The Sun.
London, England, 1848-03-11 00:00:00

7, THE SUN, LONDON, SATURDAY !EVENING, MARCH 11, 1848.

nation at least forty-five millions, while the same
amount might he obtained to the Treasury by direct
taxation for less than thirty. one millions. In this
manner a saving of no less than fourteen millions per
annum might at once be effected.
The gross injustice of the ;present system has,
however, disgusted the nation. If it should be con-
tinued for three years without some well-founded
hope of amendment, the entire tax must be repealed,
and some, perhaps, more objectionable and burdensome
adopted in its place. The Hon. Member for West-
bury fully expressed the feelings of the country when
he stated that "the existing inequality was the whole
objection of many gentlemen, who otherwise approved
of a system of direct taxation, and that out of doors,
in the large commercial constituencies, the pro-
posal would have been received with approbation if
this one ground of cavil had been removed." It is
absurd to say that this inequality cannot be recti-
fied. In every return of income the various sources
from whence it is derived are specified and set forth in
detail. In many instances where it is payable out of
realised property, it is deducted before the party en-
titled thereto receives the balance. But even if the
person chargeable had himself to pay the entire amount
to the collector, it would be perfectly easy to charge
each portion at a different per-centage. Let
us suppose a person engaged in some trade or
profession, and also possessed of landed estate
and funded property, of which he was the absolute
master, and also of other property in which he had a
limited estate, either for life or a term of years. A
small sum might be levied upon the profits derived
from his skill and labour, which entirely depends
upon the maintenance of his health and various other
contingencies. A large proportion should be paid
out of that in which he had a limited estate, and
which might be estimated, according to the sum that
should be deducted or suffered to accumulate, in order
to render that estate permanent, or to give an equiva-
lent on its termination, while that of which he was
the absolute master should be charged at the highest
rate.

It has been attempted to justify the present mode
because, it is said, that the tax on incomes was
intended as a substitute for the Customs and other
duties that have been repealed, and of which the
professional man who earns his income by his own
industry receives the benefit as fully as the persons
possessed of accumulated and realised property ; but
it was optional on every person to decide what amount
he would expend, and what he would lay by as a
future provision for his family, or for the period when
he himself should no longer be able to labour in his
vocation. Ile must, indeed, have been very imprudent
if he did not invest a considerable portion of his
earning 3 for such purposes, either in the ordinary
mode of saving, and keeping the amount at his dis-
posal, or by insuring his life. In either case he
could not expend' anything like the amount of his
entire income, and a certain portion (that which was
laid by as capital) was exempted from any contribu-
tion to the indirect taxation, and it should also be
exempted from that which is imposed as a substi-
tute therefor. This principle was formerly recog-
nised by Mr. PITT, and why should it be disregarded
by those who lavish praises on his financial policy ?

On the Gth instant the first National Representative
Chamber ever assembled in Prussia since the day
when that kingdom was declared to be a constitu-
tional sovereignty, was prorogued. On the 20th inst.
the first National Representative Chamber assem-
bled under the new Republican Government of
France, will be opened by the Provisional Dictators
of that country. The contrast afforded by these two
occurrences—occurrences sufficiently remarkable of
themselves to render the March of 1843 for ever
worthy of remembrance—is not more extraordinary
than the consideration that they are both tending
directly towards the same end—the glorious goal of
the popular advancement. In Berlin it was the Mo-
NARCH who took the initiative in the furtherance
of this momentous movement. In Paris it was the
population. In the former instance the throne was
girt by the most indestructible of all the bulwarks of
royalty—the bulwarks of a nation's love, the affec-
tions of an entire race, the devotion and gratitude of
many millions. In the latter, the throne was borne
triumphantly on the shoulders of the rabble to the
measure of the hymn of Democracy—the KING was
expatriated—aristocracy, theocracy, and despotism
were for ever and for ever dissevered from the State
—the people themselves were raised on the buckler of
circumstances, and crowned with the golden diadem
of Victory.

