The Sun.
London, England, 1834-08-28 00:00:00

at 51. pm.) 21

9.0

Ditto Scrip
Ditto St. John del Rey
Cata Bran a Mining Company
British Iron Company
British Clirr Cump ny
Columbian Mining Company (issued at U. pm.)
English Mining Company
Hibernian Alining Company
Mexican Mining Company
Real del Monte Mining Co., Registered t►3l.
Ditto Unregistered
United Mexican (issued at 21. pm.) .... ...........
Ditto Subscription
Ditto New Scrip .
Liverpool and Manchester Railway Company lOO
London and Birmingham Railway Company l5
London awl Greenwich Railway Company 7
Australasia Bank lO
Australian Company
Canada Company lB
General Steam Navigation Company l3
London and Westminster Bank 5
National Provincial Bank of England ..—...
Provincial Bank of Ireland
Rio Doce Company t.!
Van Dieman's Land Agricultural Company lO

53!ii
12!i
10 •
491
10c W.

:10
5 4!634

614 7
198

471 i
16!4
42vyu
2

PRICES OF IRISH STOCKS, DUBLIN, AUG. 25
3 per Cent. Consols 9ol„i Grand Canal Deb,. 6 per cent. 0114
Ditto Reduced - Ditto, 4 per cent l6
314 i per Cent. Stock PS Hibernian Bank
Ditto New, 1841!1
314 per Cent. Debentures 9014 National Insurance Company -
Bank Stock 224 City Debentures. 4 per cent... 79:
Royal Canal Stock
Grand Canal Stock 24N per cent. COM

MAILS.
Arrival. Due. Arrived. Due Arrived. Due,
0 America.......... 0 I France 0 0 Lisbon 0
0 Brazil 0 0 Guern.&Jersey 0 0 Malta
0 BuenosAyra3... 0 0 Hamburg........ 0 0 Mexico ......
0 Carthagena 0 0 Holland
I hiblin 0 0 Jamaica 0 0 Sweihn 0
0 Flanders .... 0 0 Leeward Mands 0 I IN:iterford

HIGH WATER AT LONDON BRIDGE TO-MORROW.
Morning 49 minutes after S. I Evening ...... ...25 minutes after

THE SUN IS NOW THE LARGEST DAILY

`W4A

PAPER IN LONDON.

Zln 1111.

LONDON,
THURSDAY EVENING, AUGUST 28, 1834.

The Paris Papers of Tuesday, received this morn-
ing, are entirely without interest, both as regards the
affairs of France, and the various changes that are
hourly taking place in relation to the present state of
Spain, in the European Cabinets. The rumours re-

specting the movements of RoDIL and ZUMALA-
CA RREGUY are of the same unsatisfactory character

as they have been for some weeks past. The telegra-
phic despatches are beginning to lose credit with the
people, as taken together for a week conjunctively it would
be impossible to reconcile their several reports. The
latest telegraphic despatch received in Paris appeared
in the Moniteur of the 25th from Bayonne, stating
that, "on the 22d, Don CARLOS left Don.na Maria
for Elisondo." But the truth is, that neither at
Bayonne, nor Paris, nor London, is there an individual
who knows precisely where Don CARLOS is, or in
what direction he chooses to change his wanderings.
The report that attempts are being made in Paris
to negotiate a loan, to the amount of five millions, in
aid of Don CARLOS, through the agency of the finn
of HABER- and Co., of Carlsruhe, will doubtless so
awaken the generous sympathies of the English Tories
as to render the collection of such a sum the work
of the time required for transmitting so much gold to
the Continent. Our English Tories are greedy of
fame, and here they may immortalize themselves by
lending money on moonshine security. Don CARLOS
is an abstract sovereign, whose regal dominions have
been lost on earth, to be found hereafter in ArtiosTo's
moon, when care will be taken to redeem all debts
now contracted by the agents of the mighty mo-
narch of processional glory. The French Carlists
are too modest to take the lead of the Marquis of Lo
DONDERRY and his friends in aiding fugitive royalty.
They are willing to. be outdone in the glory of lending
money ; though they are ready to dispute the palm of
being among the most vociferous in denunciation of
the Spanish REGENT and her illustrious daughter.
Let the English Tories find the pence, and the
French Carlists will supply the praise. In a word no

person in Paris would lend Don CARLos a thousand

francs, were he to receive as security the Rebel's
chance to the Spanish Crown; nor is there a chance
of his obtaining credit in Europe for what would defray
the expense of one ecclesiastical procession, unless his
friends in England are so moved with compassion as
to pawn their coronets to support his cause. The

Northern Powers, it was hoped by his friends would
have assisted him ere this, but their Imperial Majesties
were not just in a condition to take the field against
France and England, and so the matter rested, and
will continue to rest for anything they will do to
alter it.

