The Sun.
London, England, 1841-05-03 00:00:00

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LONDON:
MONDAY, MAY 3, 1841.

We heard of nothing yesterday and Saturday
but the Budget. It has already taken deep root
in the' mind of the nation. It has excited the
anger of the Tories beyond anticipation, and has
caused as much satisfaction to the Liberals. The
existence of the former is bound up with cor-
ruptionists and monopolists, and a blow aimed
at them goes to the heart of the faction. They
will, however, struggle hard, and if the Liberals
mean to gain a victory, they must at once exert
themselves, and neglect, no preparation which
may tend to secure success.
Our readers will have noticed that Mr. Alder-
man THOMPSON, on Friday evening, stated
that a petition had Leon got up from all
the merchants of the City of London engaged
in the colonial trade aniEst Mr. LABOUCHERE'S
plan to reduce the duties in the colonies, and
allow them to import various articles direct from
other countries than England. Already we
hear the same class of men (who are becoming
as great a nuisance as the owners of rent, from
not being satisfied with the fair and honest pro-
fits of trade), connected with the East and West
Indies, are beginning to make an outcry against
thd reduction of the duty on foreign sugar, pre-
dicting ruin to the colonie:, and combining to
resist the proposed change.
We mriy be sure, too, from That Mr. AARON
CiiAPSIAN" said in the House of Commons on
Friday, that all the owners of rotten ships who
employ them to bring timber from Canada, care-
whether they sink or not on the voyage, will
resist the smallest reduction in the enormous tax
thry are now permitted to levy on the people.
There will be eadles assertions again, as there
were in 1831, about the ruin of the saw-millers in
Can Lda, wnile those who have so much compas-
Sion, from Some fellow-feeling on account of a
small redaction of profit, have no regard what-
ever fir the famishing millions at their own doors.
Cf coarse the landlords also, who are fully sensi-
ble that if once their tax be assailed by the
Government it must be totally abolished, will
,join with the sugar dealers of the East and
West Indies, with the owners of rotten
timber-ships, and with all the jobbers
iu saw minsin Canada and New Brunswick, who
cut up
the
pines of the United States, and are
paid for their humanity and their patriotism by a
tax on the People of England; all these classes
directly interested, will form one vast combina-
tion of monopolists
-I‘.JObberS to resist the Go-
vernment scheme.

They will be jui led, too,
many of those g,entlew en very probably hy
1`1.14 are known to haVe
an extraordinary affection for
a black skin'
Already they have ini:ictecl, Int-Ist unjustifably,
great privatio Is on the industrious el:lst:es
at home, to c ,rry the i • c ratchets into effect,
without the s nal:est success.
admit,
after spet.ding mire money, and wasting-,
more lives than we care to calculat;
that the slave trade is now carried on more
extensively and cruelly ti an ever. This class of
well-meaning enthusiasts, being anxious to keep
slave-grown sugar out of the market, will join
the mass of jubberr, and will resist the Ministe-
rial scheme to give a little niief to the suffering
people of England. They resisted Mr. EWART'S
motion last year to reduce the sugar duties on
this ground, and persevered in plundering by law
the people of England to enrich the West India
planters.
If by continuins the discriminating duties on
sugar, the condition of the bulk of the black po-
pulation of our colonies was improved, there

would be some reason to approve of their con-
duct. But the excessive stimulus given to sugar
cultivation in our colonies by the duties is more
a curse than a benefit to the emancipated slaves.
Not a single sixpence goes into their posses-
sion as increased wages, but the whole tax is
absorbed by planters, estate-owners, mer-
chants, and shipowners.

