Star.
London, England, 1826-02-10 00:00:00

ONE O'CLOCK.

Consols kept steady at 771 to twelve o'clock, but soon after a
sudden panic prevailed in the Market, and they fell to 771; moat
of the eminent Brokertesold largely, and a great quantity of Money
Stock has been disposed of. The Market is now very heavy and
gloomy, as is usual when a panic prevails. We have reports in
abundance. • It is now said that bad news from Russia has been
received, and that one of the first houses in London has applied for
assistance to the Bank, which was granted to them ; by others, this
decline is accounted for, by the apprehended proceedings in Par-
liament to-night, and that some of the great leading men in the
City have got information on the subject.
PKICE OF STOCKS AT TWO O'CLOCK.
Bank Stock 200 19714
3 per Cent. Iced. 7834 7774
S per Cent. Cons. 77% 78 77
31 per Cent. 861/8
3 per Cent. Red. 8614 85%
4 per Cent. 94'4 937/8 94 4 931/4
Long Ann. 19 7-16 1/4
India Bonds 4 10 dis.
£l,OOO Excheq. Bills 2 1 4 dis.
£5OO ditto par. 3 dis.
CIOO and L2ao ditto 3 prem. par.
Bank for Acct. 199
Cons. for Acct. 77% 781/s 77
FOREIGN FUNDS, TWO O'CLOCK
Austrian lids 5 p Cr, Mex. Scrip.
Brazilian Bond., 52- Neapolitan Bonds,
Ditto Acct. Ferny. lids, 6 p C. 38 5 7
Llo.Serip,spC.lll2s, Ditto Acct.
Martins Ayres Bonds Ditto Scrip, 1825,6 p C.
Chili:in Bonds, 6 p Ct. Postuguese Bonds 73
Colombian Ma, G p C. Pruss. 11141 s. 5p C.
Do. lids 1824, 524 3 31 21 Do. Bonds, 1822,
Do. Ace. 521 2 31.21 2 Ituu.lids,lB22, bpC. 78 7
Iteßonds, Ditto Acct. 784
h Marks Span. 5p Ct. C. 11 101 10 •
Do.llds, 3 pC. 1825, Ditto for Acc. 104
Ditto Acct. Ditto 510,
Greek Bonds Span. 6p. Ct. C. 1823,
D. 11.15, 1825, 161 4 French Reines, 5 p C.
Ditto Acct.l6 17 lej Exchange,
Nies. Bonsls.s p. Ct. •
;French Itentes, 3 p C.
Ditto Acct. 5 p I Exchange,
Do. lids,l62i, pC. 6016014 ttoi Guatemala Bon4s,
Du. Acct. 604 60 11 601 Ditto Scrip
IIItrYISII AND FOREIGN SHARES, TWO O'CLOCK.
SHAM ram.
100 40 29 2.5
50 18 6
400 25 23
100 10
25 21
40 21

Anglo Mexican S pm. •
Arista Iron and Coal
&Linos
13r•zilian
English
United Mexican

Ditto New 40 12b 10b
Continental Gas 100 $ I i i
Australian - - 100 1 7
Provincial Bank of Ireland 100 10 51
West India Company 100- 5 24 1

Parliament, thi evening, commences the arduous and
difficult task of restoring the circulating medium of the
country to that state which shall, as nearly as possible,
approximate to a metallic cutrency. The question is
supremely important—may its decision prove in the
event to be auspicious ! On that event, however, it
depends, whether property in this country to an immense
amount, shall or shall not suddenly change owners.

The measures to be proposed by Government alto-
gether originate in, and flow from the following leading
proposition, on which is founded the communication
recently laid before the Bank from Lord LIVERPOOL
and the CHANCELLOR of the EXCHEQUER There
" can be no doubt that the principal source of the
66 noceut distress is to be found in the rash spirit of
" speculation which has pervaded the country for some
" time, supported, fostered, and encouraged by the
" Country Banks." This is no party question.. The
dictum which we have quoted is open to fair and candid
examination, and therefore, with the utmost deference
to the high authority from which it proceeds, w.e beg
leave to consider it as-a matter of pure reasoning,
within the compass of every sound understanding, and
on which Government possess no peculiar or superior
information. It is divisible into two affirmations:--
I st. That the source of the present (we unhappily cannot
say recent) distress is to be traced to the rash spirit of
speculation. 2d. That this spirit had been supported,
fostered, ant encouraged by the Country Banks. To
the flu st we readily assent. That excessive speculation
has been the cause of our present sufferings, is•as certain
as that the sun is the source of day-light. But %hat
was the cause of the rash spirit of speculatio.t? The
minor affirmation does not assert th a it origin ded in
the Country Banks, but only that, having originated in
some other source, it has been by them supported,
fostered, and eaci.u: age I.
The remedies are nut, however, to be directed to the
spring and well-head of the evil principle itself—not to
the main strea•w,but to the auxiliary rivulets by which its
bitter waters ate alleged to have been augmented in their
desolating course. Fiona sincere and hopest convictioo
we are constrained to declare our dissent from the mi
nor.affir ma ion altogether, and on the contrary to main-
tain, that so far from the country baoks having non-
rislr:d the spirit of speculstion, they were tbernselies.