It is impossible to throw a glance of retrospection
at the inaugurative session of the Representative
Legislature of Prussia without rejoicing that the
beautiful dream of FREDERICK Wseneese IV. has
been realised, and that the Members of that Germanic
Senate have throughout deliberated with a quietude
worthy of their dignity, and with a wisdom worthy
of their fatherland. On the other hand, it is im-
possible to take an anticipative survey of the
approaching assemblage of legislators in the me-
tropolis of Republican France without feelings
of excessive anxiety and trepidation. If we re-
quired any official declarations to justify these
very opposing sentiments, such declarations have
already appeared. In taking farewell of his loyal
and patriotic Diet, his Majesty the Sovereign of
Paussse thus pronounces his recommendations :
" Return," cries the King, " with God for your
guide, into our provinces and our cities, as messen-
gers of peace, of union, and of strength. Providence
has caused events to transpire which threatened to
shake social order to its foundations. Gerenan hearts,
Prussians, men animated with sentiments of honour
and of loyalty, know what sacred duties ar? imposed
on them by passing events. No people on the face of
the earth has given more striking examples of its
virtues. Its efforts must not now contradict this
feeling, for we would not be less faithful, less coura•
geous, or less persevering than our forefathers. Ex -
press, gentlemen, in your native homes, all that
clear-sighted understandings can comprehend, and
what must be felt by every noble heart. Tell to
every one the truth ; set aside every party quarrel,
and only think of the one thing necessary,—we wish
to come out with honour and success from the storm
which, by the grace of God, we may ward off by our
union, our attitude, and our example."
Such are the
,emotions, such is the resolution,
such are the declarations of the royal descendant
of the conquering FREDERICK. Very different are
the views of Citizen CARNOT, the Provisional Minister
of Public Instruction, as expressed in his official
circular upon the exercise of the elective franchise.
" The greatest error," he observes, " against which
it is necessery to warn the inhabitants of the country
is, that it is necessary, in order to be a representative,
to have education and fortune. As to education, it
is evident that a worthy peasant, with good sense and
experience, will infinitely better represent in the As-
sembly the interests of has condition, than a rich and
lettered citizen, who is a stranger to country life, or
blinded by different interests to those of the mass of
the p,asantry. As to fortune, the indemnity which
will be allowed to each of the members of the Assembly
will be sufficient for the poorest. . . . It must
not be forgotten that in a great assembly, such as is
about to meet, the greater number of its members
fulfil the part of a Jury. They judge by yes' or
no,' as to whether the matters proposed by the elite
of the Members be good or had. They have occa-
sion only for honesty and good sense; they do not
invent. This is the fundamental principle of re-
publican law in the matter of national representa-
tion."
Such are the Utopian, the Arcadian, or the Ata-
lantian visions of the son of the celebrated CARNOT.
But that we have an implicit confidence in the
intelligence of French manhood we should be
seriously uneasy as to the approaching Parliament
at Paris. We should anticipate a worthless bur-
iloliftearagt
al es ss qe umeb iangset eoafd
rea eda saa nn tds
ihnisstteoardi c
fd reann me se—n
0 ma
posed of Legislators with minds ripened to the toil of
building up a Constitution, by brooding over the
necessities of the age, and by familiarizing themselves
with the experiences of history. Citizen CARNOT
argues that ss ith honesty and common sense a hus-
bandman or a vine-dresser is fully qualified to become
a representative. As if it were one and the same
thing to dibble a field of potatoes and to detect the
sophistries of a prjet de loi ! Why the applica-
bility of talents is a requisite as essential to legisla-
tion as it is to agriculture. If the Provisional
Minister of Public Instruction wanted a piece of
ground cultivated we presume he would scarcely
dream of engaging the services of a stray, ilaneur in
the Rue Richelieu. No; he would secure those of a
man accustomed to the labour and the operations of
farming. So should it be with France ; the prudence
which is laudable in an individual is surely not to be

~,,,,.

