The Sun.
London, England, 1842-03-11 00:00:00

SPIRIT of the PUBLIC JOURNALS.

OM THE EVENING TAPERS OF YESTERDAY.
Blackstone 's commentaries on the
Peel Corn
nßill are not uninstructive, and the
vote of the Hon. Member for Wallingford is not
insignificant. The former points most justly the
delusions revived by this measure respecting
future average prices, as having been held
out by the same statesmen respecting the
prices to be secured by their Bill of 1828.
The latter indicates the true feeling of that
" agricultural community" which its thimble-
;
rig representatives have put in their pocket, and
which the Premier admits to be generally op-
posed to the changes now undertaken by him.
" The Right Hon. Baronet anticipated that the
) operation of his scale would make the price of
wheat rule between 545. and 565. per quarter, but
he (Mr. Blackstone) very much feared it would
be reduced considerably lower, perhaps to 305.,
for he could not but recollect that the avowed
object of the Duke of Wellington's Administra-
tion in 1828 was to keep the price about 633.,
whereas, according to the Right Hon. Baronet's
own statement, the average during the last 14
years had been only 575."
It is surprising that the degree of common
sense which enables the Member for Walling-
ford to perceive the delusiveness of these pros-
pects of average prices, does not enable him to
perceive the folly of legislating for prices at all.
The maintenance of the sliding-scale is the main-
tenance of the principle (as Lord Howick re-
marked in his admirable speech of last night)—
" of maintaining certain prices, and preventing
certain fluctuations ; at least such were the
views of the framers of that Act, and at the
time of its being proposed Parliament were
taught to believe that the effect of it
would be to steady and equalize prices ;
and by increasing the duty in proportion as
prices 'fell, and diminishing the duty in proportion
as prices rose, that it would have the effect
of limiting that rise and fall within certain limits,
which the framers of the Act considered it was
not expedient that the prices should exceed."
The total failure of the law of 1828 to accomplish
these purposes might have taught those who
passed it, and who are passing the present mea-
sure, the error of principle they still cling to. It is
' impossible to fix price by law. It is very possible
by law to make it fluctuate more enormously
than it ever would do if left to the operations of
regular commerce. If this be success, the law of
1828 has succeeded with a vengeance.
STANDARD.—The Ministerial Corn-law Bill
was last night read a second time, by a majority
of 284 to 176—a majority of 108, in a house of
465 members, Speaker and tellers included.
This division, however, does not show the whole
strength of the agricultural or of the ministerial
party; for Mr. Blackstone and other Conservative
Members voted against the Bill, in order to
preserve the existing law. We shall say little
of the debate, consulting in that, we believe,
the wishes of most of our readers; but, before
we say even the little we have to offer,
it may be well to revert to one or two considera-
tions which we ventured to suggest when the
subject was first opened in Parliament; these
considerations will be found to meet a great
deal that was said last night. First, then, we
contend that frequent revisions of a law affect-
ing a matter so variable, in many respects,
as the price of corn, are by no means in-
compatible with the strictest adherence to
the principle of protection. To take a fami -
liar instance :—The nation and its depen-
dencies are protected by a naval and a military
force : but these forces are determined by annu-
ally varied estimates, and governed by the an-
nual Mutiny Act, without any compromise of the
principle of protection. The case of the Corn-
laws is not very different. The people are pro-
tected from famine by these laws; but the exact
numbers necessary for such protection must fluc-
tuate with circumstances, the principal among
these circumstances being time cost of pro-
duction and the relative value of money. If
grain can, on the average of one period, be pro-
duced at half the cost of a preceding period, it
is plain that it no longer demands the same
amount of protection ; or if the relative value
of money has undergone a material change, a
different scale of duties is necessary. The
prices of 1814 commanded a higher rate of
duty than the prices of 1828, and it is pos-
sible that the prices of 1828 might demand
a higher scale of duties than the prices of
1842. We arc not now arguing, that such is
the case. We merely wish to show that the
practice of revision is not necessarily in-
compatible with the principle of -protection.
Again, we have said that it may be the duty or
a Minister to bring such a subject before Parlia-
ment, even although lie sees little necessity for
change ; and that it is a peremptory obligation
upon him to do so when he thinks necessary any
change, however small, or how insufficient soever
to silence clamour.

