The Sun.
London, England, 1845-05-10 00:00:00

market shah square prices by the value of money mul

plied in the inverse ratio of the discredit that will have
infailliby overtaken the scrip of two-thirds of such com-
panies ; when that moment shall have arrived, we must
be prepared to hear of frightful deficiencies and
defalcations. The balance between the prices at
which shares have been nominally bought, and
must be actually sold, will represent a sacrifice of capi-
tal perfectly appalling. And all this will be indepen-
dent of that loss which is always most severe, on the
most sanguine or mercurial speculation. What we have
supposed above, applies specially to the railway projects
that will probably be at a discount—that is to say, to
the great majority of them. But there will
be a few a favourite few —of which more
shares will have become the subject of cm-
tracts for delivery at a specified day, than-
there will be afloat in the market. These can
only be evoked by the potent but ruinous spell of
pa) ing increased premiums upon them. By analogy we
shall have the old story re-enacted of the Dutch Bur-
gomaster who speculated in the " stock" of the unique
black and white Verelst Viceroy tulip, to the extent of a
thousand bulbs at a thousand guilders a piece. The
frenzy of the tulip mania had just then attained its height,
and " the ens famous" Alemaez Viceroy had fetched
4,200 guilders. Our Burgomaster was tempted by what-
ever amount of premium he liked to set upon his Verelsts,
till at last he lad disposed of his thousand bulbs
for 2,000 guilders each, covenanting to deliver
the said bulbs in two months. A very capital
operation he thought he had made. His tulip contract
shares changed owners, till they were distributed into
nearly a thousand hands. The usual panic came, and
with it the re• action. The Burgomaster's day of de-
livery arrived ; and, lo ! there were but 500 bulbs to be
had, or known to be in existence. Could the Burgo-
master have sun.moned together twice the capital repre-
sented by the exorbitant price he had obtained for his
bulb shares, he could not have extricated himself from
the ruin which overwhelmed him,

Madrid journals of the 2d inst. have been received.
Monday was kept as a close holiday, being the anniver-
gary of the rising against the French in 1808. Thv
Cortes did not meet, and the Bourse aas shut.

The first clause of the Bill for farming the fortifica.
tions of Paris has been adopted by the Chamber o
Deputies. The sum proposed was 14.130,0001. (56,5001.)

and on a division there was for the clause, 227, and
against it, 144—majority, 83. This is a very large
majority, and leaves no doubt that the fortification of
the capital is now an fait accompli. The debate on this
clause was enlivened in a variety of ways—by some
sharp-ahooting between M. ArtAco and General PAIX •
HANS, an amusing speech of M. ALLARD (the reporter
of the Bill), and a personal quarrel between M. TRIERS
and M. DE LAMARTINE. The philosopher, when the
affair became serious, had no chance with the
General, and was compelled to admit that
really of his calculations and conclusions, made at a
former sitting, were quite untenable. M. ALLARDE
turned into utter ridicule the idea that any new dangt r
to the citizens of Paris could be apprehended from
arming the forts. " There are other means already
existing," said he, " far more serious ones, of bombard.
ing Paris. At the very gates of Paris stands the Batte
Montmartre. Now, just suppose that some thirty of the
five or six hundred pieces of cannon kept at Vincennes
(not far off either) be conveyed to that height—suppose
that seven or eight thousand men be also stationed there,
in order to fire and protect them—just suppose this,
and I most positively tell you that Paris will be
destroyed in less than twenty-four hours." " Don't make
suppositions like these," said General LAIDET. " There
are crimes of which we should not allow ourselves even
to form an idea." " replied the other, " but let us
look to ourselves. Permit me to add that the front of
the palace in which you are now sitting presents itself so
very well to the aforesaid Batte, that I defy the most in-
experienced gunner not to send his first ball amongst
us." This was followed by shouts of laughter, and the
speaker continued :—" Thus when you accuse the forts
of threatening the liberties of the country, you must
own that the Bette Montmartre is also guilty of the same
imputed crime. To these suppcsitions there are but
two things wanting—a Government daring enough to
realise them, and an army to second it. I am con-
vinced that neither will ever be found." When the
President was about to put the question of the vote, the
scene between M. TRIERS and M. DE LAMARTINE oc-
curred, of which the following is a brief outline:—
" lt. Thiers (from his place) said that he wished to explain why
he should vote in favour of the Bill now before the House. He
should not have made any remarks, were it not for the speech
which had been delivered the preceding day. If be had done his