The Sun.
London, England, 1844-05-23 00:00:00

THE SUN, LONDON, THURSDAY MORNING, MAY 23, 1844.

covering—ia the course of his speech—that it would
be idle to expect that any such stock of GOLD could
be kept up as 16,000,0001., he submits that, of the
deposits in bullion to be maintained, in conformity
with the proposed Act of Parliament, by the Bank of
England, "one fourth may be in silver." That is,
that if the Bank could retain is stock 16,000,0001. of
bullion, it shall satisfy the Act in question if 4,000,0001..
thereof shall be in silver, and only 12,000,0001. in
geld.
In dealing with this hypothetical relaxation of the
" golden screw," we meet with the same whimsical
vacillation of purpose to which we alluded in our
paper of yesterday, as the Macheath foible of the
Premier :

" The Bank, by the arrangement which he proposed,
would hold comparatively little silver. lie had given
much consideration to the suggestion that the Bank, to
a limited extent, should give silver in exchange for their
notes when so required. The result was, that he felt
that great inconvenience would arise if they prevented
the Bank issuing any portion of their notes, and taking
as the basis of their security silver in their coffers. In
admitting this, however, it was not intended to depart from
the great principle that gold was the only standard, and
that those to whom debts were due had a right to demand
payment in gold. lie proposed that still the only legal
payment by the Bank should be gold."

If the Bank is " to hold, comparatively, but little
silver," there is so much the less reason why they
should not be required to receive it at a given or
Mint price, seeing that the gold standard of 1819 is
to be continued. If the Bank is not to be bound so
to receive it, the value of silver will depreciate to an
extent which will still further enhance the value of
gold. But if the Bank, as Sir ROBERT resolves in
the conclusion of this preposterous " great scheme,"
may hold one-fourth of its bullion deposits in silver,
it is clear that it will hold comparatively a LARGE,
and not a LITTLE, amount of that metal. Now let us
take Sir ROBERT'S own assumption-4,000,0001. To
be a bullion deposit at all, it must have some determi-
nate value. To represent one-fourth part of the just
value of gold and silver bullion deposits, this silver
must have a certain, relative, fixed, proportionable
value to that gold. For otherwise, what is the tan-
-gible, intelligible authority which imparts to the mass
the value of 4,000,0001.? Why shall it be less than
five or more than three millions ? Will the reader
believe that the concocter of, and avowed sponsor for,
" a great scheme " of monetary reform, so far from
providing the determinable and defined value of so
large a proportion of its whole bullion element, abso-
lutely denudes it of any such principle of value ? Un-
der what infatuation can a Minister have brought
himself to hazard so elaborate an inconsistency ?
Under what sort of general abasement and servile ac-
quiescence in the diction of a Minister, a House of
Commons can have brought itself to confirm so puerile
an absurdity, we are at a loss to understand. The
fact we should be at a loss to believe, if we did not
find it recorded in the Parliamentary report. lie has
over and again repeated that the gold standard
will be rigidly maintained, and the gold currency
alone legalised. But he relents :
"If they allowed the Bank to keep in its coffers a
certain amount of silver, on the security of which they
issued notes, and to allow parties to receive, when they
desired it, silver for their notes, they would obtain the
advantage of preventing an inconvenience which was oc-
casionally felt by acting on the exchanges when the ex-
changes were high, and when the price of silver was low.
At present silver was sent out of the country in exchange
for gold, and the gold was deposited in tho Bank."
Surely, this last is a good reason for affixing some
denomination of value to silver, if you will attach it
to gold. But if a given mass of silver is to represent
in deposit a given mass of gold, the gold reason rises
to an indispensable necessity. What is the statesman-
like manner in which Sir ROBERT PEEL deals with
this necessity?—
It would give facilities and advantages to commerce
if they permitted the Bank to issue some portion of their
notes upon the security of the silver deposit, having no
reference, however, to the price of silver, or the sum which
should be given for it, but regarding it merely as a valu-
able commodity, to be dealt with at the option of the
parties."