COURIER.—We congratulate the House and
the country on being at length fairly rid of the
corn question, at least for a Session or two ; for,
considering the efforts that have been made to
over-lay the public mind with erroneous notions
on this subject, and the dis;flaiming of finality
by its authors, we would do violence to our
conviction were we to pretend that we look
upon the present settlement of the question
as at ail conclusive. And herein lies the
weightiest objection to which the measure
obnoxious. Last night's debate elicited nothing
very novel; indeed the merits and demerits of
the proposed Bill had been so searchingly can-
vassed, so thoroughly sifted and winnowed, that
little freshness could be expected to enliven the
fourth and final debate, as far as the House of
Commons is concerned. The gallant Member tbr
Middlesex, Lord Howick, and Mr. Sheil,were the
only new speakers. Col. Wood, when the Bill was
first proposed, telt somewhat disappointed, as he
had expected a measure of a somewhat less prohi-
bitory character, but subsequent consideration
gave him a more fitvourable opinion of it. Lord
ilowick- deemed it a " considerable improve-
ment"— the precursor of other changes in
the same direction while Mr. Spiel ob-
jected to the measure as vicious alike in
principle and detail, his opinion being, that
the maintenance of British commerce tshould
he paramount to all other considerations.
These are the only novelties to be found in the
debate, if we except a juggle of Lord Howick's on
the word " protection." In the inflated language
of the Grey school, the rejected of Northumber-
land denounced the term as " unsuited to the tem-
per of the times," and this, be it observed, after the
principle of protection had been affirmed by the
largest majorities yet experienced in a reformed
House of Commons. If we are not to judge of
the " temper of the times" from the constitution
of that :House, which is more especially the etu-
bodiment of public opinion, through which alone
the electoral will of the nation can be constitu-
tionally or truly expressed, pray how is it to be
ascertained ? Arc we to take the mouthings of
hireling lecturers—are we to take the denuncia-
tions of fanatical dissent—or the growlings of baf-
fled faction as true and infallible exponents of
the " temper of the times." Away with this cant
of g,eneralisun_,.

MONEY MARKET i.nd CITY NEWS.

FROM TILE MORNING PAPERS OF YESTERDAY.

POST.—The accounts given to-day of the progress of our
military operations in Affghanistan fully confirming what was
stated yesterday, the funds left off still a shade lower : vet so
very disastrous as are the details, it is a little surprising that
the decline has not altogether proved more considerable.
A fall in Spanish stock, after the announcement of the pay-
ment of a three per cent. dividend on the overdue coupons,
looks like an anomaly with those of the speculators who have
been going far a rise, especially as it is announced from Madrid,
that out of the Treasury issues about to be recommended to
the Cortes, a reserve will be made fur the continuance of this
reduced payment ; but the fact is, the public are made too
fully aware of the nature of the Gamboa coup to be led astray
by it as a legitimate and important measure. It has been ex-
p
lained, that, aithough a something is at length about to be
done for the Active bondholders, it is a miserably poor affair;
for what, it is asked, is a payment of 240,0001., after five. or
six years' delay, upon a capital of 40,000,0001. ? To most
persons it seems absolutely worse than nothing, inasmuch as
it is made upon a new creation of stock, and leaves other chiles
of an extremely urgent kind wholly untouched.

THE MEMBER FOR KNARESBOROUGH.—The exhi-
bition of Mr. Ferrand, on the motion for total repeal, was that
of a mountebank or pantaloon in a pantomime. His extrava-
gance and rhodomontade were only injurious to his own party,
much as the srecch delighted the 'l'ories. To Sir Robert Peel,
the lunatic oration was gall and wormwood, because the Right
Hon. Baronet knows the mischief of falsehood and fanaticism to
his cause ; and because he doubtless apprehends a repetition of
Mr. Ferrand's farrago of nonsense against himself on the coiningquestions of the Pocr-laws and the Ten-hours' Bill. Wild ora-
tors of this species usually find their level early in the Session of
their first appearance. Mr. Disraeli commenced his Parlia-
mentary career in the same style of bathos and rambling
declamation, tut he soon fell from his pedestal; as will Mr.
Ferrand, especially if he is not made of importance by those he
so innoxiously maligns. He is a young man of about 30 years
of age, lately an unemployed country attorney in a north coun-
try town, elevated to the Legislature by the accidental succes-
sit'm of his mother to a largo property, which enabled him to
impose himself for a time on the constituency of Knaresborough.
Uninstructed, and devoid of all knowledge of political science,
be will soon find his level. Ido not think I ever observed Sir
Robert Peel more palpably annoyed than by the indiscreet ad-
vocacy of this new ally. The buffoonery, however, of the
orator, convulsed th. House with laughter, and his abuse of
the manufacturing classes appeared most. acceptable to the
monopolists.—London correspondent of the Scotsman.

THE CHARTIST CONVICT WILLIAMS.—A letter has
been received by the wife of this unfortunate man, stating that
he is working in chains in the penal settlement, Port Arthur.
Upon his first reaching his destination he was appointed over-
seer amungst the men engaged working coal pits, but, having
subseqentiv at+empted to make his escape, he was detected in
the act, and, as a punishment, sent to join the gangs working
in chains.