The Sun.
London, England, 1844-07-16 00:00:00

damaging. that was ever delivered " in support" of a I
Bill in that assembly. Yet even in his Lordship's
address we find abundant matter for curious specu-
lation connected with this Bank and Currency
question, and certain important aspects under which
it had not occurred to those who took part in the dis-
cussions of last month and of May, in the Commons,
to regard them.
From the Earl of RIPON, an old disciple of the
bullionists' school, and intimately associated with the
opinions and objects of Mr. llnsitissoN, we were, of
course, prepared to expect the most favourable opi-
nions of Sir ROBERT PEEL'S Currency Bill of 1819 ;
on " the great principles of which" the Noble Earl
informed their Lordships the last charter to the
Bank of England had been granted. It is
curious, however, to observe how completely
Lord RIPON establishes the fallacy of the
assumptions on which that disastrous Act was
founded, .which is yet the theme of his eulogy, and
of which the Bill now before the Lords is the "final
complement," by his own admission of its failure as
a working experiment. Could any more cogent
reason have been assigned for forbearing to carry out
its final " complement ?" In the first place, the
Noble Earl (in language so elaborately guarded that
his early political friend and leader Mr. CANNING
might himself have dictated the passage) "thinks he
is justified in saying that the principle of the Bill of
1819, which rested everything upon the convertibility
of paper into gold, does not appear to have had the
effect of preventing injurious and excessive fluctua-.
tions. Why, such a dead mistake did the Bill of
1819 turn out to be—that Bill which Sir ROBERT
PEEL predicted was to ensure us a constant adequate
supply of bullion, and permanent convertibility of paper,
—that (says Lord RipoN) "in 1826 the amount of
bullion in the coffers of the Bank was so low that
some persons apprehended that the time was near
when it would have none at all ; but it fortunately
happened that, shortly before this critical period the
exchanges had become favourable. Many persons
who looked upon them as indicating the actual state
of the money market, became convinced that the tide
had turned." But, with all submission to these far-
seeing authorities, neither the alteration in the foreign
exchanges, nor the circumstances which induced
them to believe that the lowest ebb of the gold efflux
was now reached, saved the Bank of England from
bankruptcy. These were not the proximate causes of
its rescue; and we all know that in matters of such
vital urgency as a crisis of this kind, it is only proximate
causes which it imports us to detect. A distant phy-
sician, with the reputation and skill of Esculapius
himself, is of no use to a patient whose moments are
numbered, and who can only be saved by instant
succour. Accordingly, Lord RIPON licknowledges
" so critical was the state of affairs"—(in spite, ob-
serve, of the improvement in the nominal notation
of foreign exchanges, and the favourable impres-
sions of the sagacious gentlemen who watched them)
—" that the very morning on which the Bank Direc-
tors thought they would be called on to pay their last
sovereign" (under this admirable gold guarantee
Bill of 1819 !), " there arrived at Dover a consider-
able quantity of sovereigns, which had been, in the
previous years, when the exchanges were against us,
exported to France in the way of merchandise. That
supply arrived at the critical moment, and the appre-
hended stoppage did not take place."
So much for our suicidal folly in enforcing by
statute,ato the extent of PEEL'S Act of 1819, this
charming principle of convertibility of paper into
gold at a fixed standard price ! We make it
imperative on the great currency manufactory
of the country to be prepared with gold, where-
with to defray all, or any part of, its paper
issues in demand. We adopt this measure, on the
plea and assurance of its wise author, that its direct
tendency will be to control those exchanges ; and (by
rectifying their tendency to turn against us) to keep
our gold in the country. But the foreign exchanges
—unlike the House of Commons—have a will of
their own, and little regard for the sagacity of the
Minister who talks of regulating their action. They
do turn against us. The gold flows rapidly away from
the great currency manufactory or depOt. Its hoard
declines from week to week by millions. Well, the
foreign exchanges, irreverently quizzing the mone-
tary nostrums of Sir ROBERT PEEL, amuse them-
selves by rising and falling again. Alas ! for the Bank
of England ; no corresponding tide of Pactolus flows
into their emptied cellars. The exchanges, unlike
the moon, exercise no certain or sensible attraction
on the tides of—bullion! The Threadneedle-street
manufacturers are at their last gasp—the curtain is
about to drop on the tragic close of their exist-
ence—when lo! their good genius in this exi-
gency (dignus vindice nodes) arrives to save them—
not in the fragile form of a k[amburgh " Price
Current," or a Table of the Foreign Exchanges—
but in the substantial reality of a Dover clipper, full
freighted with golden sovereigns. On the failure of
the Ministerial expectations, formed by the Govern-
ment in 1826, of the remedial consequences that they
anticipated from the formation of joint-stock banks,
their successors in administration discovered, from
the experience of 1832, 1836, and 1839, "that the
mere convertibility of paper into gold was not a secu-
rity against these fluctuations."
And yet to this destructive, clumsy, uncontroll-
able machinery for regulating our monetary
system, thus proved to be radically vicious in design,
and incompatible in its working with the "great princi-
ple" which it was devised expressly to effectuate, Sir
ROBERT PEEL is so spell bound, after having received
all kinds of magnetic passes from his professional
adviser, Mr. JONES Lori), as to propose
giving further extension, by the still more
mischievous " final complement" now before
the Legislature. In this " great principle" of
deception is found the principle of the Bill of
1819. The vast majority of the House of Commons
have been also so effectually mesmerised, as, defying
the evidence of their own blunted senses and percep-
tions, implicitly to confide, for a means of escape
from those tremendous difficulties and dangers which
are indeed at hand, but which would have no present
existence were that principle disincorporated from
the statute-hook, to this " final complement."
On a future occasion we shall advert to the more
important features of this instructive debate, espe-
cially Lord MON TEAGLE'S objection to the proposed
limitation of the Bank issues ; to Lord ASHBURTON'S
references to • the opinions formerly advocated by
himself on the subject of a double standard of gold
and silver; and to Sir R. PEEL'S erroneous version
of the Acts of Parliament making silver a legal tender
within a given amount only.

