The Sun.
London, England, 1827-07-11 00:00:00

.1703 E YESTERDAY.

COURSE OF ItIoILA
Anisterdiun . . ..... ....C.F 12 4
Ditto, at sight l2 1
Rotterdam. 2 U l2 5
" Antwerp l2 5
Hamburgh 234 U. 37 2
Altona 214 U. 37 3
Paris, 3 days' sight
Ditto 2 U. 25 80
Bordeaux 25 80
Berlin
Frankfort on Maine, Ex. M. 154
etersburgh, rble... 3 Us. 9%
Vienna, effective ft. 2M. 10 9
Trieste do.
Madrid 34
Cadiz '344
Bilboa
33?4 Barcelona
Seville 34
pibraltar 45

- -
Leghorn 4754
Genoa 25 75
Venice , 46
Malta.
Naples 37
Palermo per os. 114,
Lisbon 49
Oporto 48%
Rio Janeiro 3l
Bahia 41
Buenos Ayres
Dublin, 21 days' sight
Cork l4

BULLION, PER OZ.
X. 6. d.
Portugal Gold, coin 0 0 0
Foreign Gold, in bars 3 17 6
New Doubloons 0 0 0
New Dollars 0 4
Silver, bars, standard 0 0 0

LONDON,
I WEDNESDAY EVENING, JULY 11, 1827.

We received this afternoon the Gazette de
France of yesterday's date, by express. It con-
tains an article from Madrid, dated the 28th
ult., stating that the Army of Observation
began a retrograde movement on the 22d, with
the view of taking up its original position along
the line of the Tagus, at Talavera, &c.

FRENCH RERTEs.—Five per cents. 102 f. 85e.—Three
per cents. '72f. 85c.

There is no phenomenon more remarkable, or
more deserving of consideration, than the, ebb
and flow of capital in this great commercial city.
Those who have barely reached the age of man-
hood, have already witnessed several mighty
fluctuations of this description. They have seen
money more than once talked of as a perfect
drug, and the holders of it exploring all the
corners of the world—and even the depths of
the deceitful ocean—to devise means for destroy-
ing that which yielded them no pleasure when
not returning the interest which' long use had
led them to consider as the inevitable conse-
quence of its possession. Rather than re-
ceive less than their Five per Cent. they
" cared not to be at all ;" and Chili's
distant mines, and the repose of its
bordering deep, were alike violated by the
cupidity of men, who could find no profitable
occupation for the gold and pearls which they
already possessed.
And just in proportion to this superabundance
was the consequent revulsion. Within a few
short months, instead of throwing their money
to the winds, and actually forcing it upon those
knaves who are ever ready to take advantage of
other men's folly, we have seen these very indi-
viduals secure their remaining treasure under
loek or iron,l clistruitmg even those in whose
word they had previously placed implicit
confidence, and that, forsooth, because they
had been deceiTed by strangers whom none
but madmen would have trusted. The very
elements of commercial faith were dissolved,
and raging with desolating influence, this
moral epidemic brought bankruptcy and ruin
on thousands of honourable persons, who had
considered themselves beyond the reach of mis-
fortune.

The source of these extraordinary fluctuations
is evidently to be found in the natural propensity
of men to follow the example of each other.
If any one has seen a hat, for instance, fall in the
path of a flock of sheep, the first which comes
to it, will make a very unnecessary amount of
exertion to overleap the opposing obstacle, and
even though it may be subsequently removed,
there is not a sheep in the flock but will
leap equally high at the precise spot where the
first set the example. Thus the commercial
world following some bell-wether or other, and
watching his motions with more assiduity than
any regiment will attend to the antics of a fugle-
man, are sure to do what would have been
quite proper had it only been somewhat sooner.
A great capitalist, like ROTMSCHILD, enters
into some speculation or other which his pene-
tration points out as highly profitable, and after
he has turned it to account, and when the raised
value of the commodity renders it no longer ad-
viseable, one sees the second rate merchants of
London following him in a string, and imi-
tating him in a manner no less ludicrous
than unprofitable. But finding out too late
the folly of which they have been guilty,
they resolve for some time to follow no one
—not even the dictates of their own common
sense—hut stand actually still, till, like tailors
tired of resting, off they set again on some other
wild-goose chace.

