The Sun.
London, England, 1840-08-19 00:00:00

PIRIT of the PUBLIC JOURNALS

FROM THE MORNING PAPERS OP THIS DAY.
(From the Morning Chronicle.)
During the Parliamentary discussions in the late Ses-
'ion, connected with the; Burch-rate question, the con-
tinual cry, in reference to the opponents of Chnrch-rates
was, why do they not submit to the law ? The inquiry
was echoed from Dukes to Bishops, and from Peers to
Commoners. The strongest surprise was affected, and
the sternest reprobation expressed, that there should be
any persons with minds so constituted as, even for con-
science sake, not to submit to the law. In the House
of Lords it was determined that an imprisonment, now
advancing towards two years' duration, for a five
and sixpenny rate, should not, unless with the
payment of 801. costa, exonerate John Thorogood
from the crime of not submitting to the law. The
conduct of certain dignitaries of the Church provokes
a retort of the question. Of the Archdeacon of St.
Alban's, in reference to his recent inflammatory visita-
tion charge, and of that ecclesiastical cat's-paw, the
Very Reverend Sir Herbert Oakeley, dean of the dis-
trict and rector of the parish of Bocking, in reference
to his threatened proceedings against his parishioners, it
'ls asked, with not less show of reason, to say the least,
why do they not submit to the law ? What the law is,
itas been solemnly decided by the Court of Queen's
:Bench. The churchwardens cannot make a valid
rate in defiance of the votes of a majority of the rate-
payers in vestry assembled. That is the law. The
:parish is said to be legally chargeable with the repairs
(of the church, The responsibility, it may be replied,
as merely one of the impositions of priestcraft, the
:history of which can be distinctly traced. Up to a
-period within what lawyers call " the memory of man,"
eustentation of the fabric of the church was a bur-
den upon the tithes. The priests shuffled it upon the
:parish, by the sordid perversion of their spiritual in-
litience. But the supply of moneys from the parish,
exit/gayer the condition of the fabric, has always been
contingent on the votes of a majority, in vestry as-
temisled. It is of that condition that the Dean of St.
nllban's and the Rector of Bocking want to get rid. In
ettie Braintree case the question has been tried. The
c hurchwardens have been defeated, distinctly on the
g sound that they did not act in accordance with the pa-
ts ichial majority. Why, then, do not the clergy submit
Le the law ? If a parochial majority be essential to the
lidity of a rate, what difference can be made by the
• chdeacon's backing the churchwardens in an illegal
ma -se % All that can be achieved by the interposition
j,, tb it the Court of Queen's Bench having pronounced
the, sk 'archwardens to be in the wrong, the Archdeacon
pr In:Ewell in the wrong also.
(From the Times.)
If wejook above and beyond the collision of mere
ty interests, it may be safely pronounced that one
De , the roost important subjects which engaged the at-
t. at 'on of Parliament during its last Session was the
toque yin which select committees of both houses were
~„;e fl into the amount and operation of duties on
Ist lon, lia goods. We are aware that in making this
c,,ertio„
,there is an apparent approach to bathos ; but
et S epperee et only, for the question is not whether a
liter or a intther duty shall be imposed on the produce
▪ ms.nula ete. res of India. That is not only not the
sic ....attest, but it er no part of the question. The question
h, whether Inelia shall or shall not de deemed and treated
se • ae integral portion of the British empire, and entitled,
9,s such, to a full and equal participation with other de-
p eedencits of the Crown in all the advantages which
te. eh a relation itnp,'ei. There may be reasons why
s participation shoeld be refused, in part or alto-
'•
tier—refuse.d now or always. What is proposed in
sea present notice of the subject is not, certainly, to
etie ounce on it in the spirit of a partisan, but to place
tee nee r7ts fairly before the public, to state the nature of
the da,.to advanced by ludia and those who represent its
tr,erette, tend to estimate the force of the objections
b ought age•inst its concession. The commerce of India
reference to' this inquiry, may be considered as sus-
liening three d.9t.nct relations, bringing her produce and
a, anutact urns ItIL ecesmpetition—first, with those of Great
le loth' at home; second. with those of Great Britain in
tine colonies ; end shied, with those of the West Indies,
• iienportatioa lute Ragland. Etch of these relations
thteerves to be 'separately considered. How far, under
seeet• of them, is India treated with a just impartielity
tis well known that the successful competition of
Lefteent.: has almost annti_ilated the manufactures of
I Joie, 3,:d that, large as was the agr:cultural popule-
I oof that eettntry before., it has necessarily become
mace larger by ebta change which has thus been effected.
- Ilthough in the teansition the suffering; of the people of
).ella have undoubtedly been great, yet we are not dis-
p.,ed on the whole to deny the advantages of the
(-lunge, even to them ; and the result was such as might
• been anticipated with certainty. Who could doubt
t...e consequence, when the capital, the skill, and the
reettincry of England were brought into competition
ssith .;he limited resources, the rude p.ocesses, and. the
7 eri:lV manual dexterity of the Indian pc,ople? If,
~.n, England on the sod of India has driven Indian
ne tau:at:curse almost out of the market, it is not to be
r-41,1)t.,;.;L: that ttee can feel any jealousy of them on her
