The Sun.
London, England, 1834-11-05 00:00:00

_l'lll SUN, LONDON, WEDNESDAY, NOVEMBER 5, 1834.

lOwering the price of all commodities, and Corn among
others. In the first period, at least for thirty-five years
of it, from the fall which took place in the exchange-
able value of money, the importable prices fixed in
1773, again in 1791, and lastly in 1804, soon ceased
to operate as importable prices, the price current ex-
ceeding those prices. The laws passed in these years
I thus ceased to have any operation, excepting to the
amount of the duty paid upon importation, which, pre-
vious to 1791 was only 6d. per quarter upon wheat,
and the amount upon other grain was in the same low
proportion. Even by the laws passed in 1791 and
1804, the highest duty upon wheat was only 2s. 6d.
per quarter, and the current price being generally above
the highest importable price, the duty as before was
only 6d. per quarter. But in the year 1811, the ex-
changeable value of money having begun to rise, from
the overwhelming of the American mines in the pre-
ceeding year, the annual produce of the precious me-
tals was thereby at once diminished to one fourth of
the previous annual amount furnished by these mines,
and their produce has not since increased. The price
of corn, in consequence thereof, fell rapidly. The de-
pression was ascribed to every cause but the
right cause, in ignorance of which the Legislature,
upon the report of a Select Committee of the House
of Commons in 1814, was prevailed upon in 1815 to
prohibit the importation of wheat until the home price
reached 80s. per quarter. Still prices fell, and a
laborious-inquiry was instituted by a Select Committee
of the House of Commons in 1821 into the cause,
which, however, escaped their penetration ; and in
1822, upon a motion that there was something wrong
in the averages, additional provisions were made in
this respect, and wheat was allowed to be imported
when it reached 70s. per quarter, upon payment of a
duty of 12s. Still prices fell, and agriculturists Ob-
taining no relief, a new experiment was tried in 1828,
by admitting foreign wheat for home consumption,
when the home price was 625., upon payment of a
duty of 1/. 4s. Bd., increasing 2s. •for every ls. that
the price fell below 625., and diminishing as it ex-
ceeded that price. The exchangeable value of money
having continued to rise since 1815, the conse-
quences of the • importation prices then existing,
were aggravated. The duties since that period, as well
as the importation prices, are not more remarkable for
the excessiveness of their amount, than the importation
prices and duty previous to 1815, were for their
lowness. The importable price that was fixed in 1773
was only 48s for wheat, and the duty was only 6d.
per quarter. In 1791, wheat was made importable
when at 50s. per quarter, upon payment of a duty of
2s. 6d. per quarter ; and when the price reached 545.
the duty was only 6d. per quirter. In 1804 wheat
was made importable at 635., with a duty of 2s. 6d., and
when the price reached 665. the duty was only 6d. per
quarter. But after 1815, in proportion as current
prices fell, importation prices and duties were raised,
when both ought to have been lowered. Throughout
the whole course of this enquiry it is necessary to bear
in mind, that the true cause of the immediate depres-
sion of prices after 1810 was the defalcation of the
supply of gold and silver from the American mines,
which had and continues to have a much more exten-
sive effect upon general prices than the return to cash
payments, for which preparation was not made until
1819. With -this observation we pause for the
present.

We have received the Paris Papers of Monday, from
which we learn that Louis PHILLIPLE has not vet
succeeded in finding a Minister fill the vacancy in the
Cabinet, caused by the resignation of Marshal GERA RD.
The Moniteur speaks of Marshal SOUL T as likely to
accept the Presidency ; but the difficulty here is, that
the Marshal's acceptance of office would lead to the
resignation of M. TRIERS, and, perhaps, some other
Members of the Council. In short, the KING knows
not well what todo in the predicament in which he now
finds himself. There is no mistaking the popularity
of GERARD, in consequence of his resignation
rather than consent to the quiet rescinding of his own
vote on the amnesty question ; and, as a matter of
course, his successor will be obliged to bear an inverse
proportion of popular scorn, hatred, and contempt.
The KING, in his infatuation, is resolved to carry the
measure with a high hand, and the people on their
part are no less firm in their determination to mark
their sense of the proceedings now going forward. The
published opinions of M. GERARD will greatly em-
barrass the Peers. One of his reasons for supporting
a general amnesty is, that the accused have fully ex-
piated their guilt by their long confinement. This
opinion has been caught up, and re-echoed in every
little political coterie in Paris, and the commercial
towns of France, and is producing a powerful effect on
the mind of the multitude.

