The Sun.
London, England, 1826-02-06 00:00:00

[TUE TIMES.]
• it would appear that the distresses in the
'ckmercial world are far from being yet at an end.
e grieve heartily for the fact; but how can it
be otherwise ? So far as the exigencies of em-
barrassed men were provided for two months
ago by acceptance, or other forms of paper en-
gagement only, nothing has since happened to
raise the value of their property, for individuals
then suffering from its depreciation. Prices have
fallen, and the fall will produce a re-action on•
questionably in the market, by creating a de-
mand for goads; but those who purchased at
high prices, and have now no means of answering
their creditors except by sales for less money
than they bought at, must inevitably undergo a
severe trial; and we state the circumstance to
guard the public from supposing that there is a
greater mass of real insolvency at this moment
than existed two months ago. For the truth
is, that poverty is not increasing, from the
mere circumstance of its being in a state
of development: on the contrary, we should
hope that the causes of distress are fast declin-
ing in activity and power. Indiscreet speculation
has got a brain-blow, the return of prudence is
one main help towards the recovery of a commer-
cial people. The amount of circulating paper has
been reduced, and its excess was the great pabu•
lam of wild and desperate undertakings. Gold
is taking the place of notes, and brings with it of
necessity a fall of prices : this again creates a
fresh demand for commodities, and business is
indirectly re-acted upon and revived, by the
same causes through which it had been for a time
suspended. We cordially wish success to any
measures which may be judiciously framed for the
abolition of small country bank-notes, by which the
poor at least will be guarded against a spurious
currency, and the adventurer stripped of a wea-
pon best adapted for depredations upon solid
tatoperty, and for the expulsion of legitimate, in
favour of fictitious credit. The riots of Norwich
are pretty much in character, with the usual wis-
dom of the journeymen manufacturers : they
complain of competitors in their own work, and
set out with demolishing their masters' property,
which must compel these musters to give lower
wages as an indemnification for a loss, which they
cannot make good by any retributive rise in the
price for which they sell the article.

rIiaITISIL en MI
The Paris Papers of Friday arrived last night,
with the Mode dated Saturday. 'I he Chamber
of Deputies was occupied on Thursday with the
selection of the candidates for the Presidency.
Only four had obtained the absolute majority of
votes : M. Ravez, M. Chilhaud de la Rigoudief
who is now presiding by right of age, M. de
Montmorency, and M. de Courtarvel. On Friday
a fifth► candidate would be elected, and then the
names would be presented to the King for his
choice, which would, no doubt, agaitt fall upon M.
Ravez. The correspondence from Spain holds out
no expectation of any amendment in the condition
of that wretched country. Many diplomatic notes
have lately passed between the Government of
King Ferdinand and the Ministers of the
Great Powers' at Madrid, relative to the inde-
pendence of the new States of America : but
no advance has been apparently made upon
the obstinate prejudices of the Spanish Court.
The official Gazette endeavours to console
its readers for the loss of the colonies, by
skewing how little confidence some of the South
Americans have in Bolivar. For this purpose it

[stoitiimi eon.]
During the discussions to which the state of
the Currency gave rise, previous, to the meeting
of Parliament, we contended, in opposition to
most of our cotempontries, that if the present
should be thought a proper season fur changing
our system of banking and circulation, such
change ought not to consist in any cumbrous and
artificial regulations, with a view to strengthen'
and perpetuate a portion of the paper circula-
tion, the least important in its amount, and
the most mischievous in its consequences, We
insisted that the value to the country of
this portion of its currency was not such us to
justify the enactment o any laws for its
preservation, and still leis of such laws us
were suggested—la w s which would have
placed the affairs and the conduct of a great class
of individuals under the •daily and perpetual
superintendence and contrail] of the Executive
Government. We expressed our confident hope
that the amendment of our banking system, if at.
tempted at all, would be attempted by the hot.

