The Sun.
London, England, 1844-09-06 00:00:00

Had a conciliatory policy been adopted, simultaneously
with the suppression of the " monster meetings," there
would have been hope for Ireland. Instead of this, the
evil genius of the Cabinet counselled further acts of
coercion; was listened to; and prevailed. The Arms
Registration Act was introduced. The prosecutioh of
O'Connell and the other repeal leaders followed. At
every step, this ill-advised proceeding involved the law-
advisers of the Government in disgrace, through the
blunders they perpetrated in its :management; and the
Government itself in difficulties, contempt, and odium
with the nation. The proceedings were fraught with
glaring inroads upon the securities with which the law
surrounds accused parties while preparing for and upon
their trial for alleged offences. The dignity and so-
lemnity of a court of criminal jurisprudence were out-
raged by the highest law officer of the Crown. The
proceedings, from their commencement to their close,
were calculated to bring the administration of the
laws under suspicion, rather than to strengthen their
hold upon the affections and obedience of the people.
A verdict of guilty was returned—as every, one knew
it would be returned—by the partisan jury which
had been secured for the purpose of obtaining a
conviction. The motion in arrest of judgment was re-
fused. The indictment, in every count, was pronounced
perfect. Sentence was pronounced; and O'Connell and
his co-defendants consigned to a goal for various periods;
ordered to pay heavy fines ; and to enter into still
heavier recognisances, at the termination of their re-
spective term. of imprisonment, ere they could be re-
leased.. The House of Lords has reversed the judg-
ment. At the moment that we write, O'Connell
and his co-agitators are at liberty. His political in-
fluence in Ireland—heightened, as it was, by the
State prosecution against him—is enhanced to an incon-
ceivable extent by the reversal of the judgment, and the
triumph
hiwhich
he itishim, and on the cause of
Repeal was indebted to Sir wthehas
leader. conferred
Ro-
bert Peel's accession to office for animation ; it derived
strength from every measure of his Government ; until it
filled Ireland with its converts ; drew the revenues of a Ger-
man principality to its coffers ; and excited apprehensions
for the public safety from the increasing numbers and
influence of its confederation; which were daily increased
by the impolitic measures of the Government. Sir R.
Peel at length assented, rather than cordially agreed, to
the dangerous counsels of those who thought that to in-
carcerate O'Connell was the best way to encounter Irish
difficulties. The experiment has been made. It has failed.
Defeat has succeeded to disgrace. Sir R. Peel, who declined
in 1839 to undertake the government, and assigned as an
apology for relinquishing the undertaking—" My chiefdif-
ficulty was Ireland!" has now to meet that "difficulty,"
increased, by his own acts, in a tenfold ratio. That
he will be able to encounter that difficulty, and
to overcome it, we deem impossible. We scarcely
think he will have the temerity to try. One false step
may environ the nation with perils, and convulse it with
apprehensions. That O'Connell will employ his ac-
knowledged powers of effective persuasion, and now
multiplied force of influence, with his followers, to re-
strain them from any violent outbreak, we have reason
to believe. His conduct in the fearful crisis created by
the Proclamation against the Clontarf meeting affords
ground for believing that he will now be prudent—we
will add, patriotic. The course which Sir R. Peel will
take is far more problematical. That the Government
has felt the shock of this defeat of its coercive policy,
is plain. It was announced at the meeting of the House
of Commons this morning, that Lord Stanley has ac-
cepted the Chiltern Hundreds. What does this indi-
cate? Is the Cabinet about to break up? All manner
of rumours are afloat.

MONEY MARKET and CITY NEWS

FROX THE MORNING PIPERS OF TWIS DAY.
CITY, THURSDAY EVENING.
TIMES.—On Monday last the new Bank Bill, which
directs the separation of the issue and banking depart-
ments of the Bank of England, came into operation.
The triode in which the separation was to be effected was
then described under this head. The first measure to
which it has given rise on the part of the Directors is the
following notice, which was posted this morning in the
discount-office :

" Bank of England, Sept. 5.
" At a Court of Directors, held this day,
" Resulved,—That the rate of interest in London for
bills and notes discounted for the Bank of England be as
follows :

" Bills
" Notes
" Such bills and notes not having more than 95 days
to run."

