The Sun.
London, England, 1844-04-29 00:00:00

THE SUN, LONDON, ifvfOYDAY MORNING, APRZL *o,

written, we learn that Sir JAMES Gueuast had made
inquiries on the subject, and the result is, that the
capital punishment is not to be inflicted.

A letter froin Mr. CATLEY, addressed to the Duke
of RICHMOND, has appeared in the Morning Herald,
in which the Hon. Gentleman, attempts to excuse ,
himself for having garbled his extracts from ADAM
SMITH, almost as flagrantly as Lord ASHLEY mis-
quoted M. VILLERME. It will be rememberei that
when the Earl of RADNOR exposed Mr. CAT LEY'S per-
versions of ADAM SMITH'S authority in the House of
Lords, the Duke of Ricu3;toND denied ,the.fact of
misrepresentation. Mr. CAYLRY produces the real
words of ADAM SMITH, and is incompetent to dis-
cover that he has thus proved Earl RADNOR'S case
to the letter. Now the source of Mr. CATLET'S delu-
sion is his failure to understand the following simp!e
passage :
" The interest of the dealers, however, in any particular
branch of trade or manufactures is always in some respects
different from, and even opposite to, that of the public.
To widen the market and to narrow the competition is always
the interest of the dealers. To widen the market may
frequently be agreeable enough to the interest of
the public, but to narrow the competition must always
be against it, and can serve only to enable the dealers,
by raising their profits above what they naturally
would be, to levy, for their own benefit, an absurd tax
upon the rest of their fellow-citizens. The proposal of
any new law or regulation of commerce which comes from
this order ought always to be listened to with great precau-
tion, and ought never to be adopted till after having been
long and carefully examined, not only with the most scru-
pulous, but with the most suspicious attention. It comes
from an order of men whose interest is never exactly the same
with that of the public, who have generally an interest to de-
ceive and even to oppress the public, and who accordingly
have, upon many occasions, both deceived and oppressed it." •
Mr. CAME!' does not see that this reasoning is
just as applicable to dealers in corn and bullocks, as
it is to dealers in broad cloth and calicoes. The
narrowing of the competition" is both the professed
object and the direct result of the corn-laws, and
through it the aristocratic corn-dealers are en-
abled "to levy for their own benefit an absurd tax
upon the rest of their fellow-citizens." They are
the dealers who have most oppressed and deceived
the public, and in this passage ADAM SMITH
has accurately predicted the iniquitous means
by which the oppression and delusion have
been effected. Now, Mr. CATLEY has substituted the
words " merchants and manufacturers" for " dealers"
in his reference to this passage, and has thuS attempted
to restrict the application of ADAM SMITH'S universal
truth. Either he did this intentionally, knowing
himself to be included as a cattle and corn-dealer,—
in which case, what are we to think of his honesty ?
—or, he was utterly unable to comprehend the pas-
sage, level as it is to a schoolboy's capacity—in which
case what are we to think of his intellect ? It is a
nice question between obliquity of morals and ob-
liquity of mind, which we must wait for Mr. CAPLET'S
next appearance as a public writer to determine.

On a more deliberate perusal of the Report of the
" Select Committee on the state of the Law respecting
Joint-Stock Companies (except Banking Companies)
with a view to the greater security of the public ;"
the opinion which we expressed on Saturday last of
its deep interest and importance is fully borne out.
Every day's experience adds something, moreover, to
the gravity of the question, as to the extent to which,
and the modes by which, the available capital of the
country is in process of investment.
The recent operations of the Government in re-
ducing the interest of a certain class of the public
debt; the astonishing abundance of money in the
market ; the low rate of interest which money bears ;
the tendency of the national resources to a degree of
expansion, which nothing but the crippled condition
of our monetary system, and our monopoly fetters,
prevent from developing itself into the broadest
and most substantial basis on which commercial credit,
energy, and enterprise, were ever yet established; all
these are predisposing causes to one of those " pa-
roxysms of speculation," which the " Report" before
us so truly describes as a periodical visitation upon
our prosperity. To very rash investments in ill-con-
sidered, or unsubstantial, projects and adventures, men
are stimulated by the influence of a passion, so intense
even in savage life, that it may well be deemed an
inherent propensity of our nature—the spirit of
gambling. Nothing but the discipline of education
in civilised life can at all arrest or control this pro-
pensity. In civilised society, where the intensity of
excitement equalises the pressure of artificial wants
to that of natural ones in a state of natticre,-nothing-;
but experience—the experience of lows and ruin—can
_ • .•
allay the impetuous action of this spirit of play. For
such is the mainspring of all speculation on realising
a higher scale of interest than that which the public
securities afford. And we greatly fear—though we
confess to our apprehensions with reluctance—that
the causes we have enumerated, acting on this spirit
of speculation, and invigorated by the exigencies oc-
casioned by a declining rate of interest on the Debt,
will speedily bring us to the verge— if it do
not precipitate us into the vortex—of some
such disastrous panic as that of 1825 or 1834. We
cannot too narrowly watch the consequence that al-
most inevitably follows, in England, a large funding,
operation on the part of the Government, like the
conversion of stock with a view to the reduction of
the interest upon it. Because, though the public ad-
vantage, either immediate or ultimate, resulting from
such a proceeding, be indisputable and extensive, the
effect is amost simultaneous and coincident, both on