despised in a nation of thirty millions. " Each one
to his station ! "—that should be the motto of the
Young Republic, or otherwise the second word
which it has selected —Equality—is a chi•
mera. Unless each citizen is ready to
fulfil the functions for which he is best capacitated,
the land will find—not re•organization, but—chacs.
An artizan for the workshop; a bricklayer for the
building of houses ; a swine-herd for the piggery ; a
student for the seats of learning; a butcher for the
shambles; a soldier for the ranks; and a legislator
for the National Assembly. Reverse the system and
the whole social mechanism will be thrown into con-
fusion. Let the weaver's shuttle be placed
in the hands of a butcher, and the factory
will be soon at a stand-still. Put the
bricklayer to the desk of an University and
the classic idioms would remain (literally) dead
languages. Place the swine-herd in the ranks, and
the drill-sergeant would soon be in an agony of
horror. So would it be if the delicate threads of
legislation were abandonded to the palms which are
only accustomed to handle the spade and the plough
shaft. Probity and common sense are not the only
qualities essential for the formation of a statesman,
whatever citizen CARNOT may, in the frenzy of his
democratic confidence, say to the contrary. LT-
cuncus had more than honesty of purpose, and
JUSTINIAN was remarkable for something beyond
mere common sense. But, maintains the Provisional
Minister of Public Instruction, the best representa-
tive for the peasantry would be a peasant.
Fudge ! If the deliberations of the National
Assembly were restricted to the practical opera-
tions of agriculture, the argument would hold
good ; but, inasmuch as the representatives of
a civilized people like the French have to de-
cide upon the most intricate problems of govern-
ment and the most delicate questions of internal and
international polity, the reasoning is egregiously and
transparently specious. If France loses sight of these
frivolous and erroneous recommendations—recom-
mendations which Citizen CAnNOT only employs as
so much clap-trap—and follows the impulses of her
own wisdom, the forthcoming Assembly will pre-
sent a glorious spectacle to the world, a spectacle
worthy of being the sequence of an unparalleled
Revolution.

At Wiesbaden the Duke of NASSAU opened the
Chamber pro forma on Monday. A National Guard
has been enrolled, and the city was illuminated in
honour of the constitution, which the Duke, the
Duchess, all the members of the ducal family, and the
troops have sworn to observe.
The following is the decree of the Senate of Frank-
fort establishing the liberty of the press :
Art. I. The press is free. The censorship can
never more be re-established.

" 11. Offences or crimes committed by the con-
ductors of the press will be punished in conformity
with existing laws.
" 111. To every printed book the names of the
author and the printer must be affixed, and to every
journal the names of the printer and the responsible
editor. [The promulgation of the preceding law was
resolved upon in the plenary assembly just held by
the Senate.]"
The movement in favour of constitutional liberty is
spreading over the whole of Germany.
The King of PRUSSIA closed the sitting of the Com-
mittee of the States on the 6th. In the course of l.is
speech his MAJESTY thus alluded to the recent revo-
lution in France :
" Providence has caused events to arise which
threaten the disarrangement of the basis of social
order. German and Prussian hearts, and men ani-
mated with sentiments of honour and of loyalty,
know what duties are imposed on them by the pre-
sent circumstances. No people on earth have given a
more striking example of their virtues than ours.
But at present we must not relax in our efforts, for we
do not wish to be less faithful, less courageous, or
less persevering than were our fathers, or ourselves
when we were young men. Express, gentlemen, in
your domestic circles that which every intelligent
mind will comprehend, and that which is felt by
every noble heart. Tell this incontestable truth to
everybody. Leave aside all party quarrels, and think
only of that which is necessary if we wish to escape
with honour and success from the storm which can-
not be conjured, with the grace of God, otherwise
than by our union, our attitude, and our example.
Stand round your King, who is your best friend, like
a wall of brass, with perfect confidence. Far from
having any idea of interfering in the internal affairs
of any foreign nation, I am doing all in my power to
secure, by the assistance and the energetic voice of
the great Powers, but particularly by the consolida-
do') of the Germanic Confederation, an honourable
peace, which is necessary to the nations of Europe,
if we can prevent the career of moral and material
progress, into which they have so well entered, from
being destroyed for centuries. If my people give the
German race the example of love and of force, they
will have done much towards the preservation of
peace. But if God in his inscrutable wisdom should
decide otherwise—if the treaties on which the poli-
tical edifice repose were violated —if an enemy
dared to attack my territory, or that of our
allies of the Germanic Confederation—then, following
the dictates of honour and of duty, I would prefer
the dangers of war to a shameful peace. In such
case I would call my warlike people to arms. They
would rally round me as they did thirty-five years
since round fhe flag of my father, of glorious me-
mory, who was likewise the father of his people. My
confidence in the heroism of the years 1813, 1814,
and 1815 will not fail me. As soon as the measures
which I am obliged to take for the honour and the
safety of Germany shall require the assistance of my
faithful states, and if, at a later period, a general
cry of ' to arms' should resound, I would again as-
semble the United Diet that they might assist me by
their counsels."

