The Sun.
London, England, 1850-06-21 00:00:00

Varnina e4Pltll:

LONDON, FRIDAY, JUNE 21, 1850.

Every true Englishman will read with a feeling of
approving pride the " plucky" declaration of Lord
Joni; RUSSELL in the House of Commons last even-
ing, as to the intention of the Ministry with regard to
the resolution by which the House of Lords, on Mon-
day, declared themselves Russian partisans rather
than English senators. " I can answer for my Noble
Friend," said Lord JOHN RUSSELL, "that he will
act, not as the Minister of Austria or of Russia—(Ve-
hement and prolonged cheering)—or of France, or of
any other country, but as the Minister of England.—
(Renewed cheers.) I can answer for it, that we shall
consult for the honour and the interest of England,
and that to the maintenance of that honour and of
that interest our conduct shall be in future, as it bas
hitherto been, devoted.—(Loud and long-continued
cheers)"
These are noble words, such as CHATHAM would
have uttered under similar circumstances, and not the
least portion of their value is, that they have elicited
from the semi-official organ of the Russian party in
London a distinct declaration that in the view of
that party it is the duty of the Foreign Minister of
this country to be an Austrian, a Russian, or a
French, rather than an English Minister, and that to
maintain the honour and interest of England in op-
position to Austria, Russia, or France would be fol-
lowed by consequences too tremendous to be
even hinted at. That such have been the motives
actuating the Russo-Austrian clique we have had
abundant evidence in every act of Lord ABERDEEN'S
administrations, whenever for the misfortunemof his
country he has been permitted to doze in the Foreign-
office as Chief Secretary. That the majority of the
Peers, too, are of opinion that English honour and
English interests should on all occasions be delibe-
rately sacrificed to gratify the caprice of the Absolu-
tist Powers is also but too clear from their
vote of Monday evening ; but my Lord ABERDEEN
only represents M. GUIZOT, and the Peers only re-
present themselves. The representatives of the people
of England will be called upon to declare their sen-
timents on Monday, and we cannot doubt but
that declaration will be in the words of Mr. Rox-
BUCK'S proposed resolution—" That the principles
which have hitherto regulated the foreign policy of
her MAJESTY'S Government are such as were re-
quired to preserve untarnished the honour and dig-
nity of this country ; and in' times of unexampled
difficulty were the best calculated to maintain peace
between England and the various nations of the
world."

We cannot feel surprised at the indignation evinced
by proprietors of land in Ireland at the fearful sacri-
fices of property that have been made at the sales
under the Encumbered Estates Commission in that
country. It is now certain that purchasers are still
holding back, and not evincing that anxiety to become
the owners of property held by a Parliamentary title,
which was so confidently anticipated. There has
been as yet no attempt on the part of the English
capitalists to make investments in the sister kingdom.
The consequence is, that the supply of land brought
into the market very far exceeds the demand ; that
prices have consequently been depreciated in many
instances to less than one-half the real value. This
downward tendency has been actually aggravated by
the depressed and uncertain state of everything
connected with Irish agriculture. The rejection of
the clause brought forward last year for assigning a
limit beyond which no demand for poor•rate could be
made, had also an effect, in making buyers cautious.
But, above all, the pendency of Sir Joni( ROMILLT'S
Bill,rch
as whei.ro
t which offered vast advantages to purchasers, by
enabling them to issue debentures for one-half the
purchase-money,
circulate
n ey , payable
from h
by easyand instalments,
hand
iu
and
calculatedu the
money-market, like a bank-note, contributed to pro-
duce this result. It was true that the Commissioners
in the exercise of their discretion had very
promulgated an order, to the effect that judiciously
promulgated
purchasers
y
might lodge only one-half of the
purchase-
money
for the time being ; but it was
impossible to say how long that indulgence
might be continued, or at what unexpected
moment the balance might be called for. Neither
could the ultimate fate of the Securities for Ad-
vances Bill be accurately known. It might be re-
mdeeaalatswimith-
j e c tbe
adb
lien
tehiat
th eirt
wh loouulsde ,
baen
veryd it ws
ua smbmya
rni
loy
pro
in the Lords, if Ministers were not prepared to extend
its provisions, so as to bring all classes of landed pro-
prietors—the solvent and unencumbered as well a,
w h uefficacy b ; e
c o
became
it
me
the
operationne edy ; and
or
r it
mi embarrassedght be - withinmutilated
ituh e
itss progress
roe
sf
ss
its e
as to be altogether deprived
ofits
might be made to apply only to persons
purchasers after it bad received the Legislative
sanction. For all these reasons capitalists, who had
money at their disposal, were induced to hold
back, and this inclination was increased by
the knowledge of the enormous quantity of land
ea be submitted for public competition, some of
which was known to be most eligibly circumstanced.
I_4rew properties, therefore, changed hands, save at

