The Sun.
London, England, 1844-03-15 00:00:00

TEE gYIN, LONDON% riIIDAY EVENING, M'ARC H IS, led 4.

Parliament passed PEEL'S Currency Bill. We have
before shown the excessive cruelty, on both the pro-
ducer and the labourer, of a law which, diminishing
the circulation in the ratio of the amount paid by the
country in taxation—or nearly so—left the cost of
taxation unrepresented in those depreciated prices
which, only, they could obtain when value was deter-
mined by a gold standard exclusively. So the burden
of that taxation cost was iniquitously transferred from
the consumer, by whom it was the meaning of the
Legislature that it should always be ultimately borne,
to the ill-paid producer or labourer. So the robbery
(for this is not too strong a term) annually committed
by the system of currency established under PEEL'S
Bill—(which compels the farmer and the manufac-
turer to take only the natural or gold-measured prices
for their produce and their goods ; and leaves the
wages of the labourer and the artisan minus, in effect,
the amount annually abstracted from them by taxa-
tion, which they ought never to have paid; or, rather,
for which the scale of those wages should have ade-
quately compensated them)—amounts to not less
than 30,000,0001. wrung from the hard and honest
hands of famishing industry ! But Mr. TAYLOR, on
the occasion of which we are speaking, completed
this picture of spoliation. " Notwithstanding this
law," said he, " which was to guarantee the farmer
80s. for his wheat, prices kept lowering till 1822,
when wheat was 435. 3d. per quarter, on the year's
average ; little more than one-half the price contem-
plated by the framers of the Act of 1815. Need I
remind you how many farmers are ruined at this
period.? The state of things, at that time, ought to
have warned the farmers never again to rely on a corn -
law for protection,—and it ought still to warn them.''
To be sure it ought. Do they want further evi-
dence to convince them of the futility of such
protection" as that on which they would, it
seems, again rely, in so many of our agricul-
tural districts ? Let them mark what follows :
" In the seven years, 1815 to 1822, the average price of
wheat never reached 80s. per quarter, except in 1817
and 1818"—and those were very bad seasons. This
law having failed in effect, in 1823 a new law was
called for by the clamour of agricultural distress ;
and by this new law, importation—when wheat was
below 70s. per quarter—was prohibited ; when above
70s. importation was permitted at a duty of 17s. per
quarter. This corn-law was not less ricketty than
its predecessors. It fell to pieces when left to " walk"
—and work—alone. The landlords and tenants,
who flattered themselves, that whilst their bantling
could keep its legs, they would be secure of 70s. per
quarter for their wheat, discovered that, during the
whole term, from 1823 to 1828 (in which latter
year that profound invention of landlord-legislation-
magic—the "sliding-scale" talisman, was first set
up), the average price never touched 70s. at all !
That the price per quarter, in two only, out of
those five years attained even 605., whilst in 1823 it
was actually so low as 51s. 9d. " Great imports,"
(Mr. TAYLOR sensibly argued) "did notproduce these
low prices ; for the imports, during the same period,
did not average 300,000 quarters per annum." If
the: e statistics fail to convince the agriculturists of
the folly, the mischief, the absurdity of all at-
tempts to work a statutable protection to home-
grown wheat,—no reasoning of our's can ope-
rate such a conviction ; and we shall, on
that account, forbear to follow Mr. TAYLOR
through the remainder of his interesting and well-
reasoned precis of corn-law history. But we cannot
take leave of him without quoting the pithy remark
with which he closes his review of this quin-
quennial period—(lB23-1828). " The landowners,
however, during the time, were getting • high
rents, set according to Act of Parliament price
of corn, NOT its market value." This is admira-
bly put. It is " a great fact." It suggests an
impressive moral lesson. The landlords are
now reaping a fatal harvest of distrust and
discontent—of estranged relations between them-
selves and their tenant-farmers—of leases thrown
on their hands, and lands deteriorating through in-
solvent cultivation—of which harvest the seeds were
, sown by their own reckless selfishness! How (as
honest men, we are disinclined to ask, for we would
not over-hastily impugn their moral integrity, but)
as reasonable or consistent men, could they dream of
exacting high rents of those who held under them, when
the Currency Act of 1819 had crippled, from one end
of England to the other, the tenant's means of raising
even a living profit—a means of mere subsistence ?
How could they set high rents when the contracted
issues of the Bank of England, and therefore of all
provincial banks, had taken from those who were to
pay them, not simply the chances of legitimate prices
(that is, such as would represent the natural or gold
price and the taxation cost of raising their produce),
but the chances of all that healthful encouragement
to enterprise, and the extended application of skill, la-
bour, and capital, to improved processes in agriculture
and husbandry, which was extended to the working
occupiers of land, and the breeder and the grazier of
stock, with a wise and liberal confidence, by those
who possessed absolutely, or could otherwise com-
mand, surplus capital for such purposes, before the
Legislature adopted the ill-considered nostrums,
under the administration of which our monetary
system has experienced nothing but convulsion,
derangement, terror, and paralysis ?

