The Sun.
London, England, 1845-10-17 00:00:00

X 144 '4")111v

LONDON, FRIDAY, OCTOBER 17. 1845.

Being of their opinion who hold that "to be vise in time
is to be doubly wise,"—and that there is a philosophy in
CAMPBELL'S axiom, that " coming events cast their shadows
before them," which is applicable to all times and all cir-
cumstances, we entreat attention to a significant announce-
ment just issued by the Bank of England. That great Com-
pany have issued a notice, long expected, of theirdetennina-
lion to raise their rate of discount on bills and notes to 31.
per cent. It is very true that as compared with former years,
when its ordinary rates varied from 41. to .5/. per cent., this
is still a moderate scale, although it is advanced from
two-and-a-half per cent. But it must be recollected that
the affluence of money into the market has been for some
time past so extraordinary, as to take the last year quite
out of any fair analogy or comparison with its predecessors.
The enormous aggregate of previously inactive capital which
the fervour for railway investment and speculation has
unlocked in all parts of the kingdom, in addition to the
still more extensive masses which it has diverted
from other sources of appropriation that had previously
absorbed them, had the effect of gradually, and for
a protracted period, reducing the current value of money
for discount. The activity of the Railway Market has
hitherto received no check from any sudden panic, or from
untoward disclosures affecting the character of any specific
stock of that description which had been previously in
request. There has consequently been no reaction
adequate to produce the effect of a sudden contraction of
the enterprise which has long communicated, and still im-
parts, so much vivacity to the Share Market. There is no-
thing in the aspect of the Public Rinds to withdraw
floating capital to any noticeable extent from that
channel of employment in which it has manifested so
remarkable a tendency, of late, to flow. The Railway
Market, indeed, is at least as buoyant as ever, and it would
be strange if it were not so. Hitherto,.. there..has been no
reverse to mar, or soriottsly impede, its upward movement.
But, we& Aft wetls, the Wlliou :AVM of thti Bank pi

England have been diminishing. The weekly circulali!!
indeed, of Bank of England paper has not been material"
contracted as yet, though very intelligible indications ingY
detailed of its advent, and feelers may he observed to bu_:
been put out for come time past, like thepenace of the nacti!ta,
to ascertain whether the temperature is becoming co ft),.l
as to require it to strike sail and narrow its sphere of th;
ment. A rise in the rate of Bank discounts, cincl t
with a decline in its buldon reserves, and a slight bp
gradual decrease of its paper circulation, is a hee
which they will not neglect who desire to escape clang'
that do not yet present themselves abovethe surfaceofthiag;
but are not the less fraught with certain destruction to tit'
who still unadvisedly remain too long within their sae.
A bad grain harvest, below the average in quantity, sad
tot
ceedingly deficient in quality, aggravated by the almost tot.;
failure of the principal bread - stuffs of the set;
are portentous adjuncts to these evil influences. "
the two great elements of mischief of which the
development and evolution require to be most asAduousill
watched are—the price of gold, and the share transact°
balancing, upon the settlement of the first calls for those on.
terns which are in an advanced stage t:f preliminary ecti•ti
Let us see how these elements of mischief, if happy aceiden
or wise counsels do not previously control their operation 41,,
avert the mischiefs which may be produced by it, arc lik')
to display their fatal energy. of
It is admitted on all hands that the larg,r proportion
the demand for works and wages, on those nuathrugs
foreign railways which are sustained and worked by El.
lish capital, must be paid by this country, ultimately, tag
of
It is more doubtful whether any very iniportant at 7,
our gold is likely to be drained by payments on account;
large imports of foreign corn, to supplement our own deft 4
return. And it is true that the large corn imports ottbe
yea", which were, to so great an extent, transferred t°,4,•
QUEEN'S warehouses, on account of the unprecedenth",
ample product of our own harvest, realised in
month or two afterwards, may, for some time t°
"e g
ear
prevent the evidence of the scarcity of this yhll
fully manifested, and may, therefore, have wit`iktelis
orders for foreign consignments, and restrained
01,
influx of large stores of Baltic wheat, &c., into the heo
market. But every day brings us bad accounts from tbhe
extensive districts of the north, where large breadth* `ci
product of which had entered into previous calculatione.ed,
tha probable average for the year, have not yet been carrolst.,
of heavy rains, destructive floods, and even earlY I,artetl,
Of the harvest actually garnered a large amount is s'"-Iv
in other quarters, to be so raft and immature as to be seurcigi-
convertible into flour without an unusually larg.ein
mixture of old and foreign grain. Let us int ert
demand for two millions of quarters, or even for °'„nro
the present rising prices, of Prussian or Polish grown -or
and see whet an enormous draw they must establish en:eg
diminished gold currency. Let us contemplate the
interest of money and the weekly enhanced value of g'find
the foreign markets, at Hamburgh, Paris, Bremen: bile
collate these appearances with that of the declining bhue re,
stores of the Bank—and consider them, altogether, la t", 50
lations as to which they are affected by Sir B. 1'144
monetary legislation, whereby every note issued by ever, lit
in the kingdom is convertible into gold, in fact, on deinanclie cf
us then contemplate the enormously expanded sci:fire
our money and commercial operations in relation %et;
almost incalculable operations of the Railway Share 313,,r,tte
and thus reduce the various conditions of the calculatiuThei•
have to make to the simple juxta-position of, and °Oct
son between, the aggregate of the demands for CIIICt3;: fke
d
CAPITAL, which we shall presently have to meet; arts
amount of gold currency (in which, under the c/a5t11',.,V
of Parliament, the paper that the balances on these ""i3H,
tions may be discharged, must be paid in), there tillletl °I
~c
to us, with its Mint or issuable valuable deflnitivel,Tosi
the price of 31. 17s. lOid. per oz., while its market 'll%Ol
be legitimately realised at 4/., perhaps even W. per °i;e°oo
first day that the first pinch of the pressure to cu-
be felt I

