The Sun.
London, England, 1841-11-05 00:00:00

[The third article of impeachment we omit, as unin- i galling to the opposition prints as cheering and graf-
telligible to ordinary readers.] Tying to the friends of order and good government.
" 4. That if the irregularities of different prices for
night and day work be corrected, and no more appren-
tices be introduced, the establishment shall henceforth
be considered fair.
" 5. That in the event of the above alterations not
being made on the Times newspaper, such compositors
as quit that establishment on the announcement of such
refusal of the proprietors, shall be received into the
London Union as fair members.
" 5. That individuals who, previous to this meeting,
have quitted the Times newspaper, shall receive their
Union cards upon such terms as the Council shall
deem fit ; but individuals working on that paper after
this examination and attempt at adjustment, shall be
deemed unworthy members of the trade, and forfeit all
claim to the consideration and protection of the com-
positors of London."
Finally, they " begged to be allowed " (as Mr.
Chucks says) " in the delicalest way in the world to
insinuate " to us, that they hoped we would change
our system of payment to suit " their long-established
scale of prices," which they had before observed " put
out of view the question of adequate remuneration."
Our own mode of dealing with such dictation need
scarce be told, and we totally rejected such uncalled-
for and unjustifiable interposition between ourselves
and those employed in our establishment. Over and
above the plain necessity of putting down such assump-
tion of authority, the demaeds or charges themselves
were manifestly unreasonable, as shown by the follow-
ing extract from their own pages :
" The 'Trade Council at the same time feel that as
the following statement has been placed in their hands,
it is but performing a simple act of justice to put the
meeting in possession of the arguments in extenuation
of the existing system adopted on the Times newspaper :
" First, that the compositors employed on the Times
are, upon the whole, remunerated for their labour
(those on the day part receiving on an average 50s. per

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF YEVTERDAY.
TIMES.—The mere business between the monied
interest and the Treasury seems to-day to be going on
more steadily than at first. Several of the city bank-
ing-houses. which sent up the whole of their Exchequer
bills on Monday, arc now getting them back again in
very large amounts. The arrear of business would
seem to be very great indeed, since out of 160 appli-
cations it is said that only 30 are disposed or. Yet, as
these early numbers only consist of banking accounts,
which unite an immense number of individual amounts,

more progress may have been made than would havc

appeared.
A private notice is said to have come down t) the
Bank from the Treasury, giving the names of several
parties who have paid in bills for the funding, together
with the numbers of the bills, and these p irties have had
notice from the Bank to replac them or bring in valid
bills. It seems, as the public have all along been in-
clined to believe, that Lord Monteagle is not only the
cause of the original confusion, but does not very cor-
dially assist the Treasury in making the matter right,
so that all the trouble is thrown upon the Chance for

of the Exchequer, and while, as will presently be shown,
th;! latter is stating the bills to be `forgeries," Lord
. • .

Monteagle does not declare any such thing.
A letter, which has been received to day by a gentle-
man in the city from the Treasury, throws some light
on the course which will be alopted towards the holders
of Exchequer bills. In this letter it is expressly stated
that the Government will not part with the " forged"

bills, but in case of an action will cause them to be pro-
duced on application to the proper officer!. This let-
ter shows two things—namely, fist, that the Govern-
ment are determined not to leave their unpopular posi-
tion of impounding the bills, in spite of the very strong
manner in which several holders have expressed them-
selve; as to the impropriety of tlieir conduct, and the
great chance there is of a heavy demand for specie next
March, in consequence of the depreciation of the secu-
rity which they have occasioned ; and secondly, it shows
that that they actually consider the bills as " forgeries."
When the expression occurred in the first printed notice,
it was not so important ; it might have been used
merely as a designation of the transaction, but nx.v,
when so much has been said on the exact position in

week).
"' Secondly, the apprentices, which form one of the
grounds of complaint, cannot be received as a just one,
as they are not, nor ever were, n principle of the
house, and not at all connected with the closing of
of it, but were forced upon it in its own defence, by
a species of dictation which no men (whether masters
or journeymen) have a right to use against others.
Had it been a principle of the firm in question to
carry on its journal by apprentices, time enough has
elapsed since its quarrel with the journeyme❑ to have
reared three companionships—one for the night, one
for the day, and one as a corps de reserve. This has not
been done. There have been but fe..v apprentices
taken, and the small number now on the establishment
are employed in the day department, and on the same
principle as the book houses. The night work is per-
formed entirely by journeymen procured from the trade

