The Sun.
London, England, 1840-05-01 00:00:00

MONEY MARKET and CITY NEWS.

(Ti I uusnal E‘KN
TlMES.—Thereseems tobe•aiNa.
desire) on the part of
the advocates of bank monopolies to fix attention on the
present abundance of money, as evidence that such things
occur without any increase of the " legal-tender" issues,
and that the Bank Directors arc blamed for wet is done
by others and which they cannot prevent. The mi,take
here committed is in ti:e supposition that any mischief can
arise from an abundance of money so produced, unless
the Bank, as has been don© heretofore, joins in the race
of competition to make money cheep. On this head
the public are, for the present, quite secure. No in-
discretions were committed by the Directors during the
period which preceded the granting of the present
charter, and they will be equally cautious until the issue of
the pending inquiry is known, though the importunities of
their proprietors may cause them to launch out again, as
they did in 1835, as soon as they feel themselves and their
exclusive privileges to be in safety. The difference be-
tween the excessive and imprudent issues of joint-stock
banks and private bankers, compared with those of the
Bank of England, is, that the former never lead any pru-
dent and steady merchant astray, while the Bank is or was
followed as a guide, and her increase of issues adopted as
the license almost to new and extensive trading. Hence the
calamities of 1837, which brought down three of the great
American houses, are ascribed solely to the encouragement
afforded to those houses by, the Batik Directors, who pressed
upon the bill brokers the employment of those large addi-
tional funds, which were deemed necessary to keep up the
dividends, ana which the Directors knew could,. only
to augment and stimulate the business of the hot* its
question. Let then. he quiet now, and there will--Ittp no,
fear of any harm happening. Their polly,tjf at, all,
should be to hold back rather than inerew, but any en-
couragement from them would decidedly bring on -an in-
crease of the excitement with, probalail at no great dis-
tance of time, another, panic.. At any rate, they have no
right to deduce atty.g.gutuent from the present state of tlko
swn favour.
tveral sales of English stock for
*ols have further declined. The
tOi to 4, and that for the Account
easy, and the advance of another
xohequer Bills raises them to 255.
is attributed by some to the notion
;iness of money may be regarded

in the foreign house, but the set-
particular feature. The principal
:h scarcely any variation since yes-
.s• are quoted at 2Si- to ; Portu-
it 354 to o ; Dutch Two-and-a
4
0
. .

- - .3' ..,hare Market is increasing, specu-
latienaoig chiefly, though not solely, directed to Great
WestOrn. The quotation for these is 20i to 21i- premium,
and they hare been actually done at 21k. Brighton have
considerably improved, and are at 74 to 71- discount. Much
has been.lone in Blackwall, which have also improved,
and are at par to I- premium. Birmingham remain at 73
to 7.5 premium, the high price of these shares apparently
operating as a bar to speculation.
Private letters from Malta bring intelligence respecting
Alexandria to the 7th of April inclusive. The plague is
still raging there. In Syria there is no movement of the
army against the Porte, but, on the contrary, the Egyptian
troops are just as they were before the battle of Nezib, at
Antab, Adana, Aleppo, and Acre, where there are 12,000
men. Ibrahim Pasha is at Marasch, a little wood-built
village eithout inhabitants or bazaar, and the soldiers
burn those houses that will not serve for habitation. The
regular troops in Syria are twelve regiments of infantry
(of the line), eleven of cavalry, five of artillery, and 11,000
man of irregular troops, chiefly horsemen.

POST—It is to be hoped any future legislation that may
take place in relation to banking affairs will not omit to
afford us some better security against loss than we hays)
hitherto possessed, through the improvident issues of joint-
stock banks. There may be evils in many respects con-
nected with the system, which would appear to bear too hea-
vily upon the proprietors in three corporations. Individuals
have suffered grievously by holding shares in them, but
then it is to be recollected, that misfortunes so sustained
are the natural fruits of a banking speculation improperly
cond.icted ; a speculation into which the capitalist has been
so .used most likely by golden-dreams and sanguine expecta-
tions arising from a glowingly:Voloured prospectus and an
imposing list of directors—by a too confident hope of
speedily bringing his shares to a profitable market. If
shareholders have become the victims of mismanagement and
jobbing, what better fate could they reasonably have anti-
cipated? They have chosen to go deliberately, perhaps
deeply, into a concern of the kind, and there are few cases
in which insatiable Cupidity was not the ruling motive.

