The Sun.
London, England, 1846-01-31 00:00:00

personal property of the country goes into
the public Treasury. From this grievous tax the Peers
and more wealthy landowners are generally exempted.
They rarely have much personal property, and their
entailed estates pay nothing. The amount thus itn-
properly diverted from the Treasury is enormous. Take'
for example, the landed property or one of the Cabinet
Ministers. and see what he and his family would have paid
to the public revenue had Peers been treated like hard-
working tradesmen. Suppose the estate has changed hands
twice within the last thirty years, and that it is
worth 7,000,0001.—a very moderate calculation. Even
descending from father to son, the legacy duty
would amount to 150,0001., and had it descended to
distant relations, the sum would have been one million
and a half sterling. But property changes hands
by descent or will much oftener than twice
in thirty years, and this circumstance, con-
sequently, would make a vast difference in the calcula-
, tion. The family, during that period, has succeeded
to two other estates—one of which would hare been
classed in that clause of the Legacy Duty Act by which
ten per cent, is charged, and the other five per
cent. Each of these estates is large, and
perhaps, taken together, they may give a rental of
somewhat less than 80,0001., some say 100,0001,
but we rather state the case hypothetically, and leave
our readers to reckon the amount which the family has
thus saved by one exemption alone. They will find that,
according to the average of human life, a family pob-
sessing so much landed property must save an enor-
mous sum in thirty years by this unfair immunity.
When the burdens on land are taken into account, facts
like these cannot be kept out of view.

-fluti WATER AT LONDON-BRIDGE. THIS LAY.
M ,rning • 34 minutes after 4. I Evening ss 57 minutes after 4.

Immethodical and formless as the opposition of the
Protectionists appeared to be on the first blush of their
discomfiture by Sir ROBERT PEEL'S secession from
their principles, the necessity and peril of their position
has driven their plans to a most precocious development.
This single fortnight between the mere exposition and
the veritable discussion of their downfal has imbued them
with such a wonderfully vivifying impulse, as to force
their schemes of antagonism to a premature growth.
What originally appeared to be a vague and un-
systematic antipathy to the Ministerial statement, has
:sow budded forth into some kind of shape, however
much void of symmetry : the rage of the landowners,
previously a creature of chaotic bitterness, has " taken
limbs unto itself"—but those limbs are sinewless, and
thewless, and utterly destitute of moral force. All the
earnestness of will is there, but without the power of
action : the Archimedean standing-place is there, but
without the leverage wherewith to move the political
fabric. In the Upper and the Lower House, in the
agricultural districts, and in the metropolis, the great
mouthpieces of monopoly are breathing vengeance
against Sir ROBERT PEEL for what some designate his
cowardice, and others his chicanery, and others his pro-
fligate inconsistency. Nut only is Stamford in all the
effervescence of chagrin, and not only do " the powers
that form" in the vicinity of that borough growl with
something between malice and disappointment against
their representative, Sir GEORGE CLERK, but similar
sentiments, though of extra acidity, boil up in the
bosoms of the protectionists in Oakham. A still more
marvellous fury is goading sundry of the inhabitants of
Newark to expressions of the bitterest discontent :
and in divers other quarters—in nooks and
corners as obscure and remote as Welchpool—the
first feelings of prostration are gradually sub-
siding, and in lieu of them feelings of the
most acrid, and at the same time of the most impotent
rage, are gurgling in the hearts and bubbling
through the lips of a vanquished but braggatt
class. Through the medium of oratory the flames
of agricultural agitation are evidencing them-
selves, and are crackling somewhat lustily, though
unhappily for no recognisable purpose whatever. Yet,
so repeatedly have the same materials been consumed
over and over again in Precisely the same manner—so
charred, and blackened, and tinder-like had they bee ,me
through constant use, that the fire of opposition would
either smoulder away to insignificance, or be at length
irretrievably extinguished, but for the interposition of
aome powerful political bellows. That bellows is his
Grace the Duke of RICHMOND, who, in his capacity of
President of the Central Agricultural Society, was yes-
terday instrumental in breathing something more vivi-
fying than usual into the principles of which he is so
uncompromising an advocate, in the shape of some very
valiant resolutions and very hopeless recommendations.
The first resolution declares the Society's " alarm at the
proposed measures for establishing free importation ;'!
while the second utters its firm opinion that such mea-
sures would excite a revolution so terrible as "to in-
vo!ve not only the agricultural but the other productive
classes of this country in certain ruin." It would, we
c.uijeeture, require some great metaphysical ingenuity
to ferret out the argument, the influence, the- applica-
tion, or the utility of these two vastly important and
amazingly logical decla'ations. Tl;e d. duction eon-
mined in the latter is so miserably non-apparent ;
the announcen ents are so manifestly founded upon as-
sumptions ; and the whole originates so clearly and
ostensibly in the dark arid murky principles of se lf-
interest and self-aggrandisement, that it withers away
in its proportions, until it becomes in the estimate of
every sensible thinker something very little short of
nothingness. The subsequent recommendation, Low-
ever, is equally shallow and equally preposterous ; it is
addressed to the country in general and the local Pro-
tection Societies in particular, advising them severally
and collectively—
" That they do immediately form committees, of not more
than twelve gentlemen, to wait upon the Members in their
several districts, who were elected on protective principles,
and press them either to reject the proposal of Sir Robert
Peel, or at once to resign their seats, and appeal to their
different constituencies for a sanction of the change in their
political opinions."

