The Sun.
London, England, 1840-09-12 00:00:00

I:VENING

will this time take of the state of the Stock and Money
Markets here is far from being of the favourable
tenor of the advices which ensured her so heart.... I
welcome at the other side the Atlantic on her last
arrival there. On this occasion Mr. Jaudon is, it is
understood, a passenger, and revisits his native
country after an absence of about three years, which
during their course have been distinguished by very
remarkable events and most extraordinary vicissitudes
in the ,dry and commercial world here, but more
notak America. It would ill comport with the
feefiks of unfeigned respect, and the opinion of high
cart and unsullied integrity which we share in common
fifth the community at large, whose occasions have
brought them into friendly contact, or whose convictions
have led to indirect collision with him, to omit the greeting
of a friendly farewell on his departure, with the wishes of
a happy voyage. It may be testified of this gentleman
that, charged with a most important mission, and with
loan and banking operations of a magnitude such as
have rarely if ever been witnessed or equalled in re-
spect of what may be termed a private establishment,
he discharged the functions entrusted to him with sin-
gular temper and ability in the midst of contrarieties,
discouragement, and embarrassments, finally ending
with the fall, or partial prostration and annihilation of
credit of the mighty Bank whose battles he had been
fighting with such zeal and energy in the midst of good
report and evil report. Corning here in a criti-
• cal state of European money affairs generally, and
with his difficulties greatly aggravate d by the dis-
repute into which all sorts of American Securities
and representatives of value had fallen, he became
surcharged besides with the weight of financial
negotiation undertaken by the United States Bank
atter his departure on the most gigantic scale,
but with small foresight of consequences or ap-
preciation of actual circumstances. These neces-
sarily complicated his perplexities, added to the
perils of his position, and swelled the host of
claims and claimants upon the bank agency. Means
and credit decreased and were impaired exactly in the
reverse proportion that they were most needed and
that demands multiplied. For State and other Ame-
rican stocks or shares till then of value so current and
undoub ed, became unsaleable commodities and hardly
served the turn of collateral securities.
Adverse circumstances, such as are here only
partially sketched, but of which the extent will
be well comprehended in the commercial world,
have rarely been encountered, and at the same time
surmounted, as in the case of Mr. Jaudon. In the
execution of his immense task it may be truly said
that he displayed very great skill in financial combi.
nations, with a quickness and facility in the creation
or the turning to account of resources seldom wit-
nessed. With all this, he might perchance have failed
in the undertaking but for the peculiar confidence and
esteem inspired by and reposed in his personal charac-
ter, the more he became known. By this above all
perhaps he was enabled finally to clear Lis path and
save the credit of the United States Bank, so far as
the fulfilment of its current obligations in Europe.
Mr. Jaudon returns to his own country with no di-
minution but an increase of well. deserved reputation ; he
has the consciousness of leaving many friends behind him
and not one personal opponent, and respected in his
own country as an honourable citizen he is not the less
esteemed and regretted in this which he quits—at least
for a season.

SUN.—The foreign exchanges were much the same
this afternoon. On Paris the quotation for bills was
25 45, to 47i, on Amsterdam 12 1 to 2-1, on Ham-
burgh 13 to and on Frankfort 149.

The state of the Paris Stock Market exercises still
a material influence on our own funds, and until the
heavy depression occurring there from day to day, is at
least partially removed, there is every probability of the
speculators on this side of the Channel availing them-
se Ives of the circumstance to influence the English secu-
rities. While the domestic peace of the French metro-
polis is so threatened, we cannot but expect excessive
sensibility in the Rentes. The highest price of Con-
sols yesterday was BS, the lowest to-day was 86k, being
a fall of l per cent. On the commencement of business
to-day, Consols brought 87i for immediate transfer, but
gradually receded to the point just named, leaving off
at 87k. For the account the range was from 874 to
87i ; Exchequer Bills were heavy at 12 to 10 premium,
and India Bonds at 12 to 4 discount ; the New 31 per
Cents. declined to 962 and 95k. Bank Stock for the
opening was firm at 169.
Foreign Stocks all closed lower. Spanish Actives
204 to 21, Portuguese New 30i to 31, Mexican 25,
Dutch 21 per Cents. 48 to 481, Belgian 5 per Cents.
98, Austrian Metalliques 104 to 1054, Brazilian 78,
Russian 108, and French 3 per Cents. 741. 50c.
Shares were rather higher.

