The Sun.
London, England, 1841-01-09 00:00:00

TfiE SUN, LONDON, SATURDAY, JhNUARV 9. !SOU.

doors. Were they to do so, they could, this Session,
carry any one point on which they were thus
agreed. On the question of the suffrage, opinions
vary greatly, and we have not yet enough consolidated
strength on any particular plan of extension. On
the Ballot we come nearer, and perhaps could unite ;
but on the repeal of the Corn-laws there is a far
greater feeling than on any other question. The peti-
tioners last Session were a million and a half, a num-
ber as large as on all other subjects put together. The
duty of Liberals is to join with us for repeal; and it
they refuse we shall, at all hazards, do the best we
can for ourselves. If the Whigs are thus forced to
go out, then, in opposition, they will perhaps be induced
to unite with us, in order to get back again ; and if so,
they would be sure to get back.
The Walsall election, then, combined with the
conduct of the League, will give a serious blow to
the Ministers by the election of Mr. GLADSTONE,
or compel them to make the repeal of the Corn-
laws a Cabinet question. Their fate, perhaps even
the fate of the two great parties, and the very exist-
ence of the aristocracy, hangs on the issue. Of
this we are well assured, that the League, which has
hitherto stood aloof from all political parties, will
exert all its influence, regardless of all political con-
sequences, to secure the return of Members pledged
to the total and immediate repeal of the Corn-laws
by all the towns interested in that question. Both
the members of the League and its opponents agree
that such a course will break up the Government,
unless the Ministers were to resolve, which we think
would be a wise policy, to propose some alteration
in the Corn-laws. To carry on the Government and
maintain those laws for a much longer period, is
beyond the power of any Ministers, and the Whigs
may as well have the merit and the benefit of pro-
posing to abolish them as Sir ROBERT PEEL.
Whoever does propose it, though at first resisted by
some of the landlords, will in the end be sure to suc.
ceed. Notwithstanding what is written in the Tory
prints, the author of the abolition would gain
immortal honour, and we should much rather see
that earned by the Whigs than the Tories.
There is a doubt amongst those who are friendly
to an alteration, whether the League is not wrong
in stickling for total and immediate abolition. But
no other course would satisfy the justice of their
cause, and we will undertake to show, whenever our
adversaries propose to surrender on conditions, that
unconditional submission will be most advantageous
for them, and most expedient for the nation. It
will be time enough, however, to enter on that sub-
ject when some measure to modify the present law
is proposed. We shall only now express our grati-
fication at the language used by a Member of the
League in reference to the union of Reformers. To
seek one thing at a time is wise ; and no measure
is so important as the Repeal of the Corn-law. The
dreadful breach which that law has made in our
constitution will never be stopped by such successes
as those at Acre and Chusan, glorious though they
be, nor by a thousand victories. The safety of the
State requires that the people be allowed to pro-
cure themselves food.

We are a little surprised at the discontent shown
by some Tory journals at the; result of the expedi-
tion under Admiral ELLIOT. When the diffe-
rence between China and England became known,
a large party, both in Parliament and out of Parlia-
ment, deprecated the war, and exclaimed loudly
against the cruelty of sending troops and ships
against the peaceful Chinese. It was then gene•
rally understood and agreed on—it was so stated in
Parliament—that the expedition was only sent to
obtain satisfaction and redress. The idea of seiz-
ing territory or devastating the sea coast, was re-
pudiated as unjust and impolitic. The expedi-
tion was only to use force to obtain redress, and if
that could be obtained without firing a shot, not
one was to be fired.

The expedition no sooner made its appearance
off the mouth of /the Peiho, and a steam-shi p
crossed the bar of that river, demonstrating to 'she
Chinese that the heart of their country, even Pekin
itself, was open to our arms, than the head of the
Celestial empire hastened to proffer us the satisfac-
tion we demanded. That seems all that we 'wish
all that the best and wisest statesmen contemplated
or proposed. No sooner, however, does the news
of that eminent, and by most people unlooked-for,
success reach London, than some of the Tories,
who deprecated sending out an expedition at all, and
foretold nothing but disasters, became all of a sud-
den amazingly warlike—scream out against the Ad-
miral and the Government for not having, as it
were, dictated terms to the EMPEROR in his ca-
pital. They would have Admiral ELLIOT, like
another CORTES, thread his way to Pekin, and
make himself master of the EMPEROR and the em-
pire. This is quite contrary to the wish of the
public, and the declared intention of the Govern-
ment.

