The Express. — London, England, 1853-08-30 00:00:00

gltt ennwso. TO CORRESPONDENTS. a +reed Muse et "1 t, Espies'," conuuszag the Mete eevolvee " tern, Tvecclay so I Friklky eyhc. to coo for port a t•-c uereeete teterelert for " The Ekereee,*Leocloa Keels:mg paper, ewe t W et tM `, BouvericestreeU kr Two o'clock es tam dm of pialtke'Aloct. HIGH WAIER AT LONDON BRIDOR. T,llO DAT —4lorrani. Ibb. Ntm.. Afterroon. iI b. Pm. T*.roasow—llormag. 41s. Om.. Afteroms. Oa. tot. LONDON, TUESDAY, AUGUST 30. AN attempt has been made to explain away the ! important fact, mentioned in our journal on the :20th inst., that a rise in the rate of interest had taken, place in New York as in London, in the face of a i large increase in the supply of gold. Some men entertain a prejudiced aversion to believe that the rate of interest can rise as the quantity of gold in creases, and they are continually telling the public that the arrival of more gold will make the money market easy, or that the delay in the expected arrival of some is the cause of a want of accommodation in Lombard-street. In the days of protection the money market was closely dependent on the import and export of gold. Then the limited quantity of gold we could command was removed in a hurry, as an unpropitious season made food scarce, and made a large importation of corn necessary; or was in an equal hurry restored as • reduction of price caused an extra export. of our manufactures, and restored the equilibrium in the diffusion of the precious metals. The increase or diminution in the stock of gold then was a sure indication of an abundance or scarcity of capital, but now that gold is regularly im. ported and exported, to the extent of more than 2,000,004)1. a month, it has ceased to be, any more than the importation or exportation of coffee or wool, an indication of the want or supply of capital. We must, therefore, show by this example of the money market of New York which has been questioned, that the increase of gold such as is now taking place, being far less a change in the distri bution of an existing stock of the precious metals than a great addition to the stock already in exist ence, is a better explanation of the rise of the rate of interest there than either a new law for the banks of New York, or an accumulation of gold in the vaults of the Treasury. It is admitted that the late arrivals from the States to the 10th inst. brought information of a sudden rise in the rate of discount, even on the best com mercial paper, and such a decline in the state of exchange on England as to check the remittance of specie, accompanied by a sudden fall of from 5 to 15 per cent. in all except the best established securities. And these important effects are attributed to a recent law of the State of New York, which compels the banks to publish their accounts weekly instead of monthly, and to a sum of 4,500,000!. or 5,000,0001. having been accumulated in the public Treasury. Such an argument entirely ignores the effect which an extensive trade with California, and Aur trulia, and with Europe generally, has had in in creasing the demand for capital in New York. and cannot be reconciled with facts. The New York banks have long been subjected to a law re quiring them to publish their accounts quarterly; and within the last nine or twelve mouths there has been no such disturbance in the money market at the re turn of the quarterly publication of their accounts. If such a publication, therefore, or the preparations for it, made by the banks, could disturb the money market, the disturbance should have been as conspi cuous in the beginning of June, the date of the previous return, and in the beginning of March, as in the beginning of August. The Treasury of the United States has been gradually accumulating the money in its vaults; it is the mere excess of the receipts of the customs duties over the expenditure, which has only increased as the trade has extended, and its effects on the money market far from being sudden in the beginning of August should have been gradual week after week through many previous months, and should have been beneficial rather than otherwise, by interposing a slow and gradual check according to the theory of oar opponents on the extension of undue speculation. But we are not obliged to rely exclusively on general reasoning to show the error of ascribing the recent derangement in the New York money market to a new law concerning the banks and to the accumulation of two or three additional millions of pounds in the Treasury of the States. Every person who reads the City articles of our own journal, or consults any American papers, must be well aware that the trade of New York and of the whole United States has been extended in the pre sent year in a most unexampled manner. It has been considerably greater than ever before