t, nt sou ; but rather that, with the frankness and gene-
,' aay of a auccessfu: rival, she will spontaneously give
eee ie the English market ail the advantages which she
ith2s end obtains or takes for her own manuf.zetures in
Indiau market.
(From the Morning Advertiser.)
The subject of banking to to this country of vital,
I t,, of paramount importance. A Governmsnt has no
7e, ter duty than to see that the medium of exchange
aioseesteel by the people is easy, is eqeable, and is untlue-
t uutiee. Commerce mainly depends upon this, aeri-
t ulture still more, and manufactures most of all. Tile
toreing classes, too—the millions—who are ever and
a non deprived of:employment, or reduced in their wages,
Idle think that it is to money not being easy, not
ring equable, not being unfluctuating, that they owe
tette misery and destitution. This is " the hand of
thri nem; " that plunges them into the abysses of po-
reette—this is the power that at one time swells the
I echos politic, corporate, and commercial, into a
floated mass of mock prosperity, and at another collapses
teen' into a withered and shivering anatomic vivante.
'Vet, mighty as is the currency for good or for evil, and
:each us a sound kowledge of its principles is need-
. to Governments and representatives, it may be
oulned whether there is any subject so litttle known
ev understood. The people at large are almost iu
:-"leyptian darkness concerning it. Clever writers start
tinflicting, theories of a more or less impracticable cha-
t ecter. Senators, at one moment, listen to the eloquent
..ropes of a Canning mystifying it with glare, and at
eother to the more sober, but equally mistaken sen-
-, nees of a Peel, assaring them that his Bill to settle it
est uld only make a difference of four or five per cent.,
esteem alas' it made a difference of 33 per cent., and
read not settle it at all ! Truly upon this subject our
Solons were but geese, and S r Robert Peel, with sub-
saission, the greatest gander of them all. All the late
alissioa it Committee, select and composed of the wisest
enen in the House, has been sitting on banking, and re-
e,orted—that they cannot report. They have been
-taking evidence with closed doors, and the oracles of the
/different interest; have, from time to time, shaken their
profound heads as though there was something isa them
touching such evidence.
(From the Morning Herald.)
A.ceording to Lord Palmerston's journal, the best
mode of defending the country against the threatened
hostility of a rival power is to remain defenceless. It
is among the profound discoveries in political science
at Downing-street, in the nineteenth century, that a na-
tion must not think of assuming a " decent posture of
defence" until actually attacked, when it is more than
probable it may not be left any opportunity of defence
at all. Accustomed as we are to the grave and solemn
absurdities of the evening organ of the Ministry, we
;Sold it difficult to believe that some Tory wag has not
insinuated his pen into its columns, for the purpose of
pointing public ridicule against its patrons, by sub-
jecting their policy to the test of the pungent irony of
sarcastic commendation ; still, it is quite possible that
writer, regularly harnessed in the service of the " ju-
eeeile Whig," may be utterly unconscious that he is in-
:neeing in very cutting sarcasm upon his employer's
tecapecity, while heiouly means to be servilely encomi-
astic. It England were to place herself in a " decent
:posture of defence" against the threatened hostilities of
l?rance, it " might add to her irritation," says the Globe.
-Ile inference is obvious. It is the policy -of England
-,) remain defenseless, lest the irrita • Fr
ance
Might • of
night be increased by seeing Englandtioi
mature of defence," which the Pelmersto• an"jdoeucrennat
m ol I
tApliedly admits she is not at present. No doubt
she Secretary of State for Poreign Affairs has
made I
:into' great discoveries in political science, but this
cheep defence of nations," whick consists in making
ao preparations for defence lest the enemy should be
'irritated, beats all the rest.
(From the Morning Post.)
It will be seen, from the letter of our cot respondent
at Windsor, that M. Guizot arrived at the Castle yes-
eerday on a visit to her Majesty. We believe his Ex-
. eilency will remain there for two days. and that Baron
Bulow, the Prussian Minister, is expected to join the
Royal party this day, in order. to take leave of the
t,oeee, previously to quitting England on temporary
nietisence. Lord Palmerston does not depart from the
Palace tflll to-morrow. If chance have brought about
is
't
. it ehould be about to take place at the moment
'hen i
e the King of the Belgians is al so at Windsor.
Sovereign is reputed to be—with what truth we do
711 A profess to know—a most influential negotiator; and,
heseiett to the deep interest that he must have in the
entisteeance of tranquillity, political people have hopes ,
et tat some conciliatory arrangement may result from 1
the present conference. What measures may be
;',linpted it is quite impossible, in the complicated state
tel our relations, even to surmise ; but that pacific at-
itimpts will be made is the opinion in the best-informed
air Iles. It is generally thought that these endeavours
originate with King Leopold, because, in the event
, 'a war, his sovereignty must cease to exist the moment I
• p belligerent forces shall commence their march. Neu- !
e „diet, would he out of the question ; and the only 1
twice left to his Belgian Majesty would be between his
e ber•ht-ew en the one side, and on the other his