General MORENO—the Cain—upon whose brow

,he murder of BOYD is indelibly stamped—was

last week arrested in Paris, but as the papers found
upon him were not of a treasonable character, he is to
be conveyed to the frontiers of Switzerland, where he
expresses a wish to retire, never again to appear in
France. We presume, as soon as he gets there, he
will lose no time in seeking out his old master Don
CARLOS ; for, from what we hear of him, he goes not
among the Swiss mountains to seek a communion with
the spirits of the mighty dead in whose breasts he
planted the assassin's dagger. His heart loves not its
own communings so well as to seek their indulgence
among the mightiest works of Nature's GOD. No ;
he roams a demon on earth, fearing and hating men,
yet rushing among them to escape from the terrors of
solitude—fears myriads of times more appalling.
Louis PHILIPPE, together with the Queen, and,
some other branches of the Royal Family, purpose
leaving Paris on the Ist of September, on a tour to
Bordeaux. The royal party will pass through Orleans
and 'Tours, and on returning to Paris, will visit Pau
and Limoges. Preparations are already made along
the proposed route for the accommodation of the :Mo-
narch, and the nobility who are expected to conrpose
his suite. The pageant will be composed of thc

cipal nobility of France, who have already obtained
permission to attend his Majesty.

The only intelligence from Spain, is a repetition of
the statements which appeared in yesterday's Sun.
The prevalent rumours in Madrid are all on the sub-
ject of the public debt, and the probable report of the
Finance Committee, which may be several days before
it makeS a report from the want of documents on which
to proceed. The want of money is greatly felt in
Madrid ; the Royal treasury is completely exhausted,
so that there is no means by which the Minis-
try can pay the wages of the troops ; and the
result of this is, that they are daily becoming more and
more demoralized. All classes are suffering from this,
because, when the army is forced to shift for itself, it
naturally looses the bonds of society, by giving en-
couragement to the lawless propensities of the de-
praved and the uneducated. ZUMALACARREGUY is
flying from mountain to mountain, evidently for the
purpose of evading an engagement until there is no
hope of succour from the Carhsts of France, the To-
ries of England, or the despots of the Holy Alliance. The
country is favourable to stratagems of this kind, as well
from its mountainous inaccessibilities, as from the want
ofgood roads, and all efficient means of quick locomotion;
The pursued, too, have the advantage of supplies of
provisions, of selecting their own routes, and of leav-
ing the country little better than a barren waste for
those who come after them. However it remains to
be seen what part Portugal will take in the restoration
of peace in the Peninsula, now that England is re-
ported to supply her with the means of sending troops
into Spain.

We regret to state that a melancholy accident hap-
pened yesterday, in the Downs. His MAJESTY'S
frigate Castor ran down the Cameleon revenue cutter,
by which catastrophe her commander and twelve men
unfortunately perished. We expect further particulars
to-mon ow.

Lord AUCKLAND and the Hon. Admiral DUNDAs
left the Admiralty this morning for Portsmouth; on a
tour of official duty.

From the state of the money market, and from
what is known of the transactions of the Bank, it is
manifest that a great mistake was committed in re-
newing its exclusive privileges, and that another mis-
take was committed in creating a distinction between
notes issued at its Branches, and notes issued in Lon-
don, and in making these a legal tender.

That the Bank over issues, is manifest from the
fact which now appears from the returns made, namely,
that its issues are a little nuclei '20,000,0001., while
those of the Country Banks do not much exceed
10,000,000/. ; and that the latter are nearly stationary,
while the former are constantly fluctuating in amount.
Now we adopted gold as our standard in preference to sil-
ver, because it was less liable to variation in exchangeable
value than silver. But we have rendered the stability
of the standard of little use in home transactions by
conferring upon the Bank an exclusive privilege of
issue in the metropolis, and sixty-five miles around it,
which enables it to expand and contract the currency,
in other words, to vary its value, and to raise and de-
press prices as it pleases.
If there had been no previous over-issue, the Bank
would not have been obliged to contract its issues by
reason of the shipments of gold and silver to America
and Portugal. On the contrary, it might have ex-
tended them to the amount of the void thereby occa-
sioned. We know what was sent from this country,
but we do not know how much was sent from the
markets of France and Germany. The high price of
gold at Paris and Hamburg, however, demonstrates
that supplies were sent from thence. And here the
Bank and our cotemporaries continue to deceive them-
selves and the public by assuming what was
our mint price of gold, namely, 3/. 17s. 10id. per
ounce as the criterion for extending the value of gold
in London as compared with its value in Paris and
Hamburg, through the exchanges. But we have no
longer such mint price of gold, or any mint price of
gold whatever. The sum of 3/. 17s. 1014. was the
2
mint price of an ounce of gold previous to 1816,down
to which year we coined our mint pound of silver, con-
sisting of twelve ounces, into 62 parts, or shillings, be-
cause ss. 2d. being thus the mint price of an ounce of
silver, it followed that 3/. 17s. 1042-d. was the mint
price of an ounce of gold, because in the proportion
of 15.2096 to 1. (such being the proportionate value
established by our mint regulations between gold and
silver) it required 3/. 17s. 10-1.2d. in another currency
of silver to purchase an ounce of uold. But since
1816 we have coined our mint pound of silver into
sixty-six parts, or shillings ; and in place of making
silver a legal tender—as it previously was—
to the amount of 251., we have said it shall be a
legal tender to the extent only of 40s. We have,
therefore, ceased to have any Mint price of silver, or
any Mint price of gold. We have only a market price
—and to see what is the relative value of gold here and
at Paris and Hamburg, we must ascertain what quan-
tity of gold can be got for a certain quantity of silver,
say twelve ounces, at either place, and if in Paris or
Hamburg a less quantity of gold can be got for twelve
ounces of silver than can be got for twelve ounces of
silver in London, then is gold dearer at Paris or Ham-
burg than it is in London, and vice versa. But the
Bank continues to give 31. 17s. 9d. per ounce for all
the gold it purchases, under the notion that it is de-
sirable to keep up the market price to a Mint price of
31. 17s. 10 d., which no longer exists. According to
the market price of silver, it should not give more
than about 3/. 13s. per ounce for the gold it purchases.
Nevertheless, it gives 3/. 17s. 9d., and thereby depre-
ciates its notes upwards of six per cent., that is, it con-
stantly over-issues to this extent in suck purchases.
With regard to the law, which has said that gold
shall not be had at any of the Bank branches for
notes issued in London, but only at each bank for
notes issued by it, while the same law has made bank
notes a legal tender, it has thereby lowered the ex-
changeable value of such notes in the country, because
gold cannot be got for them there, and it has enabled
country banks not to pay in gold, but in bank notes ;
and if gold is demanded, to exact an agio or commis-
sion of per cent. for it. Such commission entails a
loss upon every person in the country who requires
gold, and so the consequences of the expansion and
contraction of the currency entail a loss upon all
persons who contract engagements in a depreciated cur-
rency, as the currency is in a state of expansion,
which they have to discharge in a reformed currency,
as it becomes more valuable by contraction. These
things are a consequence of the exclusive pri-
vilege of the Bank, and of the distinction
which has been created between issues at its
branches and issues in London, and the latter
being made a legal tender. Unfortunately the exclu-

