The Sun.
London, England, 1841-09-29 00:00:00

MORNING SUN

THE SUN, LONDON, WEDNESDAY, SEPTEMBER 29, 1841.

Would Manchester have rejected a candidate likely to
be able to serve its interests so effectually as Sir George
Murray, if Manchester had believed the sincerity of Sir
Robert Peel's intentions to act on his own professed ge-
neral principles ?—on the principles which Sir G.Murray
was sent to placard all over Manchester ?
STANDARD.—We do not deny that England has an
advantage in being the first to apply machinery to the
spinning of cotton, but this advantage, like every other
arising from mere priority is no more than temporary.
Had it not been for protection, the manufacture had
long since passed to, and grown up in other hands.
The materials of the cotton manufacture, as of every
other manufacture, are capital, mechanical power,
and human labour. Now, let the markets of Eng-
land, the great entrepot of the world, be once opened to
foreign cotton goods, and what must follow ? Why, that
capital will wander to the Continent, where it will find
mechanical power at least as cheap, and human
labour much cheaper, than in England. We have coals,
it will be said, for our steam engines ; yes, but not to
go further than the opposite shores of the straits, they
have very good coals in Belgium, coals quite good
enou"h for manufacturing purposes in Picardy and
Artois, excellent coals in Brittany, and the coast at
least is open to coals from Englaud ; but our foreign
competitors would not be dependent upon coals—they
have abundance of water power, which is cheaper than
steam power in the proportion of five to twenty-four.
As to labour, Mr. Senior has shown that the
average of labour, from the Scheldt to the Seine
is but 6s. a-week. What, then, would there be to
prevent Mr. Cobden removing his capital to build mills
upon the opposite coast, if the protection which
he enjoys were withdrawn, so as to avail him-
self of the increased profits afforded by cheaper
labour, and the increased sale by a free inlet to the
Continent ? The transfer' could not take place at
once, but it would take place very rapidly—all the
new mills would be built at the other side of the
Channel, and the new mills almost annually amount to
half the number of the old ones. Let the working manufac-
turers look to this. The day in which the cotton ma-
nufacture loses protection they may count upon their ser-
vices as no longer necessary. The mill-owners and their
money will depart for countries where they can have
labour at a less price ; but it must be idle to expect
that manufacturers can be protected many days after
agriculture shall have been stripped of all defence against
competition. The working manufacturers who now
lend themselves to the anti-Corn-law cry, are really la-
bouring to give to foreigners the power of manufacturing,
not for themselves only, but for all the world, including
Great Britain and the British colonies.
COURIER.—We have been somewhat amused of late
with particular recapitulations on various occasions of
all the great doings and measures of the late Ministry
in very special detail, or, as the booksellers would
say, in the shape of a catalogue raissonne. It
will be sufficient to dispose of this catalogue at
once by the assertion, which cannot be gainsaid, that
the merit of all such measures as really are of an ac-
knowledged beneficial tendency belongs almost exclu-
sively to the Conservative party and the Conservative
statesmen, of whose policy, the foundations of which were
laid and the superstructure in sound and gradual pro-
gress long before the advent of the late Whig Govern-
ment, they are but the necessary continuation. Even of
the class of measures of more questionable utility
in the form originated by the Whigs, it may be truly
said that in their present shape they are more peculiarly
the work of Conservative hands, by which the mis-
chievous fangs of the first proposed enactments were
drawn and substituted by more wholesome legislation,
and of the Conservative votes in both Houses of
Parliament, without which in the amended shape
in which they now appear in the Statute-
book, they never could have passed. This has
more exclusively been the case since 1835, when Con-
servatism may be said to have been the dominant
characteristic of both Houses, but even from 1830 to
1835 the controlling voice of the Upper House alone
interposed an effectual barrier against the rash career
of Whig legislation, excepting in the single in-
stance of the Reform Bill. But when the surpass-
ing achievements of the Whig Government in its
policy and legislation are so loudly trumpetted,
and their undivided honour so exclusively appro-
priated, we would simply ask their fawning retainers to
point out one, one only, original measure of acknow-
ledged importance and advantage nationally, which
passed the Legislature in its primitive form, or which had
not to be recast, licked into constitutional, intelligible,
and practical proportions, and divested of an encum-
bering mass of substantial and even of technical blunders,
by Conservative skill, intelligence, and statesmanship?
FROM THE DAILY PAPERS OF YESTERDAY.
GLOBE.— When Sir Robert Peel was in opposition,
it used to be the boast of himself and his friends that
they were the party by which the country fres governed,
the Whigs merely holding the offices of State, while the
power belonging to them was, in fact, wielded by the
Conservatives. Upon looking at the long list of liberal
measures that were carried by the late Ministers, we
can hardly give to the Tories the credit of having done
all the work, while the Whigs took all the pay ; but it
is certain that the new Cabinet is strongly impressed
with the notion that repose is the proper attitude for
those in place, whilst activity is to be left to the oppo-
nents of the Government. Though it is not a bed of
roses on which Sir Robert Peel and his colleagues are
thrown,' they seem determined to go to sleep upon it,
and making themselves comfortable with the easy expe-
dient of a loan—just by way of a bolster for present use
—they wrap themselves up in the warm blanket-
ing of Downing-street, and desiring that they may
not be disturbed till February next, insist upon
playing the parts of sleeping beauties until the
regular period for the assembling of Parliament.
" But," says Sir Robert Peel, "if we are going to lie
still for a few months, we shall be thinkingrjf not acting,
for the good of the country ; and if we are granted a
perfect freedom from interruption during the period we
ask, it will enable us to bring our cogitations to matu-
rity." We know that philosophers are much given to
dreaming, and that brilliant discoveries have darted on
the mind when in a state almost between sleeping and
waking ; indeed, we could quote numerous instances of
great truths in science, as well as great mental concep-
tions, having been brought to light while those to
whom they have occurred were in their beds ; but
we expect no such satisfactory result from the pro-
longed siesta of the new Ministers. We have
heard that Paganini acquired the perfection he
attained on one string, by practising while on his
couch ; but we do not think that Sir Robert Peel
and his colleagues, if they resolve to scrape and fiddle
for the next five months on one jarring chord of the
Corn-laws, will be able to produce much more harmony
upon it than they have as yet elicited. The time they ask
will not bring them to one accord, but they hope that
delay may allow matters to take such a turn as will cause
the one string of Corn-law repeal to be less constantly
harped upon, and thus relieve them from one chance, at
least, of exposing the discord which prevails among
them, and 'which, if brought into play, must destroy
them as a Government.
STANDARD.—The debates in the two Houses of
Parliament last night were long, but they have more
length, perhaps, than interest. In the House of Lords
Lord Brougham called for some information on the sub•
ject of prison discipline. The Noble and Learnt(' Lord
complained of the diversity of system and dietary in
different prisons, and went somewhat out of his way
to animadvert upon certain recent convictions and
punishments for non-attendance at public worship.
As to the diversity of system and dietary in different
prisons, it is a matter scarcely deserving of notice while
we know that everywhere prisoners are on the whole well
treated. The greatest of all anomalies is uniformity,
when applied to the heterogeneous characters and condi-
tions of men. Every one can see the folly that a tailor
or shoemaker would commit in making all his wares
by one measure, and the stupidity of keeping
up the same fires in our stoves. or the same windows and
doors shut or open, or using the same apparel every day
in the year and in every climate. Not less stupid or ab-
surd, however, is the expectation of governing all men
every where by the same system and supporting them by
the same diet. In one district the class of prisoners may
ba kept in good order, and placed in a state of moral

