The Sun.
London, England, 1851-02-10 00:00:00

the bank for hire or interest to those whn can profit-
ably enrsplay . As in .tleh Coe baLsk-:-
-,aust .ppoint,ed or tlec--Ive=l by the
misfortunes or dishone.ty of those to whom he lends,
he should have money of his own to make good to
those who lend to him any such losses. In a course
of successful trading these means are acquirsd or in-
creased, and become, by gradual accumulations, very
large sums, not unfrequently from very small begin-
nings, as the history of private as well as public banking
amply proves. In the case of the private banker
these accumulations add to his personal wealth, in the
case of a public bank they become the GUARANTEE
OR RESERVE FUND of the establishment."
Influenced by these considerations, the directors
era anxious to keep the capital of the hank at the
lowest figure " that will not startle the ordinary
notions of safety in this matter." But as the law in
its present form requires capital in banking, and the
public usually imagine some hypoth3tical proportion
between its amount and the extent of business
tran„-pted by a bank, " the directors have resolved
to issue a united number of new abares," A pre-
ference will of coura".:
be given to the existing shire,
holders, and as there are re;!'
who will not be happy
to avail themselves of the opportum;" thus afforded,
there can be no doubt that the new shares will speec..l:
realise handsome premiums to all who are willing to
dispose of stock of so promising a description, or who
may feel it inconvenient to make further investments.
The newly issued bills, payable to order,
which can only be accepted by the Bank of
England and the Royal British Bank, are fully
and clearly explained, and the advantages thereof,
to the customers as well as to the bank, distinctly
shown, and also those of the " loans on convertible
stock," and the " cash credits," both matters that
have been introduced into England by the Royal
British Bank, and which constituted material
features in the Scottish system. The whole report
will well repay perusal by all who are so fortunate
as to obtain copies, and fully establishes the accuracy
of our prediction, and the sagacity and prudence
of those who embarked in so judicious a specu-
lation. . -

Although the Chancellor of the Exchequer has
given notice that he will bring forward his Budget
on the 14th of this month, it by no means follows
that the said Budget is as yet definitively
compiled ; and remembering that Sir CHARLES
WOOD'S determinations are the very opposite of
the laws of the Medes and Persians, which change not,
we feel it our duty to urge strongly upon all those
who desire to see a repeal of the iniquitous window-
duty not to abate one jot or tittle of their agitation
until that odious tax upon the light and air
of heaven shall have been repealed. Those
journals which are usually considered to be
organs of the Ministry have, it is true, insinuated,
rather than announced, that the Chancellor of the
Exchequer and his colleagues, yielding to the
pressure from without, were prepared to consent
to a total repeal of this iniquitous dissasesbearing
impost; it behoves us therefore to keep this pressure
up, for if it is in the smallest degree relaxed, the
Whig Ministry, wnicb, according to Mr. `VARLET,
is al ways made of squeezable materials,
will be subjected to such a pressura • from
within as will squeeze their good resolutions out
of them. The speeches of Lord STANLEY and of the
Duke of RICHMOND on Tuesday last, and the motion
of which Mr. DISRAELI has given notice for to-morrow,
show us the sort of pressure to which the Ministry will
be subjected from within. Forced to desist from
plundering us by levying, under the false and ridi-
culous pretence of protecting native industry, a tax
upon our bread for the sole and exclusive pur-
pose, not of ministering to the wants of the State,
but of keeping the rent of land up to a
war standard, the landocrate now seek to
force the Chancellor of the Exchequer to devote
the whole of the surplus to the same iniquitous pur-
pose; they actually seek to rob the hardworking
classes of these realms of the whole amount of
that surplus, and to continue upon them the
pressure of the window-tax and of all
other taxes upon health and upon industry, nominally
to relieve what they are pleased to call agricultural
distress, but really to keep up the rent of land above
its fair market value. Let us for one moment consider