The Prussian Slate Gazette of the sth inst., has
the following leading article :

" Some days ago we exhorted the Sovereigns and
people of Germany to seek strength in union, and
our advice has not proved vain. Far from dreaming
of an intervention in the affairs of France, we may
nevertheless exhort the Germans to follow the move-
ment of that country with a watchful eye, and to
prepare to fight for the maintenance of peace. In
all quarters of Germany the press has declared itself
in favour of this mode of action. No intervention,
but the independence of Germany before all things
This is the tone of the journals of Rhenish Prussia
and Silesia; this is the universal language in Berlin
and everywhere. It is a noble example of the energy
and uniformity of the national sentiments. But if
Germany so well understands what line of policy she
ought to pursue with respect to foreign countries, we
are certain that she will, at the same time, not fail to
perceive that the tremendous events beyond the Rhine
must necessarily react upon our national existence,
and that the same patriotism will serve her as a
guide. The manner in which the Federal Diet has
just expressed its opinions supplies the best proof
that the Princes and people of Germany will and
can act with one common consent; and then there is
no doubt (what events soever the future may have in
store for us) that Germany will be raised to that
rank amongst the nations of Europe which is her
just due, by walking in the paths of concord, legal
progress, and uniform development."
The Algemeine Zeitung states that letters from
Vienna confirm the intelligence that a loan of
30,000,000 florins had been concluded between
Russia and Austria. His Excellency Count FIQUEL•
MONT, General of Cavalry and Minister of State,
has been appointed President of the Aulic Council o
War; and Lieutenant-General Count WEATISLAW
Aide-de •Camp-General to His Majesty the EMPEROR,,
to the command of the first corps of the army in
Italy.
The Grand Duke of HESSE DARMSTADT abdicated
on the sth inst., in favour of his son, the Grand
Duke Louis, who bad appointed M. DE GARGERIN,
a thorough Reformer, as his Prime Minister.
The following is a translation of the Speech deli-
vered by the Grand Duke of NASSAU to the Cham-
bers on the 6th inst:—

" Gentlemen and beloved States,—l have come to
open this meeting myself, and to prove to you that I
am sincere and determined to carry out the policy
which I announced yesterday in my proclamation to
the country. The only objects of your present ses-
sion are the promised statutes. I recommend these
important affairs to your careful consideration. In
these difficult times I must rely more firmly than
ever upon your loyalty, and Ido rely upon it. Your
sessions must bQ public. Gentlemen and dear Mem-
bers, I hope and trust in God that the new institu-
tions will confer a blessing on our own country and
on the whole of the German Fatherland."

The Freie Zeitung, of Wiesbaden, makes the fol-
lowing comment on the above speech :
" These States must be aware that they do not
altogether enjoy the confidence of the country, and
they will, therefore, do well to observe the expres-
sion of public opinion upon the organization of the
new electoral law, and to act accordingly."
fhe same paper has a leading article on recent
events in France and Germany, in which it gives the
following advice to the King of PRUSSIA
The Cabinet of Berlin will do well to consider

how far its confidence in the troops of the line, in the
support of Russia for the suppression of German free-
dom, and in its own sympathies with the accursed
policy of Metternich ought to extend. The Prussian
Landwehr will not allow itself to be abused as the
instrument of tyranny, and if the all-wise King (!)
should not eventually open his eyes to the reforms
which are so urgently needed, especially in Prussia,
it were possible that—(the idea will be supplied by
the people themselves)."
Rumours were in circulation that Prince METTER-
rIica had resigned. It was also stated that Hungary
had declared itself independent. Neither of the
reports, however, appear to be entitled to credit.
The Prince of PRUSSIA has been appointed Ci in-
mander .in-Chief in the Rhenish provinces.

