The Sun.
London, England, 1848-10-27 00:00:00

me,

LONDON, FRIDAY, OCTOBER 27, 1843.

F-raternity, as the symbol of social government, has
latterly been a derision, and a scoff, and a hissing to
the Conservative gentlemen of England, who swear by
the policy of Prince METTERNICII. Equality and
Liberty may pass current, but Fraternity I—it is a
bye-word, at the ver terance of whichie retro
grade party shoot out tiirr tongues in mockery. And
yet the principle of fraternity is a principle most
strongly inculcated by the Christian religion : it is the
practical development of the ethics nurtured into life
at Nazareth : it is the fulfilment of the creed which has
been gradually developing its riches and its glory
during eighteen successive centuries. It is this
which, in defiance of the sarcasms of the lovers
of absolutism, is perceptibly conducting the
nations of the earth to a better sense of
their common fellowship and a firmer compact of
tranquillity. The gibes of the disappointed men who
see their idols crumbling away before them—the
obligarchy of 'Vienna and the Royal bourgeoisie of
Neuilly—the sneers of the Tory journalism which has
degenerated into the panegyrist of the exiled states-
men of Brompton, may be cast forth abundantly
against the onward movement of the people ; but in
spite of every obstacle that movement will con-
tinue uninterruptedly, for it is as irresistible in its
vigour as it has recently been astounding in its de-
monstration.
Within the last fortnight the streets and public edi-
fices of this metropolis have been crowded by visitors of
a very foreign and picturesque appearance. Those
aria° were unacquainted with the costume,—the
blue military surtout, the dapper schako, the
award-belts, and the scarlet shoulder-knots,
—learnt from the newspapers that these vi-
alas were part of a very numerous uetach-
reent of the National Guards of Paris, and that the
ckiect of their arrival in London was to cultivate
sentiments of goodwill and friendship between
Stsesisaive.s and the English populace. The journey
had a nobler object than the evanescent gratification
derivable from a pleasure excursion. The tradesmen
of Ram had crossed the channel to mingle with the
inhabitants of London; and at the same time that
they made a pilgrimage of curiosity to structures
consecrated by the associations of history and an-
tiquity, they were solicitous to extend the hand of
good-fellowship to their brother men of the United
Kingdoms. With this generous intention they came,
and with a kindred feeling of affection they were re-
ceived. For several days past they have participated
with the English in all the amusements which are
afforded by this capital and its suburbs. They have
jostled amongst us on the pavements of the Strand
and Piccadilly ; they have clambered to the roofs
of eur omnibuses, and feasted in the coffee-
rooms of our hotels ; they have crowded the
decks of our river steam-boats, and seated
themselves In the boxes of our theatres. In all
directions their gay attire and bearded faces
havct ;:een, 3:_countered ; in the architectural pomps of
the Abileyiiit Westminster; in the open space of
Traf4ar•square, gazing up at the half-finished t

monument of our English Napoleon; under the
arches of the Thames Tunnel ; on the summit of the
dome of St. Paul's Cathedral ; at the New Houses of ,
Parliament ; at the Colosseum, at Somerset House,
at the Tower, at Kew Gardens, at Buckingham
Palace, at the Deptford Dockyard, at the Woolwich
Arsenal, at Twickenham, at Isleworth, and onwards,
until some of the most adventurous stragglers wan-
dered with feelings of peculiar interest about the
secluded purlieus of Claremont. In every instance
where the authorities were afforded the opportunity
of displaying anything like a graceful compliment, a
cordial welcome, or a conspicuous attention to the
Parisians, that opportunity was not neglected. From
the ecclesiastical authorities of Westminster, from the
barristers in our courts of law, from the civic func-
tionaries at the Mansion-house, the National Guards
received especial marks of interest, and not only here
but at the Horse Guards, where many of the French-
men were invited to the mess breakfast. If we ex-
cept the insolence of a few cabmen, the adroitness of
a swell-mob's-man, who pilfered fifty pounds from the
pocket of one of the Parisians, and the disgraceful
act of dishonesty perpetrated towards another Na-
tional Guard by a Grenadier, who is now suffering
the punishment of one month's imprisonment, and
will at the end of that interval of incarceration be
drummed out of his regiment as a thief—scarcely a
single annoyance of the most casual character has
damped the satisfaction of our visitors. Most of them
have already returned to the French capital—their
farewell shouts of " Vivo l'Anglais rive CAngle-
terre!" being responded to by cries of "Long live
I the National Guard of Paris 1" The departure has,
if possible, been even more cordial and propitious
than the arrival.