Nevertheless, it is to be apprehended that the
anti-slavery party will oppose this year, as they
did last year, the reduction of the discriminating
duties on sugar; and with them Bank Charter
jobbers and other monopolists will make com-
mon cause, from a sense of common danger. All
these, joined with the merely political Tories,
whose hopes will make them zealous on the
same side, will form, we have no doubt, one of
the most formidable combinations that ever a
Ministry had to encounter.
It is incumbent, therefore, on all who are the
enemies of monopoly in every shape—on all who
pant for freedom of trade and freedom of indus-
try—on all who are opposed, from principle, to
legislative dishonesty, the most dishonest
kind of dishonesty, and most certainly
pregnant with great calamities, if not with
dire and impending ruin—it is the bounden
and the imperative duty of every honest man—
of every religious man, of every humane man—
of every man who wishes for'the preservation of
social order, and hopes fur the quiet and peace-
able improvement of the species, at once to rally
round the Ministers and support them in their
efforts, however feeble, but well-timed, to abate--
not, we regret to say, destroy—three of the
heaviest and most unjust burdens and mono-
polies which now weigh on the industry and
prosperity of the nation.
We know, from undoubted authority, that the
Ministers have long been sensible of the neces-
sity of dealing with all these subjects. Last
year Mr. LA BOUCH ERE and Lord Jon N
RUSSELL expressed such an opinion. Fur-
ther distress and further decay have forced
the same conclusion on the unwilling Lord
MELBOURNE. Unable to resist the autho-
rity of facts, he has for some time, we believe,
been convinced of the necessity of the alterations
now proposed, and been determined to make
them. Other matters, in the opinion of the
Cabinet, but not in ours, of more importance,
compelled the postponement of these great mea-
sures, till at length, the Bill for settling the
franchise in Ireland being happily got rid of,
and the Budget coining on—which was fixed for
Friday last, be it well remembered, before the
holidays—the Ministers have opened to the
country the plan which they have devised for
gradually relieving the industry of the people
from the accursed fangs of monopoly and injus-
tice.

It was pointedly stated by Lord Howrcx, in
his admirable speech, and assented to by Mr. LA-
BOUCHERE, that these were not insulated mea-
sures, but parts of a great scheme for effecting a
full and complete revision of our tariff. How far
it shall be carried, after such an announcement,
will depend on the people, and on the energy
they display in supporting the Ministers. We
are far from saying that these measures are
enough. We would have a greater approxima-
tion to the principle—as far as timber and sugar
are concerned—that taxes are only to be levied
for the sake or a revenue, and not to give a six-
pence more or less to any class or condition of
her MAJESTY'S subjects. They are all entitled
to equal justice ; and it far surpasses human
ability to devise a system of protection, once
begun, equal and just to all.

As far as food of all kinds is concerned, we
still demand the total abolition of all taxes, for
all such taxes, by impeding the growth of popu-
lation, strike at the root of national greatness
and social improvement. Both depend on the
increase of the people. A stationary, or
a retrograding population, is always mise-
rable and criminal. It is suicidal in any
Legislature to tax the food of the people.
It will now depend, however, on the people
themselves how much they are to get. The
Ministers, opposed as they are by powerful in-
terests, will not go beyond the line of prudence;
and the people must be united, bold, and ener-
getic, taking what they can get, and supporting
most cheerfully the Ministers, but not stopping
short of justice in their demand, to enable the
Ministers to do anything for them. Success now
depends on the people ; and, if they be true to
themselves, they may now achieve a great com-
mercial and fiscal reform, the proper comple-
ment to parliamentary reform.

And let us at once tell all the fundholders, all
those who live on taxes, all placeholders and
pensioners, all who depend on the Government
for subsistence, that it is only by promoting com-
mercial reform, and setting industry free, that
they can hope to be paid their dividends
and their salaries much longer. The pro-
ductive powers of industry are limited.
All these classes, and all the land and tithe
owners, with all of every description who live
without being engaged in productive labour, can
only receive the surplus of the industrious
classes. That the former have anything the
latter must be subsisted. But our present
system goes the length of destroying, by its over
rapacity, the industrious classes, and so de-
stroys the only means by which all the others
are sustained.

