The Sun.
London, England, 1844-07-17 00:00:00

THE SUN, LONDON, WEDNESDAY MORNING, JULY 17, 1644.

,n of

What an exceedingly happy invention, after all,
this " final complement" and practical develop4rent of
" the great principle" of the Legislature of' 1
must be. It is to ensure the convertibility o:
into gold—with a view to central exchange!
exchanges either take a different evolution fit
you require, or turning exactly as you woul h
I
them, may at . any time leave the whol' 1
chinery for • effecting this convertibility o
rish by its own activity. If the exc an
won't be evoked, but, like a rusty weathercoc , I
continue unaccountably steady at One poi ,
Bank, to meet the rise of the price of gol, fr
31. 17s. lOid. (the Mint rate) to any higher s m
ounce which it may be fetching in the market m
contract its issue so violently that commercie 1
trade must perish in the collapse. If the exc'ian
walk down the Premier's new sliding scale, with
the facility and certainty to 'be looked for frhm
previous scientific lubrication, by the anti-atltrit
processes of Mr. JONES LOYD, the gold =KY
choose to be coaxed out of* the Bank cellars; I
then the balance or excess of securities in its dept
branch over gold and ••silver bullion (Govern m
acknowledgments and Bills of Exchequer include
will not prevent what we 'should deprecate, as
most frightful of social evils, the bankruptcy lof
Leviathan Bank. Nay, it would not preverit ti
greater evil, so feelingly denounced by Sir ROBE
PEEL as the working• of our monetary system bac
the tinkering experiment of 1819, for•it- would al
"disturb men's theories and speculations I
currency question."

S4whi

Accounts from Madrid of the Bth state th,
parations were still going on for the Morocc

and that orders had been sent to the Gover6or
CEUTA to place that fortress in a respectable s ate
defence. The regiment ofGalicia, which is t foi
part of the expedition, left Madrid on the 7th, a othi
the regiment of Baylen, followed on the Bth. T
editor of the .ffistor*tor, an .Opposition pa , w
dragged out of bed on the night of the 7t ,
thrown into prison for some remarks in his j urn
on the political chief of Madrid.

i
The Three per Cents. were thine at 25i fo cl
and 26i at 60 days, and the Five per Cents. at 0.

1
On Sunday afternoon the French Governmint re-
ceived the following telegraphic despatch
BAYONNE, JULe 13.
The Cortes are diisolved by a decree of the. 4th, insetted in
the Gazette,of the 10th. The electoral colleges are couvoked
for the 3d of September. The general ballot is te) take
'place on the 14th. The new Cortes are to meet on tl* 10th
of October.
Another decree of the 4th l'e:establishes in the Basque pro-
vinces the deputations and municipalities according to the
Fueros. The general juntas are shortly to assemble, ,land to
appoint Commissioners to settle with the Governme t the
question of the Fueros which shall be submitted to the ap.
proaching Cortes.
Nothing has been changed in the customs or the adminis-
tration of justice and the police.
. _

A third decree orders the removal of the remains of lgontes
de Oca from Victoria to Madrid.. . ' "
Accounts from. Algiers of the. sth inst.; have
reached earls. The troops of Marshal BUGEAUD re-
mained near the Morocco frontier, and the Prirjce DE
JoINvzr.LE was in communication with the Mairshal,
who it was understood would not commence opera
tions without further orders from the aafnment‘
A 1 feelint Irevailed at Al that th Iffair

genera. -Jg pl Agiers. ?e•afin,
ready with his well-digested shake of tl,e head—his
would be amicably settled, and the folloWing paragraph
studied ingenuousness of dissent from the " Minister
hich appears in some of the French papers published
of that day," and his carefully-rehearsed expressionsw
in the South, is therefore probably correct was
of off-hand regret. Yes—
" Lightly he'll talk of the spirit that's bogie, reported on the 10th in the Salons of Toulon, gene-
And o'er his cold ashes upbraid him.- I rally well informed, that the Emperor of Moaocco
For what ? A daring but indispensable act of had acceded to all the conditions required by France.
policy; abrupt, but sound and far-sighted, which The expedition had been accordingly recalled, and it
saved the fortunes, developed the resources, ar,l esta- I was even expected that the Prince ne Jolstvzr..LE
blished the permanent grandeur of 11;s country. would return to France in the course of next week."
Our business, however, is not, now, to vindicate the I No business of any importance took place in the
Bank Restriction Act—to show the exigency of the I French Chambers on Saturday.
circumstances under which it was resorted to—or to ; The papers are almost entirely filled with reports
trace the marvellous results that followed its enact- of the trial of Madame LAcosvz, which promisee to
rnent in th subsequent period of twenty years, or to he a long and heavy affair. , .
prove that those fasplts could not have been realised The Aupburgh Gazette of the 10th inst. publishes