niece and all the great Powers of Europe. In the first
supposition the acquisition of the Rhine as a frontier
mould be more inviting to the French than the theory
of Belgian independence ; in the second, little of for-
bearance could be expected from the vanguard of the
great European confederacy—the forces of the King of
the Netherlands. It is quite clear that the general state
of political affairs renders it imperative that in time
should be lost if we are to preserve peace.

MONEY MARKET and CITY NEWS.

(TUESDAY EVENING.)
C HR ON ICL E.—We yesterday entered somewhat fully
into an explanation of the rise and progress of the specula-
tion for a fall in the shares of the Bank of the United
States, and of the causes which had made the scheme suc-
cesaful. The operation must now be well understood on
this side, and we learn that no shares have been offered
here under 151., so that the American jobbers are likely to
be disappointed in their calculations that the next return of
advices would bring them out a serious reduction in our
prices. On reference to the debates in Congress, it will
be observed that the Secretary of the Treasury was com-
pelled ultimately to acknowledge that the demands upon
the public chest would render a further aid necessary of
$4,500,000, besides the five millions already granted ; and
that, in order to get rid of the dilemma, the President was
authorised, as we stated yesterday, to suspend the appro-
priations—in other words, the unconstitutional power was
given him to lay hands upon those portions of the public
money which had been specially applied to the execution
of public works. It will be also observed, that the sup-
porters of the administration party asserted that one cause
of the deficiency of revenue would be a failure on the part
of the Bank of the United States to pay up in September
the $2,000,000 still remaining due by that institution as
the price of their charter. But what was the faet ? At
the very moment when this attack upon the Bank was
publicly made in Congress by the Government organs,
$400,000 of the amount had been actually paid. Since
that period another $lOO,OOO have been paid, and arrange-
ments made for advancing another $BOO,OOO, to be applied
for the war department in the far West, leaving only
$700,000 of the whole debt outstanding, no part of which
is due until the last day of September. We have been no
apologists for the conduct of the Bank of the United
States in regard to its extravagant credit and over-trading
system, but since the month of September last the Di-
rectors appear to have been acting on a prudent system,
retrenching expenditure, realising assets, and strengthen-
ing the position of the institution by taking up their
floating engagements, and meeting every demand with
punctuality.

