e
rumours to raise the price of the public funds on a particular day. I
admit that the simple fact of raising or lowering the public funds is no
crime. A man having a necessary occasion to sell a large sum out of the
stocks, though it may have the effect of depressing the funds on that
day; or to purchase a large sum, though he thereby raises the funds,
commits no offence. But if a number of persons conspire to raise the
funds on a particular day by spreading false rumours, that is an
offence, and the offence consists in raising the funds by false rumours
on that day, not in the simple act of raising the funds.

The next objection is, that the indictment states a purpose to defraud,
without naming the persons who were to be defrauded. From the nature of
the case, persons could not be named; the offence was a conspiracy on a
previous day, to raise the price of the funds upon a future day. It was
therefore uncertain who would be the purchasers; but the object was,
that the price of the funds should be raised to all who should become
purchasers on that day, and could not be aimed at particular
individuals. The offence was general, in the same manner as if a false
rumour were spread previous to a market-day, to raise the price of some
commodity which should be brought to market.

A further objection is, that the indictment refers to the funds of _this
kingdom_, and that since the Union, this kingdom can only mean the
United Kingdom of Great Britain and Ireland. But although particular
sums may be applied to the particular service of one or the other part
of the United Kingdom, yet the public funds of either part are funds of
the United Kingdom, and go in furtherance of the general service of the
United Kingdom. It appears to me there is no reason why this judgment
should be arrested.

MR. JUSTICE BAYLEY,

If the question admitted of any doubt, I should be desirous of giving
the defendants the advantage of that doubt; but it seems to me perfectly
clear, that there is no foundation for any one of the objections that
have been made. To raise the funds may be an innocent thing; but a
conspiracy to raise the funds by illegal means, and with an illegal
view, is, as it seems to me, a crime; a crime which might perhaps affect
the public in its aggregate capacity; but which, if it take effect, will
certainly prejudice a class of His Majesty's subjects; and it is not
necessary to constitute a crime, that it should be prejudicia