The Sun.
London, England, 1844-06-10 00:00:00

THE SUN, LONDON, MONDAY EVENING, JUNE 10, 1844.

trading and commercial property, namely, the unfet-
tered investment of private capital. The same inter-
ception, though contemplated with much more favour-
able intentions towards the Bank of Englaud, is cal-
culated to work not less detrimentally, in the long
run, on the interests of that establishment. In the
disastrous disorganisation of the State Banks of the
United States we have had recent and irrefragible
evidence to the dangerous results of the mania of na-
tional legislation on the appropriation of private capital.
We are willing, albeit against hope, to suppose that
the House of Commons cannot allow itself to be led,

unresistingly as it were, into the full adoption of the
crude fancies which Sir R. PEEL has advocated, as

grave conditions that ought to be recognised for those
which shall hereafter regulate the relations of a fixed
and an inexpansible currency with a commerce per.
pitually in movement, and exercising its tendencies
to expand and advance. The data on which his pro-
positions are founded hare been disproved and dis-
comfited ?tape ad absurdum. The propositions are
not less to be distrusted than the data on which they
proceed. To affirm, in its present shape, the scheme
which the Premier has manufactured out of such ma-
terials, would be an act of folly and recklessness the
enormity of which can alone obscure, by rivalry, the
recklessness and folly of the Premier, whenever he
ventures so much beyond his depth, as he is sure to
do in the troubled waters of" banking and " cur-
rency !"

We have much pleasure in referring to our adver-
tising columns of this day for the announcement of a
lecture by Mr. CAPPS, at the British Coffee house,
on Tuesday next, at one. The lecture is to consist
of an examination of Sir RODENT PEEL'S plans, show-
ing their tendency and effects.
It may not be generally known that Mr. CArrs is
the author of the well-known pamphlet, entitled
" The Nation in a Dilemma," and of another " The
Currency Question in a Nutshell." If the writer's
knowledge of the subject on which ho treats is to be
estimated by his having foreseen the issue of princi-
ples under discussion, then may the writer of these
publications, by the following passage taken from the
latter of his productions, fairly lay claim to deal with
the subject of the currency as one perfectly his own
The passage is in answer to the inquiry put in 1838—
"'What will be the result if the present gold standard
of value be obstinately persevered in, when it is evi-
dent that gold is so underrated, compared with other
articles ?"

" The effect will be, as has been stated already, that
gold will have a tendency to leave the country; or, if
it be compelled to remain, the prices of all goods must
ho forced down until they are as low as gold, which in
many cases will be below prime cost. To reduce the
cost of goods, therefore, there will be an outcry
against the corn-laws, that we may have cheaper
bread, thus ruining the agriculturist. The order of
Providence will also continue to be subverted by un-
naturally forcing women and young children into
factories, that the cost of labour may be as little as
possible, thus destroying the legitimate effect of ma-
chinery, which ought to be the diminution of human
labour, and not the increase of it. And finally, we
.hall have the mortification of discovering that these
oxpc.dients will be of no permanent avail ; for, after
all these sacrifices have been made, we shall find
that, as other nations gradually approximate to us in
the power of their machinery, we shall, with the im-
mense debt that we have hanging upon us, be unable
to compete with them. We shall then, also, pain-
fully perceive that this debt could only have been
reduced while wo possessed the superiority we now
enjoy ; and that, when we had the power, we insanely
debarred ourselves from profiting by it, by fettering
ourselves with a false •ystim of currency ; enabling the
foreigner thereby to abstract from us that wealth which
ought to have been applied to the redemption of our
own debts."

It is only necessary to add, that the year after
this prediction was made the stock of bullion was so
reduced in this country that the Bank of England
was obliged to seek a loan from that of France. All
the other effects, too, have equally followed.

Accounts from Madrid are to the 2d inst. Queen
ISABELLA arrived in Barcelona on the Ist. Though
the Royal party did not land till half. past ten at
night, Queen CHRISTINA with Queen ISABELLA im-
mediately proceeded in the midst of crowds of citi-
zens and soldiers to the cathedral, where they conti-
nued singing Te Deums and praying before the sanc-
tuary of St. Eulalia till midnight. The reception of
their MaJr.srms, though not particularly warm, seems
to have been satisfactory.
The alarm created by the measures of M. MoN, so
far from diminishing, appears to be on the increase.
At a meeting of capitalists, held at the Bank of St.
Fernando, on the 2d, a committee was appointed to
confer with the Finance Minister upon the subject.
A loan has been offered to the Government to the
amount of 1,500,000,000 of reels to meet its present
exigencies, but it would appear that M. MoN hesi-
tates about the terms. If matters are not soon ar-
ranged, there is every probability of a break-up of
the Moderado part, and it is difficult, in the present
circumstances of the country, to foresee the result.
The Envoy Extraordinary of the Sublime Porte
landed, from the Fenicio, Marseilles steamer, on the
2d. The troops concentrated at Barcelona on the
occasion of the QUERN'S visit amounted to about
8,500 men.

