The Sun.
London, England, 1846-06-08 00:00:00

(IT tritniag (*'"nn.

LONDON, MONDAY, JUNE 8, 1846.

A most important meeting of the friends and sup-
porters of Lord JOHN RII.9SELL took place on Satur-
day, at his Lordship's house, at Chesham-place, which
was numerously attended by Members of the House
of Commons. Two questions were taken into con-
sideration on the occasion : first, the Irish Coercion
Bill ; and, secondly, the Sugar Duties. On both these
questions it was, by a very large majority—indeed,
almost unanimously--determined that the Minis-
terial policy should be opposed. It was
decided that, on the second reading of the
Coercion Bill this day, it should be moved, as an
amendment, that the Bill should be read a second
time this day six months. It was left to the Irish
Members to decide by whom the amendment should
be moved and seconded, and it was subsequently
decided that Lord Jowl should himself be requested

to bring forward the amendment, and that in the
event of his refusing to do so, Sir W. SOMERVILLE
should be selected for the duty, with Colonel RAwDON
as a seconder.

The altered state of the times, the vast reduction in
the amount of crime in Ireland, the restoration of
peace and tranquillity in that country, and the fa-
vourable fruits which have sprung up from kindness
and conciliation, and the introduction of just and
equitable measures, have removed the necessity which
formerly existed for the passing of an Act of such
stringency, so restrictive of the liberty of the
subject. Nothing but an urgent and impera-
tive necessity, the absolute impossibility of suppressing
the fearful bloodshed and outrage that prevailed in
that country, could possibly justify the adoption of
such a measure. Sir ROBERT PEEL himself on this
day fortnight admitted the vast improvement that had
taken place, and such being the case, he surely is jus-
tified in postponing or abandoning a measure no
longer required by the altered circumstances of the
country. Were it at this moment in full operation it
should be forthwith suppressed. Such was the
opinion to which we gave expression on the above admis-
sion of the Premier. We cannot, therefore, blame the
Liberal party for arriving at a similar conclusion.
The second question on which it was determined to
oppose the Government was on the Sugar Duties. It
will be recollected that a motion on this subject was
made by Lord &NEON while the Whig Ministry
was in power, when his Lordship proposed a resolu-
tion deprecatory of the equalisation of the duties on
slave-grown and free-labour sugar. The Whigs,
acting on the free-trade principle, resisted this mo-
tion, and they have now determined to pursue a course
favourable to the reception of slave-grown sugar. We
do, however, most sincerely trust, that whatever
may be the result of the divisions, that Sir R. PEEL
will suffer nothing to interfere with or stay the pro-
gress of the great measure of free trade for which he
has already made such wonderful sacrifices ; indeed
he has already pledged himself to the country, that
under any circumstances he will persevere until it
shall have received the final sanction of the Legisla-
ture. It would, indeed, be a lamentable catastrophe,
if the vessel which had nearly terminated its voyage
in safety, having escaped the various shoals and quick-
sands, the storms and hurricanes, with which she
was threatened, should be shipwrecked within sight
of her harbour, when all danger had apparently been
surmounted. We cannot believe that the just and
well-founded hopes of the nation are destined to meet
with so great a disappointment, or that the Premier
should sacrifice to any obstinacy the glorious position
he has achieved for himself. A fair opportunity is
afforded to him, of which we trust he may
avail himself, of stating his intention of not
pressing on the Coercion Bill unless the re-
newal of disturbance and outrage should again
demand the carrying out of its provisions. Such
a line of conduct would be hailed with the warmest
approbation of the country, and would fix Sir
ROBERT most firmly in power; but, should he un-
fortunately still be determined to persevere, he should
make up his mind that, although defeated, he would
still continue in office, and retain the present Par-
liament until the final and complete triumph of the
Corn and Customs Bills. Such a course would in-
volve neither dishonour or disgrace. It would,
were any required, afford an additional proof
of the truth and sincerity of the motives by
which the Prime Minister is actuated, of the
depth of his devotion to the glorious cause, for
which he has already made such sacrifices. The
protectionists are closely watching the progress of
events —their last weak hope rests in a division taking
place between the free-traders, and the Ministry
abandoning their offices before the final success of
the measure. A meeting of the monopolist party
also took place on Saturday, at which a re-
newed confidence was manifest. The cause of pro-
tection was declared to be by no means desperate, and
it was determined that an attempt should be made in
Committee to perpetuate the operation of the di-
minished sliding-scale; many predictions were boldly
made as to the result of the ensuing elections which
they blindly hoped would give a new strength
to the advocates of monopoly ; in this they
will find themselves bitterly disappointed ; the
feelings of our countrymen are • too deeply
interested, their expectations have been too
strongly excited to render it possible that
they could now endure a defeat, or even a postpone-
ment of the measures from which they confidently
look for such valuable results ; they will evince a
quiet and steady determination, which must command
success, and will teach the monopolists that they
are reckoning without their host in looking for any
addition of strength as the result of an appeal to the
country.