The very act of subscribing-a
request for shares; or of ex-
ecuting a transfer for shares, shows that the applicants have
willingly entered into co-partnership, and the effect of
limiting the liabilities of such persons would be to make
them still more reckless thMs they-are. But what is of
still greater momentls that the'protection of the public
must be diminished if e+cr tlimismnsibilities be regulated
upon a less rigorbbs principlettsiVit present.
r—Vistlst theslossAhatAll*ASpbn'tbeproprietors of joint-
stock banki is, in a great degree, loss -ixf their own sect-
ing, there are parties who have been involved in the diffi-
culties of such establishments who have nothing further to
do with them than in unfortunately happening to be the
holders of their notes, professing to be payable to the
bearer on demand, but which are not, in truth, convertible
upon any terms. It is nearly a twelvemonth since the Im-
perial Bank of England in the north suspended its pay-
ments, and yet the notes it issued have not, to the present
hour, been redeemed. The holders of the notes in ques-
tion, unlike the holders of shares, have not to ascribe their
misfortunes, in being so, to any indiscretion of their own.
The notes have come into their hands in the ordinary
course of trade. They have received them in discharge
of their just claims, and, situated as many are, in coun-
try villages and rural districts it was perfectly impos-
sible to exercise a judgment upon them, even had
they been convinced of the hazardous character of the
Bank. The classes who are thus circumstanced ought,
for the future, to be guaranteed by the law from similar
contingencies ; and it would be well for the interests of
the country generally were some security exacted from all
persons who have the privilege of issuing notes payable to
the bearer on demand. Whatever opinion may be enter-
tained as to the management of the mass of country is-
sues, private and joint stock, it mug be clear to every
ratio-al mind that irresponsible companies should not be
allowed the power of any longer putting out notes; or, if
such practices are still to be tolerated, it were only just
that a pledge should be afforded before operations arc
commenced, that an unsuspecting public have some better
security for their good conuuct than Sr. array of share-
holders who deny their responaibiiity, and assets which
(but small at the outset) arc to be frittered away by harass-
ing, though sometimes necessary litigation.
It was settling-day in the foreign funds. The differences
of the past fortnight have proved very trifling. Specula-
tors seem, for the moment, to have almost entirely aban-
doned this market for the more legitimate enterprise to be
found in railway and other national undertakings. Five
per Cent. Dutch Stock was dealt in, to a limited amount,
at loci to i. Danish at 77A- to 8, and Russian at 114.
London and Blackwell Raileay shares closed at # dis.
to ,-} prem., Great Western 20 to 21 prem., London and
Brighton 8 to 71 dis., Eastern Counties loi to 10 dis.,
London and Southampton 91 to 104- prem., and South-
Eastern and Dover at 33- to 4 per share.
Money has become a perfect drug at the Stock .Ex-
change, and will scarcely command any interest on the de-
posit of the home securities.

SUN.—Nothing further reached the City this after-
noon on the subject of the reported captures of Neapoli-
tan vessels by the British squadron in the Mediterra•
nean, and is a favourable issue to all differences is antici-
pated from the mediation of the King of France, it is
hoped the news published yesterday, by sonic of our
Contemporaries, may turn out to be pi eniature.
The British Queen takes her departure from Ports-
mouth to-morrow, for the opposite shores of the At-
lantic. She no doubt carries out important despatcher
from our Government on the subject of the Boundary
question ; and it is a matter of considerable interest,
to know what effect they arc calculated to produce upon
Mr. Van Buren, and the members of Congress advo-
cating war in preference to concessions. The British
Queen carries out orders for American grain ; but we
imagine that the general tenor of her advices will not
inspire any great hopes among the merchants of New
York and Philadelphia, of a speedy revival of their
trade with this country. It is with them to set us an
example in this respect.
d foptheAecount at 90i
sent transfer at 90i 9
The Funds closed rather beaviry„. ' Consols for pre-
the contrary, suppc-rted tho
91. Exchequer Bi
mium, which is probably on no-
India Bond
count. o
advance
fto:
Thex2pleseted new loan. East
Tbc rate 'of interest on Spanish Bonds to the 13th
proximodid ;rot exceed per cent., a clear proof of the
touched_ 6s.
premium.
-little difficulty experienet d in balancing accounts.
The Active Stock took a lower range to. day, but
closed at a slight rally, viz., 281. Portuguese New
Five per Cents. brought 351 ;, Mexican improved from
28orto 2813/Colombian w ere firm at 26, and Russian
brought 114:
The Shares were again extremely buoyant, and ge-
nerally at higher prices. '.The Great Western brought
21 ; the New Shares 101 ; the North Midland 6i ;
New, 13 ; the Manchester and Leeds t2ll ; and the
South Western 101 premium. Brighton Shares were
discount, and Croydon Trunk at about 4i dis-
count. • t _