Risum teneatis! Why, this is truly " a great
scheme." Whilst it recognises, as a sacred principle,
that the bullion, in which three fourths of your de-
posits are to be kept, shall bear a certain statutable
value, ascertained, in relation to its standard fineness,
by the Mint price, settled by the Act of 1819, the value
of the other fourth is to be left to the chances, ca-
price, or accidents of—what? " The option of the
parties." Sir ROBERT ties his victim in a chair. On
his right leg he puts irremovable manacles and fet-
ters. By way of compensation his left leg is to be
allowed to kick and plunge at pleasure. Doubtless,
a very able invention—a " great scheme"—pity, only,
that it is not a little more reconcileable to common
sense. But this " option of the parties" is precisely
THE standard which we contend for, as the free and
fair one, whereby to determine the value of the
precious metals, as of all other commodities. But if
it be good for silver, Sir ROBERT, why not for gold ?
On "silver," however, the Premier delivered himself
of too many remarkable observations not to induce us
to reserve them for the subject of future comment.

Madrid journals of the 14th have been received,
but they bring no intelligence of the slightest interest.
The Three per Cents. setnewhat improved on the
14th. They closed at 271 for cash, and 28 at 60
days; And the Five per Cents. at 19; for cash, and
20i at 60 days.

The principal topic of discussion in the Paris papers
of Monday is the relative strength of the English and
French navies ; and, thanks to the Prince DE JOIN-
VILLE, the writers in these journals begin at last to take
something like a rational view of the subject. The Con-
stitutionncl, the organ of M. Tuisas, who during his
brief Ministry had brought England and France to
the very brink of war, makes remarks in which
every friend of peace and humanity will concur.
" GOD forbid," it says, " that we should desire a wgz
with England. In our opinion, of all the sanguinary
conflicts which are possible in Europe, none would
be more contrary to the great interest of civilisation
than a war between England and France. But even
in peace force is the guarantee of freedom, and our free-
dom is at the same time that of all nations." The si4ne
sentiment pervades the mind of every reasonable man in
this country. 'We have no wish for war with France,
and instead of looking with jealousy or envy on her
exertions to place her navy in a proper condition, and
maintain her just rank in the scale of nations, Eng-
lishmen only regard such policy as her bounden
duty, and as a guarantee for the peace of the world.
That journal thus concludes its remarks on the pam-
phlet published by the Prince :—" May the warn-
ing of the Prince DE JOINVILLE be heard and under-
stood by all France. But, be this as it may, the
sincere friends of the country will retain a profound
gratitude towards the young Prince for the courage
with which he speaks severe but useful truths. We
hope our navy will profit by it. On seeing what
passes, and how all things are managed, is it not to
he desired, for the public welfare, that every Minis-
terial department should have its Prince Dn Join-
viLLß ?"

The Siccle also pays the Prince a high compliment.
" The pamphlet," it states, " has produced all the
effect which the author might have anticipated, and
will exercise a serious influence on the approaching
debate on the budget. It must be admitted that the
principal ideas developed in this work are not quite
new, nor could they be so, for several years since
some eminent men devoted themselves to the study of
the changes tobe effected in our maritime armaments,
and the application of naval tactics to steam-ships.
It must be acknowledged, however, that nowhere
have they been explained with ao much precision,
clearness, and force, nor supported by so many proofs.
Some of those ideas may be contested, but it is cer-
tain that, in the note attributed to the Prince IA JoIN-
VILLB, they are brought for ward with a persuasive con-
viction, and they have assumed, for the first time in this
note, the character of a scientific demonstration. It is
possible that the Prince may have committed some
errors of fact, but there will always remain in our
eyes considerable merit, a vast fund of truth and
candour which is never unmeasured, but which pro-
ceeds direct to its object, and which respects no pre-
iudice—in fine, a sentiment of nationality which is
exalted at the name of France, which is wounded by
what wounds the nation, and which without affecting
either hostility or disdain for foreigners, fears not, at
least, to show itself."