Accounts from Madrid of the Bth state that pre-
parations were still going on for the Morocco war,
and that orders had been sant to the Governor of
CEUTA to place that fortress in a respectable state of
defence. The regiment of Galicia, which is to form
part of the expedition, left Madrid on the 7th, another,
the regiment of Baylen, followed on the Bth. The
editor of the Historiador, an Opposition paper, was
dragged out of bed on the night of the 7th, and
thrown into prison for some remarks in his journal
on the political chief of Madrid.
The Three per Cents. were done at 25 for cash,
and 26k at 60 days, and the Five per Cents. at 20.

On Sunday afternoon the French Government re-
ceived the following telegraphic despatch :
BAYONNE, JULY 13.

The Cortes are dissolved by a decree of the 4th, inserted in
the Gazette of the 10th. The electoral colleges are convoked
for the 3d of September. The general ballot is to take
place on the 14th. The new Cortes are to meet on the 10th
of October.
Another decree of the 4th re-establishes in the Basque pro-
vinces the deputations and municipalities according to the
Fueros. The general juntas are shortly to assemble, and to
appoint Commissioners to settle with the Government 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 Montes
de Oca from Victoria to Madrid.
Accounts from Algiers of the sth inst. have
reached l'aris. The troops of Marshal BUGEAUD re-
mained near the Morocco frontier, and the Prince DE
Joiriviri.r•. was in communication with the Marshal,
who it was under,tood would not commence opera-
tions without further orders from the Government.
A general feeling prevailed at Algiers that the affair
would be amicably settled, and the following paragraph
which appears in some of the French papers published
in the South, is therefore probably correct :--," It was
reported on the 10th in the Salons of Toulon, gene-
rally well informed, that the Emperor of Moßocco
had acceded to all the conditions required by France.
The expedition had been accordingly recalled, and it

was even expected that the Prince DZ Jorsvu.LE
would return to France in the course of next week."

No business of any importance took place in the
French Chambers on Saturday.

The papers are almost entirely filled with reports
of the trial of Madame LACOSTE, which promises to
be a long and heavy affair.
The Augsburgh Gazette of the 10th inst. publishes
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 TORTONI'S
were 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 may say of the publication
in general, that we know of no work on the registra-
tion of voters, which contains so much information in
so small a compass.

THIS DAY'S NEWS.

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 Centi. closed at 261 cash ; Five per
Cents., 20j; Paris, 81f. 95e.; Actives, 33i.
The affairs of Morocco excite no alarm.—Times.