The funds continued to decline, the Three per
Cents. closing at 261 for cash, and at 27 at 60 days ;
the Five per Cents., at 20i at 60 days ; the Float-
ing Debt, at 44 at 30 days ; the Coupons at 23
at 60 days; and the Debt without interest at 5/ for
cash, and 6i at 60 days.

The Paris journals of Saturday are again occupied
by the affairs of Algiers, with regard to which, how-
ever, any new or positive information has not been
obtained. The Courrier attributes the increased
energy shown by the Arabs in their hostility to the
French, to the interference of England, the Emperor
of MOROCCO having bean incited to the declaration
of the " holy war" by the British Consul in that
country. " British hostility," says the Courrier,l
" conspires secretly with the natives whom we have
conquered, and with their neighbours, who are in-
dignant at seeing a country of Islam under Christian

misconceptions of principles, like these, to this petu-
lant and contemptuous notice of that bold Measure of
Perris, which, far unlike that paralysing Act of 1819,
restored the public confidence, gave energy to our
commerce, vigour to our finance, development to our
capital, and enabled us to sustain eighteen years of
subsequent warfare (intermitted only for some fifteen
months), against the combined strength and resources
the navies and armies, of all Europe, confederated
under the vigorous directorship of France. " Gold,"
said Sir ROBERT PEEL, "continued to be the measure
of value, legally and practically, until 1797, when
that fatal measure for restricting cash payments by
the Bank was passed, enabling parties to issue paper
money at their own discretion, without its being con-
vertible into coin."
We cannot quite blot out of our minds some school-
boy recollections associated with "ESOP and the fable
of a dead lion, kicked by a quadruped of a different
race from that which, in a moment of post-prandial
excitement, last autumn, the Premier was betrayed
into a promise to purchase for the Tamworth
farmers, at Birmingham, at whatever price. To
read this flippant allusion to the daring experiment of
1797 and its wonderful author, does awaken recollec-
tions which it would be highly disrespectful not to
dismiss. We return, therefore, to the conclusion of
the sentence.
The " fatal measure" of 1797, was one, it seems,
" which disturbed not enly the speculations, but "
(Oh ! horror of horrors 1 Here we have the true
ground of quarrel on the part of the bullionist-
Minister with the Bank Restriction Act)—"the
theories and speculations of men with respect to the
standard of value." Happy had it been for this em-
pire had it scared Sir ROBERT oat of his wits, or at
least his theory of the standard of value out of his
head ! We should then have been spared the monster
production of 1819. How bewildered Sir ROBERT
himself is in the expression of his own notions about
this " standard "—whether he means simply " mea-
sure of value," or " standard measure of value"—is
shown by the "Enquirer after Truth," in his admir-
able tract, of which we this day give a further notice.
- We had intended to advert, in detail, to the Pre-
mier's plan for regulating the future circulation of
banks of issue, by an average most unfairly taken on
their issues during the last two years. Those years
were, notoriously, seasons of agricultural, and, in
most respects, of manufacturing depression. The
average is, therefore, an unfair one, as selected to
govern the extent of this future business. But we
protest against the whole principle of the proposed
interference with the joint-stock and private banks, as
to their issues, as an unwarrantable, impolitic, and most
mischievous intervention with the first element of a

THE BOURSE—FRIDAY, JUNE 8.
First Highest Lowest Last
. ce. .
FrenCh Five per Cents l211
50 .. 121Pri 58 • • 121 Price 45 .. 121 Price. SS
Four per Cents.
Three per Cents.— 82 50 .. 12 50 .. 82 30 .. 82 40
Bank of France BO9O • • 3090 ..3080 ..3080
Belgian Fives, 1831.. ...• •• • 105 • • 105 .. 105 .. 105
1840 106 .. 106 .. 106 .. 106
Spanish Active .....
Passive 3a • . 35f 0; .• 301 • • 10;
5 •• .• .. 51
Portugueee Five per Cents.. 461 • • 46f • • 44f •• 46}
Neapolitan .. 100 100 .. 90 .. 100
R0man.......... . ....... 104/ .. 1041 1041 .. 1041
RAILWAY SHARES.
St. Germain
Versailles, 11.13 372 50 375 .. 372 50 .. 375
L. 8.• ..
Rouen. .. 990 .. 992 50 .. 990
.. 992 50
Rouen to liavre 770 • • 770 .. 762 50 .. 767 50
Orleans op •.•• • • • . 995 • • 997 50 .. 992 50 .• 992 SO
Strasburg to Bale•• • • •• •• 945 .. 246 25 .. 245 .• 246 25
Avignon to Marseilles • • 770 •• 770 • 770 •• 770
RAILWAY SHARES FOR 15Trt JUNE.
St. Germain • 883 .. 883 .. 885 815
Versailles, 377 50 .. 377 50 .. 372 50 .• 376 25
„ „ 250 • • 252 50 • • 247 50 . • 230
Rouen •990 •• 992 50 . 990
.• 992 50
Rouen to Havre.... • • ...... 760 • • 770 .. 760 .. 766 25
Orleans
Strasburg to 8a1e....................246 25 . • 252 50 .. 245 •• 246 25
Avignon to Marseilles.... •• 770 •• 770 .. 760 .. 767 50