sive privilege cannot be touched for ten years to come ;
but the country can and should be immediately relieved
of this distinction and legal tender, and we trust upon
the meeting of Parliament it will be relieved. The
one is no doubt a flea-bite compared with the other,
but there is no reason why the country should be flea•
bitten.

At a time when a large and influential portion of
the public press of this country is engaged in dissemi-
nating the most absurd opinions with respect to the
improvements lately effected in the future administra-
tion of the Poor Laws, it affords us pleasure to find
that those who are practically acquainted with the
machinery of the new Bill, are able to bear incontro-
vertible testimony to its efficiency. Our contemporaries
who are daily in the habit of protesting that they are
influenced in their incessant clamour against. this mea-
sure, by a merciful regard for the interests of the poor,
must be delighted to find that the principles embodied
in the Bill have already had a trial, and that their suc-
cess would alone have justified their extension to every
parish in the kingdom, had they only expediency
to recommend them. This is well set forth in a
pamphlet, which we have just received, written by the
Rev. D. CAPPER, Curate of Great Missendm, Bucks,
detailing the results of the workhouse system in that
parish from the commencement of the year 1833.
The following brief description of the state of the
parish both before and after the introduction of the
improved system, is a complete refutation of all the
tales of horror with which the public mind has been
abused":—

" The amount of our population is about 1,900. The average
amount of rates for the last three years, up to Lady-day, 1833,
was (en shillings and sixpence in the pound, or three-fourths
of the annual value ; and the average annual expenditure in
the same period, upwards of 1,9001., being one pound per head
on the population. For the last three years, the overseers fear-
ing to levy rates sufficiently large to cover the heavy expendi-
ture, incurred a considerable debt, amounting in 1830, to
nearly 501., and increased in 1831 and 1832, to 4401. To have
liquidated this debt in one year, and defrayed the current ex-
penses with the old system still in force, would have required a
rate of thirteen shillings and sixpence in the pound ! a sum
which I am convinced many of the small farmers could not
have paid ; and in consequence of the increased embarrass-
mei.ts of others, many of the poor would have been thrown out
of employment, and distress multiplied perhaps without remedy.
We have therefore, the greatest reason to be thankful for our
happy escape from a situation apparently so hopeless.
" Instead of a rate of thirteen shillings and sixpence in the
pound, and every probability in future of its annually amount-
ing to twelve shillings, we have, under the new system, been
enabled to liquidate the entire debt, expend 178/. on the work-
house, and to close the year's account with a balance of 601. in
hand, by a rate of only ten shillings in the pound ! And I can
fearlessly affirm, that this has been done in the exercise of the
kindest spirit and manner towards the poor, and without any
known instance of injustice or oppression. Our expenses are
now reduced to about 2001. per quarter, being upwards of
1,0001. per annum less than the average expenditure of the
last three years. Surely, the system by which so much has
been effected, is worthy the attention of the enlightened phi-
lanthropist, and of the general adoption of the more interested
part of the community."

Commander Oliver, of the Plicenix steam-vessel,
Lieut. Dacres, of the Royal George yacht, and Mr.
Tryon, senior, mate of the same, are (it is reported) to
be promoted, in consequence of having recently had
the honour of conveying her Majesty to and from the
Continent.