The Sardinian Constitution was published at
Turin on the sth inst.

Milan maintained a sullen tranquillity. There
was 'no outbreak, but the Lomb2l-ds of all rank g
refused to hold any communication whatever with the
Germans.

The Duke of SERRA CAPUIOLA, and the whole of
the Neapolitan Ministry resigned on the 31 instant,
and the Prince of CARIATI has been charged with
the task of forming a new Administration.

A letter from Berne of the 6th says :—" A letter
from the Provisional Government of Neufchatel an-
nounces the revolution recently effected in that can-
ton, and the recognition of the new Government by
the Federal Diet. The members of the ex-Govern-
ment have been arrested and imprisoned."

Accounts from Malta of the 29th ult. state
that a slight emeute took place at La Valetta
between the people and the military. It was,
however, soon quelled. The Terrible arrived at
Malta on the 29th.

Intelligence from Lisbon has been received to the
20th ult. The Address, in answer to the speech from
the Throne, had not been voted in the Chamber of
Deputies. SILvA CABRAL had spoken for four days
in defence of the policy of his brother. The British
Squadron was still in the Tagus, and the country
was quite quiet.

Madrid journals of the 4th have arrived.
The first article of the project of law giving the
Ministers power to suspend the Constitution, was
voted on the 3d by the Chamber of Deputies, by a
majority of 162 to 54.
MADRID BOLSA, MARCH 4. The Three per
Cents. were done at 22 9-16 at 50 days; the Five
per Cents. at Si for paper ; and the Coupons at 11.

We have received the Paris papers of yesterday.
The Moniteur contains a long report made by M.
GARNIER PAGES, the Minister of Finance, to the
Government relative to the financial position of the
Republic. By this document, the deficit for the year
1848 is estimated at 48,000,000 f., independent of
supplementary and extraordinary credits, which
raises the total deficit created by the late Govern-
ment to 6/4,525,000f. This report recommends that
the sinking fund should be maintained, as it is
an engagement made by the state for
the security of the public creditor. The
report concludes by observing that, notwith-
standing the large deficit, the position of the Re-
public, as regards its finance, is not so alarming, in-
asmuch as after a few years of a prudent firm, and
honourable Government, the credit of France will
stand higher than that of any other state in Europe.
By a decree of the Provisional Government of the
9th instant, the Minister of Finance was authorised
to sell the diamonds of the crown, and to convert
into coin the plate and ingots found in the Tuileries,
the Chateau of Neuilly, and all the other royal re-
sidences.

