The Sun.
London, England, 1841-01-02 00:00:00

EVENING EDITION.

as many words, " We shall defer our loan until the con- '
&motion of peace enables us to bring it wit on better
terns. Fur the present there is :bullion in the Bank of
France, with whose support, advanced against a deposit of
Treasury bonds. we shall manage to keep things moving."
Calculated upon a peace establishment, it is stated by M.
Hutnann that the insufficiency of ways and means is only
64,000.0001. (2,560,0001.) against which there will be the
sinking fund, available is 1842,t0 the amount of 90,178,9621.,
Or say 3,600,0001. ; but then it appear; that there is an
old arrear of 256,000,000 of francs to be supported, and a
grant of 4,000,000 f. for public works. The estimates of
the War Department, however, are calculated at
364,718,391 f., upwards of 14,560,000/., being an excess
of 113,177,610 f. beyond the credits originally opened for
1841. The estimates for the Marine are 113,290,000 f.,
'or upwards of 4,520,000/ These estimates will only be
required if the present effsetives under the land and sea
service be maintained in 1342, which we do not anticipate,
and they arc so far beyond the expense of supporting a
peace establishment, that we should expect the Finance
Minister of France for 1842 would then find his revenue sail
expenditure within the limit of the sixty-four millions of
francs declared to be their juxta-position under a peace
establishment, setting aside extraordinary charges. M.
Humana does not propose to stop the works of peace, be-
cause he expects that peace will be Apintained. On the
same principle he should have discos Hued the extraordi-
nary expenses of war, because he tells us that war will not
take place. He does not, we regtt to observe, propose
new tax •s, but says there is somqhing else to be tried,
which consists in amending the system pursued in collect-
ing those which exia, s as to strehgthen the receipt of
taxes, and general-It the applicatir.m them. The re-
duction of expenditure, it seems, has a ,ways been " inef-
fectual" in France. We should, therefore, suppose that it
has never been applied with sufficien:, vigour in that country.
The remittances of specie from the United States to
Ear •pc at this .IC4SOII of the year, estimated at nearly
1400,000 during the first ten days of last month, have at-
tracted attention here, as leading to an impression that, if
curitietkil for any length ot time, they might embarrass the
American bank in resum;ng specie payments. There is
no cause for alarm on that around, fur there is a !Pep
supply of specie in the United States, and when the spring
arts in the drain of it will terminate, if not before. Cotton
will then be sent forward, 6ff rding akin 4ant means for
hills to draw against. About this period there is always
w defiei..ncy of bills from the dullness of trade, and a large
' demand for remittances to pay the disiJenda falling due on
S ate Stocks.

SUN.—The Eng!ish Market was not depressed by a
statement from l'ars, concerning the French Finance
Ministtr's intention to cover the deficiency in the re-
venue of his Ga%ernincat by a new loan ; when the
Money Market appear, to cifer the best chance ta
This is merely what all might have expected would
come, sooner or later. Consols closed at 88 tt ; Ex-
chequer Bills at 4s. to premium ; Bank Stock at
158 ; end the Re.lu..ed Three per Cents at 89.