At this precise moment, when everybody is in good
humour at the incident, when mutual felicitations
are being exchanged by the citizens of the two
countries, the organ of retrogression, of Guizotism,
of everything that is the worst and the meanest in the
Metternichian policy, stri►es to excite ill-blood by
certain ill-timed and imbecile jokes, and to drop a few
drops of poison into the stirrup-cup from the nib of a
goosequill. We know not by what epithet to desig-
nate this paltry and most ungraceful proceeding—a
proceeding as paltry as it is fortunately harmless, and
as ungraceful as it is vindictive. The National
Guard of Paris are ridiculed as shopkeepers. The
origin of the aristocratic sneer is obvious. It is as
obvious as the sneer itself is absurd, when
coming from one of the organs of a
nation called by the greatest of all French-
men " a nation of shopkeepers." The martial
appearance of the Parisian tradesmen is derided
because of their avocations. Their stature, their
moustachios, their carriage, are each in turn spoken
of as something ludicrous. Now we should like to
know amazingly if the moderately-sized boirgeosie
are less worthy of respect than the stunted scions of
our aristocracy, who, with the form of dwarfs and the
minds of infants, command the stalwart and glorious
regiments of our Horse Guards. Is it less honour-
able to handle the scales or the yard measure
than to finger the cue or the dice-box ?
Perhaps the reverie provoked by these very
simple propositions may induce the aristocratic rid-
nunc to remember his ungenerous sneers at the Na-
tional Guard with some feeling of compunction. To
ourselves the National Guard, who have fought in
defence of order and property on the summit of the
barricades, have more of the dignity, because they have
seen more of the service, of soldiers than any of our
drawing-room heroes—although the latter may have
genealogical trees loftier than the cedars of Lebanon,
while the former may have the impudence never to
have had any grandfathers.

At length the tide has turned with respect to rail-
way property. A marked improvement was per-
ceptible yesterday in the stock of the leading com-
panies. All the dividend-paying lines were quoted
at a considerable advance, and there is no doubt, if
the shareholders are only true to themselves, that
Confidence will be fully restored, and that shares will
speedily arrive at something like their real value, very
far indeed beyond the present prices. As may easily
be imagined, the " Bears" are outrageous at the
change, and there is little doubt that they will spare
no exertions, and leave no means untried, to con-
summate the ruin they bad so nearly occasioned.
Actual bona fide shareholders should therefore
be particularly on their guard, and give no
credence to rumours which are not corro-
borated by the most unquestionable authority•
They have to deal with bold and unscrupulous par-
ties, who will have little hesitation as to the means
by which their objects may be attained, and who will
readily sacrifice a portion of their ill-gotten gains in
order to keep the game alive for some time longer.
There is, however, no real danger. All that is re-
quired is a bold and steady resistance, and victory
must be attained. A day of retribution will shortly
arrive, when the "Bears" will sink into the pitfalls
which they themselves excavated for the destruction
of their neighbours. It is for the shareholders to say
how speedily that day—creta notanda—shall arrive.
If they hold on steadily and firmly, through
good report and through evil report, and
ridicule the weak inventions of their mortal enemies,
it will come before another month has expired. Any
exhibition of weakness on their part will, however,
protract the struggle, and may perhaps enable their
assailants to retain some portion of the enormous
profits they have realised. Railway proprietors should
co-operate cordially together, and render mutual
assistance in this the crisis of their fate—the strong
should support the weak, and a fund should be pro-
vided from which advances would be made to those
requiring such assistance, and who would otherwise
be compelled to dispose of their shares in the
market for whatever they might bring, and
thereby occasion a great depreciation in all
the other stock of the company to which they be-
longed. It is owing in a great degree to the total ab-
sence of such accommodation that the fearful and
unaccountable depression we have witnessed may be
attributed.

I Persons suffering under a temporary pressure had
deposited shares as securities for certain advances, giv-
ing a power of sale to the lenders in, the event of the
money not being returned by a particular day. Those
persons, who took care to leave a margin sufficiently
wide to protect themselves from the possibility of any
loss, and who had no consideration for the interests of
the unfortunate borrower, or of the railway pro-
prietors, flung the shares on the market at the expi-
ration of the appointed time, and thus the mischief
originated. large amount of property being offered
for unreserved sale naturally depressed prices.
Others took alarm ; capitalists were deterred from
purchasing until the termination of the excitement
and panic that ensued ; sales were forced,' at any loss,
The "Bears" laboured:diligently in their vocation, and
fabricated reports to account for the depreciation.
A vague terror was excited, and men who would
gladly have invested their money at the rate of 5 to 6
per cent., refused to do so when 7 or 8 per cent. could
readily be obtained. Those who would have pur-
chased into the North-Western at 30 or 40 premium,
and congratulated themselves on the bargain, ab-
stained from buying when the stock was but a
little above par. So it was in every in-
stance, and while there were but few transfers, and
little real business, fictitious sales were made, and
nominal quotations to depreciate the property still
further, the speculators for a continued fall hoping
that it would find
" In the lowest depth a deeper still."