Accounts from Madrid of the 7th announce that the
QUEEN and her sister had arrived on that day at
Aranjuez. The progress of the QUEEN-MoTrtErt
through Catalonia is described as the triumphal pro-
cession of a conqueror, or saviour of the country. Al-
most divine honours are paid to her. She is styled " a
great Queen," " a magnanimous Princess," and the
" Mother of all Spaniards." Poetical effusions are ad-
dressed to her, some of which are ornamented with cuts
representing her entering Barcelona conducted by an
angel, and trampling the demon of anarchy beneath her
feet. And this takes place in a city from which she
was but three years ago glad to make her escape.
The Three per Cents. were done at 30 for cash, and
30i at 60 days, and the Five per Cents. at 221 for cash,
and 22i for GO days.

The intelligence brought by the Paris papers possesses
little interest. On Tuesday the Committees of the
Chamber of Deputies were engaged in considering seve-
ral lines of railroad—namely, a continuation of the Or-
leans line to Vierzon; the second from Paris to the Bel-
gian frontier, with branch lines to the coast opposite
England ; and a third from Montpelier to Nismes. The
opinion of the Members was generally against the con-
strnction of the works by the State ; and, as regarded
the northern line, seven out of the nine ♦oted that it
should be left to public comkanies. but with short leases.
It is not probhble, however, that companies will enter
into such a hazardous undertaking with the prospect of
a short lease, and little security that they shall be remu-
nerated for their outlay and risk at the option of the
State. The Minister of Justice has addressed a circular
to the prefects of departments, in which he recommends
that in all cases full protection shall be extended to Pro-
testant congregations, whilst in the quiet exercise of a
right respected by the principle of religious toleration.
The Minister's circular has been rendered necessary by
some attempts to throw obstacles in the way of the
public worship of Protestants. He desires that the
principle of religions liberty may be, at all times,
acted upon with great liberality. The subscription for
a sword to Admiral DUPETIT THOITARS is still making
progress, and boys and girls who hate the English vie
with each other in subscribing half a franc each. The
boys of another Paris school have subscribed 51 francs.
The Duke of NEMCURS had completely recovered- from
his late attack of illness; and, whether from this result
or some other cause not stated in the reports of the
Money Market, the Funds have had a considerable rise.
On Wednesday the Five per Cents. advanced 45c., and
the Threes 30c., and closed respectively at 122 f. 30c.,
and 83f. 10c.

Rouen to Havre ..... ....... 685
Orleans .......... ...... ... 890

•• 685 .. 682 50 .. 682 50
•. 802 50 .. 887 50 .. 887 50

Strasburg to 8a1e.......... 248 75 .. 248 75 .. 26 .. 247 50
Aviation to Marseilles•• •• •• 777 50 777 :A 767 50 767 50

THE COURT.—Her Majesty and Prince Albert, ac-
companied by the Royal Family, and attended by the
Royal suite, are expected to leave Buckingham Palace,
about five o'clock this afternoon, for Claremont, where
the Royal party are expected to spend a few days, re-
turning to town on Tuesday next.

BARRACKS (IRELAND).—A return has been made to
the House of Commons, on the motion of Captain Bernal,
of the expenses incurred in the fortifications of barracks
and other stations for troops in Ireland in the year 1843,
from which it appears that the total amount is 14,450/.
The return includes five districts—Dublin, Limerick,
Cork, Athlone, and BeWait. The expenses for barracks
in the city of Dublin are the largest, being 3,248/. ; for
Limerick, 1,625/. ; and Athlone, 2,069!. The number
of places where expenses have been incurred is 75.