The letters and papers received from Bayonne state
that the insurrectionary war in Spain continues in the
same stand-still position. The only thing worth no-
tice about it is the frequency of disputes among the
rebel leaders, which threaten to ruin the cause of the
Pretender, in a shorter time, than could be effected by
the utmost skill and valour on the part of MINA, and
the troops under his command. ZUMALACARREGUY
Will have every thing his own way, and Don CARLOS
is too much in his power to attempt controlling him.

PA it is Nciat_2.....-A_latbar_froin Bayonne says that Mina
had taken the field on that day, and was to enter Spain the
day following. This news is given by the Election of
Bordeaux. We read in that Journal that Zumalacarreguy
was on the 20th at Ceniceros, 5 leagues from Logrono and
15 leagues from Burgos, preparing to march against the
latter city. He has 10,000 men. Don Carlos was said
to be with him. The same letter in the Election says that
on the 21st an action had taken place between Zumala-
carreguy and Colonel Amor at Zumazor, two leagues from
Logrono, and that Amor had been obliged to retreat into
that town, after having lost about 300 men killed and
wounded. The loss of the Carlists is said to have been
150 men. On the 22d the columns of Oraa, Cordova, and
Linares (all Generals of the Queen) are stated to have ar-
rived at Logrono and in the environs, going to meet Zuma-
lacarreguy ; and on the same day the Carlists are said to
have made a movement towards Santa Cruz de Campezu,
and were expected on the 27th in the Valley of Araquil,
in Navarre. We state all these movements without pre-
tending to explain the intention of them.
BAYONNE, OCT. 29.—General Mina left Cambo yes-
terday, went to •Lecarra, an estate of General Harispe, to
visit him before his departure, and thence to pass the night
at St. Jeaan Pied de Port. To-morrow he will enter
Spain, and go to Pampeluna, where he is impatiently
expected.
The Urban Militia of Aragon basibeen called out to
active service.

Money was sent from thig place yesterday, for the
Queen's troops.
It is affirmed that 18 privates and two serg.eants of
the garrison of La Guardia (Broja), have deserted to 711
malacarreguy, and received 10 francs each.
It is unfortunate, that just at the moment that we learn
the entrance of Mina into Spain, we hear also of fresh
advantages gained by Zumalacarreguy over the Queen's
troops in the environs of Logrono.
An important action is spoken of, in which it is said,
that Generail;
nraa and Cordova had been surprised by
Zumalacarre no details, only reports are
may. - We bar, ..-
circulated here.—Seritinelle. • ,
Nine farms have been burnt by order of Lorenzo
environs of Elisondo. A letter from Bayonne of the 30th
October, says The day before yesterday, in the morning,

several medical officers employed in the hospitals set out fOr
‘.t..J.€ an Pied de Port, taking with them letters, &c. This
cir.lunlstance gave rise to unfavourable reports respecting
the iteulth of our troops on the frontiers. We hope that
these reports are at least exaggerated.
Genera/ Sebastiani, Ambassador -of France to Naples,
arrived at Rome on the 20th of September from Florence.
—Messager, Nov. 2.

Letters from Italy state that Don MIGUEL is en-
gaged in endeavouring to raise an army to invade Por-
tugal. He is at present in treaty with the Swiss sol-
diers in the service of the POPE, the period for which
his Holiness agreed for their services being on the eve
of terminating. From the Governments of Italy he
would accept assistance in either money or men—or
both—if he could get them ; but the misfortune is that
Don MIGUEL lacks credit, and the Princes of Italy
both men and money to throw away on such an expe-
dition.