By this notice the Directors plainly intimate to
the moneyed interest that they intend to place the
Bank of of England in future with regard to pecuniary
accommodation on the same footing as any private
banker. Before the passing of the late Act, and
when no limit was fixed to the issues, they were re-
strained from entering into competition with the ge-
neral discount market. by the consideration that they
were the regulators of the currency, and accountable for
its excess. Now that the Government have fixed the
limit of 14,000,0004, and also separated the two func-
tions, they no longer think any such precaution neces-
sary, and intend, in fact, to consider all the funds placed
in, deposit with them entirely at their disposal for the
benefit of the Proprietors. Although this would appear
to be almost a natural consequence of the new Act, its
announcement to-day seems to have taken the moneyed
interest by surprise ; in fact, we have not found in any
quarter the least anticipation of it. The distinction
made in the notice between "notes " and " bills " is not
perhaps generally intelligible. In Bank practice, by
"notes" is meant bills of exchange drawn by merchants
and traders in or near London, while by " bills " is
meant likewise bills of exchange, but drawn out of Lon-
don, and preferred because a greater number of names
is usually attached to them. We only speak of Bank
practice in this distinction, for out of doors it is rather
laughed at as a distinction without any essential dif-
ference.
The object of this notice, without doubt, as already
hinted at, is that of advantage to the proprietors of Bank
stock, but it does not follow that the great discount-
houses, who combined are scarcely less powerful than
the Bank of England itself, will allow the business upon
which they depend to be thus taken from them, and it is
generally anticipated, therefore, that they will now
adopt still lower terms than those they at present re-
quire. As the Bank cannot in any case take the posi-
tion of a regular discount broker, who receives money
on the one hand and lends it out on the other, they can-
not encroach upon their transactions ; and the chief dis-
advantage will therefore fall upon those who send money
for temporary employment to the discount-brokers, and
who will now receive a lower rate, the broker's profit
consisting in the difference between the rate at which he
borrows and the rate at which he lends. Hence it be-
e discount-
broker what rate he receives, and makes his competi-
tion
with smatter
the
Bankof secondary
a co
very formidable -importance to the
ormidable hone. On the pri-
vate bankers the measure might be supposed to have a
s e
more serious effect, but borrowers generally are willing
to pay something for secrecy and confidence. Hence it
is surmised altogether that the Bank of England will not
derive any great increase of business from this measure.
SUN. _There was a quiet market for Cotton at Liver-
pool yesterday. Sales 2,500 bales, including 500 for
export. Prices were fully Id. per lb. lower than last
week. A good deal of steady business was done in
Shares, especially in London and Dover and the
French lines.—Bristol and Exeter, 111 ; Bristol and
Gloucester, 561 ; Dublin and Belfast, 31 ; Edinburgh
and Glasgow, 63 ; Glasgow and Greenock, ; Grand
Junction, Half ssj ; Liverpool and Manchester, New,
35 paid ; London and Birmingham 321. Shares, 33 ;
Manchester and i
ng
Birmiham 51 x. div. • Mdland
; North Union, e
, 126 ; Sheffield and Man-
Counties, 109
chester, $7 ; South-Eastern, 39k. Trent Valley, 121 ;
York and North Midland, 10 ; Paris and Lyons, 2 ;
Paris and Rouen, 38k.
The following is an extract worth notice. It is taken
from the Toronto Patriot :—" The rapid increase in the
size and population of our flourishing city of Toronto,
cannot fail to strike with surprise and pleasure every
person who has returned to it after an absence of two or
three years. The last ten years have witnessed changes
which half a century would hardly bring to pass in other
less favoured localities. In 1834 the population was just nine
thousand. It is now at least twenty thousand. This
rapid increase has been chiefly the work of the last four
or five years, and, strange to say, more particularly
visible since the much dreaded removal of the seat of
Government. The latter event did unquestionable mis-
chief to the interests of Toronto, but the resources and
advantages with which Providence has blessed her, have
made ample amends for the losses she may hare sus-
tained from the caprice or chicanery of political jugglers.
" King James arrogantly threatened to remove his
Court from London, and divest that renowned metropolis
of its character as the seat of imperial power.
" We, poor citizens, ought to be grateful, was the
bold answer of the stout-hearted Lord Mayor, that your
Majesty cannot remove the Thames from London.'
" A representative of our Queen despoiled Toronto of
her political supremacy, but her noble harbour, and
splendid agricultural resources in the rear, were pos-
sessions of which no Executive caprice or tyranny could
deprive the loyal old city ; and so she has continued to
increase and flourish, uncheered by a solitary ray of
official favour or Viceregal sunshine."
Of colonial arrivals, later in point of date than those
before received, there are none to-day.
A large purchase of Consols was made this morning
—namely, 100,0004 by a trading broker, and the prices
advanced from 98i- to 99;1 for the Account, and from
99i to 991 for Money 4 The Government brokers
The Stock Market
did not make any purchases to-day.
is extremely firm, the decision of the Peers on the writ
of error having given. much satisfaction. For Ex-
chequer Bills the premium is a trifle lower. India Stock
was at 281.
The Foreign Market is rather buoyant for Spanish,
Brazilian, and Danish Bonds, but not much business is
doing. Railway Shares are in good demand.