Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1846-03-27

N--,~m NeVvss.Succcss OF Sir Robert
Tho =. kew Commercial 8 ystem-.Effect OF
refusal to Arbitratc on the Oregon
n....tIOn-.The Terrible Battle An India,
1T. have twenty-five days later news from Eu-
and the advces, in q commercial point of {
ICp ore highly important and interesting but not
w" yorv favorable character. The only favorable
1--WE in the news u.s. that in relation to the pas
~ If the new commercial system of Sir Robert
pes The amalgamaton of parties in favor of
,be proposed changes. the large maj ority of the
tn;r,s,rv in the face of the determined opposition
nfcorn law leaders, show that the greatest efforts
have been made, and no stone left unturned Ivy
either party, to accomplish its object During the
debate in the lower House of Parliament upon this
measure, which for extent and excitement never
has been equalled, business out of doors was in
great degree suspended, and the most intense anx"
iety existed to know the result
The large majority of the ministry upon tnls
question, had g wen them so much commence 'n"t
a resolution had been introduced into the house ol
Commons for an immediate repeal o. the cofh-ia"s'
instead of waiting the expiration of the three years
IA first proposed. The strongest argument III Ia
xor of an immediate repeal. was, that the price OF
rorn was much higher now than it might be at the
end Of the three years. and that the agricuidrlsts
were in better position TO compete with foreign
rivals now than they might he then. The result
If this new proposition had not transpired when
the steamer left. The impression was, that the
ministry would adhere totthcir original PROPOSE
sion and permit the corn-laws to continue n force,
as modified, for the full time first named ~
The passage Of PeeIs new commercial policy
through the House Of Lords, is aln"-t placed be-
vOnd doubt It will be bitter pill for the upper
House to swallow bat it will not dare refuse the
havo for fni
ton thai it is 40 worse there is very little doubt
but that the ministry could have carried through
the lower house. by large majority, bill for the
total and immediate repeal Of the Corn Laws
The monopoists have, through the magnanimlty
and liberaIityo the Premier, longer breathing time
than the majority ofthe representatives OF The PEG.
ole would have given, had they been called upon
to shorten it. They have three years more to
live according to the provisions of the present bill;
nut within that three years, there may be changes
IN the political complexion of that country. that
call for an immediate repeal of the Corn Laws
We do not consider the Corn Laws of Great Bril-
tain, notwithstanding the three years given by
Peel's new hiI as being settled even for day.
It is evident that the oposition not satisfied
with the length of time given fer the existence OF
the modified restrictions, and will not rest until
total and speedy repeal is consumated. Should
this session of Parliament pass over without &C
compfshing any more than has alreadybeen reall
zed. the next will exhibit an increased majority il
the opposition, and an increased determination t.
without every vestige ofthe remaining monopo
" = The people of Great Britain will not be salts
fed with half loaf, when it is in their power Il
get whole one. Having the representative
strength, their regard 0r the landed interest will
not prevent them from using it. They have beer
oppressed too long by those odious restrictions no
to make USE Of ever increase of strength to crush
if ne :cssary, those who have fattened upon thel
euff1rngs to reach that free trade in hreadst uf1
which they have so long loaked for in vain.
So far as the government and the people ofGrea
Britain are concerned, tbs settlement of this ex
citing question is matter of the first importance
hut we do not believe that the people of this cOur
try going to be much benefited by the mod
i6cation or the total repeal ofthe dutieSupon corr
many in England and on this side of the A
lanpc imagine. There appears to he, however.
great difference of opinion upon the subject In bot
countries. The reduction Of duties upon Amer
can provisions and prodRcs Of the dairy. is
much more Importance than the notifications !
the tariff in relation to breadstuff>. A repeal
the duties upon corn admitted inso the ports (
Great Brltaln, gives uncertainty for ce
:. tainty. We have outlet for oar -four throug
the Canadas which enables us 70 compete success
fully, although to limited extent with the graf
growing contries Of the continent of Europe.
repeal of the corn laws deprves' us of the priv
leges we now enjoy of exposing our grain
Great Britain through her colonies. We shall II
fer to this subject at more length than our spat
will at present permit.
The arrival ofthe packet ship from this POI
with the correspondence of the Secretary of Sta
and the British Minister, upon the Oregon que
ton, and the unqualified refusal of the governme
Of the United States to refer that matter to arb
tration in any shape, or to any party or powe
created considerable excitement in political circle
and much speculation in the public mind as to
effect in parliament. AS the correspondence w
received ony TWO days before the steamer lie
there was not sufficient time for any public demo
Stration in relation to the matter, and are the
fore, left completely in the dark to the effect
that movement.
Our advices commercally.are very interestir
hut not very satisfactory. The railway rcvulsi
has been much greater than contemplated. and
effect upon commercial affairs had been very SC
GUS Several large failures had taken place
London, and the money market was in ye
contracted condition. The embarrassnents ex
ting among the commercial classes were of S lch
alarming character that the-1nosts serious rest
were anticipated. We fear the railway revus
will be more fatal in tSseffect than the great
alarmist contemplated, and that the money m
ket will he so restricted that business geners
must suffer seriously. Its effect upon the cot
market will he seen on reference to the reports
der that head.
The intelligence from India is of the most
rible character According to the advices, over 4
ty thousand lives were lost on both sides. s.
p1ttle, with such a result, must have an ef
hardly to be anticipated. This fresh outburst
! india may probably convince England that
has about as much as she can do to manage
3 colonies, and her newly acquired territories, W
! out looking to this country for any additional
! ;APioyment for her troops. It may possibl, be
] 1.-THE dearly purchased victory in India has affe