The Sun.
London, England, 1848-09-29 00:00:00

11111i1111 t'AM

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LONDON, FRIDAY, SEPTEMBER 2Q, 1848.

The question at issue between the directors of the
Bank of England and a la rge and influential body of
the proprietors of Bank Stock has, for the time being,
been decided in favour of the former by a majority of
fifteen votes only, the numbers being 138 in favour of
a dividend of 3i per cent., as recommended by the
directors, while 123 persons supported the proposition
that 4- per cent. should be paid to the stock-
holders. If the immense influence of the Board
be taken into consideration, and the fact that
the contest practically resolved itself into a
question of confidence or no confidence in the body,
'Who (it was rumoured) threatened to resign ea ;waste
if the determination at which they had unanimously
at rived, was rescinded by an adverse majority, the
only thing surprising in the result is that the dissen-
tients should have flocked so readily to the balllot and
carried on the contest with such vigour and energy as
to render ale result for some time doubtful.

An anxiety on the part of the directors practically
to increase She amount of capital at their disposal
by successive additions to the " rest," has for some time
been perceptible. There has been a gradual accumula-
tion going on. Special circumstances at one period might
exist to render it desirable that extraordinary re-
sources should be retained within the power of the
Bank to enable them:to encounter without difficulty
any exigency that might arise. This would be a
sufficient justification for a smaller diVtdend on a par-
ticular occasion, than the actual profits of the con-
cern during the preceding half-year would have jus-
tified. The proprietors were always ready to re-
spond to any such appeal, and willingly per-
mitted that, which in justice should have
been divided amongst them to remain, in the
coffers of the Bank on the tacit understanding,
however, that it should be distributed when the
emergency had passed away, and matters had re-
sumed their ordinary course. The Board of
Management, however, evinced the greatest disincli-
nation to part with any portion of the capital thus
acquired, and strongly objected to pay any amount
.of money in the shape of dividends which had not
been earned during the half-year immediately pre-
ceding. This would have been very proper if the
fund out of which it was asked for was not altogether
composed of the fair and legitimate earnings
of the establishment, or if it in any
degree encroached upon the capital which had been
appropriated for the carrying on of the concern.
,But when this was not only not the case, but when
there was an amount more than sufficient to provide for
any contingency that might reasonably be taken into
calculation, surely it cannot for a moment be asserted
that such a deduction from realized profits
could be regarded in any manner as a pay-
ment of interest out of capital, as asserted
by some of tho.ep who advocated the views and sup-
Potted the recommendations of the directors.

'This feeling at length reached to such an
eri:ant that marks of dissatisfaction became
apparent, and the proprietors generally were
appealed to against any further additions to the
Test. The advocates of a full and fair division
of the profits, by which justice would be done to
anuuitamts and other parties having limited interests
in Bank Stock,' conceded that a sum should be
retaified, sufficiently large to meet any probable
loss that might occur without in any degree
trenching upon the original capital. But they con-
tended that '1,000,000/. sterling was' amply sufficient
fj ttat purpose, and that any important addition
thereto was a virtual robbery of the parties tame-
iliately interested in the fund for the benefit of those
entitled to the reversion. Accordingly, it was re-
solsred in the beginning of 1847, that a bonus of one
per c• ent should be paid, in addition to the amount
of dividend recommended by the Board. This
was, after some discussion, acceded to, and
at the two following meetings in September, 1847,
and March, 1848, a similar amount was voted, al-
though the commercial panic that had produced such
ruinous results to the community had occurred during
the Uterval. The high rate of interest recommended
by the well-known letter of the 23d October last had
indeed produced profits that would have allowed a
larger dividend, but there were circumstances
that rsudered it desirable for the Bank to stand in a

position of unusual firmness. The proprietors,
therefore, refrained from pressing the directors
on that occasion, and the result is that the latter now
desire to maintain the rest at the high amount, to
keep those extra profits as additional capital for the
benefit of posterity. We cannot suppose that the
proprietors will acquiesce in this arrangement. If
the directors should persevere obstinately in their de-
termination, the ballot that was taken on Wednesday
will probably prove but the first of a series of con-
tests in which the Board must ultimately be de-
feated.