LLOYD'S SHIPPING.-(T HIS DAY.)
LONDON, MARCH 15.—Wind this day at noon, fresh breeze at
W.S.W., and fine clear weather.
DEAL, MARCH 14.—Wind E.S.E.—Arrd. Fairy Queen,
Laing, Trinidad; Lumley and Sunderland, from St. John's,
New Brunswick; Evening Star, Hull, for ditto; Eclair, ditto,
for Rio; Gipsey, Blyth, for Boulogne, with damage, having
been in contact on the 9th inst. with a light brig, name un-
known. Sld. British Empire, Madras ; Rosebery, Bombay ;
Skisilia, Boston ; Evening Star, St. John's, New Brunswick;
and the rest of the outward bound.
SowritAmproN, 3Ltitcx 14.—S1d. Pacha steamer, Gibraltar.

DARTMOUTH, MARCH 13.—Arrd, S. Durham, Hartle-
pool for Phillipville, leaky, decks swept, loss of sails and
rigging, and part of cargo thrown overboard, having expe-
rienced very severe weather.
OFF DARTMOUTH, MARCH 13.—Margaretha, Batavia.
PLYMOUTH, MARcrt 14.—Wind W.—Arrd. Trio, Cooper,
Buenos Ayres.
STANDGATE CREEK, MARCH 14.—Arrd. Royal Tar steamer,
Evans, Constantinople, left 16th ult.
OFF DOVER, MARCH 14.—Calder, Kennedy, Madras.
PORTSMOUTH, MARCH 14.—Wind variable.—Arrd. Gla-
diator, London, for New York. Sld. Y, Newfoundland.
CHEPSTOW, MARCH 12.—The Royal Oak. hence to Neath,
grounded on the Shoots, on the sth instant, but came off
with damage, and proceeded.
STOCKTON, MARC'! 13.—The Bell Gowan, or Abel Gower,
from Berwick to this port, came ashore on Coaton Sands,
during a heavy gale.
PoRTRusH, MARCH 11.--The Bridget, Pascoe, from Derry
to Liverpool, put in here yesterday, with pumps choked, and
must discharge.
GALWAY, MARcH 9.—The Rosanna, Fenton, bound to
Gibraltar, has put in here with loss of bulwarks, and making
twelve inches of water per hour, and it is expected must dis-
charge.

8i1t3101.711, lkancit 13.—The jolly-boat of the Caroline,
from Liverpool to Africa, last at Pwllheli yesterday, has
reached the laul about seven miles to the southward, with
seven of the crew, Nine others have come ashore in the gig
(three dead in the boat), and thirteen others were left in the
wreck. Mem.—An account from Aberdovey states the num-
ber saved at seven and eleven, and states that a quantity of
wrecked goods are to be seen in the bay.

MONE Y. AND COMMERCIAL NEWS
CITY, QUARTER TO THREE.
There was a very dull market for Cotton at Liverpool
yesterday; sales, 2,500 bales. Prices were id. per lb.
lower than before the Hibernia arrived. Shares were, on
the whole, rather firmer. Birmingham and Gloucester were
8311 ; Eastern Counties, 11/. 13s. 9d. ; Chester and Holy-
head, 6; ; Grand Junction, Half, 119 ' • Birmingham, New,
41i ; South Western, Eighths, 4i ; Manchester and Leeds,
115 ; Midland Counties, 90 ; North Midland, Half, 45i ;
Paris and Lyons, 21. 13s. ; Paris and Orleans, 3.3 i ; Paris and
Rouen, 34i.
Much interest is attached in banking circles of the City to
the proceedings of the delegates of the Private and of the
Joint-stock Banks to obtain concessions in their favour.
The result of a meeting of the delegates an-
nounced to be held yesterday afternoon upon this
subject is looked for with anxiety by all parties
above referred to. But it is much to be apprehended that
unless a most vigorous stand be made, that the Bank of
England will, in course of time, entirely absorb the entire
privileges of issuing notes payable upon demand. The policy
of the managers of the Corporation has been for some time
tending in this direction • and how singular it is, that at a
period so closely approaching to that when the discussion must
commence relative to the renewal of the charter of the Bank
of England. which must occupy a very considerable portion of
the attention of the Bank of England, a scheme should be issued,
offering advantages to such country banks as will consent to
give up issuing their own paper, and taking that of
the Bank of England on commission, for the purposes
of conducting their private business, and upoa
terms and more ready advantages than those now
possessed, we believe, by (hose establishments who use new
the notes of the Corporation. It is necessary to direct the
attention of the delegates now assembled in the Metropolis to
this subject.
A commercial correspondent in Upper Canada informs us
that not only is grain smuggled extensively across the bor-
der, but that American butter, cheese, lard; &c. is supplied in
vast quantities for shipment, as British Colonial produce, to
this country; and a paragraph in the Quebec Gazette of the
14th ult. confirms this assertion in the following extract of a
letter, dated Lacole (U. C.) :
" It is a notorious fact, that persons residing in the vici-
nity of the lines, who were never known before the passing
of the law to sell a single pound of butter or cheese, are now
freighting these articles in considerable quantities to Mon-
treal. Not only are the different kinds of American agricul-
tural produce daily brought
,into the province in contraven-
tion of the law, but the same is the case with almost every
description of merchandise that can be procured cheaper on
the other than on this side of the lines.

