The Sun.
London, England, 1840-09-03 00:00:00

secupatien, Whilst "bearing" them is a mortal trans-
gression. It has been one and the chief bane of the
United States Bank, and the great source of all its diffi-
culties, that by the terms of the charter paid for
S 3 dearly to the State of Pennsylvania, it was
allowed to deal in stocks at all., The result was, if it be
not now, that it became more a atopi. jobbing than
a banking institution. It indeed be hoped
now that it has. ..-hered down, and is more oe-
.......essity about the arrangement of its
cupied of
affair, ,nan about the prices of its stock, although not
04 indifferent yet on that head as were to be wished.
Let it leave stockjobbing to stock-gamblers ; the stock
will adjust itself in price and opinion in the long run
exactly in proportion as affairs are managed with dis-
cretion and substantial causes paid out of profits to the
p oprietary in proof of its more prospering condition,
a•though indeed a liquidation would seem its only re-
source. We are not disposed to undervalue certain
classes of American securities, er to commit the injus-
tice of placing them nn the same depreciated footing
with others. Few indeed are those with high and un-
disputed claims to credit, and it is precise!y for that
reason it is the more necessary to expose and discredit
the artifices by which it is endeavoured to
cheat the public into all sorts of doubtful or worthies,
stocks and shares, under cover, as being American, of
the well-deserved repute of the stocks of Ncw York,
and New Orleans.

SUN.—The inhabitants of the western districts of
Uprer Canada, it is stated in the Journals received by
the Great Western, intend establishing offices at Sandwich
and Chatham for registering all farm and village lots
for sale by individuals, and also to rcqucst the Crown
Lands Department and the Canada Company to fur-
nish a list of the lots they have to dispose of. At the
mph offices entries are to be made of the servants
waated, and 'a Committee is to be formed to provide
accommodation for the emigrants. If Mr. Sheriff Jar;
‘ii's plan and recommendation were followed the tide oT
emigration would flow still stronger, as he proposes that
the influititial landowner 3 should give each settkr 50
acres gratis with the lot he m;ght purchase, by which
means they would soon find their estates in increased
'cultivation.

The public securities have been rathc,r better to-day,
though, as regards speculative operations, there is still
not much spirit among the dealers. The transactions
- ' for
re
t i actualtransfer ri nbvoeosktsnicelnotse . are
Reducedal
being;
Annuitiesn arr ow
aetdtreaffc; eat;
more attention than any other stock, and improved to
90 and 90f. Consols for imthediate transfer ranged
from 89k to 89k, and for the October from 90 to 90 .
showing a continuation still for the six weeks of about
A percent. It appears that the settlement on the Paris
Bourse ties the hands ofsome of our jobbers here who have
had a finger in the French pie, and are of course affected
by the embarrassments of the parties who have ope-
rated there thrcugh their agens de change. Consols for
immediate transfer opened at 894, recTded subs. quently
1 to 89f, and dosed at 1394, not being the least affocted
by the express with news of yesterday announcing the
airtrlike preparations, Ike., in the Mediterranean and the
East. For the October account the quotation was 90
to i ; Exchequer Bills receded from 20 to 17 and 19
prem., money being less freely offcr,d on loan, owing- to
the uncertain state of the foreign exchanges. Bank
Steak was steady at 1691 to 4, and the New 31 per
Cents. were depressed at 98i to 981.
There was a great paucity of business in the fore!gn
market, and prices w'-re generally extremely heavy,
Spanish Active Stock brought 24k to i. The Passives
51-„ and Portuguese New 5 per Cents. 341, being for
the first a decline of full ith per cent. ; Colombian
Bands were 24k in the morning, but closed at 24 ;
Russian Stock improved to 113 ex. dividend ; the
Dutch 21 per Cents. were dull at 52. In the other
securities not a single 13,rgain was reported. The
Dutch 2i per Cents. at Amsterdam, on Monday, im-
proved to 514, and the 3 per Cents. to 99i.
The Railway Shares were quoted generally the same
as yesterday with but few sales.

SPIRIT of the PUBLIC JOURNALS.