Tranquillity, which had for a moment been inter-
rupted by an irruption of brigands from the Upper
Pyrennees into the departments of the south of
France, has been completely restored, the brigands
having been defeated and dispersed.
The Provisional Government is acknowledged and
obeyed in every part of the French territory where
its advent to power has become known. Even in
Algiers, the Duke D'AUMALB and the Prince DE
JOINVILLE have caused the Republic to be pro-
claimed, and await the arrival of General CASAIGNAC
to quit the country.
The Republic may be regarded as consolidated, and
the French peoPle are tiOw preparing quietly for the
election of the members of the National Assembly.
The National publishes the address of the Central
Committee of the general elections agreed to at their
first meeting on Thursday evening. After reminding
the people of the victory they had just achieved, the
address exhorts them to bear in mind that the
preservation of its fruits—liberty, equality, and
fraternity—is the first duty, and that this was to be
attained by the return of honest, intelligent,
patriotic representatives, of " men penetrated
with the grandeur of their mission, and
whose public and private lives would bear without
fear the light cf the day and of discussion." After
recommending the formation of sub or district com-
mittees, the address admonishes the people to be upon
their guard against those who, impelled by ambition
and cupidity, impudently seek the satisfaction of
those selfish views, and to demonstrate that her
patriots and men of intelligence and of heart are
ready, above all things, to rally round the standard
of duty and of the common interest.
In the same journal we find it stated that the
Government of LOUIS PHILIPPE had, by its extrava-
gance, brought the finances of the country into such
a frightful state that a crisis was inevitable, but, adds
the National, in allusion to the comparative cost of a
Monarchical, with a Republican form of Government,
" Under a Republic, that danger is not to be appre•
hended, for a Republic is competent to measures im-
practicable by a monarchy."
The Moniteur states that the following Council
for the defence of the French Republic has been
appointed :--
" President, citizen Subervie, General of Division
and Minister of War. Members, citizens Lamori•
ciere, General of Division of Infantry ' • Bedeau,
General of Division of Infantry ; Oudinot, General of
Division of Cavalry; Boileau, General of Division of
Artillery; Valliant, General of Division of Engi-
neers ; Denvie, Military Intendant ; Secretary, citizen
Charras, Major of the African Light Infantry Regi-
ment."

The Provisional Government has appointed a Com-
mission to liquidate the demands of the creditors of
Louis PHILIPPE.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE

Yv
LONDON STOCK EXCHANGE, MARCH 10.
Boulogne and Amiens, 7 lA—Northern of France, 3%—Or-
leans and Bordeaux, 2 ii—Paris and Lyons, I%—Paris and
Strasbourg, 1 tketßouen and lisvre, 9 Sarnia's and
Meuse, SW,

CHANCERY.—(THIS DAY.)
The Lord Chancellor sat to day at half-past ten
o'clock.

HAWLEY V. THE NORTH STAFFORDSHIRE RAILWAY COX-

PANY.
The further arguments in this part heard appeal from
the judgment of the Vice-Chancellor Knight Bruce, set-
ting aside an award, were resumed and concluded to-day.
Sir F. SDIPJUNSON having replied upon the whole
case,
The LORD CHANCELLOR gave judgment, affirming the
decision of the Court below, and dismissing the app; al
with costs.

THE UNITED STATES
AND MEXICO.

ARRIVAL OF TIE HIBERNIA.
LIVERPOOL, SATURDAY MORNING.

The British and North American royal mail steam-
ship Hibernia, Captain Shannon, arrived here this
morning about two o'cicck, bringing dates from New
York to her day of sailing on February 26, and from
Halifax on the 29th. The passage, notwithstanding
the severity of the weather, has been performed from
New York, including her call and detention at Hali-
fax, in little more than 13} days.
This arrival places us in possession of intelligence
five days later than that brought by the Washington,
which arrived at Southampton on Tuesday last.
The steam-ship Britannia, which sailed from Li-
verpool on the 13th ult., was met by the Hibernia
about one day's sail from Halifax. The Hibernia
brings specie to the extent of 40,0001. sterling and a
number of passengers.

The news is of a satisfactory and important nature,
inasmuch as it informs us that a treaty of peace
with Mexico, which the Mexican Congress would
ratify, had been received at Washington, and it
was conjectured it would prove satisfactory to the
American Government. It is reported that Santa
Anna had given his adhesion to the treaty. The
sum and substance may be gleaned from the
following analysis which we append :—The boun-
dary between the United States and Mexico to
commence at the Gulf of Mexico, three leagues
from land, and to be run up the middle of the
Rio Grande to its intersection with the southern
boundary of New Mexico, thence north until it
intersects the first branch of the Gila, thence
d'iwn the middle of that branch of the river
to the Colorado, thence follow the division
between Upper and Lower California, to the
Pacific, which it strikes one league south of San
Diago. In consideration of this territory, the
United States to pay the Government of
Mexico fifteen millions of dollars, three millions
on the ratification of the treaty, and the
remaining twelve millions in future instal-
ments. The Unite,' States to assume all
claims of their citizens against Mexico, both
decided and undecided, amounting to five mil-
lions. The treaty of commerce of 1831 to be
renewed for eight years. One of the arrangements
of the treaty provides that twelve thousand United
States troops shall remain in Mexico, to secure the
fulfilment of certain engagements ; the remainder to
be withdrawn. Four months are given to each party
to complete the ratification of the treaty.
The intelligence from the city of Mexico, which
extends to the 2d ult., is not of any importance.
It was reported, by Mexicans recently arrived
from the interior, that Vital Fernandez, Governor
of the State; General Canals=, and Colonel Car-
rasco had concocted a scheme having for its
object the indepengence of the northern States
of Mexico, and that they are now endea-
vouring to obtain converts to their views. Canales
was said to have been outlawed by his Government,
and that he was in rather bad odour with all parties.
The Governor had recently pronounced against the
authority of General Urrea. Santa Anna had
another narrow escape from being taken by the Ame-
rican troops at Tehuacan.