GIOBERTI has published a manifesto—through
England —to Christendom. The historian, the
orator, the statesman of Italy—he now evidences
the fundamental principle upon which all these
characters are erected, we mean his profound and
even desperate patriotism. The friend of Pio Norio
—he is the principal adviser of the King of SAR-
DINIA. A priest—he is no less a politician. Peter
the Hermit preached war against the Islamites—
GIOBERTI preaches war against the Austrians : the
one was for the recovery of the holy sepulchre, the
other is for the recovery of Italian independence ;
the one concentrates all his energies upon Rome—
the :other upon Jerusalem. They are both sincere,
they are both august, they are both holy,—they are
Crusades, the Crusades of Religion and Liberty, of
Fatherland and Palestine, of nationality and revela-
tion. In another column of this day's impression
will be found a translation of the dignified appeal
addressed to the people of England by the
eloquent President of the Italian Confedera •
tion. As the 9ffusion of such a mind, the
document would be interesting if only as a li-
terary composition, but the present crisis of con-
tinental events does not afford us leisure to loiter over
the elegancies of the rhetorician, or to weigh the
graceful phrases of an accomplished and poetic
orator—thoughts, more stern than scholastic, crowd
upon our heart, and quicken its throbs of emotion,
when we hear the lusty tones of the patriot priest
sounding across Europe, from Turin to London, and
proclaiming, as with the voice of a clarion or the
sound of a trumpet, that Italy is at bay, and that the
fall of German authority south of the Carpathian
mountains is doomed by the will of many millions of
united Italians.

It is impossible to read the address of GIOBERTI
without recognising the great fact that Italy is at
last resolved at all costs to conquer her freedom.
There is an indescribable evidence of desperation in
every syllable. The jaws of Young Italy are
clenched—his hand grasps the hilt of his sword with
convulsive energy—one foot is planted rocklike upon
the ground, the other is advanced—the whole atti-
tude has in it the presentiment of vengeance, ren-
dered more terrible by the tokens of an unnatural
self-possession. There is more majesty in the pre-
sent posture of the Roman peninsula, as ex-
pressed by the burning words of GIOBERTI,
than has been assumed by that country
for many past centuries. Hitherto she has
suffered and groaned. Until now she has never
dared to rise up by one grand effort, and shake off
the grinding yoke of her tormentors. And when
sympathising pilgrims from the capital of Gaul, or
from the more distant cities of the Ultima Thule of
Britain have paused in the midst of the desolation of
the Campania, or have gazed over the ruins strewn
around the base of the hill of Aventine, they have
alike lamented the passive woes of a race whose an-
cestors had ruled the world in purple and diadem. It
was with these feelings that ADDISON visited the
palaces of the Medici, and saw those works of art
which had emanated from the patronage of LORENZO
the Magnificent, decaying into relics in the halls and
galleries of Florence. It was a sentiment of the same
kind which touched the cold heart and gorgeous ima•
gination of GraloN. It was the same feeling which
inspired the enthusiastic sorrow of BYRON, when he
apostrophised the Eternal City as " the Niobe of
Nations !" But a piercing and vitalizing breath has
passed over the Italian Peninsula—it has stolen into
the ears of the multitude and called them to arms
and to liberty—it has penetrated into their hearts,
and taught them not only courage but endurance—
it has heated their blood, and roused them once
for all, for life and for death. In order to
comprehend in one glance the extraordinary change
which has occurred throughout Italy it is only
necessary to examine the remarkable address of
GIOBERTI to the Britons. In the fervour of that
address you can hear the pulsation of the patriotism,
of the hopes, of the daring, of the determination of
the country. In reading that address, you are
placing your hand upon the heart of Italy ; and the
beating of that heart tells you that Italy can never
again be conquered, that the power of Austria below
the Tyrol is no more, that RADETZKY may have
gained a battle, but that he has not terminated a
campaign, that CHARLES ALBERT may be discom-
fitted, but is not vanquished, and that the thought of
any compromise between the contending parties,
under the joint mediation of France and England, is
henceforth and for ever an impossibility.
When GIOBERTI appeals against the misapprehen-
sion of the:ltalian war, which he supposes to be
regarded with horror by the majority of Englishmen,
he labours under a remarkable misapprehension of
the real opinions entertained in this country. We
do not hesitate to aver, no matter what may be the
language of an illustrious orator in the Upper House
of Parliament, and no matter what may be the terms
employed by a few of our more distinguished con-
temporaries, that the feelings of England are alto-
gether with the Italians, and that the ultimate eman-
cipation of the Peninsula is yearned for most ardently
not merely by ourselves, but by hundreds of
thousands within the boundaries of the United
Kingdom. When, however, GIOBERTI merges from
his allusions to the opinions of England into a con-
sideration of the. resolution burning within
the hearts of the Italians; when he utters his
malediction upon whomsoever shall impede the
course of events, or attempt to drown the spirit of
patriotism in the chaos of dissension (Afaledetto
colui the tentasse disgiungerne I)—when he de-
clares that the resolve of Italy is taken beyond recall,
and that she will " do or die "—he rises to his natural
elevation, and, while expressing the thoughts of his
country, enhances his own glory as a Patriot and an
Orator. Considering that the negotiations for peace
are still pending between the Plenipotentiaries of
Turin, Paris, Vienna, and London, the manifesto of
VINCENZO GIOBERTI is an event of supreme im-
portance.

