The Sun.
London, England, 1841-12-31 00:00:00

PRICE 5d

•
polled a Ministry for frowning at the fabric of the Corn -1
laws, and themselves are doomed to pull out the first.,
stone, a signal of approachirg demolition. Aud they'
have not now to deal with a Government, fettered sine/
enfeebled by its position as a Government, and with i;
divided aid from its own party. They have no allies in
the camp of Opposition. Neither Parliamentary tactica
nor successful contests have availed to stop public die-
cussion. It is their turn to offer compromises, instead.
of refusing them ; and in their turn to be refused. The,
cry for justice swells on every side. No former propo-
sitions, or disturbing forces, entangle or abate the de-.
mand. This is what they have won for themselves .
For this, did the old year turn out the Whigs. W
cannot interrupt with complaints the peace of its J 3 ing •
day. Better the Tories restored, than the Corn-law•
question not in the advanced position it has gained...
Nor have we more regret about Puseyism, which
the year has dandled into a sort of vampire vigour-
They sound rather oddly those plans for razing
Manchester, Liverpool, Birmingham, and half Lon-.
don, that the inhabitants may be located in villages.
each with a squire and parson for its guidance, and.
those claims of divine power over states and indivi-.
duals. But affected superstition may act as a balance.
to the fanaticism that threatened to inconvenience the.
business of the country. For any church establish-
ment to be really national, in a reading and inquiring-
age, it must allow considerable diversity of opinions.
In the present Church of England, extreme opinions
are exhibiting themselves in collision ; but they are
not there legitimately. They are there in defiance of
the baffled articles for securing uniformity of faith.
They point to the alternative of either comprehension,
or expulsion. We shall enter, then, not unhopefully
upon the labours of the coming year. Whatever it
may do with parties, the precedent events are not
unpropitious to its doing much for the principles which
alleviate the evils of society, and advance its prosperity
and happiness.