known at periods of the greatest unsound speculation. Both the facts and the true theory of the present condition of the New York money market are well explained by the Sew York Courier and Inquirer of the 13th instant : The leading cause of the pressure (it reiterates) is the ex troordinnry demand for remittances to Europe, in payment of foreign imported goods. This, we melt bear in mind, cannot be remedied promptly. The iccrease of imports is still going on us a forge ratio, and orders are out to the same extent, which will cramp oar market for months to tome. In support of this, it is only necessary to recur to the statistics of importations for the first seven months of 18.52 and 18,53, at New York: Importations at New York, from January to July, in clusive. 1862. 1853. Dollars. Dollars. Seven months 74.237,000 117,915,000 July alone Exports for same months. Goods. Ike. Specie 43,994,000 48,384,000 When we add to this the fact that the amount of duties collected at this port during the last fiscal year were 38,783,000 dole., against 28,910,000 dole. for the year pre vious, it will be seen that the pressure on the money market is mainly for specie in payment of our foreign indebted ness, or for payment of bills on Europe in discharge of this enormous debt. An increased debt of voirrr•ruiza siti• Liov in seven months of 1853, as compered with the same period of 1852, will, in dug, draw very largely, between this and January next, upon the strong boxes of our city and country banks. The same journal had previously mentioned that 340,000 dole. had been paid in 000 day for Cue- WANTON OUTRAGES IN CLEHKENWELL.—The most tome duties in New York, and 1,300,000 in one week. i o n f te c n i s e e:xcitement has been created in the extensive parish w pm ell pe a r l y its vicinity, i7 , 7 , :m g uer en o w f .• t l o a l/ e It had previously shown, too, that the importation amount i 07 in the other States in proportion had been as great destroyed within this fortnight ; the outrages are not con yfiandd w t;s de any p A ar ee tie n ta d r era those into this port. Thus the duties paid in i; loca lit y, a nbuttit apopfearlto e ass L s tent e f i r Philadelphia in the first six months of 1853 exceeded destroyed at St. John's Church ; an d the g ehurchwardens the o ff ence . a T r e w d a i r a l tr t t e he o isa l r l t i ies :to those of 1832 by 805,000 dole., on a total of have k commitLe s t 2,410,000, or one-fourth. It had, in consequence, considerably damaged under ver7 r :imrl r a y r r cruurns war tances i n I t n i s a c ti p pox: o d w that o r s t o h m e e remarked that e overtrading prevails not onlymissiles ote are pro pelled from an air one city, but in all quarters of the country." Not !Tetanus the glass has been rmPgleyrpeu engine, rated u not in havi n n: auf b cruks e t or stars, which would be the case if not impelled the mere publication of the Bank's accounts, there fore, but a great increase of beelines, is the bottom I used w `,:eacomwa violence. In li dia ir ru r it er ro tu r r olhe t r h :l r ast e m m at i e rr itl r s Of the scarcity of money in New York, as in in consequence of small balls of such substance having been found. Every endeavour has been made by the police London. of the 0 division to discover the offenders i for it is consi- The complaint made by some solemnly pretentious clued that there is more than one person engaged in these writers amongst us is, that the limitations imposed by "refill proceeding'' the New York hanks on the accommodation they a frie v a l d u a v f v aa til w •rm ho . ia Th a L t EGlL i t t r er ll cia — m LZ d T ei t 2 i i itt e r ho w n ee gh k t afford to the trading interest, in consequence of being himself that he wanted a hundred pounds. He walked to obliged to submit their accounts to the public once a w et .c eLecr u c t t e o letr e ap f h or a w n a d rd f d av t e o lits ive m r esar tl i tat w effec a t i week, is the cause of the derangement of the money twelve o'clock. At six, when he was li o nlng at his hotel, a market there. For this theory it happens most un- gentle tap at the doer introduced a gentleman, d who bowed fortunately that air banks have not curtailed their roattaeidlin's'eneravn L tl , l ' ' ' ' ho repli honour o e f d; rd '' 1 . 7ely ealled Lt . accommodation. The p.:?er already quoted, which consequence of a message from our London correspondent stated on the f+th that they hat: slightly limited their to leaves really wittt y x : a u rv tl e s i ir ou tie l tl i u m e r for t oziletlieunaidreder of this i accommodation, corrected that statement on the 13th ' mare elloue age.