DEPARTURE OF THE EMPEROR

OF RUSSIA.

The Emperor of Russia, with a rapidity charac-
teristic of all his movements, left Buckingham Palace
sLortly after five o'clock last evening, for Woolwich,
and having inspected the Royal dockyard at that
place, in less than two hours embarked on board the
Black Eagle steamer for Rotterdam, en route for his
own dominions.

HIS ROYAL HIGHNESS PRINCE ALBERT.-It
Rill
be seen by The Sun of this day that his Royal High-
the founda-
ness will perform the ceremony of laying
tion stone of the New Hospita for Consumption and
Diseases of the Chest, at Brompton, at one o'clock,
to-morrow, precisely: Every preparation has been
made by the Secretaries and Committee to render the
affair as impressive as possible ; and immediately
his Royal Highness has performed his benevolent
task, a sort of Italian Festa, or fancy bazaar, will
commence in the spacious grounds of Chelsea College,
Nhich include those of the renowned Ranelagh. There
will be no less than three military bands in attendance,
and everything promises to pass off W ith the greatest
eclat. During the course of Saturday last the office
of the Secretary to the Institution /vas literally be-
sieged for tickets of admission, both to witness the
ceremony and to the grounds of the intended fete,'
which will last until Wednesday evening. Tents and
every provision has been made in anticipation of any
Change in the present propitious weather; and re-
freshments will be supplied by the eminent Gunter.
There can be little doubt that the efforts of the bene-
volent founders of this truly Samaritan charity will
meet with that success it so richly merits.

TEM QUEEN DOWAGER.-13RUSSELS, JUNE 6.—Her
Majesty Queen Adelaide had indeed given up the plan of
coming to Antwerp, as we have stated, but not her visit to
Germany. Her Majesty left London on the 3d, went by way
of Dover to Calais and Lisle, and arrived at Courtray on the
4th, whence she came by a special train to Ghent, where she
arrived at five o'clock in the afternoon. She was received at
the station by the civil and military authorities, and a com-
pany of Grenadiers paid her the honours due to her rank.
Her Majesty entering the city alighted at the Hotel de la
Port, accompanied by Prince Edward of Saxe Weimar and
a numerous suite. In the evening she visited the Cathedral
of St. Bayou and some other remarkable monuments in the.
city, and on the sth in the morning set out by special
train to Cologne. A letter from Cologne of the sth says:
—That her Majesty arrived in that city, and put up at the
Royal Hotel, where apartments bad been engaged for her-
and her suite. Her Majesty was to proceed the following
morning to Mentz, in the Victoria steamer, belonging to the
Dusseldorf Steam Navigation Company, which the Queen
had caused to be engaged some days ago through the London
Company.
CATCHING A TARTAR --AS Deaf Burke, the Pu-
gilist, was on Wednesday afternoon passing through Smith-
field, accompanying a friend and his wife in a phaeton, intend.
ing to pass a few hours in the country, the party were grossly
insulted by an athletic country wagoner—one of those nu-
emscearopueswriuttfih ainnispwunhiotyarien mostly to be found in that vicinity,
and who think, from their physical strength and prowess, to
On this occasion the yokel was anycompletelywoeult dorfeshsiesd preecrksoonn:
ing ; the deaf-un, with true gallantry, allowed the carriage
to pass on to a short distance on account of the lady present,
and then returned to the aggressor. The insulting terms
were repeated, the Goliah of a countryman looking down
with contempt upon his dwarfish opponent. A " set-to" im-
mediately took place, the countryman was floored three
times in almost as many seconds, and much punished about
the face before he could tell who he had to deal with. The
countryman having declared he had had enough, the deaf-un
retired amidst the congratulations of several respectable per-
sons who had witnessed the insult, and its speedy and ef-
fectual chastisement.—Sunday Times.
DELUSIONS OP DRUNKARDS.---0n Saturday an in-
quest was held by Mr. Wakley, M.P., at the Middlesex Hos-
pital, on the body of a man named Sheen, who died on Thurs-
day last, from the effects of injuries received by his falling
down stairs while in a state of intoxication, on the night of
the 23d ult. Deceased, while in the hospital, repeatedly
stated that he had been pushed down the stairs by some one.
Mr. Wakley said it was remarkable under what delusions
persona laboured when intoxicated. There was at that time
a carpenter in the hospital who had injured himself while
tipsy, by falling down stairs with a chisel in his pocket, but
who persisted in saying he had been thrown down. It was
doubtless the same with the deceased. It was only a short
time ago that Dr. Burne had cut a man for two apparent
tumours in the neck and back, and bad extracted a handle of
a fork from one, and the iron work from the other, and the
man had not the slightest recollection how they came there.
It could only be presumed that the fork had been swallowed
by the man—(Laughter)—while in an unconscious state.
After citing several other instances, which went strongly to
prove the inability of either man or woman to speak to facts
while intoxicated, the Jury returned a verdict of " Natural
death."

