The Sun.
London, England, 1850-07-23 00:00:00

0)v-tam au

LONDON, TUESDAY, JULY 23, 1850.

THE SUN,

to the denomination of " the Liberal Ministry."
Liberal they have indeed shown them-
selves to be, perhaps a little too much so in
the judgment of the oppressed and over-bur-
dened tax-payer. The arrangement proposed,
and which was carried by a large majority, notwith-
standing the strenuous opposition of the ♦e`eran Re-
former the Member for Montrose, and a small but
zealous band of economists, was that the present
Duke is to receive an annuity of 12,0001.-per annum,
in addition to what he derives under the will of his
late father, which on the falling in of certain am
nuities amounting to 1,6001. per annum, which have
been charged exclusively on the portion of the
present Duke, will eventually amount to nearly
3,000/. per annum, and his military and other
appointments ; and his sister, the Princess Maur, is
also to receive an annuity of 3,000/. per annum, in
addition to her one-third of the late Duke's property.

In addition to these large sums, the Duchess Dowa-
ger becomes entitled, under former enactments, to
6,0001. per annum ; and the Hereditary Grand
Duchess of MECKLENBURGH-STRELITZ to 3,0001. a
year, both annuities commencing from the
death of the late Duke. The Parliamentary
provision for the family will thus amount to
no less than 24,000/. per annum, far more than was
granted to any son of GEORGE 111., except the Duke
of CAMBRIDGE, whose income of 27,000/. per annum
was granted not exclusively for his benefit, 6,000/.
a year thereof being granted expressly for the use
and benefits, and as a suitable provision far Prince
GEORGE, although we believe the late Duke put a
considerable portion thereof iu his own pocket, or laid
it by as sayings to enhance the income of the Hereditary
Grand Duchesa, for whom an ample and liberal al-
lowance had been made by the British Parliament on
the unfounded supposition that she would receive but
little, if any benefit, under her father's will. The
Whigs are fond of precedent, and accordingly Lord
JOHN RUSSELL mainly relied on the provi-
sion made for the late Duke of GLOUCESTER,
who at first received an annuity of 8,0001., which
in 1806 was increased to 14,000/. ; and the
Premier appeared inclined to take some credit to
himself for applying for less than the increased
amount that had been granted to the nephew of
GEORGE 111. It would appear, however, that the
great appreciation in the value of money under the
operation of the Acts of 1819 and 1844 had been al-
together boat sight of by the Noble Lord. It is no-
torious that a single pound will now command twice
as much of the necessaries and comforts of life
that it would have done in the commencement of the
present century ; or, in other words, the purchasing
power of the nominal pot d" is more than doubled.
14,0001. Lair annum in 18d6 did not enable its fortu-
nate possessor to occupy a better position in society,
or to enjoy greater luxuries and comforts, than halt
the amount, or 7,0001. a.year, would do at the preeent
day. 8,000/. a year was considered amply
sufficient for his Royal Highness the Duke
of GLOUCESTER until the depreciation of
the currency rendered necessary a general in-
crease in official salaries, and in the remuneration
paid to all the dependents on, and servants of, the
Crown. The Duke participated in the benefits ac-
corded to all parties, and in his case, the desire to
meet his wishes, was probably increased by an anxiety
to obtain him, as Consort, for one of the Princesses,
his cousin, many of whom were then unmarried, and
practically condemned by the operation of the Royal
Marriage Act to perpetual celibacy, unless every
eligible party was pressed into the service.
Lord JOHN RUSSELL totally omitted to mention these
unquestionable facts, which would no doubt have had
considerable influence on the guardians of the public
purse, or to remind the House that a Committee is
actually sitting for the purpose of recommending re-
ductions in official salaries, and rendering them more
in accordance with the present appreciation in
the monetary standard. This, then, if not amount-
ing to a suppressio veri, was, to say the
least of it, not exhibiting the candour which
the representatives of the people had a right to expect
from the head of her MAJESTY'S Government.
But there was also an unbroken silence maintained
respecting the statements made when the provision of
3,0001. per annum was made for the Hereditary Grand
Duchess of MECICLENBURGII. STRELITZ. The late
Duke then declared that he would provide for
his daughter during his life, but that afar
his death she would be dependent on the
bounty of the nation. If not positively asserted, it
was at least implied, that after his demise
she would have nothing whatsoever. It was
on that faith that so large a sum as 3,000/. per
annum was granted, notwithstanding the earnest re-
monstrances of JOSEPH Hume. The Duke has,
however, now bequeathed to the Grand Duchess one-
third of his entire property, thus affording a much
larger provision than that afforded by the liberality of
Parliament. It may be said that he had a right to do
what he liked with his own, and dispose of his savings
as he thought proper ; this opinion must, however,
be modified when the successor to his title and ano-
ther child were compelled to appeal to the Legisla-
ture for dotations, while he gave a handsome sum
to a daughter already suitably provided for.

