The Sun.
London, England, 1847-12-22 00:00:00

tr:o3l STINs
,LONDON I WED:NEST:IIAI .EVE

culcated by him prior to 1836, and the articulation
of which would have, ipso facto, constituted his (1.-
fection from the cause of 'Protestantism. First,
therefore, as to the alequacy of the tribunal
before which Dr. HAMPDEN i 3 supposed to
have been convicted of this important schism
from the established religion. Was that Con-
vocation, we ask, qualified to decide as to the sound-
ness of the views of Dr. HAMPDEN as a Protestant,
which (on the revival of the matter in 1842) included
amongst his opponents only two professors, those
professors being the redoubtable Tractarians, Mr.
KEAY and Dr. PUSEY, and numbered also in the
phalanx of his antagonists, Messrs. FABER, ST. JOHN,
NEWMAN, MACMULLEN, J. MORRIS, OARELEY,
CHRISTIE, RYDER, CAPES, WARD, FORMBY,
NORTHCOTE, PENNY, TURNER, METRIC/I, COFFIN,
COLLYNS, WATTS RUSSELL, LEWIS, and ORMSBY,
all of whom have since departed from within
the pale of Protestantism, and ranged them-
selves under the banners of Roman Catholicity ?
Secondly, as to whether Dr. HAMPDEN ever really
pronounced himself in favour of certain Socinian
dogmas. We cannot but regard the following cir-
cumstances as conclusive testimony to show that the
accusation was altogether erroneous. While we are
assured by Dr. HAMPDEN'S antagonists that he
questioned the august and stupendous mystery of the
Trinity in the third of his Bampton Lectures, we
find, on turning to the original text, that so far
from his having doubted that mystery for an in-
stant, he bows down before it in astonishment
and adoration. It may be said, however, that the
quotations inserted in the columns of some of our
contemporaries entirely disprove this, and justify
those who consider the lectures to be heretical. In
reply we would observe that those quotations are
monstrously distorted and perversely abbreviated.
As a proof of this we will give one example. Dr.
HAMPDEN is made to write—" The dialectical spirit
laboured to establish the Divine Unity amidst the
Trinitarian distinctions." Whereas, on turning to
the original (see Lecture on Unity, page 128), we
find that the lecturer distinctly spoke thus:—" The
various illustrations of the Trinity from natural
objects, employed in the writings of the fathers and
schoolmen, are instances of the same dialectical spirit
which laboured to establish the Divine Unity amidst
the Trinitarian distinctions." So much for the ac-
curacy with which Dr. HAMPDEN is quoted by his
accusers—so much for the fair play and honest deal-
ing of the latter ! The truth is, Dr. HAMPDEN has a
marvellous faculty for writing with the obscurity of
mysticism, as where he says that GOD is " not the
Teraphim of domestic worship, but the universal Go-
vernor, overshadowing all things with the übiquarian
tutelage of his Providence." In expressing himself in
language so cumbrous as this, he has afforded his
opponents a rare opportunity either for perverting
or misapprehending his meaning.
We have demonstrated, therefore, these two impor-
tant points in the Hampden controversy, namely,
that the tribunals which adjudicated upon the case in
the University of Oxford, first in 1836, and after-
wards in 1842, were in no manner qualified to decide
as to the orthodoxy of any man's belief in Protestant

ism, and that Dr. IlialurnEN himself never in any one
of his printed sermons or lectures advocated doctrines

like unto those which constitute the heresy of So-
cinianism. By persisting in his invidious protest
against the conye d'elire, issued by her MAJESTY
under the Great Seal of England, the Very Reverend
the Dean of HEREFORD is laying himself open to the
penalties ofprczmunire. Let him retract betimes, and
not be harried on into a dilemma by the turbulent
and splenetic vituperations of that Right Reverend
Father in GOD the Lord Bishop of EXETER. What-

ever may be the consequence of this factious opposi-
tion to the liberal Bishop Elect of HEREFORD, our
motto is simple—" GOD defend the right L"

