The Sun.
London, England, 1842-09-24 00:00:00

SPIRIT of the PUBLIC JOURNALS.
GLOBE.—The only merit that the Tories are
inclined to attribute to the Government of Sir R.
Peel, as far as it has already gone, is the making
up of the deficit which is declared to be the fruit
of ten years of Whig rule—a calculation which
conveniently leaves out of the question some
quarter of a century of Tory ascendancy. It
is rather a late hour to begin disputing as to
who caused the decay of the national finances;
and as credit is given to Sir Robert Peel for
having cured the evil, there is the less occasion
to quarrel respecting its origin. It. is, however,
a curious fact, that the journa'ists who impute
every wrohg to what they term, in the slang of
party, Whig misrule, are very apt to date the
beginning of the present state of affairs much
further back than the period at which the men
who at this moment form the Opposition assumed
the reins of government. It is probable that
if Tory policy was calculated to injure the io-
tercsts of the nation, the ill effects would be felt
and come into powerful operation after the re-
tirement of the party from office. Though there
was no deficit in the time of the Tories, it by no
means follows that they had no hand in
causing the deficiency which has since ensued;
and, indeed, as in our opinion the difficulties
of the country proceed chiefly from the restric-
tions on trade, which it has been the protective
policy of Toryisto, to preserve, we unhesitatingly
attribute to the party now in power the mischief'
tint has arisen. Leaving, however, out of the
question who is to be blamed as the cause of the
evil, we will revert to the merit of the cure, the
only merit that Sir R. Peel's organs—if he has an
organ—will allow to him. To us it appears
that the project of the Income-tax is at once
the most obvious and the least statesmanlike
scheme that could have been possibly deldsed
flit. balancing the accounts of the nation.
That it was " a bold measure," is but a poor
recommendation, unless a Minister's success
in finance is to be estimated solely by
how much he gets, without the slightest regard
to the manner in which he gets it. There is
something particularly bold, no doubt, in plung-
ing the hand of taxation into the public pocket,
without any other reason than that the money
is wasted; but it is the act of an impudent
thief, unless there is something like principle
in the mode adopted for leVying a general
contribution on the whole community. The
merit of an Income-tax would have consisted
in its nice adjustment to the means of those
who had to pay it, and its due regard to the
different values of incomes ostensibly the same
in amount; but the measure of Sir R. Peel has
none of the qualities that might have redeemed
it fronkodium. It is slapped on indiscriminately
to all incomes above a certain sum, but no trouble
whatever is taken by the Premier to consider
whether he is not extorting equal sums from per-
Sons of really unequal means—an injustice that
was pointed out when the measure was in pro-
gress, but a deaf oar was turned by the Minister.
STANDARD.—We have copied from the
Glasgow Courier a very able letter of Mr. M. M.
Paulson, which most clearly proves that the new
American tariff actually prohibits the low priced
cotton goods of Great Britain from the American
markets. If America sends food to the West
India colonies, and takes nothing
.but specie in
exchange, there can be no question that the
specie must be applied to the creation and sup-
port of manufactories, to rival those of Great
Britain. Mr. Pattison's remedy is to impose a
duty of ld. or f2d. icier pound upon the raw
cotton of the United States. This, as we have
said, is by no means incompatible with the
proposition of the Birmingham Advertiser ;
and if, as that journal has proved, we
have the trade of the United States completely
at our command, either remedy or both reme-
dies might be tried with assured success; and
about the right to try them there can be no ques-
tion whatever. The American tariff is a declara-
tion of commercial hostilities, published in the
face of Sir Robert Peel's conciliatory arrange-
ment; it therefore could not be pretended that
we had begun the contest. The United States have
excluded our manufactures; whatever the end,
then, we can be in no worse condition with respect
to them than that in which they have already
placed us. But if, as the economists teach—and
for once teach truly—a demand makes a market,
and a market makes a counter demand, by look-
ing elsewhere for a supply for the West. India
provision market, and for the supply of raw cot-
ton, we shall create elsewhere an equivalent de-
mand for our manufactures ; and we are happily
in the condition of being able to create both
markets within the limits of our own empire.
Canada can supply the provisions to the West
Indies, India the cottons ; and one hundred mil-
lions of Indians and Canadians can surely employ
the looms and forges of Great Britain as ac-
tively as about one-sixth part of the numbers of
Americans, while our commerce generally would
be free from the hazards of political caprice and
national jealousy. Nothing, indeed, but the in-
convenience attending all great commercial
changes can justify our not having long since
taken the course to which the United States seem
disposed to drive us. Upon them, however, be
the guilt of severing the commercial ties be-
tween the kindred nations. When the Whig
scheme Ihr the importation of the slave-grown
sugar of the Brazils and of Cuba was denounced
as what that scheme was—a project for the
encouragement of the slave-trade—it was taunt-
ingly replied, that the consumers of slave-grown
cotton would with an ill grace object to the in-
troduction of slave-grown sugar. The just re-
joinder to this taunt was, that vast interests had
grown up under the cotton trade, which must be
affected ruinously by any violent interference
with that trade; but every one, we believe, re-
gretted that the country was open to the taunt.
The United States, however by their tariff,
if they persist in it, will relieve us from this
occasion of regret. If they impose a duty of cent.
per cent., payable in advance too, and therefore
subject to all the risk of bankruptcy in the con-
signee upon our manufactured cottons, we must, in
self-defiance, take our raw cottons from our fellow-
subjects, who will deal with us upon more libe-
ral terms, and who (thank Heaven for that!)
employ no slaves. It may be a question
whether, upon the United States relaxing
the prohibitions of their tariff, we shall be 'jus-
tified in neglecting the opportunity of its tem-
porary existence to exclude "the accursed
thine for ever; but there can be no questionbeuat
all if the tariff shall be continued;
ca
den: we can set ourselves right in the matter, sie
the sight of I-teaven and before men, without
inflicting inflicting injury upon any interest or any indi-
vidual.