Lord FiTzwiLLlAm, on Friday evening, brought
forward the resolutions of which he had given notice
previous to the recess, and to which we adverted at
some length at the beginning of last week. His
Lordships proposals were :

Ist. That the House should not pass any railway
Bill, giving power to raise capital either by the issue
of shares, or by borrowing money, which had or
might come up from the House of Commons, until all
such Bills should be read a second time.

2d. That the House should appoint a Select Com-
mittee to take all such Bills into consideration,
to classify them according to their public importance,
and to select such as the Committee might deem it
expedient to pass.
3d. That it be an instruction of the Committee no
to select Bills by which it was proposed to raise a
capital exceeding 60,000,0001., whether by issuing
shares or borrowing money.
4th. That a message should be sent to the Com-
mons requesting a conference on the subject
of such railway Bills as • had originated in
their Lordships' House, and are now pending in the
Commons.

These resolutions, it will be seen, were, after
some discussion, withdrawn by his Lordship,
and we may congratulate the persons interested in
the several Bills still unpassed on the honourable
course pursued by the Ministry. Lord DALHOUSIE
adopted the argument which we put forward on
Tuesday last as to the injustice of casting any new
impediment in the way of the several companies.
He stated that however desirable it might be to
limit railway enterprise in general, and however
ready he might have been at the beginning of the
session to adopt some resolutions similar to those
proposed by the Noble Lord, he could not, under
existing circumstances, and what had taken place
in both Houses, consistently with common justice and
fairness, adopt the recommendation. He showed how
the subject of railway legislation had been brought
before both Houses at the very commencement of the
session, and the appointment of a Committee to con•
sider the best means of dealing with the question,
and the report of that Committee, in which, after
stating that there were 562 railway Bills standing for
consideration, and adverting to the arrangements
' which might be made for their consideration, pro-
ceededommittee haveto say,
Ulu
jntdedreemtheedse
it c
advisablei rcu m s t an n
tcoe s,
recom-
mend yo
to the Rouse to
mu
r
make any selection from, or to
place any limitation on,a the number of the railway
schemes to be submitted to
e
consideration
liament during the present session., of Par-
, That opinion
House, and it was
was received and confirmed by the
distinctly declared that there should be no selection
or restriction. On the faith of that declaration, the
several companies had proceeded, immense sums
of
Bills had
money had been expended, many of the
actually received the final sanction of the legislature ;
and it would, as we have alread stated, ave
been
f the Legisla-
a breach of faith on the part oy h
that c
ture, if in the teeth of that resolution ty should
ould
now select and restrict the number. All
be done consistently with honour and justice had
been done in the Bill, and in the sessional orders
which had been adopted an opportunity was afforded
to the shareholders of interposing a veto to the fur-
ther progress of the Bill in which they were inte-
rested. A locus penitentiffl was afforded. An active
step should be taken by them, showing that they
were still desirous that the undertaking should be
proceeded with—that they were not deterred, by the
altered aspect of the times or the depressed state
of the money market, from persevering in their ob-
ject; and we do not see how the Legislature could
fairly interpose any additional check. It would, in-
deed, be a highly dangerous principle to adopt to fix
an amount of capital beyond which the Home would