The recent returns of the Bank of England, and of
the private and joint-stock banks throughout the
country show a very serious diminution in the
amount of notes in circulation, which must necessarily
occasion considerable pressure to the mercantile and
manufacturing interests.
There can be no possible reason why the Bank of
England should keep on the screw, and refuse the
usual degree of legitimate accommodation which its
customers have a right to expect, or why they should
maintain a minimum rate of six per cent. when they
have so large a stock of bullion in their coffers, and
when the foreign exchanges are in so favourable a
condition. In each succeeding week we find a con •
siderable increase in the items of bullion—and
of ", notes unemployed," while a considerable
decrease is shown in the amount of other securities.
The return for the week ending the 11th December
gives the amount of bullion at that time in the bank-
ing and issue departments as 11,426,1761., and it is
well known that daily additions have since taken
place, while the amount of notes in circulation has
been reduced to 18,320,9051., a sum very far below
the wants of the country, and in fact inadequate to
carry on its daily transactions. On the 30th of
October the active circulation amounted to
20,832,7501., while the bullion was but 8,438,8741.
We thus find that simultaneously with an increase
of specie of nearly three millions of pounds sterling,
there has been a diminution of more than two and a
half millions in the circulation, and that there has been
a decrease in the " other securities" or the amount
of accommodation granted to the commercial interests
of more than 2,800,0001. These circumstances alone
are quite sufficient to account for the general distress
and want of employment of the labouring classes in
all parts of the country. But it is not the Bank of
England only that has " put on the screw," its exam-
ple has been followed by its minor brethren, and a
general contraction of the currency, and a want of
the usual facilities for discount is apparent in every 4
quarter.

The returns from the private and joint-
stock banks do not afford the same informa-
tion as to the amount of " securities " of
any description, public or private. We are
only furnished with the amount of notes in cir-
culation, and from that we are enabled to form
a judgment as to the amount of accommodation
which they may give. We have the evidence of Mr.
JONES LOYD, " that upon a contraction of the cir-
culation taking place the amount of bills of exchange
is also narrowed, and in a very inereased ratio ;" in
fact, it is well known that for every pound withdrawn
from circulation, discounts to six or eight times the
amount are withheld. The proportion between the
amount of money, including under that head every
description of note payable on demand, and specie,
and of bills of exchange, which it is well known in
periods of ordinary prosperity amount to at least
250 or 300 millions will show that, after deducting
the amount necessary for carrying on the every-
day transactions, the sum applicable to business and
discounts must be turned at least that number of

times, or perhaps we shall be nearly correct in stating
it to be so turned once in each week. Now we find
that within the last month there has been a decrease in
the circulation of the private and joint-stock banks of
no less than 1,108,6391., while within the year it has
amounted to 1,512,0491., and they are below the
issues fixed by the Act of 1844 by 2,015,556/. ; we
therefore, find that within the last two months, taking
from the disastrous period at the end of October, there
has been a decrease in the circulation of nearly four
millions sterling. Can any statements we can make
point out more forcibly the reason of so many mills
remaining idle, so many factories unworked, so many
operatives being out of employment as the enuncia-
tion of this simple fact.

Greater profits are, however, made by the bankers
and capitalists in this state of affairs, for, although,
their money is not so often turned, they obtain a
much higher rate of interest, and are consequently
well pleased at the tightness of the money market
when it does not reach the point of creating nume-
rous failures, and thus occasioning heavy losses for
ba staaddteebts. The history of a single article in
of transition from the raw material
during the progress of manufacture will show
the absolute necessity of great accommoda-
tion, the varied transactions, the wheels within
wheels, the stoppage of n
seriously derange the whole
.y
large a proportion of the profitsit one
owf ill of
also s
trade are whichh mustw
absorbedohow
f by the discounter. A little pamphlet which wasb-
a
lished during the past month, called
"The Moneypu
Market,"
instance a by a " Country Accountant," takes, asn
quantity of wool, which it assumes at first
to be of the value of 1,0001., and to be purchased for