(FROM A CORRESPONDENT.)

[Although our own view of the dignity of the
course adopted by the Prince Lotus NAPOLEON in
returning to France, and taking his seat in the Na-
tional Assembly, as one of the representatives of the
people, is diametrically opposed to that entertained
by our correspondent, we, nevertheless, find so much
generosity of sentiment in his remarks upon this
occurrence that we readily afford room for the ex-
pression of his opinions.]
Citizen Louis NAPOLEON BONAPARTE has done
his best to efface any disagreeable souvenirs, and to
dispel any unpleasant apprehensions, excited by one
Prince NAPOLEON Louis. The new representative
of Yonne took his seat in the National Assembly in
a manner remarkable only for the absence of any-
thing remarkable. Having been declared a Member
of the Assembly, he demanded permission to speak,
and a hundrei voices at once exclaimed " To the
tribune 1 to the tribue I" BONAPARTE ascended the
tribune, and addressing the Assembly, he firmly and
deliberately declared his adhesion to the Republic.
He pledged himself to labour for the maintenance
of transuillity " that first necessity of the
country," and for the development of
the democratic institutions, which (says the
quondam " Emperor") the people have the right
to demand. After pledging himself to the mainte-
nance of the Republic, the Representative for Yonne
returned to his seat, and is now, to all intents and
purposes, a Member of the National Assembly. By
admitting the Priace—but " the Prince" is an un-
fitting epithet for the citizen representative—by ad-
mitting the heir of the Bonapartes to his seat in the
Legislative Chamber, the Government have, as:it is
already manifest, acted wisely and well. Citizen
BONAPARTE in Paris is harmless, the exiled Prince
was a constant cause of apprehension, a beacon to the
disaffected, anda terror to the peacefully disposed. Now,
by his happy admission into the Assembly, Louis
BONAPARTE is free to do good to his countrymen and

