The Sun.
London, England, 1844-03-26 00:00:00

11- tut

LONDON, TUESDAY, MARCH 26, 1844.

Ministry," the elect of the landlords, the tenant-
farmers, and the Church, must have made an awful
impression on the Treasury benches, and could not
fail to remind Sir JAMES GRAHAM of a venerable
proverb, which, in his fit of Tory enthusiasm, he had
utterly forgotten. All good men will rejoice in this
display, and will honour Lord ASHLEY for casting
to the winds political ties, when they interfere with
the wrongs of the oppressed. Let him pursue the
same honourable course, and he will compel even the
RICHMONDS and BUCKINGHAMS to do justice to the
people.

We redeem our promise to-day, of examining the
statements comprised in Mr. JOHN GLADSTONE'S
letter, entitled " Considerations connected with the
Renewal of the Charter of the Bank of England."
In conformity with the example set him by his right
honourable leader, the Premier, we apprehend the
sentiments of the President of the Board of Trade,
on the most important questions connected with the
present condition of our currency, are very strongly
opposed to those of his father. Nor are these soli-
tary examples—we believe—of similar remarkable
conflicts of opinion between the heads and the " heirs"
of leading families in Liverpool and Manchester.
But we notice the circumstance only to found upon
it an argument that the measures adopted by the
Government of that day, in the attempt to confirm the
currency to a standard price of gold, as determined
by the Act of 1819, had not the concurrence of
many among the very highest practical authorities in
the kingdom, who then protested, and still live to de-
nounce it.

The opinions of a man like the senior member of
she house of GLADSTONE—the Cosmo " Priscus," as

Lord BROUGHAM presented a petition from SHORT'S
ironworks, Lanarkshire, praying that females might
be allowed to resume their labour in the iron and
stone works in Scotland. He at the same time ad-
verted to the Factory Bill before the other House,
and condemned the conduct of those parties who
wished to restrict the industry of the poor. Men,
he said, who would legislate so as to give twelve
hours' wages for ten hours' work, did not know what
they were talking about.
The Bishop of EXETER moved for copies of all
correspondence from the Poor-law Commissioners
relative to the case of MARY MILLER, who com-
mitted suicide in the Penzance union. After a few ,
remarks from Lord WIIARNCLIFEE, the motion was
withdrawn, and the House adjourned.
In the House of Commons, a division took place
on the second reading of the Harrowgate and Knares-
borough Railway. Mr. LAwsoN moved the second
reading, and Mr. B. DENISON opposed it in the
usual form. The second reading was carried by a
majority of seven.
After the presentation of petitions, Mr. MAcAuLAr
gave notice that, soon after Easter, he should submit
resolutions to the House, relative to the late trans-
actions in Gwalior.

Mr. HUME gave notice that, before the Commons
Inclosure Bill went into Committee, he should move
that it be read that day six months.
In answer to a question from Mr. FERRAN)), Sir
JAMES GRAHAM said he would postpone the further
consideration of the Poor-law Amendment Bill till
after Easter.

hands of the Bank; direction, but does not revert to ' •
the cause of those consequences :
" These results may in a great measure be imputed to
the nature and objects of THE CONFLICTING INTERESTS
which are intrusted to the care and management of the
Bank Directors—viz., the public interests on the one
hand, and those of the Bank on the other. To preserve
public confidence, and to regulate the currency of the
country, as well as our foreign commercial intercourse,
IT IS NECESSARY that a considerable stock of bullion should
at all times be held by the Bank, sufficient to meet any exi-
gency that might arise either from panic at home, or
excessive speculative importations from abroad, the last
exceeding our ordinary means for payment, and re-
quiring provision to be made for the deficiency in the
precious metals."
Mr. GLADSTONE'S view of these "conflicting inter-
ests," between the public and the Bank—always, be
it observed, in NECESSARY antagonism, whenever the
bullion price of gold in the market is higher than the
Mint price—is confirmed by a passage in the speech
of no less an authority than the framer of that very
Act of 1819 himself! The present Sir ROBERT PEEL,
in his memorable speech, on moving the Currency
Resolutions (24th May, 1819), quoted from the re-
port of the proceedings which had taken place at the
Bank, four days previously, a paragraph, in which the
Directors submitted to the Government, among other
things, the following considerations :—" They feel
themselves obliged, by the new situation in which
they have been placed by the Bank Restriction Act of
1797, to bear in mind, not less their duties to the es-
tablishment over which they preside, than their du-
ties to the community at large." And, in comment-
ing on these expressions, the Right Hon. Gentleman
said he felt that this assertion was a melancholy
truth. He asked the House to relieve the Bank from
the duty which had thus been thrown upon it. A
strong impression was made upon his mind as to the
necessity for relieving it from the duty of attending
to the concerns of the country at large. It was the
duty of Parliament, and not of the Bank, to take care
of the pecuniary and commercial concerns of the na-
tion generally. He certainly thought it was the duty
of the Legislature to endeavour, by great exertion,
to resume that duty which had thus been delegated to
the Bank.