without that enactment. Lord RIPON admits that
after PEEL'S Bill of 1819 had served a seven years'
apprenticeship—in 1825, when, if ever, it should
have been able to work out all the good which its
projectors had so confidently predicted of it, "there
came upon the country the severest monetary pres-
sore which had ever been known here—worse than
that of 1797." But the Bullionists affirm that the
restrictive Act of 1797 was, in effect, a compromised
national bankruptcy. They date from that epoch the
origin of all the evils that ensued, in the shape of
adverse exchanges, of over-speculation, of over-issues
of paper, of inconvertible paper—all the evils, in
short, which Parliament was persuaded to believe the
Currency Bill of 1819 would infallibly cure. The
very State doctors who prescribed that empirical
remedy now admit that seven years afterwards the
patient was worse than he had ever been before,
even at that two-and-twenty years antedated
period which they had so long denounced as the most
malignant hitherto experienced by the monetary sys-
tem of our country. But what next ? Why, having
dosed us with this deleterious nostrum in 1819, and
acknowledged its total, disgraceful, and almost irre-
trievable failure in 1826, they have now the modesty
to insist on administering a larger and more nauseous
potion—the large remainder, the dregs, the " comple-
rnen:,''—'n 1844! Between 1797 and 1819 there had
elapsed fifteen years of war and four of peace ; and
there had occurred no catastrophe to make the crisis
of 1797 itself. Between 1819 and 1825 there had
intervened seven years of profound peace, the
closing year being distinguished by a mone-
tary catastrophe far more terrible than that which
had distinguished the first of the series of fifteen
years of war ! Since 1826 we have been blessed
ss'Lli a serene period, extending over eighteen other
years of profound peace ; and it is now— aethe end
of this term—that the quacks, whose blundering
treatment of 1819 reduced us in seven years to a
more fearful state of exhaustion and jeopardy than
we were in, even in 1797, insist upon their'greater
capacity and our improved condition to submit to a
further exhibition of their dangerous incompetency !
The Earl of RIPON sees the monstrous assurance and
inconsistency of the demand of his fellow Ministers
in this case, or the confidence and graditlity of Par-
liament; for he next admits the failure of the joint-
stoek banks' institution scheme to justify thd expec-
tations of the then Ministers, that it would;operate
as a check to any over-issue of paper. 'Several
monetary crises in 1832, 1836, and 188, de-
monstrated, he says, the futility of these ex
planations. He says that the effect of +lar-
issues of paper is to produce actiaity
business, but of a most fallacious kind ; a4id I
under these circumstances men " overlook the kerri
revulsions which must arise if their issues df pa
be not regulated by a sufficient rule." • 'W wo
respectfully challenge Lord RIPON to point ut :
1
period in the lapse of forty-seven years, fro , l'
to the present time, at which, prior to 1814, w'
we had not yet been favoured with a Currer4 I
as there have been in 1825, and in stye. 1 m
recent years, under its operation ? But. Lor Rs
contends that there was no sufficient rule wh eb:
regulate these paper issues, except the con idol
the foreign exchanges.
We have more than once endeavoured to s ow the
occasional utter failure to which this test uld be
liable ; but Lord MONTEAGLE roundly maintains that
it is exceedingly possible the Batik might larggly con-
tract its circulation, and thereby bring the exchanges
nominally- in our favour, so that gold.vegl4 to be
flowing into the country again, and yet that the
Bank might be compelled, to meet the pending drair
of bullion, before this influx had taken place,lto pa
away its last golden sovereign. This case isl put c
no less an authority than Mr. HUSIEISSON'S :f--" I
now came to the greatest and most importanti obji
tion to the Bill—namely, that it was founded i
proceeded upon the assumption that the stet of
foreign exchanges were constantly likely to 1
duce a drain upon the Bank, and that it was
even contemplated there would be such an effeict p
duced by means of an internal drain. Now this 1
directly in contradiction to the opinion of MI. H
EISSON, in his pamphlet upon sudden depreciate n, 1
he held it even possible thatin such a run on th Ba
in consequence of the straightened circulate n,
Bank might part with its last sovereign withoutiche
ing the drain upon the Bank, which would hpare,
course, only the effect of aggravating the evil, I
forbid that such a state of things should ever ,
place, but a country so circumstanced' as this] was—
so deeply engaged in commerce and in manufactures,
with a mixed currency to so enormous an extent, as
well as with so extensive a system of creditsi—must
be at some time liable to such casualties." i