is incapacitated from injuring them. For once in
his life the quondam Prince has seen his cue, and
acted in accordance with circumstances. He has
wisely eschewed all external symptoms of rejoicing,
he has saved himself from his " friends," by literally
tearing himself from a group of servile courtiers in
London, and by hiding himself from his noisy adu-
lators in Paris. Alone and incognito he repaired to
France, and almost unaccompanied he took his seat
in the Assembly. In Paris and in the Assembly he
has been regarded with curiosity, and received with
respect and nothing more. No shouts of " Vive
l'Empereur !" greeted him on his way. If, in his
heart of hearts, the " citizen " cherished " some yet
Imperial hope," that hope must by this tine be
considerably abated, if not wholly destroyed.
Yet such hopes are peculiarly tenacious of
vitality ; too often they only cease to exist
with the breath that nourishes them. Perhaps,
while he was chilled by the silence and the manifest
republicanism of the Parisians, NAPOLEON Lours
consoled himself by reflecting upon the proverbial
fickleness of the crowd. Perhaps he called to mind
the cries of " Vive l'Empereur !" for ever associated
with his childhood—perhaps he thought upon
the cries of " Viva le Roi !" which were
shouted round the bathing carriage which conveyed
him a prisoner to the Chateau of Boulogne, and
contrasting them with the present evidences of
republicanism, drew some hopeful augury from
such demonstrations of inconstancy. If he did so,
however, he has again deluded himself with dreams.
Fickle as may be the popular will, it is not generally
disposed to relinquish the substance for the shadow.
The people of France have now within, or almost
within, their grasp the substantial rights and privi-
leges, which they will not be very ready to barter for
the shadowy glories with which an Imperial Court
might invest them. The teaching of the past, the
necessities of the present, and the hopes of futurity,
all cry aloud to Prince NAPOLEON to abandon every
Imperial hope. At this solemn moment the words
of his uncle may recur to him, where,
in answer to the accusation that he had
usurped the crown, he said, " The people
themselves placed the crown upon my head—
Qu'on respecte ses actes I" LOUIS NAPOLEON may
profitably think upon this now the people themselves
have established a Republic, and selected him as one
of its supporting pillars ; let him respect that choice.
Now in this, her hour of political transformation,
France has need of the service of every head and
hand and heart among her sons, and Bo-
NAPAHTE may rejoice that he is not
shut out from the glorious labour, but that he is
called upon to co-operate in the regeneration of his
country. His service will be doubly welcome and
twice blest, for he comes with a worthy offering in
his hand—the sacrifice of his youthful dreams and
his personal and family ambition. He comes, let us
hope—for then alone will he come worthily, then
indeed will he come triumphantly—repeating the glo-
rious words of ALPHONSE DE LAMARTINE—" Let our
properties, our reputations, our very individualities
themselves, be ground down and pulverised in the
movement of human affairs, so that the Constitu-
tional Republic be founded, so that the people be
aggrandised in knowledge, in morality, in rights,
and in happiness ! Such is the only justice which
I demand from my generation and from my
country."

THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.

In the National Assembly, the amendment in
favour of two Chambers, proposed by M. DUVERGIER
DE HAURANNE, in Article 20 of the Constitution, was
negatived by a majority of 241. The numbers being,
for the amendment, 289 ; against it, 530. The ad-
vocates of a second Chamber, hoping that they
might have better success in a new Assembly, pro-
posed, by way of amendment, that Article 20 should
be voted only provisionally. This gave rise to a very
animated discussion. Ultimately the debate was
postponed to the following day.
The following is a reopne
_of the speeches of MM.
Lamartine and Odillon Barrot, on the question of
one or of two Chambers :