cash, from the farmers by the woolstapler. It is
then sorted and sold to the worsted spinners—say for
1,1001., payment being taken by a bill at two months.
The spinning probably increases the value by 5001.
more ; it is then sold for 1,6001. to the manufac-
turers of worsted fabrics, and, as before, paid
for by bills. The yarn is then delivered
to the workmen, and speedily changed into manufac-
tured goods worth 1,0001. more than the yarn. At
this rate it is sold to the wholesale dealer, and by him
speedily dispersed among his retail connexions in
various parts of the kingdom, bills again being made
the medium of payment in both instances ; we
thus find (and a much more striking case might easily
be selected) that the wool which was at first worth
1,0001., and which ultimately, by the labour expended
thereon, became worth 2,7001., has given rise to
bills of exchange to the amount of 8,0001., and that the
discount on these notes, say each at two months, would,
at six per cent., the minimum rate of the Bank of Eng-
land, and probably lower than any of the parties
could obtain it, amount to 93/., which goes exclu-
sively into the pockets of :the banL ers, or bill dis-
counters. Any failure of the credit of any of the
parties, any general want of confidence, will prevent
the goods being sold or worked up, and will conse-
quently deprive the operatives of employment. Our
space this day does not permit us to conclude our ob-
servations on this subject. We shall, however,
return thereto on an early occasion.

The army of Austria, under the command of
Marshal RADETZKY, on the Italian frontier, is to be
increased immediately to 60,000 men.
Some sensation has been caused at Berlin by the
arrest of Privy Councillor WEDECJCE. An affair
similar to that of MM. CUBIERXS and TESTE is
hinted at.

The States of Darmstadt were opened by the
GRAND DUKE in person on the 17th instant.
The debate on the address in the Chamber of
Magnates of Hungary has terminated, after a five
days' debate, where the Opposition struggled hard
for a majority, by the rejection of the Address as
proposed by the States, where the Liberal party had
obtained a majority.
The prohibition on the exportation of grain and
corn from Bohemia, from the Tyrol, and the Voral•
berg, has been removed since the 10th inst.

Madrid papers of the 15th have arrived.
The Address in reply to the Speech from the
throne was passed in the Senate on the 14th. The
paragraph censuring the late Cabinet was passed by
a majority of 75 to 6. A proposition made to the
Chamber of Deputies by the Marquis DB TORRES,
enacting that all persons elected to the Chamber
should relinquish any office they might hold under
Government, was rejected by a large majority.
MADRID BOLSA, Dim 15.—The Three per Cents.
were done at 28 3-16, at 50 days; the Five per Cents.
at 16 ; and the Debt without Interest, at 5, for cash.

We have received the Paris papers of Monday.
The Debats says—
" It is announced that the Ministry proposes to
present to the Chamber, on the opening of the session,
two Bills relative to postal reform, and to the tax on
salt, and also a third Bill for according to Prince
Jerome Bonaparte, ex-King of Westphalia, who has
obtained from the Government the authorisation to
reside in Prance an annual pension for life of 150,000
francs."

