The Sun.
London, England, 1841-02-02 00:00:00

payment for these properties is to be made in certifi
is
debt without interest. To show the room there s
for retrenchment in the different branches of the public ex-
penditure, a communication in one of the Spanish journah4
by M. Pcbrer, for the purpose of announcing the foi ma-
tion of the Finance Association, contains some important
facts. He secs down at 20,439 the number of employes
under the Fihance department, which thus costs 29 per
cent on all that it collects. The preventive service is esti-
mated at $2,099,400 per annum, in spite of which about
$24,000,000 are annually smuggled into Spain. The
number of other civil employes is set down at 100,000,
while the half pay to removed functionaries is reckoned
to be about 500.000 i. sterling, independent of that received
by the military men, of whom there arc so many in every
city of Spain. The different denominations of taxes ap-
pear to be no less than 102 in number. This same Fi-
nance Association submitted to the Minister of Finance at,
opinion against the expediency of issuing the decrees for
the conversion, but he felt that he could not withheld their
publication. Their effect on the Bourse, it is observed
by the same letters, was very trifling, and it is still thought
doubtful whether any actual good will be done to the
creditors, or whether the whole is not an expedient to
gain time.

The representations made to the Board of Trade last
year by the merchants of London, Liverpool, and Glas-
gow, interested in the trade with Venezuela and New
Granada, on the subject of the coffee duties, have been
renewed with some additions and greater confidence, now
tbat the general question of import duties is about to be
agitated in so solemn a manner in Parliament itself. They
disclaim, however, any desire to interfere with that prin-
ciple, professing only to seek such a regulation of the duty
as, while in accordance with that principle, may operate
fairly towards other interests. It appears to them that a
difference of 3d. per pound duty in favour of British co-
lonial coffee, as compared with foreign, would afford suffi-
cient protection to the former. The coffee from the
Spanish Main is brought to market at a cost of from .•Os.
to 555. per cwt., which is the price in bond. An addi-
tion of 28s. per cwt. (which is 3,1. per lb.) to this before
it was allowed to be placed on the same footing with
the British, would, it is thought, give the latter
a sufficiently preponderating advantage. In fact, as
the coffee of Foreign States has been transported to the
Cape of Good Hope, to comply with the law in favour of
imports from within the limits of the East India Com-
pany's Chatter, and thereby is subject to no more than
9d. per lb. duty, it is shown that tae proposed alteration
has, in fact, been practically obtained. To do away with
so unprofitable a course as that w;iich is now taken to be
subject to the smaller duty only, the suggestion is, that if
colonial coffee pays 61. per lb., foreign shall pay 91,
withc.,ut taking the circuitous route; or, if colonial be re-
duced to 51, foreign shall pay but 83. The commercial
intercourse between Great Britain and Venezuela and
New Granada is stated to be such as to render expedient
every encouragement to the products of the later, and
with respect to the slave trade, the merchants say, in the
first place, that these countries have wholly purified them-
seivtis from th•tt traffic, and in the second place, and with
respect to other countries that may not be similarly cir-
cumstanced, they submit, that the trade in coffee being
legitimate one, the question of slaves ought not to be con-
nected with this of the duties.

POST.--The funds closed under much depression this
evening, the market being again unfavourably influenced
by the assumed defalcation in the revenue.
Some propositions have been put forward on the part of
the Spanish Government, on the subject of finance, to
which we may m.ke reference on a vacant day. The
Gacela de Madrid has eight or ten columns under the
head " Ministerio de Hacienda," which it will of course
take time to digest. It must, however, we are quite sure,
be a sore disappointment to Messrs. Merazabal and
Gambea to learn that the effect of thoir exposition was a
considerable decline in the London market.

SUN. --We had, in addition to intelligence from Ame-
rica, some unfavourable reports in circulation respect-
ing the stoppage of one or two houses in the City, and
this depressed Stocks. Consols for immediate transfer
opened in the morning at 891, receded gradually to
89k, and closed at 891 to s. For the Account the
current quotations of the morning were 893- to 4, after-
wards 89,1 to and at the close of business 89 to
Exchequer Bills ranged from 4s. to 6s. premium ; Dist
India Stock was steady at 248, the New Three-and-a-
Half per Cents. brought 97i to 11-, and the Three per
Cents. 89i to 1.
Excepting in Spanish Bonds for the account, the
transactions in the foreign market were very unimport-
ant. The news by the Lisbon mail led to no activity
in Portuguese Stock, which was heavy at 31-,1, and
the Three per Cents. were not dealt in. Spanish Ac-
tive Bonds were marked 24i to -g- for immediate trans-
fer, and 24i- to -;;- for time ; Mexican Stock receded
to 271,- to ; and Colombian. 22i to ; Peruvian was
at 16 ; and Dutch Two-and-a-half per Cents. were
dull at 50.

The Share Market partook of the same dull charac•
ter as those for Stocks. Great Western Rtilway were
at 28 to 27, the New at 12 to 13, the Filth at 61
to 6i, Blackwall 4, and North Midland 25 discount.

SPIRIT of the PUBLIC JOURNALS.