SF IRIT of the PUBLIC JOURNALS.

in, and, as on many former occasions, correct the errors
of their rulers, and compel them to act wisely in spite of
1c7,1 Tye shall brfcre

long prueeeti to snow.

SECOND EDITION.

THE FUNDS-(CLOSING PRICES)
BRITISH FUNDS.

Bank Stock — ! India Stock —
3 per Cent. Red — Ditto Bonds
3 per Cent Cons ...... .. 87 Ditto Old Annuities -
3 per Cent Red........ 93f Ditto New Annuities —
New 3i per Cent
New 5 per Cent ...
Long Annuities to expire Ditto Small
Jan. 1860
Oct. 1859... — India Stock for Acct...
Jul. 1860 l3i Consols for Acct B7f

FOREIGN FUNDS.
Aa3trian, 5 per cent Portuguese, 5 per cent.
Belgian, 5 per cent — Ditto, New Ditto 3IIE
Brazilian .Botvls... .. .. Prussian, 5 per cent....
BuenosAyres, 6 per cent Russian, 5 per cent. ... 107
Chilian, 6 per cant Ditto, Metallic
Colombian, 6 per cent... 20/ Spanish, 5 per cent 2l
Ditto, 1824 2ll Ditto, Deferred ..
Danish, 3 per cent..... 77 French,s per cent...lo4f. 50e
Greek, 1825, spercent Exchange —f. —c
Mexi,an, 5 per cent.... French, 3 per cent —f. —c.
Ditto, 6 per cent, 1825. 24i Dutch, 2} per cent 4Bi
Peruvian,lB2s, 6 per et. Ditto, 5 per cent..... 99
SHARES.
Bristol and Exeter
Eastern Counties Railway • 10
Great Western Railway
Ditto New Shares 441
London and Brighton Railway
London and Blackwall Railway
London and Birmingham Railway
London and South Western Railway .... ..... 53}
London and Croydon Railway (Trunk) ll/
Manchester and Leeds Railway
Ditto New Shares. .
Manchester and Birmingham Railway .. .. 22
Northern and Eastern Railway
South Eastern and Dover si

SPIRIT of the PUBLIC JOURNALS.

FROM THE EVENING PAPERS OF THIS DAT.
(From the Globe.)
Not many years have passed away since the same
class of arguments, accompanied by equal clamour, to
assist by noise what they lacked in reason, were em-
ployed against the repeal of the prohibitory duties on
fortign wool, which are now urged against the repeal
of the restrictive duties on foreign corn. The altera-
tion was, however, made, amd the superior wools of
other countries were allowed to be introduced into the
British markets, with results both to the woolgrowers
and manufactarers of this country, such as h we amply
justified the policy which was then so violently opposed.
It will be remembered that Mr. Sadler, then Mem-
l'ber for Leeds, was the leader of the monopoly adve-
catcs. Petitions were prepared and presented to Parlia-
ment, ascribing the distress which then prevailed among
these classes to importations of foreign wool, in
which all that was unfavourable to their theory was
carefully suppressed. The effects of home speculation,
keeping back the growth of several years in expectation
of an increase of price, which the removal of the pro-
hibitory duties tended to prevent—the increased value
of the carcase, which afforded sonic compensation to
the grower for the diminished value of the fleece—
the progress of luxury, rendering a superfine coat as ne-
cessary to the artizan as it was formerly to a Lord of the
Bedehamber ;—all these facts were carefully excluded
from view, when the wool monopoly was defended,
just as every argument which prove the injurious
operation of the corn monopoly is carefully sup-.
pressed by those who undertake to prove the danger of
removing or relaxing the restrictive duties which prevent
the importation of foreign corn into the British markets.
The late Mr. Canning, it is said, was requested to
read a pamphlet, written by a Noble Lord who was
deemed by the monopolists quite an oracle, in support
of the restrictive duties on foreign wool. The tract is
stated to have begun with a sentence like the follow-
ing :—" There can be no doubt that under a due
system of protection the growth of British wools might
be greatly increased, and that our domestic wools
might eventually be enabled to stand the competition
of the wools of the Continent." The witty statesman
changed every W in this sentence into an F, and re-
turned the pamphlet to the party who forwarded it to
him for his opinion of its merits. We wonder what
Mr. Canning would have said to such lucubrations
as the following, which the Herald puts forth as ar-
guments in favour of high prices and dear bread
It is important to preserve the spirit of the corn-
laws from violation. It is important, therefore, in
an artificial state of society like that which prevails in
England, to prevent corn or labour from becoming
cheap. The rich alone have, in the long run, the bene-
fit of cheap corn. Dear corn, and plenty of employ-
ment in connection with the soil :—these, in a country'
like England, are the great tests of the labourer's pros-
perity. If employment in connection with the soil be
abundant, the labourer is sure to enjoy a full measure
of comfort ; and corn, be it remembered, is never, in
such a case, dear to him. No : corn is, then, dear
only to the rich ; and corn is dear, in such circum,
stances, to the rich— only because the labourer is own
Portable.

