The Sun.
London, England, 1844-11-01 00:00:00

bvning :.-4t,Atatt

LONDON, FRIDAY, NOVEMBER 1, 1844.

In the Number, just published, of Fraser's Ma-
gazine there is an article headed " The Landowners
and the Labouring Classes," a subject which of late
has attracted public attention in no ordinary degree.
This article is remarkable on two accounts. In the
first place, it is singularly just and even liberal in its
tone, and divested of anything like party prejudice;
and secondly, it makes its appearance in a periodical
which has long been conspicuous, not only by its
Toryism and its ardent sympathies with the agricul-
tural Monopolists, but also by the fierce, uncompro-
mising spirit in which it has on all occasions enforced
its opinions on these matters. Now, however,
it would seem to have altogether changed its tone,
and to have found out at length that the extreme
Tory sentiments which it has maintained for so many
years, can no longer be upheld with safety. It has
now become quite moderate in its notions ; can per-
ceive faults in the landowners where it before saw
nothing but excellence, and even goes the length of
recommending them to follow—as regards their pea-
santry—the example set them by the so much vilified
manufacturers in their conduct towards the operatives
in their employ. This is a great stretch of candourfor
so decided a party journal as Fraser, and we hail it as an
unequivocal manifestation of the increasing liberal
tendencies of Toryism. We quote one or two of the
passages that have most struck us by their truth
and frankness. "If we have ever been among the
number of those," says Fraser, " who held up the
landed aristocracy as objects of imitation to the
cotton-lords, we are now constrained to reverse the
picture, and to recommend to the owners of the
soil the adoption, as far as may be, of a course on
which the owners of mills and manufactories seem
fa

rly to have entered. Not that we charge
be country gentlemen with indifference to
heir great duties. We have already said that
everywhere in the rural districts a general disposition
has sprung up to forget class interests and class pre-
judices in the great work of elevating the national
character. But the misfortune is—and perhaps at the
outset it could-not be otherwise—that all this stir on
the -part of landlords brings them into more intimate
coramunion only with their tenantry. The poor
peasant derives no advantages, either physical or
moral, from the improvements that are in progress.
More work is not found for him—better wages are not
paid to him. No living soul appears to care for
him, except at those annual gatherings when, with as
much ostentatious show as kindness, he is paraded
before a company of landowners, land-occupiers, and
clergymen, to compete for some paltry prize. Con-
trast with this the behaviour of the millowuera at

Leeds and Manchester towards their work-people!
See how considerately the latter are beginning to be
treated ! No middle-men stand between them and
their employers, except so far as the necessities of
business compel ; and in all their more rational amuse-
ments the master manufacturers join them. The
consequence is a continuous and steady elevation of
character everywhere. The landowners must bestir
themselves. They, too, have a great part to play in
the national revival which has begun, and if they do
not enter upon it at once and vigorously, their good
name must suffer." Who would have dreamed, but
two short years since, that a high Tory periodical would
have held language like this, and recommended the
example of the manufacturers as worthy to be imitated
by the landowners. The passage is in every respect a
remarkable one, and gives undeniable proof of the
power of events and circumstances to flash conviction
even on the stubborn mind of Toryism. We now
find it admitted by an enemy—a just and conscien-
tious one we must confess—that the great cotton-
lords are by no means the hard, selfish, mer-
cenary wretches that self-complacent Monopoly
has so long represented them to be; that
they do not stand coldly and haughtily aloof from
the numerous work-people in their employ, or treat
them as mere senseless machines, fit only to be used
for the purpose of making money; but, on the con-
trary, that their conduct is so considerate and kindly
—so devoid of all upstart arrogance and assumption—
so marked by an unassuming show of courtesy to-
wards the operatives, and a sincere wish to
elevate them in their own esteem—that the land-
owners cannot possibly do better than adopt the
same just and beneficent course of policy towards the
peasantry on their estates. We cordially agree with
Fraser that the time is at length come when " the
landlords must bestir themselves." They have been
talking of it long enough, they must now set to work
in right earnest. It is not by making showy speeches
in Parliament that they will be able to effect
any substantial good, but by going personally among
the peasantry, acquainting themselves with their little
wants and wishes, treating them with a kindness and
familiarity that shall have nothing of lofty condescen-
sion in its tone, and assisting them to the utmost of
their power whenever they require and deserve assist-
ance. The Allotment system is good, so far as it
goes, but it is an instalment only—and can be re-
garded in no other light—of the heavy debt that the
landowners have long owed to the peasantry. The
very forbearance and exemplary patience which the
latter have manifested during their long night of
suffering should plead trumpet-tongued in their favour,
and quicken every generous emotion in the breast of
their superiors. We most fervently hope that the
hour is not far distant when they will in some degree
be compensated for their terrible Trivations, and be-
come again what they 'once were, and ought always
to have. been, " their country's pride," instead of its
opprobrium.