—Lincolnshire Tinos. THE EXPRESS, TUESDAY EVENING, AUGUST 30, 1853. RUSSIA AND TURKEY. We are in receipt of important communications from Constantinople. The letter (dated the 15th inst.) which follows, with its enclosure (a note from Pero of the same date) speak for themselves. They bear internal evidence of emanating (as they do) from men who have access to the fountatn-head of infor mation, and are endowed with intellects capable of turning this advantage to account. Oar Constanti nople correspondent of the 15th takes a more san guine view of the prospects of Turkey, even in the event of its yielding to the urgenciceof the four powers, than we have hitherto been accustomed to take. But he assigns valid reasons for so doing. The letter which follows the note from Pent (dated Con stantinople, August 16) contains a few supplemen tary items of news; and a few paragraphs from the Journal de Constantinople are subjoined: CONSTANTINOPLE, AvorFe 15. The note mentioned in my letter from Vienna of the 18th July was drawn up at Vienna under the in spiration of Russia ; consequently it has been re jected by the Porte. On the 23rd of July, a new note, prepared by the Divan, in concert with the representatives of the four powers, at Constantinople, was addressed to the Russian government. It was in a great measure written by Reshid Pasha to the dictation of Lord Redcliffe. Each of the ambassa dors forwarded a copy of this note to his own court. In the interim a proposal—originating, it is said, with M. Delacour, French ambassador here—had been transmitted by France and England to Vienna, to be forwarded to the Emperor of Russia, with the assent of Prussia. It is the answer to this proposal that the despatches to M. Delacour of the 9th led him to expect of which the Caradoc, arrived on Fri day last, foretold to Lord Itedcliffe the favourable reception; and which the Austrian ambassador, M. de Bruck, received by itstafette on the same day (the 12th). This answer brought the definitive accept ance of the proposal of France and England by the Emperor of Russia. The answer to the Turkish note of the 23rd of July was thus eluded and rendered useless. I have seen and compared the two documents. If the substance and form are not exactly and literally the same, still they aim at the same results and con sequences. In both the self-love of the Emperor of Russia is too much consulted; the dignity of the Sultan and the Ottoman government too much sa crificed; the eagerness of the mediating powers to bring negotiations to a close too evident. The de spatch to M. de Bruck enclosed an autograph letter from the Emperor of Austria to the Sultan, urgently pressing him to accept the proposal accepted by the Emperor of Russia. All this was notified to the government here on Friday last. The council of ministers met on Si turday to deliberate. A majority decided to accept the proposal ; only three members opposed it. Their resistance was possibly more to keep up appearances than real. Yesterday the question was submitted to the ge neral council of state. The result of its deliberation has not yet transpired. I will try to learn it for you before the departure of the courier. In the council of state as in the council of ministers some repugnance will doubtless have been manifested from patrioticor from politicmotives. But it is impossi ble that the Council of State, any more than the Council of Ministers or the Sultan, can do otherwise than accept. A refusal would compromise the Turkish government too seriously with the great Powers—especially with England. Turkey has com mitted an irreparable fault in allowing itself to be drawn into discussions and negotiations respecting the injury and insults that Russia has lavished upon it. Once entered upon this path it could not quit it but by the assistance of the Powers. It is under the necessity of confiding in their loyalty and the care which they pledged themselves to take of its honour and dignity. Now, it would affront them if it re jected the solution which they consider satisfactory and dignified. And after all, if they have deceived themselves, or have abused the confidence of Turkey, the responsibility for their error or disloyalty will cling to them exclusively, and cannot fetter the power or be binding on the conscience of Turkey in the eyes of Europe and the world. Beyond a doubt. this difficulty has won for Turkey the esteem and sympathy of Europe, and elevated the patriotism and energies of the Mussulmans, so ns to reinvigorate the vitality and resources of the country. The era of progress for the future opens free from all obstacles, and the Sultan and his go vernment are resolved to advance by all means. No thing will be neglected to ensure the integrity and augment the independence of the empire. This is a feeling of more worth than all treaties and alliances. Russia, on the contrary, will have lost its political influence and phantasmagorical reputation in Europe. Turkey could have resisted it by force of arms. In a little time Turkey will teach Russia to fear it, and will precede