Under all the circumstances of the case, consider-
ing the appreciation in the value of money—that the
Duke applied to his own purposes a moiety of the
6,0001. granted for the use and benefit of Prince
GEORGE, and that he bequeathed a handsome fortune
to his married daughter, although she had been
previously provided for on the supposition that he
could give her nothing—we feel that the public
generally will think that 8,0001. per annum would
have been a handsome and liberal dotation for the new
Duke of CAMBRIDGE, in addition to the remunerative
appointments which he has already received, or may
hereafter receive, through the hvour of his Royal
cousin.

There ie, pahaps, no disputed question of the pre-
sent day of such deep and vital importance to the wel-
fare and prosperity of the industrious classes as that
of "monetary reform," and yet there is none cn
which the great body of the people display a more
unaccountable carelessness and apathy. If other in-
terests should be invaded, they are ready to defend
and prompt. to repel the attack, and even to
carry the war into the enemy's camp ; but
they submit patiently to a gigantic robbery with-
out making a single effort to obtain redress.
If a new tax were proposed, of the most trivial or
insignificant character, a deafening outcry would
forthwith be raised. Its injustice and impolicy would
be depicted in the most glowing colours, and the
people would be excited, throughout the length and
breadth of the land, to demand the downfall of the
Ministers by whom so iniquitous a project had been
matured and brought forward. But measures are
permitted to pass almost sub silentio, the effect
whereof is to double the weight of the exist-
ing taxation of every description, to de-
prive labour of its legitimate rewards, and
to involve the working population in the deepest
distress and misery, and materially to injure all
" who earn their daily bread by their daily labour,"
and whose most earnest desire is to be enabled to
obtain " a fair day's wages for a fair day's work."
This strange negligence is owing merely to igno-
rance. The of iroX),,ot do not understand that a cir-
culating medium adequate to the wants and exi-
gences of the nation is the very life-blood of industry
—that all things languish in its absence, and a
general stagnation of trade will be perceptible.
Prices become so low as
not
production
ceases the cost of production, and, consequently, rodu
ceases ; for men will not maintain theiro
establish-
mentsspecto
and apply their labour and capital in any pur-
suit when there is no longer a reasonable pr
legitimate profit ; and this will be the same, whatever
be the article manufactured, whether corn or calico,
beef or woollens. There will be a great apparent
" cheapness,": but real dearness." For "cheapness or
dearness" does not depend on the nominal price of an
article, taken per se, but on its comparative value
with other commodities, and low prices, as they are
termed, more frequently indicate a scarcity and
consequent appreciation in the value of money, than a
diminution in the value of other goods, occasioned
by a larger supply, or any saving of labour in their
production. "Appreciation,'' is in truth the great
check to production. It carries with it injustice to
" the many," who are speedily thrown out of employ-
ment, if unwilling to submit to large reduc-
tions in their wages, and ultimately it leads to scarcity
and a consequent increase of the actual cost, and
diminished consumption. Persons with fixed incomes,

The lamented death of his Royal Iliglaaess the late
Duke of CAMBRIDGE has afforded an opportunity of
testing the economical-professions of the Whig Go-
vernment. That melancholy event rendered neces-
sary an appeal to Parliament, in order to make a suit-
able provision for the present Duke, better known as
Prince GroaGE of Cambridge, and his unmarried
sister, the Princess MARY. Some anxiety was enter-
tained as to the course that would be adopted by Mi-
nistera in this emergency—whether they would exhibit
a profuse and lavish generosity, it might possibly be
termed "prodigality" by some of those unreasoning
persons who exhibit an "ignorant impatience of
taxation," or decide more in accordance with the
thrifty spirit which is the characteristic of the present
age. The amount at issue was not a matter of very
serious moment. A few thousands per annum more
or less was the utmost extent of margin within which
the question could be decided. Something must be
given that was acknowledged on every side. The
most zealous and enthusiastic financial reformer
would not desire to see so near a relative to the So
VERSION left in comparative poverty, unable to dis-
charge the duties and to maintai❑ the dignity of his
rank and station in society. But any excessive dota-
tion was also to be deprecated, not merely for pecu-
niary considerations, but as indicating the disposition
of the Cabinet on financial questions, as a " straw
thrown up will show the direction of the wind," and
calculated to affect the public mind in no ordinary
degree.

