The Sun.
London, England, 1845-09-15 00:00:00

of a less spectral and less ideal credit than Pennsylvanian
paper, for example. The United States, therefore, will apply,
with all the resources of their cunning and ingenuity, the
screw to this country, in order to extrnet ill, every practicable
aperture our coin and bullion. Now, as we have often de-
monstrated, there needed no additional drain on the bullion
magazine, into which it has been the object of the Premier's
infatuated monetary policy to compress and circumscribe the
measure of all the commercial resources and available capital
of the country. The vast railroad investmentt, hot only at
home but abroad (the paramount interests in which latter
have been recognised within these three weeks to so enor-
mous an amount in English hands by several of thecntlnental
Gov ernments of Europe)—these alone, by their demands for
material, land, and wages, are sufficient to absorb, weekly,
all the margin left .of our metallic currency, after smisfying.
the calls incident to the transactions of our tlbmestic trade
and our foreign commerce. No mall who has been in the
habit of passing up and down the river below what is called
the " Port" of London, or of going through the various docks
and warehouses of London or of Liverpool, can fail to have
been astonished by the enormous quantities of foreign wheat,
and other grain, which is in progress to the bonding Wltre-
houses, or creeping slowly, but to a wonderful 'extent, into
our home market. All this corn must also be paid for—in
gold. What is to become of the share market, glutted with
railway scrip and stock ;--what of the money market, upon
which as the value of gold rises, and the quantity cur-
rent here diminishes, must be intensely and fearfully acted
upon by the contraction of its note issues, to which
the Bank of England, in self-preservation, must resort in
order to reduce within as narrow limits as possible, the losses
which Sir ROBERT PEEL'S Currency Acts compel it to incurs
by all the difference between the Mint price of gold, 31. 17s.
10%41. per ounce, at which it must PAY, and whatever other
and higher price it may find itself compelled to BUY at ;
what must be the fate of this great country, whose prosperity
and grandeur, identified with the maintenance of its public
credit, the Premier has staked upon the single east of the
aggregate of bullion which the Bank can from time to
time manage to keep within its cellars ? We shall add
but a few bare statistics -- for they tell their
own tale—to illustrate the fact of our accelerated approach
to that condition which we have ventured to predict as ulti
mately inevitable, under the currency measures of 1819 and
1822, and the monster enormity of 1844, justly called by Sir
ROBERT their. complement. It is needless to premise these
three conditions as axioms which we assume that no
man will be bold enough to dispute:-1. That the
run upon gold and silver bullion necessarily entails a
contraction of the Bank of England's circulation : 2. That
that contraction of the Bank's circulation as necessarily
entails derangement and convulsions in the , whole
sphere of our commercial operations, in proportion
to its tensity : 3. That that derangement and
these convulsions must be more extensive, violent, and
dangerous in the ratio of the amount of the monetary en-
gagements they effect: 4. That at no previous time could
all these causes act as they would now do on investments in
railways alone, to the amount of 150,000,0001. sterling.
Now, the last time Sir ROBERT PEEL appealed, with
great complacency, to the working of what he calls a
" system" (namely, his currency legislation) the amount of the
Bank of England's circulation, and its store of bullion were
respectively these:—On July 1, 1845, the circulation of Bank of
England notes (under 7 and 8 Vic., c. 32), 30,051,616/. The
gold and silver bullion had declined (from the maximum
point they had some few months previously reached of about
18,000,0000 to gold, 13,911,6071., and silver, 2,140,0031.:
together, 16,051,610/. On September 5, the items reported
in the London Gazette for the week, ended 30th of August
last, were—Bank of England circulation, 29,000,005/.
(diminution in the interval since July 1, of 1,050,811/); the
gold and silver coin and bullion, 15,009,005/. (diminution)
1,042,6051.) By the London Gazette, of the 12th instant
(Friday last), the Bank of England circulation for the week
ending Sept. 6, was 28,953,3001. (or 46,7051. less than the
preceding week, and 1,098,3161. less than the Ist July). The
gold and silver coin and bullion, by this last return, was
14,953,300/. (or 55,705/. less than the week before, and
1,098,310 L less than the Ist July). An inspection of the
interesting returns will show an almost uninterrupted ten►
dency to the same alarming decrease of bullion, and a nicely
adjusted proportion of decrement in the paper circulation of
the Bank. These facts are instructive per se. With the
additional incident of the demands consequent upon war be-
tween Mexico and the United States, they are gloomy ones
indeed!