most inadequate prices, and the result has been that
estates have, in many instances, been sold at seven
or eight years' purchase, and, in some instances,
even at a lower figure. Many postponements have
likewise taken place, the biddings being so very
cautious that the Commissioners, notwithstanding
their unquestionable anxiety to "do business' on
anything approaching to fair terms, and their avowed
determination to refuse " no reasonable offer," could
not assent to the sacrifices that would necessarily
have taken place.
Under such circumstances it was that the Marquis
of WESTAIEATH introduced his Encumbered
Estates Act Amendment Bill, which received its
third reading in the House of Lords on Tuesday
evening. The measure itself, as originally framed,
was not of a very important character. It merely
went to the extent that an estate should not be offered
for sale, under the Commission, unless the debts ac-

tually and bona fide amounted to one-half the value
of the entire property of the owner. Nothing is more
common than that a certain denomination of land
should be mortgaged for a small sum of money.
The lands did not, perhaps, constitute the fourth part
of the real property of the owners ; but still the net
proceeds, after liquidation of all outgoings, did not
exceed double the interest of the specific charges, or
a receiver might have been appointed under what is

in Ireland termed the " Sheriffs Act," and the
property would thus be sold contrary to the
spirit of the Act and the avowed inten-
tion of Parliament. It was to remedy

;his evil that the Noble Marquis brought

forward his Bill. But a clause was introduced on
Tuesday, which, like the postscript of a lady's letter,
was of much greater importance than the original
matter. The new clause provided that the Commis-
sioners should, before any sale, estimate the value of
the estate to be sold, and not sell unless fifteen years'
purchase on that ascertained value should be offered
for it. This important clause was, after a brief but
very anitnated discussion, carried by a majority of
two, and added to the Bill.
Although, however, we highly approve of the
object of the Noble Marquis, and readily admit that
_ _

a certain limit should be specified, below which
estates should not be disposed of, we fear
that the best mode has not been adopted for carrying
that laudable intention into execution. Every per-
son in any degree acquainted with the nature of Irish
property must know that some estates would be
cheaper at thirty years' purchase on the ascertained
rental than others would be at fifteen. The former
maybe let to solvent and improving tenants, who have
considerable interest in their holdings, and there
might be the prospect of a considerable rise at no
distant period ; the latter might be overrun by a set
of pauper occupants, in direct hostility to the law,
who, to use an expressive Irishism, would at
any time rather " bring down a landlord than a
woodcock," or "an agent than a partridge."
Fifteen years' purchase might be less than
half the value of the one—for instance of
Mr. GARDE'S property at Duncomnick, which was
in April sold by the Commissioners for forty-two
s ears' purchase, while it might be more than a fair
price for the other. The fair mode would be to have,
at the demand of any person intereatd, whether as

owner or er.cumbrancer, a valuation of the rate that
should be obtained at a sale, and if 80 per cent. of
that amount were not obtained, then that the sale
should necessarily be adjourned. We trust that some

such change will be made during its progress through
the House of Commons.

The other clause, which affords protection from
arrest to the proprietors of " encumbered estates,"
pending the sale, is so manifestly just and equitable
as not to require a single argument in its favour. It
would he hard, indeed, if ♦indictive creditors could
get summary remedies against the property, while
they incarcerated the person of the owner, or that
they could, through the intervention of the sheriff,
prevent a person from attending during a proceeding
of such vital importance to himself and family.