"Thetruth is, every one who stands in need of either tea,
tobacco, sugv, molasses., whiskey, cotton, cloth, &c., passes
from one side of the lines to the other, on some pretence of
the above nature, without attracting the slightest notice, and
thus supplies himself at the expense of the revenue, and to
the prejudice of the Canadian merchant and mechanic—the
latter of whom, in order to compete with his neighbour on
the other side of the lines, must turn smuggler."
The Commissioners bought this morning 20,0001. Consols
at:9Bl. For the Account an equally high rate was paid. At
the present moment the value for Account is 98k, but for
Money 6 per cent, lower. The premium upon Exchequer
bills is firm at 725. Bank Stock is at 1981 ; Long Annuities
(of 1860) at 12a ;and these are the only quotations for the
day.
This is the half-monthly account to-day in the Foreign
Funds. The settlement has, as yet, progressed well. Spa-
nish Five per Cents. for Account have been quoted at 25k,
the Three per Cents. at 35/11; Portuguese Converted at 461;
Chilian Deferred at 50i ; Mexican at 36 ; Brazilian at an ad-
vance to Bs. In other Foreign Bonds the variation has been
slight.
In the Share Market not much business has been trans-
acted this morning, and, generally speaking, prices have re-
ceded. The London and Westminster Joint-Stock Bank
Shares have advanced to 5.1 premium.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
3 per Cent. Consols. Annuities 93,4504
Long Annuities, Expire sth Jan. 1860 —
Ditto 30 Years, Expire sth Jan. 1560
Bank Stock for Account ...„
..........
Consols for Account 9BX%
Exchequer Bills, I%d. 134 d
1,0001.
500/. ..... ........ ........... ...
.Ditto Small ........ . ........
FOREIGN FUNDS THIS DAY AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent.
Ditto New Bonds, 1829 and 1830. 79%
Ditto New, 1843
79
Chilian Bonds, 6 per Cent
Ditto Dcferred........
Columbian Bonds.
Mexican Bonds, '837, 5 per Cent. ,_ ........ ....., sd
Ditto for the Account 36
Portuguese Bonds, 5 per Cent_ ...........
Ditto Converted 46%
Spanish Bonds, Five per Cent 1840
Ditto for the Account
Ditto Passive Bonds
Ditto Three per Cent.
Venezuela Bonds, 2 per Cent —
Ditto for the Account
Cents.
57y10-2 101%74
DNDeuuwttechhi,o2SalellB3eCr7, 5 per Cents....
PRICES OF SHARES THIS DAY AT ONE.
RAILWAYS. PAID. PER SHARE
Birmingham and Gloucester...". 100 ... ..... 82 ..„..... to
Bristol and Exeter
Chester and Holyhead ............... 5 . ..... ... 6% ...„ to
Eastern Counties
Ditto New Registered 8/. gs Rd.
Edinburgh and Glasgow 5O 63X, to
Lancaster and Carlisle 5 .... ..... 7% ...... to
London and 81ackw311....,„
London and Birmingham. Stock ......235 234 to 23S
Div() New % Shares •
Midland Counties
Norwich and Brandon