Every day brings with it, to our mind, increasing
confirmation of the apprehensions we have not
ceased to express with regard to the operation of the
Premier's Bill for the so-called " Regulation" of the
Currency--from its first announcement. We have
very lately endeavoured to urge upon the serious at-
tention of our readers the growing disproportion
between the circulation which the supporters of the
measure have assumed to be sufficient for the
enormous transactions of our home and foreign
trade, the ordinary other demands of social inter-
course, &c.—and the new and multiplying channels
through which the energy of speculation is now en-
deavouring to diffuse our hitherto undeveloped capi-
tal. The immense works connected with railway
lines, whether perfected, in progress, or still uncom-
menced, appear to be the favourite directions into
which that capital is tending. And there is nothing
wonderful in this fact. At a time when the financial
policy of the Government has reduced the interest of
the public debt so extensively, and on so many
classes of Government securities, it is natural, that
they who have money to invest (especially when the
sums to be invested are but small ones) should
prefer those concerns which, by the daily lists of the
share and money market, appear to yield the best
returns. Thus, the extraordinary premiums of from
75 to 100 per cent. now paying on original shares
of the three most powerful railroad associations,
operate as a direct inducement with persons whose
limited capital renders them more anxious to secure
a large interest for it, in the shape of share divi-
dends, than considerate of the disadvantageous—be-
cause exorbitant—terms, on which they invest their
principal. The very facts that recommend such in
vestments to their selection ought, in a prudential
view of the matter, to operate with them to select
other lines, shares in which can be obtained at the
far more modest premium of some 2 or 3 per cent.,
which is commensurate with their smaller scale or
more limited revenue. It is, however, quite indis-
putable that this preference for the shares command-
ing such extraordinary premiums is, primii fade,
justified by the confidence and patronage bestowed
on them by the public ; the grand and even magni-
ficent system on which they are administered ; and
the vast and permanent market they furnish for cer-
tain descriptions of our industrial and mechanic
labour. No such considerations can fairly be predi-
cated of those immense railway lines on the Conti-
nent, executed, or in course of execution, by English
contractors, however profitably they may have re-
munerated, or may promise to remunerate, their
undertakers. In these latter instances, it is too gene-
rally the case that there is a vast efflux from this
country of British capital, subscribed by British
shareholders, which is rapidly absorbed by the wages
of foreign labour, expended in foreign countries, and
but slowly and disproportionately returned to the
limited number of individuals here who are benefited
as iron-masters or constructors of locomotive ma-
chinery. The return through the contractors them-
selves will probably be slowest of all. They will
have but little capital to remit and invest at home,
pending the construction of works which must de-
mand, until they be completed, the almost entire de-
votion of their time and means, either in the per-
sonal discharge of their contracts, or the personal
supervision of those who execute them, on the spot.
Let the amount of British capital thus diverted, or
locked up, or impounded, as it were, from British
circulation, and carried off in bullion, or exchanged
against it, on the Continent, be taken into account,
together with the demands of the new forty railway
lines just now candidates for public approval and
sanction, and what will be the extent of the conse

quences that must ensue upon any groundless panic,
or other possible event, that may have the effect of
producing a temporary depression and discourage-
ment of railway stock ? We tremble to contemplate
it. The day, however, will come, when the pres-
sure from this single source alone—on a currency
which is committed to the disorganising action of a
standard cheap price of gold, irrespective of its
scarcity or abundance, and the effect of either of
those conditions on the prices of all other commodi-
ties ;—when this pressure, we say, will be felt in
tremendous force. The last week's return of the
Bank stock of gold and silver bullion showed a
formidable decline in quantity, as compared with its
amount a week or two after the passing of the Bank
Charter Renewal Bill, of something like four mil-

lions sterling. And again, the price of gold-does not
appear to fall at Hamburgh or Paris in the propor-
tion which might have been theoretically anticipated
from the large exports of silver within the last ten