LAW INTELLIGENCE.
COURT OF BANKRUPTCY, Sept. 23.

IN RE WILLIAM CHAPPELLOW-THE TALA CRE COAL

COMPANY.

This day being fixed for the final examination of
the bankrupt, whose case acquired an adventitious in-
tea st from its connection with the proceedings yes-
terday: of the Court of Aldermen of the City of Lon-
don, with respect to the ensuing Mayoralty, the Court
avas crowded at an early hour with persons anxious
to hear the proceedings.
From the facts elicited at the previous examina-
tions, it appeared that the bankrupt had attributed his
insolvency to the fact of having purchased a number
ofahares in, and become connected with, a Company
called the "Talacre Coal Company," which became
insolvent in about two years after its first establish-
n''snt- At one of those examinations, the bankrupt,
put- in what he termed a narrative (being a state-
ment of the
1a Peculiar circumstances, in relation to his
connection
with the Company) which was intended to
n appendix to
othe original balance sheet. In that
nti;Alderman
w stated' that Mr. Alderman Thomas
Mayoralty of the Cityman next upon the rota for the
()f London, had been the origi-
nal projector of theTalacre Coal Company, and had
also acted as the solicitor, chairman, and one of the
Directors of the Company,ln this Company, the
bankrupt had purchase
;leading part in the directiosneovferil shares, and took a
ts affairs having been
auditor and treasurer. Shortly afterwardsi a. gen-
tleman. named Loveson sued the
iiairman upon
the liability of the Company for when
the.bankrupt, in conjunction with other proprietors,
ith was
became responsible for the sum of 13
alleged at The instigation of Mr. AldermanasT
Wood) ; upon, this liability that the bankrupt was
sued, and was imprisoned in satisfaction of judgmenj
Certain documents having been in the hands of Mr.
Alderman Wood, a rule was moved for before Lord
Denman, to compel him to give them up, on the
grounds of malversation in his professional capacity,
but his Lordship refused to entertain the rule, at the
same time dismissing it without costs.
Mr. JAMES (the barrister), said, that he appeared
on behalf of Mr. Riddler, the manager of the Chel-
tenham and Gloucester Bank; who was a creditor for
3,9001., and also on the part of the trade assignees, to
oppose the bankrupt in passing his final examination.
There were facts upon the face of his balance-sheet which
no Commissioner would be justified in passing over.
It only extended over a space of five months—namely,
from January to May, 1841. The bankrupt had
commenced business in Long-acre, in partnership
with his son, with a capital of 5,0001., and of the ex-
penditure'of this sum, no satisfactory account, was ren-
dered in his bilance-sheet. He (Mr. James)
was aware that there were extraneous mat-
ters united with this fiat, in relation to the
highest office in the City, but it was of no conse-
quence to those whom he represented whit the hank.
rupt'S dealings might have been with the Talacre
Coal Company