Madrid Papers of the 25th ult. have been received.
The cause of the rumoured resignation of DE LA
ROSA, is reported to be the delicate state of his
health ; the physicians having declared him in nearly
the last stage of consumption. In the sitting of the
25th, the petition for rendering valid the sale of
Church property was read. It has already passed
three Committees, by each of whom it was approved
of. The other particulars of the sitting of the same
date will be found in the regular report.

By an advertisement which will be found in another
part of The Sun, it will be seen that the subscriptions
for the erection of a grand National Monument to
Earl Gukv, in his native county, already amount to
a very considerable sum, and will no doubt before
many months have elapsed, be quite sufficient to
answer all the pUrposes of their collection. No man
merits a great public honour like this, so well as Lord
GREY, who for forty years past has.been the constant,
unwearied advocate of the cause of Reform and good
Gos;ernment. It is a great improvement on the original
plan, that the monument to such a statesman should
be erected in his own county.

We learn from the German Papers just received,
the extracts of which are given in another column,
that on the 20th ult., the anniversary of the King of
SWEDEN'S arrival in that kingdom, his MAJESTY
granted a general amnesty to all stlte prisoners con-
fined for political offences. We recommend his exam-
ple to Lours PHILIPPE, and the Members of his
Council.

THE FUNDS.-(THIS DAY.)

CITY, TWELVE O'CLOCK

Arrivals this morning—one French mail, and one Ham-
burg, with the express from Paris. The contents of these
mails are already published.
Only one arrival of ship letters from Bahia.
The express from Paris states, by accounts from Bay-
onne, that on the 24th ult an action took place near
Viana, between Zumalacarreguy and the brigades of Cor-
dova and Lopez ; that the Christinos were compelled to
retreat, with the lons of 140 men killed and 200 wounded.

No news from Madrid of a later date than previously
received to the 25th, though it was reported that the Fi-
nancial Committee was divided on the question respecting
the recognition of Guebhard's Loan.
It appears that Don Miguel has some serious intention of
renewing the war in Portugal.
By arrivalS from Liverpool, it appears that the Geor-
giana, Captain Thompson, is the first ship that entered the
above port direct from China, laden with teas, and that her
cargo is of the first-rate quality, and precisely that which
the East India Company would have imported themselves,
had they continued in trade.
It is reporied in some of the Paris papers, that there is
internal dissensions amongst the Carlists, which broke out
previous to the arrival of Don Carlos in Spain.
The Gazette de France states—" We have this day re-
ceived important intelligence from the seat of war. Zuma-
laearragy has once more crossed the Ebro, and everything
announces that the operations of the Royal troops is about
to proceed with more rapidity."

THE FUNDS.

Great excitement is caused in the City, and no doubt
will also prevail at the West end of the town, in conse-
quence of a paragraph having appeared in an influential
journal of this morning, with some strong remarks upon a
recent occurrence resorted to by the members of the Stock
Exchange to punish the speculators out of the house, who
become defaulters. The name of the highly respectable in-
dividual is not mentioned ; but as the paragraph alluded to is
not only likely to create excitement, as well as to
wound the feelings of the friends of the gentleman
in question, we think it but just to give , the
real facts of the case. The gallant officer, unfortunately,
intrusted his business to a speculating broker, and this
broker failed on the Account day ; but the purchases made
for the officer were for the following Account, and not that
on which the failure took place. The transaction was not
complete, and the Stock was not payable for a fortnight ;
yet the Account was closed, and the officer called upon to
make good a difference produced by sales, to close the pre-.
sent Account of a broker whose own speculation, occasioned
his ruin. Had the transaction come to maturity, the gallant
officer would have been entitled to a profit of 10 per cent.
on his transactions ; but it is the rule of the Stock Ex-
change only to know their own members. In time bar-
gains, had a stranger one hundred thousand pounds profit
on an account, it would go to pay the differences of his
broker, and was he to refuse to pay one hundred pounds
claimed against him, his name would appear on the Black
Board. This is even-handed justice with a vengeance !
This day being a holiday at the Bank, the Stock Ex-
change and Foreign Market are now open ; the Royal
Exchange will be closed until twelve o'clock.
Consols opened at the price they left off, 91/1 4 for the
Account, with little doing as yet. Spanish, which left off
57-8- is at present 57i 58. Portuguese 87. Great
anxiety- prevails amongst the Cortes Bondholders for further
information from Madrid, which is hourly expected. Great
fear is entertained of the loss of the Superbe steamer, bound
to Hamburg.
HALF-PAST ONE.