The public is not, we believe, fully aware of
the defalcation of the revenue. Every yearsince
1837, the National Debt has been annually aug-
menting. Every yearsince then, the expenditure
has been increasing, and every year the revenue
has been more and more deficient in proportion
to the expenditure. It is useless to tell us, as the
CHANCELLOR of the EXCHEQUER did, that there
have been of late some extraordinary charges
which will not again occur, for every year will bring,
its own. burden. While that increase of expen-
diture and deficiency of revenue have been go-
ing on, Ireland has been tranquil and troops
have been reinoved from it. The working
classes of England, too, though greatly aggrieved
and greatly discontented, have submitted to
starvation with even too much patience. Who
will answer in the next succeeding years for the
tranquillity of the two parts of the empire
if the present system be persevered in, or
if its evil be aggravated by the acces-
sion to offico of the Tories ? Let not the
public deceive themselves by supposing that there
will be no other sources of extraordinary expen-
diture, in the next half-dozen years, than the
Canada outbreak and the Chinese expedition.
There can be no rational hope, while the bulk of
the nation demands a continual extension of the
operations of Government, that there can be any
sensible diminution of the national expenditure.
Well,whatthenwas the deficiency ofthe revenue
last year? 1,841,997/.said Mr. BARING. But there
was included in it the sum of 1,200,0001. levied on
imported corn, which whole sum will fall away
with the first good harvest. The estimated ex-
penditUre for 1841 exceeds the revenue by
2,400,0001. The produce of the new taxes last
year was, as Mr. VILLIERS proved, only 530,0001.
instead of more than three times that amount.
Further taxation will produce a similar or a
worse result. Thus the present system of taxa-
tion cannot be carried further; it is now, on the
average, upwards of 2,000,0001. a year less than
the expenditure, and there is no hope of the
expenditure diminishing. It is as clear as that
that two and three do not make six that the
system cannot be continued; and if the
great multitudes, dependant on the taxes, if all
those who live at ease on the productive classes,
desire
theirm i
incomes, they
e to continue in the enjoyment of
to abate they must help the Government
or destroy the protecting duties, which,
like every
other kind of robbery—for they are
nothing better than a Legislative robbery—de-
stroy infinitely more than they give to the pro-
tected classes.

A crisis is now reached in our financial system,
and the public have the choice offered them of

'continuing to levy taxes on sugar, on timber, on
corn, and other commodities, for the avowed,
purpose of putting money into the pockets of
sugar planters, timber cutters, rotten-ship owners,
and landowners, who perform no services what-
ever for the money, or of abating those taxes,
and taking nothing from the people but for the
payment of services or debts. The industrious
classes cannot any longer support themselves,
while they work as it were in • fetters, and
support the many idle people whom they have
now to subsist. If they decay, however, all will
decay, and it is for the interest of all that they
should receive justice, and be at liberty to exert
themselves. The protective system has reached
its culminating point, and it will depend on the
good sense and exertions of the people, uniting
with the Ministers now to abate and ultimately
to destroy that system, whether it shall sink
quietly into annihilation or perish amidst blood.
shed and ruin.

By the arrival of the splendid steam-ship Aca-
dia at Liverpool, on Sunday evening, in twelve
days from Halifax, we have received New York
papers of the 16th, Boston of the 17th, and Hali-
fax journals of the 20th ult. inclusive. When
the Acadia sailed from these ports nothing had
been heard of the President. Public meetings
had been held in Washington, New York, Phi-
ladel pl iia, Boston, and all the great towns through-
out the Union, at which resolutions deploring the
loss the country had sustained by the sudden
death of General HARRISON, and expressing con-
fidence in the wise administration of the new
President, were unanimously adopted. On
the 13th ultimo President TYLER issued
a proclamation ordering a solemn fast
on the 14th of May to avert the Divine displea-
sure manifested in the sudden death of his la-
mented predecessor. By the evangelical portion
of the community this first act of the new PRE-
SIDENT is lauded to the skies. But the counte-
nance which it receives from several of the
Journals is somewhat equivocal. For example
the New York Evening Post says :
That there is a certain propriety in this step we cheerfully
acknowledge, for if the public offices are to be filled in this
manner with party rogues of the basest class, we shall be
ready as early as the 14th of May to fast in sackcloth and ashes.