The Sabbatarians are beginning to grumble at the
success of the sham demonstration which they put
up Lord ASULEY to make anent Post-office labour on
the Sunday. Their principal organ in the press corn!.
plains of the stringent manner in which the Govern-
ment have carried out the resolution, and if the
Sabbatarians themselves were the only per-
sons inconvenienced, we should simply reply to
them, Vous l'avez voulu, Georges Dandin, vous
l'avez voulu, and urge the Ministry to give
the worthies Sabbath observance to their
heart's content, but, unfortunately, others
are also inconvenienced, and among them many who
have throughout this controversy fought the good
fight of common sense, in opposition to blind
fanaticism. The proprietors of weekly news-
papers, whose property will, in many instances,
be absolutely confiscated by these new regulations,
and who held a meeting yesterday on the sub-
ject, was brought under the consideration of
the House of Commons by Mr. W. J. Fox,
in reply to whom the Chancellor of the Exchequer
said that 't he had never had the slightest doubt but
that that arrangement would be productive of consi-
derable inconvenience, and Honourable Gentlemen
seemed to be finding that out.—(Hear, hear.) He
should not be at all surprised if in due time they
should receive recommendations from their constitu-
ents which would induce them to reconsider their de-
cision upon the subject."
It is evident, therefore, that the Ministers only
wait for a little "pressure from without" to rescind
the obnoxious regulation, and we hope the constitu-
ents in every part of the kingdom will give their
Members instruction to support the motion of which
Mr. LOCKE has given notice, for the first open day,
for a further consideration and revision of Lord Am-
LET's resolution.

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
The National has a long and very ably-written
article on the subject of Lord STANLEY'S motion.
The National thus exposes the intrigues of the Russian
party in the House of Lords, which we ourselves have
frequently denounced. In speaking of the speech of
the Marquis of LANSDOWNE, it says—
"He hinted that the main object of the motion of
Lord Stanley was to cause the failure of the negotia-
tions pending between France and Great Britain.
He might have added, that the Cabinet of the
Elysee, acting in concert with Lord Stanley,
had If farded the conclusion of the a flair, in
order to leave to the Tories a ground of debate which
they judged excellent. This little intrigue Row exposed
to observption c'early shows us the tendencies of the
Elysi'e. It is, or at least it fain would be, with M. de
Nesselrode and M. de Schwartzenberg against the Whig
Cabinet, and with Lord Aberdeen, so dear to Louis
Philippe. It hoped, by aiding Lord Stanley, to eject
Palmerston from the Ministry—Lord Palmerston guilty
of having recognised the Republic, and suspected iu
consequence by all the Kings and Queens of Europe, not-
withstanding the services he has rendered them."
The Assembly on Wednesday rejected the propo-
sition of M. ADELSWARD, to impose a tax of 5 per
cent. on capital, by a majority of 330 to 264.
The question of the dotation may be considered as
virtually settled. M. DE I'LEDRaL has withdrawn his
amendment in favour of one proposed by M. FUTOUL,
to the terms of which the Ministry have, it said,
as,.ented. The Futoul amendement is as follows :
" There is opened to the Minister of Finance, on the
estimates of 1850, a credit of 2,160,000 f. for extraor-
dinary expenses of the Presidency of the Republic."
The Bourse was exceedingly dull, and the price of
Government stock was a shade lower than yesterday.
The Five per Cents opened at 94f. 20c., fell to 941., rose
subsequently to 94f. 25c., and closed at 94f. 20c.; the
Three per Cents closed at 56f. 50c. ; Orleans Railroad
Shares, 755!. ; R iuen, 558 f. 75c. ; Great Northern,
447 f. 50c.; Avignon, 173 f. 750. ; Vierzon, 340 f. ; Paris
and Strasburg, 326 f. 25c.; Tours and Nantes, 212 f. 50c.;
the New Roman Loan, 76k.
BUSINESS DONE 1N FOREIGN RAILWAYS AT THE

LONDON STOCK-E..XCHANGE, JUNE 20.
Boulogne and Amiens,;6l4—East Indian, 71—Paris and
Rouen, 22—Sambre and Mau" 2%.

SPAIN.

Madrid journals of the 15th have arrived. Their
contents are unimportant.
MADRID BOLSA, thlgE 15.—The Three per Cents.
were done at 34 for paper; the Four per Cents. at
12i ; the Five per Cents. at 12i for cash ; the
Debt without Interest at 3i ; and the Coupons at 71.