The Sun.
London, England, 1850-09-03 00:00:00

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LONDON, TUESDAY, SEPTEMBER 3, 1850.

The circular of Messrs. JoaN RAILTON and Soave,
the eminent stock and sharebrokers, of Manchester,
(which will be found in another part of this day's im-
pression) will be perused with deep interest by all
holders of railway property. It shows that the tide
which was so long ebbing has at length turned, and
that there is every reason to hope that these im-
portant undertakings have seen their worst days, that
henceforth there will be a gradual improvement,
affording a reasonah!e expectation of fair, but
moderate remuneration to those who have invested
their capital therein. The extraordinary panic and
depression of the last few years were but the natural
consequences of the mania and extravagant prices
of 1844 and 1845. It was then thought
that railways constituted a mine of incalculable
wealth, which could not possibly be over-
worked. Fortunes were, in many instances,
realised in a few weeks which would have taken a life
to accumulate. There was no labour, no anxiety ;
nothing was required but the friendship of some pro-
visional committeeman, who could put in a good word
during the distribution of shares. The letter of al-
lotment was issued, and in many instances sold for
hundreds, aye, thousands of pounds, without a single
farthing being required from the fortunate allottee.
Every instance of successful speculation stimulated
new adventurers to enter the Capel-court El Dorado.
The lines in existence or process of construction did
not afford a sufficiently ample field fur those embarked
in pursuit of the Golden Fleece ; every quarter of
the island was ransacked. It was enough to find a
few towns without direct railway communication.
An engineer was sent out to inspect, and in
a few days a hasty report was returned,
a provisional committee formed, prospectus issued,
shares allotted, and brought out at a considerable
profit in a few days. In many cases the visit of the
engineer was dispensed with. The promoter only
required a railway map of England, and to draw a
few► lines from town to town in order to send forth a
flaming prospectus. Wherever the names were high-
sounding, or large towns on the route, two, three, or four
competing companies were in the field, and a fierce con-
test was waged before the Parliamentary Committees.
Nearly 1,400 schemes were registered, which would
have required for payment of the deposits alone
nearly 60,000,0001. sterling, or 600,000,000/. for
their completion. Men wholly without capital, or the
means of paying a single call, fearlessly signed sub-
scriptions, undertaking to pay tans of thousands, and
thought that their fortunes were made if they could
scrape sufficient to pay the deposit.
Such was the state of affairs, when in the latter
end of October, 1845, the first panic in the share
market commenced. Many ill-digested projects were
nipped in the bud. Even the bona fide lines in ac-
tual operation felt the effect of the shock, and were
quoted at reduced prices. There was as great an
anxiety to " get out" as there had formerly been to
" get in," and stock and shares were thrown indis-
criminately on the market, to be sold for anything
they could bring. Still the panic was not as com-
plete as it subsequently became. Many companies
went to Parliament and obtained the necessary
powers, and some have actually been carried out,
notwithstanding the pressure on the money-market.
The commercial crisis of 1847, which depreciated

every description of property, di. 3 not pa ss lightly
over the railway interest. Toe quota tions not
only fell in common with Consols, and every
other species of investment, but the traffic was
materially reduced, owing to the general embarrass-
ment that prevailed on every side, d the extreme
depression of trade. Stock was flung ,on the market,
and sacrificed for anything that could. be obtained,
and when the change was produced by the virtual
suspension of the Bank Charter Act, which restored
some degree of confidence in other m afters, that con-
fidence was not extended to railway property, which
continued to fall, while almost everything else ex-
hibited considerable improvement. This continued to
the present year, but at length the sympV:oms of a
change are becoming perceptible. Messrs. RALLTON,
in order to test the value of the unguaranteed capi-
tal, assumed that a person on the 26th April, the
date of their last circular, "purchased one share in
each of twenty-three unguaranteed lines (the most
attended to at that period) by an outlay
of 7331. 16s. 3d., and kept them over until
the 26th July, three very dull months in the
share market, and without any apparent improve-
ment in confidence to attract particular observation.
The result showed no variation in value upon one
line, a loss upon seven lines, and a gain upon fifteen
lines, leaving a balance of profit amounting to 3/. 7s.
3d. per cent. at the end of three months, or at the
rate of 131. 9s. per annum." . .

