The Sun.
London, England, 1828-04-04 00:00:00

NEW FLPIET-MARKET.

A Report, recommending a deed to be executed
for securing 15,0001. to Sir Charles Flower, Whi6
sum the lion. Baronet had agreed to lend the City,
to enable them to repay a similar sum they had
borrowed to carry en the building .of the new
Market, and which they were now called upon to
repay.
Upon the motion that the ReFort be agreed to,
considerable discussion took place regarding the rate
of interest (four per cent.), aaveral Members
observing that the money could be obtained at three
and a half per cent., at which rate they had already
borrowed 150,0001. for the purpose of building the
market. To which it was announced that money
was now more scarce than it was then, and several
great capitalists and bankers had declined lending
money to be locked up for five years, which would
be the time the City would want it.
The Report was then approved.
REMOVAL OF THE FLEET I'RISON.

A Report was presented, stating that a commu-
nication had been had with the Lord Chief Justice
of the Court of Common Pleas, and the Secretary
of State and others connected with the Govern-
ment, regarding the propriety of building a new pri-
son in St. George's-fields, in lieu of the present
Fleet Prison, and the result was, that Government
had agreed to the plan, and had consented to take
a piece of ground belonging to the Bridge-house
Estate whereon to build the prison, and to give up
the site of ground on which the present prison stood,
and pay to the Corporation the difference in value
between them, and to indemnify the Corporation
from all expellees. The Committee, therefore, re-
commended the measure to be agreed to.
Mr. S. DIXON approved of the removing the pri-
son to St. George's-fields, on account of the air;
and there was another advantage for the prisoners--
those in the Rules of the Fleet and those in the
King's Bench would have the comfort of consoling
themselves by associating with each other.—(A
laugh.)—The Report was then agreed to.

Mademoiselle SONTAG'S first appearance at
the KING'S Theatre is fired for Tuesday, the 15th instant,
in ROSSINI'S favourite Opera ,of " It Barbiere di Siviglia."

SURREY THEATRE.---This elegant little
theatre closed for a short period on Saturday night, on
which occasion that excellent comic actor,Aymtm, de-
livered an appropriate address. We understand that this
gentleman is shot tly to be engaged at a rival theatre, (the
Coburg), together with Mr. W. WEST, Miss GRADDON,
and T. P. CooEE. We are glad to hear this, for he is no
unworthy successor of the late Mr. EBIZRY.

Yesterday evening a Concert was performed
at the Horns Tavern, Kennington, for the benefit of the
Surrey Philanthropic Institution. A variety of eminent
vocal performers were present, among whom we were glad
to find Miss Ga...innoN, Miss MEntr, and Miss COVENEY.
Dlisa MERIT, together with Mr VALE, undertook the
simple air of " When a little farm we keep ;" and met
with an enthusiastic encore. Miss GkAnnoN too was
highly successful in " Hurrah ! for the Bonnets of Blue ;"
and Miss MEan was rapturously encored in the first
stanza of " God save the King." The Band was excel-
lent, and the audience numerous and respectable.
THE LORD MAYOR'S FETE.—The residence
of our chief magistrate has seldom Leen the scene of more
splendid festivity than the entertainment which was given
by the Right Hon. the Loan Ithvon on 'Thursday even-
ing last, and to which no fewer than 900 cards of invita.
tion bad been previously issued. The lower suite of apart-
!rents was appropriated to cards, and the magnificent state
room
_was prepared in a splendid manner for the ball. The
ball was epened in iha state room, by Lady Svees and the
brother of the Lord Mayor (Mr. MENzies),
with a cons:
try dance, followed by above 30 couplcouple.
Quadrilles
waltzes succeeded, and were centioued with great spirit
1
until half-past twelve. The company
Lien retired front
the Mansion-houss into the Guildhall to supper. Tlp
company at this time consisted of about 700 people. Af.
ter the supper, they returned to the ball-room, and 'lanc-
ing was kept up with spirit till past five o yo,l,
Courant.

There is a little dirty public house at Ports-
mouth, in which many persons have made large fortunes.
One landlord, a man so ignorant that he could scarcely
read or write, made during the war no less than one hun-
dred and fifty thousand pound. It is a house more re-
*a-tea to by sailors than ally other in the place.—Brightob
Gazelle.

EXECUTION OF WM. AND JOHN DYONN
AT YORK, ON WEDNESDAY MORNING.