All these evils would have been avoided if the great
interest which was thus seriously injured, and even
placed in imminent danger of absolute ruin, had taken
the obvious precaution of establishing banks that
would make reasonable advances on railway pro-
perty, :and not press sales at an improper time,
and thereby add to the panic. It would
not even be necessary to open new banks,
for if once announced that shareholders
would stand together, and that the wealthier members
of the body would withdraw their account from every
bank that joined in the disgusting cant of the day
against railway property, and who refused legitimate
accommodation to those interested therein, these
gentlemen would speedily see matters in a very
different light, and exhibit greater liberality to their
customers, even to those possessed of railway pro-
perty.
We must now again congratulate the shareholders
on the improved prospects opened to them. They
=at riot, however, sink into apathy because a

change has taken place. To that change we are
proud to think that we have ourselves in some
degree contributed, by exposing the machinations of
the "Bears" and proving that the general depreciation
was ascribable to their operations, and not to any
real deterioration in the value of railway property,
which had realised such large profits in a season of
general distress and stagnation, and thereby afforded
the strongest proof of the soundness and stability of
the principal companies. The able and well-timed
letter of Mr. HUDSON, to which we alluded yester-
day, must also have had a very considerable effect in
restoring confidence, indeed, the improvement was
perceptible from the very moment of its publication,
and Midland shares were particularly in request
during the day, as well as the Eastern Counties, and
other lines with which the Hon. Gentleman is con-
nected, and of whose favourable position he gave s•
cheering an assurance. The promised explanation
of the London and North Western Company also had
considerable efficacy:; although it has not yet madelits
appearance, and the details are not as yet known, it
Is believed that it will completely demolish the
plausible statements that have been put forward, and
show a state of affairs more favourable than its most
sanguine friends could have hoped for. Its shares.
accordingly, went up no less than from 6 to I per
cent, and will, probably, rule at a much
higher figure after the publication. Great Westerns
also participated in the general amelioration, and were
much sought for, while little stock is to be obtained
for actual transfer—this fact proving most unequivo-
cally that the recent falls are not in any great de-
gree owing to shareholders being anxious to dispose
of their property, but rather to those who sold stock
without having a single share in their possession.

THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.

The Monitetir contains a decree signed by the
chief of the Executive Government, accepting the
resignation of M. GOWN:MAU; and appointing M.
TROUVE CHAUPPL, Minister of Finances, in his place.
In the National Assembly on Wednesday the in-
terpellations addressed by M. GRANDIN to the Mini-
ster of the Interior, on the subject of the Socialist
banquets, produced the good efl'ect of eliciting from
M. DUFAIIRE the most satisfactory assurances not
only with regard to the intentions of the Govern-
ment, but also with regard to the state of the public
mind. He at once admitted the right of the public
to meet at those banquets as long as they were inno-
cent manifestations, but he also maintained the rights
placed by law in the hands of the Government to
suppress any which might become dangerous to
public tranquillity. He added that he entertained no
apprehensions from banquets such as those
which had been recently held in the Fau-
bourg du Roule, and at other places in
the neighbourhood of Paris. With respect to the
number present at the last social and democratic
banquet, he declared that those who stated that there
were 2,000 present, flattered themselves ; in point of
fact, there were onlyl,loo, although 6,000 invitations
had been sent out, and the tickets were at last sold at
half price at the door. Besides this, it had been
ascertained that it was always the same set of persons
who attended the banquets and made a business of
them. In these circumstances the public would soon
discover of how very little importance such meetings
were, and at all events the Government was prepared,
in case of their becoming dangerous, to do its duty.
The Hon. Minister then alluded to a paragraph which
bad recently appeared in some of the Paris papers,
signed by M. NAPOLEON BONAPARTE (the son of
JEROME), stating that persons well informed had
stated to M. Louis NAPOLEON BONAPARTE that an
attempt at an outbreak in Paris was preparing in his
name, and that M. Louis NAPOLEON BONAPARTE
had considered it necessary to inform the Minister of
the Interior of the subject, declaring, at the same
time, that he knew nothing of such an attempt him-
self, and that he repudiated that and all other mea-
sures which might disturb the public peace. M.
DUPAURE, in the most sarcastic manner imagin-
, able, expressed his regret that M. Louis BONAPARTE
had not thought proper to publish his (M. Du-
FAuna's) answer to this communication which was
" That those who had told him so were ill-informed,
for that there was not the slightest intention on the
part of any one in the metropolis to get up an *elite
in his name."