TIM E S.—Two letters have been received from holders
of Peninsula securities, both to the effect that the borrow-
ing nations themselves, by vitiating their own credit, are
sufferers in the long run. One suggests the blockade of
Cadiz, or an occupation of the Havannah, till the divi •
dends are regularly ptid on Spanish bonds ; the other
holds up the conduct of the Dutch in Elizabeth's time, in
pledging certain towns as a security for a debt due to the
Enlisb, as worthy of imitation. By an expression in one
of them, that " it is quite preposterous for any govern-
ment to be spending money to cancel bonds, when they
cannot pay the interest," it seems that the old error of
supposing that the Portuguese Government actually
expended money in the late operation of cancel-
' ling is not quite removed. That operation was to
raise, not to disburse, money, and proved a want, m t
a possession of funds. The existing stock was taken
par in payment of two-thirds of the new 5 per m nt.
bonds, and the rest was to be paid in cash. The indigne-
non which was shown by many of the bondholders at this
operation is somewhat unaccountable, when it is considered
that according to an explanation which has been given it
perfectly depended on themselves whether they would take
the new bonds on such terms as were offered or not, and
:hat their former position was not in the slightest degree
sheeted. An inadequate offer to settle the claims of
public creditors brought forward in a manner which
shown that compliance is expected, may justly excite
public indignation, but a mere limited operation, which
every bondholder may notice or not just as be pleases,
and which he is not comprised by not regarding,
seems hardly a subject for raising such a feeling. At
the same time all the bondholders were placed on
the same footing ; there was no preference shown
•0 any individual or institution, whether native or foreign,
but all could apply immediately to the agents of the Por-
:ug,uese Government. It is also urged by some familiar
with the subject, that if the Portuguese Government had
intended any act of flagrant dishonesty, they would hardly
have published their own infamy to the world in the shape
of an advertLement, when they might just as easily have
cancelled the bonds quietly, or even gone further and
is,e.ted them anew. In the discussions on this matter, as is
'on commonly the case, two different stil j-cts have been
mixed up—namely, the delinquency of the Portuguese
in not pay ir-g their dividends, on which too much indig.
nation cannot be vented, and we perfectly concur with
verything that has been said on that subject. It should
be observed, that the cause of the bondholders them-
selves may he damaged by thus directing the attack to
a wrong object.

HERALD.—The Chronicle this morning takes up tile
cause of the unprincipled Government of Pottuga', in ref,.
ronce. to late transactions in the scandalous cancelling of
hoods bought up at the present vile prices, the money fur
which Wll2 advanced to that Government formerly at high
rates. as formerly adverted to. There are reasons shy
from a sense of gratitude some of the parties reputed to be
connected with that journal, and those engaged with the
City department are not here alluded to, should rather
fuel inclined to do a good turn b) their old friends, and
having known something of Portuguese Bonds in their
better and more profitable days, resolve chivalrously not
to abandon the Government, once a giver of good things
,2ccasionally, in its adversity. Th© feeling would be com-
mendable if the object were more worthy ; and upon stock.
jobbing principles it may be in any case for anything we
know or care. It is however generally well to let people
tell their own tale, upon the well accepted understanding
that, give a rogue rope enough and he will be sure to hang
himself at last; let us see therefore how Portugal fares in
the vindication thus attempted :