Shortly after the prisoners had been placed in
their gloomy apartment, the Chaplain to the Castle
(the Rev. Wm. Flower) attended them, and used
his utmost endeavours to prevail upon them to make
their peace with the Almighty. They, however,
denied their guilt, and appeared to feel. but little the
awfulness of their situation. The same evening an
application *as made to the Chaplain for permission
for the wife •of Dyon and his son-in_law to visit
them. This Was immediately granted, and an in-
terview took place between them, in the presence of
Mr. Shepherd, the Governor. After beiug u
Short time in conversation, they took their
parting leave of each other ; but, from what
we understand, it was not one where that
poignant grief and anguish was displayed
which it was natural to suppose would have
taken place at a meeting like this. Their relations
left this city the following morning. The prisoner?:
slept rather soundly that night, and smoked thell
pipes and appeared cheerful on Tuesday morning..
About ten o'clock they were taken to the ehape,
where, as well as at two in the afternoon, prayers
were read to them. During this service, some im-
pression was evidently made upon the older Dyon,
the tears flowing down his face several times while
prayers were reading. On returning from the
chapel to their cell, the younger Dyon was heard by
one of the•turnkeys to say, " Oh what we have
brought ourselves to." On Tuesdiy evening, the
chaplain again visited the prisoners, and observed
some signs of contrition in their behaviour. Though
they did not confess anything relating to the murder,
they did not deny it, which they had previously
strenuously persisted in doing.
Yesterday (Wednesday) morning, the Chaplain
again attended the prisoners, who had, since the
day before, been placed in separate cells, in order to
facilitate the means of obtaining a confession from
either of them; but without effect, as they still per-
sisted in a bolsi denial of their guilt.--Yesterday
morning, under the door of the cell of Wm. Dyer!,
two short notes to his son John were intercepted,
exhorting,him to say nothing. This might fairly ha
taken for a virtual confession of the crime. They
had been given.to a prisoner who had to pass the
door with some water, but were found by one of the-
turnkeys. The - Chaplain administered the sacra:
ment to these wretched creatures, and remaineo
praying with them until the time of the execution.
About five minutes before twelve, the two culprits
walked on to the scaffold, conducted by the javelin
men, bailiffs, &c. At this period, the Fishergate-
road, St. George's Field, the New Walk, and other
places adjoining were crowded by a dense mass of
spectators ; we heard them estimated at ten thousand,
and we think there was nearly that number present,
William Dyon, the father, appeared quite once"-
cerned. His son presented a striking contrast ; he
wrung his hands and was evidently labouring under
great mental anguish. He commenced praying very
fervently, and followed the clergyman in most of the
service, ejaculating many times " the Lord have
mercy upon me." The father did not take part 'in
the service, until the Lord's Prayer was read, anti
then his lips appeared to be in motion. The servit e
having terminated, the executioner tied the legs of
the old man and those of his son with cords. The
Under-Sheriff now advanced towards the prisoners
and spoke as follows

UNDER-SHERIFF— Your last moment is now
come, and you are on the point of being launched
into eternity—do you acknowledge the justice of
your sentence
The young man paused, and the Under-Sheriff re-
peated the question. -
John Dyon, (who appeared as if he did not dis
tinctly hear the question) said, " I do not rerfectly
understand what you mean."

The UNDER-S-HERIFF—Do you acknowledge you
arc guilty of the crime, for which you are brought here
John Dyon, shaking his head, immediately replied,
"0 yes 0 yes! • 0 yeti"
The cords were now adjusted, and the executioner
having made the other preparations, at nine minutes
past twelve, the drop fell, and this woad closed on
them for ever. The father, previous to the falling
of the drop cringed, and lowered his body near to
the floor; he died in about a minute, almost without
a struggle. The son suffered more, and was strongly
convulsed; life was not extinct till about five mi-
nutes afterwards. The bodies were left hanging till
one o'clock, when they were cut down for the pur-
pose of dissection.—York Chronicle of Thursday.

EXECUTION OF WILLIAM JOY.