a letter from Venice, giving an account of the plans
formed by the insurgents in Italy. " A grand con-
spiracy," it says, " existed, which had its agents at
Vienna, Paris, and London, principally in the latter,
for uniting all the different states of Italy into one
great Government. The POPE and the Church were
to be dismantled, the King of NAPLES banished, the
several dukedoms dispensed with, the kingdom of
Lombardy freed from Austrian authority ; in short,
the great Government of Italy was to be established.
But little credit, however, is attached to this very
improbable story."

On Sunday the Three per Cents. at Tog Tom's
we; e quoted at 81f. 80c.

BOROUGH ELECTORS MANUAL.—The eleventh
annual edition of this useful work by Mr. Coppock
has just been brought out. The instructions under
the head of " Objections to persons on the lists,"
ought to be carefully studied by all who take an in-
terest in elections, and we ir.sy say of the publication
in general, that we know of ,-f) work on the registra
tion of voters, which contains so much information in
so small a compass.

EXPRESS FROM PARIS.
The Madrid Gazette of the 9th contains three
financial decrees : the first sanctioning the rescision
of the tobacco contract, the second approving of the
arrangement made by Senor Mon with the Bank
San Fernando for a monthly advance of 60 mil-
lions of reals, and the third prescribing the mode
of liquidating the different pending contracts. The
parties interested in the tobacco contract are to be
repaid their advances and expenses, with interest
at the rate of six per cent., and two per cent. com-
mission on the amount of the tobacco sold by them
whilst in possession of the monopoly. A portion of
the tobacco revenues to be specially assigned for the
payment of their claims. The arrangement with the
Bank San Fernando is only from month to month,
but there was little doubt of its being made perma-
nent, as no measure had yet been adopted for
many years that would so fully tend to amelio-
rate the administration of the revenue. It was
expected that in the decree of the dissolution of
the Cortes and convocation of others, Ministers
would explain their policy and the line they pro-
posed following. Some allusions would be made
to national property of such a nature as to calm any
anxiety which late reports might have created among
purchasers.
The funds improved in consequence of the confi-
dence which Mon's measure inspired.
Three per Cents. closed at 261 cash ; Five per
Cents., 20i ; Paris, 81f. 95c. ; Actives, 33i.
d The affairs of Morocco excite no alarm.—Times.