the large and the small fundholder, in urging the one
to seek the investment of his large capital where he
may derive at least the same rate of interest as he had
been accustomed to in the converted stock, (on the
principle, that to preserve it at that rate is essential
to the general scheme of his own financial projects);
in urging the other, to invest where he may draw at
least as much interest as he did in the altered stock,
inasmuch as, being the only or principal source of his
very limited income,--with less than that amount of
interest he cannot exist.

Still there are passages in this " Report," and
principles involved in the "resolutions" wherewith it

concludes, from which we must express our dissent.
As to these, we cannot help thinking that the Com-
mittee, in their anxiety to devise guarantees against
the frauds and plundering of bubble companies, have
laid down general principles of future legislation in
respect of joint-stock partnerships which, in their
practical working, would be found to discourage, en-
cumber, and paralyse the operations of even the most
legitimate of such associations. The truth is, that
the principle of non-interference by Parliament or
Government with the appropriation or investment of
private capital in the hands of individuals or cor-
porate bodies, is, in the abstract, so sound and wilt!.
able, that each new departure from it seems fraught
with fresh matter for objection. It requires to be
vindicated on grounds the most precise and clearly
defined, to raise a reasonable case for sending it before
the Legislature for its sanction. Now, we have in
a former article admitted the evils produced to
the public by the various • classes of viciously
constituted joint-stock companies, which the " Re-
port" denounces. Those evils it is not poisible to ex-
aggerate.. But the recommendations of the "Report"
regard the better administration, in future, of "all

joint-stock companies other than banking compa--
nies." Will it be either fair or expedient to apply to
such as may be in in all respects legitimate, this,
which is one of the most favourite recommendations
of the Committee—namely, that in the very first
preliminary of the registration prescribed to be made
by each new company, there shall be in the provi-
sional stage, and subsequently on the actual registra-
tion, published particulars of " the names and ad-
dresses of its promoters ; of the names, addresses,
and occupations of its members, with the share
held by each ; the names of directors, trustees, patrons,
auditors, and all other officers of the company, with
their occupations and addresses; and a written con-
sent of acceptance of office by each, &c.
With all submission to the Select Committee, to
assume that in a country like this, where men are
so jealous of their commercial standing (and men
engaged in business supply the great mass of share-
holders), people will be ready thus to avow them-
selves beforehand, before all the world, pledged
to the patronage and support of a yet untried under-
taking, involving possible and indefinite loss to them,
—is really to show a marvellous misconception of the
prejudices and opinions of that sphere of society
within which the Committee's resolutions are to ta)ce.
effect. Again, we will predict that they who reckon
on getting directors, patrons, trustees, and auditors,'
to give each a written form of acceptance of his office,
together with his occupation and address,, know very
little of the ordinary-course of such transactions, or
of the impracticable and really not unreasonable ob-
jections entertained by the more influential class of

"