FROM THE MORNING PAPERS OF THIS DAY,
(From the Morning Chronicle.)
It will be seen, from our account of the proceedings at
the nomination at Walsall yesterday, that the show of
hands was completely in favour of Mr. Smith. Mr. Smith
had not only the hands but the heads in his favour, for even
the gentleman who proposed Mr. Gladstone durst not
meet the great principle which is at issue in this election.
Mr. Forster said, " In reference to the Corn-laws, if they
could be proved to be injurious to the trade of the country,
they ought to be repealed forthwith." But he durst not
state that they wore not injurious. Mr. Mills, the gentle-
man who seconded the nomination of Mr. Smith, said,
"He should like to know from Mr. Forster what he
really thought was detrimental to the town. Did
he not think that there must be something detri-
mental when he saw hundreds around him in the
most wretched destitution? He asked Mr. Forster
if he had not seen, as a guardian, hundreds around
him in the most wretched destitution ? Had he
not seen, as a guardian, hundreds of men applying for
leave to do the work of horses for fifteen pence per day ?
He (Mr. Mills) sat at the board with Mr. Forster, and
they both knew that they had been compelled to put num-
bers of these poor creatures upon three days of this de-
scription of work in the week. It was folly to deny the
existing distress; it was still greater folly to deny the
cause, because by so doing they prevented a remedy."
The people of Walsall seem fully impressed with the im-
portance of the contest which they are to decide. The
utmost enthusiasm prevailed in favour of the Anti-Corn-
law candidate. From what was said by Mr. Cottrell, it
would appear that bribery has been resorted to by the
Tory candidate. But the people were confident that the
cause of free trade would bo victorious. Out of the enor-
mous multitude, not more than about a dozen individuals
were adherents of the Tory candidate. From all these
symptoms we augur favourably for Mr. Smith.
(From the Tinzes.)
The factious manner in which, for political ends, the
" Liberal" journals are constantly assailing the Horse
Guards, has naturally operated as a restraint upon any
expression of our feelings and opinions in a matter on
which there is, we believe, among Englishmen uncon-
nected with the parties, but one, and that a very strong
opinion. We owe to the distinguished nobleman at the
head of the army, not merely respect, but the warmest
gratitude, for services only eclipsed by those of one,
whose fame casts into comparative obscurity achievements
which in other days would have placed their authors
among the wonders of their time. To be next alter Wel-
lington is surely a higher rank than belongs to any com-
mander since the days of Marlborough. Nor does it reflect
any slight honour on Lord Hill to have commanded the
whole British army for now nearly fifteen years, with so
generally unimpeachable a character as that which he has
succeeded in sustaining. It is from a mingled feeling of
regard for the past and apprehension for the future
that we now venture, once more, to approach that
vexata questio—the predicament of the Prince Consort's
regiment of Hussars. One of the chief uses of the Press
is to give a tongue to public discontent. And this is the
difference between a loyal and a disloyal Press:—The
latter, as in the present case, exhibits the greatest avidity
in exciting the public mind against all lawful authorities
and established institutions. The former, desiring rather
to allay than to irritate the evil, speaks only when it is ne-
cessary; when it appears but too probable that the public
feeling is not understood or appreciated by those to whom
it is a misfortune to misunderstand or to be misunderstood
by the people. From the uncertainty and hesitation which
still exists, we cannot but fear that this is the case with re-
spect to the position of the Horse Guards as to the affair of
the 11th Hussars and their commander. Universally con-
demned abroad, and not defended oven at head-quarters, as is
the conduct of Lord Cardigan, still no decisive step is taken.
Officer after officer falls a victim to the want of temper
and self-control displayed by the Lieutenant- Colcnel ; the
public mind, irritated by these things, displays its dis-
content on every fitting or unfitting occasion, but still the
main cause of all this ill-blood continues to exist, and the
moral feeling and sense of justice which are innate in, and
natural to, Englishmen in general, are outraged by behold-
ing the wronged still without redress, and the wrong-doer
still without check or punishment. The good sense of
the people has been abundantly visible in this affair.
They are aware that discipline must be preserved, and
insubordination firmly repressed, if the army is to be
kept in a state of effectiveness. The sentence, there-
fore, on Captain R. A. Reynolds was submitted to,
severe as it undoubtedly was. Nay, more, a respect-
ful silence was preserved in order that Lord Car-
digan's resignation, expected by every one as inevit-
able, might have the grace of a voluntary, and not
an enforced act of repentance. But in this pa-
tience and moderation of the public mind there is no
atom of doubt or indecision. The feeling of ninety-
nine men out of every hundred (we speak only of educated
men, and competent judges) is, that Captain R. A. Rey-
nolds, while he had clearly exposed himself to the sentence
which he received, was at tbo same time a m3n who
had suffered cruel provocation, upon whom technical
justice inflicted real injustice, and in whose favour,
tin refore, mercy ought to be brought into exercise at the
earliest fitting moment ; while, on the other hand, Lord
Cardigan, both in this, and in various other instances, had
shown such a want of proper feeling and temper as
clearly rendered him unfit for a post of command, and
made it a public duty incumbent on his superiors to with-
draw him, as quickly as possible, from a position in which
he was doing constant and widely-extended, mis-
chief. These opinions, as we have said, are general
throughout society ; and, as they involve personal wrongs,
and positive injuries, still unredressed, they aro not likely
to grow weaker, or to die away. " Let justice be ,"
is a motto perhaps of all others most congenial to an Eng-
lish mind. But justice has not yet been done in the case
above alluded to. Hence the matter festers and rankles
in the heart of the public. They can wait ; but patience
will have its limit, We trust that there is no intention a