We are not yet correctly informed of the terms
which Admiral ELLioT has accepted, but we are
quite sure that they are consistent with the great
principle avowed at the outset, of obtaining redress
for our injaries at the least possible expense or mis-
chief to the Chinese. Chusan is not given up, and
will not be given up, till the satisfaction is con►-
plete. If any attempt be made to evade the pledges
given by the EmpEaoa, as some of our Conten►-
poraries suppose will be the case, England will then
have a strong corroboration of the propriety of her
conduct, and be completely justified in the eyes of
all nations for compelling by war the Chinese Go-
vernment to redeem its pledges.

A gentleman named STRACHAN, has just pub-
lished a pamphlet in Paris, on the Oriental
question, and the Balance of Power, of which he
has obligingly sent us a copy. Mr. STRACH AN'S
name does not figure among the host of pamph-
leteers who undertook to advise the Great Powers
how to act when it was known that they had
signed the Treaty of July ; but any injury which
Europe has sustained from his modest silence is
atoned for by the startling boldness and originality
of the counsel which he now tenders. The settle-
ment of the Syrian question he regards as
a mere preliminary to the proper business of
the Allies, which is to portion out among
themselves Turkey, Egypt, and Greece, and send
the SULTAN, King OTHO, and MEHEMET A LI,
to seek sovereignties in the realms of PLUTO. Air.
STRACHAN, pitying the Emperor NICHOLAS'
hitherto vain longings for a residence on the shores
of the Bosphorus, would make a preset': to the
CZAR of Constantinople, with all that now consti-
tutes the immediate dominion of the SULTAN. To
put France in good humour, he would send OTIIO
packing, bag and baggage, out of Greece, making
a present of that classic region to Louts PHILIPPE;
leaving England to appropriate undisturbed Egypt,
Candia, and a convenient slice of Syria. Fot
Austria and Prussia be has nothing left, and there-
fore he prudently says nothing about them. He
naturally supposes that, like good Christian
States as they are, they would be but too happy at
witnessing the growing prosperity of their neigh-
bours. Our readers may suppose that Mr.
STRACHAN is a bit of a humourist, and only cracks
a political joke to amuse the mob of Paris. They
are mistaken, Mr. STRACHAN is as serious as a
judge in the act of putting on the black cap. lie is
troubled with no qualms of conscience, and makes
no more of marching off with a kingdom than one of
the Parisian chevaliers dindustrie would easing an
imufbpraaniecse of
thatamw.aTtru!hiEornsa
snuff-box. n"
It of the
h
is not in office to reward by some public employ-
mentte inucsau
so congenial a spirit as Mr. STRACHA N.
a thousand

We received last night the Dutch Mail, wit
news from the Hague, Amsterdam, Hanover, an

St. Petersburgh. It appears from a letter, dated
Hanover, December 31, that the KING has been
indisposed for some days, and was unable to leave
his bed. The Crown Prince still continued unwell,
but his illness was not considered dangerous, as
had been stated in some papers. His physicians,
however, had recommended hrm to be careful of his
health, and not to expose himself to the ait until the
return of mild weather. The St. Petersburgh Jour-
nal publishes an Imperial rescript, conferring on
Admiral STOPFORD the Order of St. George of
the second class, and at the same time making the
Austrian Admiral BANDEI RA, and Captain-Com-
modore NAPIER, Knights of St. George of the
third class.

The Madrid Papers received are of the 30. h
ult. Most of the Journals were mad for a war
with Portugal. It was confidently believed, how-
ever, that the question in dispute—the Navigation
of the Douro, would be amicably settled by Eng-
land. The following decree relative to the titles
of the foreign debt, signed by the Minister of
Finance, appeared in the Madrid Gazelle of the

" Art. 1. From this day is revoked the temporary
measure of the Royal Ordinance of the 12th January,
1834, admitting the transferable inscriptions of debt in
the Four and Five per Cents. to be converted into titles
to the bearer of the same classes, the circumstance
foreseen for the cessation of its effects having arrived.

" Art. 2. The clauses of the 16th article of the 6th
December, 1824, are maintained ; Ist, for the conver-
sion of titles to the bearer in nominative inscriptiOn
payable at Madrid ; 2d, for the exchange of titles
existing abroad far titles existing at Madrid. Necessary
documents, the coupons of which bear the date of lEt
May and Ist November, are to be prepared immediately.
These new documents are to bear the day of the date
of delivery in exchange for the coupons, without any
alteration of the dates of Ist May and Ist November.
(Signed) " GAMBOA.
" Madrid, Dec. 27, 1840."