what classes of the agricultural interests are at present
in a depressed state. Certainly the present condition of
the class of agricultural labourers cannot be called
depressed ,as compared with their state in former
years ; they are in the majority of instances
receiving the same money amount of wages now that
they received in 1846-47, when wheat was ranging
from 80s. to 100 s. a quarter, and in cases in which their
wages have been somewhat diminished, the purchasing
power of those wages has been so much increased,
that, generally speaking, the agricultural labourer
is in a much better position now than he has been for
many years past; neither is he suffering from lack of
employment, for the poor-law re:urns show a sensible
diminution of pauperism in the agricultural districts
in the year 1850, as compared with former years,
when the price of wheat was high. That the tenant-
farmers are suffering under a temporary depression,
the natural consequence of the high prices and tem-
porary prosperity of 1846 and 1847, is unfortunately
too true ; but they themselves have told us teat they
do not believe that any measure of protection, or
any shifting of the burden of taxation, can afford
them relief; they look to a re-adjustment of rent,
and to that alone as the remedy. Now, this ques-
tion of re-adjustment the landoerats endeavour to
shirk by every means in their power, albeit, they
alone have managed to maintain war prices
for their commodity. The fundholder hhs had his
interest diminished from five to three-and a quarter
per cent., the prices of all manufactured articles and
of all produce has fallen in a similar proportion, yet
the landowners, having possessed until within the last
few years the monopoly of !egislation, as well as of
land, have so managed matters as not only to keep
up, but to increase the rent of the land, so that actu-
ally, as is proved by the income-tax returns, the
income derived from rental of land is at this
moment greater by nearly a million and a half than
it was in 1815, whilst it is notorious that not one
single acre has been added to the superficies of the
island. In order to keep up rents at their present
extravagant rate, the landoc rats will not scruple to
urge the continuance of the window-tax, and of every
other tax to which they do not contribute their fair
proportion ; and will demand that the surplus shall
be appropriated nominally to what they call
the relief of agricultural depression, but really to
the keeping up of their own rents. They are
powerful, they are unscrupulous, and in the presence
of powerful and unscrupulous opponents it is not safe
to relax one jot or tittle of our efforts ; we can never
venture to do so until the measure repealing the
window-tax shall have received the Royal assent.

irY!"7
L..,4 4.9 a_t g

17c have necived the Peril joUrnils os S itur,lAy
and yesterday.
On Saturday M. PISCATORY read to the Assembly
the report of the Committee recommending the rejec-
tion of the Dotation Bill. The perusal of this impor-
tant document created the most intense sense' ion. The
following is the report
" A prject of law has been submitted to you, tending
to open to the Minister of Finance in 1851 an
extraortiiiiai F.redit of 1,800,000 f. for frais de represen-
tation of the Presidency de the lt-public. If that project
be adqpted, the amount of credits by the state on account
of the expenditure of the P:esidfat of the Repatdie
watild reach the sum of 3,425,000f,--=namely. salary,
600,000 f.; frais de representation, 600,000 f; for repairs
of the palace, &c.. iu budget of public works, 240,00fif,•
for an hotel next the Ely+, 35,Oppf.i. a stun ascribed
to the President out of -the relief NO of the Miniser
of the Interior, 150,000 f., which, with the extraordinei,y
credit now demendedi, I,Booloog, would reit-lite 4,i25,000f,
It being the ease thee a sum of 1,425,000 E is allotted for
the expenditure which the high station of the firet
4isoate of the Republic may render Tecluisetel the ques-
tion which your 4onamittee' i§ callad on to examine
comes to this, whether there be a necessity far thet ewe
doubled by tiie 81110C4Pe tai:e a it 4441 Oieil is
to be applied to expendittire of quell a nature as to
eieripe 41l eoutrol. Your eommittee seeing the expose
de motifs presented sty t4e Minister of .I;iniel thotight
it advisable to invite his attendeince, end the Aliniater
.;;tend the committee, accompanied by his collettppa
eel ....