This advance, although trifling, affords a cheering
augury. It shows that the feeling which has made
capitalists shun railway stock for the last few years is
beginning to change, and that as other channels of
investment are becoming narrower, and money is
accumulating in amount, with a falling rate of inte-
rest, a considerable portion will be attracted into
railways, which cannot fail to improve considerably
in value.

One of the first measures likely to occupy the at-
tention of the Legislature in the next session of Par-
liament will be the Irish Land Question, and we
think it is the duty of all who wish for the moral,
social, and physical improvement of the people of
Iceland, to aid the Government in the settlement of
this vital question. Ministers are pledied to legislate
on this subject, and those parties who would create
any difficulties in the legal adjustment of the relations
between landlords and tenaLts in Ireland are not, in
our humble judgment, serving the cause either of the
Government or the people.

There is no inherent difficulty in the subject, save
that which is inseparable from the settlement of any
question where jarring interests are concerned. The
laws in relation to land are not more unalterable than
the laws which relate to any other species of property,
They are the creations of the Legislature, and we
conceive it is not only within the province, but that
it is the actual duty, of the Government to amend or
alter them as the social state and the public interest
might require.

It is idle to say that the matter should be left to
the civilizing influence of education. The history of
the world proves that no degree of enlightenment can
work such a moral miracle as t ) elevate the general
body of mankind above the considerations of selfish-
ness. The wisdom and learning of BACON did not
preserve him from the meanest and most sordid in-
fluences. If those moral principles and those "better
feelings," which should spring from them, were to
advance hand in hand with the rapid progress of
human knowledge, there would be no necessity fur
the additions made, session after session, to our civil
and criminal cote. We have no faith in these Uto-
pian anticipations; indeed, the answer to such falla-
cious doctrines has been written, over and over again,
in characters of crime and blood.

One of our contemporaries, in endeavouring to indi-
cate certain fallacies which he attributes to those who
write and speak on this subject, has, in our humble
opinion, fallen into greater fallacies than any
which he has attempted to point out. He says—
" Many persons are apt to suppose, that if they prove
certain conduct to be impolitic and unjust they thereby
establish its illegality." In anything written or
spoken upon this point that came under our observa-
tion we have certainly been unable to discover any
such confusion as is here implied. We are quite
aware of the imperfection of our laws, we are aware
that many acts of injustice can be committed which
cannot be strictly said to be illegal, and it is to cure
this defect, to prevent acts of impolicy and injustice
being committed under the shelter of the law, that we
call for legislation upon this subject. The LPgisla-
ture cannot make men good and wise, but it can
make men act with justice.

The same contemporary notices " another fallacy
in which persons are apt to indulge who talk on this
subject, and that is, that land is held, according to the
lsw and constitution of the United Kingdom, in trust,
and that consequently a landowner is bound by law
so to comport himself with respect to his land as to
make it produce the greatest happiness to the greatest
possible number ;" and goes on to ask in what tent•
book, in what legal decision, this maxim is to be
found, &c. &c.

We do not believe that any text-book or legal de-
cision will supply any such maxim ; we believe the
absolute owner has at this moment perfect and entire
dominion over his estate. 'We know that the land-
owner in Ireland can evict his tenant, raze to the
ground the humble roof-tree under which his fathers
have reposed for ages, and send him and his helpless off-
spring to perish by the wayside—we know that
this power has been exercised under circumstances of
great cruelty. 'We believe this power dangerous to
the social welfare of Ireland ; we believe it has al-
ready worked much mischief, and will continue to
work still greater evils without the interposition of
the Legislature ; we would, therefore, call upon the
Government to introduce some measure to meet such
a crying grievance.

