The Sun.
London, England, 1847-05-11 00:00:00

_,.

LONDON, TUESDAY. MAY 11, 1847.

Mr. JOSEPH HUME has driven the nail home. In
addressing the House of Commons, immediately after
the statement of the Chancellor of the Exchequer,
the Honourable Gentleman the Member for Montrose
plainly declared before the assembled Parliament the
necessity which has now become imperative of bring-
ing the entire question of the monetary system under
the consideration of a Committee of the whole House,
with the intention of establishing the currency upon
a new foundation. Nothing could possibly have ren-
dered this necessity more
manifest than the bungling
which
and desultory manner in the position of the
onE
banking trade was yesterday evening
the notice of the popular representati brought under
r
representatives.
FEEL might well satirize the discursivenetshs:wiSr Rit
with which
straggling
schemes memorable measure was scorned, and
schemes by which its evils were proposed to he averted.
,Supposing there were no more formidable or more
re.lsonable antagonism to the Registration Bill
of 1844, then might the Right Honourable
Baronet the Member for Tamworth rest per.
fectly satisfied as to the soundness of his
sik" .*'• financial policy. But there is an antagonism
immeasurably more formidable and unquestionably
.
superior m regard to its rationality. There is the
aatagon , not of stammering dissentients down at
St. Stepan's, but of deteriorated credit, of depre-
ciated aper money, of stinted specie, of impeded
commerce, of universal and undeniable trepidation.
Rejoice as Sir Crmar.Es WOOD may over the
tkik paltry improvement in the recent receipts of the
Custom-house, over the microscopic elevation of the
fan& yesterday, and over the more promising aspect

of our exchanges with the United States, statements
such as the one uttered by himself in the Parliament
of Westminster cannot be expected by any rational
man to effect a miraculous renovation of strength to
the debilitated constitution of our national commerce.
While the good name of the Bank of England could,
at this moment, restore confidence to the money
market generally, that good name is rendered un-
available by the bonds of a pusillanimous enactment;
and bullion is hoarded up in the coffers hard by the
Exchange, for the shallow and erroneous hope of
saturating England with gold ! Never was the
currency so miserably distorted from a symmetrical
science into a deformity of nervous financial blunders.

When Sir R. PEEL refers so confidently to the cal-
culation of the present First Lord of the Treasury,
that capital to the extent of 16,000,0001. sterling
has been abstracted from the country by
an unavoidable scarcity of provisions, and
intimates that the present embarrassments of the
money market are solely attributable to that abstrac-
tion of 16,000,0001. from our insular capital,, he pre-
varicates. He enchavours to shuffle the odium of his
Currency Bill of 1844 on to the potato disease of
1846. He strives to demonstrate that the blow has
been inflicted by the impetus, and not at all by the
instrument. Why, the casualty of the late scarcity is
only the impulse which has carried down the sooner
the weapon of the restriction enactment. To pretend,
therefore, that the present involvements have arisen
from the atmospheric blight, and not from the inju-
dicious arrangement of 1844, is nothing better than a
most flagrant and a most inexcusable prevarication.
As the Hon. Gentleman, the representative of
Montrose, observed in his sensible and straightforward
harangue, the present pressure has originated rather
in alarm than in any actual scarcity of specie. There
can be no doubt whatever as to the accuracy of this
estimate, when all things are taken into considera-
tion, and especially when the reserve of bullion, at
this moment locked up in the cellars of the Bank, is
remembered. And it is equally beyond contradic-
tion that this alarm has alone originated, can alone
have originated, in the deplorable operation of the
notorious measure of Sir ROBERT PEEL.
Ingenious, therefore, as is the hue thrown over the
proposition of the Chancellor of the Exchequer,
for the purpose of rendering the instalment-bolus
more palateable, it is impossible not to recognise the
malign effects which these anticipatory payments,
when enforced by discounts coming out of the public
purse, must inevitably have. Before the words of
the proposition are well articulated by the Chan-
cellor of the Exchequer the tongue of the Right
Hon. Baronet has tolerably well worn away the
flimsy lacquer and gilding. Sir CHARLES WOOD
may feel confident in the feasibility of restoring secu-
rity to the money market by such stumbling demi-
semi-quavering arrangements, but we are immeasur-
ably more confident that Mr. HUME is right in de-
manding a new currency upon a new basis.

