The Sun.
London, England, 1850-03-28 00:00:00

being compelled to redeem them in gold at a mo-
ment's notice in case of a run on his establishment.
We do not consider this great privilege as calcu-
lated to injure the community. On the contrary, we
believe that nothing more beneficial or conducive to
the best interests of society could be enacted. It
would, so far as Ireland was concerned, completely
remove the sting from the unwise and iniqui-
tous monetary code by which the country has
been reduced to the verge of ruin. The encumbered
estates already in the market cannot at the lowest
computation be less than the value of 13,000,000/.
or 14,000,0001. sterling. If we take the smaller sum,
there will at once be an addition of 6,500,0001 to the
circulating medium of the country, or rather more
than the fixed issues of all the Irish banks, which
in the aggregate amount to 6,354,4941. We assume
that the privilege would be exercised to the fullest
extent, for it could not be supposed that any pur-
chaser, however ample his wealth and bound-
less his resources, would despise or dis-
regard an advantage so great as that above
referred to. Although able to pay the full purchase-
money without difficulty or inconvenience, he would
still issue the debentures, although they might be
vested iu trustees, for his own use and benefit.
This inestimable benefit would indeed lead to the
social regeneration of the sister kingdom and the full
development of all her natural capabilities. Then would
Ireland be rendered really prosperous and happy—a
source of strength and power to the British empire,
in place of being the chief difficulty of every Cabinet,
the stumbling-block of every Ministry. But why,
we ask, should a monopoly be given to the purchasers
of encumbered estates ? Why should not the present
owners be enabled to avail themselves of similar
privileges in order to preserve the properties-. that
have been enjoyed by their ancestors, generation
after: generation, >through successive ages ? Wby
should not the owners of other estates, although un-
mortgaged and unembarrassed, not be permitted to
issue similar securities, if desirable, either for the
permanent and lasting improvement of their lands, or for
any other purposes which they might deem expedient ?
If these interrogations be answered in the affirmative,
and we cannot conceive a different response, then we
ask why should Ireland alone possess so great, so in-
valuable a privilege, which was denied to England
and Scotland ? Why should'the Celtic race be more
highly favoured than the Saxons or Picts ?
The measure, then, is admirable, so far as it goes,
but it must be extended to every description of real
property, and to all parts of the United Kingdom. This
extension must lead to the great desideratum, a cir-
culating medium adequate to the wants and exigen-
cies of the nation, and as a natural consequence
—when there was a seasonable supply of the very
" life blood of industry"—full and remunerative em
ployment for every man able and willing to work
throughout the British dominions.

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
It appears that at the close of the sitting
of the Assembly M. DE LAROCHEIAQUELIN did
lay on the table the extraordinary propo-
sition that an appeal should be made to the
country on the question of Monarchy and Re-
public, which was, however, disposed of without dis-
cussion, by the Assembly unanimously voting the
previous question. The following is a report of the
proceedings on this occasion :
At the close of the discussion on the 'Budget, M.
Dupin, the rresident, who appeared excited and em-
barassed rose and said—Our regulations have not
placed any limit to the ri4hts of the representatives
to present propositions : as to form, that right is
absolute. Nevertheless, it is possible to have a
proposition presented, which by its eccentric character,
and its illegality, might implicate the responsibility
of the President of the Assembly, in case he should
deliver it over to the discussion of a committee, and
should permit it to be printed without first consulting
the Assembly.—(Sensation.) If the author of the
proposition wishes to withdraw it, the question will
be at an end.—(Exclamations on the Left.) In
the contrary case, what has been his object in ma-
king it ?
A Voice on the Left—ls it unconstitutional P
The President—For my own part I declare it to
be unconstitutional both in form and import.
General Bedeau—lf it is unconstitutional, do not
read it. _ _

___
On the Left—Yes, yes, read it!
M. Cremieux—l demand permission to speak!
M. Dahirel—l formally oppose there being any
discussion.