it in the path of civilisation and general improvement. In regard to finances, I know from unquestionable authority that the extra expenses entailed upon this government by recent events do not exceed 12,000,000 piastres (105,0001. sterling) per month since the beginning of the crisis. The journals have exag gerated them ridiculously. Every soldier costs the state, on an average, no more than 2,000 piastres per annum ; his arms not being taken into account. The loan of 45 millions of piastres might have been dis pensed with; but then there would have been com plaints and misconstructions on account of postponed payment of urgent claims. Extraordinary resources were therefore required by the treasury. I am however convinced that government will en deavour to procure more temporary advances, to enable it to liquidate as promptly as possible the expenses which its warlike preparations have en tailed upon it, and to enable it to dismiss its recruits in good humour by means of gratifications. What most embarrasses the Turkish government in the pacific solution of the question, is the thought how it is to bring the population and the army to acquiesce in it tranquilly, for their patriotic and re ligious feelings have been roused against Russia to an extraordinary degree of keenness. The army was really organised and armed upon a formidable footing. There were 120,000 regular disciplined troops on the Danube and Balkan around Schumla ; similar corps of 50,000 or 60,000 men on the Persian frontier. The army of Syria was intact ; the reserve, composed of old soldiers, amounted to more than a hundred thousand men. Then there .were volunteers, the contingents of the tributary powers, and a population ready to rise en mane. There were ample provisions for a year, and ammunition enough to furnish every piece of artil lery with 500 discharges. All military equipments were on the same scale, and had been accumulating for years. The Egyptian fleet arrived yesterday with 20,000 soldiers, who are to encamp on the Bosphorus where it opens into the Black Sea—exactly where the Rus sians encamped during the war between Egypt and Turkey. The Turkish navy is more than a match for the Russian. I met lately the English captain who has been instructor to the former for two years and a half : he smeared me the crews are well exercised and the officers have nothing to wish for. To conclude, had war broken out it must have lasted long if the Russians had not been repelled at once. Omer Pasha pledged himself to drive them from the Danubian provinces with the loss of 16,000 men, if allowed to attack them ; and peace will give Turkey time to make itself equal—if not superior— to Russia in strength and prosperity. It ensures a brilliant future for the industrial projects of this country. I have just received the following note, which shows exactly how matters at present stand in Council: PERA, AuorsT 15. In the council of ministers, on Saturday, the great question was warmly discussed, but no vote was taken. Yesterday's council was a mere ordinary meeting, but the deliberation turned on the same subject. A high functionary assures me that the ministers will reserve their votes for the general council, which I believe will not be held till to-morrow. What renders this probable is, that M. Delacour is to have an audience of the Sultan to-day about 3 p.m. General Prim, too, is to have an audience to-day about 2 p.m. • _ _ must, however, frankly tell you that the proposal gains ground with ministers and the high functionaries; it is probable that M. Delacour is to put the finish ing band to-day to the arguments used with the " Nothing," it said, as if it omit to robokorogoots here as well u in New York— Nothing is more common than that is a ressma% of pressure in the money market complaints i►w)d be made against the baLks, and they be held myteasibin for the state of things. We have sot much cause to be grate ful for .` favour; received from the banks," but they con stitute a very important portion of our commercial system ; and as such are entitled to be defended against unjust charges. In our very full report of the weekly statement of the banks in this city yesterday morning, we gave the follow ing comparative statement of the position of the banks now and in June: Loans. Specie. Circulation. Drposits. June 11.495,620,6'6 412,174,•609 49,084,106 459,078,171 Aug. 6.. 