individuals from among whom such officers are
usually taken, to the mere trouble, to say nothing of
the hazard, of committing themselves to any such
self-certified acts. If conditions like these are
to be insisted on, we are safe in predict-
ing that in the most legitimately purposed, and most
maturely organised joint-stock scheme which
can be hereafter devised, 'it will be. impossible
to find shareholders for whom patrons, trustees, and
directors, can be• required; or, if there be any body
of shareholders willing thus to proclaim themselves,
in limine—directors, trusteet, or patrons•, who will,
answer their requisition to be so presided over Idler
the threshold of their undertaking shall have once been
crossed. The same remarks apply to the proposed
preliminary register, and publication of the deed of
settlement, in every case of a new company. This,
too, might prove a proceeding calculated to prejudice
its affairs, or to thwart its success in a variety of
ways : to open to rival or competing concerns prin-
ciples of management, and modes of proceeding, com-
pensation, &c. &c., which it might be to their essen-
tial interest, and with perfect propriety and legality,
to keep to themselves. Among the "modes of decep-
tion" which are set forth as being adopted by fraudu-
lent companies, we fully concur with the Commit-
tee in reprobating " the use of the names
of persons having no existence—of those of distin-
guished, wealthy, or respectable persons without their
authority; the getting inserted in newspapers reports
of pretended meetings, and puffs relative thereto ;
the fraudulent variation of prospectuses from time to
time ; the making of fraudulent accounts, so as to
deceive the directors and shareholders," &c. But
all of these are offences which we feel no doubt might
be criminally proceeded against, as for acts of fraudu-
lent-conspiracy, and if the existing law be insufficient
to reach them, its reach might easily be supplemented
by some declaratory Act. But, on the other hand,
how can it be imagined that penal or preventive legis-
lation can ever reach such vaguely defined, or merely
constructive offences as these :—" the use of the names
of such persons as patrons and honorary directors
with their consent, whilst they have been ignorant of
the nature of the concern and its transactions,
and- have exercised no control over them?" (Then
they ought not to have consented to be directors
or patrons !) " The employment throughout the
country, on very tempting rates of commission, of
respectable agents, whose character has cloaked the
want of respectability of the company." (The no-
tion of treating this mere " worldly wisdom" as a
"deception," and hoping to provide against it, are
puerile simplicities.) "Opening banking accounts with
the Bank of England and other respectable banks."
(The best prima facie evidence of honest intention.)
" The selection of offices in respectable situations, and
fitted up in a. respectable manner." (Would the
Committee have an intending Clerical Assurance
Company, for example—any other will do as well
for the illustration—go to Monmouth-street for
offices, and clothe its directors and clerks in the cast-
off habiliments retailed by the, miscellany-landlord
below ?) " The concoctors and managers -living at
great expense, entertaining their neighbours, and
thereby endeavouring to fortify themselves against
suspicion." (How large a portion—half, or
a third, or three-fourths—of our swarming
metropolitan population of 1,800,000 souls, are,
in a *manner, bringing their, " modes of decep-
tion" on the world, and on themselves too, within
this category ?) Then, it seems, that a company
" duly constituted," even under the requisitions of
this Report—and being authorised, on its provisional
registration, "to use one common name—to open sub •
scription lists—to receive depositi," &c.—shall " not
make calls ! " Really, in nine cases out of ten, the
date at which the " actual " registration of joint-
stock companies, subject to such disabilities, wilt
take place, and their power of "making calls" can be
exercised may be safely looked for, ad Gracas Ka-
lendas, and not before ?

Accounts from Madrid, of the 20th, state that
CARRASCO, the Finance Minister, bad completed a
loan for one million of reels, with the house of CE-
RIOLA, CARRIQUISLI, and SZVILLANO, and also on
the part of other capitalists in Madrid, Barcelona,
and Cadiz. The loan is in the Three per Cent.
Stock, and is taken at 40. We trust the English
and French capitalists will leave these gentlemen all
the profits of this 1-460elui speculation: (.21yEar;
was to leave for the baths of Caldas on Thursday
next, the 2d of May. The Barcelona papers an-
nounce some more butcheries at Gerona. Two Car-
list refugees, who had returned from France, were
captured at that plebe on the 19th, and immediately
shOt.

The Three per Cents. were done at 371 at 60 days ;
and the Five per Cents. at 221 at 60 days.