In pursuance of the sentence passed tin
.this un-
happy criminal, preparations were made for his exe
cation en Saturday last. The crime of which he
was convicted, was that of having robbed and vio-
lated, under circumstances of great atrocity, Mary
Ann Trigill, of Gussage All Saints, in this county.
From the evidence of the unfortunate young woman,
who was the object of his brutal violence, it ap,
peered that he met her near Henley Wood, into the
recesses of which he dragged her; he then threw
her down, and laying a large clasp knife open by he:
side, threatened to murder her if she resisted. 'After
perpetrating the revolting crime, lie robbed her of
two sixpences,
a gold ring, and an umbrella.—
During his trial, be displayed much apathy; but on
sentence being passed, he fell on his knees, and re-
peatedly implored for mercy. He behaved with the
greatest propriety, acknowledged the enormity of his
crime, and prepared to undergo the punishment. At
a quarter before twelve on Saturday, the bell of St.
Peter's church announced that the execution wa:;
about to take place. The prisoner was conducted
to the scaffold, which he ascended with great firm-
ness; a slight trembling in his frame only could be
observed when the cap was drawn over his face, and
the world was for ever shut from his gaze. His
last words before the drop fell were to Strong, a fel-
low-prisoner, convicted of a burglary at Sherborne,
to whom he said, in the most impressive manner,
" Strong, take warning by my untimely end, leave
off your evil ways and repent." The signal was
then given, the drop fell, and with scarcely a struggle
he died. The extreme juvenility of his appearance,
excited a strong feeling of pity among the spectator:.
The body after hanging the usual time was cut down,
and interred in the Castle burial-ground the same
afternoon.
Young as this offender was (busage was
nature.bu t 2-211)1
and innocentes was his appearance, he had long pm-
sluBe2d3 career
aso f
convictedthe
e
most depravedtthe Lent Assizes of
house-breaking, at MinchiSixpenny Handley, and sentenced to death ; but,
rigtml, in the parish of
consideration of his youth, his sentence was com-
muted to hard labour in the house of correction for
twelve months ; and it is a remarkable circumstance,
that on that occasion, exactly five years from the day
on which lie was executed, three men being execut-
ed for a robbery, he was placed as near as possible
to the drop, in order that the example before him
should deter him from flame crime. But every
effort to reform him was in vain.—Dorset Citron.

The anniv
subscril ersary of he City of London e-
nend Pension Society, which was established about to,
years since, and is now supported by no fewer than is,ocn
'f'rs, was celebrated yesterday at the City of Lon-
don Tavern ; the Most Noble the Marquis of CLAsitt-
CARDE in the Chair. This institution has for its object
the relief of misery and distress at that prriod of life wl,ert
the decayed artisan and mechanic are too frequently bereft
of all other aid. The male pensioners (decayed artisans,
mechanics, and manufacturers, of good character, resident
within ten miles of London) are allowed 31s. per month,
nd the females (the widows of the above iescription of
persons) 225. per month. It fq.pears that between 400
and 500 individuals are now receiving the benevolent as-
sistance of this institution. Sir Prrut LAURIE regretted
the absence of the Duke of SussEx, the Patron of thelnstitution,
and proposed his Royal highness's Malta,
whirls was drank with great enthusiasm., There was a
ver} numerous assemblage of respectable company on this
occasion, and the subscriptions of the evening announced
by the Secretary (among which v-eie 50 guineas by. the
Marquis of CLAICRICAREF) seemed to afford much sags-
faction.