The system adopted by the French for the CON;
government of the Algerine territory is,perhaps, the

surd ever tried by a civilised nation, and it is otlifhijO,
ing that a Sovereign of such ability, and so clear
as LOUIS PITILIPiE, should still continue to alie-o•
which must eventually end in defeat. France 11011:4 le;
the country for more than fifteen years, and insleJit'so
,
conciling the population to her dominion, is onl.l"r)bi
them every day more and more. We b.,lieve the '''•re'att°,
infinitely more hostile now than they were at the tolm,,
Algiers, and how could it be otherwise ?• One of
At',),,e 111-
features of the British government in
that which has produced such astonishing -0 b!
consists in the clear line of demarcation thrilV4
our Indian rulers between the Kings, and Pr
and Atneers, and the people whom they plundertd elr's
pressed. We make war upon the chief and his seldie, thefill
spare the innocent population; nay, more, we protect 101
remove many of the burdens under which they tabour
ei ode
them their laws, and customs, and religion ; enenurtiggeoc6
and commerce, and teach them the arts of civil life.
the popularity of the British sway, and-the universe' Ibiect
which prevails among one hundred millions of peoples 10io0
to the Queen of ENGLAND; and hence the new don oda
which, without any wish on the part of either therest
Boa d or the Government for aggrandisement, oar
such short intervals continually added to Or fobr
mous possessions in the East. We began by
gdifE
ing a small settlement on the coast, by ,trmatj'
with the natives, and treating them with k1..A11-
till their suspicions were removed, and they preferrr";ir
dominion to that of their hereditary Princes. In eve:'lt
spect the French policy in Africa has been the revers:e'ro
was all conquest, battles, razzias, and plunder. GT
after governor followed each other—not civilians and ,p'
,r
tary men indiscriminately, as with us, but renownerethet
tains and conquerors, whose object seemed to be.tiotioll
military glory and destruction of property than theciv"
nor
of a barbarous population, or gaining their love, esteem'
spect. They took the map of the country, fixed the
their
daries at once, and demanded a vast army to ear* fore
wild schemes into effect. Every move was made
and violence, and, with a strange perversity of Purr° ge"
very people whom it was their interest
over were treated with greater severity than Ann-11:lfrefel
and his warlike followers. Cattle and prePertY%e h t°
description were carried off. The visit of the iretaco''A
a particular district was, regarded as worse than Fefc9Pf
or famine, and man, woman, and child tried to bill.
from the storm which swept over every valley °rip' fof
Can BUGEAUD then wonder that there is no sectLt es;
his troops or his armed colonists, or tl at coulter elic'
deavours are made either by what is called treacher.V.°o
e tbeil
warfare, to cut off every division that comes Withille 0014,0 r
reach? Nothing but extermination can make sile;s:,'
of conquest successful. Yet even that is 1,0,4 e 9,efer3
the French- army suffers more than the
French writers admit that the yearly consumption.' ei
is frightful, and that notwithstanding the w Vall°, r-
kept up, and the almost incalculable expense, theze„„Ppe°l-3,i'a
turn of profits, and the conquest of the count*}' 11,-1
distant as ever. Were the nations of urEshil''''
*specially Ergland, animated by that ines
tinbloiters
re dice'
impute of France, which the more violent di'
inipute to them, they could not injure France Inerhterile
tually than by observing the most strict silence, °r large e
her on in this ruibous carter. 'I here is an army'*p rp
D
the whole military force of Great Britain locked u
cy; $
mountainous, hostile, and comparativtly barren ter-' ay
constant drain from the mother country is c°lltiTlesof rico
quired, both in men and money; there is .no coPtu-bac lra
towns, no treasure, no brass guns, nothing in fact
Fraace
yt
fighting, with little glory. One of the bands i
beVe;
tied up, and should any serious collision take Pas-. 00 to l••;
her and a powerful neighbour, it would be inessi visit ft
tarn Algeria for two years. We have e° rejoice ;
injure France. On the contrary, we tb
uoy
t,
IoY ea'
for
her prosperity, and wish to see her (o
high rank among nations to which she is so itsd
titled, and spread the arts of peace and civilisation; r di;
s
these reasons u e take the liberty of expressing o.llr obraif',s
probation of her present policy, and warning th*:
dangers which those at a distance see belter:ot vies
herself. If LOUIS PHILI.PE and 1 • Ministers . can vibe/
its caa
their desperate condition in the proper light, the of
will at laA interfere. They are already heartily sic' of
the
hopeless ar.d bootless conquest, and the war estiroa.o
next year will not make them more reconciled to It.