Hitherto we have laboured under the impression that
an English constituency was capable of conducting its
own affairs, and scrutinising the conduct of its own re-
presentative, and duly estimating its own cons:steney,
without the interference of any extraneous or infinites-
sitnal force; but, thanks to the Duke of RICHMOND
and his adherents, our erroneous notion is diTell.d;
we clearly perceive, according to their mode of
drawing infeiences, that the case stands quite otherwiEe,
that hot is cold, and that white is black. All Hun.
Members may, therefore, now expect some twelve d.L:y s
of delightful dunning, and pestering, and importunity;
besides the additional pleasure of arguing with men
as capable of comprebendieg a self evident proposi-
tion as of seeing commerce conducted with
scales of an equal balance. Assuredly the character of
opposition adopted by these lovers of exclusive protec-
tion is proportioned to the littleness of their policy.
Like the Abyssinians mentioned by BRUCE, they would
cut their dinner from the living flesh of the animal
they rode—they would satiate their appetite for emolu-
ment from the life-blood of their count ymen—they
would extract wealth for themselves from the property
of the country.

The accounts from Madrid of the 22d inst. are of a,
unsatisfactory character. The proposed marriage of the
QUEEN with the Count DE TRAPANI is exciting great op-
position, and will either break up the Ministry or lead
to the dissolution of the Cortes. Scarcely any party in
the country seems to approve of it ; the chief supporters
of the measure being Queen CHRISTINA and NARVAEZ,WhO
are encouraged in thei. scheme by the Ceurt of France.
We learn from some of the journals that the Deputies
who had resolved to protest against the marriage re-
mained firm in their purpose, and that several of them
are generally supporters of the Government. The
Tiotspo states that the text of the resolutions is nearly
as follows :—" The undersigned Deputies, strongly con-
vincea that the marriage of her MAJESTY with the
Count DE TRAPANI would be fatal to the country, to
its institutions, and to the consolidation of the monarchy,
pledge themselves to appoint a Committee from their
own body to confer with the Ministers, and demand from
them a formal promise that they will not consent to
such a marriage." The 7 iempo adds that more than
fifty Deputies have already signed this resolution. It
would appear, therefore, that there is little chance of
obtaining the approbation of the Chamber of Deputies
for such a marriage, as the Progressist party would
have only to add their votes to those of the dissidents of
the Ministerial party to defeat the project.
The Universal state;, that so far from there having
been shown any disposition on the part of some of the
Deputies who had resolved to protest against the mar •
risge with the Count DE TRAPANI to retract, they had
all remained firm, and their number was being hourly
increased. The Ministers held a Council, at which they
are reported to have resolved that they would reject the
message which it was proposed to send to them, to re-
fuse any information on the subject of the marriage, to
dismiss all public functionaries who should take part in
the manifestation, anl to dissolve the Cortes if the
majority should persist in the course that was pur-
rued. That journal adds :—" Most animated discus-
sions have taken place in the Council of Misters re-
lative to the message and the Trapani pretensions.
It is not doubtful that the discord existing between
the Ministers will end in a modification of the Cabinet.
We are in a complete Ministerial crisis, and may
Heaven prevent its results being detrimental to the
country and the throne! The Deputies who have
signed the message are more than ever determined to
persevere in their project, and the difference of opinion
that separate the Opposition and the Majority him