The French Journals of Wednesday have been
received, but their contents are of little political or
commercial interest. More snow had fallen in
Paris on Tuesday night and Wednesday morning,
than had been witnessed since the winter of 1814.
Nearly all the Southern mails were in arrear, so
that no news was received from the provinces. The
fortifications of Paris arc to be continued without
further delay or interruption. Strange as it nay
appear, the Commerce is the only journal which
has the judgment and the honesty to proclaim these
works are desigi.ed to bridle the disaffection of the
Parisian Liberals, not to protect the capital of
France from what it is never again likely to experi-
ence, the invasion of a foreign enemy. As to the
inconsistency of providing against the occupation of
Paris by a victorious foreign enemy at the very
moment when the French Journals are threatening
all Europe with the yoke of France, it appears to
have escaped every publicist in France.
In the Chamber of Peers on Tuesday, M.
GuizoT contrAicted the statement that King
Louis PHILIPPE, when Duke of Orleans, had
protested against the abolition of the Salique
Law in Spain by FERDINAND the Seventh. The
question in no way concerned the Duke, and
though he might entertain a strong opinion upon the
subject, he did not express it.
A rumour prevailed on the Paris Bourse on
Tuesday evening that a courier had arrived that
morning from Madrid, which he left on the 31st
ult., with despatches stating that ESPARTERO had
resigned the Regency, and that an insurrection had
taken place in the Spanish capital, which obliged
him to fly for his life. We do not credit one word
of this rumour. The despatches of which the
Spanish courier was the bearer had reference to the
settlement of the navigation of the Douro question
through the friendly mediation of Great Britain,
whose proffered good offices were frankly accepted
as soon as tendered by the Cabinets of Madrid and
Lisbon. We suspect the story of the insurrection
to be one of those stockjobbing inventions so shame-
fully prevalent in Paris.

The Journal des Debuts has a clever business-
like article on the commercial interest of the differ-
ent European Powers in the settlement of the East-
ern question. According to the Debats political in-
fluence in Egypt can be useful to no Power not
having immense possessions in India. Now France
having but about forty-three millions of francs em-
ployed in trade beyond the Cape of Good Hope,
which is not greater than the value of her trade with
Turkey alone, has very little interest in sacrificing
her wealth to maintain a political domination in
Egypt. Arguing on these data the Debals proves
that influence in Egypt is an hundred thousand
times more necessary to England than to France.
It is admitted to be one of time great objects of
M. GroT's policy to substitute a new Treats,' for
the settlement of the Eastern question for the
Treaty of July. The Emperor of RUSSIA, think-
ing, no doubt, the quarrel a very pretty affair as it
stands, refuses to make any modification in the
Treaty to please France. Lord PALMERSTON
said nothing—so at least say the German and
French papers. But it is not such a peaceful
victory as M. GUIZOT seeks to achi'mve, that will
satisfy press. On the contrary the
journals the n
slauFneh
triencliorus against any and every Treaty
intended to restore harmony among the Great
Powers. They will have war or nothing. ally
blood can wash out the stain which the national
honour has received, in not being allowed to dic-
tate to all Europe. But we have happily discovered
that the Journals neither represent the opinions of
the French Count, the French Legislature, nor time
majority of the French people. As for the Treaty
of July, France having admitted the justice of the
principle it embodies, we see no reason for refusing
to substitute another for it, if such a concession
will put France in a good humour with her neigh-
hours. Some concession is certainly due to M.
GUIZOT and his colleagues for the firmness dis-
played by them under the most
_trying circum-
stances in which statesmen could be placed. The
KING, too, has established claims to the gratitude
of every friend of peace ; and if such gratitude can
be manifested by the abandonment of a Treaty
which is fast dying a natural death, in Heaven's
name let the required concession be made with a
good grace, and
further armaments.
thus save Europe the expense of

