The Sun.
London, England, 1842-10-22 00:00:00

SPIRIT of the PUBLIC JOURNALS

FROM THE EVENING PAPERS OF YESTERDAY.
GLOBE.—Peel's perpetual blister—for by this
and ninny other similarly expressive designations
are the nature and properties of the Income-tax
described—is producing the-effects upon the
body-politic which it was predicted it would pro-
duce when the State Physician prescribed its
application to the already-prostrated energies
of an impoverished people. In the denun-
ciations poured forth against the villanous
impost, its authors and agents are - in-
cluded. The Government which proposed:--the
Parliament which passedtheCommissioners who
administkr—and the CollectorS who demand and
enforcepa, ment of the tax, are included. What
with schedules unintelligible from the clumsy
and contradictory directions required to be fol-
lowed; the surcharges which insolence or male-
volence suggest as convenient modes of indulging
the one or of gratifying the other---the vexatious
inquisition made into the most secret business
transactions and disposition of family property,
which must be unveiled, as the only means
of exemption from injurious imposition—these
fertile sources of public disquietude are work.
ing their predicted results. All this is added
to the positive exaction of the - three per-
Cent. upon precarious and. frequently inade.
quate incomes ; the actual stoppage of the
tax upon the receipt of dividends and public
salaries, however small in amount, leaving the
parties to the alternative of enduring the first
loss as the least of two evils, rather than be sub-
jected to the trouble of appeal by a process al.
most unintelligible, and at a cost or time and
trouble which the aged and infirm are physically
incompetent to uhdertalte ; the timid shrink
from incurring; and those whose time is of any
value are 'Prevented by other engagements from
making the at,temptl When the organs of the
Government are impelled to denounce the lead-
ing measures of the Government in terms of un-
equivocal and bold gondemnation, little is left
for the journals of oppositiop bq to quote their
articles. Such testimony is ti4expotipßOle
because it is free from that party bias which
lead opponents to view the policy of the Govern-
ment with prejudice ; to distort its views, and
misrepresent its conduct. When avowed friends
are compelled to admit that imbecility and in-
, justice characterise the leadinct riwasgres of the
iVinistry, their testimony may not only lie me-
tarred to js pertinent, but be relied upon as
true. The very reluctance with which it is
given, fir of the injury it must
upoiintlkt the a"n
Govsitirment, is g. guntintee of
its integrity, dad consequently a passport to ft,7,
reception.
STANDARD.—Without desiring to detract
,from the credit that is due to Lord Palmerston
for the services he has rendered to the. anti-
slavery cause, we may be permitted to express
our disapproval of the kind of address which has
just been presented to his Lordship by the Fo-
reign Anti-Slavery Society, and our dissent from
some of the opinions it conveys. We shall Tint
dwell on the inflated style of this document, nor
on the undue prominence given to Lord Pal-
merston over other equally_ zealous abolitionists.
We cannot, however, but deprecate all attempts
to dictate to her Majesty's Government, by a bide
wind like this, what measures it is incumbent
on it t 3 take in reference to this question. If it
please this or any other budy of gentlemen to
present ccwplimentary addresses to usei:ll4o of
the former Ministry, well and good; but let
them avoid meddling with 'natters with which
they can have nothing whatevee to do, and in
which it is foreign to their province to interfcre;
and not convert an address to Lord Palmerston
in to an excuse for improperly dictating
to his successors what Consuls they shall
employ in slavery dealing States. Were Lord
Aberdeen disposed to listen to, and act upon, nog.
gestions from such quarters, we might find our-
selves, ere long, at war with half the world.
And whilst denunciations of states with which
we are on terms of amity in documento of this
description can be of no possible service to the
Cause which the subscribers profess to have at
heart, they are calculated to perplex and embar-
rass the exertions which are making in its behalf,
It is very safe doctrine for an ex-Minister to
affirm that " England should not mind whe-
ther she gives offence or not;" but those on
whom has devolved the task of unravelling the
lissueof difficulty and perplexity which has been
bequeathed to them by his Lordship and his
colleagues, must have arrived at the conviction
that our rashness and Quixotism have,lnvolved
us in too many quarrels already, to.make, it de-
sirable that we should increase the number,
however specious the pretext for so doing.