M. de Lamartine said that he came forward to op-
pose the amendment now under discussion. lie did so,
however, with the utmost respect for the opinions
brought
,forward in its favour. He had most maturely
considered the subject, and he had come to the conclu-
sion that really good laws could enable two Chambers
to be tolerated ; but he considered that a single one was
better calculated to suit the character of the French
nation. " I, too," said the pion. Representative, "if I
was ascending the tribune four years later, in place of
at present ; if I was to speak when the Republic, in-
stead of being a new matter, had become for the country
a habit—in the absence of all emotion from abroad, of
all agitation, of every circumstance that calls impe-
riously for the strength and unity of the Govern-
ment—perhaps I, also, would not be opposed to two
Chambers. The great truth to be insisted ou at this
conjuncture is the word of Plutarch, that good laws
are the daughters of time ;' but, for the Constitution,
we can wait for the course of time to show where it is
strong or weak; we must decide at once, according to
our judgment." It was necessary, he said, to make the
Constitution not a mere word, but a great fact, to guide
the people. In England and the United States two
Chambers were established, but under very different
cases from the position of France. In England, the
House of Lords existed, because there were immense
aristocratical interests to be defended. The Com-
mons had, by degrees, established itself in opposi-
tion to that power, and was constantly gaining ground
against it. In America the case was different ;
there, no aristocratical interests were to be defended,
and in consequence, the Senate was a decided
imperfection, a defect—(Hear, hear)—such as pre-
vented the Republic from reaching that point of perfec-
tion which it might have arrived at, and which he hoped
to see France at present attain to.—(Hear, hear.) Tho
Hon. Gentleman then argued that the aristocratical feel-
ing had been destroyed in France, and that consequently
a second Chamber would be inopportune and powerless
—for this reason, that the country would look with an
eye of suspicion on whatever appeared to it calculated to
found an aristocracy of any sort whatever. To establish
a second Chamber was undoubtedly to set one body of
men above the rest, and France would not permit such
a result. He argued that from 17811 the nobility and its
power had gradually declined, and that at present uni-
versal suffrage had been established. A second Chamber,
wt o
nwhichwould
be
ideasdangerous of superiorityand
outofwould
place.
He
always be
w attached,arned
the Assembly to pause when the democratic feel-
ing was increasing, not only in France, but
all over Europe and not attempt to check its
progress by the establishment of a second Chamber.
, Two Chaaabers would, no doubt, he said, look well in an
historical picture, but they were decidedly opposed to
the idea of the sovereignty of the people. It was surely
time to do away with these fictions of the olden time, as
being no longer suited to the present time. The
Honourable Representative then referred to the objec-
tion brough forward by the advocates of two Chambers,
via., that collisions must arise between the President and
the Assembly, if only one existed. The President, he
said, was not to be established in a kind of royalty, but
with limited powers, and without power to dissolve the
Assembly. Far from such division being likely to
occur when there was but one Chamber, he thought the
probability much greater under two. Was the
President to decide on any measure with one Chamber
or&with the other, or with both together ? As he
was not to possess the power of dissolving them, they
could certainly oppose him better when two in
number than when one. He looked on it as certain
that it was with two Chambers that collisions were
more likely to occur. But how was the second Chamber
to be elected ? In what category was it to be placed I
How was it to escape being either first or second ?
Supposing that the intelligence arising from age and
experience was to cause a certain number of men to be
chosen for the Upper Chamber—suppose that white
hairs were to place a man in the higher rank—would not
the second Chamber be left without men of necessary
information and knowledge of business ? This would be
the case, when to such men as Royer-Collard and
Franklin would be said, " Begone, leave these benches,
and go and place yourselves amongst the old men in the
Chamber at the Luxembourg l"—(Hear, hear.) Thus
the Assembly of the people, properly so called, would by
da
and
gdr
ae ens!)
ifnailll into
a t
edby disrepute,the and
other
be,;ea r
shoulds it were,that s
r,
they would be rivals. The Hon. Representative then
drew a sketch of the spread of democratic ideas in
Franco, and concluded by declaring the existence of one
Chamber to be alone suited to the present state of
France, as alike removed from a divided Government
and a dictatorship.—(Applause.)
The sitting was then suspended for a few minutes.
M. 0. Barrot said that it sometimes occurred, that in
a discussion a speaker suddenly came on a truth which
toll against his own opinion. This is what had occurred
to M. do Lamartine; and as he had said, the whole
question was whether a dictatorship was or was not to
be erecteclf—(llear.) That Hon. Gentleman had done
good service to the Assembly and to the country, by
tearing away the veil which hung over the question, by
leaving aside mere commonplaces, and stating what the
matter really was. There were two points in which this
question was to be examined—one of expediency relat-
ing
to the present circumstances and the other of or-
ganization. The Hon. Gentleman then proceeded to the
question in these two particulars. The Convention, he
observed, when it flung down the remains of the Mo-
narchy, never for a moment contemplated having any
other power by its side—it took care to keep the au-
thority all in its power. Did the present Assembly in-
tend to establish a sovereign power by its side ?—(Loud
cries of " No, no.") Then it was tho old Convention
that it was intended to set up at present—(Cries of

