The Sun.
London, England, 1847-12-04 00:00:00

the reproach of having legislated with undue prec

pitation. The Act whose temporary suspension
involved its utter condemnation—the Act that occa-
sioned such wide-spread ruin: and universal dis-
tress, is still to be continued, without the
slightest modification, pending the investigation.
The numerous advantages which (despite the
condition of an exorbitant rate of interest with
which it was coupled) attended its relaxation,
advantages which are acknowledged on every side,
are apparently forgotten, and a power is not even to
be conceded to the Government again to interfere in
the event of a recurrence of the panic.
We should have thought with Sir R. PEEL, that
inquiry on the subject of currency and Bank issue
had been exhausted. We find, according to the
statement of the Right Hon. Baronet, that five
Committees had been appointed in 1836, 1837, 1838,
1840, and 1841, that the closest investigation had
taken place, and upwards of 14,000 questions had
been asked of persons supposed to be most competent,
and upwards of 14,000 answers returned
and that there was no practical result, and
yet we are again to have every description of
legislation delayed until a new Committee shall
come to a decision, not only on the much-contro-
verted questions submitted to their predecessors, but
also on the many other topics which legitimately fall
within the scope of their inquiries. The Protec-
tionists insist that free trade has been one of the chief
causes of the national calamity. If there are any
Protectionist Members on the Committee, of course
there must be an investigation into that important
subject, which we had hoped had been finally settled
by the wisdom of the Legislature. Another class
of politicians assign the expenditure which has
taken place in the creation of railways, as the mon-
ster grievance that
.has crippled the resources of the
country, and led to the fearful depreciation of pro-
perty we have so recently witnessed, and which,
unfortunately, still exists. We believe both opinions
to be equally unfounded, but still much time must
necessarily be consumed in the inquiry. The
general question of taxation must also be taken into
the consideration of the Committee. The taxes that
unduly press upon industry, impede production, and
are injurious to our commercial relations with
other lands have had no trifling share in
occasioning the mischief. It has been an-
nounced that it is not the intention of Govern-
ment to institute any inquiry into the nature
of these taxes, or as to the propriety of altering,
reducing, or abolishing any of them ; and, conse-
quently, so important a, topic cannot possibly be
excluded. Many other questions will also be sug-
gested on which it is needless to expatiate, as sufficient
has been adduced to show the interminable nature of
the proceedings that must inevitably take place, and
the absurdity of waiting for the report of that Com-
mittee before any measure is to be submitted to the
House.

Sir R. PEEL was certainly more candid in admit-
ting the failure of the Act of 1844 than the Chancellor
of the Exchequer, whose faith in its excellence ap-
pears to be wholly unshaken, and who asserts that

it is to its operation we owe the preservation of the
national credit., The ex-Premier does not deny " that
one of the objects contemplated by the Act was the
prevention of the convulsions that had heretofore
occurred in consequence of the neglect of the Bank of
England to take early precautions against the issue
of its treasure," and he acknowledges that he is bound
to say, " that in that object with respect to the Bill
he has been disappointed." He says, "I am bound
to admit that the object of the Bill was to im-
press a legal and moral obligation upon the
Bank to prevent the necessity of stringent
measures by taking timely precautions, and that
therefore that object was not carried out, otherwise
the pressure would not have been so great." He
therefore cannot say " that the measure was Exclusively
in fault." Was it not, however, loudly proclaimed
that it would prevent the possibility of those errors of
judgment on the part of the directors, to which
former evils were ascribed, in place of imputing them
to their real source, the fountain and origin of all our
difficulties—the Act of 18ltle

Accounts from Switzerland state th=at the Diet had
deferred the consideration of the note of the King of
Paussta. to the 30th ult., but that on the 29th orders
had been given for the troops to march on Neufchatel,
any attempt on which would be conside=red by Prussia
as a casus Belli.

We have received the Paris papers of Thursday.
Sir STRATFORD CANNING had a long conference
with M. Guicyr on the previous day.
The Prince DE JOINVILL4 had returAed to Toulon,
and, disgusted with the conduct of the Government
in the affairs of Italy, had resigned th.c command of
the fleet. Indisposition is, however, alleged as the
cause of his resignation.

The following diplomatic appointmmts are an-
nounced by the Constitutionnel :—M. ISCATORY to
Madrid; M. DE BARANTE from St. Beterburgh to
Naples; the Marquis DE DALMATIE, san of Marshal
SOULT, from Berlin to St. Petersbur gh ; M. DE
BUSSIERES from the Hague to Bert in ; M. Ds
GLUCKSBERG to Lisbon ; and M. DR BACOUR to
Turin.

Two Madrid mails were due in Par'is on Thursday.
The Three per Cents. closed on tl' ie Paris Bourse,
on Thursday, at 77f. 20c. ; New L 76f. 90c.;
the Five per Cents., 116 f. 90c. ; th e Orleans Rail-
road Shares, 1,217 f. 50c. ; Rouen,. 915 f.; Havre,
500 f.; Great Northern, 567 f. .50c.; Avignon, 572 f.
Tourss.Botjs.ix
Spanishasn d,
50c. ; Vierzon, 560 f.; Bordeaux, 493 f. 75c.; Boulogne,
385 E ; Basle, 170 f.; Paris and Stras b urg, 422 f. 50e. ;
Nantes,
Three 4poesr f
C.
;enPtsa.,r2is9.,,ff Id Lyons, 422 f.
ipotiNE IN FOREIGN RAID (MAYS AT THE
Boulogne and°ll STOCK EXCHANG E, DEc. 3.
and Vicirzon), 16—
"liTia, 1514--Central of France (Orleans
France, 12 5, ii —Paris' %and' rL
and Liege, s%—Northorn of 7—Tour4 and Nantu, 4%.....2Tni. 61A-9 ambra and Meuse,
ri sst Flandsa •, 14.

y ...N D...1' he I: 11.
72-k 1.----th instantUondon. .
I hasßbceNeNn appointed fl7-------or'N.tom------1 of this cause
iCourt of Queen's Bench, GuiU'at the
jury was nominated on Thursday
plaintiff: Sir F. Kelly, Mr. c0Y,11,3' 1 'ln the partspofeetV
i
Cat, will conduct the plaintiff's caseL• 1.1
' ' An
_d fri r ' Prese-
General, Sir F. Thesiger, and Mr. l'
for the defendant. The action, it w
it V.,lail will tipp
It
a, n.... cue t.,..ttorrkey-
i he damages had
ear
is to recover compensation for an all .eg ed brreemacellaniC7r.ed;
engagement ; and in the declaratir,t,
been laid at 10,0004
Dispatches were sent off yesterWA y evening from
the Colonial-office for the Governor 0)f Canada; and
also for the Governors of the other iSrorth American
provinces,