MONEY MARKET and CITY NEWS.
FROM TIIE MORNING PAPERS OF THIS DAY.
TIMES.—Among the paragraphs in President Ty-
ler's Message there is one which may be considered sa-
tisfactory to the holders of American securities, not on
account
is
its giving them any legal advantage, but
because it s a gratuitous expression of moral feeling.
After declaring that the States alone are responsible
for their own indebtedness, the President adds that he
can do no more than express a belief that each State
will feel itself bound, by every consideration of honour
and interest, to meet its engagements with punctuality,
remarking that the failure of one State should in no de-
gree affect the credit of the rest, and that the present
non-paying States have such resources that they will
most likely redeem their obligation at no distant
time. That the want of credit in one State should not
affect the credit of another, is just enough ; but the
European capitalists have not been misled by any notion
of a real connexion between them ; hut, hearing repu-
diation advocated by the highest authorities in one
State, have feared lest it should prove infectious, unless
there were some cleat guarantee of a feeling of higher
morality existing in the Union. Hence this passage
in the mouth of the Executive is particularly oppor-
,,:ine, as it shows that any other conduct but prompt
payh:ent on the part of the States will be con-
sidered dishonourable in the highest quarters. And
here it may* be remarked, that in all Mr. Tyler's acts
hitherto there la an exLibition of great conscientious-
ness. de has been accused of wavering and of tam-
pering with opposite parties, but still it should be no-
ticed that, under the most trying circumstances, when-
ever he has made up his mind that a certain course of
conduct is wrong or unconstitutional, he has invariably
avoided it, however industriously he may have been
beset. In the present case of the State obligations he
has made an admission which can leave no doubt of the
rectitude of his intentions, while at the same time it is
not such a one as to compromise his Government. The
bondholders, therefore, have every reason to thank the
President for the expression of such an opinion on such
an occasion.
C H RONIC LE.—This afternoon an evening Contem-
porary states that the Government have at length resolved
to meet the question of compensation to the innocent
holders of the Exchequer bills " upon equitable
grounds ;" and, taking for granted its non-liability le .a
legal sense, it has determined to state to the House of
Commons the facts of the case, leaving it to that body
to deal with it. " The Chancellor of the Exchequer ;"
it is said, " will probably bring the matter for-
ward ; and, without denying the laxity that has
hitherto been allowed to prevail in the Ex-
chequer bill department, will propose that the par-
ties who have really taken the forged documents under
circumstances showing no ground for believing that
they could have suspected fraud, shall be inderarsiSed
to the full amount of their fictitious securities." We
were not prepared to look for the first information r,"l-
- the intentions of the present Cabinet in the
columns of our Liberal Contemporary, and fear that this
intelligence is at least premature. But we never hesi-
tated to maintain that the claims of the innocent holders
to full compensation, both on moral and legal grounds,
were irresistible, and that the Government would
merit the censure of Parliament if they should
seriously resist them. The Government may just as
well make a merit of necessity, for they must grant
compensation to the innocent holders in the long run,
and it would he far more wise and politic to propose a
plan of arrangement than to have one forced upotu
them. When that arrangement is completed, the first
point of the question, namely, compensation to the in-
nocent holders, will have been adjusted. The third
point, namely. the adoption of a better system of !rut-
nagement, will be fully taken up by the commission,
leaving the second only for discussion, namely, detec-
tion and punishment of the accomplices of Smith and
Rapallo.
HERALD.—The rise to be observed in Spanish
stocks is attributable to the renewed reports of the
Commissioners, said to be appeinted to carry into effect
the capitalization of the overdue Coupons, being at
length on their way from Madrid with the pesos darns
for the payment of two half-year's dividends upon them,
when consolidated, at the rate of three per cent. It
is possible the news this time may be true, and it is
high time the Spanish Finance people should at length
show a little fire after so much smoke ; for it is now
upwards of twelve months since the capitalization
project was put in motion and the Commissioners sent
on their travels—in the newspapers. There is no
intention to be ill-natured, or to say anything in-
vidiously in that sense, on this occasion, which might
serve needlessly to discourage the expectations of the
bondholders, or to throw suspicion on the actions and
purposes of the Spanish Government. Occasion has
been taken at various times, on the contrary, to express
much more confidence in the integrity and financial
management of Senor Surra y Rull than unfortunately
it was possible to entertain and record respecting more
than one of his predecessors ; but long and costly ex-
perience must satisfy the creditors of Spain in this
country how little the most fluent promises from that
land of romance have hitherto been to be depended on,
and to find according to the common saying, that
"fine words butter no parsnips." It may be hoped,
rather than taken for granted that present appearances
will prove more substantial of result to the bondholders
than on numberless other occasions has proved to be
the case.
SUN.—Great regret was expressed this afternoon at the
mention of further embarrassment having arisen to one
or two houses connected with the East India trade.
The quotations of the Funds were firmly supported
this afternoon with a fair share of business. Consols
for the Account were quoted at 89i to 891, closinfr at
the highest value. Exchequer Bills were worth 1250' to
14s. premium, and India Bonds ls. premium. Reduced
Three-and-a-Half per Cents. obtained 99 to 99i, and
the Three per Cent. Annuities 89k to 891. Bank Stock
was supported at 1651- to 1651, and India Stock at 245
for the opening.
The Foreign Stocks and the Railway Shares were
more buoyant. Spanish and Mexican Bonds advanced;
Brighton Railway Shares were in favour.
The Overland Mail is expected in a few days.

EXCHEQUER BILL
contradict distinctly
tthheearliiimodur.sUtphit
FRAUD.—We We are able to
cir-
culation respecting thioanveo-f certain in-
dividuals, high in rank andege .imp
-
incathe
affair of the
got into
Exchequer bills. in
the
hstaltioni
course of the investiga-
tion that has taken lace whole
ea
fact has transpired to
have justified the reports in question, which could only
have originated in some such circumstances as those by
ppose
which the character of a Noble Viscount was brought
before the public when he promptly came forward for
the ur
There Tay be individuals,
illustrious by talent and by other circumstances, whose
of clearing it.
Pecuniary affairs may not be in the most flourishing con-
dition, and who may
have been compelled to obtain
temporary accommodation from men who are known to
have been holders of fraudulent bills; but we are assured
that there is no other ground whatever for having
alluded to them in connection with the affair of the Ex-
chequer forgeries.—Ecening paper.
OLDHAM RELIEF FUND.—The subscriptions
entered into for the relief of the distressed poor of Old-
ham amount at present to upwards of 1.,040/. ; the Relief
Committee, which consists of the magistrates, chief
constables, overseers, and fifteen principal inhabitants,
have resolved to dispose of these fnnds in the follow-
ing manner :—For the purchase of blankets, 300/. ; cloth-
ing, 2001.; and food, 300 L; leaving about 2401. still un-
appropriated.
families of the township of Oldham have been
visited; the income of the individuals composing these
families, probably does not exceed from 6d. to Bd. per
head per week.