The Sun.
London, England, 1841-12-27 00:00:00

vate audience with the Young QUEEN.
This was refused on two grounds First,
because the Spanish Government could
not recognise him as an Ambassador, before pre-
senting his credentials, and, again because the
QUEEN, being a minor, could only be seen in the
presence of her guardians. M. SALVANDY talked
big, and threatened to demand his passports,
which lo his no small chagrin were at once of-
fered him by the F,oreign Minister.
The Funds were not quite so active on the 18th.
The Fives closed at 321 for cash, and 33i at 60
days.

The Paris Journals of Friday and Saturday
have all reached us. No political event which
occurred in France since the Revolution of July,
produced so deep and painful an impression in
the capital as the condemnation of M. DUPOTY
by the Court of Peers. The whole Press seemed
to reel under the stunning effect of this tremend-
ous blow aimed at the right of political discussion
in France. Even the Debats staggers under it
while eszaying a sort of lame apology for the
Peers.

The illoniteur announces that by Royal Ordon-
nances, dated 23d instant, the following person-
ages have been raised to the dignity of the Peer-
age : — Vice-Admiral BERGERET Count AR-
THU BEUGNOT, Member of the Institute—Vis-
count DE BOND; formerly a Prefect—M. BOUL-
LET, first President of the Cour Royale of Amiens
—Baron DE BOURGOING, Minister Plenipotentiary
—Baron DE BUSSIERE, Minister Plenipotentiary
—Lieut.-General Count CHARBONNEL—M. DE
CHASTELLIER, formerly Mayor of N ismes—Baron
DUFOUR, Mayor of Metz, President of the Coun-
cil-General of the Moselle—M. FERRIER, Presi-
dent of the Council-General of the Nord—
Viscount DE FLAVIGNY, Member of a Council
General--M. FRANK CARRE, First President
of the Cour Royale of Rouen—M. DE GASCQ,
President of the Cour des Comptes—Lieutenant-
General Baron GOURAND Chevalier JAU-
BER r, Member of the Institute-I\L LESERGEA NT
DE BAYEUGHEM, formerly Deputy, President of
the Council General of the Pas de Calais
Count DE MURAT, formerly Deputy and Prefect
—Baron D'OBERLIN, formerly Deputy—Lieute-
nant-General Viscount PELLEPORT—Count DE
SAINT PRIEST, Minister Plenipotentiary. Of
these twenty creations, nine have been
Royalists, namely, MM. BEUGNOT, BOUR -
GOING, BUSSIERE, DE CHASTELLIER, FLA-
VIGNY, LESERGEANT, MURAT, PELLEPORT,
and ST. PRIEST. M. JAUBERT is the father-in -
law of M. DUFAURE. The deaths, in 1841, of
Peers have been nine, namely, Baron BIGNON,
Marshal Duke DEBELLUN 0, CORM DE L AROCHE-
FOUCAULT, Count PERREGAUX, Count DE CES-
SAC, Duke DE PRASLIN, the Prince of MONACO,
Duke DE GI:LAMONT CADEROUSSE, and General
Viscount Tis LET.

A report has been circulated this evening, and was
generally believed, that at a Council of Ministers held
to-day the King had commuted the sentence of death
passed on Quenisset, Colombier, and Just, to that of
transportation. It was added that all the persons con-
demned were to leave Paris this evening, to be trans-
ferred, some to Mont St. Michel, some to Doulens. As
for M. Dupoty, even if the state of his health did not
afford a reason for granting a delay, another motive
would keep him at Paris; he is to appear before a Jury
on account of an article in the Journal du Peuple.—
Comnzerce.

It is said that the counsel of the principal persons con-
demned have received an assurance of a respite from the
Keeper of the Seals, and that no decision has yet been
come to on their application for mercy.
A Ministerial order, transmitted to the Director of
the Prison of the Luxembourg, informs him that the
removal and transfer of the condemned individuals is
provisionally deferred.

- The Reine Blanche frigate, bearing the flag of Rear-
Admiral Dupetit Thomars, commanded by Captain Alix,
and the Triomphante corvette, Captain Balijot, sailed
from Brest on the 20th of December for the Pacific
Ocean, where they are to be stationed.—Constitutionnet
We shall have several high tides in 1842. Those of
January 28, February 25, March 26, August 5, Septem-
ber 4, and October 4, will greatly exceed the average,
and may cause great damage if they are seconded by the
wind.—Courrier Francais.
BOURSE—PARIS, SATURDAY, DEC. 25.

first Highest Lowest Last
Price Price. Pm... Prier.
French 5 per.Centi llO 60 ... 116 60 ... 116 55 ... 116 55
3 per Ceuta. ex div. 71 50 _ 18 55 ... :13 45 .... 7e 45
Sank of vrance -.457 50 ..n4,7 50 ...3440 ....3441?
Lad!ltte Bank s,oool;Shares 5035 ...50.35 —.5030 ...5030
delgiari Bank" 793 ... 791 ... 790 ... 795
1811
Belgian 5 per Cents.
S per Cent:., 1840 lO3 ... 103 ... 103 ... US
ipanoth Active % .... 24% ... 24% ... 24%
Paisive 5% ... 5% ... 5% ... 5%
New Deferred
Old Deferred
5% ... 5%
Neanolit. 105 75 ... )55 73 ... 10; 75 ... ;05 75
Portugueses per Cents 28% ... i'.B% ... 28% ... 28%
Amman...:. lO3 ... 103 ... 103 ... 103

RAILWAY SHARES.
St. Germain
Ver.ilich, L.li 197 50 .. 197 50 ... 147 50 .. 197 50
R. 8 3 3 75 ... 3,3 75 ... 323 75 ... 323 75
490
__ ... 493 75 487 50 ... 493 75

Orleans . :.

