The Sun.
London, England, 1845-01-10 00:00:00

THE SUN, LONDON, FRIDAY MORNING, JANUARY 10 1845.

first, of the proportion of the taxes, the bulk of
which, instead of the minimum, has fallen on the
producing classes, whereas it should have fallen on
himself and his own class ; and, secondly, of their
cheaper cost to him, the consumer, by reason of the
reduced wages of production which the master or
manufacturer can afford to nay to the producing
operative, from the depreciation of prices caused by
the institution of a gold currency. The Act of 1819,
and its complement of 1844, are at the:root of the
whole evil. Repeal these ; you will have high prices,
high wages, equalised, or rather adjusted taxation ;
and capital will be made to bear its fair share—and
no more—of the public burdens. It is a mere ques-
tion of a tax or no tax, indirectly, upon money ;
when it is no question about taxing all other property
whatsoever. Why should gold money escape from
that slight contribution which the fluctuations of its
market price would occasionally levy upon it, as we
see in the case of all other commodities ? NVhy should
not paper money, the convenience and facilities of
which, on a well-matured and responsible system of
operation, no man disputes, be left to adjust its own
value, according to the degree in which it may secure
the confidence of the public ? A system, the expan-
sibility of which must provide the most certain
guarantees against those sudden and convulsive con-
tractions of the general circulation of the country,
which, since Sir ROBERT PEEL'S first experiment,
have been of such frequent and such fatal recurrence;
has, in that single quality, an irresistible claim on
our respect ar 1 consideration. But it has the evi-
dence of hundreds of years in its favour. It appeals
especially, for its testimonials of usefulness, and its
powers of multiplying wealth and expanding com-
merce—of consolidating the public strength, and se-
curing the power and permanency of political insti-
tutions, to the stormy trials and brilliant termination
of our last war with the combined Powers of Europe;
to the unprecedented attitude which, in virtue of its
inexhaustible energies, we were enabled to assume
and to maintain, at home and abroad, a rallying point
and beacon for the encouragement of all who came
forward to participate in our victorious struggle
against the colossal force of NAPOLEON. On what
recollections does Sir ROBERT PEEL'S monetary legis-
lation repose for its proud history ? On the neglected
warnings of his father, the founder of his fortune ?
On the bankruptcy catastrophe of 1825 ? On the
desolating ruin which fell upon our mercantile interest
in 1838? On the past crises (as the disorganising
shocks produced by his charlatanism are gently
termed) ; or on those which are yet to come, like
the intermittent fits of a fever, as inevitable as they
are consuming ? Or does he rely on the praises
which posterity will accord to the generous Legislator
who propitiated all the possessors of ready capital to
the support, in 1819, of his own party—in 1844, of
his own Government—by the monstrous injus-
tice of mulcting the whole debtor and industrial
interest of the empire, for the benefit of those who
were mortgage and bond creditors, or interested in
shifting from themselves to others that burden of
taxes which the Legislature imposed, in contemplation
of its being borne by them IP

Accounts from Madrid of the Ist instant announce
that the meeting of the Chamber of Deputies had
been again postponed from the 2d to the 6th, at the
instance of the Finance Minister. This i 3 not at all
surprising. To make a budget with empty coffers is
no trifling task, and may well require time. The
news in the Spanish papers, both of the capital and
the provinces, is generally without interest, but all
accounts agree in stating that perfect tranquillity
prevails. Despotism, therefore, it appears, suits the
taste of the Spaniards. They are quiet as lambs
under an absolute monarchy; and commit every extra-
vagance, issue pronunciamentos, form conspiracies,
and set law and constituted authority at defiance,
when they enjoy the rights and privileges of freemen.
New Year's-day was observed as a holiday, and
the Bourse was closed.