Hereupon M. NAPOLEON BONAPARTE ascended
the tribune to justify his cousin's proceedings, and
was replied to by M. CLEMENT THOMAS, who in an
intemperate speech attacked the whole of the
Bonaparte family, and accused Prince Louis Nero-
LEON of aiming at the imperial dignity under pre-
tence of being candidate for the Presidency of the
Republic, and of having sent emissaries into the
country to excite the ignorant peasantry to favour
his preten.ions. A violent scene of mutual recrimi-
nations between the Bonapartes and M. CLEMENT
THOMAS followed, which was only put an end to by
the Assembly passing to the order of the day.

General LAMORICIERE introduced a Bill on Wed-
nesday, authorising the transportation to Algeria of
those of the insurgents of June who had been con-
demned to deportation.
It is said that the inhabitants of the colony of
Senegal have elected M. EMILE DE GIRARSIN as their
representative to the National Assembly.
The Club of the Rue de Poitiers have determined,
on the motion of Count MOLE, to support a proposition
for the postponement of the election of President of
the Republic until the month of January.
The Ministers of the Interior and of Justice have
addressed a circular on the subject of the democratic
banquets, to the Prefects and Procureurs-Generaux.
The banquets are not to be prevented, but no public
functionary can attend them. The public must be
admitted, and a commissary of police be present to
take notes, which are to be reported to the local au-
thorities.
Lord BROUGHAM has arrived in Paris.

The clubs of the Palais National and of the In-
stitute have agreed to join the club of the Rue de
Poitiers in supporting a proposition for the postpone-
ment of the election of President until the organic
laws with respect to the responsibility of Ministers,
with respect to elections, and with respect to the
appointment and functions of j udges, shall have passed.
The club of the Palais National has, however, re-
solved to support an amendment of which M. LANG-
LET has given notice, and the object of which is, that
a Provisional President should be nominated, who
should retain the office till the dissolution of the
Constituent Assembly.
It is intended to propose the 24th February as the
day for the election of President of the Republic.
At the sitting of the Assembly yesterday Prince
Louis NaroLaozi ascended the tribune, and read
from a paper a reply to the accusations brought
against him in the previous sitting by M. CLEMENT
THOMAS. He at once admitted that he was a candi •
date for the office of President of the Republic. He
declared that it was his right to be so, and he would
not renounce that right, whatever provocations were
addressed to him. This declaration was listened to
by the Assembly with chilling silence. The dis-
cussion on the project of decree, fixing the 10th of
December as the day for the election of the President
of the Republic was then commenced.
M. PAGNERRE opposed the decree.
the
postponed
country
required until
Count 111oLl then rose, and declared that, in his
opinion,
safety
should
be
after the passing of the organic laws.—(He was
the
thatinterests
t,he
election and the
speaking when the post left).

PARIS BOURSE—THURSDAY, OCT. 25.
THREE o'CLocx.—The Bourse opened to-day con-
siderably above yesterday's closing prices, and the Rentes
continued to advance till two o'clock, when the news
was brought of the intention of the Assembly to reject
the decree fixing the election for the 10th of December,
and they after that gave way rapidly. A great quan-
tity of Five per Cents. Rentes was discounted, for the
purpose of supporting the Rentes. The news from Italy
continues favourable to the cause of peace, and this pre.
vented a fall. Ultimately both Rentes and shares closed
rather above yesterday's prices. For the Account, the
French Three per Cents. have advanced 20c., the Five
per Cents. have advanced 10c., and the Loan remains
the same as yesterday. For Money, the French Three
per Cents. have advanced 15c., the Five per Cents.
have risen 15c., and the Loan 10c. ; Bons du Tr6sor not
quoted ; Bank of France Shares have fallen 5f.; Belgian
Bank Shares are at 665 ; Five per Cents. have risen
per cent. ; Spanish Active, not quoted; Three per Cents.
are at 224 ; Passive, not quoted ; Roman and Roths-
child's Receipts are the same as yesterday. Exchange
on London (30 days), 25f. 45c.; ditto (90 days), 25f.
2c.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE, Ocr. 26.
Boulogne and Amiens, 6%—Namur and Liege, 37.11-1
Northern of France) 6S—Sambre and blew, 214.