its victittlsi
attd,irresistilsly etlguiphed within Its volt,- I,
long after its flood-gates were th.rown down. The
giant evil was born of other parents, Wat fostered by i
other me ins, and soon stalked abroad in full Iss4-.;

turity, devouring and assimilating and incorporating
with i•seli, e7ery source and branch of industry in
the land,—among others-, the !sinking E•tablishments.
When the country was stript of every vestige of dis-
posable capital by the cl .ud of locusrs who were
permitted to overrun its whole surface—when, more-
over, the wealth required for the or.finary and indis-
pensable purposes of productive industry, was also
ebbing away into the ocean of adventure, then, and not
till then, were the country bankers importuned by
solicitations, entreaties, and enticements, such as no
human fortitude could withstand, to supply a ficti-
tious wealth to a certain extent, which at the ut-
most was of no great magnitude. But, to fill this
vacuum, a similar species of fictitious wealth would
have been called into existence in another form, if
those establishments had never been created; and
this from the desperate extremities to which indi*
vidu4ls were driven to procure accommodation. The
promi.so. y notes of private persons would have Multi-
pl ed and circulated, in lieu of local pa; er, which is one
and the same thing. We are info, mad, on good authority,
that a great Winking-house in tl.e City had singly, at
the moment of its stopping payment, discounted the
bills of its own customers to the extent of £600,0001
—Are we, then, to be told that the increased issue of
one and two pound n.rtes in 1825, to the extent of three
or four millions; created the catastrophe of last Decem7
her ? when we know that, in the summer of 1824, long
before any such issues for k place, the country ran mad
with speculation, and the Three per Cents. were forced
up very nearly to par.
The regulation of private banks may, abstractedly
considered, be very fit and proper for the consideration
of Parliament. This is one thing.. But whether they
were the original cause, or the sustaining principle of
the late mania, and whether their being reformed will
prevent a recurrence of the evil, is quite another.

Cacaccas 'Wets to the 9th December have reached
us. They announce the arrival of a body of Scotch settlers, sent
out by the Association in London. These Papers contain an
indistinct account of a meeting that was to take place, between
Bottvas and General Sacks, at La Paz, on the Ist of Jaly last.

This forenoon we received German Papers to the 3d
iast. One of them contains the following article on the
education of the late Emerson, and the Grand Duke
CONSTAIITINE, of Russia :

AUGSBURGLI, FriltUA IIY 2.

The Carlamb Gazette contains the fallowing article: " Some
French Papers, for instance the Courier Franfais, give some erro-
DeOUS state Tents respecting the education of the Grand I)uke
Constantine, who has so nobly refused a Crown. The two Grand
Dukes. Alexander and Constantine, were educated-together, under
.Ste direttion of Field Marshal Count Toltskow. Each of the
Princes•:kad besides/ a particular Sub-tutor, and four cavaliers,
attached its his.service. TM Sob-tutor of the Grand Duke Con-
stantine via! the Baron of Ones Sacken, formerly Russian Am-
basoedor-in Denmark; and in his youth cavalier to the Grand
Duke Paul, afterwards Emperor. Oue of the cavaliers of Prince-

Constantine, was Lieutenant-Colonel Baldani, a Greek of Thes-
'sly, a man equally distinguished by his education and his know-
ledge, who was specially commissioned to instruct the Prince in
the Greek language. After the death of this respectable Officer,
another Greek cavalier was employed for the same purpose. The
duties of M. Kourouto, now a Lieutenant-General, did not com-
mence till after the education of the Grand Duke was finished ;
they gained him the honourable confidence of the Prince, which
he enjoys, but which had no connection whatever with the duties
of a teacher. These were confided exclusively, for ten years, to
the same Frederick Cesar de la Harpe, of Rolle, who was the
tutor of the Emperor Alexander; and his constant care to cherish
brotherly affection between these two Princes, probably contri•
bused to produce and maintain that perfect harmony which always
subsisted between them."