97,899,617 9,748,4,52 9,610,463 68,410,756 Increase.. $2,378,961 $426,359 Decrease 52,428,037 By the foregoing it appean that the banks have increased their loans since the 11th June 2,378,%l dollars, at the same time that their specie has decreased 2328,057 dollars, thereby clearly showing that the pressure, if there be one, is not fairly attributable to the conduct of the banks. In fact, with upwards of 2,000,000 dole. less means, they had increased the amount of their lours by more than 2,000,000 dole. The statement, there fore, that the derangement of the New York money market on the 10th was caused by the banks having curtailed their discounts hes no foundation what ever in fact. The journal we here quoted from cor rectly says, writing on the 13th—" At the very first note of alarm every business man increases his offer ings (his offers to the bank) at bank four-fold; and the banks, having only the usual amount to loan, ne cessarily cut down these offerings three-fourths. They have not (as we supposed) 1, awned their dis counts on any day during the past week (we speak of the leading banks), but have simply refused to extend themselves." Another fact in opposition to the theory we are combatting, and which shows the extent, not the limitation, of the accommodation afforded by the banks is this :—ln 1844, the advances of the banks to brokers amounted to 1,687,000 dollars, when their cash items, or available assets, were 6,377,000 dole., or a little more than one-fourth. But in June last their advances to brokers were 5,867,0001. dole. on available assets of 16,383,000 dots., or considerably more than one-third. The banks then had only gone with the general stream of overtrading, and ministered to its force. But it was first set a flow ing, and continued in flood, by the discoveries of gold, and the continual arrivals of gold. They con stituted the stimulus, they created a great demand for goods in California and other parts of the States and of course for the manufactured goods and capital of Europe; and precisely because they tend conti nually to increase the demand on all the food and clothing and implements which already exist in Europe, they increase the rate of interest on money, and will increase it till production has again gene rally in society overtaken consumption, behind which it now lags—•we are afraid—deplorably far behind. With respect to the other matter, the increase of the stock of gold in the United States Treasury, it is taking place at the rate of about 2,000,000 dollars a year, and now amounts to about 23,000,000 dollars, the annual subtraction being less than a twentieth part of the supply of gold from California. The quantity being small, and the accumulation being gradual, it is utterly preposterous to explain a sudden and alarming change in the money market of New York by the accumulation of gold in the Treasury of the United States. We say not ono word in favour of the Treasury ac cumulating this gold, or in favour of the 'unneoes- Barfly high duties by which it is enabled to heap up a great surplus; but to attribute to that a rise in the rate of interest is to shut out of view all the facts which really influence the money market. It is perfectly clear that the gold discoveries have given a great impulse to the trade of the world, and have in proportion increased the demands of all the enterprising and borrowing classes on the existing capital of the world. That is the simple explanation of the rise in the rate of interest here and in New York; and till capital be increased equal to the demands for it—and gold is not capital, bat only the representative of capital—the high rate of interest will continue. But it suits purblind writers to refer all the great phenomena of trade, of money, and of interest, to some petty paltry regulations about banks, or about hoarding gold in a national treasury. Such causes are sounded in their ears, and are within their ken—limited ken—and amongst . _ inch writers we must place the City correspond ent of the Times, whose strange statement on Friday we have refuted. TUE important letter from Constantinople which we this day publish leads us to anticipate a very different final result to three complicated negotia tions from that cherished by our contemporary and his sympathising allies in the German press. The formal vote of the Ottoman Council of State had not, indeed, been taken at the date of our despatches, but scarcely a doubt can exist as to what it would be. The evacuation of the Danubian Provinces h., it seems, not to be spoken of, hut if not expressly stipulated, it is understood to be guaranteed by the Four Powers. If the evacuation does not take place—if they do not enforce it—the hollow truce they have patched up will be of short duration. Turkey will show that it has merely recuM pour' mieux muter. This immediate termination is not indeed such as the Western European powers have any reason to be proud of, but the honour of Turkey will be preserved intact. The Times is right so far : Turkey has unwarily placed itself in the hands of timid or half-friendly seconds, and cannot but act on the present emergency by their advice. This, how ever, is obvious to all the world, while the "scaith and scorn" will be borne by the Western diploma tists, if Russia is not