Mr. BIDDLE is publishing a Series of long let-
ters in the American Papers, the purport of
which is, that he is not to blame for the pecu-
niary embarrassments of the United States
Bank. Mr. BIDDLE is certainly not more to
blame than Presidents JACKSON, VAN BUREN/
and the whole of the Sub-Treasury squad. Their
system must be abandoned, or the United States
will go to ruin. The New Yorh _Express of the
16th ult. has the following observations upon
this now all-important question :

That a National Bank is the only means of restoring the
currency, that the Secretary of the Treasury will recommend
one, that Congress will create one, and the President sign a
Bill thus creating one, are, if we learn correctly, the views of
public men in high stations, facts established, or as well esta-
blish( das anything of the future can be. There being no other
means of getting where we started from but by going back,
back we shall go. The ten or twelve years we have been ex-
perimenting, have taught us all there is no currency so good,
no means of equalizing it so good, as what Washington,
the Father of his country, what Madison, the Father of the
Constitution approved—which currency, and which means of
equalizing it, the Whigs now in power must and will restore.
All the Virginia Fathers, every Virginia President, unless it
be Mr. Jefferson, who was never called upon to act, have
signed Bills creating a National Bank, or expressed opinions
favourable to it—and John Tyler, who has declared his deter
mination to fullow, will, no doubt, act out what he well calls
their " glorious example." The Sub-Treasury will be re-
pealed early in June. The union of the Purse and Sword will
be severed. The public money will be restored to a custody
approved by George Washington and James Madison.

The Journal of Commerce severely censures
the attempts of the French Journals to fan the
flames of discord between the people of England
and those of the United States. The remarks of
this sensible paper are quoted with approbation
by the leading journals throughout the Union.
There is not a syllable about Mr. M'LEOD or
the Boundary question in these Papers.

THE PENNSYLVANIA BANK BILL.—On Saturday last the
Vetoed Bank-bill was discussed at some length in the Penn-
sylvania Senate, with a view to pass it by a vote of two-thirds,
that it might become a law notwahstanding the veto. The vote,
however, when taken, stood yeas 15, nays 13, and the attempt
accordingly failed.
THE MICHIGAN BANE SUSPENSION BlLL.—This Bill has
passed both branches of the Legislature, and wants but the
signature of the Governor, which it will, no doubt, promptly
and cordially receive, to become a law. The sum and sub-
stance of the Bill is that it gives a naked, unqualified, indefi-
nite, and unconditional suspension of specie payments to the
Bank of Michigan and the Farmers' and Mechanics' Bank and
their branches. The suspension of any of the other banks
named in the Bill, is at the discretion of the State Officers.
Our banking system then, hereafter, is to be genuine wild cat.
—Detroit Fret: Press.
THE FIVE I%IILLIoN LOAN.—The rumour was current in
the city yesterday, that the State Treasurer had received in-
formation that the United States Bank would not pay the April
instalment of the five million loan, which the Bank of Michi-
gan was allowed to anticipate by putting out her irredeemable
notes.—Detroit Free Press.

SNOW STORM.-The snow storm began to fall in New
York on Monday morning and continued through that day and
evening. The ground early on Tuesday morning was covered
to the average depth of a foot. A large part of it disappeared
in the course of that day. There was also a violent sturm in
Philadelphia. The correspondent at that place of the Journal
of Commerce, says that more snow fell there on Monday than
did, in the same time, any day during the winter. Here the
snow fell through the day on Tuesday, but did not accumulate
to a depth of more than six or eight inches, except where it fell
in drifts.

FAMILY OF GENERAL HARRISON.-A letter published by
the Baltimore Patriot states that Mrs. Harrison, the General's
daughter-in-lax, with the rest of the bereaved family who
were at Washington, would leave that city on Saturday or
'Monday for the West, accompanied by Col. Todd and Col.
Chambers. They would make the journey by way of Phila-
delphia and Pittsburgh, on which route the canals are open.
GENERAL JACKSON IN PECUNIARY DISTRESS.-The fol-
lowing paragraph, from a late number cf the Louisville Jour-
nal, will be read with pain :—" A few weeks ago we saw a
letter from General Jackson to a gentleman who had drawn on
him for one hundred dollars. He acknowledged that the
money was due, but stated that he was so miserably embarassed
by his security debts as to be utterly unable to raise the small
sum necessary to meet the draft. He said he had some
blooded stock which he was willing to give up to the drawer
of the draft, but that 8100 in money was out of the question.'
(Correspondence of New York Commercial Advertiser.