days to Rotterdam, Hamburgh, and other foreign
ports. The truth seems to be, that, notwithstanding
the apparent improvement which has been taking
place in the general aspect of our trade for some time

past—the causes are already at work which will pre-

cipitate the testing of those disastrous fallacies in the
Premier's currency policy that are fraught with ulti-

mate ruin to the whole industrial classes of this coun-

,ry ; to that very commerce, the interests of which

the infatuated Dremier supposes he is upholding by
his Bill of pains and penalties against the better re-
presentation and more easy transfer of property or
capital; and to all the legitimate markets of trade or
employment in which it. ought to have been his aim
and his gratification to secura to the honest artisan or
labourer "a fair day's wage for a full day's work."
Instead of this, h' has done his best to crush and

keep down wages ; to lower prices to the standard at
which cheap gold would keep them ; and by that
means to throw upon the overburdened shoulders of
the famishing operative producer, and the agricul-

tura labourer, three-fourths of all the bimense

amount of indirect taxation levied in the United
Kingdom!

Madrid journals of the 24th ult. have been received.
They contain an outline of the speech made by
MARTINEZ DE LA ROSA, the Minister for Foreign
Affairs, which puts at rest the inventions of a Paris
journal about a reconciliation between the royal
family and Don CARLOS. He declared with much
emphasis that never should Don CARLOS and his
family return to the palace of her MAJESTY through
any intrigue. This declaration must produce the
effect of setting at rest the thousand vague conjectures
which have been hazarded as to the bearing of the
article of the Reform Bill relative to the marriage of
the QUEEN. The Government, he added, were
perfectly well aware that the Exaltados and the
Carlists were conspiring both within and without the
country, but every necessary precaution was taken to
prevent the accomplishment of their designs. He
added, that the Ministry had thought it their duty
not to introduce into the Speech froni the Throne
any question which was not a sort of programme
of their official intentions and the steps which
they meant to pursue; they wished thus to
place a barrier to discussion. They hoped to con••
solidate the peace of the country, and to establish
those organic laws of which it stood so much in need.
The intention of the Government, he said, was to seek
for their arms in the arsenal of the laws, and not in
that of revolution. The Government had not consi-
dered it their duty to make any special mention of
the See of Rome, although it should not be supposed
from that that the Government were indifferent to
such a grave subject. Steps had been taken to re-
establish political relations, and relations of a su-
perior order, which it was important to make in a
firm and stable manner, and beyond the influence of
passions and policy, because their character was im-
mutable. These relations ought to exist between the
' visible head of the Church and a nation eminently
Catholic. The Government would endeavour by
every means in its power to effect a sincere and ho-
nourable reconciliation, for the Government had two-
fold duties to perform, conciliating at the same time
the rights and wants of the nation with the preroga-
tives of the Crown. He was happy to announce that
those relation: were likely to be established. With
regard to the remarks of an Honourable Member, that
the congratulations on the termination of the affair of
Morocco were premature, he would observe, that the
Emperor of MOROCCO had given to Spain all the sa-
tisfaction and the indemnities which she had demanded.
Relative to the same subject, the Minister of
Grace and Justice, and the Minister for Foreign
Affairs, said that it was necessary to remove all hope
from the partisans of Don CARLOS until they should
have fully submitted themselves to the Government
of the nation.

The Chamber of Deputies did not sit on the 24th,
but in the evening there was a meeting of members
opposed to the new Bill, when they could muster only
eighteen.
Accounts have been received this day from Madrid
of the 25th, but they bring nothing fresh, if we except
a rise in the funds.

Upon the Madrid Exchange of the 24th the Three
per Cents. were at 26f for ready money, and at 26i
at 60 days ; the Five per Cents. at 20, at 60 days.
On the 25th the Three per Cents. were done at 278 at
60 days; the Five per Cents. at 20k, at 60 days; and
the Floating Debt of the Treasury at 631, at 60 days.