vanished before the immense importance of an affair
which concerns all parties and all society." The affair
altogether forbodes some serious movement, but no
mention of it has yet been made in the Cortes. The
Phare de Bayonne of the 25th says I—" At the moment
when we Were going to press we received a letter from
in' informing us that the Spanish Cortes have been
dissolved.ru Although our correspondence gives us this
news as positive, we do not publish it as entirely
authentic."

The Funds were greatly depressed on the 22d, in
consequence of the alarming state of public feeling.
The Three per Cents. closed at 3 it cash, and 32i at 60
da3s; the Fire per Cents. at 23 at 60 days.

The discussions in the French Chamber of Deputies,
which are likely to b prolonged yet for several days,
are generally without interest, and will probably con
tinue till M. BERRYER brings on his amendment respect-
ing the liberty of the seas. It was said that Ministers
would meet the amendment by a motion which would
give a triumph to neither party, but an interesting de-
bate, however, was reckoned certain, and M. GUIZOT
would have to contend with all the Republicans, Libe-
rals, and Legitimatists. These parties might be better
employed at present in devising some scheme fur the
relief of the army in Africa, and restoring disas-
ters which have cast a gloom over France,
than in wasting time and throwing away • oppor-
tunities by long speeches on contingent events.
Every packet from Algiers only brings additional ac-
coun►s of misfortunes. In fact, the army seems to be
disorganised, one-half of the horses lost, and the Go-
vernor-General totally bewildered by the numerous
difficulties in which he is involved. Letters from
SP tif, in narrating the calamities which befel
the division of General LEVASSEUR, are unani-
mous in attributing them to the disorder which
reigned in the corps d'arntee. "It must be de-
clared," says one of them, " that if the column
had remained organised very few men would have been
lost. Three thousand men, united by discipline, ought
by mutual aid to surmount all the difficulties of a march,
which, after all, was only ten leagues. The snow and
cold were certainly the incidental cause of the disaster,
but the determining cause is the disorder which, in the
absence of the commander of the column, reigned in the
ranks." The Constitutionnel says :—" Accounts from
Tenet to the 15th were received at Oran on the 18th.
Marshal BUGEAUD, on his return from his expedition
from the Ouarensenis, was in that town, and his column,
cantoned in the neighbourhood, was in a state of great
demoralisation. The men were harasied with fatigue,
and the horses could scarcely stand. The greater part
of the saddlery had fallen into the power of the Arabs,
who will not fail to make a trophy of them."
The following deplorable aceount, in which probably
there is too much truth, appears in the Courrier Francais:

" We learn that the Governor-General of Algeria, who was
on the 11th in the environs of Tiaret, returned on the 14th to
Tenez. What were the motives for this precipitate retreat ?
Was it the want of provisions that prevented the Marshal
from maintaining his ground at Tiaret ? or was it the
fatigue and disorganization of his column that forced him to
go into cantonment at Tenez ? It is unfortunate, but too
true, that the column left strewed on the way behind it
stores which it was no longer able to draw along with it, and
the harness of the horses which expired on the roads, and
which the Arabs will collect as trophies. Mast assuredly
the Marshal too much abused the only good quality he pos
sesses, that corporal hardihood which enables him to sustain
fatigues, deprivations, and dangers. He drags along
his soldiers, without regarding i heir exhaustion from
the incessant marches he compels them to make, with-
out end and without object. M. Bugeaud, no doubt, con-
siders as a wonderful activity this restless and blind
mobility, which induces him to be at every moment
changing place for the mere pleasure of changing. lie
calls General Reclean into the Ouarensenis, presuming that
Abd-el-Kader is there. In the meantime the Hainza remains
unprotected, the Hodna rises in insurrection, and General
Levasseur, to occupy the interim, goes and buries his supple-
mentary regiments in the ravines of Djt bel Djira, in which
is also involved the column of General d'Arbouville, of whom
we are still without any news. Now M. Bugeaud retire to
Tenez to cover himself, no doubt, from the rigours of winter;
he drives General Korte to the bottom of the province of
Oran, into the Yacoubia, where he fancies Abd-el-Kader may
appear some day cr other. He sends Generel Lamoriciere
among the Flittas, in search of the Emir, being himself
unable to find him. He has him tracked by his troops
through the closest recesses of Algeria, and yet the Emir,
who is everywhere seen is nowhere to be found. At a
vast cost, he prepares an expedition to be ready in the
spring to make a move from Djemma Ghazaouat into
Morocco to attack Abd-el-Kader, who establishes his
government more strongly than ever in the very centre
of our possessions. After all these various displays of
fbrces, after all these grand movements of trf ops, are we yet
on the heels of this evanescent enemy ? Not at all ! Some
say he is in the country of the Flittas ; others, that he is
more to the south, at the extremity of the Chot el Chergui
c'istrict ; others, again, that he is in the east, towards Gond-
jilla ; while M. Bugeaud seems to believe that he is to be
found in the Yacoubia, quite to the west, while the Marshal
himself hopes to find him in the circle of Tenez, in the northern
centre. Therefore it is in this wild imaginary pursuit that
our soldiers have been engaged for ten long months, leaving
frogmen's of their flesh torn off by the pointed rocks, and
on the thorny bushes of the plain. Because it is the plea-
sure of M. Bugeaud, are our soldiers to confront the snow
as well as the sand storms ? to endure the piercing gales of
the winter as well as the seffucating simoons of the summer
ia this absurd chase, followed at hazard without glory, with-
out profit ? The razzias have destroyed all the means of sub-
sistence, the hospitals are overcrowded with the sick, whole
battalions have sunk under cold and fatigue, even the horses
have fallen down and died on the road from fatigue, all the
equipments have been worn out or lost, all the stores have
been exhausted. i3ut Marshal Bugeaod, confiding in the
strength of his own constitution, runs first one way, then
another, not knowing where to stop nor precisely what direc-
tion to take. If the Government should still refuse to call upon
him to account for the legions entrusted to him, the mothers
who have thus seen their children perish without glory for
themselves, without benefit for France, these mothers will cry
aloud for vengeance upon this Varus, who thus is sacrificing
a whole army to his own headstrong folly ! Is this all ?
Alas! no. Within three month, 12,000 colonists have been
sent over to Algeria, the Government encouraging their emi-
gration, and granting large parcels of land to them to be cul-
tivated. And what has followed ? M. Bugeaud, braving the
will of the Government, refuses to put thegrantees in possession
of their lands, and the poor colonists are prevented from
farming on their own account, or labouring for hire for others,
as no lands are assigned to any of them. Waiting the good
pleasure of the Governor-General, these too confiding colo-
nists are driven to mendicity to satisfy the wants of nature.
They are seen in bands in the streets imploring charity, and
often in vain, or perhaps yielding to the worst suggestions of
misery. Before the credits for Algeria are voted, most of
these wretched beings, deprived of employment, and devoid
of all other resources, in the very heart of winter, under a
climate which decimates them, will have returned to Europe.
Thus M. Bugeaud, if due care be not taken, will have at
once compromised, and perhaps irremediably, both our con-
quest and our colonisation. This is not a question of party
opposition, and rather than accuse the Ministry of all these
disasters, we prefer conjuring them to repair them, if there be
yet time !"
A letter front Rome states, that on the 17th the congrega-
tion of Igaacious Loyola inaugurated in its church, at Rome,
a Triduum for the conversion of the people of England to
Catholicism, on which occasion the church was filled from
morning till night.
A great rise has taken place in the French Funds, attri-
buted to large purchases of stock for the account of certain
railway Companies. It was said that the Directors of the
Lyons Company have come to the determination to invest
24,000,000 f. in the French Funds, half in the Three per Cents.
and half in the Five per Cents., and are now engaged in car-
rying out this operation.
The Three per Cents. closed at 83f. 85c.; the Five per Cents., 122 f.
65c. ; the Orleans Railroad Shares, 1,268 f. 75c. ; Rouen, I,olof. ;
Havre, 735 f.; Avignon, 9801. ; Vierzon, 705 f. ; Bordeaux, 642 f. 50c.;
Boulogne, 547 f. 50c.; Troyes and Montereau, 4571. 50c. ; Basle, 252 f.
50c.; Great Northern, 756 f. 25c. ; Fampoux, 5021. 50e. ; Belgian
Two-and-a-Half per Cents., 57% ; Spanish Passives, 634.