at large.
" "l'hirdly, the division of the work into day and night
ought not to be condemned as unfair, for it should not
be forgotten that persons employed on the day est tb-
lishment have cot to make those sacrifices of comfort
which are incidental to an evening paper, and much
less those which are inseparable from a morning one: "
All which " sacrifices of repose and comfort," it is
afterwards added. " on the premises of that journal are
amply paid for." The warfare then continued ; and
we find now, that while the trade is in a state of de-
pression, which " hundreds of persons" can testify has
no parallel in the last 400 years, every compositor who
ha; been employed on the Times for the last thirty
years, unless he has voluntarily left his situation, or
forfeited it by very gross misconduct, is still in the
receipt of steady and ample remuneration ; to which
we may add, that those still in our employ are
among them holders of several thousand pounds in
a savings%bank. From all this, we leave our readers to
judge—not whether it is wise to relieve individuals
actually suffering from severe distress—which is not a
question of wisdom but of plain duty and charity—but
whether they will do well to commit the credit and
responsibility of dispensing their alms to a committee
so very nearly related to, probably in a great measure
identical with, one which aims expressly at giving or-
ganization and efficiency to that " strike " system of
which the masons at the Houses of Parliament and
Woolwich have given us a specimen rather too recent
to Le very popular.
GLOBE.—The Monopolists are beginning to feel
themselves a morally beaten party. Some of the more
stupid of their number may sneer at this ; they do not
know what a moral beating means, and can feel no-
thing but a physical one. Notwithstanding, however,
their boasted majority, they are beginning to
.feel them-
selves beaten. They are giving ground ; the " No surren-
der" of his Grace of Buckingham has rare echoes. Almost
all their scribes and speakers, while " swearing." like
Pistol, are preparing to " eat the leek." The Herald
of this morning, in an article which we extract else-
where, declares that with all " moderate men," the sub-
ject has now become a question of compromise. We
congratulate the moderate men of the Herald on this
conclusion ; but we consider the right to the epithet,
derived from their previous doctrines, as something of
the same kind with that of the master who addressed
his footman, " I think I have been a moderate good
master to you, John." Whereto the reply was,
" Very moderate, Sir." The moderats men of the
Herald would not now for the world restrict or tax ma-
chinery. We are happy to hear it. 'lle time is not
far back when they proclaimed the policy of doing both.
The moderate men of the Herald have an opinion
but moderate of the comforts enjoyed, for the most
part, in the manufacturing districts, amongst the work-
people. We are sorry to say, so have we. The v:eis-
situdes in their condition, demonstrably produced by
restrictions on food more than any other cause (as we
shall endeavour to show presently) preclude a condi-
tion of steady comfort. The question is, whether ma-
chinery has caused their discomforts ? Whether, with-
out machinery, they could have had what means of
comfort they have had ? Whether machinery has not
enabled them to work for foreigners beyond the home-
market's demands ? And win ther it is machinery that
prevents foreigners giving themfiod for work ?
STAND ARD.—The Times has been so cruel as
to rob the ex-Ministefal party of their only English
gr:evance—a grievance upon which they have been feast-
ing for the last fortnight. This grievance is the appoint-
ment of Lord Heytesbury to the vacant Governorship
of the Ise of Wght, with a salary of fifieetz hundred
pounds a-year. The appointment is not to be
disputed, but the Times shows, by an extract from
the patent of the Noble Governor, that the salary
is altog ther a gratuitous addition of the Liberal
journals ; for Lord Hey tesbury is to derive no salary
from the dignity—not fifteen hundred pounds per
annum, not even fifteen pence, in the shape of salary,
perquisite, or any other shape. When the grievance
was first brought forward the Liberal journals called
upon the public, in a fine tone of indignation, to receive
Lord Heytesbury's appointment as a specimen of the
system of government pursued by Sir Robert Peel's ad-
ministration. We suppose that the specimen is equally
faithful, whatever quaLty it represents ; and we
therefore think that our Contemporaries, now that the
truth is knows-, are called upon to render their ap-
plause as zealously to Sir Robert, for the surrender
of 1,500/. a year, as they directed their reproaches
against him when they erroneously believed that
he had reta ned it. For our own part, how-
ever, we do not think that the case would have
been ono for much blame if Lord Heytesbury
had been permitted to retain the salary with
the office of his predecessor. And though the
surrender of the salary is, on the part of the present Go-
vernment, a respectful and graceful concession to the
opinion of Parliament in the matter, we are very far from
subscribing to the soundness of that opinion. Ina consti-
tution like ours the Government must avail itself of the
services of able men, not only in routine officers, but
in various other fields of exertions ; but the most able
men are not always rich men, and the question of re-
munerating those who have served the country not ices
usefully because unofficially, must frequently preseet
itself. Remuneration by sinecure offices is, ee are
disposed to think, the most economical on the whole,
because it fixes a limit, and because a sinecure office
usually carries an honorary distinction that greatly aug-
ments its money value, so as to make the actual payment
go far as a reward beyond its mere pecuniary amount.
COURIER.—The profound silence of the organs
of Whig-Radicalism on the subject of the municipal
elections that have just concluded, affords, when inter-
preted aright, a powerfully cutting commentary on the
diatribes with which they daily regale their readers con-
cerning the unpopularity of Sr R. Peel's Government,
and the foul influences upon which it depends for support,
and by which it had been carried into power. We do not
attach so much importance as some of our Contempre
raries appear to have done, to the result of municipal
elections, believing that the decision of the bur-
gesses is in many cases liable to be swayed by
private and local considerations, and that the
elections often turn upon the chicane and dex
terity of the parties connected with their manage-
ment ; but we never refused to receive the general
result, whether adverse or not to our own principles,
as a tolerably plain indication of the political opinions
that prevailed paramount in the cities and towns of
Engl ord. We well recollect the burst of insolent joy
with which these elections were hailed five years ago by
the prints In the service of the then Government, and
the fervour and earnestness with which they were dwelt
upon, as the most irrefragable proofs of the ascendancy
of Whig-Radical principles. Year after year have we
s: en the triumphs and advantages then obtained by
the rampancy of faction gradually on the decline ;
the spirit of reaction was abroad, and was vastly
accelerated in its march, and influenced by the
jobbing, the profligate extravagance, and grasping,
greedy, selfishness of the new town councils. Each suc-
ceeding election witnessed a diminution in the Whig-
Radical elements that had upon their first formation
under the new regime entered so overwhelmingly large
into their composition, until the characters originally
impressed upon them have been nearly t ffaced, so that-
instead of continuing, as they were, the citadels and
fortresses of the movement party, they hay 4::ecome
soundly and staunchly Conservative—a change as