In some quarters we observe that the probability of
-a new loan for Spain, is exciting attention, but we are
unprepared to *state upon what precise grounds the
supposition rests, any more than its being based upon
that well known foundation of the poverty of the
Mad' Treasury. No doubt there is in contem-
plation some new measure of finance by the R 7.-
gency, as the last private advices from Spain even
assert the likelihood of our having " a batch" of
decrees early in the present year. It is also
stated that negotiations are in progress between
the British and Spanish Governments, for 11100
plan to iclieve the English creditors, and secondly, that
M. Gemboa has discovered, on inspection of the ac-
counts of his predecessors, that arrears are due to Go-
vernment from parties who purchased Crown lands, to
the enormous amount of six millions sterling, which
arrears he is resolved to enforce the payment of ac-
cording to the terms of the contract, partly in Govern-
ment stock. which it is hoped will then be cancelled.
Of course we do not vouch for the authenticity of this
statt anent. Six millions sterling form a very large sum,
even making allowances for the extent to which Spanish
e.rruption and favouritism are said to uist.
To-day there was again a large am-Mint of business
doing in the Foreign Market, chiefly in Pecinsular S.t-
curities. Spanish Active Bon& were not quite so high,
being marked 25-i to 24, for the Accpunt. Portu-
guese New Five per Cents, were steady at 324 to
34 fur immediate transfer ; and 32 for the 1837
Bonds, for Account. Tt►e Three per Cents. were at
201 to 204. Colombian Six per Cents. realized 24 ;
Mexican declined to 28" i, and Brazilian to 704 and
714. • Russian Bonds were worth 1124, and Dutch
Five per Cents. 974.
The Railway Shares were neglected. Great West-
ern New, on which a further instalment of 10/. per
share was completed to-day, were marked 124 pre-
mium, the Fifth shares 7 to 74 premium ; York and
North Midland, 18 premium. Brighton shares were
5i to 6 discount. These prices were nearly all the
stunts as yesterday. Colonial Bank Shares were 13,
and Union Bank of Australia 10 premium.
Tue Foreign Exchanges were flat again this after-
noon, but not lower. On Paris, three months, paper
was taken at 2.5 f. 521 c. to 55.!.. On Amsterdam, at
12 21 to 4 ; on Hamburgh, at 18 7 ; on Antwerp,
at 12 24 ; on Frankfort, at 1.484 ; and on Trieste, at
10 3.

