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

stored, too, with all the combustible materials which I
the first spark of bankruptcy was sure to kindle
into a flame. It was this state of things, the
overflowing capital, and the easy state of credit,
its necessary consequence, and not the use of
paper money, far less of the One Pound Notes
that produced the late convulsion, and the same
cause has at all times produced the same effects.
The great commercial shock of the South Sea
Scheme which took place about a century before,
when paper currency did not circulate but in a
very limited quantity, originated in the same
state of things ; and let any one read the ac-
count of this catastrophe in RAPIN'S history,
and he will find the exact parallel of what took
place in this country in 1826 and 1827.
Now, it could not be paper currency which
occasioned the calamity at that period ; nor was
it paper currency which occasioned the calamity
of our day, however, it may have in some degree
aggravated it. We cannot, therefore, agree in
the proposed proscriptions of the One Pound
Notes, which is at best but a small part of our
paper circulation, and of which the use appears
to be perfectly harmless. That their abolition
will not prevent the recurrence of mercantile
convulsions is certain, for in 1792, when the
country experienced a severe shock of this na-
ture, there were no One Pound Bank' Notes;
nor in the memorable year of 1797, when the
Bank of England susvended its cash payments.
On what ground, therefore we are now to be
secured from similar calamities by the disuse of
this paper, it is not very easy to explain.

THE FUNDS-(THIS DAY).

CITY, TWRLFE o'CLocr.

This being a transfer day the business in the English
Funds has assumed a degree of 'treater activity than has
occurred fbr the last few days, and some few transactions
have taken place in the Consul Market, which may be
characterised as ofsome importance; in the early part of the
day money stock appeared to be scarce, but at the present
hour there is rather a plentiful supply ; they opened at
85-4.1 a considerable sum having been done at 854- for
time, and the purchase of another lot at 85 ii fur money,
improved them till they reached 851, buyers, when some
sellers coming forward reduced them to their present quo-
tation, 8.5 i ; the Commissioners gave 851. India
Bonds are a shade lower, being 96 8 pm. ; Exchequer
Bills have rather improved, reaching 67 pm.
In the Foreign Funds there is nothing new to commu-
nicate, except that there appears a demand for Portuguese
Bonds, occasioned by the supposed improvement which
has taken place in that country. The Bonds maintain the
advance which took place yesterday, and are now 634 4;
Russian 89 a ; Danish 594 60; and Brazilian 604 61.
With respect to the latter all are on the tiptoe of expecta-
tion, in the hope of receiving the important communication
of peace with the Buenos Ayreans, and this feeling appears
to gain strength in many well-informed quarters. A ves-
sel is arrived at Brest irons Rio, which is known to have
sailed early in the month of March, some say the 7th, but
there has been no other letter received from her than that
announcing her arrival. t •
In Shares there is nothing to note, except that the New
Brazilian Mining Shares have been done at 4 per cent.
premium, or, in other words, as the same are out issued,
parties who are expecting to receive them are disposing et
their chance at this rate, and are selling the skin before
they have caught the Bear. The old Imperial Brazilian
Mining Shares are 41 46 premium.
Three per Cent. Consols, 851 ; Ditto, for the As-
count, 8511 ; India Bonds, 96 8 pin.; Exchequer Sills,
65 6 premium.
FORElGN.—Austrian, 90 1 ; Brazilian, 601 1;
Buenos Ayres, 36 8 ; Chilian, '214'4; Colombian, 23{ 4 ;
Danish, 594 60 ; Creek, 164 1171 ; Mexican, Five per
Cent., 23 6 ; Mexican, Six per Cent., 344 ; Peruvian,
24
14i ; Portuguese, 63 ; Russian, 89/ 91 ;;SOriisli,
11 4.

lilittits.—Anglo Mexican, 70 67; die. ; Brazilian, 44 ti
pm. ; Bolivar, 4 3 dis. ; Colombian, 8 7 dia. ; Real
Del Monte, 50 30 dia. ; United Mexican, 241 3f tEs.;
General Mining Association, l 0 11i

TWO O'CLOCK.
Consols, gsi 11-, for the last two hours, and no

business.

THREE 0' CL 0 CA.
Consols, 851 s, no business.

THE MARKETS.-(THIS DAY.)

HAY MA RKE l'S.—(At per Load of 3f Trusses.)
ST. JAMES'S.
.C. s. -C. s X. s. .E. s.
Lowland Mead.Hay3 5 tot 5 Clover May 4 Ate .5 15
Upland Ditto 4 0 5 0 Oat Straw
liye.grass Hay 4 0 5 0 Wheat Ditto ll4 118