The Sun.
London, England, 1841-01-05 00:00:00

discussions hitherto—is, in fact, a very secondary ques-
tion in comparison with the existence of Whiggery,
and of the Wliig patronage resulting of which it is so 1
large a recipient ; a question not to be dreamt of com-
ing except through the portals of Daf.vning-streat.

MONEY MARKET and CITY NEWS.

(SATURDAY EVENING.)
TIME S.—A great number of the Kingston merchants
have, it appears by the Jamaica Papers, memorialized the
House of Assembly against an increase of the duty of 1
per cent. on British manufactured goods, which some have
recommended to be augmented two, three, and even four
fold, as an additional resource to the revenue, and that
even at the suggestion of some of the merchants who con-
sider the 1 per cent. duty too small to allow them to
make any proportionate increase in the sale of their
articles, whereas an addition of 2 or 3 per cent. would
allow them to transfer the weight of the tax to the
consumrner. The memorializing merchants, who ap-
pear to represent the general feeling of the commer-
cial community more than those who desire the in-
crease, object to it on the grounds that such increase
would require an entire change in the bonding system ;
that it would create a difficulty in repacking and ship-
ping from the warehouse for foreign trade; that separate
stores would be necessary to deposit English apart from
foreign goods ; that foreign trade would be annihilated,
as the class of persons who support it are aecu.tomed to
have entire control over their goods, and bale them up in
a particular manner ; that the alterations would cause an
increased establishment and expenditure; and that the Cus-
toms have invariably refused to allow portions of a packet
to be taken out of the bonded warehouses. The propriety
of increasing the import and export taxes generally has
been suggested by some of the Members of Assembly,
who, observing what a fruitful source of revenue they are.
the import duties of last sear amounting to 74,6901., and
the exports to 37,0411., have wished they might, if pos-
sible, be doubled ; while on the other hand, it is argued
that the great prosperity of this branch of revenue renders
it the more hazardous to interfere with it.

It is not surprising that some -pCiSCin3, taking up free
trade as a principle, are willing to apply it to its full extent
to the article of money, and while contending against ail
legal restriction in the rate of interest, regard the present
modification of the laws affecting Bills of Exchange at a
wholesome state of things, and do not attach sufficient
importance to the evils which arc particularly felt by the
smaller tradesmen, and which arise daily before the eyes of
those who are acquainted with the pecuniary wants of that
class. These defenders of the present laws advance as arc ar-
gument the great sacrifices that used to be made during a
pressure for money, by selling goods at inadequate pricis,
and in some cases the fictitious sales by which an enormous
interest was virtually paid, at the same time the
usuary laws were evaded. Many such sacrifices, especially
that of the late importation of tallow, would, it is said, have
been made now did not the abolition of restrictions on usury
enable the parties holding the goods to obtain money
at the rate of about 7 per cent. To a principle that con-
fers such great benefits, it is said that the inconveniences
attending a few trifling transactions should not be opposed.
I'o this it may be answered that it is these very trifling
transactions that grind down the bumbler traders, and
which, if all appearances be true, threaten many of them
with destruction. It is not the persons who require exten-
sive loans, and thoso from the great discounting houses,
that are the sufferers under the present system ; on the
contrary, they appear to benefit by it. The quotations
from time to time of the rate of money, varying accord-
ing to the state of the money. market, will show that
with these it is merely a question whether they pay
or 2 per sent., more or less, than they would have paid
under the old usury laws. The borrowers of 50/. or tool ,
sums too trifling to be regulated by the general state of
the money-market, but not at all trifling if we regard the
interests of a most useful part of the community, such us
s►nall tradesmen, and young men about to set up in busi-
neff—these are the sufferers, being exposed to the
rapacity of the worst order of money-lenders, who make
no scruple of asking 30 or 60 per cent., regulating their
demand by no other standard than their own covetousness
and the pressing wants of the borrower, who is more or
less damaged by every attempt to extend his applications
to other quarters.