which the holders stand, the repetition of the word is
important. The circumstances connected with the let-
ter increase its value, for the party who received it had
previously warned the Chancellor of the Exchequer,
that if his bills were impounded, he would take care
that certain other spurious bills should not reach the
Treasury, but that he would• institute legal proceedings
against the parties from whom he had received them,
and subpwna the Government officers as witnesses.
The answer was, that the Government would act ac-
cording to legal advice, and the result of the matter
was the letter in question. Ail this proves that a full
knowledge of consequences was insufficient to prevent
the Government from adhering to their determination.
It is rather singular that amidst all the discussion to
which this affair of the spurious Exchequer bills has
given rise, no notice has been taken of the influence
which, beyond all doubt, they must have had upon the
current transactions of the Money Market, and upon
the value of money itself. Yet this is a very impor-
tant and curious fe iture of the question. It is a known
fact among the higher monetary circles, that the ex-
cessive rates of interest not only paid, but voluntarily
offered, by the persons who wished to borrow money on
Exchequer bills, gave a fictitious value to money, which
caused a great deal of misunderstanding and ill-feeling
among capitalists, especially those residing in the coun-
try, and who therefore were less able t 3 ascertain the
real state of the case. These, hearing that money had
been advanced on such an unexceptionablesecurity as
Exchequer bills—a security which has generally ob-
tained the lowest rate of interest—and that as much as
6 or 7 per cent. had been paid for it, were naturally
dissatisfied when they were offered only 3 or 4 per cent.,
and were less disposed to give accommodation on mer-
cantile paper. A city discount• house of the highest
eminence received no less than fifty letters within the
last six weeks, containing complaints that the money of
the writers was not put out at a higher rate, though there
is no doubt that it was employed to its full legitimate
value. Thus has this unfortunate affair not only caused
the greatest embarrassment to Got ernment, and the
greatest confusion among all parties connected with the
Exchequer bill market, but the general Money Market,
and the value of commercial paper, has had its share of
the influence, and is mixed up in the embarrassment.
It was mentioned currently on 'Change to-day, that
the party out of the of who has chiefly been pointed
at as connected with this fraud, has been taken to-day
before a police magistrate.
Tne premium on gold at Paris is 7 per mille, which,
at the Eiglish Mint price of 3/. 7s. 101 d. per ounce
for standard geld, gives an exchange of 25 32, and the
exchange at Paris on Londan at short being 25 40, it
follows that gold is 0.32 per cent. dearer in London
than in Paris.
By advices from Hamburg') the price o g .3,28
per mark, which, at the English Mint price of
3/. 17e. 100. per stance for standard gold, gives an
exchange of 13 6.'0 and the exchange at Ilarnburgh on
London at short being 13 7-,12-, it follows that gold is 0 47
per cent. dearer in London than in liereburgh.
The course of excltange at New York on London is
110 per cent., and the par of exchange between Eng-
land and America being 109 23-40ths per cent., it fol-
lows that the exchange is 0.43 per cent. in favour of
England. But the quoted exchange at New York
being for bills at. 60 days' sight, the interest must be
added to the above difference.
The increased demand for Money Stocks, with pur-
chases on account of Chancery, has further improved
the English funds to-day. They now present a very
firm and stable aspect.
(From a Correspondent of the Times.)
Since Saturday last nothing further of any import-
ance seems to have come out on the subject of the
Exchequer bill fraud until the examination at tl:e Man-
sion-house yesterday, and every inquiry since made
only tends to confirm the correctness of the statement
in Vie Times of that day, as to the origin and progress
of the scheme.
The names of the parties implicated are Relay well