This question is now decided. Lord JOHN Russ=
explained the views and inclinations of the Gevern-
raent on Friday evening, and, so far as the Cambridge
family are concerne, has proved, beyond the possibi-
lity of doubt, the title of himself and his colleagues

such as fundholders, annuitants, placeholders, &c., &c.,
at first receive some benefit from the change, while
matters are in a state of transition, and while the
capital of their neighbours is dwindling away ; but
this can only last while the goose who laid the golden
eggs lingers on, and when the process has continued
for some time the " dividend 3," rents, and "salaries"
will be seriously endangered. The end may possibly
be national bankruptcy and universal confusion.

The late Sir ROBERT PEEL well understood
the vast importance of this subject, although he com-
mitted fearful mistakes in his application of the prin-
ciples. We should be indeed unwilling to repeat the
accusations that had been preferred against the de-
ceased statesman of being actuated by private or per-
sonal motives in the course which he adopted. On
the contrary, we believe that his intentions were
pure—that he thought he was acting for the benefit
of the country—that his error was merely one of
judgment ; and we are firmly convinced that if he
had been spared for a few years longer, he
would himself have been the first to propose a
judicious and equitable settlement of the
question, and have candidly acknowledged the
grave mistllte into which he had fallen. We shall
now quote the words of the late Right Honourable
Baronet, when bringing forward the fatal Bill of
1844, as to the weight and gravity of this all•impor-
tent question. He said :
" With regard to the currency question, there is no
contract, public or private—no engagement, national or
industrial, which is unaffected by it. 'rile enterprises of
commerce, the profits of trade, the arrangements to be
made in all the domestic relation's of society, the wages
of labour, the transactions of the highest amount wad of
the lowest, the payment of the national debt, the pro-
vision for the national expenditure on the one hand, and
the command which the coin cf the smallest denomina-
tion has over the necesasries of Life on the other, are all
affected by the decision to which wo way come on that
great question which I am about to submit to the con-
sideration of the Committee."

This was, indeed, the truth. Recent events have
afforded but too painful a confirmation of the accuracy
of that statement. The commercial crisis which brought
so many mercantile houses, establishments which
it had taken ages to rear up, to the verge of bank-
ruptcy and ruin, and involved all classes in the com-
munity, from the highest to the lowest, in distress
sad difficulty, which was only checked by the virtual
su,pension of the Act which produced, or at least
materially aggravated these calamitous results, clearly
proved the vital importance of the " currency ques-
tion," and its effect on the welfare and prosperity of
the nation.

There is, however, •we rejoice to say, a growing
onaiety to obtain information on this interesting
topic, and fortunately there is no lack of competent
instructors, of zealous, enthusiastic, and well-quali-
fied men who are willing to undergo any labour to
enlighten the people, not for any private or personal
advantage, but for promoting the happiness of the
community at large in the true spirit of patriotism.
We have recently perused with great pleasure, in

the columns of cur tAlented. Contemporary the
Derbyshire Courier, the account of a meeting
at Carleton, near Worksop, at which the Reverend
JouN TWELLS, the re.4pected vicar of Eaton, was re-
quested to attend, in order to explain the real nature
of the currency question, previous to petitions being
addressed to both Houszs of Parliament on the matter.

There was no anxiety to get parties to give their
names in ignorance. We have recently seen enough
of the manner in which petitions have been got up
in various districts—nay, three persons have been
committed to Newgate within the present week
for a breach of privilege in fabricating signatures
to Parliamentary petitions—but the proceeding in
the present instance were very different. Mr.

TWELLS clearly and distinctly explained, and afforded
the most lucid views of the subject.
The reverend gentleman traced the history of
money from the earliest ages, when all exchanges
were effected by means of barter, and the gradual
establishment of an intermediate something for which
all might exchange their commodities, nn d which
might remedy the inconveniences experienced under
the primitivQ system. This was the origin of money,
the common medium of exchange for which gold

and salver gradually came into general use, from
their superior durability, portability, and other requi-
sites. He then showed the effects of any consider-
able change in the relative qumtities of commodities
and of what are termed the precious metals. If the
former were doubled while the money remained sta-
tionary, the effect would be that the price of every-
thing would fall one-half. This would be a matter
of little consequence if there was no " taxation,"
but, unfortunately, the weight of that tax-

ation is doubled by the change, by the

appreciation in the value of money. The
n'a/ wealth and capital of the country has
greatly increased, but their representatives have di-
minished, and the industrious producers of the nation
are now compelled to pay the " interest of a debt,
contracted in paper money, with a high scale of
prices, in gold, and with prices constantly being
forced down to the low price of gold."
We trust that other competent persons will in their
respective districts follow the judicious example
thus afforded them by Mr. TWELLS, who, by coming
for ward at this crisis, and enlightening his neighbours
on this most important topic, has entitled himself to
the marked thanks and gratitude of the community.
To all who are qualified to act in a similar manner
we shall simply say, " Go ye and do likewise."

