The Sun.
London, England, 1858-03-30 00:00:00

THE SUN, LONDON, TUESDAY EVENING, MARCII 30, 1858

speech by which it was introduced. There is the
liberal tendency that encourages us to hope every-
thing from the Cabinet which produced a measure
so large and comprehensive, and, at the same
time, so judicious. Indeed, its chief fault,
saving the Ballot, and that which is so
strongly objected to by quasi Liberals, is,
that it goes too far in the path of liberality.
There is too complete a surrender of patronage.
No savour of a Whig job can be detected—no
aristocratic friends of the government provided
for. The waiters on Providence are astounded.
" The loaves and fishes" are removed to a safe
distance. They beheld the savoury viands in
which they cannot hope to participate. It will
be but an infinitesimal biscuit that can fall to the
share of even the hungriest seeker. TAPER is
horrified; his hair stands on end; while TADPOLE'S
voice sticks to his jaws, and he is scarcely capable
of communicating his detestation of the sweeping

exclusive benefit a temple erected to the hideous
idol, an& that the welfare, happiness, and pros-
perity of the industrial population of the
country should be periodically sacrificed at

its shrine. They are the victims, while the
high-priests of bullionism rejoice in the spoil.
" A Scotchman," whose very able letter will be
found in another part of this day's impression,
has very clearly, and at the same time concisely,
pointed out how totally the iniquitous and im-
politic act of 1844 has failed in accomplishing the
object for which it was enacted, or rather, how
thoroughly the fictitious pretences, on which it
was justified, have been disposed of. It was to
prevent these rapid and violent fluctuations
in the rate of interest which, as Mr. COB-
DEN' truly declared, "had occasioned greater
damage to the trade and commerce of
the country than the failure of all the banks of
issue that ever stopped payment." It requires
but little argument to sustain this assertion. For
130 years the rate of interest at the Bank of
England was never more than 5, or less than 4
per cent., save with one brief exception in
1838-9 ; while within less than five months,
between the beginning of November and middle
of March, it varied from 10 to 3 per cent., and
we know that the changes were even more violent
out of doors, where discounts had alternated from
2 to 20 per cent.
But even at these exorbitant and usurious rates
the trading community might have gone on, but
that it was frequently impossible to obtain an ade-
quate supply of the circulating medium—the very
life-blood of industry—at any price. The sudden
contraction of the currency—the hoarding and
panic thereby occasioned—the utter paralysis of
trade and commerce—the sacrifice of the savings
of years, were every day perceptible. The Execu-
tive stood by, with folded arms, witnessing with
calm composure the sufferings of the people, and
never thinking of any interference until " the
Old Lady" was tottering and the game was
carried too far, even for the "hard calculators"
themselves. We have repeatedly explained that
the much-prized convertibility of the Bank note,
under colour whereof all these evils were perpe-
trated, was seriously endangered by the undue
precautions adopted for what was asserted to be
its security.
A brief statement will establish this incon-
trovertible fact. It was on the 12th Novem-
ber, 1857, that the act was for the second
time suspended, and virtually abrogated.
On the 11th the day previous the
reserve of notes was reduced to 957,7101., and
the coin in the banking department, which could
only bo resorted to without the withdrawal of
notes, was but little more than ball a million
(504,4431.). Here was, then, the quasi-National
Establishment, with 1,462,1531. to meet demands
which might be preferred to the extent of forty
millions. It could scarcely have paid a shilling
in the pound, at the instanh, on its liabilities.
So far from preventing speculation, it enhances

it when it should be checked, and restrains it
when it ought to be encouraged. These are its
pAlpable results ; and surely is is time that the
MoLoca which preys on the national industry
should be overturned, and that laws more in ac-
cordance with the dictates of Free Trade should
be established.

ARRIVAL OF THE PRINCE OF SAXONT.—DOVER, Mon-
day.—His Royal Highness the Prince of Sax-my, accom •
panied by a numerous suite, arrived here this afternoon
from. Calais, and was received on lar;ding by General
Crauford, Colonel Ponsonby, Majors Doyley and Bar-
nard, Capt. Dwaine, and s guard of honour of the llth
Regiment. The royal party dined at Birmingbam's
Lord Warden Hotel, and left by tee half-past 7 e xpress
train for London, qr. Way, supe:rinteudent of the rail-
way, having made arrangements for their aceJmmoda-
tier%

ST. MARTIN'S HALL,—Handel's oratorio of the " Mes-
siah" was performed last night at St. Martin's Hall,
under the direction of Mr. Hullah, in a highly creditable
manner. The choruses, consisting of the members of the
upper singing school, went without that wavering intona-
tion and partial absence of precision which was observable
in the oratorio of " Israel in Egypt," given about a
fortnight since. The Hallelujah Chorus, at the close of
the second part, was executed with astounding force and
precision, showing, beyond all doubt, that Mr. Hu'lah
devotes himself zealously and steadily to the training of
his upper singing school.
BANKRUPT M.P.—ln the Bankruptcy Court yes-
terday, an adjudication of bankruptcy was m ade
against Mr. John Townsend, the present member for
G reenN%icb, upon the petition of Mr. B. Shepherd, of
the Surrey Theatre and New Dorset-place, Clapham,
who states that he is a creditor for 2001., money lent.
The petition was baltitted to Mr. Commissioner Pane.
Mr. Whitmore was appointed the cffic.lial assignee.
Mesc.v. George and Downing are the solicitors to the
petitioner.