There is no power, no right, beyond the control of
the law and the constitution ; and one of the great
perfections which jurists attribute to our constitution
is, that it contains within itself the elements to cure
any defects which time or circumstances may pro-
duce. We would, then, call on the Legislature to
deal boldly but equitably with this matter, to deal
between party and party in accordance with the
most rigid spirit of justice. We would certainly in-
terpose some legal shield between the tenant and a
capricious or cruel landlord ; we would save the in-
dustrious tenant from being driven out a houseless
wanderer, and would give him such a fixed
interest in the soil as would be calcu-
lated to make him a useful citizen, while,
at the same time, we would preserve every just
right of the landlord, consistent with those higher
and paramount considerations, the preservation of
human life, and the general well-being, peace, and
order of the community. With regard to the asser-
tion that land in either England or Ireland is not the
subject of a trust, we are amongst the number of
those who conceive that "property has its duties as
well as its rights," and that every landlord is morally,
if not legally, a trustee. His rights are based on
public utility, and we think he is bound by the obli-
gations of society so to exercise his rights and duties
as to produce the greatest amount of good to the
sucial community of which he is a member.

ALARMING FIRE AT KENNINGTON.—TIIIS morning,
at an early hour, a very alarming fire broke out in the pre-
mises belonging to Mrs. Mehery, No. 17, Lower Kenning-
ton-lane, Lambeth. The fire commenced in a blind manu-
factory, and but few minutes elapsed ere the lower portion
of the building, together with the staircase, became enve-
loped in flame. At that period Mrs. Mehery and two chil-
dren were in their beds asleep, and it was with great trouble
that they could be made sensible of their danger. They
happily succeeded in escaping from one of the back windows.
The engines of the London brigade and West of England
office quickly attended, and plenty of water having been ob-
tained from the Lambeth Company's mains, the engines were
set to work, but the firemen were unable to get the flames
extinguished until the whole of the stock in trade was de-
stroyed, the lower part of the premises burned out, and the
upper floors seriously damaged. The origin of the fire could
not be ascertained.

HER MAJESTY'S THEATRE.—THE GRAND NA-
TIONAL. CONCEI.3.— We learn that it is the intention of the
committee of the Grand National Concerts, to produce origi-
nal lyrical works by native composers. George Macfarren
and Edward Loder are already engaged, and we believe an
offer has been made to John -Barnett, the author of The
Mountain Sylph. Belie will be the musical director; Herr
Molique, leader; and the celebrated Musard is to be en-
trusted with the compoing and conducting of the dance-
music. We understand also that the world-famous chorus
of tho Berlin Chapel Royal, con.isting of seventy male
voices, under the direction of Kapel-Meister Neidthardt, has
been secured. The orchestra will amount to ninety-eight
performers.

TIIE RECORDERAHM—Mr. Montagu Chambers
has announced himself as a candidate for this office.

EXCURSION TRAINS.—The excursion train from
Oxford, yesterday, brought up to Paddington 3,200 persons.
The train yielded about 6501., and the expenzea were, per.
hap, 304

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
The Councils General of the Departments continue
to express themselves as favourable to a revision of
the Constitution ; but one only, that of the Pyre► ees
Orientales, has demanded the prolongation of the
Presidency of Louis NAPOLEON. The Council Ge-
neral of Avignon refused, by a majority of 18 to 8,
to entertain the proposition for a revision of the Con-
stitution.

The Courrier Francais, the organ of the Bur-
graves, has declared in favour of the monarchical pre-
tensions of the Count of Cuamnoßn.

The Society of the 10th December is making
great efforts to secure for Louis NAPOLEON a
favourable reception at Cherbourg, as there can be
no doubt of his great unpopularity in the navy. The
Prince DR JOINVILLE is the idol of the sailors as a
man, and the Republic is their idol as an in•
stitution. After February, 1848, M. FRANCOIS
ARAGO, Republican Minister of Marine, gained
immense popularity among the sailors by in-
creasing the quantity and improving the quality
of the provisions served out to them ; but when
Louis NAPOLEON was elected President, one of the
first acts of his administration was to revert to the old
system of short commons for the sailors, and bad of the
sort. He will, therefore, it is feared, be received at
Cherbourg with cries of " Vive le Prince de Join-
ville ;" " Vive Francois Arago ;" and " Vive la Re-
publique !" but surely with no cry of " Vive le
President !" or " Vive Napoleon !" save for a con-
sideration, and the society are doing their best to get
up a Napoleon demonstration at ten sous a bead.
The Moniteur publishes a decree of the PRESIDENT
of the Republic, declaring the Professorship of Mathe-
matics in the Colleges of France, held by M. LIBRI,
to be vacant, in consequence of his absence, and that
the amount of salary due to M. Liner is to be re-
turned to the Treasury.
A second decree declares that the seat in the
Academy of Science (section of geometry), hitherto
occupied by M. Limn, is vacant, in consequence
of his having quitted France on the 28th of Febru-
ary, 1848.
A letter from Cherbourg, of the 30th ult., states
that a steamer from Jersey, with 150 passengers, had
been subjected to very rigid search, in consequence
of a rumour that some of the French political refu-
gees were on board. The passengers, who did not
know the motive of the rigour, were astonished at this
apparent want of courtesy after the kind reception
given by the people of Jersey to the different excur-
sionists from France.