The Emperor Nicholas has conferred the order of
St. George of the second class on Admiral Stopford.
The Monileur publishes a letter dated Corunna, the
19th ult., containing some particulars of the loss of the
Clyde, British steamer, by fire, on her passage from
Newcastle to Gibraltar. She was brought into Corunna
still burning ; but her Captain, for some unaccountable
reason, refused the aid offered him,
and the vessel would
consequently be totally consumed. Fortunately no lives
were lost.
The St. Petersburgh Journals of the 94th tilt. pub-
lish the imperial ukase of the sth, which authorized
the Minister of Finance to conclude a new loan at
4 per cent, with the firm of Hope and Co., of Amster-
(lain. The Commercial Gazette of St. Petersburgh
contains the following official article
The Minister of Finance has heard that ill-inten-
tioned persons had spread a report that the customs
tariff was about to under o important modifications to
the prejudice of nationalg industry. We accordingly
inform the manufacturers that these reports are without
the least foundation."
The Augsburgli Gazette states that Don Miguel was
on the point of renouncing his pretensions to the Throne
of Portugal. He would continue to reside in Rome
with the title of Majest and Prince of Braganza, and
would enjoy a portion of the revenues of the property
he possesses in Portugal.
Letters from Vienna of the °Sal ult. state ant orders
had been sent to the Austrian naval forces on the coast
of Syria to winter in the harbours, of the Adriatic.
Queen Christina arrived at Rome on the 9.4 th ult.,
and alighted at the ernv, Hotel d S •
Spain.
The Temps mentions," on unquestionable authority,"
the Square of

that Mehemet Ali intended to abdicate, tinil ribAl
in favour of his son Ibrahim.

CIIANIBER OF DEPUTIES —Sur.TtNo OF JAN. 4.
The Chair was taken by the President at half-past
one o'clock.
Marshal SAnstiani took his seat on his re-election,
and Admiral Lalande on his election.
The Order of the Day was the discussion on the
Bill for Abandoned Royal Roads.
The Chamber proceeded at once to the articles of the
Bill.
Art. 1, declaring that these roads might, with the
consent of the Councils General of Departments and
the Municipal Councils of the Communes interested in
them, be classed by Royal ordinance either among the
departmental or vicinial roads, was put to the vote and
adopted.
Art. 2. par. 1, placing the roads which were not
practicable under the control of the Administration of
Domains, was also adopted.
Par. 2, declaring that they might become the pro-
perty of the nearest landowner, upon a fair valuation,
produced some discussion and two or three motions for
amendment. It was eventually referred again to the
Committee on the Bill for modification.
A discussion of little public interest then ensued on
the Bill for the Sale of Land and House Property
under legal judgment.
Several of the articles were adopted, and the Cham
ber then adjourned the discussion at a Quarter past
Five.
BOURSE —PARIS, WEDNCSDAY, JAN. 6.
Pleat Highest Lowest Last
Price Price. Pricy Price
efe“ch 5 per Cents l-I I 1 1 1 9n 80 ... 111 80
4 per Cents 99 9,4 99 90 ... 9 i 90 119 90
3 per Cents 77 3.5 .. 77 35 77 '2O ... 77 35
of r'rance
! httitte hank I.ooot. SO lll3O ...1100 ...1025
kelgian Bank
51-er Cent.
3 per Cents 6B 80 ... es 80 ... 68 80 ... 68 1-0
New Loan
v.ipsh Active Y5l,i ... 25)4 24N 243 t
Passive 6 ... 6 ... 6 6
Portimicse 3 per Cents 21% ... 21% ... 21% 211 x
Neapolitan lOl 101 101
!iontan 99% ... ... 99% 99%
I'AILWAY SHARES.
St Gemini',
Versailler.R. 11 405 405 ... 405 4.
L.B. ..... ...... 3113 75 ... 307 50 ... 303 75 3117 50
Orleans ..
S-rastairg to Bale 246 25 ... 247 50 ... 43 25 .. 2)7 50

MONEY and COMMERCIAL NEWS

CITY, FRIDAY EVENING.

A slight alteration took place in the Foreign Ex-
changes this afternoon, the rate for Bills on Hamburgh
having declined at first to 13 64, though subsequently it
rallied to 13 71. On Frankfort it improved a shade, viz.
to 1484 to 4, but on Trieste it fell from 10 25 and 35 to
10 04 and 10 14. Paris was the same, viz. 25f. 525 c. to
574 c. ; Amsterdam 12 24 to 1, and Antwerp 12 24.
The English Funds have been.steady to-day, and money
was rather easier out of doors. Consols fur present de-
livery ranged from 891 to 894, and for the Account from
894 to t. The latest bargains in• each were at 894 to.
Exchequer Bills advanced to 9 and 13 prem., and India
Bonds to 5 8 discount. Bank Stock was 1 to 14 per
cent. higher, viz. 164 to 1634, and East India Stock rose
from 242 and 2434 to 244. The Reduced Three per
Cent. Annuities were up to 894 and 904, the Three-and-
a. Half per Cents. 984 to 984, the New Three-and-a-Half
per Cents. to 974 and 984, the Old Three-and-a- Half
per Cents. to 984, and the Lung Annuities 13 1.16 to 4.
But a limited business has been done in the Foreign
Stocks to. day, and any fluctuations that have taken Waco,
were the result of previous operations.
The Active Spanish bonds ruled about previous rates
to-day, 244 to 241 for money, and 248 to 244 for the
account. Portuguese New Five per Cents. touched 32
and 321, but at this advance there were scarcely any bar-
gains effected. Colombian Stock of 1824 was a little
better, viz., 24 to 234, and Mexican of 1837 was marked
29 to 284. Russian Bunds got up to 113 and 1135 ;
Belgian Five per Cents. were firm at 985, and Dutch
Two-and-a-Half per Cents. brought 504.
The Share Market was less buoyant, and prices had a
slight tendency to decline. Great. Western Railw..y left
off at 304, and South Western at 194 premium. Brighton
vs ere .54 discount.

