the Mahrattas, had been in
correspondence with the Raja of Berar, the
most powerful member of the old confede-
rate stock. That his alleged overtures should
wear but, slight form of verisimilitude was pro-
bable enough. Communications between Siam
and Nagpore on the subject of annihilating.
British India were not likely to be highly reasonable
in their details. Yet, whatever was the purport of
the correspondence, its simple existence (and this was
a fact pretty clearly proved) did of itself involve the
forfeiture of the Itaja's throne, for one of the most
imperative conditions of the treaty by which he was
placed on it was his entire forbearance from all kind
of intercourse with any foreign Court. Here, how-
ever, he now was, with a suspected character, and in
a position highly critical, both geographically and. po-
litically. Nothing is more remarkable than the
readiness with which any single prince of either of
the two great races in India has been able to rally the
scattered branches of that race for any promising in-
surrection. Holkar, as regarded possessions or
descent, was certainly entitled to the smallest influence
of any Mahratta chieftain, and yet when Bishop
Heber saw him sunk in irrecoverable debaucheries
he could not refrain from remarking,how fortunate it
was that British India had thus lost at least one foe
around which the whole Hindoo population might
rally. With the Musuulmans it was the same. Lord
Moira raised Oude into a kingdom, in order, amongst
other motives, that the consequent jealousies between
Lucknow.and Delhi might impede any cordial union
under either power for mischievous purposes ; and yet
it was the opinion of the best informed that even this,
as well as all other obstacles, would yield to such a
temptation. Under these circumstances, then, with
Bombay stripped of troops, with the forces of the em-
pire engaged in a distant and gloomy-looking war,
and with a suspected chief in a position from which he
might descend upon, our destitute Presidency, with
all the AtahrettaS at his back; ifie British Govern-
ment stepped in, removed' him from his throne
and capital, and placed him under liberal superin-
tendence in the most princely city of Hindostan,
with 10,0001. a year to live upon. Such is the head
and front of the Company's;offending. The questions
at present open for consideration are these—first,
whether cause can be shown for a fresh trial ; and,
secondly, if upon trial so granted the innocence of
the arraigned character should be shown, what com-
pensation is due for the injury inflicted. On the first
head we cannot say we think that a case has been yet
established. It may. be true enough that a trial, such
las a prisoner may demand in England or an undis-
turbed district of Ireland, was not granted to a
Mahratta Prince in Western India, suspected of
hatching treason against his liege lords ; but on the
other side, independently of the probabilities of the
case, we hay% the coincidence against him of all the
successive Governors of Bombay and their Coun-
cils from that time to the present—of Lord
Auckland and his Council—of the Court of
Directors and of three Presidents of the
Board of Control—a coincidence which, considering
the hereditary antagonism of these authorities, is little
less than miraculous on any supposition but that of
unmistakeable guilt. On the second head we have
I said enough, we trust, to show that neither was the
lot of the Raja very hard, nor the conduct of his
judges very impeachable. If he did really deserve to
enjoy the Company's present of 100,0001. per annum
for the twenty eight years remaining of his life, in-
stead of for only twenty of them, he has so far been
unjustly treated, and his representatives may ask the
proportionate tribute of acknowledgment and com-
pensation ; but to presume that his benefactors con-
cocted a plot in order that the recipient of their bounty
might be called Apa Saheb instead of Purtaub Singh,
or that they did it with the hope of gaining money
by the transfer, is about as sensible as to assert that
the British Government seised the Danish navy in
1807 for the sake of the ships' coppers. If the cause
is to be tried again, let it be tried fairly ; whe-
ther its magnitude or mystery demand such re-hear-
ing it is for others to decide.
POST.—There can be no doubt that the Whig
Ministers and Sir Robert Peel will make use of their
majority in the Committee on Currency aad Com-
merce to render it nugatory. They are satisfied
with the law as it is, because they made it what it is ;
and if firm in nothing else, they are so in their self-
sufficiency. The country, indeed, suffers beyond
what language can describe ; but that does not touch
them in the least. They do not suffer but rejoice in
keeping the law as they made it. The Committee
was intended to stifle an honest, useful examination
of the difficulties of the country, and if the subject
be left to the Committee that end will be accom-
plished. But if Members of the House of Commons
have energy to do their duty, they may compel a
consideration of the question, notwithstanding
the Committee trick. There are various ways in
which the question may be brought forward, and if
there be men who understand the subject, and who
are not afraid of annoying Ministers, they may do
what the circumstances of the case demand. ‘i hat
we fear is a want of energy and perseverance--a
want of the determined will to be heard, and to
represent to the country, through the House of
Commons, the needless difficulties and gratuitous in-
juries which are inflicted upon the industry of the
country by the existing monetary system. T. he man
s 1,,, v;;1 :1,11;e 'lir-11.'2:f u‘o•-ter of the subject, and
-. ho s;i: ~ • ,1 binv,ell t.) it i.) the lionse 4 Co T••.
mons, resolving that he will be heard, in spite of
suggestions here, and remonstrances there, and ex-

- . -
preHions of impatience from all sides—the man who
will do this will entitle himself to lasting praise as
the best friend of the people, in the House of Com-
mons.