SPIRIT OF TI-17, PUBLIC JOURNALS,

Sir Robert Wilson last night put sonic ques-
4ions •to Mr. Pee!, on a subject of a very dis-
tressing nature. " According to positive ad-
vites," he said, " and which he had no
doubt, were now become official, several thou-
sand Greeks, women and children, had been
carried off to Alexandria by the fleet of Ibrahim
Paella, and sold in the market as slaves. He
understood there were in the whole nearly seven
thousand thus dragged from their country and
their friends, with feelings aggravated by the re-
flection, that this misfortune happened at the
thainent, as it were, the question of their future
ireedom had been set at rest for ever." Mr.
Peel said, " Instructions had been sent out to
the Admiral to prevent the removal of any por-
tic»: of the combined Turkish and Egyptian
fleets, both before and after the time of the battle,
if by that removal they meditated a renewal of
hostilities against the Greeks ; but of course, if
they has intended to remove their forces from
the ray' of Navarin, either to Alexandria or
to Constantinople, every facility would have been
afforded them for that purpose. On the 27th
or 28th of December, a part of the fleet, to the
number of forty-five sail, including seventeen
sail which arrived in the port after the battle, set
sril for Alexandria, having on board the disabled
and sick and wounded, too-ether tvith some
toomen and children. 11711.5 at the number of'
these captives zea,S :IC could not pretend to sag."
He stated, " that on receiving this information
(;overly.ntht made a communication to the Ad-
-111;.-af, and instituted a full inquiry into the
'whole transaction." The Right Hon. Gentle-
man afterwards seemed to throw the blame of
the ad en our Officers. " If," he said, " the
orders of Government had been strictly acted
v:l•am, the removal from the Mores would not
have taken place." He added, ho ever, that
after the battle of Navarin our phya7,val force in
the Mediterranean became greatly in. tired ; and
were unable from their disableds 14. ato enter on
the blockade in a manner accut alt with the
wishes of Government. So fat so good—but
'hen Mr, Peel spoke of the difficulty of recover-
ing the persons so cruelly carried off into capti-
vity, as they might be disposed of by third par-
ties, this is sheer trifling. If the prisoners have
l" come the property of individuals, the Pacha
should be made to bear the expense of indemni-
fying those individuals. What ! arc the three
.Allied Powers unequal to obtain the liberation
of these unfortunate Greek captives, because,
forsooth, they may have been sold in the market
rtf Alexandria ? This is truckling with a yen-
geance.—Nlorning Chronicle.
The interest which it is supposed the Coun-
try Gentlemen have in the preservation of' the
Game Laws is the reason why those Laws con-
tinue not only to remain on the Statute-hook,
but to be, carried into rigorous execution long
Flirter both reason and experience have shown
their barbarous impoliey. Now, what is in
reality that interest? It has been urged, as an
argument in support of those laws, in We House
of Commons, by persons who did not blush at
uttering such absurdity, that, if' the Game Laws
were abolished, or essentially altered, the Coun-
try Gentlemen would be deprived of the chief
inducement they have to reside on their country
seats, and they would, consequently, emigrate,
and leave their "tenantry, as the Irish landlords
have done, to all the evils of absenteeism. Th ose
who use this argument pay so bad a compli-
ment to the intellect and common sense of those
whose cause they affect to advocate, that we know
not whether their zeal be more inconsiderate or
sarcastic. That the opportunity of shooting
some hundreds of wild fowl every year should
outweigh every social, moral, and national con-
bideration with our " patriotic and high-minded
Landed Interest and Aristocracy," as we fre-
quently hear them called, would sadly con-
tradict not only their claim to high principle
and enlightened understanding, but even to
common rationality of mind. But letting
this pass, and supposing for a moment that our
country gentlemen were beings so destitute of all
the influence of civilization as to prefer to live
upon their estates—not to discharge the duties
and support the relations which their situation
imposes upon them, but for the reason that
savages prefer to roam the wilderness rather than
live in towns and cultivated settlements—namely,
for the wild pleasure of hunting and killing
game ;—supposing, we say, this to be the case,
let us see whether the Game Laws really pro-
duce to the country gentleman the amusement to
which he sacrifices every other consideration. It
is in the nature of all laws that prohibit the open
and legal traffic in all articles on which mankind
set either a real or factitious value, to encourage
the contraband dealing in those articles—and the
more severely the prohibition is enforced, the
greater the premium upon the clandestine traffic.
In the particular instance experience has placed
this beyond all doubt. Never were the Game
Laws, we not only say, more rigidly but more
vindictively enforced than at present, and never
were the poachers so numerous, more despe-
rate, or better appointed and organized. If
the sale of' game were thrown open, and all
allowed to have a property in it on whose pro-
duce it was fed, the temptation to poachers
would be essentially destroyed. Of course pro-
perty of that nature, as %well as domestic poultry,
would be liable to be stolen, but the same law