We find nothing new in the Paris journals, and
most of them are chiefly occupied with disquisitions
on the prospects of the Session. On Monday, the
Committee on the Address met, when M. GUIZOI%
Marshal SOULT, and, indeed, all the other Ministers
fit for duty attended and gave the necessary explana-
tions on questions of policy to which the KING'S
Speech refers. It was reported that M. GUIZOT had
announced to the Committee that England had agreed
to modify the treaties respecting the right of search.
The debate on the Address is looked forward to with
much interest, as explanations are expected both from
Count MOLE and M. TRIERS, which will show
whether the GUIZOT Ministry is endangered by
a coalition with men professing different political
opinions, or is threatened from a higher
quarter. A very general belief certainly prevails
that the " Chateau" is not by any means an indif-
ferent or idle spectator in the combinations against
the " Man of Ghent." The Opposition journals,
however, seem to take little interest in the affair,
justly foreseeing that if the KING wishes a charge of
Ministry it is for some personal object, and tlxst the
present policy at home and abroad will be as .effec-
tually maintained by MOLE and TRIERS 'as by
GUIZOT and SOULT. The National, for instance,
says there is not a whit of difference between the
parties. Adverting to an article in the Journal' des
Debats on the subject, it thus takes a view c f the
'policy professed by the coalition, and puts some per-
tinent questions, which it expects to be answer ed in
the course of the debate :—" But has not the Joi irnal
des Debats justice on its side when it demands that
the pretenders should explain what system they
themselves intend to pursue ? This, in is ct, is
'the only matter in which the country is
interested. Will Count MoLE, for ex:Ample,
engage to take advantage of the text c,f the
treaties of 1831 and 1833, to denounce them at the
moment when it will become necessary to retie w the
licenses furnished to the cruisers ? We can -under-
‘tand that he should refuse to explain himself with
respect to facts ill-understood, and upon pc 'ints of
policy not clearly explained ; but this subject is sur-
rounded with light. Every one knows what; France
wishes. Public opinion, in common with the Cham-
bers, has declared that the police to be car ri ed into
effect with regard to French ships should b e placed
under the French flag. This must be don Will
the pretenders to office undertake to do so ? And if
they do not explicitly undertake to do so, but` confine
themselves to declare their intention to /AI gotiate,
what do they promise more than M. CruszoT ?
And where is the guarantee that they v ill suc-
ceed better than the present Ministers 1' Upon
this point, if the journal of Count; MOLE
does not explain itself, it will be necessary th.; at Count
MOLE or his friends should explain it lee Pere the
Chambers. As to the affair of Otaheite, no i loubt we
cannot go back to the question of taking p )ssession
of the island ; but if they blame the inderni city pro-
mised to Mr. PRITCHARD, they may undertake net to
pay it. It would be necessary to state this e xplicitly.
There is more. They are of opinion that the disa-
vowal of Admiral DUPETIT TnouAßs is Ulll. just, and
they find the blame inflicted on Lieutene r it D'AU-.
SIGNY unworthy; the consequence ought t ) be that
those officers should receive compensation fi r. r the in-
jury they have sustained. This requires to b e clearly
explained. These are not, however, the onl y matters
to be considered. We should know whethe r the suc-
cessors of M. GUIZOT would proclaim pubh: icly their
sympathy for that infamous reaction in Sp.: in which
is proceeding to establish a pure counter-rut volution.
Will they consent that the French nation shs ill pass in
the eyes of the Spaniards and of Europ e as the
accomplice of MARIA CHRISTINA and of N. ARYAEZ ?
The presumptive heirs of M. GUIZOT hav ry already
had the direction of public affairs. They 1 aye per-
mitted the British Consul at Algiers to e: u srcise his
funtions, by virtue of an exequatur derived from the
dethroned Bey. Will they longer suffer tl u. s insolent
infraction of the rights of nations ? Engle as d protests
publicly, in the face of Europe, against our legitimate
possession. That she should do so in he r own Par-
liament is something ; but that she should maintain in
Algeria a functionary, whose existence the re is a per-
manent protest (against our sovereignty)„ is intole-
rable. We do not wish to speak of the 1 st, or of
Greece, or of the attempts made by ( xI 'eat Bri-
tain to confiscate for her own advantage the high
road through Egypt. Upon all th. s% points
the policy of M. GUIZOT has been f.edge,, inju-
rious, and timid. Having alluded to %nig n osffsurs,
we must refer to certain legislative Teforit is for a
long time demanded and discussed in thy! CI 'MD ber,
and which have been the subject of ses 'eral nots'e.
Are those to be neglected? Are the la ps .4)f Sep-