CHRONICLE.--The Bank reduced its rate of
discount yesterday to five per cent. We are not of
course in possession of the facts which have led to this
decision, and we are unwilling, upon imperfect infor-
mation, to condemn the directors as guilty of a very
serious error, but we must confess that we do not find
it easy to imagine any possible justification for this
proceeding at the present time. It is true, indeed,
that according to the strict principles of the Act of
1844, they may be able to make out a strong case in
favour of what they have done, as a legitimate effort
to promote the interests of their proprietors. For we
know, from the state of the Bank as shown by the
latest accounts, that while bullion continues to in-
crease, and the reserve in the deposit department to
increase still faster, the demand of the public for dis-
counts was falling off, and that there was, therefore, a
continually growing amount o,f capital, for which the
directors could find no em ployment. Now, if we
are to think of nothing bait the Act of 1844, the
directors are entitled to act as private bankers,
and therefore authori sed, when they found
their business going from them, to offer
their accommodation upon cheaper terms.
But although that unwise law is still in overation
it has come to he almost unanimously felt that no
more mischievous principle was ever broached than
that of placing the banking department of the Bank
of England on the footing of a private competing
bank ; and the Bank directors, therefore, must be
well aware that they are not considered at liberty to
use the enormous power in their hands upon consi-
derations so narrow as those which refer merely to
the profits of their own business. Now, looking at
the matter upon public grounds, why should the rate
be reduced at the present time ? It will, no doubt,
be said that the market rate was falling, and that the
Bank could not prevent it. This we believe to be
true ; but why not leave the market rate to take its
own course ? Why step in to accelerate reduction,
and thereby cause it to be carried lower than the
point of safety ? If the market rate was falling, it
showed that the supply of capital was becoming more
abundant in relation to the demand for it, and there-
fore that the pressure upon the mercantile commu-
nity was diminishing by a. process which, as being
natural, might be considered wholesome and
safe. It was precisely a case, therefore, in
which the competition of the Bank was not wanted,
and could serve no useful purpose. But, on the
other hand, if it be possible that the market rate of
interest has been falling, while powerful causes tend-
ing to enhance the value of money are still in opera-
tion, how very much safer it would have been for all
parties if the market rate, in rising again under a
renewed demand, were not driven into more sud-
den and violent action by an inevitable rise in the
Bank rate at the same time. The Bank directors,
however, having taken upon themselves the respon-
sibility of pressing down a falling market, no
doubt believe that they are in no danger of a re-
action. They rely probably on the magnitude of
their stock of bullion, which may perhaps be
twelve millions, and upon their deposit reserve,
presentwhich is very posßsiabtly
can
mightit mhiellioisiasid
that
at
the
t
there is no danger of causes coming very speedily
into play which might make a serious change
not only in the amount of the dersosit re-
serve, but even in the bullion ? The re-
serve, it is at all events certain,will becon-
siderably reduced by the payment of dividends
in January ; and though this process may not
very materially affect the bullion, yet it must,
under the present law, dimir6sb the banking re-
sources of the Bank by an amount equal to the
whole reduction effected le, the deposit reserve. In
January, 1845, the resers,e was reduced by 1,600,0001.
In January, 1846, it s,',as reduced by 1,800,0001. In
January, 1847, whes, a drain of gold set in at the
same time with tsne payment of the dividends, the
reduction in the deposit reserve was no less than
3,100,000/. In other words, it was reduced from
8,800,0001., on the 26th of December, 1846, to
5,700,000/ on 'the 30th of January, 1847. Now what
if the reserve should be reduced by three millions in
the course of January, 1848 ? Will the Bank in
such case be able to adhere to its five per cent. ? If
not, and. if by any possibility the directors shall have
to ado pt any extraordinary measures of self-preserva-
tion, we venture to say that they will find the resolu-
tion of yesterday the most unlucky blunder which they
aver committed. But January, 1848, it will be said,
cannot possibly be like January, 1847, because there
will be no drain of gold. This would be consolation
if we could only be sure of it. But, unfortunately,
there is reason to suppose that there will be another
drain of gold, though the period of its commencement
may be doubtful. It must be remeinbered that a
portion of the recent large influx of bullion from
America arose from the fact of remittances having
been made by many merchants in gold instead of
bills, not because bills in England were scarce, but
because they were in discredit. But it must be re-
membered that the bills thus distrusted by the re-
mitters of bullion still remain as claims upon this
country, and will still have to be discharged by the
accepters here when they arrive at maturity. If
the operation of this process comes to be felt, as it
may be in the course of the month of January,
we must not be surprised to hear of the American
steamers carrying back again some of those
boxes of sovereigns which they have just brought
over. But this is not the only ground on which we
have to apprehend a demand for gold for export.