_ .
Straburg collate 223 75 223 75 ... 2`M 75 223 75
DUTCH FUNDS.—Ansmacram, Dec. 21.
Money. Bill
Actual Debt, 254 per Cent
Jitto, ditto 5 per cent.

Ainoit Syndic, 43,E per cent 20%. 01 14
Ditto, ditto, 3% per cent 75% 76%
Commercial Company, 4% per cent 154% /55%
Ditto (1835 and 1837) 5 per cent. ......
Loan 183'7, 5 per cent. 97% 97
Exchange on London, One month l2 10
Two months .....
Hamburgb, One month 35 67%
Two months 35 50
Dutch Papers, Dec. 25.
BELGIAN 1. UNDS—Betnissca , Dim 21.
Actual Debt, 2% per Cent.
Rothschild's Loan, 5 per Cent lOl%
Loan of Thirty Millions, 4 per Cent. ......
------- 3per Cent. —
--- 71%
—(1840) lOl
Loan of City, 1932, 4 per Cent. O6
Society of Commerce, 4%per Cent. —
Bank of Belgium, 5 per Cent... .........
NationalSaciety. .... —
Exchange on London (short) —
—Brussels Papers, Dee. 24.
AUSTRIAN FUNDS.—VIENNA, Deo. 17.
f iye per Cents. Metalliques
Foliar per Cents. 99%
Three per Cents.
Bank Shares
—Allgeeseine &iron,. Dec. 21.
HAMBURG BORSENHALLE, Dec.2l.
Bills. Money
Austrian 5 per Cents.
Bank Shares 1625
Anglo-Russian Loan lOBO HP%
Russian 5 per Cent. Ist series, Certificate
Inscription, lstSeLies 1034
Russian 5 per Cent. Hope and Co. 3d and 4th
Series 9sq
Ditto in Certificates
Ncw 4 per Cant. (1840) 864 86%
Dutch Actual Debt, 254 per Cent 5034 50
Ditto 5 per Cent
Polish Bonds
154
New Picket
161%
Anglo-Danish Loan, 3 per Cent............. ....... 77% 775 k
Norwegian Lean, 1834, 4 per Cleat.... 102% 102%
Spanish, New 5 per Cent 5.......... ....... ..

Th irty .seven•

EXCHANGES OK LONDON.
HAMBURG, Dec. 21.-43 634.—Tw0 months, 13 5.
STocEnoLm. DEC. 14.—Seventy-five days, 12. 12.
BERLIN, Dec, 13. - Three months, 6,1:,%.

TAXATION.---Mr. M'Culloch is said to have observed
that " it is clear that the public interests require that
every practicable effort should be made to lighten the
pressure on the national resources, and to check the
efflux of capital to other countries by adding to the pro-
ductive powers of industry, or, in other words, by in-
creasing the rate of profit ; and this will be most effec-
tually done by making every possible deduction from
the taxes affecting necessaries, and by ceasing to bolster
np and protect any such single species of industry at the
expense of the rest." And also "In a practical point
of view, taxes on the rent of land are amongst the most
u unj st and impolitic that can be imagined. It is quite
impossible to separate rent into its elements, or to say
how much is paid for the soil, and how much for im-
provements. No two agriculturists ever arrive, in any
given case of this kind, unless by accident, at the same
conclusion ; and the best judges affirm that, generally
speaking, the distinction is utterly impracticable.
When, therefore, a tax is laid on rent it is necessarily
proportioned to its gross amount, or to the total sum
paid to the landlords, without regard to the sources
whence it is derived. But any such tax has always
been, and will unavoidably continue to be, a formid-
able barrier to improvements ; for the return paid to a
landlord for capital expended on the soil being in-
cluded in the rent, a tax on it discourages or prevents
all fresh outlays of capital, lest they should occasion a
corresponding increase of the tax. The injustice of this
impost is not less obvious. Two landlords are each in
the receipt of an equal sum, say 1,0001. a-year ; the
estate of one consisting of naturally fine soil, on which
but little capital has been laid out ; and that of the other
of very inferior land, on which a great deal of capital has
been expended. A tax on the former merely abstracts a
portion of what is principally the result of the bounty of
Providence, whereas a tax on the latter abstracts a por-
tion of what has been mainly produced by the labour
and industry of man. Hence the obvious injustice and
oppressiveness of taxes on rent. We doubt, indeed,
whether it be possible to suggest any tax more decidedly
at variance with every sound principle, or more adverse
to the progress of improvement."—From which combina-
tion of remarks it would appear that Mr. M'Culloch is
adverse to taxation of every kind. We think he is right.
It is a prodigious evil,.both from its direct and from its
indirect effects, and no Government is warranted in
levying a single sixpence on thapeople by taxation Nt hich
is not strictly necessary to the performance of its
functions.

TAKING IT cooLLY.--Commodore Napier was
sitting in an arm-chair by the wheel, and although
several gallant officers on board began to look a little
astonished at the thickly-coming missiles, the sturdy
Commodore did not so much as turn his head ; but in a
calm voice, and motioning with his hand, said to the
steersman, "Port a little—port—that will do;" and thus
the ship's head being slightly altered, the enemy's range
was so far confounded,—Hunter's Expedition to Syria.