SPIRIT of the PUIMAC JOURNALS,

/ROM THE MORNING PAPERS OF THIS DAY.
(From the illuriting Chronicle.)
We cannot remain indifferent spectators of the election-
eering proceedings in the borough of Walsall, nor avoid
entering our protest against the extreme course pursued
by the Manchester Anti-Corn-law League. We have
uniformly opposed the Corn-laws, as injurious to the inter-
ests of all the other classes of the community, and ulti-
mately to the landowners themselves ; and we, therefore,
hailed with the utmost sati,fac'ion the orgabization of the
Anti-Corn-law League at Manchester, to combat with
effect the monopoly of the Lords of the soil. We have
always been of the opinion of Sir Robert Peel, that the
prosperity of our agriculture is dependent on the pros-
'parity of our manufactures, and we have uniformly con-
tended that it is the height of absurdity to seek to benefit
agriculture by means which paralyse the manufacturing in-
dustry of the country. It was time that a Legislature in
which the landholders have a decided preponderance, and
which bas taken such narrow views of the interests of the
nation should be made to feel, by the well-directed efforts
of the industrious classes, bow intent they were on the
abolition of the monopoly. And it is but justice to the Anti.
Corn-law League to admit, that hitherto their efforts have
been admirably calculated to promote the great object of
the Association. The idea of rousing the indifference el
the classes beyond the reach of the usual channels of dis-
cussion; by the appointment of itiaerant lecturers, was
moat peculiarly judicious, and the extent of the good
effected may be inferred from the rage with which this
course of proceeding has inflamed the monopolists. But
the proceedings of the League at the Walsall election are
sot calculated to flit tiler the great object they have if,
view—tha destruction of the corn monopoly, but, on the
contrary, by injuring the Liberal cause, tend necessarily to
dsfeat that object. Co oppose the monopoly is desirable,
but it is not desirable to conduct the opposition io such a
manner as to give increase] etrengeb to the partisans of
monopoly. It the opponents of tb. Corn-law monopoly
were sufficiently strong to Ls able to return only R.epreseu-
Mires pledged to the repeal of the Curti I,vs, it would be
treason to the cause not to exact such a pledge. But what
we complain of is the injudicious attempt to extort such a
pledge where this strength is not possessed. In the present
state of the representation of this country, it is the height
of absurdity to demand that all other popular questions
should be sacrificed to the one object of the Anti-Corn-
law League. This is repeating the mischievous blunder
of the Chartists. The Mancheto r utat.efacturers pro-
tested against the bigotry of the Chartists in 18.39 and
last year, when they invite into their public meetings
throughout the kingdom, and insieted on an o amen-
ment," whidi substituted the " five points" of the Char-
ter for resMitions against the Coin laws. The Anti-
CoraAaw Leaguers protest against the Irish advocates of
s. Repeal of the Union," who, by pursuieg their " one
ilea," excluded the Manchester agitation. How, then,
can the League justify their own bigotry in hunting
out Gf Walsall a Liberal candidate, Mr. Spencer
joy ttelton, when they have not the power whit
tbei constituency to return a Corn-law Repealer ?
By this bigoted and indefensible ostracism the
Wanehester gentlemen not only secure the certain
ipotesi] of a Tory, but they defeat their own end, by
wing a triumph to a Corn-law monopolist. Mr. Spencer
yttel ton by
local family connexion, and the cordial union
in his favour of all classes of Walsali Liberals Lad a fair
chance of defeating the Conservative candidate, Mr.
Oladstone. His canvass was proceeding favourably, when
Manchester deputation put the extreme test to h:m on the
ciiscnelaw question. Mr. Lyttelton may have his own
modified opinions en the subject, which we understand tire
decidedlya and in favour of against the monopoly, a mode-
rote"o duty ' • but Walsall is not exclusively a town
Coustit!lenee. The Reform Bill, as is well known, in the
faoutiditiries which it assigned to the cl;ffcrent boroughs,
opened a door to a foreign it:ilium era, which is gradually
clustmitag their independerse. The rural houndaries of
west of the boroughs are filled with a desalption of voters
of the lowest and most dependent description, and Walsall.
like so rnany.others, possells4s such a rural boundary, well
known as the "foreign." stir.
Lyttelton may have had
much conflicting opiaion to contend with in the canvass
of such a mixed constitutsocy. The huntsmen of the Man-
chester League, rotwithstaoding, run
And him to ground,
sect; Lyttelton resigns--;;signing, as
a prineipalrea-
son; that he " had to cacounter the avowed hostility
ty of
the agents from the Anti Corn-law Leegue_d_eputel to
oppose him." The Arai rn law Lit cuter of yhur, y
the official gazette of the L•i,lgue, publ.slied at Mattelit:
tQi, in the folio sing extract of a pronti..crit leke.ing • •
tic
thus I)..:Sat3 of i!s] vem.oit :
" LATEST FROM WALSALL.
•‘ We announce.] in our last that o s rce,iying the new,
of * vacancy in the rt•itn...scilt.tt cf ih Council
of the League typointed a d-putition neat W 015,1113,9).
ton to primed to that borough, to confer with the Anti-
Cont. L4* Association there 55 to the measures to be
adopted in order to secure the return of a candidate
pledged to the abolition of the food monopoly. &lbw-
queetly. a deputation proceeded from Manchester ; and
on Tuesday night Messrs. Walker, Wynne, Kettle, Raw-
son, Prentice, and Aelatid, as representatives of the Anti-
Corn-Law League, met and addressed the electors at a
public mooting.
" On their arrival they found two candidates in the field,
Captain Lyttelton, who bad put forth an address, claiming
the support of the Liberal electors, as the nephew of Earl
Spencer, hut omitting all allusion to the Corn-taws, and
Mr, Gladstone, the brother of the Ism member for
Newark, in the Conservative interest. Application was
immediately made to Captain Lyttelton fur an explanation
of his views upon the Coin-laws ; in reply to which,
after
taking a day to consider, be expressed himself willing to