The Journal des Debuts announces with evident
satisfaction that on Tuesday, the 29th of October, the
anniversary of the accession the power of the present
Ministers, all the Members of the Cabinet dined with
the KING at St. Cloud. The Ministry, therefore,
has entered on the fifth year of its existence—an age
which no French Cabinet since the July revolution
has attained. The occasion furnishes to the Govern-
ment journal a good subject for congratulation, and
certainly, when we contrast the excited state of
France at the fall of M. TRIERS and its present
peaceful and prosperous condition, everything is in
favour of M. GUIZOT'S administration. The same
journal then adverts to the state of Spain, which
does least honour to the policy of the pre-
sent Cabinet. It was a wanton, underhand inter-
ference with a neighbouring people, and may yet lead
to the most serious consequences. When that journal
seemed disposed to blame MARTINEZ DE LA ROSA
and NARVAEZ for remodelling the Constitution, and
especially for abolishing that part of it which ac-
knowledged the sovereignty of the people, we attached
not the slightest importance to its remarks. It was
all for the purpose of keeping up a show of impar-
tiality till the proper time should come for recognising
the new measure. That time appears to. have arrived,
and the Ministerial journal, though ostensibly not
much in love with the new Charter, yet lets the affair
drop away quietly, by saying that " after all, the
Spaniards ought to be the best judges of their own
affairs." It at the same time asserts, that the pre-
tended treaty between the POPE and Queen CHRIS-
TINA, which we copied from the National, is a " mere
fable." We thought as much at the time. Fabri-
cated documents may effect their object in a despotic
Government, such as that of NAPOLEON, where no
contradictions were allowed. In these days the
National will find the effect very different, and by
such mendacious arts only merit a title which all
honest, and even dishonest, men abhor. The follow-
ing are the remarks in the Journal des Debuts, to
which we refer:—

" The Committees in the two Spanish Chambers have
proceeded seriously and quietly to discuss the newly
proposed constitutional reform. Out of doors the same

ariquillity prevails, notwithstanding all the endeavours
made to disturb it. We have no more admiration to-
day than we had yesterday of what is passing in Spain ;
but, after all, the Spaniards ought to be the best judges
of their own affairs, and it appears to be certain that the
Bill presented by the Government will be passed by a
large majority. We may naturally expect a number of
exaggerated reports as to the state of the public mind,
particularly in the provinces, to be put in circulation ;
but hitherto all attempts to excite agitation have com-
pletely failed. Projects of reaction are attributed to the
Spanish Government, which, if they had any foundation,
would be most insensate, and a French journal goes so
far as to publish the articles of a treaty which it pre
tends to have been concluded between the present Go-
vernment and Don Carlos, on the occasion of the pre-
sumed marriage between Queen Isabella and the Prince
of the Asturias. According to our own information, we
may safely affirm that there has not been any idea of
such a union, and, consequently, that this pretended
treaty is a mere fable. On the contrary, it should seem
that the Congress Committee has proposed, in accordance
with the Government, to add to the Bill an article ex-
pressly precluding the Sovereign from contracting mar-
riage with any person directly excluded from the suc-
cession to the Crown. In truth, the Bill is already
strong enough without the addition of any factitious mat-
ter, and attempting to render it worse than it is, will only
make it appear the better."

The National has another furious article against
the new Spanish Constitution, and throws all the
blame on ➢t. GUIZOT. What absurdity in this
journal to come in after the death, without making
the slightest attempt to vindicate the independence
of Spain, when it was invaded by Spanish refugees
from France. Its national vanity, no doubt, was
soothed by seeing Frenchmen exert such influence in
Spain ; and now it attacks M. GUIZOT, not from any
generous impulse in favour of freedom, for of that it
is incapable, but solely to annoy a Government
that has the honesty and skill to keep it and other
firebrands under salutary control. These papers con-
tain no domestic news. In fact, France is at present
perhaps, the most peaceful and contented nation in
Europe. Loins PHILIPPE and his Cabinet may,
therefore, look back on the last four years with no
ordinary feelings of joy and exultation.
THE BOURSE--WEDNESDAY, OCT. 30.

First Highest Lowest

Last

Price. Price. Price. Price.
French Five per Csnts ..
Three per Centa B2 20 .. 82 20 . • 82 .. 82 05
Bank of France •. 3070 —3070 3070 •.3070

Laffitte Bank, I,ooof. Sharesloso ..1065 ..1050 .. 1065
5,000 f. Sharessooo —5005 ..5000 .. 5005
Belgian Bank ..• .•••. •• •• 655 .. 655 .. 655 .. 655
Belgian Five:l,lB4o 1031 •• 1031 .. 1031 •• 1031
1842 ••• • • . 1051 .. 1051 .. 1051 .. 105 k
Spanish Threes 35 .. 35 .. 341 •• 341
Portuguese Five per Cents b 3 53 •• 53 •• 53
Neapolitan• •• . •• • •• • •• 98 75 .. 98 75 .. 98 75 .. 98 75
Rowan ....