This being Gunpowder-plot Day, and the Stock Exchange
and foreign market Lein.-° open for business, we did not think
the foreign market would escape during the day without
some kind of explosion ; this has been the case, particularly
in the Spanish stock. About 12 o'clock there was a ge-
neral panic caused by the reported arrival of an express for
with an account of a revolution at Madrid, and that the
whole of the Ministers were turned out. At that moment
the smell of gun-powder caused a general commotiin
to the Spanish Bondholders and speculators in Spanish,
one of them sold about 60,0001. Spanish, which caused the
commotion to be still greater, and immediately they were
all sellers ; consequently Spanish receded 3 per cent., from
581 to 554, when on a sudden it was discovered that some
boys had thrown some squibs on the house, which had
caused the commotion, upon which Spanish Stock went up
again to 57i, since which it has again receded to 56/
Portuguese has also receded to 861 f, and it is generally
believed that accounts are in town of the resignation of
Martinez de la Rosa. Consols for account 914
THREE O'CLOCK
Consols for the Account, 914-

We are sorry to hear that Mr. E. Ellice has re-
turned to town by no means improved in health, on
which account it is feared that he will be compelled to
winter in a warmer climate, and if so, the public will
probably lose his valuable services for a time.—Morn-
ing Chronicle.
The repairs and improvements at Earl Grey's resi-
dence in Berkeley-square, adjoining Earl Darnley's, will
shortly be completed, and at Christmas the mansion will be
ready for the reception of the Noble Earl and his family.
THE DUKE OF WELLINGTON.—HiS Grace the
Lord Warden, who, we learn with regret, is shortly expected
to leave Walmer Castle, will hold a Court of Loadmanage at
Dover on Tuesday, for the transaction of affairs relative to the
fellowship of Cinque Ports' Pilots. On Friday his Grace will
hold the Annual Harbour Sessions.—Dover Telegraph of
Saturday,
PUBLIN, FRlDAY.—Criminal proceedings have
been ad:4,40 by Government against ai?rofessional gentleman
for writing to the Lord Lieutenant a letter purportiqg to be
the resignation of Mr. Robertr,
F Johnstone,nii
Theolate young
roifs
barrister,fo a therg
situationery ; of
bbau
discovered,Chairman of the county Mayo.
t
before it was discover,
been nominated by Governmentx toottirth§uslitaPnodFeidngvacaw.
NEw P the
croaking ofth°e°tiltiniL w
timid, and of the laek4-daisy tribe,
the new law appears to be coming into operation quietly and
well. With wheat at 10/. a load, the experiment has great
; yet we have no doubt that in Essex it will
-••••,,essful and lyrk admirably.—

eventually turn out very .....
Essex Independent.

COURT OF CHANCERY.-(THIS DAY.)

The part heard case of Trotter v. Trotter, the facts of
which are of no public importance, occupied the LORD
CHANCELLOR the whole morning.

ACCOMMODATION OF THE BAR.-A SUBSTITUTE FOR

HOWARD'S COFFEE-HOUSE.

In the course of the morning the LORD CHANCELLOR
intimated to the Bar, that he had seen the LORD CHIEF
JUSTICE upon the subject of having the Grand Jury Room
fitted up for their convenience. That Noble Lord had
stated to him that he had already written to Mr. Howard,
offering him the use of the Grand Jury Room for the Gen-
tlemen of the Bar, requiring only that some other room
should be appropriated for their accommodation. As, how-
ever, that would be a matter of some difficulty, and as the
Grand Jury would only require the use of the room for one day
in the present Term, if the Bar would ascertain what day
that was to be, he (the Lord Chancellor) thought that dif-
ficulty might be got over, by having it so arranged that the
Master of the Rolls and Vice-Chancellor (who would have
to sit at the Privy Council all day in the present Term)
should sit there on that day.