(From the Times.)
When England's dominion of the seas, the very ex-
istence of her mercantile marine, and the peace of the
world, are the questions at issue, it is no time to in-
dulge party spirit or pursue party purposes. The neg-
lect or adoption by this country of the inventions to
which we have been recently calling public attention
is a matter of national and not of party importance,
and we have discussed it accordingly. Our political op-
ponents tacitly, though not in express terms, admit that
(From the Courier.)
our tone and temper while canvassing this momentous
We have ourselves been among the friends and be-
subject have been free from the smallest taint of parti-
sanship; one contemporary, that first blustered most lievers in peace, although fully alive to the probabilities
loudly, now, in place of contradicting, lends cir-
of war, when firebrands are lodged in the hands of men
culation to our articles, and some who came to
without discretion to comprehend the instantaneous
mock remain to fear. We have hitherto narrated combustibility of the materials, from the slightest
the facts of the case in question without comment or spark among which, for the world's misfortune,
censure. And yet the case is one calculated to awaken they are so unhappily out of place. The irreflective
at once astonishment and indignation, and might, if any vivacity and miscalculating ambition of M. Thiers
case ever eid. justify warmth of expression. On the pro-
have led him recklessly to unloose the raging ele-
bable brink of a war, into which the great States of Eu-
ments in France under the"conceited persuasion that
rope may be forced in spite of themselves, as were the he was the one man to ride the whirlwind and
direct" or quell the storm at pleasure. Lord Palmer-
rino, Lord Melbourne neglects a power which in the squadrons of England and France in the Bay of Nava-
ston, on this side the Channel, has not been slow
bands off England would compel peace even among the wantonly to irritate national honour and susceptibilities,
most savage spirits. But so long as the green glades of which a wise and intelligent Minister would have pa-
Windsor Forest are accessible for a summer's ride, so tiently waited upon and have anxiously avoided to
long as Lord Melbourne may while away his morning wound. As if eager for a fray be and his organs of the
in frivolous Gossip with the ladies of the Court, undid-
press have accumulated outrage in return for complaint,
and replied with bitter sarcasms to the appeals of a
tamed by the fear of Parliament in the evening, so
p
long as the banquet board of his Sovereign is spread to powerful State protesting against a breach of alliance.
stimulate a lazy palate, what cares England's Prime As if the cauldron were wanting of explosive ingredients
Minister for affairs of State ? Can Lord Melbourne's we have the personal antipathies of the French and
conduct in the matter in question lead us to any other English Ministers adding to the ignitible materials, with
inference than that his Lordship is supremely indifferent hot-headed Commodore Napier in the back ground eager
f
to every earthly consideration but the indulgence of Lis for the fight, and match in hand firing the train. Russia
own ease ? For the fourth time we challenge Lord
in the mean time, with " malice prepense and afore-
Melbourne and the Lords of the Admiralty to contra-
thought, stands silently bt , carefully watching events,and
diet one statement we have made. For the fourth time
when the house is in flames, with the revelling and witless
we assure the people of Great Britain, that so far from incendiaries gazing heedlessly on their own handy
exaggerating the formidable nature of the powers in work, prepared to rush in and seize and sack the spoil.
questien, we have subdued the fearful facts of which we There was no question in Paris of a ministerial change,
are cognizant. A torpid Scoteleuan, either in igno- for Me moment. The report that Soult was expected
ranee, in dull merriment, or by way of pumping for in Paris yesterday, was not correct. He was indeed