publishes a letter purporting to be from Dr.
Francia, the Director of Paraguay, and reiterat.
ing his determination not to enter into any poll-
deal Qlations with the surrounding States. From
some phrases in this epistle we doubt its authen.
ticity ; but admitting it be genuine, it only proves
a fact with which the world were already well
acquainted. Francia has succeeded in establish.
ing a sort of patriarchial government like that of
the Jesuits formerly in that country ; but his
system will expire with him, and his life is now
much extended beyond the ordinary duration of
human existence. On the 13th Nov. the French
Consul• General for Hayti, M. Maier, had a
public audience of President Boyer. Complimen-
tary speeches were as usual delivered on each
side. The meeting of the Legislative Chamber of
Hayti was fixed by proclamation for the 20th of
January.—A postscript of the Etoile announces
another military revolt in Russia. In this in,
iltonce, however, the attempt, though desperately
made, Wes' feebly supported and easily suppress-
ed. The chief actor was a relative of an hay%

sion of existing monopoly rather than by multi.
plying the. functions of Government, and 'sub.
jecting the actions of individuals to its incessant
vigilance and detailed controul. These, it will
be recollected, were our views of the subject ;
and we cannot conceal our satisfaction that the
wisdom of his Majesty's Government has now
afforded its high sanction to their correctness.
The two measures proposed by Ministers are
both in entire harmony with the principles we
ventured to lay down. The first, namely, that
which limits the exclusive privilege of the Bank
of England to the distance of 65 miles from Lon-
don, and thus removes the existing impediment
to the establishment in every other part of the
country of Banks having an unlimited number of
partners, must be productive of inealenlable ad.
vantage. It is no extravagant anticipation that
this important measure will lead, and that at no'
distant day, to the establishment in every
county of a Bank, which, with reference to its
own sphere of operation, will be fully equal in
validity, in resources, in credit, and in benefi-
cial influence to the Bank of England itself. Wee
have a ready answer for those who affect to
doubt the value of this alteration in the consti-

alai implicated in the Mutiny at St. Peters-
burgh. lie succeeded only in drawing after him
half a regiment. They were immediately pur-
sued, and surrounded. Up to the 20th ult. the
tranquillity of Poland continued undisturbed.—
The Emperor Nicholas is said to be resolved
upon demanding the strict and prompt execu-
tion of the Treaty of Bucharest. Nothing will
contribute more to his popularity than the adop-
tion of a menacing tone and attitude toward the

Porte, supposing that he should by other consi-
derations be restrained from having recourse to
actual hostilities.

tution of our Provincial flanks, upon the strength
of the inapplicable truism, that numbers do not
ntbcessarily constitute strength, or the very ques-
dutiable proposition that it is as easy for fifty ad-
venturers to unite their names as for six. The
Bank of England retains the power of estublissh-
ing Branch
Banks in any part of the kingdom,
and this power will not be permitted, as here-
tofore, to remain altogether dormant. With local
wealth tied influence, will be its natural
policy to a void collision,,; but wbetever the

apathy or inactivity of these shall sufferer
adventurers to appear on the scene, •there
the Bank of England will bphold u ignal of
invitation, there wilt It perceive a field to be
open fur its provincial operations, where the
most beneficial COHbetpiPIICMS may be expected to
flow to itself in die absence of all efficient
ri-
valry, and where the moat important service
may be rendered to the community, that of res.
citing it from an impending and grievous calamity.
That most important in t r e t of the counlry, its
coirrncy, iS not about to he surrendered to any
bawls or Joint Stock Adventurers who may
11400 Se to herd together under the denomination
of a flank.; it will henceforth he under the pro-
tection of associations comprehending so much of
the tvealth, respectability, and influence of their
respective districts, as to drPed no competition,
not even that of the Bank of England. We can
nothing to fear, we confess, from the -weak.
of associations, W ich must be at their first