FROM THE MORNING PAPERS OF THIS DAY.
(From the Morning Chronicit.)
Notwithstanding the impression of the late lament.
able occurrence, it is very plain to every careful ob-
server of the reports of accidents that, consid ;ring the
qnaatity of traffic on railways, they are, beyond all com-
parison, a safer mode of travelling than any other which
can be fairly brought into competition with them. Pas-
senger for passenger, and mile for mile, they have not
a hslf, no, nor a fourth, or even a tenth, of the accidents
that attend coach travelling. There exists no other
mode of travelling with anything like the same degree of
safety. And this has been attained under many disad-
vantages. Our Contemporary (the Times) suggests
that no novice in engine-driving should be allowed to
guide a train. He is only repeating a hint which had al-
ready been brought under consideration by some of the
man iging bodies of these uneertakings. It could not
well have been acted upon much sooner. The ex-
perience was not to be bad at the outset. That prac-
tically the highest comparative safety has never-
theless been attained, indicates the carefulness that
must needs have been exercised. We notice this par-
ticular allusion, because it is subservient to the false
impression that there has been a growing disregard of
the public, instead of a progressive adoption of all the
additional safeguards and improvements which expe-
rience furnishes. Another disadvantaxe has been the
absurdly low fines inflicted for the offence of putting
obstructions upon the rails. Such sums as from ten I
pounds, down to a guinea or two, have been the puniAr-
ment for this most nefarious and perilous trick. The
Times refers to the Magistracy as a protection for
the public against the carelessness of monopoly in
the companies. Were the crime referred to as
hateful to the squirearchy as poaching, there might be
some sense in the reference. But as matters stand, the
carefulness of the several managements is, in reality,
the public protection against the obvious tendency
of Magisterial decisions. Two points seem to be driven
at by our Contemporary : first, that the Legislature
should be less scrupulous than it has been about the
rights of private property in railways ; and secondly,
that there should be a continual interference with their
management. The first point may serve to enforce
the warning to the holders of this species of property
which we recently saw occasion to give them. Some
united watchfulness over their common interests is be-
coming more and more requisite. Their investment
is as sacred as if it bad been made in the funds,
or in land ; but there is growing risk of its not
being held so if they rest in supineness. No
greater privilege has ever been dreamed of for
them than for any other class of proprietors. There
is no reason why they should be satisfied with less.
The sixty millions they have vested are an outlay not
less conducive to public advantage than that of any
proprietary body in existence. Why should it be tam-
pered with ? " The concern of Parliament," says the
Times, " for the public safety ought not to be fettered
by nay provisions which may have been unguardedly
introduced into any of the Railway Acts already passed."
Any property, however distinctly secured by the Legis-
lature, may be tampered with, according to this doctrine.
If the Legislature must interfere with its own solemn
acts, let it do so with some regard to common honesty. If
it be deemed worth the cost of remunerating the adventu-
rers, let the railways be mace public property. Until
that be done, the rights of private property encompass
and hedge them in with a defence that can only be
violated by the sacrifice of all principle. In that case
there would be but one management, that of the Go-
vernment. Whether it would be a better manage•
ment than that of the present agents of the several
companies, may be questioned. At any rate, it would
be an undivided management ; end, in opposition to the
Times, we do hold that, in all matters of detail, to be
of great moment to the public. The perpetual inter
ferenee, the ceaseless checking and collision of author i•

ties, which our Contemporary desickrates, is the very
worst of all arrangements for the public convenience
arvi safety. It generates only vexation to the agents,
and peril to the traveller.
(From the Morning !-lerald.)

The effects of a long series of blunders in the ad-
ministration of the national affairs between 1815 and
1830 rai.ed the " Liberals" to office. The ruinous
Currency Bill of 1819 spread misery and discontent
throughout all the industrious classes of th© community.
The desire to recover from the effects of that fatal
measure led to the desperate commorcial speculations
of 1824-s—speculations which led to results so dis-
iistrous. The still increa,ing discontent of the indus-
trious classes led to tamperin;;s with the political

constitution of the country—led to the repeal of the
Test and Corporation Acts—to the Romanist Re:ief
Bili—and to the elevation of the Whigs to office. As
public distress introduced the " Liberals" to power,
the" Liberals" in power lost little time in adding
to the public distress. So little have the changes to
which the Whigs lent themselves acted as " healing
measures," that now the appetite for extensive change is
stronger in large sections of the community than before
the scheme of the Reform Bill was first submitted to
the public. The men who carried the Reform Bill

-
and who boldly prophesied from that measure benefits
so remarkable, have almost unanimously pronounced
the Reform Bill " a failure." In like manner, the Ro-
manist Relief Bill has proved " a failure," inasmuch
as the clamour for further change is stronger now in
Ireland than it was twelve years ago. The reason of
these things may not, perhaps, he hard to find. The
spirit of change rased the Whigs to place. The
Whigs have maintained themselves in place by
pandering to the spirit of change. Amongst the
modes by which Lord Melbourne and his asso-
ciates have contrived to remain in Downing-
street, may be noted such a disregard of pro-
fessed principles as no Ministry ever before ven-
tured to exhibit. The history of the appropriation
clause embodies the character of the present Govern-
men'and that history' is a history of unblushing
fraud ; and meanness. The influence on the national
iii„nllity of such an exhibition" ws the Queen's cont.:-
u muchencouragement , ,nti%l adr,'sers have trt:tde ti!.. the fertetturo of all
their
most solemn
pledges, is of a in letul kind; nor is
there to reverence the laws to
en