MONEY AND otiMMERCIAL NEWS.
CITY, QUARTER TO THREE.
The Cotton Market at Liverpool yesterday was rather
quieter, and prices were not so firm, the supply being larger.
Sales about 4,000 bales. Railway Shares were better, and
an average business was done at these rates :—Eastern
Counties, 12; Grand Junction, 214; Ditto Ilalf, 107
London and, Birmingham, 2`23; Ditto Quarter, 254 ; North
Midland, 99 ; Ditto Half, 494 ; North Union, 934 ; Paris,
Lyons, and Orleans, 38 ex div.
There was a topic refer7Cd-to in the House of Commons
which excites great dissension among those interested in
the welfare of the East and West Indies and the Mauritius,
namely, a well-organized emigration of hill coolies from
the first to the two latter appendages of the British
Crown. That labourers are extensively wanted in the
West Indies is notorious. Those coolies who have visited
the Mauritius have, as a body, been well pleased with
the results that have followed the exercise of their labour,
and in many instances have returned to their homes with
small fortunes. Then, as to the expenses of deportation, no
doubt is entertained by practical men that it ought not to be
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
Havannali, just before the last advices front thence were dis-
patched :
" Our intendent, in consideration of the calamitous conse-
quences of the drought; which, until lately, has been expe-
rienced throughout the island, has decreed :—Firstly, That
from the 10th July until the end of the present year, the fol-
lowing articles shall be admitted upon paying half the pre-
sent rate of duties, viz.—Maize, corn-meal, beans, potatoes,
and rice ; and that sweet potatoes, yams, and plantains, shall
be free of duty. Secondly, That the ports of Cardenas, Marie],
and Sagua la Grande, shall be open for the importation of the
above articles; also that junk beef, and salt fish, may be im-
ported at said ports upon paying duties specified in our tariff.
Further, that Batabano, upon the south coast, directly south
of Havannah, at the termination of the Havannah railroad,
shall he open for the importation of yams and plantains."
The Funds have to-day been very firm, and there is a
steady business doing. The settlement on Ftiday causes
some inquiry for stock. Consols fbr immediate transfer have
been quoted 994 to 4, and for Friday the same. Exchequer
Bills are up again, being 76e. to 795. premium. Bank Stock is
firm at 1994 to 280; and India Stock at 2844 to 2854. The
New Three-and-a-Half per Cents. are 102 to 4, and the
daeryCents is going off easily, money. are 22 to and the
4 8,
Three per Cents. 1004 to 4.
T Three per f r e iCents. andtoe P
334 have dropped to 33 and 324.
Mexican Bonds are quiet at 36 to 35
being
h cheap.ognsettlement
Spanishfo m
33},
j 4, and Brazilian firm at
80 to 82. Dutch Five per Cents. realise 1014 to 4.
The Railway Shares have been a little firmer, Great
Western having advanced. South-Eastern are better sup-
ported, and also Birmingham. A moderate business is doing.
BRITISH FUNDS
om T
the HIS
Official List.)
Bank Stock 1994 200 199)6
3 per Cent. Reduced Annuities ,»„•,»,».»,«,, i
3 per Cent. Consols. Annuities 993()%
334 per Cent., Reduced Annuities IO2X les
New 3% per Cent. ....... 1021/2
Long Annuities, Expire sth Jan. 1860 1234
India Stock
India
Ditto under .......
South Sea 5t0ck.......
Ditto Old Annuities
Ditto New Annuities 9B
Consols for Open ng 993004
Exchequer Bills, 15(d. 1 y4d
1,0001. ..... ..... .4••••• ..... 76 79 pm.
Ditto ..... ..... 78 771 pin.
FOREIGN FUNDS THIS DAY AT ONE O'CLOCK.
Belgian Bonds, 5 per Cent 1043(
Brazilian Bonds, 5 per Cent.
Ditto New Bonds, 1829 and 1839. B2
Ditto New, 1813 lBO
Columbian Bonds. 13%34
Mexican Bonds, 1837, 5 per Cent, a.... 35 3576
Ditto Deferred Stock. l6
Spanishi Bonds, Five per Cent 11340 22%%
Ditto for the Account. 22%
Ditto Passive Bonds. ....... ..... ........
Ditto Three per Cent ........
Ditto for the Account .......
Dutch 5 per Cent 5........... .... .......... 101%
PRICES OF SHARES THIS DAY AT ONE..
RAILWAYS. PAID. PER SHARK.
Birmingham and 100 .... ..... 69
Birmingham and Gloucester lOO 99
Bristol and Exeter 7O 7634
Dublin and Ca5he1...............
Eastern Counties ..... 23
Ditto New Registered Si. 6s. Sd
Ditto Perpetual 5 per eent l3s 4d.... 1
Edinburgh and Glasgow ............ 50
Great Western .... ....... ............. 75 127
Ditto )6 Shares ..
London and Birmingham. lOO .984 ........ to 225
Ditto New Thirds 2 ..... 37i to
Ditto Shares
London and Brighton 50 46% ...... to
London and 12% ~„„ "06% to
London and Greenwich (Preference) 18%
London and Croydon
Midland Counties lOO 99 to 98%
Newcastle and DarlingtonJunct. 21 ..... 38% to :is
North Midland ..... ....... 100 .. ... 95% .••••• to
Sheffield and Manchester
South Eastern and Dover ..... 3236 361434 •••• !1) 3634