Lions." A similar announcement was made by.
Mr. Canning the first night of the present Session
and though we are not surprised at this, it is
still matter of regret that our Government
should find' itself placed in so awkward a
dilemma. With whom the blame lies—with
the Diplomatist or his employers—we do not
feel ourselves competent to decide. Had Sir
C. Stuart been a mere novice in diplomacy, we
might perhaps be tempted to fix the blame upon
him alone. But it is not very likely that a man,
who joins so much address to such long experi-
ence, would mistake his instructions ; and it is
still more unlikely that he would suffer him-
self to be outwitted by the Court of Brazil. It
is much more probable that the error lies in the
nature of his instructions ; but, let the cause be
what it will, we lament its consequences. Accord.
ing to a letter. from Berlin, a new light has been
thrown upon the sedition which broke out in St.
Petersburg!' on the iGth of Dec., by which it
would appear that it was of a much more se.
Hoes character than was at first represented.—
The seizure of Prince Abaliski's papers, who
shot himself at the moment of his being arrested,
has led to this discovery ; and, in consequence of
it, several persons belonging to the oldest fami-
lies in the empire, have been arrested. From
the well-known jealousy of the Court towards
the old Nobility, we suppose the crime of those
who have been just arrested, was the splen.
dour of their hereditary rank, and not the
charge of bqing implicated in this pretended
conspiracy. Moreover, the accounts in the Berlin
Papers must' be received with deep distrust,
as the Prussian Government will suffer nothing
to appear in them on the subject of Russia, that
does not tell to the advantage of the reigning

Emperor, who.is married to a Prussian Princess:
In the meantime, it is pretty evident 'that the
recent settlement of the Russian throne is any
thing but solid ; and as the great majority of the
Nobility are evidently discontented with it, and
as the army .has only given a reluctant assent, it
behoves its authors not to calculate too much upon
their present success. The name of Co►►stantine is
consigned already to as rench oblivion, as if no such
personage existed; and this studied forgetfulness
creates a aurrnisi,that he has not been a very wil-
ling actor in those resent transactions in which
his names figures so often. It appears that a
misunderstanding has arisen between, tins Court
of Prussia and that of .Itesse .Dramstadt,:-on the-
subject of two Hessian subjects, who have been
long kept in confinement on the vague charge of

seditious practices. The Prussian Government,
which performs the double functions of Commis-
sary of Police, and head jailor to the Holy Alli-
ance, had caused the two Hessian subjects to be
delivered up to it ; and it now insists upon trying
them for the offence with which therare charged,'
though it was not committed within its juris.
diction. To this arrogant pretension, the Court
of Hesse Darmstadt demurs ; but as force, and
not right, decides in these matters, its densurrer
will have no other effect but to show in a more
glaring manner, the tyranny which Prussia and
Austria exercise over other members of the Ger-
manic league. However, this new example of
oppression will work in due time ; and history is
nothing more than a tissue of amusing fictions, if
the present Government of Prussia is not called
to a severe account for its conduct in this and
-numerous other instances of a similar kind.-