The following are the quotations for other lines :

Paris and Lyons, definitive, 614 f. ; the Paris and Strasburg, defini-
tive, s44f. 50c. ; Tours and Nantes, definitive, 565 f. ; Lyons and
Avignon (Talabot), 511 f. 50c. ; ditto (Lecointe), 505 f. ; ditto (Com-
p:wale bieridionale), 50'f. ; Bordeaux and Cette (31ackenzie),
5011. 50c.; ditto (Espeleta), 507 f.; Charleroi (Kysaens), 495 f.;
Caea (Delamarre), 501 f.
LYONS, JAN. 26.—Marseilles and Avignon, 983 f. The.; Paris and
Orleans, 1,272 f. 50c. ; Paris and Rouen, 1,040 f.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK E .CHANGE, JAN. 29.
Dutch Rhenish, 7 —East Indian, 1% —Great Northern of France
Constituted, 1414—Great Indian Peninsular, % - Great Western
Canada. 3% —Orleans and Vierzon. 17 --Orleans and Bordeaux, I
—Paris and Orleans, 404—Paris and Rouen, 39 —Paris and Stras-
bourg (Gimnerou's), 21,4 —West Flanders, s—Luxembourg, 2%.

The Duke of Buckingham has at last
turned Sir Thomas Fremantle out of Bucking-
ham. A requisition from the electors of Buck-
ingham, calling upon him to resign his seat,
has been presented to the Right Hon. Baronet, and he is
coniequently about to retire from Parliament, and from
the office of Secretary for Ireland. But he does not retire
without a handsome provision for life. Mr. Dean has
been prevailed upon to resign the chairmanship of the
Board of Customs, and Sir Thomas Fremantle is ap-
pointed his successor.
Lord Redesd ile has given up the post which he has
so long filled, of whipper-in for the Government in the
House of Lords, in consequence of the new measure,
It will be observed that Lord Ashley, in his speech
of Thursday night, hinted at the possibility of his
not having another opportunity of addressing the
House of Commons. It is said that the Noble
Lord intends, after voting for Sir Robert Peel's
measure, to resign his seat and appeal to his constituents
for re election. There is a rumour that Lord John
Manners intends to take the same course.
Mr. Laseelles and Lord Courtenny are mentioned us
probable successors to Sir Thomas Fremantle, in the
office of Secretary for Ireland. Mr. Lascelles, however,
would be sure to lose his seat (Wakefield).

GRAVESEND AND KOCH ESTER RAILWAY —The fol-
lowing are the traffic returns for the week ending January
24, 1846 :—p
assen
15s. 2d. gers, 4,248 ; amount received, 1041

growing up into practice amongst
LIBERALITY.—On Wednesday evening one of the
presidethatof Opl:oirntohteingsevkeinradllydefpeaelritnmg many respectable firms—
many gratifying acts of liberality, which we are glad to see
ea:: the mutual interest of
the employer and the employed—took place at the annual
audit of the firm of Thomas De la Rue and Co., of 110,
Bunhill-row, when the numerous foremen and women who
t in that extensive esta-
blishment, were severally presented with a very handsome
and gratifying testimonial of their esteem and confidence, in
promoting, to the best of their power, the best intere-t* of
the firm sad those over whom they have oe hoour to prc-
#l4e.--.Frorn aCorrespondent ~... ~
•

SUN, LONDON. SATURDAY MORNING, JANUARY 31, 1846.