information, prates about a torpedo. A torpedo, to have been present to take his place among the
indeed! This instrument may be destructive if an Peers, judges in the case of Louis Napoleon, but his
enemy is sleepy enough, or stupid enough, to permit journey was countermanded in consequence of letters
its application, as a bird will be inevitably caught if it from the Marshal's friends in Paris. M. Thiers will
sits still until salt is put upon its tail ; but the man who most probably remain in office rid the crisis is over.
confounds a torpedo with any one of the manifold in- However anxious Louis Philippe may feel to get rid
ventions we allude to, is in wisdom and intelligence on of him, he is quite aware that the pear is not yet ripe.
• a par with the gawky schoolboy who walks forth fowling (From the Standard.)
' with the kitchen salt-box. But these cunning men may We are grateful that the Ministerial Journals recal
spare themselves the trouble of forming conjectures and us to the consideration of the repeal agitation now
throwing out feelers—we are not so silly or incau- raging in Ireland. There is no subject more descry-
ingof the sedate and manly reflection of the British
tious as to be entrapped into unseasonable diselo-
• sures. What it concerns the public to know is this— nation—there is no subject at this moment so urgently
that certain discoveries have been made which will
demanding the best attention of the people of the em-
protect or destroy the commerce of England, as they pine. We feel anxious as to the probabilities of peace
-
or war with France, and the question is full of just
may he employed for or against us, Secondly, that
the efficacy of these discoveries has been tested by reasons for anxiety : but what is peace or war with
competent judges, and duly reported to the Admiralty France compared with the preservation of the integrity
and Lord Melbourne. Thirdly, that the Admiralty of the empire—what could we lose in the event of the
and Lord Melbourne refuse to secure the advantage most disastrous war equivalent to the establishment
of these discoveries for this country. These are the of Ireland as a separate and hostile state, threaten-
issues joined between the Prime Nlinister and our- ing our western coast and furnishing in her
selves, and these are the issues which England will thousand ports retreat to the destroyers of our
have to try. What the verdict of the country will be, commerce? A repeal of the union, and its necessary
consequences, , we must leave to futurity to disclose—let Lord Mel-
should Ireland not be promply recon-
bourne look to that ; meanwhile, let us for a moment quered by force of arms, would sink Great Britain to
any
pause to consider the responsibility Minister the condition of a fourth-rate power—would almost
• England incurs, not only to his
native land butof
to compel us to seek safety from actual slavery in vassal-
, mankind, by risking the departure ofsuch from age to France or Russia. London would be rendered a
powers
these shores. Were England in possession of them, desert,
she would use them for no amaitioespurpose, but as me and the Thames as little the resort of corn-
rce as the Tagus or the Danube. We need, bow-
the means of compelling peace. Were any other ever, say the less upon the awful magnitude of the
• Power, for example, Russia, France, or Mehemet Al interests in peril, because the adversaries to whom we
once possessed of the same, how long would theyrefrailng
ble have to reply admit all that we can ask upon this
from using them ? We hold it as an incontroverti
head—admit that the repeal, for which Mr. O'Connell
proposition, that whatever upholds the naval and the Romanist Clergy are now agitating Ireland,
ofconstitute a
supremacy of England, maintains the cause would evil so monstrous, as to be pro-
. order, civilization, and Christianity throughout perly resisted if nnecessary by arms and bloodshed.
the world, and whatever endangers this supre. As to the right and duty of thus resisting repeal, we
macy places the best interests of universal man• agree with the Ministers and their organs of the press ;
