The Sun.
London, England, 1856-10-08 00:00:00

SPAIN.

The Madrid Gazette of the 3d contains a Royal
decree, which enacts that as a proof of the Queen's
" Royal affection for her beloved sister the Duchess
de Montpensier," the child to whom the Duchess
is about to give birth shall enjoy the privileges of
an Infante of Spain.
The Madrid Post-office is making arrangements
for sending two mails to Paris daily.
A company, called the Franco-American, had
completed its arrangements for establishing regular
steam communication between Spain and Cuba,
and the first steamer is to sail from Cadiz for that
island on the 26th of this month.

A letter from St. Petersburg in the Nord of
Brussels says :—" Everything is changed in the
itinerary of the Emperor and Empress, who will
now go to Kiew, as was their first intention. They
will proceed to Toula ; and thence, on Oct. 9, will
make a solemn entry into this capital, just as they
did at Moscow."

In consequence of the generally prevailing finan-
cial crisis, the Chamber of Commerce of Stutgardt
has addressed a petition to the Minister praying it
to use all its influence in the monetary conferences
at Tienna, that gold may be as soon as possible
adopted as the legal standard throughout all the
States of the Zollverein, as being the most effectual
means of putting an end to the present crisis.

THE AFRICAN MAILS.

PLYMOUTH, TUESDAY NIGHT.

The African Mail Company's steamer Candace,
Captain Hawkesley, has arrived, with the usual
mails, 27 passengers, a full cargo, and 3,000 ounces
of gold dust, and her cargo includes 340 casks of
palm oil, 180 cakes of beeswax, and 70 pieces of
ivory. _ _ _

Her dates homeward are :—Old Calabar, Aug.
29th ; Cameroons and Fernando Po, 30th ; Bonny,
Lagos,Sept. 3d ; 6th ; Accra, Btl. ; Cape Coast,
9th ; Liberia, 9th ; Sierra Leone, 18th ; Bathurst,
22d ; Goree, 23 ; Teneriffe, 28th ; and Madeira,
30th.

vv
The news brought by this arrival is satisfactory.
The coast was healthy, there were no recent dis-
turbances, and the trade was tolerably brisk.
At Old Calabar, the captain of the English ship
Africa had been severely beaten on shore by the na-
tives. He was progressing favourably. The Euro-
pean residents had sent to Fernando Po to request
the Consul there to send a man-of-war to inquire
into the circumstances. The Candace left Madeira
on the Ist inst., at which the cholera had nearly
subsided. It was estimated that 8,000 persons had
been carried off, but not twenty of whom were
English.

Much rain had fallen at Liberia, Sierra Leone,
and Bathurst, but those colonies were healthy.
Eight thousand persons are supposed to have
died at Madeira from cholera, which was subsiding.
Her Majesty's screw steam sloop Plumper, 12,
Commander Win. Haswell, left Lagos on the sth
of September, on a cruise.
Mr. Thomas Hutton, a merchant, had taken
passage in the Candace for England. Whilst com-
ing on board the canoe in which ho was capsized,
and unfortunately he was drowned.
At Sierra Leone, on the 18th Sept., were her
Majesty's ships Bloodhound and Firefly. At Ba-
thurst, the Dover Company's steamer Niger left
Liberia, outward bound, on the 13th September.
A French screw steam ship-of-war was lying at
Goree on the 23d. of September.
The Candace signalled, on the 13th September,
in lat. 5.57, lon. 10.30 W., the ship St. Andrew •
October 4th, in lat. 41.23 N., lon. 11.43 W., the
barque Henrietta ; and in lat. 49.25 N., lon. 5.12
W., the Belgian barque Van Dyck. On entering
the Channel, on the 7th of October, observed a large
number of vessels.