tember to remain immutable ? Shall the electoral
laws remain as they are ? Shall the composition of
the Chamber of Deputies not be modified ? Shall the
reduction of the interest on the Five per Cents. be
accomplished ? It should be remarked that we do
not refer to the condition of the operative classes
which at present occupies the attention of every
person possessed of a spark of justice, foresight, or
humanity. We do not proclaim our system. We
merely take that of the Parliamentary Opposition.
But the aspirants to office should explain themselves ;
and if they shrink from doing so, we shall be forced
to confess that they in fact merit the severe epithet
of intriguers, applied to them by the Ministerial
journal."
It was understood that Count MOLE was greatly
annoyed by the imputation entertained in nearly all
quarters that he was at the head of the coalition—in
other words, that he had formed an intrigue to turn
out the Ministry, and would repel the attack on the
very first opportunity. Probably, therefore, he will
be one of the first speakers on the Address.
M. VILLEMAIN'S health has rather improved, but
from the following remarks in the Journal des Debuts
there is little hope that he will ever be again fit for
public business :
" It is with the liveliest sentiment of interest that the
public inquires after the health of M. Villemain, and in-
dulges in the hope of soon seeing this eminent man, as
elevated by the qualities of his heart as by the faculties
of his mint, restored to health, to the blessings of re-
pose, to the consolations which he found in his children,
and to the literary works which have rendered him
illustrious. The misfortune which strikes a great
citizen is a public grief, turd on this ground no person
could meet with more sympathy in all ranks of society
than the eloquent professor Whose language and knowledge
have so long charmed and instructed youth, whose
writings have so much contributed to disseminate and
maintain a noble style of writing, and who, after having
served with glory the cause of education and literature,
devoted himself with so much sincerity to the defence of
oar institutions and our liberties. We are convinced that
so fine an organisation, fatigued for a moment by so
many struggles and so much occupation, will eventually
triumph over the accidents which we all lament so
deeply; and we learn with the greatest satisfaction that
already the calm and intelligent cares with which he is
surrounded have notably ameliorated the state of the
illustrious patient."

The Augsburgh Gazette quotes a letter from
Athens, of the 21st ult., stating that a bad feeling
exists in the mind of the English Ambassador, not
only towards the Greek Ministers but also the Royal
Family, and mentions, as a proof of it, his refusal to
be present at a grand entertainment which had been
given in honour of the QUEEN'S birth-day, under
pretext that the recent death of her Royal Highness
the Duchess of GLOUCESTER would not permit him to
appear in public.
THE BOURSE---TuEsnex, JAN. 7.

First Highest Lowest Last
Price. Price. Price. Price.
FrenehrivoperCents...... 121:10 .. 121 25 .. 121 10 121 25
Fours .............. 108 .. 108 .. 108 .. 108
Three per Cents..... 85 25 .. 85 35 .. 85 20 .. 85 30
New Loan ........ 86 40 .. 86 60 . 86 40 .. 86 60
Bank of France . . 3280 ..3280 . 3275 .3275
Guilin Bank, I,ooof. Shares • . 1095 ..1095 ..10 r 5 ..109a
Belgian Fives, 1840 ...... 1044 .. 1044 . • 1044 .. 104 4
1842 ........106 .. 106 106 .. 106
Four-and-a-Half.— 103 .. 163 .. 103 .. 103
Two-and-a-Half.... 62 .. 62 .. 62 .. 62
Spanish Three 5............ 374 .• 374 • • 374 374
Active 37 .. 374 • • 37 374
Passive . 6%, .. 63% .. 6%
Neapolitan .. 96 50 .- 96 50 .. 96 50 96 50
Roman ...
RAILWAY SHARES.
Versailles,R.B. .
L. 8.• • .......... 385 .. 385 .• 375 374 75
Rouen 50 . 1042 50 -.1042 50 ..1042 50
Rouen to Havre............ 826 25 82G 25 . 826 25 • • 826 25
Orleans .
Strasburg to 8a1e.......... 302 50 .. 302 50 .. 301 2.5 . 301 23
Avignon to Marseilles.. 942 50 .. 942 50 937 50 -. 938 75

RAILWAYS FOR THE ACCOUNT, JAN 16.
St. Germain: ..........1017 50 -.1017 50 —lOl7 50 —lOl7 50
Versailles, R.B .......... 486 25 .. 487 50 .. 482 50 .. 482

L. 8............. 382 50 .. 392 50 .. 377 50 .. 275
Rouen • ...................1040 ..1050 -.1042 50 ..1045
Rouen to . 827 50 .. 827 50 .. 825 .. 825
Orleans —1136 25 ..1136 25 ..1132 50 ..1135
itrasburg to Bale. .. 302 50 .. 302 50 .. 301 25 .. 302 50
Avignon to Marseilles-- 940 .. 942 50 .. 935 .. 933

! AMERICAN NEWS.