The Paris 2lfoniteur of Thursday publishes the law
passed by the Chambers for a vote of 527,241 f. to pay
the.dividends of the Greek loan due on the Ist of
March. The same journal also contains a compara-
tive return of the principal imports into France, with
the amount of duties during the first three months of
the 1842, 1843, and 1844. The duties have
remained years
nearlysltatlo°f. ;
narYibeing in 1842,32,317,123 f.;
in e
4and in 1844, 33,952,250 f.
The had 3, been 5,2,14
a considerable falling off in the rel
3
im-
ports of cotton, wool, linen, and flaxen cloths and
woollens, ani a great increase in the imports both of
foreign sugar and sugar from the French colonies.
The National contains the following report of a
change in the Cabinet :--
~ It appears to be decided that M. Martin (du Nord) is to
hisssPion. ffiee
Minister of Justice, after the dose of
asThe favourite project of M. Guizot is to
the retire
p r from t
se
fill his place by 31. Dumon, and to offer the Public Works to
M. Dufaure ; but we do not believe that he will compromise
himself by accepting the appointment. In this case it is
probable that 51. Hebert will become the Keeper of the Seals;
and it is not impossible that M. Zangiacomi, jun., may be
made Some recompense is required for
the
the Chamber of Requests to M. Martin. It is still, however,
elderi r°
13c . rezuar-General.
who gives up the Presidency of
in contemplation to give the PrefectUre of Police to M. Zan-
giacomi, jun.; but, to make this vacant, the Prefecture of the
Seine must become the apanage of M. Gabriel Delessert, and
M.
M. Rambuteau clings closer to it than-ever." .
On Thursday the Three per Cents. advanced to.
13f. 70c.. The Fives remained stationary, having
closed at 122 f. 40c. ,
THE BOURSE--Tatrasniv, APRIL 25.
First Highest Lowest , Last
. • Price. Price. Price. Price.
French Five per Cents ...... 123 20 .. 122 40 .• 122 29 .. 122 25
Four-and•a•Half.••• 11l .. Ili .. iii. .. 111
Four per Cents. ••••• 106 30 ~ 106 30 .. 106 30 .. 106 30
Three per Cents.•• •• As 80 .. 83 85 .. 83 80 .. 83 85
Bank of France• • ..-• • • • ...• 3091 25 -3092 50 - 3091 25 -3092 50
Gailltte Bank, I,ooof. Shareall7o .. 1170 -1170 ..1170
5,000 f. Stutresslss •.3133 ..5165
_5155
Belgian Bank....
Belgian Fives, 1831••
1840 ~...... 1063 .. 1061 .. 1061 .. 1061
1842...•...• 1081 .. 1083 .. 1081 •• 1091
Spanish Active
Threes •••••• ..
Passite •1. •• 64. .. - 61 •• 61
Portuguese Five per Conta•. 469 .. 461 .. 46 .. 461
Neapolitan.. - . ••.... .. 102 15 .. 102 20 .• 102 IS .. 102 20
Roman .. .. .......

RAILWAY SHARES.
•• • • 392 50 •• 392 50 .. 392 N .. 392 50
260 •• 260 .. 257 ¢0 .. 257 50
Rouen .••.......•.......•• 979 50 .. 972 50 .. 972 50 .. 972 50
Rouen to Havre. •••••• • • • • • 717 50 • • 718 75 • • 717 50 718 75
Orleans .•.. ......... 962 50 •• 965 .. 962 50 • • 965
Strasburg to Bale. • . ••277 50 •• 280 .. 277 50 .. 280
Avignon to Marseilles— •• •• 767 50 765 50 .. 767 50 767 50
RAILWAY' SHARES, FOR THE ACCOUNT.
Versailles, R. 12.• • •• ...... • • 392 50 • • 360 50 •• 392 50 •• 392 50
—L.8............. 3,5 a 75 .. 260 .. 2.57 50 • • 257 50
Rouen ....................972 50 • ' 975 .. 972 50 .. 975
Rouen to Havre.......... • 715 •• 720 •• 715 .. 718 75
Orleans • •
Strasbarg to Bale• •• • 27d 75 280 • 278 75 .• 280

DRUNKENNESS AND DISORDERLY CONDUCT.—A
return has been laid before Parliament of the number
of persons taken into custody for drunkenness and
disorderly conduct by thernetropolitan police in each
year, from 1831 'to 1843 inclusive, and stating the
popu'lation, of the metropolitan police district in the
years 1831 and 1841. These returns exhibit some
singular contradictions. It appears that drunkenness
had decreased by; more than two-thirds,. while dis
orderly conduct, in place of decreasing through the
exertions of Father Mathew, had taken a turn in the
other direction. 'ln 1831 the total number of persons
taken into custody for drunkenness was 31,353, while
in 1843 it had dwindled down to 10,890. In the same
years the numbers taken into custody for dis Orderly
conduct were respectively 10,383 and. 14,855, show-
ing an increase of about one-third. This shows that
temperance is More disorderly than drunkenness.
The returns for the City of drunken cases show a de-
crease of about one-half since 1840, the numbers in
that year being 5,113, and in 1843, 2,595 ; but for-
tunately in that district the number of disorderly
persons had increased in a very trifling degree. The
total population included in the Metropolitan Dis •
trict is 2,068,107; which, with the population of the
City, 125,273, makes a total of 2,193,380.

DRVRT-LANE THEATRE.—The attraction of Bene-
dict's new opera or The Brides of Venice increases nightly,
and'hy the beauty of the music and tho splendour'of the
nilseen scene, i 4 likery to ha.ve a great run. It will he
to-night, in conjunction with the new. ballet, in
which Mademoiselle Lucille Grahn has made so tri-
umphant a debut.