rMORNING HERALD.]
The King's Speech on the opening of Perna.
ment is entitled to commendation, because it, in
reality, says little or nothing. This mode of es-
timating the merit of a Speech may startle the
regular critics on eloquence, yet we do consider
the excellence of the King's Speech to consist
in its want of definite meaning. It is a good
general rule to say as little as possible in
Royal Speeches, and to make what is said so un-
intelligible, that if it cannot enlighten it will not
[NEW TIMES.] deceive ; but it would be better still to make
Persons who deal in paradox and hyperbole, no King's Speech at all. If this part of the cc.
tell us that the prosperity of this country, On remonial in opening Parliament were abolished,
which Miniters dwelt with so much satisfaction a it would save a groat deal of time which Mem.
twelvemonth ago, %Yes false, because we have felt beta now waste on speechifying on the 6' Ad-
eousiderable pressure in various branches of trade. dress," and enable them to proceed to business
This assertion is addressed solely to the feelings without delay. What reason is there why the
of persons in distress, and not at all to their rca- assembled Representatives of the nation should
son. They, who by their own misconduct, in not commence at once like other meeting ? We
overtrading or overspeculating, have incurred can flee none. Atother meetings, in general, the
losses, are ready enough to believe that the cause Chairman does not open the proceedings by mak-
of their suffering rests anywhere but with them- ing a speech, nor is it. wanted or considered a ne-
solves. The Corn. Laws, the Currency, Free cessary part of his duty. On the contrary, a
Trade--eany this is dwelt upon rather than the speech from the Chairman is looked on as re-
great and true cause, that cupidity which has ther a vain or indecorous thing, and its object
urged speculation beyond all reasonable limits. is not so often thought to be enlightened' as delu
But it is one thing to say that our industry has sion. But if a Speech must be made, in the name
not always been guided by judgment, end an- of the Royal authority, to Parliament, especial
other to say that it was at no time productive of care should be taken that its manner be
profit. Thu country actually is in a high state of not ostentatious or its tone over-confident—above
prosperity, notwithstandivg the deductions, and all things, it ought not to hold out too flourish-
a view of national prosperity or predict its
vre confess they are heavy, which must be made ing
for the recent embarrassments. It is quite üb. progressive iitervase. When merchants anti ma-
surd to say that a nation, which exports in a nufacturers are
single year cotton goods of the official valve of merco and menufactures are in a high state or pros.
above thirty millions sterling, does not posseAs peY tit if told in the King's Speech that COM-
e-sets the merchants ton ork to im Part 2or 3
the elements of a prosperous industry. In our times as Inal{3, goods.as are actually wanted, and
Paper of Thursday we chewed, from M. M 9" :the manufacturers: make a great deal more than
reau's tables, that such was our exports of cottons. are adequate to the demand. Thus do poospous

statements of this kind create an unnatural acti-
vity, and encourage a briskness of speculation
which ends in disappointment. In fact, generally
speaking, a Speech from the Throne would be
more moral and judicious, by inculcating sober
and prudent habits to the country, and
V warning people against over-trading, over-
manufacturing, and extravagant expenditure,
than by complimenting the Goverament and
the nation on the high and permanent state of
public prosperity. The poison in the chalice of
flattery intoxicates individuals, and often sets a
nation mad. If a Speech must be put in the mouth
of the King at the opening of Parliament, why
should he not read the people a sensible and per-
tinent moral lecture ? There are many people and
many sects whom we would not set up as models in
all respects, yet who, in some particular customs,
might be usefully imitated. The lecture given at
the annual meeting of the Quakers is a moral and
useful one ; it dues not talk indefinitely of the
prosperity of the sect, but it points out the
means by which they are to maintain their station
in the world, and secure the good opinion of so-
ciety. Even the Emperor of China, though we call
his Government barbarous, toes not disdain to give
his subjects,onsolemn and stated occasions,paternal
advice and moral instruction. We would think
it more creditable in a British Minister to ad-
vise his Sovereign to adopt a wise innovation,
without regard to the source whence it comes,
than to continue any practice, not because of its
usefulness, but its antiquity, in alluding to
the existing embarrassments, the King's
Speech advises such measures to be adopt-
ed as may " tend to protect both private
and public interests against the like sudden
and violent fluctuations, by placing on a more firm
foundation the currency and circulating credit
of the country." In pursuance of this advice,
we observe that Ministers recommend an al-
teration in the Banking System. Our readers
have seen what that alteration is intended to
be k we will only observe upon it, at present,
that if it be carried into effect, and an hide-
finite number of partners admitted, one of
these two measures must be adopted—either the
law of partnership must be altered, as far as re-
gards bankruptcy in general, or there must be one
law of partnership for the new banks, and
another law of partnership for all other commer-
cial establishments in England and anomaly
wholly unworthy of a country that boasts of its
superior civilization and wisdom.