We take the present state of the commercial
world to be this lassitude from rest, preparatory to
another exhibition of insane activity. The abun-
dancebut the lessons taught by the Joint. Stock of money is as great as ever was known ;
Com-
panies are so fresh on their memories, that the
monied men are said to he as distrustful as ever ;
and though good paper, that is, the bills of men
of reputed credit, can be discounted at 21
per cent.—it is a very different case with men in
the second class of credit, for instance, country
gentlemen, who are sometimes the safest
.though not the most punctual customers in the
long run,—since even a GOLDSMIDT has been
known to fail. Instead of exercising a cool
judgment as to what may be considered good
security, from the possession of ample, though
notni
m convertible means, superadded to
unimpeachable character in the party tendering
it---the
instantly
wholeacuba le m 0
nied world hunt after the afore-
it
es tl

-

said good paper, acid by their competition raise
its value so much, that it will soon be discounted
at 1 per cent., and ultimat4y men will be glad,
to take, without any interest, these docu-
ments in return for their solid gold and silver.
But of this they will tire in due time,
and then we shall have them trusting every
species of rogue, without a vestige of se-
curity, on his promising them ten or twenty
per cent. for what they know produces them
nothing at all.
It is not the department of a journalist to
point out a profitable investment of capital to
men who, delighted with their own sagacity,
hold in utter contempt all advice which does
not emanate from a knowledge of business ; but
the looker-on is often a tolerable judge of the
game, and men who could not clear out a ship
at the Custom-house, nor even strike a balance-
sheet with the due proportions of red and black
ink,, may yet see folly in those who are perfect
masters of these two sciences. All we would
venture to advise is, that men should be cautious
in following the example of the very wisest.
There is nothing like taking a lead, so that it
is done with sufficient caution.

We received last night the Paris Papers of
Sunday, and the Gazette de France dated
Monday morning.
The latter contains an article, from the
Baltimore Intelligencer, of the 7th ult., stating
that, after several notes between M. CLAY and
M. RIARLLO, Charge d'Affaires of the Emperor
of BRAZIL, assurances have been received
both aides, that the events which have taken
place at Rio de Janeiro will not interrupt the
peace and good understanding which prevails
between the two nations.
The Quotidienne states, that letters from
Madrid mention the arrival in that capital of an
extraordinary courier from Lisbon, charged with
despatches of the highest importance ; and, im-
mediately after, the Charge d'Affaires of Por-
tugal went to Aranjuez, where he had a confer-
ence with the Minister, M. SALMON. A
Council of Ministers was held, after which a
courier was despatched to the Commander-in-
Chief, with directions that the Army of Obser-
vation should resume its former position. In
consequence, the infantry and cavalry of the
Royal Guard returned to Caceres.
Such is the statement of the Quotidienne, and
perhaps it deserves more than usual credence,
from the general silence preserved by the French
Journals with respect to the affairs of Spain
and Portugal, since the re-establishment of the
Trhiolk shavvo the activity of that De-
partment, and the jealousy with which the Go-
♦ernment views all communications on that sub-
ject. We have scarcely a doubt, that the sup-
pression of the knowledge of palming events in
the Peninsula, was one of the most powerful
motives with the Government for muzzling the
press. A few extracts will be found in another
column.

Frankfort Papers and the All gemeine Zeitung,
of the 4th instant, have been received this morn-
ing, but they contain nothing of political or even
commercial interest, beyond their respective lo-
calities.

STOCKHOLM, JUNE 26.