Amongst the rumours which had an unfavourable in
finance upon the market far English railway socks yes-
terday was ene to the effect that negotiations for termi-
nating the competition between the London and North
Wester❑ and Great Northern Companies have fallen to
the ground.
ROVER TO THE CRYSTAL PALACE ON GOOD FRIDAY.—
The public will be saved much inconvenience in reach-
ing the Crystal Palace next Friday by attending at Lon-
don•bridge terminus not later than 10.45, or by starting
from the new terminus at Battersea. The old Green-
wich Act forbids the running of trains over the viaduct
on Sundays, Christmas-day, or Good Friday between 11
and 1 o'clock, so that except passengers to the Crystal
Palace next Friday start from Battersea, where no such
impediment exists, or from London-bridge at 10.45, a
large crowd will infallibly accumulate at the latter sta-
tion, where no locomotive can start legally before one
o'clock. The Crystal Palace will open at nine, and
trains from Battersea will run from 10.30 a.m.
AESTRALIAN AND INDIAN INTELLIGENCE.—The Simla
arrived at Suez with the Australian mail a few hours
before she was due. Owing to the mail having been
rapidly pushed across the Isthmus, and a fast steamer
(the Tamar)] taking the mail on from Alexandria to
Malta, it reached the latter place two days le fore time.
The Marseilles portion will therefore be due in London
on Friday, the 2d proximo, and the heavy portion will
be due at Southampton on Monday next, the sih
proximo. The next Indian telegram will not be due be-
fore the 11th April. It will bring one day's later news
than that just received. On the 17th of April most in.
portant news of the bombardment of Lucknow will most
probably be received. This news will be from Bombay
up to the 24th inst.
OPENING. OF THE NEW CRUSE &SUSPENSION BRIDGE.
Yeaterday afternoon this new bridge leading to Battersea
Park was formally opened for the public traffic, without
the slightest attempt at ceremony. The bridge has bee❑
so recently described as not to render a repetition here

necessary.
THE PROPOSED ADDITIONAL HOLIDAY AT EASTER.
The Lord Mayor yesterday said, just before he quitted
the bench in the justice-r)om, " With reference to the
prop sed Easter holiday on Saturday next, as suggested
by me on Saturday last, it is my wish to state publicly
that I have this morning seen the Governor of the Bask
of England, and also the Chairman of the Stock Ex-
change, and that both of these gentlemen cordially inti-
mated to me their willingness to co-operate in every
possible way in carrying out my suggestion, and I hope
that so influential an example r, ill not be lost upon the
principals of large establishments generally.
WAGES OP DOCKYARD LABOURERS.—A deputation,
ccnsieling of Mr. J. Townsend, M.P., and other gentle-
men, waited on Sir J. Pakingtan, First Lord of the Ad-
miralty, at Whitdoll, yesterday, to represent the state of
the labourers in the dockyards, and submit theirclaims f r
an advance cf wages. The right hon. baronet paid great
attention to the statements of the deputation, and said
he would visit the dockyards himself and investigate the

same evening passed a large screw steamer, white
funnel with black top, supposed bound to Oporto.
The steamer Scamander, fr.-nn Liverpool, arriv. ri
at Gibraltar on the 24th.
The Sultan brings no mails.

FRANCE.
PARIS, MONDAY EVENING.

The preliminary investigations into the late out-
break at Chalons are almost concluded. It is said
that seven individuals will be sent before the next
assizes of the Saone-et•Loire, at which M. Dela-
cuisine will preside. The prosecution will be sup-
ported by the Procureur-Gen( ral. The trial, it is
expected, will lead to some serious disclosures rela-
tive to secret societies, particularly on that of the
Marianne.

The following telegraphic despatches have been
received here :

" HAMBURG, March 28.—The Danish Ministry
having made a cabinet question of the bill on the
fortifications which has been so much talked of,
the supreme council, after a long discussion, has
definitively accepted it by a majority of 38 to 15."
"MADRID, March 27.—The Government has to-
day presented to Congress-a bill on the press which
diminishes the amount of caution-money, and im-
proves the condition of the responsible editors."

BOURSE, March 29.—The following were the
closing quotations :

per Cents 93 10
Do. end month —
3 per Cent. ..... 70 20
Do. end month 69 25
Bank Shares
Credit Mobilier
Do. Account Bl5

Credit Foncier
Belgian 4
Piedmontese (5)
Roman
Austrian
Spanish Threes
Home Debt 37

RAM
Orleans
Northern
New Ditto 782
Lyon and Mediteran. 845
New Ditto BO5
Geneva

Midi
Western 660
Strasburg
Grand Central
Sardinian
Austrian

The Gazetla del Popolo of Turin slates that on
the 24th Mr. Hodge was allowed an interview with
M. Brofferio, who has been appointed his counsel
by his friends in London. It also mentions a
rumour to the effect that he is fist to undergo a
preliminary trial in Piedmont, accordiLg to the
forms4prcscribed by existing international treaties.
He is described as a young man of prepossessing
exterior.

The Lloyd of Pesth states that the Turkish
budget comprises the following items :—" War,
230 million piastres ; artillery, 25 millions ;
navy, 60 millions ; justice, 10 millions ; public
worship and instruction, 25 millions ; agri-
culture and public works, 30 . millions ;
police, 6 millions ; foreign affairs, 10 millions ;
finances, 6U millions ; interior, 160 millions ; inte-
rest on debt, 30 miliione ; and the civil list of the
Sultan, 100 millions. The expenditure of the
Sultan swallows up a sixth of the total receipts of
the empire."