MONEY and COMMERCIAL NEWS.
(From The Sun of Last Night.)
There was rather a heavy market for Cotton at Liverpool
yesterday, and prices were nearly 1/§d. per lb. lower. The
sales were 5,000 to 6,000 bales, kcluding 1,100 Pernam and
Maranharn, at 53/4d. to 6d.; 400 Egyptian at 51/2d. to 53/d.;
500 &lilt at 2Ad: to 31;40.; and 4,000 American at 33/4d.
to sd. per lb. Shares were very dull; but prices were not
lower. _

The English Stock Market bas been rather better again
to-day, but is scarcely so firm as it was at the commence-
ment of business. Consols have been 94% 36 for Money,
and 95 to IA for Account. Now the former are marked 94%,
and the latter 947. Bank Stock has been quoted 206,
and India Stock 255 to 257. The New Three-and-a. Quarter
per Cents. have realised 971/8 to 97%.
The Foreign Investments have been rather lower:
Spanish Five per Cents. have realised 273/4 ; the Three per
Cents 38 to 1% ; Venezuela, 43 ,• Mexican, 30% ; Grenada,
213%, and Peruvian, 39 ; Dutch Two-and-a-Ila.f per Cents.
have been 594. ; Belgian Four-and-a-Half per Cents., 97,
and Danish 883/,i.
Shares, ;hough dull, have been better to-day. The de-
bate in the House last night on the Railway deposit ques-
tion shows how little the Government apprehends any
serious results, and what exaggeration prevails in the notion
of extreme difficulty.

BRITISH FUNDS.
Bank Stock .. .. .. .

ONE
O'CLOCK.
.. 206

CLOSING
IT IC ES'
206

Three per Cent. Annuities .. .. .. 95%% 9514
Three per Cent. Consols Annuities .. .. 9434% ILA 94%
New Three-and-a-Quarter per Cent. Anns. 97%!i 97%
Long Annuities, Expire Jan. 5, 1860 .. 10% 10%
Ditto, 30 years, Oct. 10, 1849 .. 1014 3-16 10 3-16
Ditto, 30 years, Jan. 5, 1860 .. .. 10% 10'4
India Stock .. .. .. .. .. .. .. 255 257 257
India Bonds, 1,000/. .. .. .. .. .. 30

Const Is for Account
Exchequer Bills.
1,0001.
Ditto, Small

95% 95 94% 95%
130. I%cl.
27 29 pm.
28 27 pm.
ONE
O'CLOCK

FOREIGN FUNDS,
Brazilian Bonds, 5 per Cent
Ditto, New Bonds, 1829 and 1839 ..
Danish, 3 per Cent - . •
Grenada, I per Centi .

.. 88%
.. 21%

CLOSING
PRICES.

Ditto, Deferred 4 re
Mexican Bonds, 1837, 5 per Cent .. 30%
Ditto, Deferred 161
Peruvian BondA, 6 per Cent. ..
.39

Russian Bonds ..
Spanish Bonds, 5 per Cent
Ditto, for the Account ..
Ditto, Passive Bonds ..
Ditto, Three per Cent ..
Ditto, for the Account .. .
Venezuela Bonds, 2 per Cent .

.. .. .. 113

81►%
89
21%
4%
30%
16%

27• X
. 6%
. 38X
. 37% 38!3
. 43

28%
6%
38h
38X,

Dividends on the above payable in London.
Belgian Four-and-a-Half per Cent .. 97 9834
Dutch Two-and-a-Half per Cent .. 59 59
14
Ditto, 4 per Cent. Certificates .. 94%, 944
AUSINESS CLOSING
rAID. DONE AT PRICES.
ONE O'CLOCK.

.. .. .. 70 .... ..
.. .. 425.
12s. .... 1 dig ......