vote for inquiry, but would pledge himself to nothing be-
yond it. A letter was also addressed to Mr. Gladstone,
who refused to declare any opinion on the subject. It
war then determined that a third candidate should be
proposed, favourable to the abolition of the bread-tax.
The greatest enthusiasm existed amongst the great body
of electors, who received the deputation with heartfelt
cordiality, evincing a deep-rooted conviction of the ini-
quity of the bread-tax. The names of two gentlemen
were mentioned at the time of our latest advices, Mr.
Scott, the President of the Stourbridge Anti-Corn-law
Association, and Mr. Foster, son of the late Member,
both of whom are known to be favourable to the prin-
ciple of total repeal. Subsequently Captain Lyttelton
formally withdrew himself, and the contest will, therefore,
be between a consistent advocate of free trade and the
champion of dear bread and monopoly."
Now all this ill-considered and thoughtless procedure
rendered the success of Mr. Lyttelton d,tlicult, if not im-
possible ; but how w ill it serve the one question—the re-
peal of the Cern-laws? The irruption gentlemen from
Manchester were unprepared with a substitute for Mr.
Lyttelton. We understand that yesterday a meeting of
electors was to be convened to consider of an expedient
selection. In the meanwhile Mr. Gladstone, the Tery
candidate, " who refused to declare any opinion on the
subject" of the Corn laws is left alone in the field, with
all the advantages of a :en days' possession and canvass.
We cannot understand how the " gentlemen of one
idea" are to benefit by this suicidal policy. We repeat
that if, by ousting Mr. Lyttelton, they could carry a
Liberal Member for Walsall, and a total Repealer, they
had a right to play the gam,.. But In a critical period
of the common cause, when every seat is of extreme
importance to both the great parties in the State, we arc
at is loss to understand the grounds for adopting a policy
' which makes almost certain the return, not only of a Tory
but of an advocate of the existing Corn-laws. If this
suicidal policy is to be pursued in future vacancies, and at
a di.solution of the present Parliament, it requires not the
spirit of divination to predict that the Liberal interest will
be overthrown. By this additi, nal strength the Corn-
laws, if they do not survive the nineteenth century, may,
at all events, live long enough to ruin the industry
of the country, and thereby render the monopoly a
matter of indifference. We trust that our over-

z,,alous friends of the " League" will benefit by
their experience, and that their zeal will be some-
what more under the direction of wisdom. They are

not benefiting, but injuring the cause they.. wish
to serve. The friends of Liberal opinions—the op-
ponents of monopoly—will naturally shrink from as-

sociating with narrow-minded bigots who have not the
sense to see that exclusive tests ought only to be enforced
when times and cireunvtances are favourable. But let us
hope the League will see the errors of their ways. Our
wis:i is not to gise pain, but to prevent future mistakes.
The League must, we should think, on retketion, become
sensible end though, perhaps, there is no one question on
which enlightened and independent men arc so invariably
agreed, as the necessity for repealing the corn monopoly ;
yet that the means at their command do not justify the
making the repeal a sine qua non at all times and places.
The attempt to monopolise public opinion in favour of
one question only, to the exclusion of every other, if per.
siited in, must be injurious even to that question ; while it
inevitaisly leads to the sacrifice of all other subifets of pub-
lic interest and national importance.
(From the Times.)