(From The Sun of Last Night.)
LIVERPOOL COTTON MARKET, THURSDAY. —We have
had an extensive demand for Cotton to-day at an advance,
principal.y, ot id. per lb, The sales 10,000 bags, and 5,000
arc on speculation.

We have received the Journal (f Antwerp of yesterday's
date. Accounts from Athens of December 8, state that
the Greek Government experience some uneasiness, and
have given orders to arm the citadel of Athens,
and to furnish it with ammunition ; they have also
placed cannon on other parts of the city. A whole
reg;ment now mounts guard at the King's palace.
Squadrons of cavalry are placed in different parts
of the town. The Greek capital at present resembles a
place of arms. The cause of these movements is not
known. The Greeks loudly cry out for the Constitution
that the Three Powers promised them by their protocols.
BOURSE OF AMSTERDAM, JAN. s.—The National Funds
ate still in general favour; the Actions of the Society
of Commerce have not been sought after so much as the
other funds, and they were lower than yesterday. Ardoin's
Spanish is lower than yesterday.
Prices from Amsterdam of the 4th of January :—Two-
and-a Half per Cents., 50*; Five per Cents., 961 Ar-
doin's Spanish, 221.
The British Funds opened rather flat. They left cff
yesterday at 89i a for the Opening, and may be quoted at
present 891 fur the Account. Reduced, same as it left
off; 89i 9); Exchequer Bills, 8 It) prem. ; Bank Stock,
162 163 ; India Stock, 242 244.

It was reported on the Bourse of Paris that an insurrec
tion had taken place at Madrid, and Espartero was obliged
to fly the capital. It has not as yet had any effect on the
Spanish funds. Spanish Active 244 4, same as it left off;
Deferred 124 ; Passive 64 4 ; Portuguese same as
they left off, 311 321 ; Three per Cents.. 194 XO4 ; Bra.
zilian 704 71-k ; Colombian 234.24 ; Mexican 284 29 ;
Peruvian 144 154 ; Dutch Two-and-a-Half per Cents.
501 504 ; Five per Cents. 981 1.
Snaftes. —Great Western, 29 30 prem. ; New. 134 144
prem. ; London and Brighton, 6 54 dis. ; Blackwell,
4/ 31 dis. ; Birmingham, 83 85 prem. ; Southampton,
58.4 59 per share ; Croydon, 121 1 per share ; Greenwich,
8 9 per share ; Manchester and Birmingham, 15 13 dis.
Consuls at present 894 1; rather better than they
opened at.
PRICES OF SIIARES THIS DAY AT ONE.
RAILWAYS. Paid. Per Share.
Great. Western
Ditto New
London and Brighten
London and South Western 3B/ b9 to 534
North Midland, (New)
JOINT STOCK BANKS.
A ustralasia
MINES.
Real Del Monte, Registered ... 634 —
Ditto Unregistered......
PRICES OF IRISH STOCKS, DUBLIN, JAN. 5.
3 per Cent. Consols
Three and Half Stock 97} Grand Canal Stock ...
Ditto Reduced
Ditto New, 1830 971 Ditto 4 per cent
31 per Cent. Debs. 40/ Royal Canal Stock
We arc still without arrivals to the present time, c•►nse.
quently we have no intelligence to communicate. Con
sots have been during the morning►, alternately buyers and
sellers, at 894 4 for the 15th of January. Reduced, 90
894 90k : Exchequer Bills, improved, 913 ; India Bonds,
5 dis. ; India Stock, 244.
In the Foreign Market Spanish Active 244 4; Portu-
guese 324 4 ; Colombian lower, 24 231; Belgian 984.
In both of the markets little doing.
Suaeas.—Great Western, 94;} 94; ditto New, 644;
London and Brighton 441 ; ,S-outh Western 59 584 ;
North Midland, new, 404 41.
The letters from India by the overland express not yet
received.
LIVKSPOOL SITARS LIST, JAN. 7.—Eastern Counties,
debentures, 51. 18L 6d. si; Grand Junction, half-shares,
5/ 16s. 6d. ; Quarter Shares, 534 ; Great Western, 894 ;
Half Shares, 644 ; Fifths, 114 ; Liverpool and Man•
chester, half shares, 901 ; London and 13;rmingham, 174 ;
Quarter Shares, 284 ; Manchester and Birmingham, 26 ;
Ditto and Leeds, 824; Midland Counties, new shares,
154; North Union, 83} ; south Eastern, 144.
CLOSING PRICES.
BRITISH FUNDS.