could punish a thief who stole a pheasant or a
partridge as him who stole a duck or hen. By
the great temptation to poaching being removed,
the game, instead of becoming more scarce, would
be likely to become more plentiful. Domestic
poultry are not monopolized by a privileged
class, and yet they arc more numerous than if
they were, so that putting the question upon the
mere selfish argument on which it has been. put,
the abolition of the present system of Game
Laws would rather increase than diminish the
field pleasures of the country gentlemen. But
when other considerations are added, it appears
to us astonishing how the Game Laws can con-
tinue to have a voice raised in their favour
in the country. In the first place, the Game
Laws tempt vast crowds of the peasantry, by
the premium which they hold out, to abandon
he paths of honest, regular industry, and
become lawless and hardened freelmoters,
who, front habits of resisting the civil powers,
grow familiar
with all the crimes that flourish
in a vagabond existence. Hence a lead-.
ing cause of the increase of enormities in the
calendars at all Assizes—far beyond the increase
of population. Again, the country gaols are
constantly crowded, especially in some counties,
' with poachers, who must be supported at the
public eXpence, and who, when discharged froth
confinement, must become chargeable to their
respective parishes ; hence a vast augmentation
of county expellees, and of poor-rates, and thus
are the burdens of the " landed interest" vexa-
tiously.iuereased by their own mistaken views of
legislation. It is, therefore, in mercy to the
landed interest, as well as to the country in ge-

neral, we would have the present system of Game
Laws abolished. For what, indeed, can be said
in their favour, when it can be clearly shown
that to remove those disgraceful laws from the
Statute-book, and to give such a right of pro-
perty in game as justice and equity point out,
would be to increase that game—to diminish
crime—to lessen the expellees of counties—to
lower the poor-rates—and to close up one of the
great sources of the demoralization of our pea-
santry ?--Morning Herald.
A vessel with letters to the 6th of February
inclusive, arrived yesterday from Bahia, but the
mercantile communications mention nothing
new. Every thing was tranquil : no Buenos
Avers privateers had been seen off the harbour
for some time. Three prizes taken by the Bra-
zilian squadron had arrived at Bahia. One was
a Buenos Ayres vessel laden with hides, and
bound to London. The idea of letting the
Custom-house, adopted in other parts of Brazil,
according to the new plan arranged by the
Finance Minister, M. Calmon, had been car-
ried into effect at Bahia. The Renters offered
10 per cent. more than had been obtained by the
Government, whilst under its own administration.
A frigate had arrived from Rio de Janeiro, with
a supply of new copper coin, in consequence of
which the exchange on England, which had so
long been depressed, owing to the extensive cir-
culation of base coin, had risen from 35 is 41.
This is one of the most judicious plans adopted
by the new Ministry of Brazil. Commerce, in
many places, was actually in a state of stagnation,
owing to the quantity of false coin in circulation,
no one wishing to sell goods to receive so inade-
.

plate a payment. On the Custom-house reports
received arc the entries of two ships, with 1,200
:.,laves on board, from the coast of Africa !

New Times.

The expected pamphlet of Lord Grenville on
the Sinking Fund has appeared, and, for us at
least, it has not by any means disappointed the
expectations with which we looked for it. No
man of the present, or recently expired age, has
ever borne a more unsullied reputation than
Lord Grenville, for the integrity and dignity of
his political conduct. No statesman, we believe