the Ministers gave, lay
othfethgeuesltnietenrsiore,dodiretTLtiPet:reirendm,of 1--PA-1-1.4P
orl
weanyt e ofci withrepl reply,
tale e 1
thea
birlelfoerfe
jucuenet,olBtshoe. exlpt beingoste
to
the Ministers that the credit had at that time been pre-
sented as a supplementary credit, eltheugh subsequently
s
voted in compliance with the request of the 901,mo:tent
as an extraordinary credit, Ministers yet insisted on ale
identity of motives, and persisted in saying that the
eredit was extraordinary and annual, and was intended
to provide for the exigencies to which the President was
exposed; that although extraordinary it should be an-
nually required, in order to put the President of the Re-
public, whoever he might be, in a condition to represent
in a becoming manner the country of which he was the
first magistrate. After hearing these explanations, the
committee examined with the most scrupulous attention a
demand which, under present circumstances, has assumed
the importance of a political question of the highest or-
der. In fact, it cannot be denied that it involves the na-
ture and situation of the Executive Power in the repro-
, sentetion of the influence which this power has for some
time egerui4M; that it enneerne the Weill relations of
the two constitutional powers; and that, in flue, it bears
upon the manger in which will have to be solved those
grave queotlous which, according to the terms of
the fundamental law, Omelets will be called upon to
answer at no distant period. After having considered
the queetheu net'.er fypry point of view, your committee
resolved, by a majority of 18 votes to 2, that it would
propose to you the rejection of this project of law, We
owe it to you to give the TP,ISW44 Vnillti have been ex-
pressed at one side and the other. The minority of two
urged that the objections derived from the spirit of the
Constitution lied been offered et the time of 010 diseuss
sion of the credit preeentect the 44th June, 18501, The
Assembly had listened to these objections, and bed.
nevertheleea, decided that the Presidoot utighs to Lie
placed in a situation in harmony with the reletions
and manners pf a great nation, and was, moreover,
impelie i by a desire to maintain the union of the two
powers as the only way to save the country. The
same reasons of policy and of haute coneenance applied,
they said, with equal force to the present Bill; and
the question they asked was, should such reasons
be overrul: d by the suseeptibilities and tears that
had been expressed in recent debates ? The Assembly
had, under the luflu. nce of en act of unquestionable itne
parlance, signified its distrust in the Ministry, and the
chief of the executive power, rendering homitge, without
doubt, to the right, of 011401 exercised by the Assembly,
had separated himself from his Ministry. To refuse now
the required credit would be to countenance, perhaps
renew, la the eyes of the country a conflict which me-
nacf;s to compromise for ever the union of the two
powers, and the minority of the Committee could not,
they said, incur the responsibility of the consequences
of such refu,al. The majot icy, on the other band, did
nut think there was a just appreciation of facts and law.
Several members, in the first place, wished to know the
constitutional ground of the required credit; they celled
to mind the 62d article of the Constitution, which fixes
the salary of the President at 600.000 f., and al-
though the preamble of the Constitution did open an
interpretation that appeared subsequently to autho-
rise a new credit of 600,000 f. for cost of re-
presentation, yet a reference to the debates on
the subject would show that that credit was not the less
unconstitutional. The demand now made in the shape
of an extraordinary credit was contrary to the letter
and spirit of the 62d article of the Constitution. Not-
withsteeding the gravity of this opinion, your committee
has thought that by the vote of last year the Assembly,
without moaning to create a precedent, did think that
there were special and accidental circumstances which
might have justified an extraordinary increase of the
credits allowed to the President, provided that it should
not be taken to have for effect to alter the character of
the high functions to which it had been allocated. Your
committee are equally of opinion that the extraordinary
circumstances appealed to last year no longer exist, and
that if miscalculations had been made relative to the ex-
penses caused by the first establishment, the prudent
equity of the Assembly had relieved the future
from all claim on their account. Can it be said
that the sums attributed to the President of the Re-
public are below the requirements of the dignity of a grand
power? The committee cannot think so, for, in its opi-
nion, the ordinary credits do largely suffice to assure the
President a subsistence equal to his rank, and beyond all
proportion with any other position in French society.