not sanction any enterprise. What might in one state
of the monetary affairs of the country be a
safe and useful investment might in another be a
most dangerous expenditure, and one likely to de-
range the money market, and produce great mischief.
Not that we take the gloomy view of the affair which
has been taken by many intelligent and able men.
As we have already stated, the money is not to be
withdrawn from the circulation, or sent out of the
country. On the contrary, it will be circulated with
increased rapidity, oftener changing hands, and pro-
ducing additional activity in our markets, a new
and improved demand for our manufactures, an in-
creased consumption of our own productions, and a
consequent increase in those very productions. Thr
season of difficulty and danger, of monetary derange.
ment, and consequent distress, has, as we conceive,
nearly passed away. It was not produced by the
amount of expenditure to be incurred, but by
the large amount withdrawn from circulation,
and locked up in the hands of the ACCOUNTANT-
GENERAL by the operation of the standing orders.
Had these orders admitted the lodging of Stock, Ex-
chequer Bills, or other sufficient securities in place of
money, we are quite convinced that there would have
been no extraordinary depression, no tightness in the
money market, or want of pecuniary assistance. It
was not the contemplated expenditure of sixty or even
a hundred millions spread over a period of three years,
which term might easily have been extended to five
years, or still more, without injury to any one, that
occasioned the mischief, but the actual locking
up of 15,000,0001. sterling, and the reduction of
the circulating medium of the country by that vast
amount. In consequence thereof, the Bank ceased
to afford the usual accommodation to their customers,
and trade became paralysed to a certain extent from the
want of that credit so essential to its well being. That
moneywillnow shortlybe released either on the final suc-
cess or rejection of the different measures, and as a matter
of course it will speedily be made applicable to the
general purposes of the country, and an increased
confidence will be manifested. Those persons who
have weathered the storm, under the extraordinary
difficulties with which they were encompassed, will
have afforded such evidence of their stability and
solvency as to remove any distrust on the part of the
capitalists. And, without pretending to any extraor-
dinary degree of foresight, we may venture to
prophecy that a geater degree of accommodation
will be afforded in proportion to the want of it so
recently exhibited, and prosperity be restored, and
credit placed on a sounder basis. We trust that no
further attempts will be made to throw difficulties
in the way of the railway companies, but we think
that the time should in every case be extended for
the final completion of the works. If this was th
case, there would not be the neeessity for the directors
either making callsZat an unfavourable time,
and thereby depressing the value of the shares,
which it is their bounden duty to keep up
by every means in their power, or of abandoning a
promising scheme, in which a heavy expenditure had
already taken place. This might easily be effected by
an act similar to the general acts passed during the
last Session ;. it would also be very desirable if it was
provided that no new call should be made without the
assent of the shareholders at a general meeting, similar
to that required by the recent resolutions. Such a
provision would be no violation of faith on the part of
the Legislature, but would be a beneficial extension of
the principle on which the new sessional orders were
founded. Should it be in the contemplation of the
Government to introduce any new measure respecting
railways, it should speedily be brought forward, and
its principle be declared, so that no persons interested
may be taken by surprise, by any additional regula-
tions promulgated for the first time at the commence-
ment of the ensuing:session.

(FROM A CORRESPONDENT.)