MONEY MARKET and CITY NE WS

FROM THE MORNING PAPERS OF YESTERDAY.

TIMES.—The English funds have exhibited a
good deal of activity to-day, and prices in general
have advanced. The symptoms of a rise for the last
two days have shown themselves, but now they ap-
pear in the most evident manner. Purchases for the
public increased to-day, and the result of this is the
improvement of Consols for Money to 9.” to and
for the Account to 93 to The market for the
Reduced Stocks is supposed to have been favourably
influenced by the conclusion of a large bargain en-
tered into a few days ago, which now, by the delivery
of stock increasing the scarcity, has sent up quotations
to the point at present held.
Our letters from Amsterdam state that the Royal
Speech has not given much satisfaction, and that its
operation on. the Dutch funds has been rather unfa-
vourable. It had been generally expected that it
would announce the conclusion of financial arrange-
ments between Holland and Belgium ; and conse-
quently, -as King said no more than that the signa-
tureq the
of the treaty would probably take place within a
few days, the public was naturally disappointed. The
treaty itself, according to the information contained
in our letters, does not refer to a capitalization of the
part of the debt due by Belgium, the sole object being
to establish the amount of that part, after deducting
what Belgium claims from Holland. That country
would have at its charge a certain portion of Two-
and-a-Half, Three-and-a-Half; and Four-and-a-Half
per Cents., the Five per Cents. not having been
created till after the separation.
A Correspondent who, in the extent of his know-
ledge of banking affairs, probably represents a large
portion of the public, asks, in reference to the late
expose of the Bank of Manchester, whether the loss
of the capital is in such cases borne by the depo-
sitors, or among the shareholders only. The answer
is, that so far as the capital goes, or the effect of
legal proceedings can be brought to bear upon them, •
the shareholders alone are the sufferers ; but instances
have occurred, in which, after exhausting these re-
sources,
assets could not be found to meet the claims
of the depositors and other creditors, who have con-
sequently become partakers of the general loss,
though not to the same extent as the shareholders,
who in such cases lose everything. It should be
stated, however, in the case of the Bank of Manches-
ter, that it has not stopped payment. Depositors con-
tinue to be paid as usual, and from the statements cir-
culated, can be in no sort of jeopardy. The share-
holders arc coolly apprised of a loss, in round
numbers, of 800,0001., and of a further claim upon
them in the shape of calls to make good deficiencies,
and there, with respect to them, the matter ends. The
concern, of course, will be brought to a close, and its
affairs wound up as soon as possible.
It is one of the boasted advantages of the joint-
stock system, as opposed to private banking, that the
public in general—that is, the depositors with them—.
are secured almost against the possibility of any loss :
but as the purchasers of shares in banking companies
also form a part of the public, equally entitled to pro-
tection, it really seems that the losses and plunder
they are liable to in the management of Joint stock
Companies form as solid an objection to the one plan
as the losses of depositors by the failures of private
bankers do to the other plan of banking. The Legis-
lature, in a superintendence for the general good,
must at least look at the question in this point of view!
There is this disadvantage, moreover, on the side of
the Shareholders in joint-stock banks, that they are
unable to protect themselves in case of danger, since
the shares, on any doubt spread of the solidity of the
bank, become instantly unsaleable, and they are com-
pelled to await the issue. In the instance of a private
bank, the depositor, especially if he has a quick ob-
servation of what is passing around him, often takes
the alarm in time, and saves his property, and seldom
fails after all to secure a good dividend out of the
wreck. We do not intend to speak of this as an evil
to be treated lightly, but the waste of large sums by
fraudulent or imprudent banking must always inflict
suffering somewhere, and if the whole truth could be
arrived at, it would probably be found that as much
injury has been and will lae inflicted under one system I
as under the other. The item 4f 4P0;090/. lost in two