" No, no '.)?—the old Convention, with its power to set
down and raise up ! The great majority of the present
Assembly had she w n itself guided by moderation and
good sense. Abroad, it had resisted the most generous
impulses ; and at home had refused to countenance those
new social ideas which its experience told it could not
but be attended with danger. The present Assembly,
therefore, was certain to consolidate and defend, and not
to destroy. Hence, when the constitution was voted,
he felt certain that the Assembly would adopt it, not
for mere reasons belonging to the present moment, but
for such as belonged to all time—such as would tend to
give a regular and moderate Government to the country.
But experience must be looked on as of the utmost im-
portance in the consideration of such a subject; and
experience had shown that two Chambers were required
to preserve a balance of power in the state. To
create a single Chamber was to establish too great a
power—a power irresponsible. Where was there to be
a moderating power in France with a single Chamber?
In England it was found in the House of Lords, a body
so remarkable for its traditions, its power, its honour
able pride of acting well. In America it was found
by the Senate, guided by its federative spirit. Where
was there such a spirit in France? Nowhere—there
was nothing but the democratic spirit. It was in
that spirit, therefore, that the moderating power was
to be looked for. But how? By adopting such a plan
as was set forth in the amendment under discussion—
by dividing the legislative power—by forcii.g one part
of the democratic power to hold a surveillance over the
other.—(Hear, hear.) Was such surveillance necessary?
Whoever should reply in the negative, whoever should
say that the single Chamber, being elected by universal
suffrage, would be amply sufficient, might go a step
farther and say that, such being the case, there was no
necessity whatever for the constitution itself: But was
it certain that a democratic Assembly, elected by uni-
versal suffrage, was to be free from passions—was to
always act correctly? Experience proved the con-
trary ; the very acts el the present Assembly,
during the few months it had been sitting, showed
it clearly. Would the Council of State act as a cor-
rective, and supply the place of the second Chamber?
The Honourable Representative examined this question
at some length, and argued that body in question would
not be of more avail now than under the monarchy.
" I stand here," said the Honourable Representative,
" to declare the views of the minority of the Committee;
but I believe that, had the subject been considered on its
own merits only, the decision of that majority would have
been different.—(Movement.) For eighteen years I have
endeavoured to found and consolidate the Legislative
power under the monarchy, with as much sin-
cerity as I shall now endeavour to found and
consolidate that of the Republic.—(Agitation ;
loud applause on the right.) For eighteen
years I have opposed the errors of the constitutional
monarchy—of that monarchy which had been lost,
because it had incurred the hatred of the country ; and
again, I am ready to perform the same task under the
Republic.—(Loud outcry.) Do you suppose that a
democratic Assembly will run no danger? Do you
imagine that there are no impulses to withstand? Be
certain that there are. Well, then, when such dangers
occur, I shall consider it my duty to again stand to my
post like a watchful sentinel. But you may be also
certain that if any serious evil should occur to the
Republic, it can only be from the absence of a moderate
Democratic power."—(Hear, hear.) The Honourable
deputy then again referred :to the danger of a single
Chamber as constituting a dictatorship, and concluded
by calling on the Assembly to divide the legislative
power in order to save the Republic from the cruel les-
sons which otherwise the future would reserve to it.—
(Loud applause.)
The Hon. Representative, on descending from the
tribune, was surrounded by his friends, amongst whom
we perceived M. Thiers, Duvergier de Hauranne, and
others, who warmly congratulated him. The sitting
was suspended for a quarter of an hour.
The Menitew publishes the following paragraph