It is impossible to pleas="----'people, and Mr. O'CoNNELL
happens to be one of the class. When Orangeism was the
order of the day—when the native Irish were slighted and
despised, and treated as aliens by Tory Governments, loud
complaints were made that all places of trust, emolument,
and honour were conferred en Saxons, and that no Irishman
had a fair chance for his share in Government patronage. It
was said, also, that the revenue raised in Ireland was not
expended for the benefit of the sister island; and that the
only public works erected were for the purpose of subduing
and controlling the loyal subjects of her MAJESTY. A remark-
able change has taken place. Maynooth is to be rebuilt,
a large annual grant has been voted for its maintenance, three
new colleges are to be established, for which the House of
Commons voted almost by acclamation the munificent sum of
100,0001; and these, too, are to be maintained to a certain
extent from the funds of the public treasury. The
Government, as well as the Legislature, have also
shown a strong disposition to encourage railroads in
Ireland, with a view to furnish employment to a needy
population and increase the resources of the country,
yet these commendable schemes are not a whit more wel-
come• to certain parties than the starvation system.
When no money was voted for Irish purposes, Ireland
was treated as a cumbrous and useless colony, and
when large sums are at last given they are not received
with thankfulness but impiited to the basest of all policy,
the system of bribery. " The plan of the common
enemy heretofore," says Mr. O'CoNNELL in a letter
to " the ever revered, honoured, and loved
Archbishop of TUA3I," the eccentric JOHN M‘HALE,
was to extinguish Catholicity by force and violence—by the
sword and the scafold, and more particularly by the plunder
and iniquitous seizure of Catholic property. The present
plan is of a different kind. Defeated in actual perse-
cution, the enemy seeks to bribe, to corrupt, to influence,
to endow with patronage, and to purchase by various means,
a new dissension amongst the struggling people of Ireland."
This is very absurd. • What can the Government do to please
the discontented if every favour is regarded as a bribe, and
the best intentions are interpreted as the vilest mockery?
But these are not the only sources of grumbling. The
object of the Protestant Government of this country, is
"to carry out infidel education," and this wicked
accusation is made solely because the Catholic clergy
are not to have the entire control of the new colleges, and
have been refused what even the strong Ministry of Sir
ROBERT PEEL could not obtain for the Established
Church of England. Mr. O'CoNNELL does great in-
jury to his countrymen by these unmeaning complaints,
and evidently will rest satisfied with nothing but uncon-
ditional Repeal—a measure which he knows no Ministry
could carry, and the very attempt at which would dissolve in
a week the most powerful Government.

Madrid journals of the 7th instant have been received.
Those of the 6th contain particulars of the outbreak which
took place on the preceding evening. It appears that about
ten o'clock several groups presented themselves in front of
the barracks Del Posito, in which is the regiment of infantry
of Navarre. A few soldiers of this regiment, having at-
tempted to disperse the mob, were fired upon, and an officer
was killed, and another severely wounded. Upon this the
troops fired and charged, and the rioters fled towards the
quarter De las Solesas, where they were met by another regi-
ment, which also fired upon them. A few were made prisoners.
According to two of the journals this demonstation on the
part of the rioters was connected with a plot in which 600
conspirators were engaged, who were to seize upon the artil-
lery, assassinate the officers who should oppose them, and, with
the aid of a portion of the soldiery, carry on operations on a
large scale. The chief of the plot is said to be a clerk in the
Finance Department, who had made the other conspirators
to believe that they had only to present themselves before
the different barracks, in order to obtain the co-operation
of a considerable portion of the troops. It is added that
they reckoned on the assistance of a captain of one of
the regiments, and that this officer has been arrested by
order of General MAZAREDDO. Whatever may have been
the intentions and hopes of the conspirators, it seems
that they had not proceeded with much caution, for all their
plans were known beforehand. All the accounts concur in
stating that, with the exception of the captain who was
arrested, not a single person of the army in Madrid' had
shown signs of a desire to act with the rioters, but, on the
contrary, displayed great zeal and devotedness. Nor does it
appear that at present the officer in question is more than
suspected of having taken part in the project of the rioters.
M. Tmuus had been received at Madrid with great distinc-
tion. All the Ministers who were there had called upon him,
and the Marquis in MIRAFLORES had invited him to a grand
banquet on the 9th. lie was to leave on the 10th for the
Escurial, and to return on the I I th. On the 12th, he was to
set out for Toledo, Grenada, Cordova, Seville, and Cadiz. At
the latter place, according to one of the journals, he is to
embark for Lisbon, and then visit England on Lis way back
to France.

The Gazette of the 7th contains a dispatch from the Poli-
tical Chief of Madrid to the Minister of the Interior, giving
details of the disturbance, but it adds nothing to the state-
ments which we have already given. The capital was per-
fectly tranquil. No business whatever had been done on the
Bourse for two days, the 6th and 7th.

The late disturbances at Madrid, and the vi,it of the
French Princes to the QUEEN at Pampeluna, form the sub.
ject of articles in several of the Paris journals. None of
them, however, throw the smallest light on the object of the
insurgents, though they attribute the frequency of enteutes
to bad government, and more especially to the despotic sys-
tem established by NARVAEZ. The Courrier Francais, one of
the most violent of the Republican class, thus comments on
the present melancholy state of Spain :—" It is not alone
the blood of bulls that flows in that country ; riots succeed
each other in Madrid, and each pays a large tribute to the
executioner. Courts-martial are permanently sitting, and
execution follows judgment. This reign of terror is ne-
vertheless powerless to protect order and maintain
tranquillity. The Government triumphs, without doubt,
in these street battles, and after each firing order
reigns in Madrid. • But the next day the- agitation
recommences, musketry is again in use in the streets, and