compelled to withdraw, Tur key will then be free to act as its honour and interest require, and will have gained time to make itself stronger for the impending and inevitable final struggle. It will be no easy task for the Ottoman Government to restrain the indignant feeling of its subjects; but having accomplished this—having convinced them that it only "bides its time," and only asks them to bide theirs—its future course is clear and full of promise. Sultan, and that the proposal will be acquiesced in by the great council. The Journal de Constantinople contains the follow iag news from the Danube :—" All the supplies offi cially demanded for the Russian troops in Wallachia are paid according to the tariff of May ; for example, the kile of wheat is now 50 piastres, whereas it was only 43 in that month, but the latter price is all that is given for it. Wood and straw are required, but not paid for. Waggons for transport are taken without formal requisition ; no receipt and no payment is given for them." '1 he same journal contains an account of a sham debarkation and attack on troops stationed where the Bosphorus opens into the Black Sea by the boats of the Turkish navy. The manoeuvres are said to have been admirably executed. In the number of the journal for the 14th inst., the following paragraph occurs :—" The police of Pera seized yesterday several copies of an incendiary pamphlet, in the Greek tongue, appealing to the passions of the Greeks. This pamphlet, although beating the imprint of London and purporting to be a translation from the English, has been printed here, and the source of those publications, intended to sap the loyalty of the Christian population, is per fectly well known." FRANCE. PARIS, MONDAY EVINING. Fhe Eastern question, which was almost for gotten, has started into new life at the Bourse to-day, and produced a fall of 135 e. in the rente. An ar ticle in the Journal des Dibats professes to give the substance of the "unimportant alterations" which, we have already learnt from the Moniteur, have been made by the Sultan in the note proposed by the four powers. If this version be correct, the note would have to be entirely remodelled, and it must be considered very doubtful, to say the least of it, whether the Emperor of Russia will accept the alterations. In fact, people now say the ques tion, so far from being in a more advanced state than it has been for the last month, is merely shifted. Hitherto we have been waiting for an answer from Constantinople and now we are waiting for an answer from St. Petersburg. In this state of things it becomes ex tremely difficult to believe that Russia will not find an excuse to keep her army in the Principalities all the winter, and then the question arises what will the French and English fleets do? At 2 o'clock to day the following telegraphic despatch was pla carded at the Bourse : The English steamer which arrived yesterday at Mar seilles was aanouneed by a telegraphic despatch from the French ambassador at Constantinople, dated August 20th. This boat is the bearer of despatches containing the development of the news already known of the acceptance by tke Porte, subject to some unimportant modifications of the note emanating from the conference of Vienna. This placard which added nothing to what woe already known only served to aggravate the panic. I subjoin the greater portion of the article from the Debate which will be found interesting: Our letters front Constantinople are to the 15th. Six days prior to that date, the Ottoman government had re ceived communication of the note proposed by the con. ference of Vienna, and it was still deliberating on its acceptance, which as is kuown was not defini tively given until the 18th and 19th. Our cor• respondents do not therefore give us any information as to the result of the deliberations of the Divan, but they transmit to us An analysis of that document which pretty well agrees with what we already knew. The Porte takes into consideration the representations addressed to it by Prince Menchikoff as well as the deep interest which the Emperor of Russia feels in the maintenanceof the privileges and spiritual immunities which the religion he professes en joys in the States of the Sultan ; and in order to give the Em peror a proof of its friendship and of its infinite confidence it declares that it is bound in honour to maintain those rights and privileges for ever intact; that it is resolved to observe strictly the letter and spirit of the two treaties of Kai nardji and Adrianople, and to grant to the Greeks the same advantages and the same favours which it may grant to the other Christian communions of its empire. The do cument confirms in the most solemn manner the last firmans rel4tive to the Holy Places, and declares that the status quo which results from them shall be for