MONEY and COMMERCIAL NEWS.

CITY, TWO O'CLOCK.

The sales oF Cotton at Liverpool yesterday were esti-
mated at 8,000 bale 9, of which 1,000 American and 500
Brazil were taken for export, and 1,000 American and
1,500 Surat on speculation. The market was steady, but
quiet.—Railway Shares remain very dull.
The loss of the Dutch vessel Vriendschap, in the Bay
of Biscay, has been recently mentioned in the public
journals Her surviving crew were rescued by the Pro-
pontis screw steamer, belonging to the General Screw-
Steam Shipping Company, on her voyage home from
Constantinople. The following letter has been addressed
to the captain of the Propontis on her arrival here, by
the passengers generally :
" London. July 4, 1850.

" Dear Sir,—The passengers of the Propontis, on her
recent voyage to Constantinople, desirous to express
their thanks for your kindness and attention to them,
beg leave, in so doing, to present you with the accom-
panying gold snuff-box, as a mark of their approbation
of your general urbanity and gentlemanly conduct,
united with that nautical skill and promptness of action
in moments of danger which mark the true seaman, and
especially as a testimonial for your having saved the
lives of the captain and remaining crew of the Dutch
vessel Friendship, in the Bay of Biscay.
" On behalf of the passengers,_
" F. TAYLOR, M.D.

" Captain P. P. Brenan."
The Committee of Spanish American Bondholders
have received from the Venezuelan Consul in London
the copy of a lc:ter, of which the following i 3 a trans-
lation:—

DESCENT OF MR. BELL'S VAUXHALL BALLOON...—.
This newly-constructed rerial machine, which ascended from
the Royal Gardew Vauxhall, yesterday, safely descended
with Mr. Bell at ialing, last night, after which it was con-
veyed to London early this morning.
MRS. W. CLIFFORD.—The announcement of the
death of this talented lady, which we copied from a morning
paper into The Sun of yesterday, is, we are happy to say,
without foundation. Mrs. W. Clifford is still alive, but we
regret to learn that her health is in a very precarious state.
The name of Mr. Pigott, M.P. for 11.,!ading, was
omitted in our list of Members present at the Reform ban-
quet given to Viscount Palmerston. _ _

" REPUBLIC OF VENEZUELA.
" Caracas, 20th June, 1859.

" Exchequer-eilice,
" Ist Section.
" Sir,—By this dispatch orders hale been given to the
General Treasury to remit by the next packet, which is
to leave La Guayra on the 22d inst., or by the following,
the sum of 81,250 dollars, or 12,5001., at the exchange
of 6 50, which amount will be sent iu bills on London in
favour of the Governor and the Directors of the Bank
of England, and directed to the Committee of the Vene-
zuelan Bondholders, for its delivery and deposit into that
establishment in the name of the Republic.
" The said amount, and the amounts that may be re-
mitted in future, are intended for the payment of inte-
rest of tho foreign debt in the ensuing financial year of
1850 and 1851, which will be (fleeted in due time by the
agency provisionally composed of you and Messrs. Baron
de Goldsmid and John Distin Powlee.
' "Be so good to ley this communication before the
committee, of which you are a member, that they may
be inforrned of the said remittance, its deposit, and pus-
pose.—l am, &c.,
(Signed) " VICENTE LECITNA.
" J. Milligan, Esq.. Consul for Venezuela in London."
The editor of the Gave Gazette says, that some time
during last summer his attention was attrected to a
small 1 ike, about three miles from the office of the
papsr, the bed of which was e perfect white substance,
the iehabitents making use of it for putty, whitewashing
their houses, &c. A specimen of this substance having
been analyzed by T. S. Hunt, Esq., geological chemist,
it has been found to be a pure carbonate of lime, re-
markably free from all foreign ingredients, and capable
of being used on all those occasions for which whiting is
applied in the arts, particularly adapted for putty and
gloss-making, bleaching, and other chemical purpo,e:;."
As a manure, its effsets are slides) be highly beneficial.
A few tens of it, the Gazette informs us, are about being
shipped to glebe° and Montreal, for the purpose of in-
troducing it to the Canadian public.
The Funds are without alteration, and steady. Con-
sols, 96i 4 fur Transfer, and 4- for Account. The
New Tnree-and-a-Quarter per Cents. have be...a 981 to
99, and the Three per Cents. 97-4- to 'Bank Stuck has
bean marked 211* to 212. Exchequer-bills are 675. to
70e. premium. 'rile Danish news is still the chief thing
that excites attention, but the dispute between Portugal
and America seems to grow worse.
In Foreign Stocks very little in doing. Portuguese
Four per Cents are ; Spanish Three per Cents. are
nominslly 37 to 37i ; Peruvian Five per Cents. have
been 81 ; and Brazilian Old Bonds are 921 ; Dutch
Two-and-a-Half per Cents. have been 57/.
Railway , Shares hate been heavy again, but the
foreign lines are buoyant.