M. GEOFFREY ST. HILAIRE has been appointed
Professor of Natural History at the Sorbonne.
PARIS BOURSE, SEPT. 2.—Latest Prices.—Five
per Cents., 96t. 30c.; Three per Cents., 58f. Bank
Actions, 2,300 f.

BUSINESS DUNE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE, SEPT. 2.
Boulogne and Amiens, 714—Namur and Liege, 6%—
Orleans and Bourdeaux, 2544—Paris and Rouen, 23%—
Rouen and Havre, 9% —Sambre and Meuse, 2A.

SPAIN.

Madrid journals of the 28th ult. have arrived.

The Gaieta publishes a decree, countersigned by
the Duke of VALENCIA, which opens an extraordinary
credit of ten millions of reals to the Ministry of the
Interior, for the purpose of organizing the plan of a
direct and rapid communication with Cuba and Puerto
Rico.

Lord HOWDEN is, it is said, extremely popular at
Madrid.

MADRID BOLSA, AuG. 28.—Three per Cents. 33i ;
Five per Cents. 14k. Exchange on London, 50 40.

GE ttiVIAN Y.

The Cologne Gazette publishes the following from
Vienna, of le date of the 26th Auguit:—
" A few days since a dispatch arrived from Rjme, in
which the intervention of Austria was requested in the
Sardinian affairs. A similar note, it is said, has gone to
France. Spain as well as Naples have been quite over-
looked, although in the documents the Papal Council de-
dare their attachment to all the Catholic Powers. The
differences of the Papal Sea with the Court of Madrid,
on account of the Papal dispensation for the marriage of
Count de Montemolin, accounts for the one; and a fresh
quarrel with Naples, for the other. The refusal of Car-
dinal Sforzs, confessor of King Ferdinand, to grant him
absolution from his constitutional oath, is said to have
originated in Rome." _ _ _

Immediately after the receipt of the intelligence
Count NESSELRODE, the Russian Councillor of State,
demanded an audience of the EMPEROR.

Prince SCHWARTZENBERG went to Salzburg on
Saturday night to receive the Russian diplomatist,
and introduce him to bis MAJESTY. It is this fact,
which has hitherto been kept a profound mystery,
that has retarded the return of the EMPEROR for se-
veral days. This conference, which is said to be of
.he highest importance, will take place at Ischl.
Count MEDEM seta off for Lintz to-morrow morning,
to receive the Chancellor.

General PaoTT, the Hanoverian Minister of War,
has sent in his resignation. _ .

The Carlsruhe Gazette, of the 31st August, pub-
lishes the first part of a note addressed by the Baden
Government to the Austrian Government, in reply
to the latter's dispatch of the 21st July, relative to
the passage of the Baden troops by the fortress of
iklayence. The Baden Government declares that it
considers it is perfectly justified in what it has done,
by the approval of the federal superior authority,
which alone was competent to decide in the matter.
Nevertheless it will not decline to submit to the de-
cision of any future competent federal authority
which may be established. The convention of the
28th gives it full liberty in this respect, but till then
it will strongly repel the reproach of having failed
in its federal duties.

King OTHO arrived at Trieste on the 24th ult.

DENMARK AND THE DUCHIES.

The Danes have now possession of Suderstapel,
south of Frederickstadt; but no other military
operations on either side worthy of notice has taken
place.
By an ordinance issued by the Copenhagen Go-
vernment, the customs line between Schleswig and
Denmark is to be done away with from and after the
Ist of September next.