ONE AND COMMERCIAL NEWS.
CITY, TUESDAY EVENING.
Auld being
the close of business Consols were still 991 to 1,
.per being very firm. Exchequer Bills advanced is., again
being up to 80s. prem. India Stock touched 2851.
There was a slight rally in Spanish Securities after the
any settlement had been effected, the Five per Cents, being
797 22 to and the Three per Cents. 331 to 8 for Account.
ben Mexican were not higher than 358 to a,Brazilian Old
sill, Bonds were as high as 84, and the New closed at 81/.
Austrian were 116 to 1151.
'ore The additional transactions in Railway Shares have
'ON been these :—Bristol and Exeter were 61 ; Edinburgh
to and Glasgow, 14 ; Great Western, 54 ; Ditto, Fifths,
11/ to 4 ; South-Western, 418 ; Manchester and Bir-
mingham, 15/ •, South Devon, ,f ; Whitehaven and
Maryport, 11- to a ; Yarmouth and Norwich, 94 to 101 ;
and York and North Midland, Scarborough Branch, 18
premium. Dublin and Cashel, 2* ; Lancaster and Car-
lisle, f ; and North Midland, 1 discount.
The exchange on Paris and Trieste was scarcely so
high as last post day, but on Amsterdam and Antwerp
there was a slight advance, and Hamburgh and Frank-
fort were firm.
The following is the official return of the exports of
bullion from the port of London, for the week ending
Thursday last :
Silver Coin, Rotterdam
~ Bars, Ditto B,OOO
ie If 1, Hamburgh
(From The Sun of Last Night )
lec- The Cotton Market at Liverpool yesterday was rather
and quieter, and prices were not so firm, the supply being larger.
Sales about 4,000 bales. Railway Shares were better, and
the an average business was done at these rates :—Eastern
oro-
Counties, 12; Grand Junction, 214; Ditto half, 107 •
London and Birmingham, 223; Ditto Quarter, 251 ; North
not Midland, 99 ; Ditto Half, 49g; North Union, 93}; Paris,
Iro- Lyons, and Orleans, 38 ex div.
was There was a topic referred to in the House of Commons
which' excites great dissension among those interested in
us- the welfare of the East and West Indies and the Mauritius,
and namely, a well-organized emigration of hill coolies from
h the first to the two latter appendages of the British
~ Crown. Tbat labourers are extensively wanted in the
the West Indies is notorious. Those coolies who have visited
ck- the Mauritius have,. as a body, been well pleased with
the results that have followed the exercise of their labour,
of and in many instances have returned to their homes with
OD small fortunes. Then, as to the expenses of deportation, no
doubt is entertained by practical men that it ought not to be
'e borne by the mother country. Lord Stanley, we are told,
- has already fully considered the subject, and is of the
opinion we have just stated. No question but that a loan
for the purposes stated, to be guaranteed by the Legislature,
would receive the support of the whole of the. West India
body, in and out of Parliament. But as the Colonial Secre-
tary intimated last night, the session is now too far advanced
for the consideration of any such measure this year.
The following important notification had been issued at the
Havannah, just before the last advices from thence were dis-
patched :-
19 " Our intendent, in consideration of the calamitous conse-
er quences of the drought, which, until lately, has been expe-
i-„ rienced throughout the island, has decreed:—Firstly, That
'ed from the 10th July until the end of the present year, the fel-
la lowing articles shall be admitted upon paying half the pre-
sent rate ofduties, viz.—Maize, corn-meal, beans, potatoes,
Lve
and rice ; and that sweet potatoes, yams, and plantains, shall
la- be free of duty. Secondly, That the ports of Cardenas, Mariel,
se_ and Segue la Grande, shall be open for the importation of the
Batabano, upon the south coast, directly south
at the termination of the Havannah railroad,
; also that junk beef, and salt fish, may be im-
ports upon paying duties specified in our tariff.
ogill Fp
oa
fbur:
ivteahedveaa
nc
rar,
tt
that
;hed ,
shall be open for the importation of yams and plantains."
Din The Funds have to-day been very firm, and there is a
ler steady business doing. The settlement on Friday causes
some inquiry for stock. Consols for immediate transfer have
Ist been quoted 991 to 1, and for Friday the same. Exchequer
tnd Bills are up again, being 765. to 795. premium. Bank Stock is
,q firm at 1994 to 20; and India Stock at 2844 to 2854. The
3‘“- New Three- and-a-Half per Cents. are 102 to. 4,
t and the
fhe foreign settlement to-day is.going off easily, money
ialsl Three per Cents. 1004 to 1.
being cheap. Spanish Five per Cents. are 221 to, 8, and the
'°n, Three per Cents. from 33 and 33i have dropped to 33 and 321.
till Mexican Bonds arequiet at 36 to 351, and Brazilian firm at
md go to 82. Dutch Five per Cents, realise 1011 to 1.
The Railway Shares have been a little firmer, Great
isit Western having advanced. South-Eastern are better sup-
Dm ported, and also Birmingham. A moderate business is doing.
\ MANCHESTER STOCK EXCHANGE, JULY 15.—There has
?d, been more activity in our market to-day, and a fair amount
the of business done, at the following quotations :—Eastern
the 1 Counties, Registered, 14; Ditto, Perpetual, No. 1, 325. 4d. ;
Manchester and Birmingham, 35; Manchester and Leeds,
hat Half Shames, 411; Sheffield and Manchester, Quarter Shales,
PET 101 ; Huddersfield and Maecl-s" er Canal and Railway,
ire 325. 6d. and 30s. premium ; and Preston, New
Shares, 10s. premium ; Blacki; :1 a and Preston, 31; Man-
ikin chester and Liverpool District 10 15-16 andl.
the CLOSING Pit iCES.
BRITISH FU7OS.
• Bank Stock
3 per Cent. Red ...... Ditto Bonds 96 Pm.
9 per Cent. Cons. .... ..... Data 011 Annuities !
re- 3% per Cent, Red .. .......
New 334 per Cent. lO2 Ex. Bills, 40004 80 pm.
ar, New 5 per Cent Ditto 500/ 80 pm.
of Long Annuities to expire Ditto 5ma11.... ......... .. 77 pm.
Jan 11410 1234 Bank Stock for Acct....
0f0ct.......... iConsols for 0pg..........
Jan. MO..- ..... Indial Stock for Acct.... 285
TM
FOREIGN FONDS.
ter, Austrian, 5 per Cent 1153 q ,Portuguese, 5 per Cent
' Belgian, 5 ner Cent
'— Ditto, New Ditto. .....
he Brazilian Bonds SiBl IPrussian, 5 per Cent
Buenos Ayres, 6 per Cent... Rtissian, 5 per Cent
Chllian, ft per Cent Ditto, Metallic
nd Colombian, 8 per Cent
Ditto, 1824.... .... Ditto, 9 per Cent lT3ji
sal Cuba Bonds, dper Cent Ditto, Deferred
Danish, 3 per Cent
Greek, 18.5,-5 per Cent — Exchange ..... —f. —c.
;h, Mexican, t; grpt•e'ten Cent
2331eper.rCecnet —f.
Peruvian, 1825, Cent.,
Cent: Ditto, 5 per Cent lOl%
COURSE OF EXCHANGE.—(YESTERDAY.)
Amsterdam .... .: CF. 12 5 Gibraltar '
Ditto, at 5ight......... 12 3 Leghorn 3O 45
Rotterdam 2U. 12 51: Genoa 25 85
Antwerp 25 go- Milan
Llamburgh ...... M.B. 13 13 Veifice 47
Altona ............... 13 131 Naples 394
Paris, 3 days' sight... 25 60 Palermo, per oz llB
Ditto, 3 months 25 85 Lisbon 54
Marseilles 25 90 Oporto 54
Bourdeaux 25 90 Rio Janeiro 23
Frankfort on Maine.. 1214 Bahia 23
Petersburgh, 3 Us._ 37 Buenos Ares
Berlin 7 NewYork,2ldyssight
Vienna, effec. fl. 3 M 953 Philadelphia
I rieste, ditto
Madrid 37
17
17
59
ir
Cadiz
I,lllbao 36 New Doubloons..... 0, 0 0
io °'-eu ign dbCarsoif3
Barcelona
Seville