it were, of his age and country—are entitled, of
course, to the most profound attention. From small
beginnings he has risen, by his own strong intellect,
intuitive sagacity, and unwearied energy (all ani-
mated by the most intrepid spirit of mercantile enter-
prise that could found and amass a princely fortune)
to the very highest rank in his profession—a pro-
fession assuredly foremost among the institutions
which social civilization has yet devised for the benefit
of all mankind. He has conferred honour and dis-
tinction, in his own perion and by his own eminent
talents for private and public business, on that4great
seat of commercial opulence and adventure, already
illustrious by the fame of its ROSCOE ; and he has
recorded his own name, influence, and connexions,
side by side with those other British establishments
whose wealth, liberality, and honour are to
be heard of even in the remotest regions
in every quarter of the globe, to which
our flag has ever been carried. It is not, therefore,
without diffidence that we shall venture to record our
dissent from some of the views which are announced
by such authority ; and we may feel the greater diffi-
culty in doing so because we are not permitted to
assume that these views are modified to any extent,
by the accident of his son's high and important con-
nexion with her MAJEsTY's Government, at the head
of which we find the right honourable sponsor for
the Bill of 1819. In a letter from the gentleman of
whom we are writing,—Mr. GLADSTONE, senior,—
published in Monday's Times, we extract, in fairness,
a passage that sets at rest all doubt about his own in-
dividual responsibility for the views in question :

" I think it my duty thus to declare that I had no
communication on the subject of them with my son or
with any Member of the Government, directly or indi-
rectly, or indeed with any other person previous to doing
so ; they are the fruits of the experience of a long com-
mercial life; and under impressions of the importance of
their object, I ventured to submit them to the public
under my sole responsibility, however underserving of
confidence they probably may appear to many. I ought
also to add, that I am wholly unacquainted with the
views and intentions of the Government in connection
with this subject."

We therefore take the proposition as Mr. JOHN
GLADSTONE'S only ; and truth and conviction compel
us to repudiate some of them. Mr. JOHN GLAD.-
STONE sets out (in his letter of the 22d instant) by
suggesting that—
" Experience seems to have decided that the existing
law—restricting the paper circulation to notes of the value
of 51. and upwards, making those of the Bank of England
convertible into cash at the will of the holders, and those
of all other banking establishments so convertible either
into cash or the notes of the Bank of England, is the most
safe and convenient system that has yet been acted upon."
With the monetary panics of 1825 and of subse-
quent years still in our recollection, we must take
leave entirely to dissent from this assumption. Mr.
GLADSTONE himself sufficiently disproves it in the
very next member of the paragraph, except for the
causes by which he attributes the admitted facts of its
" unsafe" and " inconvenient" working :
" Yet, notwithstanding, the charge of conducting the
pecuniary interests of the kingdom through the medium
of the Bank of England has, at periods of excitement,
produced by political events, as well as from overtrading,
proved to be attended with considerable difficulty in the
transactions of commercial men, threatening convulsion
and the destruction of mercantile confidence."

Lord PALMERSTON, in answer to a question from
Sir ROBERT PEEL, said, if he could not get prece-
dence on an early day after Easter for his motion on
the slave-trade, he would bring it on next Thursday,
the day for which it was appointed.
Sir ROBERT PEEL gave notice that, on Wednesday
week, he should move that the House should adjourn
for the usual period during the Easter holidays.
Sir JAMES GRAHAM moved the Order of the Day
for going into Committee on the Factories Bill, and,
after adverting at great length to the anomalous po-
sition of the House of Commons on this question,
and stating the views of the Government, moved
that the order be postponed till Friday, for the pur-
pose of giving the House time to consider what course
it might judge advisable to pursue. He at the same
time stated that the Government were determined to
resist any departure from the limit of twelve hours,
Lord ASHLEY consented to the postponement. A
great number of speakers followed, and no little
altercation took place in the Tory camp. Sir ROBERT
INGLIS demanded an explanation from Sir JAMES
GRAIIANI, or rather from Sir ROBERT PEEL,
whether the words " Jack Cade legislation" were
recognised as an expression of the sentiments of the
Government. Sir ROBERT PEEL kept his seat, and
Sir JAMES GRAHAM made the best apology he could.
The discussion altogether was too interesting to be
abridged, and we therefore refer the reader to the
report. The motion was then agreed to.