" A mixed operation, entered into last year by the Mi-
nister of Finance, for the purpose of providing for the
current expenditure of the State, and by which a sum of
about 400,0001. was raised for the public service, has been
the cause of exposing the Government of Portugal to se-
vere animadversi-Jns on the part of some of our contempo-
raries. As we understand the transaction in question, it
appears that the Cortes decreed for a loan of about 2,000
contos, to be raised in local stock, in order to provide the
means necessary to carry on the business of the country;
and on the motion of some member of the Chamber of
Deputies it was ultimately decided that the transaction
should be extended so as to adroit bonds of the foreign
debt to be received in part pament ; the result being that
tender: were allowed to be received for sums so low
as 100/., to be p..id by 33 per cent. in cash, and G 6
per cent. in any document of public debt contracted since
the restoration. The loan was publicly advertised and
contracted for, the result being, that for every 3001.
bond of the stock issued under that loan, the Govern-
ment would receive 2001. in Three per Cent. Stock at par,
and 100/. in money. The fault found seems to be, that
the contractors for the loan would be enabled to buy up
the obligations of the Government at a low price, from the
necessity of the bondholders, and that the Portuguese
Treasury would thus reap the benefit of its own bad credit.
It is plain enough, however, that the advantage to be de-
rived must be mainly in the hands of the contractors, be-
cause the Government of Portugal take all the Stock sent
into the Treasury at par."
The italics arc ours. The ingenuity of this explanation
consists in this that, although it explains nothing, it is
replete with blunders, or mystification. The loan is said
to have been publicly advertised—but where ? Not, how-
, ever, that that is the most suspicious or fradulent part of
the case. Again, a loan of .100,000/. was to be raised for
the " public service," by this " mixed operation," of re-
ceiving two-thirds in old bonds and one-third in cash.
But according to this calculation or plan for raising the
wind, the Government would, upon the accountof 110,000/.
of bonds so received and cancelled, get proportionally
only 55,0001. cash, instead of the 400,0001. wanted. To
be sure there was a former cancellation, which may have
been a part of the same operation, and the amount of
which is not exactly before us at the moment, but which if
we remember rightly was not so large as the present or
last performance at the Bank of England. It is said that
" 33 per cent. in cash and 6G per cent. in any document
of public debt contracted since the restoration," were the
terms for every new 1(•0/. bend; this would be singular as
placing the 5 and 3 per cent. old bonds on the same level.
But then comes the stale and scandalous pretence that the
Government gains nothing by this infamous transaction,
because it " takes all the stock sent into the Treasury at
par," and that all the " advantage" therefore remains with
the " cont7actors" of the loan, who buy up the bonds at
about 13 without coupons, which are sent in it is said at
the rate of 66. Is there any one sane man who credits
the filthy falsehood? But, were it even so, to the bond-
holders it must be the same thing whether the contractors
or the Government gain the immediate " advantage."
The " public advertisements" asserted have yet to be
explained, and where they took place. However for the
present the disgusting subject need be pursued no farther,
as the investigations now on foot will probably result in
more complete disclosures.

vocecusrpreadnisaht
the Stock Exchange in connexion
e
waffitahirthhas
vile
bubble. It seems that a Mr. HenryH
The stoc
The commission was forthwith execute .was
to to make a purchase of 20,0001. of Wheeler was appliedof
dActives for m
oiev.
delivered yesterday, and a crossed cheek of 5,000/. taken
in payment for it, wh:ch was of course passed, as crossed
checks usually are, through the clearing-house. It was,
however, not paid, nor was the drawer known to the
bankers upon whom it was drawn. As little does he ap-
pear to have been known to Mr. Wneeler. It is stated
that he was introduced to him by a well-known official
assignee, but this, we understand, is not admitted. The
' business has evidently been conducted with culpable
looseness. It is even reported that the name of Mr.
Wheeler's principal is unknown to him, and that the sig-
nature subscribed to the check is perfectly illegible.
Such is the outline of the case as L has been communi-
cated to us. Some particulars may probably transpire
to-morrow.
\lr. Wheeler was deelarei a defaul'er in the course of
themorning.