known in the city, aid the fact that the immediate
agents were comp, lied to close all their open accounts
by the Committee of the Stock Exchange, would seem
to ague that that body are fully alive to the extent
which the members so affected by the resolution of the
Committee are mixed up in the transaction.
It is quite clear that the chef intermeliate agent, if
not the chief concoctor, of the scheme, is an out-door
specul 'tor of no gr eat eminence, and it is also well known
that he has been concerned in two or three rather ques-
tionable affairs, or what are termed in the Court
rigs," within the last three or four years ; and it is
equ illy clear that the brokers, through whose interme-
diation these frauds have been committed, knew that
this gentleman was only the agent for some other person.
Tire question has therefore been frequently asked,
whether it was possible that shrewd clever men, as
these brokers confessedly are, should have t n lertaken
speculations to such an enormous extent as to have led
to differences amounting to such a sum as 200,000/. or
300,000/., without being well acquainted with the names
of the parties for whom they were in reality acting ?
It might reasonably have been supposed that the fact
°Mime transactions having been entirely settlel by
means of money raised by these brokers upon the de-
posit of Exchequer paper, which Exchequer paper was
never allowed to be sold, and was always redeemed by
means of money raised upon other Exchequer bills in
the same manner, would have opened the eyes of the
parties so acting, more especially as an extreme anxiety
was always evinced to have the seine identical bills re-
turned to them.
We confess we think this should be cleared up, the
more especially since we have learnt that in the month
of February last considerable suspicion existed in the
minds of more than one member of the Stock Exchange
that all was not regular.
The circumstances which gave rise to these suspicions,
as stated to us, are these :
The two principal brokers whose names are men-
tioned as concerned in these affairs, had at different
times borrowed sums of money from an individual be-
longing to the Stock Exchange, upon the security of
Exchequer bills, to an extent, as we are informed, of
upwards of 70,000/. In the course of February last,
some of the bills deposited with these parties by acci-
dent found their way into the market. Upon the bor-
rowers calling to redeem eleven of them, they found
that the bills returned to them were not the ipsissima
documenta left as security. A very angry discussion
ensued upon the subject, and the return of the identical
bills themselves so deposited was insisted upon. The
parties so called upon made every exertion to trace
these bills, and eventually, after much correspondence,
ten of them were found in the possession of the London
and Westminster Bank, and the eleventh in the hands
of an individual residing somewhere in the neighbour-
hood of Al 'gate or Whitechapel, and being procured
from those quarters, were returned to the borrowers.
This circumstance, at that time, excited suspicion in
the minds of the lenders, which was added to by ob-
serving that the bank-notes and ell the papers relating
to the transaction were marked in a peculiar way, with
initials evidently not those of the ostensible borrower ;
and eventually the lenders, in consequence of thee&
doubts, gradually took steps to obtain a return of their
other advances ; the bills deposited were from time tr.
time retired, and no future transaction of a similar nes-
ture was entered on between the same parties.
Presuming these facts to be correct, and we have
every reason to depend on the accuracy of our inform.
ant, it is impossible to imagine that the brokers act
in this matter could have failed to suspect, even if the)
did not absolutely know, that something was wrong.
Many other similar circumstaacea have been men-
tioned to us corroborative of this supposition, but .for
the present we forbear to go into them, but shall cert.
t.mt ourselves with remarking that we can hardly con-
nive the possibility of any set of men of business,
acting for a series of years for an individual whom they
knew to be of doubtful means and character, receiving