Leave out the words we have printed in italics,—
it will be seen that Mr. GLADSTONE attributes to the
Currency Bill all the disasters cf resulting "difficulty
to commerce," and " the convulsion and destruction
of credit" with which its most strenuous opponents
have always, and consistently, reproached it. But we
take leave to deny the premises involved in his quali-
fications. The excitement under which the control
over the national currency, exercised by the
Band of England, has been disastrously admi-
nistered, was owing neither to ovcrtrading in
any fair sense of the phrase, nor to political events in
any sense at all. The abrupt contractions of the
Bank issues in each of the mercantile crises that
have happened, since 1819, was the immediate cause

of that sudden paralysis of trade, and that overthrow

After some discussion as to Poor-laws in Ireland,
the House went into Committee on the Mutiny Bill.
On resuming, it forwarded several Bills a stage. Sir
R. PEEL then nominated the Committee on Contro-
verted Elections, and at Eleven o'Clock the House
adjourned.

This Factory Bill has caused a complete revolution
in the House of Commons. The motion of Lord
ASHLEY has come upon 'Ministers like an earthquake.
They did not suspect the fidelity of their Tory friends,
nor expect the assistance of their Whig opponents, who
have saved them from all but utter discomfiture.
What is the more remarkable still, however, is the
angry war which has sprung up in the Tory camp,
and the change of principles which the speeches of the
leading Tory Members have brought to light. Sir
JAMES GRAHAM, once a Radical Reformer, the au-
thor of a pamplet for sponging out the national debt,
and for doing a great many things which he
now regards with inexpressible horror, last night
denounced Lord ASHLEY, the Tory Member
for Dorsetshire, as a second JACK CADE. In
adverting to the motion of the Noble Lord he
emphatically said, "I do not think it too much to
state that, on the whole, this is the commencement of
a JACK CADE system of legislation." This remark,
from such a speaker, naturally called forth loud
cheers from all parts of the House, the Opposition
cheering the words as coming from an ex-Radical, and
the Tories re-echoing the shout to denounce the
Radical principles of Lord ASHLEY. And the noble
scion of nobility did not refuse the challenge. He
honestly proclaimed his principles, and recognised
JACK CADE as a brother. " I regret," said he,
" that my Right Hon. Friend has introduced obser-
vations on proceedings which, but for him, would
never have been thought of, and were forgotten.
I deplore that he should have said that
this is the beginning of a JACK CADE legis-
lation. I will not repudiate nor be ashamed of the
title, but at the same time I ask what gave birth to
JACK CADE ? Was it not that the people were
writhing under oppressions which they were not
able to bear, and, when smarting under these op-
pressions, they resolved to take the law into their own
hands ; and if, for this, they were to be told that they.
were rebels like JACK CADE, the Government were
only adding insult to injury." This language from
the son of a Peer, from a supporter of the " strong

Why, what stronger testimony than this, illus-
trated by the fact that the power complained of
still virtually remains in the Bank, can be desired to
the absurdity and danger of PEEL'S Bill of 1819 ?
What more striking demonstration can be adduced
of the identity of the " primary cause" of the mis-
chiefs described by Mr. GLADSTONE, the " active
poison" of which we have spoken, with the Act of
1819 ? But we shall pursue this point further in
dealing with the remainder of Mr. GLADSTONE'S im-
portant letter.

Never was there a more extraordinary spectacle
than the House of Commons presents at this moment
as regards the Factory Bill. The Genius of inextri-
cable confusion pervades it. No Whig knows where
to look for a brother Whig—no Tory for a brother
Tory. The opponents of Government sit on the
Treasury benches—and not a few of their supporters
on that bleak, inhospitable side of the House where
" loaves and fishes" are phenomena often heard of,
but never met with. The effect produced on the
spectator by this strange confounding of parties is the
most startling and grotesque it is possible to con-
ceive. He sees a Member rise just behind Sir
JAMES GRAHAM, and within a couple of inches of
the Premier's coat-skirts, for the express purpose
of denouncing the conduct of these two unhappy
Baronets ; and 10, before he has time to recover his
astonishment at this open act of mutiny, he sees
another Member rise from the Opposition side, and de-
fend the Government with a spirit and earnestness beau-
tifully inconsistent with his locality ! As artists would
say, there is no keeping—no harmony in the House
on this question of the Factory Bill. The lights and
shades are all inextricably commingled. Where you
look for one particular effect of colouring, you find
another. If a gentleman would wish to get a notion
of what " Chaos" must have been before the
spirit of proportion moved over the face of
the universe, we would advise him by all
means to go down to the House of Commons on
Friday next, when, thanks to Sir JAMES GRAHAM, he
will stand a fair chance of seeing the "rudis indiges-
taque moles" of OVID very fairly and picturesquely
exemplified. As for the theatres, they will of course
be all deserted on this great night, for who would
pay to see a farce represented at the Haymarket or
elsewhere, when he can see gratis a much richer
farce enacted on the floor of St. Stephens ? But
we have no heart to continue this light vein, for the
thoughts of poor Sir JAMES GRAHAM'S dilemma
have just flashed across our recollection, and filled
our bosom with dismay. The situation of this un-
lucky Baronet—who seems to be a born-genius for
blunder—is indeed most pitiable ; and he must have
a harder heart than we can boast of, who can con-
template it without emotion. No position that we
know of can be compared to it, except that of
" 80-Peep," in the nursery-tale, who, it may be re-
membered,