Ditto New ---
4 Mr to
Trent Valley
MANCHESTER STOCK EXCHANGE, JULY 15.—There has
been more activity in our market to-day, and a fair amount
of business done, at the following quotations :—Eastern
Counties, Registered, 14; Ditto, Perpetual, No. 1, 325. 4d. ;
Manchester and Birmingham, 56 ; Manchester and Leeds,
Half Shares, 44i ; Sheffield and Manchester, Quarter Shares,
10 ; Huddersfield and Manchester Canal and Railway,
325. 6d. and 30s. premium ; Lancaster and Preston, New
Shares, 10s. premium ; Blackburn and Preston, 3i; Man-
chester and Liverpool District Bank, 10 1546 and

INSOLVENT COURT.--(THIS DAY.)

-
111 RE THOHAs HENRY lIORATIO CAUTY.
The insolvent in this case was a well-known character on
the turf, having been mixed up in most of the horse-racing
transactions which have lately attracted so much unenviable
notoriety. The insolvent's name had also been before the
public as " Captain Canty," in connection with the late ar-
rests by the police in their simultaneous attacks upon the
gambling-houses at the West-end. He described himself in
his schedule as having been a lieutenant in the Bourbon Re-
giment of Chasseurs, his commission in which he had sold out.
In the year 1828 he became bankrupt, but succeeded in get-
sing his certificate, and in 1839 he was discharged from this
Court as an insolvent, having paid a dividend amounting
to only lid. in the pound. Since that time he had been
largely mixed up in accommodation bills and gambling trans-
actions with Lord Huntingtower, Colonel Copeland, and Sir
Robert Gill, and many other well-known characters in the
play and sporting world. Thu debts in his schedule were
very large, amounting to upwards of 14,5001., all
of which were contracted since the year 1841,
and the names of nearly 150 creditors appeared
on the face of his schedule. All that was stated to be avail-
able for his creditors ,were - debts arnouirting on the whole to
about 5,600/., every one of which were described as " bad."
His schedule also stated that he had won at play from Sir
Robert Gill 1,9481., for which lie brought an action against
Sir Robert, but was non-suited. The hearing excited much
interest amongst the members of the play and sporting
world, many of whom were in court.
The insolvent's petition was opposed by Mr. Nicholl's on
behalf of Messrs. Houlditch, -the well-known coach -makers
of Long-acre, and was supported by Messrs. Cooke and Wood-
ru ffe.
Mr. Nicholls subjected the insolvent to a long and search-
ing examination which occupied the early sitting of the

court. In his examination, the latter stated that he had
been indicted for perjury at the Old Bailey soon after his last
insolvency, when a true bill was found against him at the
instance of Messrs. Hamar and Arnold. He had given those
persons since that time promissory notes to the amount of
nearly 1,0001., but he denied that it was for quashing the
criminal proceedings against him. He had taken large mines
in North Wales from a person named Bird, but being unable
to work them effectively, the Messrs. Houlditch advanced
2,5001. for machinery, &c., and then at the rate of 201. a week
for current expenses. He had known Lord Huntingtower,
with whom he had had many bill and play transactions, and
he partly attributed his insolvency to the large law costs to
which he was subjected in consequence of actions brought for
the recovery of sporting bats.
The Court then adjourned during a short time for refresh-
ment.