The announcement made last night by the Pre-
mier in the House of Commons, that he would shortly
propose a continuance of the suspension of the corn-
law for three months, was what everybody must
have anticipated. We are glad, however, that the
notice given by the Noble Lord was received with
acclamation from both sides of the House. The state
of the country renders it absolutely imperative on the
part of the Government to take this step. The mone-
tary crisis in which we are involved, coupled with
the protracted dearness in the prices of provisions of
all kinds, place the expediency of Lord J. RUSSELL'S
proposition beyond the pale of controversy. Humanity
itself would alone suffice to vindicate the enactment
in contemplation. Only yesterday a further rise of
ten shillings a quarter was established in the sale of
wheat. Since the war-time bread has never been so
dear as it is now. The consequences entailed upon the
humbler classes, involving millions, are severely
felt, since 'it is not only the natural result,
when the price of wheat is high, that the
other necessaries of life are correspondently
affected in price, but when a stagnation
of trade is concurrent with this state of things, the
diminished demand for labour, that invariably fol-
lows, lessens the earnings of the operative classes,
and aggravates their distress to a fearful extent. Pro-
visions rise whilst their means of purchase are in-
versely impoverished. That the Government
are profoundly sensible of the gravity of this
subject, is evident from a consideration of the ques-
tion put to Lord J. RUSSELL by Mr. BAILLIE, and
the reply that was given to it, previously to the
notice to which we have adverted. Mr. BAILLIE, having
reminded the Premier of his refusal on a former
occasion to 'prohibit the use of grain in distilleries,
inquired whether that intention was to be persevered
in, now that corn was realising such excessive prices,
with the prospect, too, of their still further rise.
The Minister required four-and-twenty hours to con-
sider of his answer, on account of the extreme im-
portance of the subject. The hesitation of Lord JOHN
could only have proceeded from the opinion that a
review of surrounding circumstances, which have
undergone such rapid changes in relation to the
food of the people, might result in an apprehension
that before long the difference between the supply
and demand for corn would be such as to require him
to recommend a temporary prohibition in the use of
grain for purposes of distillation. We hope, how-
ever, and believe that Lord JOHN will not come to
the conclusion that our prospects are not sufficient!),
gloomy to warrant any such apprehension. The ac-
counts we have of the stores of grain in America,
Russia, Egypt, &c., and of the continental pros-
pects of the ensuing harvest, are of the most
cheerful character. In America the ice has only
very recently broken up, to admit their cereal
produce being brought down to the ports; and the
only real impediment, which can be easily mastered,
in the way of our immediately receiving vast quan-
tities of corn, both from America and the Baltic, is
the want of shipping. We are satisfied that, in a
short time, public apprehension will be materially
allayed. In the meanwhile we commend the cau-
tion of the Minister, but especially his decision to
move the further suspension of the duty on corn
after September next, when the present Act will
expire.

Their Lordships have at length been awakend to a
true sense of the position in which a continued oppo-
sition to the Irish Poor-law, and the adoption of
amendments calculated to impair its efficiency and
" deaden" its effects, would have placed the country.
They have been startled at the success which attended
their former efforts, and would gladly retrace their
steps and restore the Bill to the same condition, as to
all its more important clauses, in which it was sent
to their House. They must be too well aware of
the state of public feelings with respect to the mea-
sure to suppose that there would be a tacit acqui-
escence in its rejection. The determined attitude as-
' sumed by the Ministry, the postponement of several
measures relating to Ireland, which on all sides are
admitted to be highly beneficial to that country, but
which would not be conceded unless accompanied by
a real and efficient poor-law, that would in ordinary
times, and under ordinary circumstances enable the
poorer classes to obtain the necessary supplies of
food without appealing to the charity, or becoming
burdens on the resources of England, have also had
their effect. They now perceive that a collision be-
tween the Houses would have been inevitable ; that
an appeal to the country must have been the result,
and they have wisely shrunk from such an
alternative. A great change was last night
apparent in the tone and sentiments of
the Noble Lords who addressed the House
on Lord Stanley's amendment. That amend-
ment, the success of which was so confidently pre-
dicted, which would have transferred the burdenf r
tantamount
to the occupiers, which would
i
ouuldnthatove led
the rejection a
jectionof
regularlyth o
rg
emeaansiuzreed,
resistance to the payment of the rates, and the im-
possibility of their collection,r.d which would still have
emdpeesltlietdutEe,nagnladnd
to
enabledi ov
the landowners
eclafnudniws
nfoerrsthfoer reliefanot
another
compelled
tyheearpetorfuhramv
waso withdrawn by the
eanencjeoyofed property without
noble mover. He indeed wa:s not
consideration of expediency. An Irishuleanncdeldo by any
self, he fearlessly fought the battle of the landlords,ma-
reckless of the consequences, but he found to his sur-
prise
that the associates, on whose aid he relied, were not
animated by the same unflinching spirit, and was forced
to admit that a large portion of their Lordships had
determined to reject his proposal ; he 531 Y And neknOw.