---
100 ------
91
North Midland ••••••••••• 00000000000 ••

Paris and Orleans ;;08I
.....
ttttoooo
Paris and Rouen
Rouen and Havre.ls
South Eastern and Dover
JOINT SMOCK BANAL

London Joint Stock
London and Westminster ..... 20

MANCHESTER STOCK EXCHANGE, MARCH 14.—There is
no animaticirr in the market ti-day, but prices reminpretty
stationary. The sales are :—Eastern Counties, 11k ;
Edin-
burgh and Glasgow, 626; Manchester and Birmingham, 446;
North Union, 1046 ; Manchester and Liverpool District Bank,
106 ; Manchester Assurance, 106.
CLOSING

--_ _
.v BRITISH FUNDS.
Bank Stock
3 per Cent. Red
Ditto Bonds pm
3 per Cent. Cons
3% per Cent. Rel ... .....
New 334 per Cent. IIV% Esc. Bills, 1,00114 150 ... pm,
New 5 per Cent. — Ditto 5904 ........ ....... _. pm.
Long Annuities to expire Ditto Small pm.
Jan. 1860 Bank Stock for Acct.... 19834
Oct. 1859 Consols for Acct 9s%
Jan. 1860 12% India Stock for Acct.... 285
FOREIGN FUNDS.
Austrian. 5 per Cent ... .... Portuguese, 5 per Cent —
Belgian, 5 per Cent..... ..
.. 104% Ditto, New Ditto
Brazilian Bonds .. ....... .. .. ..... 81 Prussian,s per Cent
Buenos Ayres, 6 per Cent.... 37 Russian, 5 per Cent
Chllian, c per Cent
Colombian, 6 per Cent ...••• 15 Spanish, 5 per Cent 25
Ditto, 1824 Ditto, 3 per Cent
Cuba Bonds, 6 per Cent 93 Ditto, Deferre 1 IA
Danish, 3 per Cent
Greek, 18.5, 5 per Cent — Exchange ... f. —c.
Mexican, 5 per Cent
PDearttuov,i6anp.elrB2sC76t.pe, IrBsc7e.;:t - iDnuitttoch.,s244rpgenCten..t......:::lsoi%l,4
SHARES.
Birmingham and Derby (100 paid) 5934
Birmingham and Gloucester (100 paid) B2
Chester and Holyhead ( 5 paid) 6%
Eastern Counties (23 paid) ........
Ditto Registered (816 s 8d paid)
99
Gravesend, Rochester,
drtltoocf hEensgtelarn,d (andwoChpaatidh)am (234 paid) 2
Great Western (75 paid)
Harrowgate and Knaresboro' ( 3 paid) ... %
Hull and Selby (50 paid) 34
London and South Western (411. 6s. 10d. paid) ... 82
London and Croydon (Trunk)
Ditto Scrip ( 1% pad)
Manchester and Leeds (70 paid) llB
Ditto Half Shares (30 paid) ........ ••••••••••••••••••• 5034
Manchester and BinnlDgliain 45
Midland Counties (100 paid) BB
Ditto Quarter Shares (15 paid) 21%
Northern and Eastern (45 paid)
Ditto Scrip (15 paid) 25
North Midland (100 paid)
Ditto Half Shares (40 paid)
Paris and Orleans (20 paid)
24%
Paris and Rouen (20 paid) . .......... ,
South Eastern. and Dover (50 paid) 3534
Ditto Scrip (25 paid)
1

SOUTHWARK LITERARY INSTITUTION.—MY. White
delivered a lecture on Astro-Meteorology, at this Institution,
on the evening of Wednesday last. In his exordium he pro-
duced a file of almanacks, from Moore's to Hannay and Co.'s,
and dwelt upon them with critical exactitude, dividing the
laurels promiscuously amongst them. In the course of the
lecture he took a wide and comprehensive view of his
favourite theory, which was illustrated by a variety of dia-
grams. In this part of the lecture we began to discover the
acuteness and profundity of a highly observant mind., That
Mr. White is a clever man has been attested by the best
authorities, and his intellectual and scientific acquirements
might better procure for him the admiration of tliv world if
less tincturedwith egotism. Verbunt ;at.