M. Cremieux ascended the tribune, and the greatest
confusion prevailed in the Chamber.
On the Left—Allow the proposition to be read !
The President—The adjournment has been pro-
posed.
Numerous Voices—No, no, yes, yes.—(Great
confusion.)
The Minister of Public Instruction, who ap-
peared to have made himself acquainted with the
nature of the proposition, ascended the tribune, M.
Cremieux giving way.
M. de Parieu (the Minister of Public Instruction)
—Gentlemen, the President of the Assembly has
called for a manifestation of the sentiments of the
Assembly by informing it that there lies before him
an unconstitutional proposition, and has asked for per-
mission not to make its contents known. In presence
of the difficulty already existing in matters of busi-
ness, and considering that from what the President
has just said, the proposition appears of a nature to
trouble public tranquillity, we apply to you, in the
interest of the country itself, to decide that the propo-
sition must be considered as not presented.—(On the
Left, " No, no ;" on the Right, " The previous ques-
tion, the previous question.")
M. Cremieux again appeared in the tribune amidst
cries of " No, no." The Hon. Gentleman, however,
persisted, and said—The sentiment which animates
the President of the Assembly—
St,veral Voices.—On what have you a right to speak ?
The previous question.

M. Cremieusx went on—The sentiment which ani-
mates the President of the Assembly and the Minister
of Public Instruction is assuredly an excellent one,
but the question cannot be so decided. One of our
colleagues has presented a proposition which is known
to a great number of our colleagues.
Several Voices—Every one knows it I
Cremieux—ln that case, why should it not be
read ? It would really seem, from what is now pass-
ing here, that the destiny of France is at the mercy
of any one that may
.choose to compromise it. But
who could exercise influence over the destinies of
France ?—(Noise on the Left.) I move that the pro-
position he read, and then, afterwards, we can see what
we shall have to do.

The President—l proceed to consult the Assembly.
Numerous Voices—No, no ! the previous question
the previous question !
The President—lcannot take upon myself the re-
sponsibility of reading this proposition. I must take
the opinion of the Assembly on that point.
The Assembly being consulted, decided, by a very
small majority, that the proposition should be read.
The whole of the Left, and part of the Right, rose in
favour of that course.

The President—The proposition has been pre-
tented by M. de Larochejaquelin. It runs thus :
" Art. 1. The nation shall be consulted on the form of
Government which it will definitively constitute.—
(Agitation.) For that purpose on the first Sunday f
a ballot shall be opened, similar to that which took
place on the election of the President of the Republic,
taking, however, into account the changes effected in the
elector al circumscriptions.
" Art. 2. Each elector shall mark down on his bul-
letin one of these two words:—REPUBLIC or MONARCHY,
"Art. 3. If the Republic shall obtain the majority, the
result shall be proclaimed from the tribune of the
National Assembly by the President of the Republic.
" Art. 4. If the Monarchy shall obtain the majority,
the result shall be prociaimed—"
A Voice—By Henry V.
The President continuing—" By the President of
the Legislative Assembly.—(Great laughter.) In
this latter case, a Constituent Assembly shall be
elected on the Ist of July, 1850, by universal suffrage,
to regulate the forms of the new Government. The
President of the Republic shall continue in office
until the Constituent Assembly shall have met."
A Voice—The proposition ought to be brought
forward on the let of April !
From all sides—The previous question !
The President—The previous question is applied
for.—(Yes, yes !)
M. Leo de Laborde hurried towards the tribune.

At that moment the Assembly, being consulted by
the President, rose en masse in favour of the previous
question.
M. Leo de Laborde turned back to his seat.
Ou the counter-vote, not one Representative stood
up against the previous question.
From the Mountain rose, the moment after, a cry
of " Vive la Republique !"
M. Dupin then tore the palm-, and the Assembly
separated.
PROUDHON, that most acute of logicians, who
never shrinks from carrying out an argument to its
utmost extent regardless of results, thus comments in
the Voix du Peuple of yesterday, on the conduct of
the Assembly :
" nee Legitimatist representative only presented to
Parliament a question already raised by the journals,
and pending since the 10th Ilarch. It was as if be