ZOOLOGICAL SOCIETY.—On Wednesday the
anniversary meeting of this Society, for the election of council
and officers for the ensuing year, and for receiving the Report
of the proceedings for the past year, was held at th. Museum,
Leicester-square, Lord Braybrook in the chair.

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Money Market,iath:eirfi
There been Seve
money to ~:itattiOanSt
quotatio 9C
90i. 4,1' linucs e
shillis-g in -the priced Ex
to premium. This h
o finding, but the eas
Els ufficient solution.
syas settling-day i
Aced by no r
forei `nr*p4 emainwitl
Activei
guese f,ivrperXents. at
HatPper .Ceres:,,st 53k- tc
_Ms setiviq in the Sh

SEIZURES FOR CHURCH-RATES-

DISGRACEFUL OUTRAGE.

TAC'NTON, WEDNESDAY, APRIL 29.
About twelvemonths since a meeting was called by the
Cburek.wardens, for the purpose of making a Church-rate ;
a motion to that effect was made and seconded—an amend.
mev.t Was also moved and seconded for the adjournment of
the, meeting to that day twelvemonth. The chairman re-
f'-•"aed to put the amendment to the meeting, and he put
.re motion, and, in the face of a great majority against it,
he declared it carried. However, a poll was demanded,
but many considering the proceedings irregular and illegal
would not vote at all ; by this means, and by the rate party
bribing a great many peer payers, the rate was carried.
Several persona, however, refused to pay, and two or three
of them were consequently summoned before the Bench of
Magistrates, (two or three of whom were parsons.)
One of the persons summoned, Mr. Norman, a boot and
shoemaker—a tradesman—stated his objection to pay
the rate on account of its illegality, and that he was a Dig.
senter, and never made any use of the Church; however, j
the Bench decided that he s'lould pay er have h;s goods
seized, which to-day they have done, accompanied with
excessive violence. Two or three constables were sent
by the Churchwarden who figures is the affair, a banker of
the town ; they watched an opportunity when there was
no one in the shop but a little child, to go in and force the
window sliders open, and take away four or five pounds'
worth of boots and shoes (more than double the amount of
the rate). The child, seeing men robbing the window,callcd
her parents, who came and endeavoured to stop them from
carrying away the goods, when one of the ruffians beat Mr.
Norman about the head and face with a brass staff, bit his
fingers, threw him in the gutter, and severely kicked him.
Norman's wife interfered to rescue her husband, when the
constab* struck her twice with his staff, and was proceed-
ing to more violence, but was prevented by the crowd who
bad by this time assembled.
These are the proceedings, Mr. Editor, that arc carried
-on under the desecrated name of religion. Comment upon
such is unnecessary. When will the Dissenters of Eng-
land rouse, and rid themselves of this nuisance?

SPIRIT of the PUBLIC JOURNALS.