The Government has now issued the summonses for the
convocation of the revisers of the Diet, who sit from Sep-
tember 15 to December 15. This step has entirely put
an end to the conjectures formed last year, that an extra-
ordinary Diet might be convoked during the present year.
This notion has indeed been generally given up since
March last, unless there should be a failure of the harvest,
all apprehensions of which have long since vanished.
The first part of the collection of the ancient laws of
Sweden, edited by his Majesty's orders, by Messrs. Collen
and Schlyter, is now published. It contains the laws of
West Gothland, with glossaries, prefaces, &c., making
nearly '7OO pages, in large 4to, with lithographic plates.
They are now employed on the second vol. containing the
laws of East Gothland.
In order to prevent the future recurrence of abuses
which have taken place, his Majesty has addressed a re-
script to General Zakrewski, Governor-General of Fin-
land, which orders, that in case a Russian landowner, a
nobleman, or officer of the troops, stationed in Finland,
shall make over his vassals to any citizen of the Grand
Duchy of Finland, by letters of mortgage, or any other
act, either as his property or under the name of servants,
workmen, &c. for a limited or unlimited time, such con-
victions are to be considered as null and void,' and the
vassals made over by them to receive their freedom, and
at the same time to be allowed to choose, at their own
option, whatever line of life they please, either in Finland
or in the Russian Empire.
SIVITZEILLAI4D, JUTE SO.

M. Landamman Sydler, the representative of the Con-
federation, who is sent to the Inner Rhodes of Appenzell,
arrived there on the 24th. Since the 18th, the Sit-
ting of the Great Council, which continued till the even-
ing, and in which some private affairs that have exeited
great interest were very warmly discussed, was broken up
by the interruption of a tumultuous crowd of between 200
and SOO country people. The Government had not again
met, expecting the arrival of the representative of the Con-
federation, whose intervention will doubtless succeed in re-
storing order.

FRANKFORT, JULY 2.
In closing the Session of the States of the Grand Duchy
of Hesse Darmstadt, M. Von Grollman, the Minister of
State, in his speech on the occasion, said, " His Royal
Highness the Grand Duke has ordered me to inform the
Assembly of the reasons that no application has been made
to it, as the Grand Duke, in his opening speech, expressed
his intention to do, for 44 co-operation in the relief of the
individuals who suffered by the inundations, &c. last year,
in the province of Upper Hesse. Without any application
from tke Government, such amfole voluntary contributions
for the relief of the sufferers have been sent from all pa-
ters, especially the Rhenish provinces, that by them, and
by the considerable savings which the Government has
been able to make in the ' Public Relief Fund,' though its
revenues ace inconsiderable, it has been possible fully to
perform his Highness's promise without having recourse to
a grant from the Assembly, and to treat the sufferers in
every respect in the same manner as those in Slackenhurg
and Rhenish Hesse were treated in 1824."

In another column we have inserted, from
the Aberdeen Chronicle, a letter from the master
of the late brig, Ellan-gotvan, of Dundee,
giving an account of the sinking of that vessel,
in consequence of having been fired at and struck
by the Spanish batteries, at Ceuta. A more
wanton and unprovoked act never was committed.
A gun having been fired from the battery, in
the direction of the vessel, the Royal was

instantly lowered, and the colours prepared for
hoisting, while, at the mothent they were hoisP
ing, a second shot was fired which struck. the
vessel in the centre of the ballast.,, port, and did
so much mischief as to occasion her to founder
in a very short time. The ship was hove to
the instant she was struck ; but notwithstanding
this, and that her colours were then displayed,-
the batteries continued to fire on the vessel,
though, happily for the lives of the crew, the
shot fell short.

Our Government received information of this
outrage some days ago, and we, have no doubt
that they have demanded of the Government of
Spain full explanation and satisfaction for this/
shameful proceeding of its authorities.