FROM THE MORNING PAPERS OF MONDAY.

Consols for the Account were quoted a shade lower
just previous to the termination of business, the quota-
tion being 89}, sellers, and 891 to Money. New
Three-and-a• Half per Cents., 981 to I. Exchequer
Bills declined ls., being quoted at 14s. to 16s. prem.
FROM THE MORNING PAPERS OF YESTERDAY.
CHRONICLE.—It is understood that the sealed tenders
delivered to-day at the Bank of England, specifying the
sums for which the offerers subscribe to the 5,000,0001. loan
or funding of Exchequer Bills, have not much exceeded
3,500,0001. The utmost that comes to the Exchequer under
this operation, therefore, is only 1,750,0001. in cash, and the
same amount of Exchequer Bills sent in to be funded. The
Chancellor of the Exchequer will, of course, put the best
face on it, and as he has got something to go on with, says
he has been successful in all his wishes ; but say what he
may, his original object was to raise a paltry loan of 2,500,0001,
and to fund as much in Exchequer Bills ; and, after a week's
notice, he is much under the stun proposed, and this esta-
blishes what we said at the outset, that he had not allowed a
sufficient margin for the fall.
Consols (11 not maintain the price of Saturday. ,The open-
ing pri:e this morning was 891 to lA for the Account, but in
consequence of some heavy sales by influential brokers, the
market gave way to 89;, the closing price. These operations
for a fall may be attributed to the 5,000,0001. creation of new
Stock, which will come on the market, it the funding be car-
ried out to the full extent, and some parties may have sold for
the Account against their subscriptions when they found that
their tenders had all been taken. It is is said in some quarters
that the Chancellor of the Exchequer will be contented with
the amount subscribed, which will answer all his immediate
wants, and that the Bank of England will supply him when he
needs further assistance; but the Old Lacy has not, we hear,
as yet come forward, and even threatens to reject the Right
Hon. Gentleman's offers altogether; but in this we put no
faith.