The rabid remarks which appear from time to
time in the National on the subject we adverted
to yesterday, and shall not recur to them.
The Government papers have given short extracts
from the work, but without any comment. One
thing is clear. The statements made by the Prince
will give at} exciting interest to the debate

on, the navy estimates, which commences this
day, and make the Chamber vote every slim,
however large, demanded by the Government.
The death of Admiral LAL&NDE was announced
in the Chamber on Tuesday. He commanded the
Mediterranean fleet in 1840. The Augsburgh Gazette
contains the following extract of a letter from Naples,
relative to Royal marriages :

"The Duke de Montebello has opened negotiations with
the Court of the Two Sicilies, and has lately taken repeated
excursions to Casserta. The object is believed to be a mar-
riage between the Duke d'Aumale and the Princess Maria
Carolina, sister to the King of Naples, whose hand has
been also demanded for the Duke de Bordeaux, a projected
union which would be thus defeated, and for the promotion
of which, a letter from Friuli says, the elder branch of the
house of Bourbon has actually sent off an ambassador.
Then comes the proposed alliance between Queen Isabella
of Spain and the Duke do Trapani, which is not yet re-
nounced."

The French Funds still continue firm. On Man-
day the Three per Cents. closed at 84f. 60c., and the
Fives at 1221. 15c.

TILE BOURSE-MONDAY, MAY 20.

First Highest Lowest Last
Price. Price. Price. Price.
French Five per Cents.... • • 122 05 .. 122 05 .. 121 90 .. 122
Four-and-a-Half .... 112 .. 112 .. 112 .. 112
Three per Cents.•... 84 45 .. 84 55 • • 84 45 .. 84 55
Bank of France •..•...3100 —3lOO .•3100 ..3100
Laffitto Bank, 5,000 f Sharessl62 50 —5162 50 ..5162 50 —5162 50
Belgian Fives, 1840 •• • • • • • • 106 .. 106 .. 106 .. 106

1842 •••••• • • MI .. 1081 .. 108} 1081
Elpanish Threes .. 35i .. .. 351
Passive •• ••••• • • • • • 6 .. 6 .• 6 .. 6
Dutch Fires

Neapolitan •:•••• • • • • • • • • • 102_ 35 .. 102 45 .. 102 35 .. 102 45

Roman, ex WT.
RAILWAY SHARES.
St. Germain

Ver5ai11e5,R.8............. 312 N .. 372 50 .. 372 50 .. 372 5•
L.B.•••• •• •••• •• 250 .. 250 .. 247 50 .. 247 50
Rouen • .1000 ..1000 .. ¶95 .. 905

Rouen to Havre • • • • • • • • • • • • 765 .. 767 50 • • 760 .. 767 541
Orleans .•.••

Strasburg to Bale•••• •• •• •• 266 23 .• 266 25 .. 260 .. 261 25
Lvignon to Marseilles— .. 765 .. 767 50 . 767 50 .. 767 50
RAILWAY SHARES, FOR THE ACCOUNT.
St. Germain .• . • • • • • • • • • • • 818 .• 825 • • 815 .. 823
•• •••• 375 .. 375 372 50 .• 372 50
.L.B.
Reuel' •••i!• •••• •••••• •• •• 995 .. 997 50 .. 992 50 . 997 541

Rotten to Haire••
Orleans ..•• ..... •• ••••••1002 50 ••1010 ..1000 •• 1 006 25

Strasburg to Rale • • •• •• • • • • 265 .. 266 25 .. 258 75 • • 260
Avignon to Marscillos• • • • • • 766 25 .. 766 25 762 50 .. 765

MORTALITY IN THE METROPOLIS.—The total number
of deaths during the week ending Saturday, May 18,
was 862, thq average being 883. In several cases
there is a great diminution. According to the return,
diseases from dropsy, cancer, and other diseases of
uncertain seat, there has been a decrease of 15 ; from
diseases of the lungs a decrease of 29; and from
old age and violence a decrease of 15. Thirty per-
sons were carried off by small-pox, and of these 2.5
had not been vaccinated. In the list of violent deaths
there are six from drowning, and only two suicides.
According to the meteorological tables kept at the
Greenwich Observatory, the barometer was highest
on the 14th, Tuesday, marking 74.6 degrees, and
lowest on Saturday, 34.6. The average of the
barometer is high-30, and the rain in inches is
marked nil, though there were several showers
during the week.

We understand that the Queen has lately appointed
Messrs. Scholefield, Young, and Stephen, of Dudley,
Brewers to her Majesty. Mr. Young was for many
years head brewer at the celebrated London brewery
in Brick-lane, Danbury and Co.'s, where he obtained
his reputation as a most scientific brewer. Indeed
Mr. Young's talents only require to be more gene-
rally known to make Dudley as celebrated fur its
porter as either London or Dublin.