A. LADY PREACHER.—A Doncaster paper states that
Miss Buck preached two sermons in the Wesleyan Cha-
pel of Luddington, on Sunday last, kindly lent for the
occasion to the Primitive Methodists. The children con •
nected with the Sabbath school recited a number of
sacred pieces in the afternoon. Miss Buck preached
again on the following evening, in the same place.
THE INCUMBENCY OF CLERKENWELL.—The election by
the vestry (under the recent Local Management Act) of
an incumbent for this parish, rendered vacant by the
death of the Rev. W. E. L. Faulkner, is fixed for Friday
next. Great excitecnent prevails amongst the inhabitants,
and the walls of the parish are covered with printed pla-
cards setting forth the claims of the several candidates.
Many of these placards outvie in virulence and abuse
those which occasionally appear in the heat of the fiercest
political contest. Motives of the worst character are im-
puted, not so much, however, to the candidates for the
ministry of the parish as to their leading supporters ;
and this is the more strange as all the clergymen who are
before the electors belong to the evangelical party.
THE FLOGGING OF PAUPER CHILDREN OF ST. PANCRAS
AT WHITECHAPEL UNlON.—Yesterday a meeting of the
directors of the poor of St. Pancras was held in the
Board•room, Vestry-hall, Camden Town, for the purpose
of receiving the report of a committee appointed rela-
tive to the alleged flogging of pauper children belonging
to the parish of St. Pancras, farmed out at the schools
of the Whitechapel Union at Forest Gate. The particu-
lars respecting the alleged flogging, it will be recollected,
were contained in a letter written to Mr. Lawford, a St.
Pancras director, by Mr. Potter, the late master of the
St. Pancras Union, who had been transferred to the
jurisdiction of the Whitechapel authorities. Potter's
letter stated that a boy had been floggred till the blood
flowed. The committee reported that they had examined
Mr. Parton, the schoolmaster by whom the punishment
was inflicted, and several others, including Le boy who
was flogged, from whose statements it appeared that the
assertion in Potter's letter was unfounded, and Potter
himself, on being interrogated, admitted that he did not
know that any blood flowed after the beating of the boy
Cowan, but that he was told so by one of the boys. The
committee, therefore, expressed to the guardians of the
Whitechapel Union their regret that such a statement
should have been made, and recommended the directors
of St. Pancras to intimate to the guardians of White-
chapel that they .did not, after what had occurred, de-
sire them against -their wish to continue in their service
an officer capable of making so grave and unfounded a
statement. Several directors having expressed their
strong opposition to corporal punishment in any form,
the adoption of the report was carried by a large majo-
rity, after which the board separated.

THE MONETARY CRISIS IN FRANCE.

We have received the Moniteur of yesterday,
and now subjoin a translation from the official
journal of the report of the Minister of Finance
on the budget of 1858, a telegraphic summary
of which appeared in our impression of yester-
day

" Sire,—At this period, when I have to ascer-
tain the elements of the budget of 1858, in order
that they may be submitted to your Majesty's in-
spection, I proceed, in coniplianoe with your com-
mands, to place before you a succinct statement
of the most essential facts belonging to the present
year, to indicate the general point of view in
which our calculations of receipts and expenses
ought to be made.

" The circumstances through which we have
passed, Sire, were very difficult ; all sorts of mis-
fortune, so to speak, came upon us at the same
time—war, cholera, the inundations, and the pro-
tracted dearth. At other periods, one alone of
these calamities has sufficed to exhaust the sources
of employment and of wealth, to excite troubles in
the community, and to embarrass the State as
well as the fortunes of individuals. It was much
to be feared that, with such a concurrence of dis•
asters as we have been oppressed with, at least
public confidence would have been impaired, and
that the suspension of trade and manufactures
would have caused a serious diminution of the
revenue of the Treasury.
" These multiplied misfortunes, Sire, have no
doubt greatly affected the heart of your Majesty ;
but despite such melancholy trials, every sincere
lover of his country and of the truth must feel
happy in acknowledging the fact—perhaps a fact
unique in history—that never, thanks to the con.
fidenco which your Majesty has inspired, was
more complete security prevailing, or more perfect
order ; never were the energies of this nation
more actively developed, never did the improve-
ment of the public revenue so rapidly progress.
" It is a singular fact that the difficulties of our
present position are those which arise out of the
very excess of our prosperity, and in a manner out
of the excessive feeling of confidence. By a for-
tunate necessity, the government has had to apply
its efforts, not to provoking, but restraining the
general impulse, and by repeated admonitions to
keep speculation within the bounds of prudent
reserve.