As the luminous explanation given by an
evening cotemporary on Monday night, of the
causes and probable effects of the recent deter-
mination of the Bank to discount at Four per
Cent., ought not to be lost to the world, we,
are induced to give it further circulation by print-
ing it for the edification of our readers. They
will perceive by one sentence of it, notwithstand-
ing the Three per Cents. have been lately quoted
in the City Articles at 87 and 88, instead of 83
or 84—that the Funds have not risen—in another
sentence, that there has been a gradual tendency
in the Funds to rise, that the determination of
the Bank has had the effect of quickening this
rise—and, in the last sentence, that the Resolu-
tion of the Bank must, in fact, be a dead letter,.
and harmless with reference to its effect on the
prices of Government Securities.

So much for. the logic and knowledge of our

cotemporary.
The determination of the Bank to lower the rate of
discount to four per cent. continues to be a subject of
speculation in the City, and we are surprised to find that
it should have so much undue importance attached to it.
The interest of money has, for many months; been two
and a half per cent. on good bills, and it is evident that ,
parties who can get their bills discounted at two and a
half per cent, are not more likely to give four per cent.,,
than five. As regards, therefore, an extension of demands ,
for diicounts, we apprehend it will have little or no effect
and, with respect to its effect upon the funds, though mo-,
ney has been so long almost a drug in the City, the funds
have not risen, because it was supposed that the abundance
of capital arose from the stagnation of trade, and that, "as
soon as trade revived, it would be wanted. But now, that
trade is reviving, and the abundance of money continues,
the natural result is to induce persons to invest in the
funds, their apprehension of a sudden change in the value
of money being diminished. There has, consequently,
been a gradual tendency in the funds to rise to prices more
proportioned to the value of money on other securities;
and whether they have yet attained these prices is a ques:.
tion. It appears that the determination of the Bank has
had the effect of quickening this rise; but that is all the
effect it can have. The prices of the funds, though they'
may be agitated by opinion; are ultimately governed by the,
supply and demand for capital, and as the resolution of 0.1;1
Bank must, in point of fact, be nearly a dead letter with)
respect to any increase of its issuer, so must it be as hare'
lase with reference to its ultimate effect upon the pries. di
Government Securities.:—Courier.

Accounts from Cape Coast Castle have been received to
the end of March. An interesting piece of intelligence hol
reached that settlement, namely, that several white slaved,'
had been ascertained to be living at Coomassie, the capital
of the Ashantees, supposed, not withbut reason, to be some
of the prisoners taken in the disastrous fight between Sir
CHARLES MACARTHY and the Ashantees. Sir NEIL
CAMPBELL, the Governor, had immediately, on learning
this news, resolved on despatching a deputation to the',
King of the AstrAwreas to negociate the deliverance of
these whites ; but up to the latest date none of the Fan-
tees could be prevailed on to undertake the mission ; nn
white men are allowed to enter the Asbantee dominions.

CONSTANTINOPLE, JUNE 11.—The Daphne, Farman,
has arrived from Antwerp ; and the Venus, bound for the
Black Sea. The latter was pillaged, off Ipsara, by pirates/
with a convoy on one side, and a man-of-war on the other.
it being calm; but the wind springing up, they were
obliged to leave her, having only time to take a few stores,''
and all the Captain's effects. The Captain of the. Amelia,
the latest arrival from Srayrna, reports, that he learnt from
another vessel in that Gulf that the Albion, Radcliffe,
which had just sailed for Geneva, had been robbed of every
thing, including the anchors off the bows, in the very same
place.

By the Cork Lists, we observe that the following vessels
have arrived from Liverpool, on the 6th and 7th instant,
for the avowed purpose of taking out emigrants, as they
are hound for Rio de Janeiro, but really with the intention
of recruiting the Imperial army. The same specious plea
was used towards the Germans who went out some time
since, and the treatment they met with is but too recent on
our mind, not to express the fears we entertain that the
present emigration will he turned to the same purposes.
The vessels are the Retrieve, J. Steele, 275 tons;
Arctrus, J. Oliver, 269 tons ; Eliza, Wm. Searchwell,
405 tons. The number of men intended to be sent was
three thousand, but the funds of the agents in this affair,
are said to be wanting to the completion of this number. '
Is there nothing in this violating the Foreign Enlist-
ment Bill ?