We are requested to correct aal error which crept
into most of the reports of Tuesday night's proceedings
in the House of Commons :—Mr. Christie, who
is represented to hare postponed his notice re-
lative to the Universities of Oxford and Cam-
brige (which, on the contrary, the Hon. Gentleman
will bring on to-day), merely gave a notice, which
will be found on the Notice Paper, relative to the
Danish Claims.

MONEYAND COMMERCIAL NEWS.

CITY, WEDNESDAY EVENING.

Stocks closed slightly better than they were in the
middle of the day, Consols being 99i i; but there was a
want of buoyancy. The heavy investments were also
affected—the Reduced Three-and• a-Half per Cents. be-
ing 1011 and the New 1021 Bank Stock remained
firm.

Spanish Active Bonds were erroneously quoted in the
list this morning at 251 instead of 241, and which is also
about the closing value. The Three per Cents. were as
in the morning. Venezuela were 40 to 401; Portuguese
Converted 461 to 461, and Colombian receded to 13i.
The additional transactions in Railway Shares have
been these:—Birmingham and Gloucester were 10;
Brighton 31, and Greenwich 64 discount; Bristol and
Exeter have been 121; Chester and Holyhead 1g; Chi-
chester and Brighton 11 to 11; Eastern Counties New,
SA-; Birmingham 122; South Western 47k; Do. *Nil,
4i; Manchester and Birmingham 15; Newcastle and
Darlington 21 to 211; Northern and Eastern 121; Nor-
wich and Brandon 61; South Eastern 337,-; Yarmouth
and Norwich 6; Paris and Orleans 19; and Rouen and
Havre 10 premium. Colonial Bank Shares were 91 dis-
count.

(From The Sun of Last Night.)
The sales of Cotton at Liverpool were 2,500 bales, all Is the
trade. There was no change in prices. Only a small busi-
ness was done in Shares, and the market generally was nob
so strong. Birmingham and Gloucester, 90.; ; Dublin and
Cashel, 5;; Eastern Counties, 12; Edinbur and Glasgow,
66 ; Great Western, 119 ; Ditto Half, 774 ; Manchester and
Birmingham, 564 to 56 ; Manchester and Leeds, 106 ; North
Midland, 901; South Eastern, 38} ; Ditto New, 12k.
In the Foreign Stocks but little has been done to-day, as
the quotations will show. The Railway Share market has
been rather active, but the prices have had a downward ten-
dency.
The "Derby " day ls, of course, the leading attraction to
City folks, and we have, consequently, but a thin attendance
here, either of merchants or of those connected with the Stock
Exchange. The produce markets, in Mincing-lane, are
closed, as usual, on this occasion.
but as there now seems to be a change in this
The West India Mail is still kept out by the adverse
weather ;
respect, its arrival is hourly looked for.
As stated under this head some days age, the West India
merchants and planters held a meeting yesterday to petition
Parliament against the proposed! reductions in the duties
upon foreign sugar, coffee, and cocoa, unless a contempora-
neous diminution be made in
,the imports upon colonial
produce. The resolutions passed at the meeting
yesterday savour strongly of the old school of mono•
polies, and in the City was ridiculed by all well-thinking mer-
chants ; the clique of West India property holders, of course,
excepted.
The most important feature in the English Stock
is an improvement in the value of Bank
to-dayno not
less than 2 per cent. on the closing prices
of yesterday afternoon, and of 6 per cent, on the
market Stock o f
lowest quotations of last week. Consols for Money and Ac-
count are heavy at 99i id Exchequer bills are a shade lower

MANCHESTER STOCK EXCH AN GE, MAY 21.—Business
Birmingham, 56 55; gouth-Eastern, 381;
continues limited, and prices generally are lower :—Man-
ccA,ah.ert,a3niiteeeliri,elail
Bury, and Rossendale, 6* 3-16; Dublin and
Lyons and Avignon, 2i; Trent Valley, 7} 7;
Barnsley Tunction, 3.
CLOSING PRICES.
BRITISH FUNS'S.
Bank Stock ~. 1•••••••••••-• 197 Milian Stock ln.
3 per Cent. Red .;s Ditto Bonds 92 pm.
3 per Cent. Cons.
3}4 per Cent. Rel lOl Ditto New Annuities.,. 98h,
, _ _ __ _.....