The proceedings of the American Congress sitting
at \Vashington continued dull and insipid, and to
European readers quite uninteresting. The sudden
death of John Quincy Adam', ex-president of the
United States, mho expired in a fit of apoplexy in the
House of Representatives on the 21st, had cast a
gloom over all circles in 'Washington. His only
words after the attack were a request to see the
officers of the house, and to express his satisfaction
that he died as he had lived—in the service of his
country.

The commercial intelligence is thus summed up by
one of the New York papers, now come to hand :
" In our commercial and money concerns there
has been no sensible change since the departure of
the American steamer Washington on Monday last,
21st inst., unless in a continued gradual improvement
in the price of Government securities, as the confi-
dence of approaching peace gained strength.
" Money is easy—but there is not much activity
in exports. Our stock of flour is t;o small on the
seaboard as to prevent any such fall in prices as might
benefit shipments—and the last accounts for cotton
were po little encouraging, that there is not any
great disposition to operate in that staple.
" The arrival of the steamer Hibernia on the 16th
instant, with Liverpool dates to the 30th of
January, showing a dull and rather lower
market for bread stuffs, has had no effect
on our flour market. The stock being light,
and the supplies from the south and New
Orleans not as large as was expected, hold-
ers are rather more firm, and there has been an
advance within the last fortnight of 12ie. to 25c. per
bbl. The sales of the common brands of New Or-
leans at 5 dolls. 75c. to 6 dolls., and Ohio to Michi-
gan 5 dells. 873 c. to 6 dolls. 6c., for better samples
of Genessee 6 dolls. 121 c. to 6 dolls. 37Ac. is ob-
tained in small lots for home use, there being no
export inquiry.
" Indian corn has declined, holders submitting to
the views of the exporters, and 50,000 to 60,000
bushels have been sold within a few days, at 54c. to
57c. for Southern and Jersey white and yellow,
suitable for shipment. One lot of 10,000 bushels
superior Devereux' white at a small advance on
these rates.

"Corn Meal has declined, with sales at 2.50 doll.
to 2.62 k dull. per bbl. for Jersey.
" There is but little doing in Wheat, it being held
at 130 c. to 140,2. for Ohio and Genessee. Rye sells
at 88c. to 900.

" Exchange on LondGn remains pretty much as
per lists. The best City bills bring from 10 to 10f,
but the quotations may be fairly stated at from 94
to 10i. For French bills the demand is rather better,
and we hear of sales at from sr. 22c. to sf. 20c."

Our Philadelphia correspondent writes, under date
of Feb. 26

" All is buoyant in the money and stock markets,
in consequence of the treaty of peace. Government
stock has sprung up 4 and 5 per cent., being now
1031 to 104, while Pennsylvanian Fives have risen
to 74k. The bulls and bears indulge themselves in
the most absurd rumours in relation to the treaty,
but it is evidently impossible to keep things down.
Money is abundant, and at little more than legal
interest, while the banks are discounting largely and
liberally."—Chronicle.

BY ELECTRIC TELEGRAPH.
LIVERPOOL, MARCH 11, 6.30 A.M.
The inward mail from America having arrived
this morning the Post- cffice authorities have consi-
derately postponed the departure of the outward mail
until noon tomorrow.