ever maintained, or at least that no change can for the future be made except with the previous consent of the two c tents of France and Russia. Lastly, the Ottoman government promises to g ive the necessary orders for the construction of the Russian church, convent, and hospital at Jet usalem, which will he placed under the protection of Russia. Such is the analysis which is given us of this document by our correspondents at Con stantinople; it is more explicit than the one we before pub lished, but the two versions perfectly agree, and we are right in repeating what we have already said, that in its ground work this note differs but very little from that which accompanied the ultimatum drawn up by Count Neuelrode. We can therefore readily con ceive that the Divan should have hesitated for some days in accepting it, and that it only yielded to the pressing solicitations of all the governments of Europe, sup ported also by an autograph letter addressed to the ultan by the Emperor of Austria. The Motsiteur announced that the Divan gave its acceptance subject to some modifications of little importance. According to our letters, these modi fications bear on three points : in the first place, the Porte demands that the meaning to be given to the phrase which secures to the Greeks the advantages which are enjoyed by other Christian communions shall be more clearly deflued ; it wishes that it should he well understood that these words only apply to the commu nions which are composed of Ottoman subjects; and it pro tests against any idea of assimilating the Greeks to the Chris tians who are foreign subjects, who, in virtue of existing conventions, enjoy special privileges. In the second place, the Porte wishes it to be stated that, as far as regards what is in the letter and spirit of the treaties of Kainaniji and Adrianople, mentioned in the note, it only understands them in the most general sense, and that they cannot in any way imply a right of protection of &aqua over the Greek Church in the East. Lastly, the Porte wishes to rescind the document and make for the Holy Places a sepa rate convention with Russia. We cannot well understand the importance which the Ottoman government attaches to this last point, but under any circumstances we consider it a impossible that it can give rise to any serious difficulty. These modifications are in reality but very tri fl ing, and it is not in them that a stumbling block will be found. The obstacle, if any should present itself, will come not from the objections made to the note, but from the condition which, on the 15th, the day of the departure of the courier, it was said that the Sultan wished to attach to his acceptance. It was then said that he would not give his adhesion unless the four Great Powers would, in their turn, engage to give him a declaration guaranteeing the Porte against any inter• pretation of the note which would tend to give to Russia any right of interference in the internal affairs of the church sad of the Greek nation under the title of Protectorate or any other pretext. This would be important in this sense that, at the very trot difficulty with Russia, the Divan, which has made so many fruitless efforts during all this crisis to endeavour to convince the Great Powers that they ought to interfere in the name of the treaty of 1841, would have immediate mounts to European arbitration. It is probably on this .abject that the discussions have turned which have so long delayed the acceptance by Turkey, and, as we only yet know the fact from the announcement in the Mondeur, we cannot tell what may have been the result of that ides, which is generally attributed to Rachid Pecks. The most perfect tranquillity has never ceased to exist at Constantinople, and throughout the whole empire. Letters which had been received from the interior announce a fact which we are happy to be able to repeat, namely, that far from feeling alarm at the mein' of all the troop which are now on the shone of the Danube, the people on the con trary gave them the best reception, and live on the beet terms. Up to this time the army has been able to pay regu larly for all its supplies, and the excellence of its discipline has prevented any cause of complaint." On Sunday the Emperor and Empress attended high mass at the church of Saint Raney. The Arch bishop of Rouen officiated in his pontifical robes, On their Majesties taking their place on the dais he addtemed them in the following speech : Sire, and you Madam—When a people is so happy as to possess you within its gates; religion cannot be indifferent when it sees you crow the threshold of its temple. She loses in this step a precious pledge of your sentiments towards her, and a salutary lemon and great edification for all her children. For an example, the higher it is, has the greater authority, and one must