has ever taken more pains to deliberate before
he formed an opinion, or pronounced it ; and
even the obstinacy with which he was now and
then accused of adhering to error, might be al-
leged in such a man as some proof of his since-
rity in embracing it. To the Sinking Fund,
established, or rather revived, by Mr. Pitt, in
1786, Lord Grenville gave his warm and pro-
minent support ; and, so far as the public were
acquainted with the sentiments of the venerable
Statesman, his Lordship had, until very lately,
persisted in the views of which he was originally
the advocate. Successive discussions in and
out of Parliament, and long experience of the
extent to which the public debt had been in-
creased, while the machinery of a large nominal
sinking fund continued to be in active operation,
--these, aided by the circulation of many pow-
erful works upon the true nature, properties, and
effects of a sinking fund, had much disturbed
the popular notion entertained with regard to it,
since the early days of Mr. Pitt. The ablest
financial authorities in the kingdom, with Hamil-
ton's excellent essay for their manual, began to
think, with something like unanimity, that a sink-
ing fund made up of borrowed money was not an
instrument of any efficacy for redeeming debt, and
began to tolerate many doubts upon the ques-
tion, whether diminishing the interest of the
debt by taxes was a much more profitable expe-
dient than that of paying off the principal by
loans. However, on the approach of those
questions 'in Parliament, on the decision of
which would, at least for sonic years, depend
the character and tendency of our future finan-
cial system, and the degree of change which was
likely to be wrought in that under which the
nation has long been proceeding, it may be in-
ferred from a passage towards the close of Lord
Grenville's Essay, that the Noble Lord earnestly
meditated the prospect of taking a personal
share in the discussion ; and sincerely do we re-
gret the distressing occurrence of bodily infir-
mity to which is owing, he gives us to under-
stand, the substitution of this, as he unjustly
terms it, " powerless skeleton of an argument,"
for that force of living eloquence and reason
which he might otherwise have addressed from
his place in Parliament, to an audience at all
times well disposed to hear him. In one re-
spect—and one only, but it is a consideration of
no small value—this pamphlet of Lord Gren-
ville will be of high importance to the country.
It affixes the authority of a name the most re-
spected, perhaps, of legislators for depth as
well as accuracy of knowledge, to one decided
view of one among the most critical questions in
finance, and exhibits in that view the most entire
abandonment of doctrines which had long flou-
rished under his auspices and influence, that
any public man of our day has had the cou-
rage or candour to proclaim.' Lord Grenville
confesses himself a convert to the utter ineffici-
ency of a sinking-fund,—nay more, to its
mischief under the actual circumstances of Great
Britain. Indeed, his arguments go to the con-
demnation of it under any circumstances, the
main objection being, that whatever portion of
the annuity is got rid of must cost the country
an equivalent sacrifice in the shape of tax, and
must therefore withdraw from the free and pro-
fitable disposition of' individuals as much money
as it professes to bestow upon the State. It
must be added, that after calculating the advan-
tage to be derived front Lord Grenville's name
and reasonings to the cause which he espouses,
there is no other quality in the matter of this
essay than is to be found in more than one pre-
ceding publication on the same subject. As
Mr. Pitt borrowed his mechanism of the sinking
fund front Dr. Price, so does Lord Grenville
admit manfully, that he is obliged to Dr.
Hamilton for weapons by which it may be effec-
tually demolished. ! In fact, there is not a pro-
position in the pamphlet which cannot be traced
to the work of that able economist ; even to the
very plirases and titles in which many of them
are conveyed. For the rest, the execution of'
the Essay is (as might be expected from Lord
Grenville) remarkable for correctness and perspi-
cuity, and force. We lament the impossibility
of inserting a long quotation from this in-
teresting little book, from which, however, we
take the following passages, which treat of the
futility of reducing the interest of, the debt by
taxes, as forming at least a curious discussion
" All direct benefit which results to the nation
from the operations of this fund, is thus invariably
purchased by a corresponding sacrifice, precisely of
the same description. And it may with no less
certainty be shown, that in all these cases the bene-
fit and the sacrifice have uniformly been of exactly
equal value. The benefit has consisted in the pur-
chase of certain public annuities, and in the conse-
quent release of the taxation appropriated to their
Payment. The sacrifice has consisted in the cost
of those purchases, and in the superadded taxation
from which that cost has been defrayed. But under
the laws of this institution, all these purchases have

been made by free competition in the open 'market.
Each portion of stock so bought was, therefore, at
the period of its purchase, the precise equivalent
of the money which was paid for it, and conse-
quently the precise equivalent also of the taxation
by which that money was levied. This is self-
evident. When a shilling is the market price of a
quartcrn loaf, those 'quantities of money and of
bread are equivalents. They are freely exchanged
against each other, and each of them commands the
same quantities of other commodities; of beer, for
instance, or of meat. And what other notion than
this have we of equivalence ? Such is not only the
scientific, but also the popular view of this subject.
" ' The intrinsic value of a thing, (says Iludibras)
Is just so much as it will bring.'
Thus, then, do these operose and complicated
transactions universally resolve themselves into
simple exchanges of equivalents. They boast to
have added millions to our wealth, to have removed
millions from our incumbrances; and they promise
to us a continual succession of similar and increas-

ing benefits. But every gift which they have con-
ferred on the community, they had previously
exacted from it. The water was drawn from the
same reservoir into which it is poured back : some
loss of it each of these transfers has produced; but
what can either of them huve added to it ? Disap-
pointing- as this statement is, when contrasted with
the visions which once dazzled the imaginations of
the wisest, yet such we see must be the result, not
of this sinking fund alone, but of every plan for
buying up the public debts, at their market price,
with the public money, whether raised by loans or
by taxation. The system is one of selfceunterae-
tion in all its parts. The money Nvhici; thus re-
deems debt is all drawn from the wealtli'of the
debtor ; and the mode of the redemption shuts out
all possibility of his profiting by the transaction.
Both these circumstances prove alike, and beyond
denial, the utter inefficiency of the whole project. '
The great importance of this topic; in reference to
the questions which now wait the decision of Par-
liament, has indeed alone led me to dwell upon it
thus minutely. It is one example only of au uni-
versal and obvious truism. Every purchase made
at the market-price, implies on both sides an
equal transfer of exchangeable value. Ilow that

