The Sun.
London, England, 1844-04-11 00:00:00

SUN, LONDON, THURSDAS;- MORNING APRIL 11, 1(64,4

"post hoc--ergo propter hoc"—reasoning of a thick
and thin upholder of the Premier's administration of
affairs in the following passage :
" The Three per Cents. have risen in value 12 per
cent. since Sir Robert Peel's accession to office (the
Whigs had indeed reduced them three per cent. by their
wretched misgovernment) ; but is there any good reason
why the present price must be the maximum? Why may
not the Three per Cents. rise 10 or 12 per cent. more
in price in the years before us?"
If the policy of Sir ROBERT has had anything to
do with the vast accumulations of relieved or unem-
ployed capital which are now pouring into the market,
not only from the treasure of our own capitalists, but
from foreigners seeking investment here for their
money,—Mr. MURPHY, of weather-wisdom notoriety,.
has grave cause of complaint against all who dispute
his private intimacy with the genii of the winds and
the waters, who cram him for his almanack. "The
wind bloweth where it listeth," however, despite Mr.
MURPHY; and the rise of Consols has at least as little
to do with the profound management of Sir ROBERT
PEEL. Our Contemporary might have found a better
reason for the steady, upward tendency of prices of
stock for some months past, to which he directs atten-
tion, in the principle he neat touches upon. He
says :

" After all that England has suffered and toiled to
maintain her public faith, there never will be a question
of the inviolability of her engagements."
With tVis, fact in her favour, and the impressive
commentary supplied by the contrary course of cer-
tain continental Monarchies in Europe, and repu-
diating States on the other side of the Atlantic, no-
thing is more natural than that capital for safe in-
vestment should flow hitherward ; and in such plenty
as proportionably to raise the price of the securities
in which it has been determined to invest it.

We will now endeavour to answer the question of
our Contemporary, as to why the "Three per Cents.
should not rise twelve per cent. more in price in the
years before us ?" That is, supposing the country
is really to be blessed, according to his prayer, with
an indefinite prolongation of the Pszt, premiership
and policy.
It is evident that nothing would have sustained us
through the awful crisis of the last war—that no
monetary system would have sufficiently represented
the wonderfully developed resources of the country, but
the now deprecated paper issues of the Bank of England
and our other banks of issue. The conviction, on the
one hand, of the immeasurably superior amount of
real wealth, and the substance of capital, in the United
Kingdom over its funded and unfunded debt—on the
other hand, the reliance entertained by one class of
the community in Great Britain on the moral pro-
bity of the other—gave confidence to all in the
general solvency of those sources (especially the supe-
rior ones) from whence the paper representatives
of that capital and wealth `•ere diffused. Public
credit, however subject to chimerical alarms occa-
sionally, was never substantially shaken, from 1797
till 1819, when PEEL'S Currency Bill shook it
throughout its whole relations. If Sir ItouEwr
really proposes to close up the joint-stock banks
now existing, by giving to the Bank of Eng-
land the exclusive privilege of being a bank
of issue ; if he will mate his enormous blun-
der of 1819 with a still snore rash and stupendous
folly in 1844 ; if he have determined on crippling
the gigantic energies of our commerce by continuing
to contract its limbs and circumscribe their action
with the golden fetters of his currency plan,; he will
assuredly not remain in power as many months after
Easter as our kind•hearted Contemporary speculates
upon years.

The intelligence from Madrid is to the 2d inst.
Within the three preceding days, there had been
many rumours circulating of a change in the Cabinet ;
but they are strongly denied by the Ministerial jour-
nals, which assert that the Cabinet was never more
united, or more resolved to go on with the plans it has
formed for the "salvation of the country." The
following titles and dignities are to be dis-
tributed among the Members of the Ministry :
GONZALES BRAVO is to be created Marquis de la
Lealtad ; CARBASCO, Marquis de Santa Olaya; Pon-
TILL° to be Marquis de Casa Poen). Of the other
Ministers, the Hoene Minister (the Marquis of PENA-
FLORIDA) has already a title; and islAzAttarno will
be a Marquis, through his father. MATAM, the Mi-
nister of Justice, is said to be obstinately opposed to
the pew titles, and w ill neither accept one for himself,
nor retain office, if his colleagues persist in their
views on the subject. General NARVAEz is to be
created a grandee, and Duke of Ardor, the place
where SEOANE'S troops went over to him ; and Gene-
ral RONCALI is to be rewarded for the purchase of
Alicant and the surrender of Carthagena, by being
created Count of the former place and Duke of the
litter. it is reported that M. de BaEssou has strongly
recommended the conferring of the above titles, and
that LOLIS PHILIPPE has sent the cordon of the
Legion of Honour to NIRVAEZ, RONCALI,
REDO, and GONZALES BRAVO. The political chief,
.BENAVIDES, has lately been created Commendador of
the same Order, and it is reported, that if the Mare
quis of PENAPLORIDA leaves the Ministry, he will
enter it in his stead.

CHRISTINA, it is rumoured, is strongly inclined to
grant a very comprehensive amnesty, one more exten-
sive, indeed, than NARVAEZ approves. The QUEEN-
MOTHER wishes to exclude from it no one but DON
CARLOS, while NARVA.EZ insists on the exclu-
sion of ESPARTERO and others. Her MAJESTY seems
to entertain some kindly feelings towards the exiled
REGENT; for a poetaster of Valencia having pre-
sented her with a fulsome ode of congratulation, in
which he termed }SPARTERO a coward and a traitor,
she expressed her great displeasure at the insult
offered to his name, and declared the charges to he
utterly false and unfounded.
The state of affairs in Portugal may be surmised
from the following document, which has appeared in
the Government journals at Lisbon
" To the 23a of April next all the individual guaran-
tees throughout the kingdom are suspended, and the
Government is empowered to make arrests without legal
process. During 'this term no journal, periodical, or
writing, put in print. or lithographed, can be published,
excepting literary and scientific journals, and the Diario
of the Government. The Ministers and Secretaries
have thus determined, and ordered the execution of this
decree. (Signed) " THE QUEEN.
" Countersigned by all the Ministers."