40 ...... 55 ...... t•-

Bank Stock
3 per Cent. Red DO Ditto Bonds
3 per Cent Cons ...... .. 89i Ditto Old Annuities —
•34 per Cent Red..— .. 9SA Ditto New Annuities...
New 31 per Cent .. ... 97/ Ex. Bills, 1,000/....21d 13 pm
New 5 per Cent ... ...... Ditto 500/ l3 pm
Long Annuities to expire Ditto Small l3 pm
Jan. 1860
Oct 1859 ... l2 15-16 India Stock for Acct ...
Jan. 1 860
FOREIGN FUNDS.
A ostrian, 5 per cent... Portuguese, 5 per cent.
Belgian, 5 per cent — Ditto, New Ditto....
Brazilian Bonds ... .. -
BuenosAyres, 6 per cent Russian, 5 per cent.... 113
Chilian, 6 per cant
Columbian, 6 per cent... Spanish, 5 per cent 24i
Ditto, 1824 — Ditto, Deferred ...
Danish, 3 per cent..... French,s per cent... --f. —c.
Greek, 182.), spereont. Exchange ..
Mexican, 5 per cent.... French, 3 per cent —f. —c.
Ditto, 6 per cent, 1825. Dutch, 21 per cent s'
Peruvian,lB2s,6 per ct. ,Ditto, 5 per cent..... 984
SHARES.
Bristol and Exeter (60 paid)
Great Western Railway (65 paid) 954
Ditto New Shares (50 paid) „.„ ~ ... 64/
Ditto Fifths ( 4 paid) ll
London and Brighton Railway (SO paid)
London and Greenwich Railway (20 paid) 8,/
Ditto Scrip. ( 2 paid) 34
London and South Western Railway ....., 584
Midland Counties Railway (100 paid)
Ditto Quarter Shares ( 5 paid) lll
North Midland Railway (100 paid) —
Ditto New Shares (40 paid)
South Eastern and Dover (28 paid )... . 14
COURSE OF EXCHANGE—( YESTERDAY).
Amsterdam C F. 12 41 Gibraltar
Ditto, at sight . 12 2 Leghorn.
Rotterdam 2 U. 12 5 Genoa
Antwerp l2 4/ Milan ...
Hamburigh... ....ALB. 13 10 . Venice . .. 47
Altona ............. ....... 13 101 .Naples ... ............. .... 34-
Paris, 3 days' sight 25 40 Miaow°, per oz 1201
Ditto, 3 months 25 65 Lisbon ... 52/
Marseilles .. .23 70 Oporto
Bourdcaux... ...... ...... 25 75 Rio Janeiro 2B/
Frankfort on Maine.... 149 Bahia 27

Petersburgh, 3 U 5...... 37
Berlin
Vienna, effec. fl. 3 M lO 3
Trieste, ditto.
Madrid .
36
351
Barcelona 3si
Seville 3s}

Buenos Ayres —
New York, 21 days' sight 46i
Philadelphia ...... 46
PRICE OF BULLION, PER OZ.
Portugal Gold Coink:o 0 0
Foreign Gold, bars.. 3 17 9
New Doubloons 0 0 0
New Dollars 0 4 10,i
Silver in Bars 0 45 Oii

E 21. N TT- OD - • W LE Ai

THE WALSALL ELECTION.
TO THE EDITOR OF THE SUN.

Reform Cluh, Fri:lay, January S.
SIR,—Tho position at present occupied by the PA,O -
Corn-law League h by no one bees so forcibly anti
laconically expressad as by yourself, when you said that
the election of Walsall was capable of being made for
Corn law repeal what the Clare election had been for
Catholic Emancipation.