Certain Members of the Opposition are desirous of
opposing the election of M. SAUZET to the Presiden-
tial chair of the Chamber of Deputies. Both Du-
FAURE and M. DUPIN have been requested to become
candidates, and it is understood that both have re-
fused. The Ministry, meanwhile, loudly declare that
they will make of the re-election of M. SAUZET a
Cabinet question, and will resign if they are beaten.
As M. SAUZET has been for some years past Presi-
dent, and has given satisfaction to all parties by the
manner in which he has conducted the business of the
Chamber, there can be no doubt but that many
of the moderate Opposition will support his nomina-
tion, therefore this talk of resignation on the part of
the Ministry may be regarded as one of those pieces
of fanfarronade in which M. GUIZOT is wont to in-
dulge when he feels certain there is no danger. The
more practical leaders of the Opposition ideprecatel
any attempt to prevent the re .election of M. SAUZET.
The Constihaionnel says :
" The Ministers announce that they will make a
Cabinet question of the re-election of M. Sauzet to
the place of President of the Chamber of Deputies;
they think themselves sure, every one knows how, of
their majority ; they are anxious that a first ad-
vantage obtained by them at the commencement of
the session, on a question of proper names, shall
weaken beforehand the effect which the discussion of
their acts cannot fail to produce on men's minds. The
Opposition, which is in a minority, and which does
not pretend to balance by the number of its votes
the numerical amount of the majority, attaches but
little importance to the result of divisions ; it is the
discussion which constitutes its force ; it is to the
country that it appeals, certain of being considered
absolutely in the right against a majority whose inten-
tions are bade whose conduct has been dreadful, and
who have just covered with shame and ridicule the
service of the counter-revolution. The question of
the Presidentship of the Chamber appears to us,
therefore, not very importaM and premature. How-
ever, we think it right to say that our friends, com-
prising precisely those who have been accused of in-
tolerance, will join in all the combinations that may
be offere 1 on the eve of the session by those en-
lightened and independent Conservatives who are
spoken of, and of whom, for our parts, we know
neither the number nor the resolution. We shall
not, therefore, throw any obstacle in the way of
anything that may be proposed to deliver the Chamber
from the yoke of a policy condemned alike by the
instinctive feeling of the crowd, and the practical
intelligence of men acquainted with government.
But it is, above all, on a profound examination of that
policy that we reckon to completely enlighten the
country, to arrest the reaction into which France is
orecipicated, to one day or other rescue the Parlia-
mentary majority from the joint responsibility of a
Ministerial system which it blawes at bottom, but
which capitulations of private interest have permitted
to exist up to this time."
The following programme of the preliminaries of
the session appears in the Journal.des Dehats :
" The number of the Deputies as ;yet arrived in
Paris does not amount to more than 250; nevertheless,
the meetings at the Palais Bourbon are sufficiently
numerous and animated. On the 27th there will be
a sitting with closed doors for the nomination of the
provisional bureau, at which, probably, M. Sapey, as being the oldest Member present, will preside; be-
cause M. Dupont (de l'Eure), who is the oldest of all
the Members, never now attends the first sitting. The
four youngest Members, who are Messrs. de Merodo.
de la Guiche, Oscar de Lafayette, and Calmon, jun.,
will perforia the functions of secretaries. On the day
following the royal sitting, after drawing for the
bureaux in a public sitting, the Deputies will retire
into the committee-rooms for the verifications of newly
returned Members, and for the organization of the
committees. The little time these operations ordinarily
occupy will, no doubt, admit of the Chamber resuming
its public sitting, and confirming the reports of the
committees, and in the /lame sitting elect its perma-
nent president and other officers. The Conservative
party seems to be more than ever determined to vote
for M. Sauzet, who at the beginning of the last ses-
sion had 339 votes against 223. It is expected that
the Conservative party will also nominate and support
three of the late vice-presidents, MM. Bignon, Lepel-
tier d'Aulnay, and Francois Delessert, and Marshal
Bugeand in the room of M. Leon de Malleville, who
was elected last session by a majority of only one
vote, to be vice-presidents for the present session.
The Conservative candidates for the office of secre-
taries are, it is said, MM. de Bussieres, Oger, Saglio,
and Lanjuinais, all of whom were elected last year.
Three preparatory proceedings will, most likely,
occupy the 29th, 30th, and 31st, and therefore the
Address Committee cannot be chosen until Monday,
Jan. 3. In the interval between the last and present
session, the Chamber has lost by death eight of
its members, viz., General Schneider, General
Count Meynadier, and MM. Jourdan, Cabanis,
Cambis, de Castellane, Just de Chasseloup-Laubat,
and Terme. They have been replaced by MM. Gudin,
Dande, Bert, Pages, Germanes, de Contades, and
Osmont. The successor to M. Terme remains to be
named. Eleven deputies have been appointed to
salaried offices. Seven of these have been re-elected,
viz., MM. Jamin, de Ressigeac, Richond des Brus,
Thil, Dejean, de Salles, and General Bellonet. Ge-
neral Dumas has been replaced by M. Baroche. The
re-elections of MM. Moulin, Deesauret, and Marine
will not be known for one or two days."
The Union Monarchique: says--" The great affair
of the day is the Presidency of the Chamber. The
Cabinet causes it to be officially announced that it
will retire if M. SAIIZET be not nominated. There
was a great deal of talk last evening of Marshal
BUGEAUD becoming a Ministerial candidate for the
Vice-Presidency of the Chamber. In acting thus
the Ministry fancies that it hits made proof of great