et The intelligence brought by the Levant mail is fr°l7.l,,C°oll:
30anthtinople, to the 27th ult., Alexandria, the 26th, Geey'lhe
Lebanon was
Malta, the 3d inst.; but it is not important'
Parea
on was said to be tranquil, and the Maronites aP 4 tbe
Ddesirousruses to come to some settlement with their eacwiet;lo' ter.
A considerable force was collected in that call 03
lA,etißej:rout were the Warspite frigate, the Bella F° e'witl,
brig, e
age (French); and the Orestes, A •
an ustrian io tll
several Turkish vessels of war. The Turkish tronlds 05
still Lebanon amounted to 18,000 men. AlErrEldzT .ikl aith.
He at Alexandria, and in the enjoyment of good be, tbe
was French
hto leave on the 4th of Octsober; accompanie b% co,
engineer, 31. MANGEL, to superintend so lic'rl'
the Nile. 81155i°
Accounts from Malta state, that the Bessarabia odesss,
war-steamer has passed into the Meditcrrane,an, from con'
and proceeded to Palermo, and other steamers, fret° the
sEtadt and Odessa, have orders to repair to attend deicorr•
MPRESS. his also said that Admiral the Grand P"k!.,tio;
isTnANTESE, the second son of their MAJEsms, will hoist at'o,ibe
sail ship of the line, and, accompanied by a frigate, lilse the
.21ra for Palermo. Every arrival from the LeVant, 5t'37.613 010
ita Nail, brings intelligence of fresh acts of pirae.Y iv 01
Grecian Archipelago, particularly about Samos' t3l ear°
Scala may°, Agotonissi, and Camilla., which lat ter Pince °PO.°
to be a rendezvous. The Cerf, French brig-ofAvar'nors,
Austrian schooners of war, and several Greek eell°-t_
have been unsuccessful in falling in with the delinquea 4.
_.,, of

We have accounts from Madrid to the 19th insl" 1)01
the journals, the Eco del Contereio and the .E'sPeran-.451
very justly made some severe comments on the distni-ther°,
the judge who presided at the trial of CORTINA and ° jor
and for these both had been seized by the police. 11'00E5
gum de PENAFLORLDA. had been appointed bY tbe:h.d.if
Alcalde Corregidor of Madrid. Her MAJEsTy's b""" °¢was to be celebrated on the 10th. No business Was
(I°lle
the Bourse.

The Paris 44/o/liteur publishes a dispatch from
li
LAORICIERE to the Minister of War, confirming tbehtecl; vss
ie
M
the surrender of 200 French soldiers to the Arabs' w7O
published yesterday. The followiug extract Wilts:as op
pUrtittnlars oI interest in the dish 031 21