Ex. Bills 1,0001. I Nd.: 76 'lint
Ditto 5(101
Ditto Small... ........ ... 76 pm.
Bank Stock for Acct 196
Consols for Acct. —
India Stock for Acct —
I FUNDS.
Austrian, 5 per Cent — IPortuguese,s per Cent —
Belgian, 5 per Cent
1033 f Ditto, New Ditt0...........,.
Brazilian Bonds --Prussian, 5 per Cent — 6 per Cent... Russian, 5 per Cent
Buenos Ayres,
Chllian 6l Cent — ,Ditto, Metallic ••••• .......... .••
C•3lombian, 6 per Cent
Ditto, 1824 — Ditto, 3 per Cent ,—
Cuba Bonds, 6 per Cent — Ditto, Deferred —
Danish, 3 per Cent — French, 5 per Cent —f. —e.
Greek, 18.5, 5 per Cent...... Exchange —f. —c.
Mexican, 5 per Cent
Ditto, 6 per Cent., 1837. — Dutch,, 2% per Cent.-61
Peruvian, 1825, 6 er Cent — ' Ditto, S per Cent ........10034

.44 pe. _
ew 3% per Cent. .....
New 5 per CenL ..... .
Long Annuities to expire
Jan. 1860 ..... It 7-16%
Oct. 1859 . ...... 12 5.16
Jan. 1860... ........

SHARES.
Birmingham and Gloucester (100 paid).. ....... OO
Bristol and Exeter. (70 paid) B2
Chester and Holyhead ( 5 paid)
Eastern Counties (D paid)
Ditto Registered (8/658d paid)
Ditto Perpetual, 5 per Cent., 13s. 4d. paid
London and BirminghanV(Stock)
Lonion and Brighton (50' paid)
London and Greenwich (12t. 15s. 4d. paid) 6%
London and South Western (411.65. 10d. paid)
Ditto Eighths (15s, paid)
Manchester and Birmingham 55
Northern and Eastern (45 paid)
Norwich and Brandon ( 2 paid) B%
South Eastern and Dover (33 2a 4d paid)
Yarmouth and Norwich (19 paid)
Paris and Orleans (20 paid)
Rouen and Havre, S paid lB

TIIE NEW SPORTING NOVEL BY " CRAVEN."—
This novel, which is announced as on the point of
making its appearance, will attract great attention,: if
only on account of its being the production of the great
sporting writer of the day; but the curiosity excited
towards it will be doubled by the alleged fact that almost
every character introduced into the story is drawn from
actual life, and will probably be recognised by most of
those who have moved in the sporting and fashionable
circles during the last twenty years, which is said to be
the period comprised in the novel of " Hyde Marston."
The narrative itself, too, which takes the attractive form
of an autobiography, is said to depict the singular and
varied career of an individual of no ordinary sporting
celebrity, who still occupies a conspicuous place on the
turf, and whose absence from the Grand Stand ut Epsom
on the ." Derby Day" would portend something more
than a change in the odds.
DUBLIN GARRISON.—The extra guards which for
some time past have been placed throughout the garrison
ars discontinued, and the troops on duty are now reduced to
the ordinary number.
The Rev. Thomas Dale having fulfilled the duties
of lecturer of the parish of St. Sepulchre for a period of 1G
years, will take his leave of the congregation at that church
on the evening of Sunday next.
Lord Robert, Grosvenor has given a donation of
ten guineas to the Metropolitan Benefit Societies Asylum,
and consented to become one of the Vice-Presidents, a cir-
cumstance at once gratifying and beneficial to the working
classes.

THE LATE FATAL OCCURRENCE AT LONDON-
IIRIDGE.—On Tuesday morning as some lightermen were
dragging the river just below London-bridge, for some chain
cable, which had accidentally fallen overboard, they brought
up the body of one of the 'unfortunate children, named W.
Newton, who was drowned off Fresh wharf, by the upsetting
of a wherry, on Sunday evening. The remains were imme-
diately placed in a shell and remeved to the bone-house of St.
Mary-at-Hill.