Colonel Watkins paired with Lord Arthur
Edwin Hill, from Friday, the 19th, till Tuesday, the 23d, in
favour of the Attorneys' Certificates Bill. _

REGATTA AT LOWESTOFT.—On Monday an im-
mense attendance of visitors from Yarmouth, Norwich, and
most of the towns in Norfolk, Suffolk, and Cambridge, was
drawn to Lowestoft, to the regatta, and to inspect the nu-
merous attractions which lend that delightful watering
place such unprecedented charms in the eyes of all tourists
and residents in the district. It is only within the last two
or three years that railway and other facilities have rendered
Lowestoft accessible to the public ; and within that period
its popularity has been extraordinary, and its substantial
prosperity not less so. Upwards of 14,000 persons, of nearly
every rank in life, poured into the place on Monday, equally
to the benefit and gratification of the inhabitants, whose
local pride was not a little augmented by the fact of the
prize yacht of the day, the Fanny, having been built on the
spot and sailed by her owner, Mr. William Clay, long known
and respected in the neighbourhood, from his connexion with
the Eastern Counties Railroad. In the evening about 100
gentlemen sat down to a splendid dinner at the Royal
Hotel, one of the numerous and beautiful structures erected
by Mr. Peto, DI.P. for Norwich, to whom the singularly,
rapid success of Lowestoft is principally due. In his ab-
sence through indisposition (though he and his family were
at the regatta, as were nearly all the resident gentry for
miles around), the chair was taken by Mr. Roney, secretary
to the Eastern Counties Railway, under whose able presi-
dency the festivities of the night were brought to a close
with an eclat in every way befitting the unalloyed enjoy-
ments of the day.

The American ships in the Thames and the docks
yesterday had their colours at half-mast, out of respect to
the memory of the late venerable President General Taylor.
The death of General Taylor created a great deal
of talk on the Liverpool 'Change yesterday, and the general
feeling was that of sincere regret.
MADRID AND -VALENCIA RAILWAY.—NO appear-
ance had been made or money paid on behalf of Mr. Chad-
wick, in compliance with the peremptory order in this mat-
ter, up to the closing of the Master's office at the usual hour
yesterday.
DISCOVERY OF A SILVER MINE AT TYTHER-
INGTON, GLOUCESTERSHIRE. -The inhabitants of the parish
of Tytherington, near Thornbury, Gloucestershire, are in a
state of high glee, in consequence of the discovery of a silver
mine in that locality, which is said to promise a consilerable
yield of the precious metals. A surveyor has made a minute
examination, and it is stated that on the strength of his re-
commendation some capitalists from the metropolis propose
working the mine.

FALLACIES; TU NOTECTIONISTS.—It has been
repeated uncle ad nauseant by the Duke of Richmond and the
wise-acres who put their faith in him, that however prospe-
rous may be the state of the manufacturing districts, iu con-
sequence of the adoption of the system of free trade, the
agriculturists, whether owners, occupiers, or labourers, were
never in so distressed and ruined a condition. The state of
the union house is admittedi on all hands to be an un-
erring test of the prosperity or distress of an agricultural
district. We extract the following paragraph from the
Somerset County Gazette, and premising that Taunton is the
capital of a district purely and exclusively agricultural, we
leave our readers to judge of the reliance that may be placed
on the noble croakers who are attempting to raise the cry of
agricultural distress. The Somerset County Gazette says—
" On the 17th July, 1849, there were no fewer than three
hundred andTauntoneiurtnh,rmeeadpeauuppetrhseilnatthheoljul3,,
oUwendiotnh.e
num-
ber This
year the r
the house to be one hundred and
feature. Activity
during the past week present accounts of the state cf trade in the provinces
prevails seTe
nobtfeyp.saiuxpeorisi
• a trade, but is LI 1s) observab'e in the
confined to the .oreig
neekin no new
• l- evervwhere, and the improvement is not merely
home demand.

LONDON, TUESDAY EVENING, JULY 23, 1850.