TIMES.—As a matter of official etiquette the particulars of
the funding of Exchequer Bills, the tenders for which closed
to-day at one o'clock, are not certainly known, the cashier of
the Bank of England having deemed it right to communicate
the result in the first instance to the Chancellor of the Ex-
chequer. Various rumours have, however, been afloat as to
the amount offered for conversion, and while the general
report on the Stock Exchange fixed it at 3,500,0001.,
others estimated it at about 3,000,0001., while some,
and those of high standing, were inclined to be-
lieve it would not be found to exceed 2,800,0001.
The causes which have operated against the con-
version of the whole amount proposed, are supposed to be the
high value of money, and the present abundance of Stock.
Expectations that the Scotch bankers would come forward en
this occasion are also said to have proved erroneous, as the
rate of interest prevailing in Scotland has been such as to give
sufficient inducement for the employment of money there.
In the West of England there is in all probability a strong ne-
cessity among the bankers to keep their funds by them, as the
recent failure of Messrs. Hobhouse,of Bath, has in some measure
shaken the confidence of the public, andcreated a run upon many
of the banks in that part of the country. A few of the private
London bankers (one at the west end), besides one of the
Joint-stock Banks, are known to have come into the operation,
but in general the city bankers prefer employing their money in
mercantile purposes to investing it in Government Securities.
The Exchequer Bill market has declined a little since the
closing of the period for tenders, as the notice had naturally
kept up their value, while it is said that a quantity of these
Securities have come from the West of England, which has of
course tended to produce a decline. It should be observed
that the opinion in the city was throughout the day by no means
against the ultimate success of the funding, but that it was
thought highly probable, that although the appointed period had
expired, it could be completed in a few days by keeping the
books open for that purpose.
At a late hour in the day it was understood in the City that
a deputation from the Stock Exchange had waited upon the
chief cashier in the Bank parlour for exact information as to
the amount of the subscriptions, and that they learned that it
was 3,800,000/. ; besides which, it is currently stated in the
City that the sum remaining to complete the whole of the
funding will be taken by the Bank of England. It is rather
to be regretted that this sort of official punctilio was exercised
by the chief cashier of the Bank, since it was clearly of im-
portance to the whole of the monied interest that they should
be made acquainted as soon as possible with the exact state
the subscriptions.

i nprovernent, by the very same means which would
'tad to disorder and depravity in another. Men may
be bad alike, without being alike otherwise. The
offenders in the agricultural districts present a very dif-
;'erent material to act upon from the offenders in large
towns, and these again differ from offenders in manufac-
turing places. Justice, too, in addition to policy, requires
a great latitude of adaptation in the treatment of pri-
soners so various. Whether men are held in custody for
safe-keeping or for punishment, it is but just to mea-
sure the discipline to which they are subjected by
its effect upon them ; and the very same treatment
which would be an intolerable hardship to one man may
be a very slight infliction upon another. We think it
right to say so much upon this point, because the love of
uniformity in legislation seems to have grown to a vicious
passion. Even in the matter of dietary, uniformity is
folly, as every medical man knows. Different districts
demand different amounts and qualities of food.
COURIER.—The extent and discursive character of
last night's debate in the Commons, though extremely
tempting, warn us to be brief in our comments. That ex-
tremely unsteady politician, and glib gabbier, who at
Once represents the ignorance and talkativeness of the
Manchester Anti-Corn-law clique, having on a previous
evening taken upon himself to lecture the Saxmundham
Agricultural Association fur its lack of loyalty, and at
the same time to misrepresent its proceedings, in order
to give colour to the charge, Sir C. B. Vera. one of the
Members for East Suffolk, took occasion before the
Chancellor of the Exchequer made his statement, to repel
Mr. Gibson's calumnious imputations, which lie did most
effectively. The bringing forward of such an imputa-
tion, as a disposition to insult her Majesty, against the
Sock ty in question, and the atteirpt to give it a poll-
deal complexion, plainly shows that th Member for
Manchester in changing his politics had not changed
his nature, for if we recollect rightly, when returned f r
Epswich in 1837, he was, if not the most violent, at least
among the most violent, in denouncing his present asso-
ciates as the " meanest and basest " of political fac-
tions ; threatening them with impeachment for their com-
pact alliance with preachers of sedition and disloyalty
to
Ireland. Such shallow, unscrupulous
. partisans, as
Mr. Milner Gibson, can only injure the party to which
they attach themselves, buidening it by the odium of
their name and the unmeasured violence of their lan-
guage,
trumpery
groundless much
rge
against the
tGheibslooynalantyd hoftis the
nobility,
gentry, So
charge
gentry, and yeomanry of East Suffolk.