FROM THE WANING PAPERS OF THIS DAY.
(From the Morning Herald.)
The renewal of the attempt made by Oovernmenf, in
I former Sessions, to cut down Cathedral Establishments to
ia miserable insufficiency of means, soon to be followed,
no doubt, by another bill for their utter extinction, demands
l the serious attention of the Clergy and laity of the Church
of England. In is against the Church itself that the blow
is aimed. The Experiment of Confiscation, hereafter to
bs extended to the whole of our religious establishment, is
now about to be made open the property of Deans and
Chapters. If the experiment succeeds, the bleach in the
walls of the Church will be made continually wider, until
0 the work of destruction shall have been completed. This
i is an age peculiarly dislinguished, and which will here-
after be disgracefully memorable in English history, for the
compromise of greet principt s. Of such compromise no
good ever comes. A timid and truckling spirit of expediency
in politics is sure to eugreent the embarrassments which its
concessions are intended to avert.
(From the Morning Post )
1 , So excellent is the B:11 which Lord Stanley has brought
into Parliament for amending the registration system in
Ireland, that its opponents seem to be unable to bring for-
ward any cite argument against it. All that they say is
but a series of variations and embellishments upon the ori•
ginal falsehood, that the Bill is an attack upon the elective
franchise in Ireland. If that be a falsehood, as we assert
it is, and we appeal to the Bill itself in proof of what we
say, there has not been one word uttered in all the agita-
I tion against the measure which could lead to a moment's
doubt as to the propriety of passing the Bill without delay.
It is true Mr. Henry Grattan has advertised that be will
resign his seat in the House of Commons should the Bill
pass, but that we apprehend, however dreadful the loss to
the senatorial wisdom and dignity of the. United Kingdom,
cannot be considered as a valid argument against making
the Bill an Act of Parliament. There is nothing at all in
the Bill which interfere 3 with the franchise.
(From the Morning Chronicle.)
When will the aggressions and insults of an intolerant
and intolerable faction cease to distract and madden Ire.
laud ? Is this popular turmoil to be endless ? Is there to
be no respite for our Irish fellow citizeas from the agonies
of mortal panic, and the perils of national convulsion ?
How can a people eternally fevered and phrenzied by in-
-1 justice—for eve: on their dcfeace Against a watchful and
1 malignant foe, daily summoned to arms in support of their
religion against foaming bigots, and their liberties against
i corruptionists and tyrants ; bow, we demand, can a people
in circumstances like these tread the quiet paths of in-
dustry, become prosperous themselves, or add to the wealth
and power of the empire ? Is the state of tumult and ex-
asperation in which the Tories perpetually krep Ireland
1 consistent with the safety of the kingdom ? Does it con-
sist with the integrity and stability of any institution or
1 establishment, to have this ever-blowing temnest of politi-
cal uproar and excitement raging through the land ? It
was not enough to deny the Irish people the scraps and
pittances of justice, for which, on bended knees and with
suppliant accents, for long years they have implored the
Legislature—it was not enough to spurn their humblest
petitions ,or the least mitigations of the mightiest grievances
and burdens,-for the least reform of the monstrous abuses
of the indefensible end cenvicted corporations—.for the
smallest reduction of the cruel imposts of a Church main-
tained at enormous national cost for the use of a petty sect
and a shred and remnant of a party ; this was not irrita-
tion and wrong enough, without adding the injury of as-
sault upon the few rights and liberties the people had ac-
quired, without selecting the dearest and most fundamental
of those rights for outrage—without aiming a murderous
blow at the very root of popular privilege and power, and
attempting the wholesale havoc of the elective franchise.
( From the Times.)
There is nothing more intelligible than the fury of the
O'Connell and the priest faction at the proposed reform of
the Irish constituency by Lord Stanley's Bill ; and for the
same reason there can be nothing more natural than the
fright of the Queen's Ministers, and the clerks and subal-
terns in their employment. Mr. Edward John Stanley, at
his Cheshire dinner, from which every gentleman in the
county kept aloof, had the conscience and honour to de-
clare the Registration Bill " the most atrocious measure"
lie had ever beard of attempt to deprive the people of
Ireland of their franchises. &c. We will not call this de-
nunciation by Mr. Stanley of an upright and statesmanlike
remedial law the most unprincipled or dishonest proceeding
on record by any man bearing the name and character or
a gentleman, because we are well aware that the condit' 0,.:
of his political existence requires Mr. E. J. Stanley
and
his brother functionaries under the Government of Lord
Melbourne to throw aside all regard to truth a-, well as
decency, or to retire from the service wherein Vim, are en-
gaged.