kind in jeopardy. The unreflecting—a large section but we hold that it it is lawful (we speak here of the
. of society—are wont to speak of the dominion of the moral law) to resist the evil by the slaughter of our fel-
seas as a sort of titular dignity ; they have not its prat- low creatures, it must, a jortiori, be lawful to resist it by
• • tint importance present to their minds, nor foresee less cruel and violent means ; and we contend thet such
with suffilient distinctness the injurious consequences milder means are still available. It is true that in
' involved in 'its loss. The position of a squadron's top. order to avail ourselves of the means in question, we
• sail yards in the Channel may seem a matter of indif- must use firmness and foresight, and a course which
ference to a fox-hunting or partridge-shooting squire, may seem coercive beyond the limits of the constitu-
• but the effect of an EVA) man-of-war's being corn. tion ; but where the end is to avert the caland•y of a
pelted to do homage to fussia or to France, in however sanguinary war, it is our right and our duty to
1 unintelligible a form to'a landsman's eye, would be felt use the strongest measures. The seditious agitation
must. be put an end to by whatever means, by war
.
in its consequences at Melton Mowbray shortly after
aiwaronbdbi
tet
illvenirleelcrieonsresevairatyas,babi
eater
oict t isif
ibtu
pt
rtoackei
en
dgs the, a
t
•• the humiliating spectacle .had been witnessed on
: that „adept, which was once Britannia's mighty
an
tosaerel,at'troliifewrh
home. 'And not only, as we have already hinted, stage, and a stage less
• has Lord Melbourne rendered himself amenable to expensive of bloodshed than a later stage must be.
hiswronged and neglected country, but also to the But the seditious agitation may be put an end to
without War—may be peaceably and even quietly
condemnation of mankind, in permitting, when he might
tinguished by means perfectly within the reach exof
. have prevented, and may yet prevent, the publication of
the Executive. Policy, justice, and humanity con-
, • , such dangerous knowledge, the diffusion of such deso-
lating pewers. Majendie, the French surgeon, said of , cur in recommending the trial of the milder means
the cholera, coining a word to meet the occasion, it ca- , before resorting to the harsher, and to all others be.
daveritera 14 monde; and we say that Lord Melbourne's ' fore a recourse isahad to arms. The Executive has
supiness will in its incidents most bbl much in its power. Let the ministers of the Crown
lions of his fellow-creatures. At least,r°a y lay low mil- 1
such will be the ' declare practically, and not merely in words, that to
case, so far as his Lordship's inclination and intentions ' partake in seditious agitation must raise a perpetual
are concerned ; but the people of England must step i bar to the favour of the State, which no after penitence

shall remove, and seditious agitation will lose the aid ,
of the whole band of ambitious adventurers, who look
to tam', their e-ny to bc-.nors ,od rffiros by praetiees
that ought to euasigh to tiro aoi and the gibbet :
they will, in one troop, desert their present occupation.
Again, let the Ministers practically declare what all men
of all parties know and feel, though in words too many
deny it—let the Ministers of:the Crown practically
declare their conviction, that the Romanist priesthood
are already too s':ong for the peace of Ireland, and for
the safety of the empire, and that they must despair
of further aggrandising that strength, of which they
make so bad a use, by further inroads upon the Pro-
testant constitution. In the third place, let it be dis-
tinctly and unequivocally proclaimed, that the union
shall not be repealed—that repeal will not be conceded
to any terrors—that rather than submit to it, England
will carry war into every corner of the adjacent island ;
and that the effort to extort it by force must be a re-
enactment of the laws of the last century, in a form more
stringent and efficacious. This, we firmly believe, would
be enough, without sending an additional soldier to
Ireland, or adding a line to the statute book.