We have not spae3 in our
ipresent number for all the
i we I..en forwarded to us
1 painful communications that
by the victims of those twint;:e;trcris in iniquity, Portugal
ofr;,g-aneglected claims ;
and Spain, on the su'ject of
portion Of them.
but we must at, any rate find room
Our correspontNnts tell their tale witthLa simplicity cf lan.
heicteti veracityieffect ofof
guage that defies all suspicion of
their statements, and we will not dimins‘iti
them by any observations of our own.
selves with the bare expression (,f a hope
tend to open the eyes of the Governments of the twyomiay
tions in question to a sense d the utter heartlessness of
heir conduct towards their foreign creditors, end that they
may operate as a caution to Whets not to allow themselves,
that they
our.

by the representations or interested and over sanguine
persons, to be drawn into similar snares:—

" TO TIIE EDITOR OF THE MORNING POST.

" Sir,—l have read with real interest your caution and
your just remarks upon the infamous conduct of the Por-
tuguese Government in advertising from time to time their
intention of paying the interest on their debt to their
foreign creditors, and then not fulfilling theirengagements ;
but, when the time arrived for payment, just issuing ano-
ther false circular to impose upon the public. Your ex-
posure of the late transaction, whereby they showed their
ability to pay the interest, more than their honesty, by pur-
chasing the bonds in the market at their present reduced
value, will be marked by the approbation of all honest
minds. You will, therefore, have the satisfaction of
knowing how much public opinion justifies your remarks ;
and, as it would be dishonourable for that Government to
go on any longer in such a low course of proceeding, I
have thought it proper to enclose a copy of what I have
written to Baron Moncorvo, the Portuguese Ambassador,
on the subject.
" Leamington, Aug. 14, 1840."

SUN.—We had a firm market to-day for the English
securities, chiefly in consequence of the pacific news
from Paris, and partly on account of the settlement in
Shares and Foreign Bonds having been terminated.
Consols realized 90 to 4 for money, and 90i. to 90i
for the 27th instant. Exchequer Bills left off at 245.
premium ; Bank Stock at 168 ; and the reduced Three-
and-a-Half per Cents, at 994.
A member of the Stock Exchange was declared a
defaulter to-day, in consequence of a fraud committed
upon him by a party for whom he had purchased
Spanish Bonds, and who gave a fictitious check for the
amount, viz. 5,000/. The matter is under investigation
by the Committee.
The transactions in the Foreign Market were so re-
stricted as to be of a most uninteresting character, pro-
bably owing in part to the prevalent excitement on
the subject of the above-mentioned fraud, and to the
heavy nature of the account just closed, and during
which Spanish Stock has fluctuated 21, and Portu-
guese 3i per cent. The intelligence from Madrid o;
the formation of a new Ministry, which, from the dis-
cordant elements it is composed of, seems likely to be
neither vigorous nor long-lived, has had no effect on
the value of the Active Stock, which, on the contrary,
has participated in the slight improvement which has
occurred in the other Foreign Bonds to-day, par sym-
pathie, with our own Funds. The extreme prices were
25i and 251 for immediate transfer, and 25/ to 251,
for the 31st instant. Portuguese New Stock was also
a trifle higher, viz. 34 to 83.1 ; and the Three per
Cents. were steady at 221. Chilian Stock was at 43
to 45 ; and Mexican Six per Cents. rallied to 29.
Belgian Bonds declined to-day from 103 to 102 ; and
Dutch Two-and-a-Half per Cents. rose from 51i
to 51-5-.
There was a partial revival of business in the Share
Market this afternoon, and a trifling improvement in
prices. Great Western Shares were 25 ; New, 93- ;
Hull and Selby, 84; London and Birmingham, 78 ;
and South-Western, 18-„1,- prem. ; Birmingham and
Gloucester were 61 ; Bristol and Exeter, 221 ; East-
ern Counties, 91 ; Brighton, 91 ; and Greenwich, 12
discount. Colonial Bank shares were at 12 prem.
The following is the official return of the exports of
the precious metals from the port of London, in the
week ending Thursday last :
Silver Bars, Calcutta
Rotterdam .....
Hamburgh
Silver Coin, Ditto
Gibraltar