SPORTING INTELLIGENCE.
NEWMARKET FIRST OCTOBER MEETING.

TUESDAY.
Capt. Rous's Nicholas, 4 yra, recd. forfeit from Mr. Payne's
Escort, 3 yrs, Bst 7lb each, T. Y. C. 50.
The Jiuckenham Stakes of 300 soy. each, h ft, for colts,
Bst 71b, and fillies, Bst 41b. T. Y. C.
Colonel Peel's fby Sir Hercules, out of Eleetress....(Nat) I
Lord Exeter's c Albion

10 to 1 on Electress. Won by six lengths. -
Lord Albemarle's Minaret, 7st 41b (Chappla), beat Mr.
Gardnor's Monops, Bst 51b ; T. Y. C. ; 100, h ft. Even on
Minaret. Won by a length.
The Grand Duke Michael Stakes of 50 soya. each, for three-
yrs-old colts, Bst 71b ; and fillies, Bst 31b., A. F. (14 Subs. )
Sir. Batson's Potentia
Duke of Bedford's John O'Gatint
Mr. Thomhill's Eringo
Col. Peel's Camelion
Duke of Bedford's Oakley
Lord Exeter's Abydos
Betting-5 to 4 agst Cameleon ;7to 2 agst John o' Gaunt;
II to 2 agst Eringo, and 7to 1 aJst Potent's—taken. Won
by a length and a half.
'I be Hopeful Stakes, of 40 sous. each, h ft, for 2 yrs old colts,
Bst 71b, and fillies, Bst 51b. Last half of Al). Si. (15 Subs.)
Lord Bruce's bc by Glaucus—Rosalie,3lbs extra ...... 1
Sir. Thornhill's Eusebia, sister to Egeria;
Lord Albemarle's c by Plenipotentiary—Ally 3
The following also started but were not placed :—Lord Ox-
ford's f by Clearwell, out of Chapeau d'Espagne's dam ; Sir.
Byng's Ca Ira, and Mr. Berrington's c Proof Print.
Betting-11 to 10 agst Rosalie c;7 to 2 agst Eusebia ,
3 to 1 a,,,ist Ca Ira ; 4to 1 agst Proof Print ; and 6to 1 agst
Ally.—Won by a length.
Lol. Peel's Gibraltar (Nat) beat Lord Kelburne's Path.
finder, Bst 71b each ; A.F. ; 5001., h ft, &c.
Betting-6 to lon Gibraltar, wbo won in a canter.
TH

E WEATHER.—NooN, SEPTEMBER 28.
ROYAL GALLERY OF SCIENCE, ADELATOE-STREET.
Barometer
Thermometer... 58 f Highest 6l f Lowest ..... 46
Wind S.W.—Freezing Point 32 Deg.

-
-----
ERAOL.—A few days 800 a little boy An officer, officer, in full regimentals, passing through
a street in Dublin, apprehensive lest he should come in ing to one of the farm servantsliat East Leys, got upon the
sweeper, that was passingto contact with a chimney`sweeper, frame of a large metal roller while it was at work, but a sudden
-,-
wards him, exclaimed, ~ Hold off, you black thief ! ' jerk of the machine threw him right over and immediately in
" You were as black as me before you were boiled," cried front of it, and, before the horses could be stopped, the roller
sooty. had gone completely over him, bus, to the astonishment of the
driver, Alio, expected to find a lifeless corpse, he was taken
up very little hurt, the weight of the machine' having bedded
A mackerel was, on Tuesday week, caught in
him atenderr cGoond,sidesararbedlebwimay._introAteheirgritonuanB(.l, and this it 'A as which,
out of its latitude,Li
the river Severn, by Mr. Jenkins, of Cardiff. This is a very
remarkable occurrence, and it is evident that the fish had got
verpoo/ Chronicle.