" Lost his sheep,
And could'nt tell where to find them."
Sir JAMES GRAHAM, too, has "lost his sheep," and,
we fear we must add, that he "cannot tell where to
find them." In vain he waits to hear their fond and
faithful bleat from the benches immediately behind
him ; one half of the flock has bolted, and the other
half respond by nothing but a low, sulky,
"baa," which carries anything but encouragement to
the heart of their shepherd. But this is not the Ba-
ronet's worst grievance. He finds supporters start-
ing up among the ranks of his enemies—the Whig
lion lying down with the Tory lamb; and these
are the only phenomena wanting to complete his
stupefaction, and wholly deprive him of that self-
possesion and intelligence with which PROVIDENCE—
no doubt for wise purposes—has somewhat sparingly
endowed him. Poor Sir JAMES! No wonder his
feelings get the better of his judgment, and induce
him to couple Whig and Tory opponents together in
the same category, and represent them as being
neither more nor less than so many " JACK
CADES." " JACK CADES !" The term is a strik-
ing one, and calls forth many pregnant histo-
rical recollections. JACK—or Mr. CADE, as Sir R.
PEEL decorously calls him—was, it may be remem-
bered, a decided leveller, and among other little pe-
culiarities, he strenuously advocated the expediency
of cutting off the heads of the official authorities.
Now had JACK lived in these days, he would
have been the first to " turn his back"—like
Lord CASTLEREAGH—on his own doctrine, for
a three years' experience of a PEEL Administra-
tion would have gone far to convince him
that the process of decapitation would be a super-
fluous one, inasmuch as our " official authorities"
have no heads to cut off! Sir JAMES GRAHAM'S
allusion to " JACK CADS" is, therefore, a most
infelicitous one, for it immediately suggests
a train of reflection,. to thcc., reader by no
means favourable AO the sagacity of the present
Government. It is, a curious, and most diverting
circumstance, eontiected with last night's debate, that
the instant, the referen6e to " JACK CADE" escaped
Sir JAMO-GRAHAM,-it ' was received with a storm
of indignailibti* -by ttil:parties. Lord ASHLEY loftily
repudiated-Atejaralliyl4..YEßßAND boiled over
with passions ~like tea-kettle; Sir
ROBERT INGLIS!' honest; ruddy countenance waxed
three times more erubescent ; and the Prime Mi-
nister, seeing no other way left of moderating the
hurricane that now blew fiercely from all quarters
of the House, cracked just such a set of jokes as their
hearers are always expected to laugh at, when Pre-
miers condescend to crack them. That Sir ROBERT
PEEL was eminently successful in his waggery we
will not undertalvis to say; indeed a conscientious
regard ;for the sacred interests of truth compels
us to assert that the reverse was the fact; for among
the numerous other bright qualities with which bene-
ficent Nature has endowed him, certes she has not
included those of wit and drollery. Without ex-
ception—and this is a strong term to use—
without exception, we repeat, the Premier is about
the dullest and heaviest wag we know of ;
and the only means we have of arriving at the fact
that he has just cracked a joke, is by his own preli-
minary bursts of cachin naeti oi nu t
ox
e whichst e
eNi'n. Would
e i
wr s
e v
rt
fear oftoe
husher the frolicsome stran
gr
itubmebdlyeemteod disrespectful
supplicate
tohrePrime irreverent, f
Great Britain henceforth not to laugh so loudly
and stormily at his own facetiousness ? Our
conceive
te
confusion
os urgedfusiu and an
o fromtl;kshintdhliaetstwmeuoltd ensue,
were were the donor of that national boon, the Income-