SINGULAR PRESERVATION FROM DEATII.—On
29th ult., a boiler at South Towan mine, in the parish of
Illogan, exploded while the engine Man was standing on the
top of it. The poor fellow was blown through the roof of the
engine-house, but after a little time he was so far recovered
as to be able, with tile assistance of a friend, to walk hoin,—
Welt triton. • ,•

domination, The English fan the animosity of the
children of ItAmosirr against France. For the last
fourteen years Great Britain has made war upon us
in Africa. Four Consuls are the generals of this
campaign of the Cabinet of St. James's against
us—the Consuls of Tangiers, Algiers, Tunis, and
Tripoli."

A private letter gives the following account of the
massacre of the little garrison of Biscara :—" Ser-
geant-Major PEusse, the only man of the French
that escaped, either through the facility with which
he speaks Arab, or the protection of a Marabout, and
his agility in jumping over the walls of the Casbah,
relates the melancholy event as follows :—On the
12th, towards two in the morning, some shots were
heard in the plain, and this signal was responded to
in the interior of the Casbah. At the same time the
conspirators opened the gates to the Khalifat BEL
ADJ-HAMET, their former chief, whilst others assas-
sinated the offi.ers. Lieutenant PETITGRAND, the
officer in command of the camp, was killed in his bed
by a Zouave attached to his personal service.
Lieutenant CROCIIARD, an officer of merit and of
great courage, who certainly would not have
been taken alive if he had not been asleep, was
assassinated by the sentry placed at the
door of the clothing store, near which he lived. Sur-
geon MARTIN was killed at the moment he was leaving
his room to inform M. PETTIGRAND of the tumult
which lie heard outside. The corporal received a
ball in the groin, and the poor man lingered on for
three days, tortured by those monsters, who refused
to give him anything to quench the dreadful thirst
that devoured him. The dead bodies of all these
unfortunates wore afterwards dragged to the mosque,
and hung up by one foot. They would have been,
without doubt, found in this situation, were it not
for the energy and courage of a young girl, who re-
mained in the power of the Khalifat, who himself
was present at the carnage and pillage of the Cas:-Jah.
This girl obtained permission, by dint of supplica-
tions and prayers, to have them buried. They were
accordingly placed in the tomb which contained the
body of Captain BOEOT, killed two months previously
at the Aures mountains. This tomb was the only
thing they respected." The place has been retaken,
and given up for two days, to pillage, by the French
soldiers.

The revolt and massacre above alluded to formed on
Thursday evening the subject discussed in the Cham-
ber of Deputies. Marshal SOULT read two dispatches
from the Duke D'Aussami, describing the affair, and
throwing the blame of it upon the two officers who
had been its victims, and whose neglect or want of
caution would certainly appear to justify the accusa-
tion. The National, however, regards the charge as
ungracious, disingenuous, and unfair, on the part of
the youthful General, and, coupling it with the late
narrow escape of his Royal Highness from being
made prisoner, argues against intrusting a command
so important to a young man of his inexperience.
In Friday's sitting, the Chamber of Deputies dis-
cussed the Bill lately presented by the Government
for improving several of the French ports. A sum
of 18,980,000 f. was voted for Marseilles, and another
of 1,800,000 f. rejected, which had been demanded
for the opening of a maritime canal from Bouc to
Martigues. The Chamber then adjourned to Monday,
owing to the grand theatrical fete to be given by
Lotus PHILIPPE at Versailles, on Saturday evening.
Some of the Opposition Members, who had not been
invited, indignantly opposed this adjournment.
The Three per Cents. closed on Saturday at 82f.
45c.; the Five per Cents. at 121 f. 90c. ; Spanish Ac-
tives, 30i ; Passive, 51; Spanish Three per Cents.
were not quoted.