" The operation of the budgets now current,
the state of credit, the Bank and the Treasury,
are the points towards which must converge, and
at which chiefly must be manifested, the symp-
toms which at any given period are most charac-
teristic of the economical situation of the country,
and supply the most accurate measure of its capa-
bilities. As these data form the basis of a rational
estimate of the wants and resources of the future,
I beg your Majesty's permission to make them the
subject of some observations.

" The budget of 1854 is now in course of being
brought to a settlement. The provisional account
of it which was published last year showed an
exces3 of expenditure of 100 millions of francs.
This deficit is in the final account reduced to
75 millions.

" The budget of 1865 has just been closed, and
we have every reason for hoping that the amount
which it leaves to be covered will not go beyond
50 or 60 millions.

" These figures will be seen to be satisfactory,
Sire, if they are compared with the average deficit
of the five preceding years, which was not less
than SO millions annually, and if we bear in mind
the enormous burdens which the public calamities,
even without taking the war into account, im-
posed in addition to the ordinary services of 1854
and 1855, involving the opening of large supple-
mentary credits.

" These comparatively favourable results are to
be attributed to the extraordinary increase of the
revenue from indirect taxation, which last year
attained the enormous amount of 65 millions,
without including 33 millions arising from new
taxes.

"At no period, under the most favourable in-
fluences, have the producing capabilities of the
nation been exhibited in so signal a manner.

" This movement, which was ascribed to the
Exhibition, has not ceased in 1856. It was be-
lieved and asserted that it would cease ; but that
wai a complete error.

" The result, in fact, has been decisive as to
that point. If the amount of the products of the
country in 1855 had been owing to an accidental
cause, we should have seen, what always happens
after a great effort, a sudden pause in our indus-
trial progress, and the products of 1856 would
have fallen off and descended even to less than
those of 1854.

" I am happy to be able to state, Sire, that
the contrary has actually happened.
" Not only has the amount of the year been
attained and exceeded—not only, at least up to
this time of the year, the extraordinary amount
of 1855 has been reached, but the first month of
the present year, compared with the correspond-
ing months of last year, give us a considerable
increase.
" This increase comes to 63 millions as com-
pared with 1854, and nearly 26 millions, as com-
pared with 1855, in the first half-year only.
" It is true that the comparison for the month
of August is less favourable—but that is imma-
terial, for it is to be explained by the payments of
taxes by anticipation, in the month of August,
1855, occasioned by a wish to avoid payment of
the newly imposed tenth. This partial falling
off will, moreover, be soon compensated for.
The information we have received enables us to
expect an increase of above twelve millions on the
month of September.

" Upon the whole, the augmented revenue
from the old taxes, and the sum derived from the
new taxes, together constitute an excess of about
72 millions above the amount of the estimated
revenue for the nine first months of this current
year.

" The importance of this calculation is beyond
all dispute.

We have, therefore, Sire, without indulging
in any illusion, the most substantial reasons to
hope that the budget of 18 O, notwithstanding
the expense of contracting the loan, will actually
exhibit, for the first time during many years, an
equal balance-sheet. This desirable result, at-
tained in times of exceptional difficulty, is the best
proof that the onward progress of the fortunes of
the State hitherto is far from being slackened.
" But shall we find any evidence to the contrary
in the momentary depreciation of the public secu-
rities t