SOUTHAMPTON, MAncu 11, 6A5 A.M.

The Peninsular and Oriental Steam Packet Com-
pany's ship Euxine has arrived off the Motherbank.
The mails are landed, and will be dispatched per first
train (7 A.M.)

MANCHESTER, MARCH 10, MIDNIGHT.

Some slight skirmishing took place between the
people and the police in the early part of the evening,
but it was of an unimportant character. The city
remains quiet.

MONEY and COMMERCIAL NEWS,
CITY, QUARTER TO TIIREK
The Cotton Market at Liverpool yesterday was dull
an. in. Raiff way Sl)ares, with very little doi3,z, were at
lower prices.
The Bank of England has been enabled, in conse-
quence of some tightness in the Money Market, or
rather owing to the incertitude which checks th 9 dis-
position to employ money, to make a slight increase in
its circulation of notcs, having had more securities
offered to it for discount. The business of the corpora-
tion is, however, far below its accumulated means. The
followin:f; are the principal points in the Bank return to
the 4th inst., compared with the previous week :
Notes issued, increase 103,890
Bullion

Increase
Public Itipnsits, increase
Other Deposits, decrease
SevOn Day and other Bills, increase 1,327
Other &cm ities, increase
Notes unemployed
Decrease 91,970
Active circulation 18,375,815

Increase 195,860
'There was scarcely any dealing in the foreign ex-
changes yesterday, although there was no material
alteration in the rates paid for bills.
The Hibernia steamer has arrived from America, and
brings a further large amount in specie, viz., 40,0001.
In addition to this about 50,0001. has come to hand this
week by the packet ships, and looking to the state of af-
fairs on the continent we are not by any means displeased
to hear that our bankers and discount houses are alive
to the importance of retaining the precious metals
which now more than ever will prove so useful to us.
There has been a little gold and silver exported from
London this week, but this may soon be expected to
return, or at least, efforts will be made to resist any
drain.
The accounts from Paris of the measures adopted
to meet the claims of the Savings Banks
depositors, have not had the effect of inspiring
confidence, because in fact if such a feeling is to arise, it
must begi❑ with the French themselves. Under such
circumstances, to offer depositors part payment in
French R entes was probably the only course that could
be adopted.
The Funds opened rather better this morning, under
the influence of the favourable Bank return, and the
intelligence that General Scott has concluded peace with
Mexico. Consols have realised 81i to 801 for present
Transfer and Account, being now about 804 to 81. The
Three per Cent. Reduced Annuities are now closed.
Exchequer-bills have been marked 2Gs. to 30., premium.
Spanish Active Stock is worth 12 only, and the Three
per Cents. have been down to 222. Portuguese Four
per Cents. have realised 15. Mexican Stick is 14 to
141. Belgian Four-and a Half per Cents. have been at
62, and Dutch Two-and•a Half per Cents. at 41 to 42.
In Railway Shares there has been but little altera-
tion.

ONE CLOSING
PRICES OF BRITISH FUNDS. o'. LOCK. PRICES)!
3 per Cent. Reduced Anne. .... 8114% 803/4 803/4
3 per Cent. Consols Annuities.-- 81 ~,i lAi !4:2 80% 8034
Gong Anne. to expire Jan.lB6o B5/9 8%
India Stock —
India Bonds, 1,0004 —
Ditto under 1,0001..
Bank Stock for Account ... ...... 192 192
Consols for Account .....
Exchequer Bills. 3d.
1,000/. .... ..... 26 30 p f:.:0 p
500/.
Small ..... .....

oNE CLOSING
i-RICES OF FOREIGN FUNDS. O'CLOCK. PRICES.
Brazilian Bonds —
Ditto, Small 75 77 77
Mexican, 5 per Cent. 1846 I4,A 14;4
Ditto, Account ..
Portuguese 5 per Cents. —
Ditto, 4 per Cent l5
Spanish 5 per Cent. 1840.
Ditto, Passive
Ditto 3 Der Cent —
Ditto, Account . 22 4