price is adjusted by competition, and in what
manner, by the very nature of that adjustment,
it includes the due returns to the producers
of the commodity, for the labour and skill, and
capital, employed upon it, are things too well known
to be here detailed. But when this adjustment has
thus been made, the exchange of the commodity
itself against its market-price is and must be an ex-
change of equivalents. We may thus, I think, very
confidently determine, that, notwithstanding all ex-
pectations, and all promises on the subject, the na-
tion can really have derived no direct profit from a
system of buying up its debts at their market-price.
Of its indirect consequences I shall hereafter speak.
But the inevitable conclusion resulting from the pre-
mises which have been thus far stated, might, if it
were necessary, be still further confirmed, by a re-
ference to similar t ransactions in private life—the
best of all instruments for the discovery of truth in
political economy. Suppose, for instance, that, in-'
stead of our whole community, any one of the nu-
merous merchants or manufacturers has borrowed
money at interest, which he can repay only with-
drawing a portion of the capital invested in his
trade. This, if his creditor can demand the re-
payment of his debt, may be a necessary, but will it
be a profitable operation ? Will he voluntarily resort
to it, so long as no such demand can be made upon
him ? What will be its consequences ? It will
neither increase nor diminish the sum total of his
wealth. He will owe less, but he will also have
less. lie will cease to pay interest on the debt
which he discharges, but he will cease also to re-
ceive profit on the wealth which affects that dis-
charge. This change in Isis affairs may probably
subject him to loss; but how extraordinary would
be the case in which it could produce to him count-
less and unrneasurable gains !"—Tisncs.
The great importance of the subject of the
hostile sentiments of Russia against the Otto-
man Porte demands a few additional rpmarks
from us. The St. Petcrsburgh Journal, in
publishing an extraordinary Supplement to the
alleged Proclamation of the Porte addressed to
the Governors of the Turkish Provinces, ob-
served upon it, that it was a document tvhich
scarcely needed to be characterized. Now, so
far from agreeing in the propriety of this obser-
vation, it appears to us, on the contrary, highly
necessary that the document in question should
be most particularly characterized—a necessity
which becomes the greater from the false and
arbitrary interpretation given to it by the St.
Petersburgh Journal. The observations on
the whole arc indeed of so erroneous and
absurd a character as to be utterly indefen-
sible upon any ground of reason or of jus-
tice ; for thought we arc not in possession
of the original text, the numberless ver-
sions of which are so completely at valiance
with each other, still are we, justified in
combatting the inferences so at dully and unfairly
drawn front it, (even admitting for a moment
its perfect authenticity), and in coining to the
direct conclusion, that whatever may be the fact,
the St. Petersburgh article, though conceding
some unwelcome and undoubted truths, is writ-
ten in the worst possible spirit, whilst in its prin-
ciples and positions it is at variance with all rules
of just policy, common honesty and sound sense.
Upon what grounds, we would ask, can Russia
regard this Manifesto as a Declaration of War ?
The Porte has not avowed it, has not published
it ; as far as Foreign Powers are concerned it
has no diplomatic nor legal character. It is a
confickntial communication, addressed by the
Sultan to certain of his subjects, informing them
of the critical situation in which the Govern-
ment is placed, and of the tempest threatening to
burst upon them from day to day. If the results
of' the numerous councils held during late years
at St. Petersburgh, to deliberate on the relations
existing between Russsia and the Porte—if the
daily commands addressed in consequence of these
councils to the civil and military authorities—if
the administrative measures, the furnishing sup-
plies, the movement of troops—if the immense
preparations which have been constantly carried
on during a long period, were suddenly brought
to light—whether through the infidelity of those
employed or the imprudence of the Government
itself—what would in such case be said of any
neighbouring Power, who, supposing itself ag-
grieved, should declare in the face of the world
that treaties were broken, that war had in effect
commenced, and without demanding any expla-
nation, should proceed at once to open hosti-
lities ? The Turks have committed no hostile
act, nor can the Sultan reasonably be deemed
responsible for the language which he confiden-
tially holds towards his servants. This pre-
tended Manifesto, besides, even if' considered as
perfectly authentic and faithfully transcribed,
does not contain a sentence which can be con-
strued into a declaration of war. It describes
the proceedings, hitherto unheard of perhaps in
the annals of Empires, which Foreign Powers
have countenanced against au independent State,
whose only fault consists in the misfortune of
being a prey to the revolt of a portion of its sub-
jects; it details the threats, the insults, the op-
pressions, and the cruel aggressions which they
have committed against the Porte, and to which
it has only opposed an unexampled and calm
forbearance ;---nothing which announces an in-
tention to avenge so many flagrant offences, no-