I OCCUPATION of Ole OREGON TER-
RITORY—ABOLITION RIOTS.
LIVERPOOL, JAN. 8.
We have received this afternoon by the New York
packet ship, St. Patrick, Captain Seymour—a new
ship, on her first voyage—papers from that city to the
18th Dec. inclusive. The St. Patrick has experienced
very rough weather; about the 24th ult. having in a
gale lost main-top-gallantmast, sprung foremast, and
received other damage. On the same day she passed
a large ship floating bottom upwards, with her stern
boat and spars floating near her.
The chief feature of the intelligence in the papers
is the introduction into the House of Representatives
of a Bill for the extension of the jurisdiction of the
United States over the territory of the Oregon. Its
reception was not accomplished without a division
upon the motion to suspend the rules, the result of
which was—ayes 129, noes 53, being a majority of
76 in its favour. The Bill was subsequently read a
first and second time, and referred to the Committee
on Territories. It is evident, therefore, that the
measure will receive the final sanction of the House.
The reception it will encounter in the Senate will
probably be of an entirely opposite nature. The
abuses and frauds perpetrated at the past Presiden-
tial election had attracted general attention to the
subject of the naturalisation laws ; and we ob-
serve that preliminary steps, to procure an exten-
sion of the term of probationary residence re-
quired of foreigners, previous to their being allowed
the privileges of citizenship, and also to improve the
operation of those laws, had been taken in both
branches of Congress. The American Republicans
require that the period prior to naturalisation shall
be twenty-one years ; while others, and the most-
reasonable, say eleven or twelve years. The Bill in-
troduced by Mr. Duncan, to establish a uniform day
for the appointment of presidental electors, had
passed the House of Representatives. It runs as
follows :

" Resolved by the Senate and House of Representa-
tives of the United States of America in Congress as-
sembled, that the electors of President andVice-Presi-
dent shall be appointed in each state on the. first 'Tues-
day after the first Monday in November of the year in
which they are to be appointed ; provided that each
State may, by law, provide for filling any vacancy or
vacancies which may occur in its college of electors
when such college meets to give its electozal vote ; and
provided, also, when any State shall have held an elec-
tion for the purpose of choosing electors, and shall fail
to make choice on the day aforesaid, then the electors
may be appointed on a subsequent day, in such manner
as the State shall by law provide."
This arrival brings accounts of a dreadful conflict
between a party of Kentucky slaveholders and Ohio
Abolitionists. It appears that negro slaves from
Kentucky are constantly passing to Canada through
the State of Ohio, facilities for such escapes, it is
said by some, being established throughout the latter
State by the Abolitionists. On the 9th ult. a party
of "negro hunters" from Kentucky, hearing that
runaway slaves were secreted in the houses of
Robert Miller and Absalom King, two Abolitionists
residing in Brown's County, Ohio, near the town of
Georgetown, proceeded to the residence of the former
and discovered two of the slaves, who attempted to
escape, and while Miller was in the act of aiding
their escape be was knocked down and stabbed
repeatedly by the incensed Kentuckians. He lin-
gered but a few moments and died. The two
slaves were then bound, when they proceeded to
the house of King, where they were met by
four or five armed men, who declared their
determination to resist any search of the house. Both
parties being well armed, a most horrible conflict
ensued. A son of Colonel Towers was killed imme-
diately. King, while reloading some of the fire-
arms in the house, was shot by some one through the
window in the back part of the house, and was not
expected to survive. The sheriff and his posse
arrived and checked the riot, and the ringleaders
of each party were arrested. But another band
of Kentuckians soon arrived and commenced another
scene of bloodshed. One of the. slaves was hung
without ceremony for resisting a brother of Colonel
Towers, who had captured him. The houses of
Miller and King were burnt to the ground, with
all their contents. They then went to the house of
Mr. Alexander Gilliland, tore him away from his
family, and beat him until his life was despaired of.
The latest accounts add that the Kentuckians
were increasing in numbers, and the whole neigh-
bourhood was up in arms. The sheriff was exerting
himself to suppress the riot.
The New York Sun, in conjunction with others,
makes this dreadful occurrence the ground for asser-
tions against, and attacks upon, England.
The Herald mentions a rumour that the French
have taken possession of the islands of Wallace and
Fortuna.
The Americans in the Oregon territory have
formed themselves a government, elected executive
and legislative officers, and established courts of
justice.