of confidence which ensued. Political events, in that
long period of years of European peace—so far as the
relations of this country were concerned—there have
been none of a magnitude to produce any such conse-
quences. The only foreign event in all that interval,
which can be indicated as, in its working, approxi-
mating to effects fraught with mischiefs of the
enormous character truly described by Mr. J. GLAD-
STONE was, the disastrous bankruptcy of the national
and other banks of the United States ; or the still
more disastrous bankruptcy of private good faith and
public honour, subsequently avowed and announced
on the part of some Federal States of the Union, and
most of the insolvent establishments in question. The
amount of trade in course of transaction, at each of
such periods, in this country, was not excessive or
illegitimate, for aught that has yet appeared to the
contrary, if measured by the previous issues and
discounting facilities of the Bank of England.
Mere gambling speculations in Joint-stock Company
paper, railway shares, &c., have been since carried
on, to a greater extent than at the date of the panics
from 1825, inclusive, to the present time ; but
(whether because of the larger issues of Bank paper
out, at such period, or from the greater abundance
of bullion then in the market, and the lowered rate
of interest on public and other securities, forcing in-
vestments of capital into other channels, as usual
under such a state of things, we will not stop to in-
quire) such speculations have since been entered into
with comparative impunity to the public interest.
Why, then, it should seem that the primary cause of
the pernicious " excitement" and its fatal conse-
quences, to which Mr. GLADSTONE alludes, must be
looked for in some other quarter rather than
" political events" or " over-trading." That primary
cause Mr. GLADSTONE himself assigns in reasoning
on certain admitted results. Will he permit us re-
spectfully to add, that in this reasoning, which we
subjoin, he again begs the whole question—as in the
influence he attributes, in the passage already quoted,
to " political events" and " over-trading." For we
entirely deny and contest the proposition assumed
in the quotation which now follows, as to the necessity
of such a perennial stock of bullioninth
publiceßank,
a
irrespective s
he speaks of, for the purpose of preserving
credit. Of course our denial is of the
fact, that the impolitic principle to which we are so
strenuously opposed has been adopted into our sta-
tute-law by the Bill of 1819. Our position is, that
that Act ought never to have been passed, and should
now be repealed, or modified simply to the extent
of making the bank-note convertible into gold—not
at the already fixed price—the " Mint price," as it is
called—of 31. 17s. lOid. per ounce, whatever its
market value, but at that market value. We shall
show that herein consists the active poison which de-
stroys whatever the Bank management wounds.
But what is Mr. GLADSTONE'S theory as to that
management ? A theory which accurately and
forcibly explains certain consequences, co-existing
with the powers which the Legislature, when it
passed this limitation statute of 1819, left in the

THE SUN, LONDON, TUESDAY EVENING, MARCH 26, 1844.

tax, to be suddenly suffocated, like the Dutchman in
WASHINGTON IRVING'S " History of New York," in
an unsuccessful attempt to force a laugh at one
of his own jokes!

Madrid papers of the 18th have been received, but
they bring no intelligence of the slightest interest.
General RoNcALT reached Carthagena on the 12th,
when his advanced posts were within gun-shot of the
town, and every preparation was made for the bom-
bardment. All the Ministers had arrived at Aran-
j uez, to be present at the meeting of the QUEEN with
her mother.

The Three per Cents. were done at 341 for cash,
and 35i at 60 days, being a rise of 4 in the first,
and 4in the last ; and the Five per Cents. at 23k at
60 days.

Three Bills of considerable importance have been
brought before the French Chamber of Deputies in
Committee—one to prevent bribery and corruption at
elections ; a second, to abolish the stamp duty on
newspapers ; and, the third, to reduce the number of
voters on any Bill before the Chamber from 230,
now required by the standing orders, to 100. The
Committees, by large majorities, sanctioned the intro-
duction of these measures. The abolition of the tax
on newspapers, however, was opposed by the Govern-
ment, and, probably, will be resisted for a session or
two, but it must be ultimately carried, if the facts
stated by certain of the journals be correct. From these
it would appear that the Government duty far exceeds
the amount received by the proprietors. The National
gives the following statement on the subject :—" The
tax is levied on the gross receipt, and not on the net
revenue of a journal. Thus each subscriber of the
Debate pays 36if. a year, and of all the other papers
33f. a year. So that taking the whole revenue of
the Debats to be 1,200,000 f., the State receives
550,000 f., or nearly one-half; and admitting the
whole receipt of the Siecle, a low-priced and widely-
circulated paper, to be 1,500,000 f., the State receives
I,loo,ooo—more than two-thirds. It shows that out
of the 80f. yearly subscription, the Debals has only
431 f. to pay for paper, printing, editing, interest of
capital, &c., while the Siecle, whose annual subscrip-
tion amounts to 48f., retains only 15f. 15c. to pay the
whole outlay of its administration." This includes
the charge made at the post-office, which amounts to
about 15f. a year, for each copy. The discussion
is looked forward to with much interest, and as
the motion will be supported by the public
voice, it is probable the Chamber of De-
puties will turn upon their leaders, and imi-
tate our JACK CADE system of legislation. In a
former Number we stated that a number of soldiers,
belonging to the garrison of Paris, had been trans-
ported to Algiers for certain acts of insubordination.
A provincial paper thus describes the treatment to
which they were subjected in passing through the
country :—" Several parties of soldiers belonging to
the garrison of Paris, and who are sent to the dis-
ciplined battalions of Algeria, for having been im-
plicated in a pretended military conspiracy, have
passed through Chalons in wagons, covered in such
a way as to prevent their being seen. They are
made to travel by double stages, and to sleep in the
prisons, all communication with them being pro-
hibited."

The Three per Cents. were quoted on Sunday
at 83f. 15c.

Summonses were issued yesterday to the Cabinet Mi.
nisters appointing aCouncil this afternoon at the Foreign
office, which all the Ministers are expected to attend.

His Majesty the King of the Belgians is expected to
arrive in town from Belgium on a visit to her Majesty
either in the course of this day or to-morrow.