thing which the most rooted ill could view as a
direct provocation—nothing which did not bear
• the stamp of a strictly defensive system, or that
exceeded what a Government, threatened with
immediate destruction, owed to its people and
its own preservation. The Pctersburgh Jour-
nal pretends that the Manifesto " announces to
Russia the complete annulment of its Treaties
with the Porte, by declaring that she has
never considered the Convention of Ackermann
as binding." The actual words of this
Manifesto, according to the version of the St.
Petersburgh Journalist, are these, " The greater
part of the agreements (stipulated at Ackermann)
have been duly executed, and conferences have
latterly commenced with respect to the indemni-
ties and the affairs of Servia ; and as an amica-
ble settlement of these points could not be at-
tained, we were resigned to the unavoidable
misfortune." When it is considered that the
conferences here mentioned related to two arti-
cles of the Convention of Ackermann, the de-
finitive arrangement of which had been delayed
—when it is considered, moreover, that these
conferences were broken off, not by any act of
the Porte, but by the departure of the Russian
Minister, regardless of the desire of the Porte to
avoid such an extremity—what candid person
will discover in the language of the Turkish
Government a disavowal of the Convention and
" the complete annuhnent of the Treaties be-
tween Russia and the Porte ?" The grievances
mentioned in the article of the St. Petcrsburgh
Journal, as having accompanied what it is
pleased to call the publication of the late Mani-
festo, are -altogether as frivolous as those coin-
plailted of in the former document. We cannot
but admire the boldness with which the obstruc-
tions experienced in the navigation of the Black
Sea, and the runt of the commerce of Odessa,
are urged in the same journal, which only a few
days before announced the rapid progress of that
commerce, as
_proved by the ❑umber of ships
which arrived at and :,ailed from Odessa. With
respect to the Russian subjects who were " com-
pclied to quit the territories of the Porte within
fifteen days," it must be remembered that after
the departure of the Ambassadors of the three

Powers, au event much regretted by the Porte,
the Turkish Government invited all the subjects
of those Powers to put the►selves under the im-
mediate protection of the High Authorities; that
all those who determined to avail themselves of
this proposal, have continued to enjoy the utmost
tranquillity ; that those who have been de-
sirous of Fiuittinr, Constantinople have quitted
it in safety ; that certain indivitluals only
without any pursuit have been compelled to emi-
grate, from a regard to public tranquillity ; and
that the number of these, including the Franks
of all nations, has not exceeded two hundred.
And these measures of policy, which the most
civilized Government would consider itself au-
thorized in adopting under circumstances much
less dangerous, and the temporary detention of a
few ships (for it is certain that the closing of
the Bosphorus has not taken place), are de-
nounced as " acts of provocation which demand
a complete and speedy reparation," by the Jour-
nal of a Government, the agents of which
have been constantly overwhelming the Porte
with the most haughty demands, and the most
unbearable affronts, and whose ships have
taken a part in the slaughter of Navarin.—
The horrors of that day would alone have been
sufficient to expiate the wrongs of half a century;
and yet impartial history will record that the
Power, the victim of that catastrophe, enter-
tained no hostile designs towards its enemies ;
that so far from provoking others, its essentially
pacific and inoffensive system of conduct would
have promoted and maintained general peace, if
the principles of modern Liberalism had not ex-
tended their influence to its shores, if an irre-
sistible fatality had not thrown it into the snares
of the Russian, who now seizes with avidity upon
the most favourable opportunity for the final
execution of a design which has been meditated
for ages.-__Morning Post.