The papers by this arriTal also contain the annual
report of the Secretary of the Treasury, and a few
other items of news, from which we select the fol-
lowing :

(From the New York Herald of Dec. 18.)
By considerable effort we are enabled to give to our
readers this morning the Annual Report of Mr. Bibb,
the Secretary of the Treasury, which was presented to
Congress on Monday last. We have no time to-day to
give a minute analysis or review of this important re-
port, but under our money article head will be found a
brief view and synopsis of its contents. It is obviously
of the highest importance to all the interests of the
country, especially the commercial and industrial, and
is hardly second in interest to the report on our foreign
relations :

MONEY MARKET, D. 17.
The Stock Market was rather flat to-day, and quota-
ons experienced a decline. Norwich and Worcester
fell off 1 per cent., Reading Farmers' Illinois 1,
Pennsylvania s's I, Indiana 1, Long Island 4, Canton 1,
Morris Canal f. Erie Railroad and Ohio 6's closed
firm at yesterday's prices. North American Trust ad-
vanced 11 per cent.
The House of Representatives of New Hampshire has
rejected the fourth instalment of the Surplus Revenue by
a vote of 137 to 93.
The Norwich and Worcester Railroad have declared a
dividend of three per cent., payable on the 21st inst. at
this city at the Bank of the State of New York.
We have received the report of the Secretary of the
Treasury, and give it at length in our columns. It will
richly repay a careful perusal. It is not often that a
document so able as this has emanated from the Treasury
Department. The first thing alluded to is the public
debt, and being a subject of vital importance, it has
occupied the attention of the Secretary at length. We
annex his statement, showing the amount of the debt,
July 1, 1844 :
PUBLIC DEBT OF THE UNITED STATES, JULY 1, 1844.
Amount of the funded•debt 4178,034 84
Outstanding certificates
Treasury Notes of 1812. 4,317 44
4,320 00
Certificates Debt oefd Mississippi
e6Ss o
tlrBi
t 5 .0. .f
Columbia-1836, unpaid 1,260,000 00
Outstanding Treasury Notes, issues of the

two acts 2,256,207 31
Loan due 1845, 5i per cent.
Ditto 1863, 6 per cent.
Ditto 1853, 5 per cent.

Total debt July 1, 1844 $24,748,183 23
The Secretary extends his remarks to some length, in
relation to the public credit, and says that the maritet
value of the Government Stocks is sufficient evidence of
the safety of inve.tments of capital in Government
Securities.

Mr. Secretary Bibb suggests the establishment of a
sinking fund, not only for the purpose of extinguishing
the debt of the Government, but to insure the safety of
the surplus revenue, and to reduce the interest on the
debt. The deposits are now used by the banks se:ected
for the keeping of these funds, for whatever they may
deem proper, without allowing the Government the smal-
lest per cent. interest, while the interest on the debt
amounts, in a short time, to a very large sum. A sink-
ing fund, increased at the rate of about two millions per
annum, which could easily be carried into effect, with the
present large surplus, would, in a short time, annually
produce an amount of interest full as large as that ac.
truing on the Government debt. A modification and a
reduction of the tariff are also recommended. The Se-
cretary suggests that reasonable time should be given,
before the slightest alteration is made in the existing
rates of duty, to enable those interested, or likely to be
affected, to govern themselves accordingly. It is esti-
mated that, under the present tariff, with an importation
similar to that of the past year, the surplus revenue of
the year 1853 would, after paying all the expenses and
indebtedness of the Government, exceed fifty millions of
dollars, and it is in consideration of this and other facts,
that the Secretary of the Treasury recommends a gradual
reduction in the rate of duties. It is argued that the
domestic interests of the country do not require such a
high average, and that it is unjust to extract from the
people a revenue so much greater than the wants Of I.ir'o-
vernment require.
Our trade with foreign nations for the year ending
June 30, 1844, has been more in our favour than we have •
•iticipated. According to the official returns from the
Treasury Department there was, for the fiscal year end- ;
ing June 30, 1844, a balance in our favour.