I do not, with Mr. O'Connell, undervalue the ef-
forts of those liberal and accomplished men who for so
long a period fought the battle of Catholic Emancipa-
tion in the English House of Commons. But Iso far
agree with him, that [ believe had not the Irish Catho-
lics taken the matter into their own hands, the exclusion
of Catholics from the rights of citizenship would still
have existed. The literary and Parliamentary advo-
cates
of Catholic Emancipation were s Arm of them men
who professed attachment to the cause merely to serve
their own ulterior purposes—some of them men who
sincerely wished to get what they asked for, but who
had also other objects to carry, many of them more
important in their estimation—some of them men who
would have postponed every thing to Catholic Emanci-
pation, but who were trammelled by pasty connections.
And all of this motley band were hampered by the legis-
lative forms by which they endeavoured to accomplish
Catholic Emancipation. The exclusion of Catholics
from the Legislature was'part and parcel of that very
legislative system by which they sought to emancipate
the Catholics. Every form of Parliamentary proceed-
ings told for their antagonists and against them. They
fought with their hands tied ; they opposed buttoned
foils to the sharp points of their adversaries. But the
Catholic Association was hampered by no conventional
rules. Excluded from the pale of the Legislature, the
Irish Catholics did not need to conduct their movement
in consonance with the forms it had prescribed to itself.
As the Austrian General complained of Nal,o'e.m, the
Anti-Catholic party complained of the Association, that
it " observed none of the rules of war' Parliament
was for fencing according to the rules of art, like M.
Jourdain ; but the Association, like M. Jourdain's

housemaid, laid the foil lustily about their cars, totally
regardless of parte and tierce. The Parliamentary
and literary Liberals of those days were quite as much
shocked with the irregular proceedings of the Catholic
Association as the Tories ; they deprecated and de-

nounced its violence—they begged and prayed it to
proceed scion les regles, and scolded it because it would
not. And yet the Catholic Association bu lied King,
Lords, and Commons Into the grant of Catholic

emancipation.
The circumstances of the Anti-Corn-law League are
the
_exact counterpart of those of the Catholic Asso-

ciation. The League has a strong minority favourable
to its views in the House of Commons—an accorn-