" This is a very delicate subject, and difficult
of appreciation. In the alternations of rise and
fall of prices much is due every day to the in-
fluence of temporary causes which are often in-
explicable and unknown. But one fact or general
observation and of a re-assuring character results
from the present state of things, which it will soon
control; and that is the perception, as every sin-
cere mind must agree, that the giving way in the
prices of our securities does not proceed either
from want of confidence or a diminution of capital
in France, or a defect in the solidity of their titles,
but solely from the multiplicity of the securities
themselves. We must not be surprised at this,
for it is the invariable law of trade that every
sort of merchandise declines in market value in
proportion to the quantity of the supply, espe-
cially if this exceeds the existing want and the
amount of means at the time disposable.
" The resources of France, Sire, are indeed
great ; they are immense, and recent events have
showed their full extent. There could be any
serious danger to them only if we came to per-
suade ourselves that they were infinite, and that
they would suffice
in a single day, that which should be
h
work of time. But let the prudent
c to perform in France, and
abroad
te patient also,
recommendations of your Majesty be listened to,
and let the requisite time be afforded for the sur-
plus to run off, and then the various classes of
securities will rapidly assume their true position,
the scale of their values will soon rise ;
andfor
I expect their basis is sulidly established, the ex-
isting securities ale founded in general upon bona
fide productive enterprifsoB3 and the elasticity of

credit has, after all, been entirely maintained.
The apprehended embarrassments, I cannot too
often repeat, could only arise, Sire, from such ex-
aggerated speculation as it is to be hoped the pub-
lic will know how to guard against.
"It is to the same cause that we must attri-
bute the reaction by which last year, at this very
season, the Bank of France was obliged to adopt
some restrictive measures.

" Those measures were unfavourably appre-
ciated by a portion of the public, because they
were not always viewed with an accurate know-
ledge of the cause, nor in all cases with disin-
terested feelings. That great institution has to
deal with such numerous and diversified interests,
that whatever it may do it cannot escape the dis-
advantage of injuring some of them, and in their
judgment the course it may adopt, however wise
it be, will always be the course which ought not
to have been adopted.
" What, then, was the state of affairs ? The
amount of discounts of the Bank daily assumed
exorbitant proportions, and its reserve was
rapidly decreasing. Everybody acknowledged that
an immediate remedy was called for, and the only
disagreement was about the nature of that remedy;
the most serious measures were proposed. What
was it, then, which the Bank did ? The same
which it had done, and always with success, under
almost all the preceding Governments when in
analogous circumstances. The Bank said to the
public, However liberal may be my statutes,
there is, nevertheless, a limit to the issue of my
securities which the commonest prudence, if not
an express law, forbids me to exceed. In order
to enable me to grant assistance in a greater num-
ber of cases of need, it is necessary that every one
should consent to reimburse me more quickly.'
And with this object the Bank contented itself,
whilst raising the rate of interest, with shortening
the date of bills discounted. No doubt from this
measure resulted a certain derangement in com•
mercial affairs which was to be regretted, but
which was not without some compensating benefit
to trade itself. The resources of the Bank, re-
newed more frequently, enabled it to make a
greater number of discounts ; if its advances were
for shorter periods, they were thereby multiplied ;
and upon the whole, during the months of Octo..
ber, November, and December, under the opera-
tion of the measure referred to, the amount of the
Bank discounts exceeded by more than 600 mil-
lions that of the discounts in the same months of
the preceding year. Sufficient notice has not yet
been given to the enormous relief which was thus
bestowed upon commerce.
" By acting in this manner the Bank of France
stopped, as it had done on former occasions, the
evil which threatened to approach it, and did not
cause those serious disturbances to trade which
had been apprehended. The Bank of a neigh-
bouring country, notwithstanding the great amount
of credit which is characteristic of it, and the
legal currency of its bank notes, was obliged at
the same period to impose restrictions upon trade,
which in their effect, if not in their form, were
far more rigorous.
" The same circumstances which last year deter-
mined the Bank of France to adopt such measures
having been reproduced in the present year, the
Bank has deemed itself bound to observe the same
line of conduct, and expects from it the same
result.

"It may be said of the Bank, as well as of
credit, that its difficulties do not arise from the
fundamental condition of affairs, but are caused
by a temporary exuberance.
" The exportation of specie has been spoken of.
A succession of bad harvests, the purchase of silks
abroad, and other less legitimate causes, have
doubtless had their influence on the exportation
of our coinage ; silver, in particular, has become
an object of a traffic which makes the public un-
easy, and which consists in selecting the finest
pieces of coin and withdrawing them from the
currency for their surplus value. This practice,
the tendency of which is to destroy the general
equilibrium of our monetary system, was under
the old law regarded as an act of debasement of
the coin of the realm and punished with the
severest penalties. Modern legislation cAnnot be
powerless against such an abuse, which has vothing
in common with the undisputed principle of com-
mercial liberty. The attention of your Majecity's
Government is very properly directed to this
evil.