Coupled with the fact of the re-appearance of the
Coercion Bill for a second reading this evening, the
meeting of Liberal representatives in Chesham-place,
on Saturday, portends either some extraordinary ca-
tastrophe or some extraordinary concession in our
Legislature. As under all circumstances of similar
importance a variety of opinions and a multiplicity
of rumours have been disseminated among the multi-
tude as to the probable issue of these occurrence!,
Every one is dubious respecting the ulterior conse-
quences of their influence, though all coincide in an-
ticipating some remarkable denouement after so many
remarkable preliminaries. Whether the present
Ministry will he so far defeated in the division upon
the Curfew Bill as to necessitate their withdrawal
from office ; or whether the lesser half of the present
session cannot be sustained by a Government power-
ful enough in its moral influence to carry a
measure of such peculiar vastness during the com-
mencement of this same session, are the questions
now agitating the popular mind, and constitute for
the moment a more seductive object of speculation
than the railwayphobia itself. Nor can the position
of Sir ROBERT PEEL'S Administration at this critical
juncture fail to ensure the sympathy of the least sus-
ceptible, or to arouse the interest of the least reflective
amongst our countrymen. The origin of this sudden
indecision as to the stability of his Government is
simple enough, but it is also striking and instructive
enough in all conscience. Vague suspicions and
shadowless inuendoes have repeatedly been promul-
gated by those misguided or obtuse-minded observers
who were desirous of the Premier's discomfiture ;
but not until within a very few days had these
rumours assumed anything like a palpable or sub-
stantial form. What was hitherto a scarcely per-
ceptible vapour has gradually accumulated into a
storm-cloud ; and from the resolutions which were
almost unanimously adopted on Saturday at Lord
JOHN RusseLL's residence, its dormant violence is
expected to burst forth at every instant, and
the public attention is rivetted upon the Par-
liament House, anticipative of those political deto-
nations which are expected to hurl Sir ROBERT and
his colleagues from authority. Some are looking
with sanguine satisfaction at the day-dawning of
power to Lord JOHN, some with despondency at the
probable retirement of the present Prime Minister.
Within possibly the present week, unquestionably
within the ensuing fortnight, the result of this agita-
tion will become apparent, either in the perpetua-
tion of the present Ministry, or in its final overthrow.
" A peerage or 'Westminster Abbey !" was the battle-
cry of NELSON, and one equally resolute appears to
be the ruling motto of the PEEL Administration.
Supposing, however, that the most disastrous defeat
is destined to be the portion of Sir ROBERT,
either upon the Coercion Bill or the Sugar
Duties, or upon both together, he will never-
theless fall amidst the jubilation of one of the
greatest conquests ever achieved by statesman, with
the grateful voices of his countrymen still ringing in
his ears, and after having imperishably linked the re-
collection of his genius with the acquisition of free
trade and the commencement of universal peace.
In waiting, therefore, for the preservation of official
power to himself, or for its transmission to the
hands of Lord JOHN RUSSELL, we must acknow-
ledge that we do so with less trepidation as to the
consequences of this occurrence than possibly was ever
experienced by journalist when awaiting the mutations
of authority. In either case the interests of the People,
the dignity of the Crown, and the pros•
perity of the empire will be committed
to legislators most eminently qualified for
the discharge of such responsibilities, and in
whose political wisdom the most implicit and
earnest reliance could be placed. Satisfied as we are,
hnoorawzenvoe; dJ. R
r, that extreme benefit must accrue to the
ti
whether
us 8 SirE beRLL n.oPmzinEaLtedPrime
continued
Minister,inoffi wcee,
cannot but turn with a scarcely expressible anxiety
to those discussions and those divisions which are
about to decide the Parliamentary tournay between
those two eminent characters. As to the abolition of
aotfi oint dutyec,ua
spaotni
on slave-grownaa commodity
o Inmo
ds
tgyairn,
foreign
eiing
n otheran and
words,cilnolponorial commerce with the sugar cultivated
ertodmt ot r ahsauetrbervioeaorl r at
e tmhf ane nr
Gc
ai
op
yea
eot
ri
mon la:
by free labour, the question is so inextri-
cably boundas uspcawrecsietthlystuhtffiaotcaioffefno
generally',
bination of inter
With the Coercive measure, however, the
ment.
heterogeneous parties into one homogeneous
case
ns without any question, to
opposition, threatens,
place the Ministerial authority in jeopardy. Nor
is altogether different, as the amalgamation of
can we detect anything absolutely reprehensible inupon this matter by
the difference of opinion formed