NEW EXETER CHANGE. —The little arcade between
Wellington-street North, and Catherine-street, Strand, built
by the Marquis of Exeter, and now nearly completed, will be
thrown open to the public in the course of a few weeks, and
will, doubtless, be regarded as one of the most acceptable of
the, recent metropolitan improvements. It contains ten
neatly arranged shops, with dwellings, &c., and their con-
struction appears as convenient as could be expected. The
architect, we believe, is Mr. Sydney Smirke. The arabesque
decorations are extremely light, pretty, and tasteful ; they
were designed and executed by Mr. L. W. Collmann, of
Mount-street.

•
Commons"
THE HOUSE OF COMMONS.—The second volume of
Mr. Townsend's interesting " Memoirs of the House of
supplies a popular history of the Commens' House of
has just made its appearance. This work
Parliament. It comprehends the lives of the Speakers,
of the Lawyers
legf s once enjoy
most distinguished in its annals ; a review of the privi-
Orators, and Stateimen, who have been
right to Persons! and deliberative freedom ; a record of
ed by Members. and their hard-won
the vindictive porters exercised by the House over their
own body and strangers ; a narrative of the internal eco-
nomy of St. Stephen's Chapel; the changes in the habits,
manners, and character of the constituency—in the de-
corum and method of pkodeedings—iif the tone and
temper of discussion, &c.