The Miguelites are said to be taking advantage of
the confusion into which public affairs have been
thrown. Pamphlets have been published and circu-
lated advocating the restoration of MIGUEL to the
Throne of Portugal. It is these writings which have
probably caused the above decree, which totally an •
nihilates anything like freedom of discussion.

The Diario of the 30th ult., gives a statement of
the expenditure in the different departments during
the preceding math. Among the items of payment
the following have some interest here :
" Payment of the Duke of Victoria (Lord Wel-
lington), for the year 1843, 7 contos and 200
milrees." " Ditto of the Count of Cape , St.. Vincent
(Commodore Napier), second half-year of 1843, falling
doe in January, 1 conto 200 milrees." The offieial list
of pensioners and public officers of 1841 specifies the
particulars as to date and amount. The Duke of Wel-
lington had a pension of 8 contos a year, payable in
island money, conferred on him by a decree of the 3d of
May, 1811, in sterling 1,6201. per annum, amounting in
the aggregate for the last 33'years to the sum of 53,460/.
sterling. The pension of the Count Cape St. Vincent
was conferred by a decree of the 23th of April, 1831,
2 contos 400 milrees, say 5401. sterling.
The pension of Lord Beresford of 16 contos a year (in
island money) was conferred by a decree of the 13th
February, 15124, in sterling 3,2401. a year. For several
years the pension of, and the pay likewise of, his Lord-
ship, as a general officer, of 666 milrees a month, fell
into arrears, payment having been pressed for in 1840,
all his claims up to January, 1841, were settled, when
his Lordship received 96,000/. in bills, which were duly
paid. The pay and pension again fell into arrears, which
the Government are now paying off by monthly instal-
ments. The amount of the pension for a period of 29
years, would be about 64,8001., less of late years by the
amount of the decimal tax.

Easter Monday being observed as a close holiday
at Paris, very few of the journals were published on
that day, and these contain no domestic news of much
importance. In the Courrier Francais, however, we
find intelligence from Constantinople to the 20th
ult., which shows that the Government of the Porte
had at length listened to the advice—and, we be-
lieve, also threats—of the English and French Am-
bassadors. The answer of the Porte was given on
thel9tb, and the Government promises, in the most
positive manner, no longer to inflict the punishment
of death on renegades. As to the religious law, no
mention is made of it. The Porte also promises to
treat Christians kindly. The two Ambassadors, how-
ever, do not consider these concession; satisfactory,
and they demand, in addition, that renegades shall
not be got rid of by poison or by any other under-

hand practices. It was added, that though capital
punishment would no longer be inflicted, renegades,
however, would be condemned to the galleys for life.
Nearly the same account appears in the Journal de
Frankfort, with the exc.!, pfion that the Porte had not
announced its intention of inflicting the punishment
of the galleys on renegades. Another journal of
Monday states that letters had been received at
Constantinople, which give frightful accounts
of the excesses committed by the Albanian
troops in Thessally, Macedonia, and Bul-
garia, against the Christians. These atrocities
are caused by the fanatical hatred of Mussulmans
against the Christian races.
Accounts from St. Petersburgh of the 19th March,
state that the EMPEROR would proceed to Vienna in
the month of May, and that he had given up all
thoughts of repairing to Circassia t 3 superintend the
movements of the army. The Cologne Gazette pub-
lishes a letter from Berlin, of the 30th ult., which
eontradicts the report that the treaty of extradition,
in the case of deserters, had been renewed between
Russia and Prussia. The French funds continued
flan.

TILE BOURSE---MONDAY, APRIL 8.

First Highest Lowest Last

Price. Price. Price. Price.
Fr.ndi Five perCeits• •• • 123 20 • • 123 40 123 20 123 35
FourperCents.• •• 106 18 • • 106 10 .. 106 10 106 10
Three per Cents... • • 83 20 • • 83 25 .. 83 15 .. 83 2i
Bank of France. •.•• • • 3100 • • 3109 .•3090 -.3095
Latiltte Bank, I,ooof. Sharesll7o —ll7O —1165 .. 1165
5,000 f. Sharesslso • .5150 .. 5150 ~51m0
Belgian Bank.... •• • • •• • • 665 • • 6G5 .. 66s 665
Belgian Fives 102; • • 1021 .. 1024 .• 102
1940 • • 1051 • • 105/ .. 1051 .. 105
1842 •• 1071 •• 1074 1071 • 107
Spanish Artlva -•• • • 34e • • 34/ • • 34/ .. 34
Threes .. ••••-- • • • • 374 • • 374 • • 371 • • 371
Passive."... •• • • 6i • • 61 64 • . 64
Nov Deferred ••.• • Isi • • 154 • • 151 • • 151
Portuguese Five per Cents • • 41 • • 47 .. 47 47
• • 101 3o • • 101 30 • • 101 30 • • 101 30
Roman ....... ...• 109_ 106 .- 105/ .. 1051

VermllW, II.B..• • • • • •

:RAILWAY SHARES.
. 385 395 .. 370 370
... NG 23 270 .. 142 SO .. 242 50
947 SO .• 947 50 .. 947 50 .. 947 50

Rouen ..

L. 8.. .....

• 700

• • 920

797 .50 -. 793 75

917 50 - 917 50