plished, generous minority, containing among its mem-
bers many gentlemen well versed in public business.
But in Parliament, and conforming to Parliamentary
modes,of transacting business, these gentlemen fight at
disadvantage. There is a conventional morality within
the walls of Parliament which prevents a man doing
what he could (10 out of it, and enabling a man to do
there without shame what would damn him everywhere
else. "We cannot expect Mr. this, or Lord that, to
vote with us on this question—he has a country con-
stituency to manage." "We must not push this ques-
tion too hard sit present, it would endanger (or, as it
may be, confirm) the stability of Ministers." " Minis-
ters are not in the giving vein to-day—we must wait a
more favourable season." And then an.insincere pro-
fessing friend, well acquainted with the forms of " the
House," can so easily keep pushing a question back all
the time that he seems to be eagerly urging it on, that no
reliance can be placed upon the Parliamentary attack on
the Corn-laws. The battle of the bread-lax repealers,
ij won at all, must be won out qf doors.
It is acting upon this conviction that the Anti-Corn-
law League has taken up a position independent of all
political parties. It has turned a deaf ear to the in-
vitations of the Chartists. It has turned an equally
deaf ear to the invitations of the advocates of House-
hold Suffrage. It has thrown its weight into the
scale against Tories, because they supported the
bread-tax. It is bound, in consistency, to
pursue the same course when a professing Mi.
nisterialist comes forward and refuses to declare
against the Corn-laws. It is not quite cor-
rect to say, as some do, that the Corn-law question is
not a political question. More correctly, the Corn-law
question is a question of administrative, not of constitu-
tional politics. Now, party distinctions in this country,
W hig, Tory, and Radical (if, indeed, there be such a
thing as a Radical party) turn upon constitutional
questions. Whig, Tory, and Radical differ irreconcila-
bly as to the extent to which popular control over
Government ought to be conceded ; but there are many
administrative questions upon which the Whig and the
Tory may agree, while Tory differs from Tory. Of
these the Corn-law question is one. The Tories con-
stitute the main body of Corn-law supporters at pre-
sent, but that is accidental, because the landed aristo-
cracy are at present the most important members of
the Tory party. The Corn-law could not be an article
of the Tory political creed before 1815, because, prior
to that t'me, the Corn-law did not exist. About the
time of the Revolution the majority of the landed aris-
tocracy was Whig ; had the Corn-law been invented
then, we should have had the Whigs out-and-out Corn-
law men, and a section of the Tories (at the least)
bawling against it. This is not a mere guess. Pitt
payed homage to the wisdom of Adam Smith, before
Fox recognised his merits, Tory Cabinets (Huskissun to
wit) have made large concessions to the principle of
free trade. On the other hand, we find both ‘Vhigs
and Radicals entertaining narrow and inconsistent
views of that question. It is clear then that the aboli-
tion of the Corn-laws is a question upon which Whig,
Tory, and Radical may co-operate without sacrificing
one iota of their principles. The bulk of the constituen-
cies may, and ought, to come to an agreement that
whatever their representatives may be in other respects,
they must be Corn-law repealers. It will be difficult to
bring matters to this pass, but it is not impos-
sible. Single constituencies, and even more than
one or two constituencies have been known
ere now to merge their political differences for
the purpose of carrying some local improvement,
some harbour, road, police, or railway bill. What
local improvements like these are to a town or county,
the repeal of the bread-tax is to the whole kingdom.
A majority of the electors may he brought. to see this
truth. But somebody must begin—some sheep must
leap the fence first. The Anti-Corn-law League has
taken the plunge. Its members have declared that no
candidate, however he accord with their views on other
matters, shall have their support, unless be be pre-
pared to vote for the abolition of the Corn-laws.
When men deliberately undertake to carry into effect
a resolution so startling at first view to the prejudices
of many, they also make up their minds to bo vilified,
sneered at, run down in every way. They know the
risk, and have no right to complain of suffering which
they have braved with their eyes open. At the same
time they arc entitled—nay, it is their duty—to de-
fend themselves against obloquy, because it injures
their cause, making the timid stand aloof, and weak
brethren fall off. It is for this reason that I ask your
leave to add a few remarks to this already more than
sufficiently lengthy epistle.
The points to which I advert are the accusations
against the League, of having been actuated in their
movement at Walsall by hostility to the Ministry ; and
of their having, by that movement, endangered the
Liberal cause.
First, As to the alleged hostility to Ministers. If I
am walking quietly along the road, in the prosecution of
my lawful business, and find a man planted there, for
the purpose of making me turn back, am I to be ac-
cused of hostility towards him or his employers, be-
cause I lift Lim out of my way and pass on ? The Mi-
nisterialists placed Mr. Lyttelton in the position of
candidate fur Walsall, to make the League turn back.
The Ministerialists knew that the League was resolved,
wherev. rit could, t oppose the return of candidates
not hostile to the Corn-laws. They brought forward
Mr. Lyttelton, friendly to the Corn-laws, and thereby
challenged the opposition of the League. If there be
any hostility in the case, the first overt act proceeded
from the Ministerial supporters, who complain of the
hostility of the League. On the part of the League,
I have seen no indications of hostility either towards
Ministers, or their candidate, Mr. Lytteltoo. The
League has only said to Ministers, if you set up
a candidate opposed to our principles, we cannot sup-
port him. To Mr. Lyttelton they merely said, Unless
you are at one with us regarding the Corn-laws, you
must look to find us against you. They have not
spoken angrily either of Mr. Lyttelton or Ministers.
But what have Mr. Lyttelton, and the newspapers un-
derstood to be the organs of Government, done to the
League? They have misrepresented and vilified them.
Mr. Lyttelton represents the deputation from the
Council of the League as sent to oppose him, whereas
it was only sant to learn his sentiments regarding the
Corn-law, and to oppose any supporter of that law.
The language in which the Globe and Morning Chro-
nicle of last week spoke of the League is too well
known to require repetition. What hostility there has
been, has been entirely on the side of Ministerial sup-
porters—(l have no right to attribute it to Ministers
themselves): it is the old fable of the wolf picking a
quarrel with the lamb in a modern dress. The wolf
blames the lamb for occasioning the torrent of dirty
words that proceed out of its own mouth.

roe allegation that the League has endangered the
return of a Liberal for Walsall, may be easily dispensed
with. It rests upon the assumption that Mr. Lyttelton
could have carried the borough. Mr. Lyttelton's
friends never ventured to assert that be could carry it,
till after he had withdrawn. In his retiring address
Mr. L. complains—" Where I had every reason to
expect prompt and cordial support, I have met with
either lukewarm neutrality or decided opposition.'
This was independent of the Anti-Corn law opposition
to his claims, for he prtcceds to say, " In addition to
those discouraging circumstances, I had to encounter