COURT CIRCULAR,
WINDSOR, TIIESDAY.—The Queen and Prince Albert,
accompanied by the Hereditary Grand Duke and
Duchess of Mecklenburgh Strelitz, took an airing in an
open pony carriage this morning. The illustrious party
paid a visit to her Royal Highness the Duchess of Kent,
at Frogmore Lodge.
Their Royal Highnesses the Prince of Wales and the
Princess Alice were taken a drive in an open pony car-
riage in the forenoon. Her Royal Highness the Prm.:ess
Royal was also taken an airing.
Viscount and Viscountess Jocelyn took their depar-
ture from the Castle this morning. The Viscountess
has been succeeded, as Lady in Waiting on the Queen,
by the Countess of Mount-Edgecumbe. The Countess
arrived in the timenoon.

Lord Rivers has arrived, and has succeeded the Earl
of Morton as the Lord in Waiting on her Majesty.
The Hon. Captain Duncornbe has arrived; and has
succeeded the Hon. Captain Hood, as the Groom in
Waiting on her Majesty.
The Earl Delawarr arrived at the Castle on a visit
to the Queen this forenoon.

Sir Henry Wheatley took his departure to-day.
The royal party left the Castle for an airing shortly
before five o'clock this afternoon. The Queen, the
Princess Royal, the Hereditary Grand Duchess of Meek-
lenburgh Strelitz, and the Countess of Mount-Edge-
cumbe (Lady in Waiting), were in the first open pony
carraiage and four. The Countess Delawarr, Lady
Mary West, the Hon. Miss Liddell, and the LordCham-
berlam, were in another open pony carriage. His Royal
Highness Prince Albert, his Royal Highness the Here-
ditary Grand Duke of Mecklenburgh Strelitz, and the
Fineries in Waiting on her Majesty and the Prince,
Colonels Buckley and Bouverie, were on horseback.
The illustrious party returned to the Castle at half-
past six o'clock.
Her Royal Highness the Duchess of Kent took an
airing this afternoon in an open carriage.
The Royal Family were taking airings in the
afternoon.

The Royal dinner party at the Castle this evening in-
cluded her Royal Highness the Duchess of Kent, their
Royal Highnesses the Hereditary Grand Duke and
Duchess of Mecklenburgh Strelitz, Lady Anna Maria
Dawson, the Countess of Wratislaw, the Earl and Coun-
tess Delawarr, and Lady Mary Sackville West, the
Right Hon. Sir William Fremantle, Mr. George E. and
the Hon. Mrs. Anson, and Sir George Couper, Bart.
' Th'e Band of the Royal Horse Guards attended at
the Castle during dinner.
The Band of the Scots Fusilier Guards was is at-
tendance during dinner on Monday.
Her Majesty's private Baud performed during the
evening.

The Duchess of Cambridge visited Kew yesterday
morning, but returned to Cambridge House in the
afternoon. .

The Ecclesiastical Commissioners for England had a
meeting yesterday. Those present were the Bishop of
Durham, the Bishop of Chichester, the Bishop of Ely,
the Dean of Westminster, and the Earl of Besborough.
The Governor and Deputy-Governor of the Bank of
England had an interview with the Chancellor of the
Exchequer yesterday.
A; r. Cochrane, Attorney-General for Gibraltar, had
an interview with Lord Stanley yesterday at the Colo-
nial-office.

Dispatches were sent off yesterday from the Colonial-
office to the Governors of the West India Islands.
Mr. D. O'Reilly, A.ttorney-General for Jamaica, had
an interview with Lord Stanley yesterday.
Mr. Wickham, Chairman of the Board Of Stamps and
Takes; had an interview with the Chancellor of the
Eichequer yesterday. Mr. K. C. Murray, Secretary
to the Ecclesiastical Commission, had also an interview
with the Right Hon. Gentleman.