ledged in the sense of the great majority of the
House how utterly useless it was to force a division.
The most mischievous, therefore, of the threatened
obstacles has thus been got rid of, and without any
prospect of its again being brought forward, for
although his Lordship announced his intention of
again moving the clause on the bringing up of the
report, he stated that his only object in so doing was
to let it appear on the journals that the amendment
had been proposed, and not to go to a division on it.
The remainder of the clauses also passed the Com-
mittee. The Bill was reported, and the report
ordered to be taken into consideration on Friday
next. On that day, therefore, their Lordships
will have the opportunity of reconsidering this
most important question, of restoring the Bill
to its original form, and of sending it back
to the Commons House of Parliament un-
mutilated and unimpaired. We trust that the
opportunity may not be neglected. On that occasion
proxies will be available, and therefore we may
reasonably hope that the opinion of many, who have
not hitherto taken a part in the discussion, may be
obtained. It is rather strange that on a question of
such vital importance, of so deep an interest, not one-
third of the Peers were in attendance, that 127 Lords,
out of more than 400, alone registered their votes.
It might be worth inquiring how many of the 73
noblemen who formed the majority were themselves
Irish landlords, or connected with Ireland. If this
investigation were to take place we believe it would
be found that few indeed were amongst the oppo-
nents of the measure who had not a direct pecuniary
interest in the result.

The consideration of the Landed Property (Ireland)
Bill was postponed until this day ; we trust that it
may be further postponed until after the bringing up
of the report on the Poor-law Bill on Friday. We
are sure that such a postponement would not be
without its effect on the opponents of the measure,
and-that it would induce them in a great degree to
withdraw from their opposition, and to accept a per-
manent law, in return for the boons afforded to them
by the other measures of the Government.

Letters from Portugal confirm all the previous in-
telligence. The warlike movements have by no
means discontinued, though negotiations are still being
carried on for the speedy suspension'of arms.

11, hile the Viscount DE SA had fortified himself so
admirably in Setubal and Palmella, that the Royalist
forces had refrained from assaulting his position, the
other troops of the Junta had effectually crossed the
Douro and carried dismay to the army of SALDANHA.
Even in the Lusitanian capital a hostile spirit was
manifested towards the Cabral faction.

Queen MARIA i 3 not proceeding with the prompti-
tude which circumstances require. Her MAJESTY
must abandon all her unconstitutional partialities and
friendships, or her throne, long tottering, will be in
peril of a permanent subversion.

According to an announcement contained in the
Augsburgh Gazette of the sth ultimo, ARGYROPOLOS
was preparing to take his departure from Constanti-
nople, having received the requisite passports for
Athens. REIS EFFENDI had rejected a proposition
made to him by ARGYROPOLOS, at the instigation of
the Gallic Ambassador, namely, that MANARIS should
be received pro tempore as the semi-official represen
tative of King OTHO. Greece is evincing no concili-
atory disposition, and the Ottoman Porte is respond-
ing to that coolness by a proportionate indifference.

The journals from Madrid to the 4th ultimo are
characterised by a singular paucity of information.
By a royal decree, published in the Gazette of that
date, all funds appertaining to the state are required
henceforth to be paid into the royal treasury.
Among the other arrangements that were being
made in Queen ISABELLA'S household prior to her
departure, on the following morning, for Aranjuez, the
post of First Lady of the Bedchamber, which had
been vacant since the ignominious dismissal of the
Marchioness of SANTA CRUZ, was committed to the
Countess VALVERDE.

Early on the morning of the 4th inst., Senor CASTRO-
y-Onozco, Marquis of Girona and President of the
Chamber of Deputies, expired at his residence in the
capital.
The Three per Cents. closed on the 4th instant,
at 311 cash ; the Five per Cents. at 191 ; the Debt
without Interest, at 5i ; and Coupons, at 16 cash.