We have received several letters, written with great
ability and knowledge of the subject, on the disputed ques-
tion between Spain and Portugal of the navigation of the
Douro, but it appears to us that in all of them the consi.
deration has been mainly overlooked that it is now too late
to examine what advantages may arise to Spain or detri-
ment to Portugal from carrying the Treaty between those
two countries into effect. All the arguments which have
been submitted to us on both sides dwell principally on
these two topics, forgetting that they are applicable only
to a state of things anterior to the execution of any treaty
whatever. Such a treaty was actually concluded more
than five years ago, but stopped in its progress by doubts
respecting the manner in which some of its provisions
were to be carried out. We infer blame to neither party
from this delay, which is sufficiently explained by the poli-
tical agitations in which both nations have participated, so
as to render it rather a surprising thing that an interna-
tional arrangement of a delicate nature like this, bringing
necessarily a number of hostile private interests into
collision, could have proceeded so far towards com-
pletion. To return, however, to the question. The dis-
pute relative to the mode of carrying out certain provisions
of the treaty led to the appointment of a mixed commission,
composed of Spaniards and Portuguese, to adjust it. After
a considerable delay and the preparation of one report,
which was sent back to them for emendation, a final re-
port was agreed upon and presented to the Portuguese
Cortes, by whom, as it is understood, it would have been
disposed of in one way or other, but for the dissolution of
that body, which took place in the latter part of the last
month. On this there is a question at issue between the
two countries, essentially one of form only, whether the
power to confirm this report belonged to the Government
or to the Portuguese Legislature. On the side of Spain
it is affirmed that the ratification was the affair solely of the
Portuguese Government ; but it is contended, and we
think satisfactorily established, on the part of Portugal,
that under the new constitution this could be legally per-
formed by the Cortes alone, which the proroga-
tion of that body prevented their doing, and it is
further shown, that the prorogation was no capri-
cious act of the Government. since the great length
of the Session bad caused so great a falling-off in the
a•tendance of the members, that it had become difficult to
collect the number requisite to transact business. Further
it has been stated, that the treaty for the navigation of the
Douro would certainly form one of the earliest subjects of
consideration on the reassembling of the Cortes in the first
week of the present year; but the Spanish Government,
impatient of further delay, or distrusting the sincerity of
these. representations, threatens immediate hostilities if the
treaty is not ratified. Now, it is' obvious that a treaty
which has been so long in a course of adjustment could
suffer no material detriment by the delay of a few days;
and the Spanish Government, by a precipitation for which it
is not easy to offer any excuse, have subjected themselves
to the imputation of a design to throw Portugal into con-
fusion, and at all events to pick a quarrel with that
country. All the shew of reason therefore that belongs
to the Spanish side of the question arises out of the
belief that Portugal is insincere in the promise to
bring the treaty under consideration as soon as the
Cortes shall reassemble. We believe that not only
have explicit assurances to that effect been given to
the Spanish Government, but that they have been re-
peated to our Government as one of the strongest of the
erounds on which interference is solicited. Thus is the
question reduced to the narrowest compass possible ; and
the belief of the Cabinet of London that Portugal is
ready to fulfil the Teaty—that no evasion, no secret sub-
terfuge, is to be practised, being made known to the
Spanish Government, must place them so completely in
the wrong, as to dispose of this whole question, if it is to
be governed by reason at alt, without difficulty and with-
out danger. Portugal undoubtedly appears to be well
prepared for hostilities, should they be actually resorted to
by Spain, and the threat of invasion has had the ex-
actly contrary effect to that which was intended, by
rousing and uniting all parties to meet the insulting
menace and its consequences. She does not, how-
ever, trust to arms for the issue, but appeals to
her ancient /try, and asks for mediation. These
are the sample elements of this quesfon, so
far as Spain, Portugal, and Great Britain are eoncerned.
It has, been imagined by a set of reasoners whose uniform
(Net t it is, cut of a limited ar.d almost privato quark!, to
deduce a general one, which shall gradually involve the
whole of Europe, that out of the arrangement of this dis-
petc new grounds of difference must arise between France
a.al Eegland ; but we fully believe that such reasonings
{inv.: no foundation of fact to rel.) upon. We understand
that the language of M. Guizot, when appealed to on this
ssbject, has been exactly that which is in harmony with
his character as an enlightened statesman and lover of
peace, and that the Representatives in Paris of both the
contending parties have been assured by him that France
will certainly not in:erfere in this dispute. We may per-
lisps go wailer, and add that his cordial recom-
mendation has been offered to the Ministers of
both countries to leave the adjustment of this dispute en-
tirely in the hands of Great Britain, their natural ally and
protector. Whether in a private or in a public quarrel,
it is one obvious means of bringing about a reconciliation,
to divest the matter in dispute of all circumstances that
are extraneous, or that do not properly belong to it.
This has been our endeavour in the preceding rem irks as
applicable to the differences between Spain and Portugal.
It has been well said that when people are of one mind,
whether to Light or to marry, they are not long in coming
to the desired conzlusion. No man can say who does not
know the exact animus of the parties how such a case will
terminate, but if it should end in an open quarrel, it will
be one of the most reckless and unjustifiable wars that
ever assisted in the depopulation of mankind.