LICENSED VICTUALLERS AND BEER-SELLERS.—Ac-
cording to a return made to the House of Commons the
total number of licensed victuallers in England and
Wales is 57,698, in Scotland 15,449, and in Ireland
12,926. Those licensed to sell beer for the whule of
England to be drunk on the premises amount to 31,227,
while the number licensed to sell beer not to be drunk
on the premises is only 4,252. In the United Kingdom,
during the year ending October, 1843, the total quantity
of malt consumed by brewers was 17,719,938 bushels,
by victuallers 7,651,603, and by persons licensed to sell
beer 3,158,660. The amount consumed in Scotland was
831,219 bushels, and in Ireland 1,010,054.

ARTISTS' GENERAL BENEVOLENT INSTITUTION.—
The anniversary dinner of this charitable institution is
announced to take place at the Freemasons' Tavern,
on Saturday next, the 30th inst., and as the objects
which this Charity has in view are of the most liberal
and praiseworthy character, we feel that we need only
allude to the fact, to insure a full attendance of the pa-
trons of Art at its anniversary dinner.

LATER from the UNITED STATES.
LIVERPOOL, MONDAY NooN.

The New York packet-ship, Patrick Henry, Captain
Delano, arrived here this day, after an excellent voyage
of eighteen-and-a-half days from New York, which port
she left on the 6th instant, and brings papers of that date.
The wind blowing fresh, she came up without being
telegraphed, and we are indebted to Captain Delano for
sending our papers ashore immediately. The news by
this arrival is not important.
Business in New York was dull. The Cotton market
had further declined, and the disposition manifested to
sell would, it was feared, lead to prices going down still
lower.
The papers still continue to give numerous details of
the said accident on board the Princeton. The Presi-
dent, upon acquainting the House of Representatives
officially with the melancholy event, whilst expressing
his deep grief at the great loss of valuable lives sus-
tained by the country, said that no blame could attach
to the commander or crew of the Princeton :—the acci-
dent was purely accidental. The President has ap-
pointed the Hon. J. Nelson, Attorney-General of United
States, to the office of Secretary of State ; and Commo-
dore Warrington, Chief of the Bureau of Yards and Docks,
to that of Secretary, pro tempore. Both Mr. Daniel
Webster and Mr. J. C. Calhoun are spoken of as likely
to succeed Mr. Usher as Secretary the latter
probably with some chance. The appointment is at the
present time a very important one as the very first act
of the new Secretary will be the negotiation of the Ore-
gon Territory question with our Plenipotentiary, Mr.
Packenham, who had just opened his views of the mat-
ter to Mr. Upshur, when that gentleman was so unfor-
tunately killed on board the Princeton. It is hardly
likely that Mr. Webster would take the office under
present aspects; but Mr. Calhoun, who has just merged
his claim to the Presidency in those of Mr. Van Buren,
will probably accept the office, if offered to him.

LLOYD'S SHIPPING.-(THIS DAY.)
LONDON, MARCH 26.—Moderate N.W. breeze, and hazy.
DEAL, MARCH 25.—Wind W.S.W. to S.W., moderate.—
Arrd. Dickey Sam, Coaker, Mauritius ; Tropic, Robinson, De-
merara ; Hever, Johannsen, Laguayra for Hamburgh.
PORTSMOUTII,IIIARCII 25.—Wind S.W.—Arrd. New Friend-
ship, London for Plymouth, with damage, having been in
contact with the Osprey, of Plymouth, 23d instant, off Port-
land. Off port, Aberfoyle, M'Calpin, Bombay for Hull,
ninety-nine days.
PLYMOUTH, MARCH2S.—Wind S.W.—Arrd. Frances, Law-
son, and Fretwell, Angres, Peguna. Put back, Castor, of
Dieppe, for Newfoundland, leaky.
FALMOUTH, MARCH 25.—Wind S.W., fresh breezes.—
Arrd. Autje, Klein, Pernambuco (Bth ult.), for Amsterdam,
with loss of rudder, boats, and leaky, having been struck by
a sea in a heavy gale 16th instant, lat. 49, lon. 15 ; St.
Laurence, Hodge, Odessa, with damage to starboard bow,
having been in contact with a brig thirty miles west of
Malta in the night of the 25th ult. Off, President, Woller,
Jacmel, and sailed for Antwerp. The wreck of the brig
Quebec, of Sunderland, timber laden, waterlogged and aban-
doned, was boarded 21st instant, lat. 49, lon. 13, by the St.
Laurence, arrived here.
MILFORD, MARCH 24.—Arrd. Ceres, Tilby, Sierra Leone, with
rudder sprung.
CARDIFF, MARCH 25.—The Gazelle, of and from Milford
for Newport, ashore at Breaksea Point, and has broken up.
LIVERPOOL, -MARCH 25.—Wind S.S.W., moderate.—Arrd.
Envoy, Giffney, New Orleans ; Tallahessee, Apalachiola ;
Patrick Henry, Delano, New York, 6th inst. Sld. Harriett,
Rio ; Melvina, Pernambuco ; Susan, Africa ; Spencer, Deme-
rara ; Reis Effendi, Trinidad ; Clarissa Andrews, New Or-
leans ; Desdemona and Hindoo New York ; Indian Chief and
Souter Johnny, Montreal. The New Zealand, for Savannah
to this port, which was off Charleston, with twelve feet
water in her hold, put into that port after discharging seve-
ral hundred bales of cotton into vessels alongside, to enable
her to cross the Bar.
SUNDERLAND, MARCH 24.—S1d. Ann, George, Stepsa,
Mary and Dorothy, and Radical, Quebec.
REDCAR, MARCH 25.—The Hopewell, ashore on the beach,
has been got off and taken to Whitby, with loss of rudder.
A quantity of oak timber, marked J. W.," has washed
ashore along the coast, and a rudder, supposed from the
Jenny, of Faversham, which it is thought foundered the 26th
ult., has come ashore, along with a cable marked " William
Tilley, South Shields."
WHITBY, MARCH 25.—The Frances Mary, ashore here,
has been got off and into the harbour.