TAMPA 'BAY, MARCH 27, 1841.—0 n the 20th inst. 220
Indians sailed from this place to New Orleans, on their way
to Arkansas. They were principally Tallahasses of Echo
Emaliha's band. This shipment left at the post 95 Indians,
increased now to 150 by the arrival yesterday of a party under
Cosa Tustenuggee ; Coacoochee or Wild Cat is also here ;
one of the most intelligent and fine looking Indians I have
ever seen.

It requires no little restraint upon one's feelings to extend a
friendly hand to two such consummate villains and cold blooded
murderers as these last two chiefs. Their coming in is quite
unexpected to us all, and I cannot think that Wild Cat has
done so with any intention of emigrating.
The number of Seminoles at Sarrasota has been increased
by recent arrivals to 90. Billy Bowlegs, the chief of this
party, and the third in rank in the nation, is now here tempo-
rarily. He is very young, mild and amiable in appearance,
and his physiognomy certainly furnishes no indication of the
ferocity and treachery which he manifested at the massacre of
the Cailoosohatchie. _ _ _

CA NA DA. —Lord Sydenham, Governor-General of the Bri-
tish North American provinces, has by proelaimation pro-
rogued the Provincial Parliament from the Bth of April inst.
to the 20th day cf May next, then to meet at Kingston, for
the despatch of business. The Governor-General was se-
riously ill on the sth inst., but on the 7th his health was im-
proving.

NEW YORK MONEY MARKET-APRIL 16.

A few days since there was a general call for specie among
the banks of this city, and a consequent shifting of balances.
The call commenced with the Bank of Commerce, and before
it was finished the specie drafts sent through all the others
Those most in debt, as a matter of course, had to pay up. This
call did not arise out of any demand from abroad, or from
other States, for there is no demand of this sort, but merely to
settle up. There is now no arrangement of interest between
the several institutions, therefore tnere is no benefit to a bank
to let other banks be much in their debt. The occasional set-
tlements that are made, are highly necessary to keep things
in a sound and healthy condition. To pay is as necessary as
to receive, and banks as well as individuals are kept strict by
short reckonings.
Exchange on London is a little higher to-day. Sales at
107 to 1074.
The manufacturers Ins Co. of Boston on Tuesday declared
a dividend of 10 per cent. on their earnings for the past six
months.

The Reston Atlas of Tuesday says that the money market
there is without any material change. The amount of busi-
ness paper offering out of doors is very limited, and is sought
after at from 7to 10 per rent per annum. An increased
amount of Bank stock has appeared in the market within the
past fortnight, which is generally the case after holders have
received their semi-annual dividends—the prices of most of
them have been well maintained. Rail-road stocks are firm
and the demand harely supplied. Domestic Exchanges within
the past week have been rather more abundant, and the rate
on Philadelphia funds has been more steady than for some time
past. On many other points we have exrerienced .ars improve-
ment, but on Georgia it is difficult to sell, excert a heavy dis-
con it. Foreign Exchanges continue rather dull.
We are requested to state that the report that the German
Bank of Wooster, Ohio, had refused its own notes, is
of debts due to that institution, is false.
'lie Receivers of the American Fire Insurance Company
have declared a final dividend of 1 3-4 per cent. payment
The Bank of New York four per cent. for the last six
months, payable on the Ist of May.
The State Bank of New Brunswick four per cent.
At Philade!phia, yesterday, United 'lank Shares were sold
at 18

A moderate business only was done at the Stock Board,
bat generally at a reduction on the closing vitas of yesterday.
United States Bank fell off 1-2; North American Trust 3.4;
Harleml-8 ; Stonington 1-4 ; Deiaware and Hudson closed at
92 1-4, which is an advance of 1 1-4 on the sales of yesterday ;
Mechanies' Bank rose 1-2, and Syracuse and Utica 1. •
STATE Srocxs.—This morning the fallowing sales were
made at the Beard—s`l,ooo Illinois Sixes for Ib7o, 48; $3,000
Indiana Sterling Fives at 54; $l,OOO Isodiana Fives 53; and
$2,000 at 52 1-2.

Madrid Papers, of the 24th ult., have come to
hand, but they bring no news of any political

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