We have duly received the Paris papers of Sunday.
Most of the interest is still directed to the Ad-
ministrative changes, consequent upon the resigna-

tions of the Ministers of Finance, War, and Marine

Upon these alterations the Journal des Debats petu-
lantly remarks, " Certain modifications have taken
place in the Government it is true; but the Cabinet
itself is unchanged." It is unquestionable, we admit,
that the talent of GUIZOT'S Administration is still
retained.

" Behold," says the Constitutionnel, " how the
Ministry has resolved to fill up its vacated depart-
ments. M. LACAVE LAPLAGNE will be replaced by
M. DumoN ; General ST. YoN by General LAPLACE;
Admiral MAcKAu is to yield his portfolio to—M.
BRESSON !" It afterwards intimates, however,
that M. BRESSON is undecided as to whether he
shall accept the toils of office. In the
event of the Finance Department being entered upon
by M. DUMON, at present the Minister of Public
Works, he will be succeeded in the latter capacity
either by M. MURET (de Bort), or by M. VITET.
What says the National upon these Ministerial

transformations and official harlequinades ? Whj
our risible CenteFnporary observes that " when the
comedy shall approach its denouement, chance, which
governs everything, will confide the supreme authority
to M. MONTALIVET !" Nous verrons.

happily for the depressed and hungry population,
the prospects of the crops are most encouraging. The
weather, which has latterly become magnificent, ar-
gues a rich and bountiful harvest. About mid-day,
on the departure of our dispatches from Paris, the
thermometer had reached 72 degrees Fahrenheit in
the shade.

Accounts from the Russian granaries are likewise
of a very propitious character. While corn is rising to
such a frightful price in this metropolis and elsewhere,
it is consolatory to hear, on authentic information, that
no less than 7,380,000 hectolitres, or 55,350 tons, of
wheat crill be ready for exportation from Odessa and
the sea of Azoff between this time and the termina-
tion of July.
Beyond this it would appear that the Danube is
becoming more navigable, and therefore, says the
Echo Agricole, we may anticipate fresh supplies of
cereal produce from the interior of Galatz.
On the 6th ultimo, the Semaphore of Marseilles
announces that Mr. O'CONNELL had left on the pre-
vious day for Civita Vecchia, by the Sardinian steam-
boat the Lombardo. After visiting Civita Vecchia,
and remaining a brief period in Rome, the Liberator
proposes to establish his residence in Florence.
By the latest intelligence there had been a remark-
able diminution in the price of grain, in consequence
of the decreasing facility in the way of exportation.
MARSEILLES, MAY s.—Marseilles and Avignon, 782 f.
50c. ; Northern, 626 f. 25c.
LYONS, MAY 7.—Paris and Rouen, 945 f. ; Avignon and
Marsei I 1e5,.762f. 50c. ; Northern, 611 f. 25c.; Paris and Lyons,
431 f. 23c.

BUSINESS DONE IN FOREIGN RAILWAYS AT TIIE

LONDON STOCK EXCHANGE, MAY 10.

Bordeaux, Toulouse, and Cette (Constituted),
Central of France (Orleans and Vierzon), 14 y—Demerara,
278—Louvain 1 la Sambre, I—Luxembourg, ILA—Northern
of France, 113.4—Paris and Orleans, 461 A—Paris and Rouen,
3514,.

EXPRESS FROM PARIS

TIIE FRENCH MINISTRY.
The Monitcur announces a partial change in the
Ministry :
Jayr, Prefet of Lyons--Public Works.
Duke de Montebello—Marine.
Dumon—.Minister of Finance.
General Trezel—War.
Guizot—Par Interim Marine.—Herald.

BRISTOL SUGAR MARKET.—The business of the
week has not exceeded about 300 hogsheads of West India
sugar, sold principally to the refiners, at about the last week's
rates. 1,593 mats of damaged Manilla sugar, ex Ripley,,
bare also been sold at 16s. 6d. to 17s. 6d. in bond. The
sales in Rums have been—Leeward Islands, 3s. 2d. to 3s. 6d ;
Demeraras, 4s. 6(1. ; Jamaicas, 4s. 10d.
GLASGOW IRON TRADE.—GLASGOW, MAY &
The price of Scotch pig iron delivered free on board here,
per ton net cash for 3-sths Isr9.
may be quoted to-day at 665.
1 and 2-stha No. 3. Extensive purchases were made this
week. at 675. 6d., 663., and 655. net cash, for the usual pro-
portion ot numbers, but owing to the continued pressure in
price.
the money market sales for cash down Can only be etlicted by a still flutter reduction in