The Sun.
London, England, 1827-07-06 00:00:00

SPIRIT OF THE PUBLIC JOURNALS

Our City article conveys the not unimportant
intelligence, that the Bank of England at once
announced and executed its intention yesterday,
of discounting at 4 per cent. A narrative is
also given of the means by which the measure
was brought about, and of its effect. We hope
there is a sufficient degree of prudence mingled
with courage in the affair. There is no doubt
but that a low rate of discount is beneficial to
commerce, if it do not lead or incite to such spe-
culations as induce those who grant the discounts
to stop their issues suddenly for the sake of their
own security : and the experience of the Bank
in an affair of this kind is, we hope, too recent
to be yet forgotten. The only mode of obviat-
ing a similar mischief—now that it is determined
to lower the rate of discount—is by using great
circumspection in the acceptance of bills, not
only confining the accommodation to good ones
for the time being, but having an eye also to the
subsequent thriftiness • and durability of those
concerns for which the accommodation may be
required. If these are likely, or indeed capable,
of being suspended in their progress, they were
better stopped at their outset, and mercantile spe-
culation turned into other channels which have a
shorter space to run ere they reach their comple-
tion. The rate of discount being lowered, it is
evident that more paper-money will be thrown
into circulation; and of course the price of the '
commodities of life raised. Here, also, is fresh
• subject for caution. The price, also, of labour
will not rise with equal rapidity ; a fresh corn-
bill was, therefore, the more necessary. Our
correspondent in the city states, that the Bank
itself was undecided and uncertain on the point
of lowering discounts. If so, the Directors could
not, individually, take that full—and, we will
add, unfair—advantage which they 'Might other-
wise derive from their previous certainty that so
operative a measure would take place. Still their
knowledge that the scheme would be agitated,
and that it might be decided affirmatively,
would be sufficiently useful to them. All the
Government securities rose greatly on the dis-
closure of the fact, and brokers hurried to make
purchases. Those who had thought it prudent
to make their purchases before, might rest tran-
quilly at their desks.— Times.

We insert in another part of our paper the
coriteats of a placard dated Nottingham, but
printed at Mansfield, which has been exten-
sively circulated in that neighbourhood. The
feeling, throughout the manufacturing districts is,
we are sorry to say, but too faithfully repre-

sented in the placard in question. If any enemy

of the Aristocracy of England had set his wits
to work to devise means for inflaming the people
against them, he could not possibly have hit on
any better calculated to produce that result than
the proceedings of the Upper House during the
last Session. These proceedings were calculated
to produce an impression on the minds of the
people that the higher ranks are utterly insen-
sible to the welfare and interests of the nation.
and that their selfishness is so intense as to dis-
turb their un.derstandings, and to drive them to
seek their separzte advantage in the ruin of the
country. For our parts, we are far from im-
puting bad motives to wally of those who threw
out the first Corn Bill We have no doubt that
mistaken views of the interests of the country will
account for not a few of the votes. But.it is not
the less to be regretted that ignorance of the in-
terests of the country, .aud. 3 • own should
have led the great body of the peop e_ to viewhe
higher classes as their enemies and oppressors.
.--Morning Chronicle.

The attempt to chain down the press in France,
by means of a Censorship, will, like former des-
potic and priestly efforts to silence the voice of
public opinion in that country, recoil upon the
heads of the oppressors. The day is gone by
when this degrading policy could be effectually
acted upon. A people, among whom intellect
is not stagnant, and who have known for a time
the' liberty of the press, cannot be permanently
deprived of it, even by such powerful agency as
a combination of the House of Bourbon with
the Court of Rome. It is in vain for Charles
X. to iwpe to be able to bring about in France
the state of things which Ferdinand VII. has
achieved in Spain. He must change the tem.,
perament, and blot out the recollections of the
French people, to Act such a counter-revolu-
tion. We said, when the former absurd and ty-
rannic law against the Press was first proposed,
that the Apostolic faction, v; ho contrived the
measure, would either be obliged i-,o withdraw it,.
or it would end in their ruin. The ferment which
it excited is fresh in every one's memory—fond the
inventors of the project adopted; for once, the
prudent course, and sacrified their design to the
public tranquillity. But it seems they have
soon got tired of a peaceful state of affairs—they
have derived no instruction from experience—
the abominable spirit of clerical intrigue is again
at work—and the Royal prerogative, as in the
times of Charles I. and James 11. with us, is
called into action against the will of the Legis-
lative Body and the nation. It is clear that the
King is rather a tool in this business,: worked by
the hands of the crafty 'and ambitious priesthood,
than a free agent pursuing the dictates of his
own mind. There never was a time when there
was less of political provocation given in the
French Journals than at the very period when
the censorship has been restored. A good deal
of freedom of discussion, however, has taken
place on the subject of religion, and. many of the
journals have shown any thing but a devout ve-
neration for the restored ceremonies of the
Church of Rome, the fanatical missions, and
pretended miracles, which have of late years
formed a principal part of the state machinery.
A free press was as a rampart against the flood
of superstition which threatened to sweep away
the improved habits of thought and enlightened
ins!itutions, that were created out of the wreck
of the intolerant system which,.was overthrown
at the Revolution. For this the Court of Rome
and its myrmidons cannot forgive the Press, and
for this the priest-ridden Monarch is instigated
to wield the prerogative, against the best interests
of his people.--Morning Herald.
One of Mr. Canning's papers announces that,
now the Session of Parliament is at an end, the
final Ministerial arrangements will take place ;
which the same authority states to be, that the
Premier himself will return to the Foreign Office,
and the Marquis of Lansdown will take the
Home Department—thus terminating the short,
and we may add, inglorious official career, of
Lord Dudley,. and_ Mr. Sturges Bournel that
the Duke of Portland will become 111.-.. nominal
First Lord of the TreaSury., 11/Ir. Caninnshlin_
self still retaining the virtual lieadship of the
,Mniestry and. that it prol)able 1.09 f Holland
. .