The state of manners and of fortunes in our country do
not exact more, and you cannot give more without de-
parting from the legitimate conditions of the lofty func-
tions that you wish to maintain and not to aggrandise.—
(Cheers.) The Presidency is not a Royalty, which does
not possess anything bat which ought to return to the
state; and the representation of the Presidency is, like
his own position, personal and temporary. True it is
that, during his administration, he ought to be, in ap-
pearance as in authority, the first of magistrates and of
citia9ns; but nothing more. Ile is not the chief of the
state—he is the chiet of the executive power. These con-
siderations did not escape you when you had to delibe-
rate upon an analogous demand. Such considerations did
certainly give rise to many hesitations, but the majority,
taking into account moment •us circumstances, and without
hiding from themselves the danger of, to a certain ex-
tent, sif cting the institution ny exaggerating the condi
tions of representation, did yet hope that such danger
would not be realized, if the wisdom of the executive
power would only respond to the benevolence sh to-
wards it. The majority, did, in fine, make sacrifice or'
its doubts and inquietude', to the great interest of har
mony between the powers. It was not ignorant that the
credits demanded were means of influence which it could
not demand an account of, and which might become po-
litical instruments. But it indulged the expectation
hat the policy to be followed would be in conformity
with that of the Assembly; and it recalled to mind
the many occasions on which the conduct of the exe-
cutive was all that it had a right to expect. This con-
fidence, we say with regret, has not been responded to;
and the A.,semoly, justly alarmed, ought not any
longer to remain si:ent. The day when order aad har-
mony appeared compromised it warned the executive
power of danger, in the same spirit which induced it to
accord, without reserve, ail the means of action required
at its hands. You do not think of despairing of con-
ciliation, for which reason we refrain from recalling
irritating souvenirs. But does not such a situation call
for u line of conduct upon the part of the Assembly
such as none can mistake? This situation, we believe,
does disquiet all parties of this Assembly. No one can
without pain see compromised a salutary alliance that
has saved public order and given to France a Govern-
ment. These regrets have been already in different ways
expressed. The majority in the committee, without dis-
guising the gravity of the resolution it proposes, has
yet thought that a want of sincerity and firmness on the
part of the Assembly would enfeeble the legislative
power in the esteem of the country, and might tend to
mislead the executive. We accordingly, by 13 to 2,
propose the rejection of the project."
At the conclusion several voices demanded that the
discussion should be fixed for Monday.
M. DUPIN said—" We must have time to print and
distribute the report."
Voices still shouting for Monday, M. LEON
Feecumit demanded that the discussion should, in
accordance with all precedent,,be put off till Tuesday,
and begged the Assembly to consider that the more
its opinion was already made up, the more it was im-
portant not to precipitate results, especially by break-
ng through precedents.
i The Assembly was consulted by "Assis and Levee"
twice, but each time the result was doubtful. If
therefore proceeded to vote, when there appeared—
For the discussion on Monday • ••• 358
Ditto dittto Tuesday

Majority in favour of the discussion on
Monday
It is said that M. DUPIN will support the grant of
the dotation.
M. WAISSE, the Minister of the Interior, declared
to the Committee of Parliamentary Initiative on
Saturday, that in the opinion of the Ministry the
electoral law of the 31st of May applied not only to
the elections of the representative 3 but of the PRESI-
DENT also.
M. GERMINT, the Finance Minister, has been
elected a director of the Bank of France.
The National has the follov,ing :
" Some representatives joke with General Cavaignao
upon the ititenti,,n itnpu,ed to him of supporting the
candidature of the Prince de Jolnville in 1852. Does
that astonish you?' answered the Hon. G,tleral. Why
it has been equally pretended that I am pledged to sup-
port the e,n(ildat tire of M. Louis Bonaparte. You will
hear one day that I have lacome one of the courtiers of
the Comte de Chambord. Do as I do; laugh at all
these miserable inventions. They do not merit anyoth, r
reply.'"

rumour was in circulation on Siturday that
LAMARTINE BILLAULT Ministry had been formed ;
the rumour is, to say the least, premature.
Adwiral DE LA tiusa is appointed Vice-President
the Admircliy Board, in place of Admiral HUGoN,
admitted to retiremunt.
The Five per Cents. were done to•day on the
Boulevard at 96f. 65Q,