" But in looking at tha question in its general
and permanent aspect, we see, Sire, how un-
founded are the fears which some entertain.
When, notwithstanding the exceptional needs of
which I have just spoken, the sum total of our
ittoitsal
impossible
imports by
that the
aexupoerntosrmexocuesedsamthoeunstu,m
balance which is in our favour, and which wince
1880 has amounted to 1,360,000,0001., should
not have brought to us against our sales more spevis
than has left us for purchases. A very remark-
able fact comes to confirm this conclusion. Ac-,
cording to official custom returns, France has
received in gold or silver since the same epoch
800,000,000 f. more than she has exported ; the
first eight months of the current year figure in
this total for a bonus of 72,000,000 f. No doubt
the declarations of exportations have some times
been incomplete, but the same is of true entries.
What has become of this money 4 It is not lost,
Sire ; it is in the country ; it has penetrated by
the thousand channels of circulation which aliment
the numerous establishments of public works, ma-
nufactures, agriculture, and. commerce ; it has
been meeting the new wants which result from
the development of social activity, and by its
fecundity it augments the general stock of publio
wealth.

" The embarrassment now felt does not, there-
fore, arise from any fundamental vice, but from
transient causes.

" The situation of the Treasury, which is an
excellent one, is a new proof of this.
"The first two loans have been paid up, and
the payments of the last, which will suffix) to
liquidate the war, are met with exactitude.
" The public revenues augment, as I have just
said, in a ratio without precedent. The taxes are
paid with the most rare punctuality, and even in
advance. Money lows into the public exchequer.
The payment of the dividends of the last six
months has left us with a reserve of 11,000,000 f.
It must be evident to every man of sense that
these are the evidences of a situation which is
good at bottom.
" For these reasons, Sire, I have thought it
right, in preparing the budget of 1858, to lay
aside the pre-occupations of the moment, and to
take the natural and normadlmesymiroeosvutesimmoefantlietsmi.o.ftintgh:
publicA t
the fortune
samaes
ttihmee,basbeiisnogf
as for 1867, the chances of supplementary credits,
I have, according to your Majesty's orders ap-
preciated the expenditure with the utmost pos-
sible exactitude, and the receipts with the great-
est moderation. Thus, notwithstanding some
improvements made in the situation of the minor
functionaries, and the alleviation of some fiscal
burdens,
we may hope that the budget of 1858
will largely suffice for its expenditure.

I am, (33c.,

P. MAGNE."

M. de Dirking-Tiohnfeld, who had been Danish re•
presentative to the Ilanse-towns, to Hanover and Old-
enburgh, since 1849, has been appointed Danish ambas-
sador to Paris.

A prospectus has been issued of the Australian Land
and Emigration Company, with a capital of 100,000/.,
under respectable auspices, with a view to facilitate the
settlement of Germans in New South Wales.
The weekly reviews from the Amsterdam and Rotter-
dam produce markets state that the increased value of
money had checked business, but that quotations had
not experienced any important change. In coffee, sugar,
and the other principal articles the operations Were
chiefly for immediate consumption. The letters from
Rouen mention that the Inarket for manufactures wars
steady, although the attendance of buyers had diminished.
The experimental iron pavement laid down in Leaden-
hall-street, opposite the Church of St. Katherine Cree,
does not exhibit that fixedness and stability so essential
to be regarded in the pavement of the permanent car-
riage-ways of the metropolis. The various compart-
Mead in which this pavement is laid down already show
very considerable indications of wear, and the vibrations
to which they are perpetually subjected show a certain
looseness and want of tenacity and endurance, the re-
verse of which is the characteristic of granite paving,
'especially when properly laid in the narrow-ganged
courses,—Building News

MONEIY MARKET