"A report has been circulated that the Minister of
Finance was endeavouring to negotiate a loan in Eng-
land. This news is destitute of foundation. If any steps
have been taken in England they were made without the
participation of the French Government, which has no
intention, under the present position of the Treasury, to
make a new appeal to public credit."
Intelligence from Herault states that M. LAISSAC,
the Republican candidate, has been returned for that
department, in opposition to the Abb6 DE GENouDE,
the editor of the Gazette de France and the chief of
the Patti Pretre.
The Jorurnal des Debats confirms the accounts
which had been previously received of the defeat of
the Republican attempt of STRUVE at Baden, and
of his flight into Switzerland.
Not only is Paris perfectly tranquil, but it is be•
ginning to recover its wonted gaiety, and business is
fast reviving, not only in the capital, but also in the
provinces.

In the sitting of the National Assembly yesterday,
the amendment of M. DE ST. HILAIRE to Article 20
of the new Constitution was withdrawn, and the
article itself, which establishes a single Chamber, was
adopted by a large majority. Articles 21, 22, 23, 24,
2.5 and 26 were also adopted. This sitting was ren-
dered further remarkable by the fact that a negro who
has been returned for Guadaloupetook his seat as a
Member.
The discussion on the article of the Constitution,
which determines the mode in which the President of
the Republic is to be elected, is looked forward to
with great anxiety. The club of the Rue de Poitiers
(composed of the Legitimatist and Orleanist parties,
the leaders of which are M. THIERS and M. LAROCHE-
IAQUELIN, of the reactionaries, in short), has deter-
mined to vote for the election of President by uni-
versal suffrage, and for the rejection of all amend-
ments excluding any candidates. The club of
the Palais National (the moderate Republicans)
will vote for the election of the President by the
National Assembly. The Club at the Institute is
divided, and the Club of the Rue Taitbout (the Red
any
President, Republicans) vote against the appointment of
provisionally. It is expected
that the discussion will commence on Monday.
The Duke DE SOTOILATOR, the Ambassador of
Spain to the French Government, who was to have
presented his credentials some days back, has been
prevented by indisposition.
General MAREY-MONGE, late Governor of Algeria,
has arrived in Paris.
The Corsaire says—" It appears that Generals
CAVAIGNAC and LAMORICIERE are disposed to sup-
port the principle of rensplaceinent militaire. The
Montagne alone will vote against it."

,dg
BOURSE--PARIS, THURSDAY, SEPT. 28.
THREE O'CLOCK.—The contradiction by the Moniteur
of the report of the negotiation for a loan of twelve mil-
lions sterling in London produced an unfavourable im-
pression on the Bourse to-day, and the consequence was
a considerable fall in the price of Rentes. The Railway
Shares were also weak, but the fall in them was not so
great as in the Government Securities. The news of the
outbreak at Cologne had also an unfavourable influence.
For the Account, the French Three per Cents. have
fallen 15c.; Five per Cents., 40c., and the Loan, 50c.
For Money, the Three per Cents. have fallen 30c.; the
Five per Cents., 30c.; and the Loan, 55c.; Bons du
Tresor not quoted; Bank of France Shares have fallen
10f. Belgian Bank Shares not quoted; Five per Cents.
have fallen per cent.; Spanish Funds not quoted; and
Rothschild's Receipts the same as yesterday. Exchange
on London (30 days), 25f. 32ie.; ditto (90 days),
25f. 17ic.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE, SEPT. 28.
Namur and Liege, 4—Orleans and Bordeaux, %—Paris
and Lyons, 4% —Paris and Strasbourg, 1%.

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