THE COUNTESS Or HADDINGTON'S ASSEMBLY.--
Last night the Countess of Haddington gave a grand as-
sembly at the Admiralty. The entire range of saloons was
thrown open for the reception of the numerous visitors. Nearly
four hundred personages of rank graced the assembly by
their attendance, among whom were :—His Excellency the
French Ambassador and Countess de St. Aulaire, Baroness
Langsdorff, Duke of Buccleuch, Duke of Leeds, Marquis of
Salisbury, his Excellency Count Kielmansegge, Earl of
Aberdeen, his Excellency Prince Castelcicala, his Excellency
Count Pollon, his Excellency Baron Gersdorff, his Excel-
lency the Danish Minister and Countess Reventlow, Earl
and Countess of Sheffield, his Excellency the Belgian Mi-
nister and Madame Van der Weyer, his Excellency M.
Dedel, Earl and Countess of Rosebery and Ladies Louisa and
Anne Primrose, his Excellency the Turkish Ambassador,
Marchioness of Sligo and Lady Catherine Brown, his Excel-
lency Baron Nieumann, Lord and Lady Colvile, Lord and
Lady Colchester, Sir Henry and Lady Emily Hardinge,
Hon. Miss Maude, &c., &c.
DOVER, MARCH 25.—His Royal Highness Prince
Albert is expected here on Thursday next, by special train,
at 2 P.M., to embark in the Princess Alice steamer, Captain
Smithett, for Calais.

