The Sun.
London, England, 1848-11-18 00:00:00

THE SUN, LONDON,

Any isolated exertions will be wholly inefficient
against a foe so persevering and malignant. They
may derive instruction from the old fable of "The
Bundle of Sticks ;" singly, they will fall easy vic-
tims, but united, they will be invincible, and may
defy every attack that can be made.
One of the most obvious precautions that should be
taken by railway proprietors would be to adopt a
fixed resolution that nothing shall induce them to
afford any facility to the " bearish " operations, that
they will not suffer their shares to be made use of,
for the purpose of supporting the credit, and
strengthening the position of their assailants. They
should therefore issue the most stringent instructions to
those intrusted with the custody of their stock
not to lend it under any circumstances, or for any
purpose whatsoever, to those who desire to use it for
purposes so detrimental to the interests of the general
body of shareholders. Indeed, a loan even to inno.
cent parties, who might seek it as a means of obtain-
ing pecuniary assistance for a brief period is to be
deprecated, because the shares so borrowed must be
sent into the market to be disposed of. The supply
will thus be increased, and, as a natural consequence,
prices diminished in a proportionate degree.
It will be manifest to any person looking atten,
tively to the proceedings in the Stock Exchange that
the general fall which took place yesterday is ascribable
in a great degree, if not altogether, to speculative
sales by the " Bears," who have thereby succeeded in
depressing the quotations. The account day had just
gone by—nearly a fortnight must elapse before an-
other settlement will take place. The former one
had been got through by borrowing stock, payment
of differences, and the various other devices in
which the "Bears" are such practised adepts when
matters press severely upon them. There is,
therefore, ample time for the operations with
i which they are so familiar. They are well
aware of the value of combined action, and therefore
no sooner had the last account been arranged than a
determined line of action was adopted. Several
parties simultaneously appeared as sellers, and thus
prices
.were generally quoted at a decline, although
the various " statements" that have been issued from
the most influential companies afforded the most con-
vincing and satisfactory evidence of the soundness
and stability of the undertakings, of the handsome
dividends that might be expected by the share-
holders, and of the comparatively small amount
of the expenditure for which they will have
to provide. There were other circumstances,
also, which should have had a favourable ten-
dency. Money was abundant and at an easy rate
of interest, and there was a considerable improve-
ment in the public funds : all these considerations
should have materially increased prices, but on the
contrary, a considerable fall took place, and there
was a general appearance of languor and depression.
This, however,- cannot last. If persons rush reck-
lessly into the market to sell that which they have
not in their possession, of course it will, for the time
being, diminish the nominal value; but the day of
reckoning will at length arrive, and unless the share-
holders should be so silly as to fall into the nets
spread for them, the "Bears " will again have to
deplore their rashness, and to pay largely for their
niquitous efforts to plunder their fellow-citizens of
;heir property.

THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.

In the sitting of the Assembly, 20 additional
eonges were granted to Members. In putting the
question, M. ARMAND MAREAST announced his in-
tention of addressing a letter through the Moniteur to
those Members who had been absent more than a fort-
night, requesting them to return.
It is said that M. LEDRU ROLLIN is no longer a
candidate for the Presidency of the Republic. He has
resigned--in favour of M. RASPAIL.
There was another banquet of social and demo-
cratic Republicans held on Thursday, 1,300 persons
attended ; M. CADET presided. In the course of
the proceedings M. D'ALTON SHER declared it
would be an immense disgrace to the country
if Prince Louis NAPOLEON were elected President,
but that in the event of such an election taking
place, he would not be able to march for a single
month within the limits of the law, and then insur-
rection would no longer be an affair of individual
appreciation, it el ould be a duty.
In the National Assembly, yesterday, it was resolved
that none of the functionaries in the Department of
Public Instruction should hold more than two places,
the salaries of both of which should not exceed
12,000 francs.

M. M. GARNIER PAGES, BARTIILEMT ST. HILAIRE,
PAGNERRE, and DUCLIIRC have withdrawn from the
club of the Institute, in consequence of the resolu-
tion of the vast majority of the club to support
General CAVAIGNAC as their candidate for the Presi-
dency. They declare that no Member of the Na-
tional Assembly ought to declare in favour of any par-
ticular candidate, and that they are equally opposed
to CAVAIGNAC, BONAPARTE, and LEDRU ROLLIN.