MONEY MARKET and CITY NEWS.

TIMES.—In remarking on the effect of the French
loan on the Paris Bourse, Le Commerce observes, that
in all probability the advance in the price of the Public
Securities, which appeared to have been occasioned by
the approaching adjudication of from 5,000,000 f. to
6,000,000 f. of 3 per Cent. Rentes, will turn out to be
merely fictitious. The writer believes that the terms of
the loan are already settled at 77f. 50c., and then ob-
serves that the finance is in this singular position, that
while the Minister has purchased for the sinking fund 3
per Cent. Rentes at a rate exceeding 79f., he is about to
negotiate his loan at the price above-mentioned, and that
not to be paid much before the expiration of a year.
The terms of the notice showing that the 150,000,000 f.
will not be paid up till the 7th of October, 1842,
while the subscribers are to receive interest from
the 22d of June last, the Commerce considers this
was merely a desire to raise the terms of subscrip-
tion. The average time of paying up the subscrip-
tions being the 13th of next May, a period of nearly
eight months from the opening of the subscription,
the subscribers will have had eight months to pay
up money, during which they are receiving 2f. interest.
Hence, if the price be, as is supposed, 77f. 50c., the de-
duction of 21. will leave the rente to the subscribers at a
price of 75f. 50c. It is said that the bankers with
whom M. Humann has negotiated the present loan are
the same who in 1823 took 23.114,516f.Rente at a rate of
89f. 50c., when, as in the present instance, certain
periods were fixed from month to month for payments
into the Treasury, but instead of exacting a strict per-
formance of these conditions, the then Minister of Fi-
nance opened an account current, with mutual interest,
at the rate of four per cent. per annum. The bankers, it
was then found, far from anticipating their payments,
were 80,000,000 f. or 100,000,000 f. in arrear for about a
twelvemonth. As debtors on the account current they
had of course to pay their four per cent., but on the
other hand, as buyers of Fire per Cent. Rentes at 89f.
55c., they were receiving sf. for this amount—that is to
say, five and a half per cent., while they were paying
only, four per cent. interest. The letters from Paris
mention failures of stock speculators in consequence of
the sudden advance which has taken place in the value of
the Rentes.
POST.—Private letters from Manchester mention the
failure of a house there of some magnitude; the amount
of liabilities is not stated. They also represent that an
increased demand for goods, but without any improve-
ment in prices, existed. Great complaints are made
that no profit is realised ; but after the system that has
been so long pursued, namely, that of manufacturing,
not only without orders, but without the probability of
finding a legitimate outlet, and this, too, fostered, as it
has been, by the pernicious plan of affording almost un-
limited credit, any demand which will reduce the present
heavy stocks must be looked upon as a godsend. This
improvement manifests also that English productions
are not, as some parties are endeavouring to show, losing
ground in foreign countries. This is not the department
which ought to be devoted to politics ; but it is quite
clear that if the demand above alluded to arise from the
importation of corn, bullion will not be required to pay
for it, and if not, the Corn-laws have but little conc:!re
in the question as to whether other countries will supply
their wants by taking our manufactures.
CHRONICLE.—This being a strict holiday with the
gentlemen of the Hebrew persuasion, business has been
extremely stagnant on the Stock Exchange, where
scarcely any business of moment was transacted through-
out the day. The great object of attention is the fund-
ing of the 5,000,000 r .of Exchequer Bills. It is said that
the Bank Directors are prepared to take up any deficit
that may exist in the amount required to be subscribed
for, and we have no doubt that such is the fact ; for we
stated, some weeks since, that the Chancellor of the Ex-
chequer and the Bank Parlour had come to an under-
standing. But the " funding" of Exchequer Bills is
merely a secondary consideration.
The offer of one-half money, instead of Exche-
quer Bills, is now admitted to have been the " ori-
ginal object of the measure" on the part of the
Treasury. If this part of the scheme should fail, the
Right Honourable Financier will gain but little by his
motion, and if he should succeed in it, then we have an
immediate addition of 5,000.0001. to the funded debt.
If he do not, and it should all be subscribed in Exchequer
Bills, we have that addition just the same to the funded
debt, and must soon have a re-issue of Exchequer Bills.
The Bank will, no doubt, give advances, if required ;
but how long the Directors will be able to avoid ap-
pearing in that case, as sellers on the Money Market, is
a question which we leave them to answer. With the
near approach of the dividends, and the late heavy in-
crease in their liabilities, they ought to look well to their
true position before adding m that way to their circu-
lation.