The very last accounts from New York represented
that the export of specie from thence was producing
a great and growing pressure upon the money
market. The rate of interest was very high, and
was still rising. Now this of itself would draw the
gold from this country, precisely as the high rate of
interest and the contraction of credit in England
during October last drew gold here from France,
Germany, and Russia. The connexion between the
great mercantile countries is such, that a monetary
pressure in any one operates like the creation of a
sudden vacuum in the atmosphere. The neighbour-
ing gold, like the neighbouring air, rushes into the
void, being drawn by the attraction of a very high
rate of interest. When all this is so well known as
it now is, we must confess that we do not understand
the policy of reduction in the rate of discount in
the face of such accounts as those brought by the
last American packet. We shall be heartily glad,
however, if it turns out that there are better rea-
sons for the move of yesterday than we are able to
discover:
ADVERTISER. The ante-Christmas session
closed on Monday. Parliament stands adjourned. It
does not re-assemble till the 3d of February. Hon.
Gentlemen are again at large, and will be so for
six weeks to come. They are about to enjoy their
Christmas festivities, to amuse themselves with the
h
sports of the field by day, and in scenes of dissipa-
tionoter people in the
at night. But there are
world besides the Members of the Imperial Legisla-
ture. There are those who sent them thither. What is
to be their condition during the recess, is a question
which doos not seem to have occurred either to Mi-
nisters or to the Members of the House of Commons.
few
months. changed the state of things within the last
who had a
d
waite
months. It was only in July or August last that all
the small shopkeepers and working-men
voice in the choice of a representative, were
on, hat in hand, for the purpose of prevailing on
them to promise their votes, by the very men who can
now coolly consent to the adjournment of the House
for a period of six weeks, without expressing one
word of sympathy for those of their constituents who
are now groaning under the pressure of the times.
The only Member who uttered a syllable on their
behalf was Mr. Spooner, the Member for North
Warwickshire. That Hon. Gentleman, a genuine
Conservative, be it remembered, and one who did not
enter Parliament with any servile professions of re-
gard for the popular will—that Hon. Gentleman
alluded in touching terms to the prevailing distress
among the smaller class of tradesmen and the indus-
trial part of the population. Nor was his sympathy
confined to mere words. He opposed, solely on their
account, the adjournment of the House for so long a
period. Instead of adjourning till the 3d of February,
he proposed that the House should re-assemble on the
15th of January. The Hon. Gentleman grounded
the justification of the course he proposed on the dis-
tressed state of several of the manufacturing districts,
and on the not improbable contingencyy of a necessity
arising for again suspending Peel's 13111 before the
re-assembling of the House. Mr. Spooner, however,
did not press his amendment to a division. He saw it
would be useless. The "sense of the House," as it is
technically called, was evidently against him. Hon.
Gentlemen preferred their own ease and pleasure to
the well-being of the country. That is the plain
meaning of the " sense of the House " being
against Mr. Spooner. But though it would have
been a hopeless effort to press his amendment to
a division, we regret that the Honourable Mem-
ber withdrew it. A division would have dons
good. It would have let in a little light on the com-
position of the House. It would have shown who are
and who are not the real frienis of the people. A list
of those who voted in the majority and minority
would have enabled us to gibbet those Hon. Gentle-
men who, though now exhibiting a complete disregard
of the people's well-being, had so recently come
reeking hot from the hustings, where they bad
loudly proclaimed their readiness to sacrifice their
lives, should need be, in furtherance of the popular
interest. Among the motions whose postponement
till the re-assembling of the House we regret, is that
of Mr. Herries, for the suspension of the Bank Re-
striction Act of 1844, until the Currency Committee
should have concluded its labours, and made its re-
port. I;.; I, ttoic.te that this motion has am
been hung up for more than six weeks. We steal
have to encounter all the evils of suspense for that
long period. Suspense is the bane of credit—it is