The Sun.
London, England, 1828-05-06 00:00:00

mains at Miizapore, and does not march, as was first
ordered, to Bhopalpore. The commander-in-Chief break-
fasted with Major Pack and the Officers of the 46th after
the review. His Lordship resided with Mr. Harding dur-
ing his stay at Mirzapore, which place he left on the even-
ing of the 24th, and proceeded by Dawk to Allahabad, on
the 2d January.

The Exchanges on London, at six months' eight, 1181
per rupee ; Calcutta, 34 days sight, 106 B. by Rs. ;
Madras, 30 days sight, 99i B. by Rs.

The Piechnontese Gazette of the 26th ult.
says, that by the provident care of our Govern-
ment, the culture of the Cochineal plant has been
introduced with success into the sterile island of
Malta, and promises to become extremely ad-
vantageous as a commercial speculation, from the
peculiar nature of the climate :

TURIN, APRIL 26.

We learn from 11alta that by the care of the English
Government tke propagation of the Cochineal has beer► in-
troduced into that island, and promoted by all kinds of
support ; this precious insect brought for the first tune
from India to Italy is propagated with success in two of
the most favourable situations in the island, via. at Zeitun
and in the gardens of the palace of St. Antonio. The Go-
vernor has else taken measures that plantations of the In-
dian fig shall be made in all the gardens, as being the plant
on which the insect usually feeds. There is no doubt that
both the tree and the insect will thrive well in this climate
which is perfectly adapted to them, and that this new and
lucrative branch of commerce will prove extremely advan-
tageous to the poorer class of the Alaltese people.

Demerara Gazettes of the 17th March have
been received at the North and South American
Coffee-house, from which we make the follow-
ing extract :

Taxxs roe. 1828.—1 t will be seen that the tax to be
levied this year on income is less by 2 per cent. on 2000
to 3500 guilders than during the last, and so on in pro-
portion through the scale. Assessments on produce
are reduced about two per cent. ; this alleviation is
better than none. When the . proceedings of our Re-
presentatives shall
.have been published, we hope it
will appear that economy is duly and permanently pro-
vided for by a reasonable reduction of salaries, and aboli-
tion of useless places, if such there be, as our London
Agency on its present footing. An enterprising trader
would be able to make a handsome speculation, by
fetching a few cargoes of choice mules to Demerara,
there is now a demand for upwards of 300 of
these useful animals. His Excellency Major-General Sir
B. d'Urban, the Lieut.-Governor of Demerara, has pub••
listed the particulars of •an Act fur conducting the works
of the Fresh-water Canal in that Colony, and for the go-
vernment of all parties concerned therein. The Act con-
sists of 16 articles, and is too long for insertisn.

From the answers given by Ministers to the
questions of Sir J. GRAHAM respecting the
Small Note Currency, it will be observed that
their intentions are to abolish in England the
One Pound Notes, and to bring in an Act for pre-
venting the circulation of the Scots Notes in the
North of England. We must confess we hate
always been at a loss to understand the hostility of
Ministers to the circulation of Small Notes, and
if there were any of the measures of Mr. CAN-
NING's Administration of which we disapproved,
it was of those which were adopted against this
circulation—it was of the hurried
.and panic-
struck manner in which they proscribed the use
of the Small Notes, without first considering
whether these Notes had any share in producing
the alarm and embarrassment under which mer-
cantile men were suffering. We are well aware
of the violent outcry that was raised at the time
against Country Banks, for their inordinate
issues, and for their excessive extension of paper
credit, to which the whole mischief was ascribed.
We conceive, however, though the evil may
have been aggravated by paper credit, that the
cause lay much deeper, and that the extension
of paper currency, so loudly complained of, was
not so much the cause as one of the symptoms
of the malady.

In all commercial countries the produce of
industry or capital tends to accumulate ; the ex-
traorOinary expences of war afford an outlet for
those surplus accumulations ; and, accordingly,
while the war with France lasted, no overflow of
capital took place in this country. It was rather
with difficulty that the industry of individuals
could supply the void annually made in the na-
tional capital by the prodigal expenditure of
the State. But when the war ceased, the na-
tional capital accumulated ; the rate of interest
was reduced—and as money continued to grow
more and more abundant, it fell still lower; and
it became at last extremely difficult to find for
the still increasing surplus of the national capital
any profitable mode of investment. Monied
men no longer started their former scruples as to
lending their money ; they were at a loss how to
employ it, and they were glad to find a borrower,
or any scheme which promised a return of profit,
however small. This easy state of confidence
on the part of the lenders gave rise to a new class
of borrowers. It raised up a host of dashing
adventurers, who finding that they could borrow
to a large extent, hazarded dile funds thus pro-
cured in dazzling and perilous schemes, in daring
speculations, in which they risked every thing to
gain every thing. The commerce of the coun-
try, in place of being merely the channel by which
the produce of industry was brought by various
stages to the consumer, leaving a small but sure
profit behind, was bought up for speculation, and in
the meantime, until the issue of the adventure was
decided, the holder of the goods kept a*p his credit
by borrowed money, by a floating mass of ac-
commodation bills, for which, under . the existing
facilities of credit, he was always enabled to pro-
cure money—a vast fabric of fictitious transac-
tions was thus raised up on the sandy foundation
of misplaced confidence ; and all things went on
well so long as confidence continued. But it was
impossible that this could last long ; it was im-
possible that adventurers who were ruined,
could with all the resources which an easy state
of credit gave them, long maintain a fair outside
show while all was rotten within. Their funds
continually wasting away in a ruinous trade,
failed them at last altogether ; they went on long,
but tho reckoning came to be paid at last,—
Then we had bankruptcies without number ;
and scarcity of cash, embarrassment, and dismay
naturally following in this train of national cala-
mity. And it was the discovery of the real state
of matters, and of the vast extent to which the
capital of the country had been lent on bad secu-
rity, that occasioned the catastrophe which was
sure sooner or later to take place. Those
needy adventurers, by imposing on the credulity
ofcapitalists, had as it were succeeded in running a
mine under the commerce and credit of the country,