ability, and congratulates itself on having anticipated
M. THIERS, whose intention was also, as was known
from a certain source, to take for his own account,
and especially for his own advantage, the initiative of
the candidateship offered to the Duke D'lsLy."
The Marquis of NORM ANDY, who arrived in Paris
on Saturday, had a long interview with the KING
at the Palace of St. Cloud on Sunday.
It is said that a serious difference of opinion exists
between the KING and M. GUIZOT on the subject of

the affairs of Switzerland. The KING is against any
interference, while M. GUIZOT is anxious to join
Austria in making a demand on the Vorort to rein-
state the Governments of the cantons of the Sonder-
bund as they stood previous to the commencement of
the war. Russia, it is said, has refused to send a
note to the Vorort, but would acquiesce in the deci-
sion of the other Powers. Prussia would join
Austria and France in a conference, and
the Germanic Diet has expressed
.its ap-
proval of the notes of Austria and France,
and has determined that if the form of the Federal
Government in Switzerland is changed, the powers
guaranteed to the Treaty of Vienna would be entitled
to deprive the confederation of its neutrality. King
LEOPOLD is covertly acting with the Jesuit party,
as he considers that he owes his crown to their machi-
nations.

There is nothing in these :papers tending to con-
firm the report circulated yesterday that it was the
intention of King Lours PHILIPPE to abdicate in fa-
vour of the Comte DE PARIS.

The news of the surrender of Ann•EL-KADER is
not confirmed. The Monde ur Algerien says—
" The courier of the west, who arrived the day
before yesterday, has not brought the decisive news
which might have been expected from the empire of
Morocco. No event had occurred; still the firmness
of the Emperor Muley Abderrahman had not been
betrayed by any weak proceeding. The camps of
the Moors were approaching the deira, and it was
known in the column of Lieutenant-General de
Lamoriciere that these camps surrounded it suffi-
ciently to be able to unite their attacks. The Kalifa
Boa Hammedi had been detained at Fez. Lieut.-
General de Lamoriciere has remained at the head of
his troops on the extreme frontier, in order to be
ready to act if any events should render it necessary.
We must here recal to mind the reflections which a
similar situation has already suggested to us, though
the situation is better characterised to-day. What
would be inevitable with other actors, remains
doubtful with Abd-el-Kader on one side, and the
Moors on the 4her ! The Emir, however, appears to
be on the brinl of ruin. With only 600 foot soldiers,
and about as many horsemen, he is pressed between
three numerous camps, whilst all the tribes have
abandoned him, and second his adversaries. Still we
must predict nothing."
The Three per Cents. closed on the Paris Bourse
on Monday at 75f. 70c.; New Loan, 76f. 80c. ;
the Five per Cents., 117 f. 30c. ; the Orleans Rail-
road Shares, 1,212 f. 50c. ; Rouen, 912 f. 50c. ;
Havre, 478 f. 75c. ; Great Northern, 5561. 25c.;
Avignon, 577 f. 55c. ; Vierzon, 551 f. 25c. ; Bordeaux,
492 f. 50c. ; Troys and Montereau, 2601. ; Dieppe
2601. Basle, 163 f. 75c.; Paris and Strasburg, 416 f.
75c.; Tours and Nantes, 400 f.; Paris and Lyons,
3961. 25c. ; Spanish Domestic Debt, 26}; Ditto
Passives, 31.

MARSEILLES, DEC. 16 —Marseilles and Avignon,
551 f. 25c. ; Northern, 5411.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, Dec. 21.
Boulogne and Amiens, 14t—Namur and Liege, 5
Northern of France. 11%—Orleans and Bordeaux, 5%--
Paris and Lyons, sN—Paris and Rouen, 354 —Rouen and
Havre, 1814—West Flanders, 1%.