MONEY AND COMMERCIAL NEWS
CITY, QUARTER TO THREE.
The transactions in Cotton at Liverpool yesterday were
again limited, only 2,000 bags having been sold. Purchases
were made on rather easier terms, and the market had still a
downward tendency. The sales comprised 300 Surat at 3kd.
to 4/d. ; 150 Egyptian at 70. to 7/d. ; 50 Pernambuco at
64d., and the rest American at sd. to 6/d. per lb.—A
fair business was done in Railways, but prices ra-
ther receded. Birmingham and Gloucester were 86, Chester
and Holyhead 7, Eastern Counties 11/, Edinburgh and Glas-
gow 64/, Grand Junction 232, Great Western Fifths 19,
Lancaster and Carlisle 74, Birmingham Thirds 40, Ditto
Quarter 28k, North Midland Half 45k, Paris and Lyons
21. 155., Ditto and Orleans 35k, South-Eastern 36k, Ditto
New 36/.
The private mercantile advices received from the United
States to-day are not of much interest. The supply of Cotton
was coming forward with very considerable activity. The
crop is estimated in round numbers at 1,700,000 bales. Spe-
culators for a rise were all at fault, the news from the country
having been bad as to prices. Trade was steady. There are
no advices of importance by the Patrick Henry, from Canada.
After all it appears that the capitalists of this country are
to be asked to advance further sums to the Spanish Treasury.
Indeed, so sure does Senor Carrasco seem of raising a new
loan that, in the budget, published in some of our Morning
Contemporaries, an amount of revenue is absolutely set aside
to provide for the interest of the fresh loan to be created.
Under date of Madrid the 17th the following information
upon this topic is given ;
" Senor Carraso has drawn up and handed to the British
Minister a sort of exposé of the affairs of Spain, intended to
set forth her pretensions to such a state of credit as will give
her a good footing with foreign nations, provided recourse
shouldibe had to them to assist her with a new loan.
" The tenor of this document may be thus described
Suppose that we strike out the annual charge of 249,000,000
reals for the interest of our debt, which it is useless to talk of
paying; suppose that all pronunciamentos are at an end; sup-
pose that we can reduce our army, and strike off from next
year's estimate of the Minister of War 140,000,000 reals—
suppose, further, that I am allowed to remain in office to
mature my plans, keep up the funds, and levy a new land-tax
of 300,000,000 reals, then Spain will go on swimmingly,
paying, as usual, 30,000,000 reals interest on the Three per
Cents. • 20,000,000 for new capitalizations in progress, and
30,000,000 more on the proposed loan, leaving in the trea-
sury a surplus of nearly 1,000,000/. sterling.' "
After the experience that the public in this country (for the
rich and the middle classes in numbers have cause to repent
buying Spanish Stock) have had of what Castilian honour'
means, surprised indeed shall webe if Carrasco succeeds in gul-
ling the moseyed interest any longer. It is in fact a monstrous
absurdity to suppose that Spain can with all the reductions
and the increased revenues anticipated, pay even
a reduced interest upon the internal and foreign debt,
and have a surplus of income over expenditure of a million
sterling. This we do know, that there are scarcely
any men in the City to be found who will
take the scrip of the proposed new loan. Those
who do will act upon the principle of the fable of the "Fox
and the Goat." The fox fell into a well ; the goat came to
drink; and the former advised the latter to jump down (the
water being low —as are the finances of Spain)
and taste the refreshing beverage, which the goat having
done, the wily fox used the back and horns of the befooled
animal to escape from his predicament, leaving the goat in
the lurch. So with those who would aid the Spanish Mi-
nister to raise a new loan in this country. Most assuredly,
the public, who may follow them, will be dupes of those who
are only anxious to get out of the well.
A slight depression has taken place in the value of Stock
to-day. For Money, the price of Consols, after touching 99,
is now but 98k to 98k. Consols for Account have remained
at 98k. The Commissioners took about 30,0001. Consols this
morning at 98i. The Three per Cents. of 1726, have been
quoted at 97k. For Exchequer Bills the premium has
receded again to 68s. Bank Stock remains at 200/, and
India Stock at 292.
In Spanish Stock to-day the variations have been alight,
The Actives have improved to 25k A, and the Three per
Cents. for the Account to 36/ I. For Portuguese Converted
46k has been paid. Dutch Stock has rallied a shade. Bra-
zilians hake receded. Mexican Deferred have advanced to 16,
but are now per cent. lower ; and Venezuelan are at 1 li.
Scarcely an average amount of business has been trans-
acted in the Railway Share Market to-day, and prices have
but slightly varied. Provincial Bank of Ireland Shares have
just realised 18/ premium.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List)
3 per Cent. Consols. Annnitles 98% 99 98%%
3 per Cent. Annuities, 1726
New 3% per Cent. Annuities 19702%5' %
India Bonds,l,ooo
Ditto under 1,000 B6
Bank Stock for Account cm%
Consols for Account 98%
India Stock
Exchequer Bills, 13,4 d. 114 d.
1,0001.
5001.
Ditto Small
FOREIGN FUNDS THIS DAY AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent.
Ditto New Bonds, 1829 and 1839
Mexican Bonds, 1837, 5 per Cent . ..........
Dill) Deferred Stock 15% 16 15%
Portuguese Bonds, 5 per Cent.
Ditto Converted 46%
Spanish Bonds, Five per Cent 1810
Ditto for the Account
Ditto Passive Bonds.
Ditto Deferred
Ditto Three per Cent.
Ditto for the Account.
Venezuela Bonds, 2 per Cent

Ditto Deferred ll
Dutch 2% per Cents ............ .......... 57%%
Dutch 5 per Cents 1017434 102

PRICES OF SHARES THIS DAY AT ONE.
RAILWAXS. PAID. PER SHARE
Birmingham and Derby
Ditto Thirds
Birmingham and Gloucester lOO
Ditto New
Chester and Holyhead 5 00000 ..„ '7
Great Western
Ditto h, Shares 5O 7034
Ditto Fifths l2 ..... .... 19 ...... to 18%
Harrowgate and Kr.aresboro'
London and Brighton 5O . ........ 4434%... to
London and Birmingham. Stock .235 ... . ... to
London and Greenwich (Preference) 18% .. . . 17% to
London and South Western 41% E2 to
London and Croydon (Trunk)... 134 i
Manchester and Leeds 7O ll 3
Midland Counties lOO 9O to
North British - - 234
--

Newcastle and Darlington Junct. 18....„ ..... 37%
Paris and Orleans ............. ........ f:0 ..... .... 35%%... to
Paris and Rouen 2O .... ..... 35 %% to
South Eastern and Dever .....„
Ditto Scrip 25 .... ..... 96 ... to
Strasburg and Basle
JOINT STOCK BANKS.
Provincial of Ireland.
MANCHESTER STOCK EXCHANGE, MARCH 25.—There has
been a very limited business done to-day, but prices are steady.
Bolton and Preston, 30a ; Bristol and Exeter, 71 to 72 ;
Dublin and Drogheda, 65 to 66 ; Manchester and Birming-
ham, 47 to 474; Manchester and Leeds, 115 to 116; Paris
and Rouen, 86* to 363.