be little inclined indeed to forget one's duties towards the majesty of h , when we see earthly majesty respectfully bowing down before it. Allow me, then, sire, and you, madam, this day to take the place of one of my worthy priests to call down upon you numberless blessings and the Divine assistance, and to offer to you also in the name of the religion that you love, in the name of the poor that you succour, and in the name of the entire fabric of society which you maintain, no less numer ous thanks. . The Emperor replied : Monseigneur,—You speak too well of what is with me simply the accomplishment of a duty. When I come to man with my wife, to pray to God as every Christian loves to do, I merely obey the most natural instinct of my heart. I thank you, however, both for the Empress and myself, for the kind things you have just said, which cannot but strengthen my sentiments towards you and the clergy of this department. After mass the Emperor received numerous official visits at the Hotel de Ville. PARIS, SUNDAE EVENING.. Three popular novelties now divide, in nearly equal proportions, the attention of the Parisian public—the hippopotamus, the Sole, and the roof seats on the omnibuses. Every morning at 11 o'clock, before which hour the hippopotamus does not receive company, a crowd may be seen peering through his park palings, pa tiently watching the uarippled surface of the minis- j ture lake, at the bottom of which the new inmate of the Jardin des Plantes delights to dwell until it may be his good pleasure to show himself. Frequently they wait in vain for an hour, during which time the excessive leanness of the 30 she-goats that browse upon the grassy margin of the pool suggests to the imagination the fatness of the "delicate monster" who daily swallows all the milk that can be drawn from them. Soddenly a convulsive shout from the spectators indicates that the amphibious creature's head, or perchance the tip of his nose only, has appeared in upper air, and then a cry of " Coco, Coco," is raised; but this generally fails to lure him from his cool bath into the rays of the scorching sun. Except at feeding time he seldom leaves the water, until a keeper, taking pity on the expectant multitude," stirs him up with a long pole," an operation always the signal for vociferous cheering. Then, with the most perfect good nature, he comes out and walks majes tically round his lake, dilating his nostrils like a war horse' and exhibiting a jolly carcase, as round as a wine butt. The keeper jumps upon his hack, kneads his plump haunches, and performs a variety of other experiments, to all of which " Coco" submits with entire docility, not to say indifference, occasionally yawning, and displaying a throat down which Jonah might have slipped without the least inconvenience either to himself or the animal. Up to the present time " Coco" is in rude health, and excellent spirits. The Parisians think him a more rare wonder than he really is, for taught by their newspapers they be lieve him to be the first specimen of his race that was ever brought alive to Europe since the time of the ancient Romans, and are wholly ignorant that a cousin of Coco', took up his residence in the Regent's-park three or four years ago. In a former letter I mentioned the arrival of the Sole at Havre, and her progress up the Seine as far as Quillebreuf. Since that time—not, however,with out infinite difficulty, for her voyage was " bound in shallows and in miseries"—she has made her way to Paris. The state of the Seine is unusually bad just now, even for ordinary barges. - The Sole expe rienced great difficulty in getting through the nume rous bridges, and grazed several rocks bordering the narrow channel, unknown, it is said, to the river pilots. M. Guibert, the owner of the vessel, re mained on board during the whole of her tedious voyage. He was accompanied by an engineer, who took notes of all the dangerous parts of the stream that attracted their observation. A report will be made to government, and it is hoped that the very large expenditure admitted to be necessary to render the Seine safely navigable for vessels of considerable tonnage will not stand in the way of the great ob ject, now almost promised to be accomplished, of making Par;s a " port de mer." I use the favourite Parisian expression, because I doubt whe ther the translation would be more intelligible in English. Ido not remember to have heard London called a seaport. Whatever may be the practical limits of improvement of the navigation of the Seine, M. Guibert is entitled to the credit of having made an important step towards the realisation of a grand idea. He has proved the possibility of bringing a good-sized trading vessel up to Paris. There lies the Sole, moored alongside of the quay in front of the Louvre, unloading her cargo. Her three lofty masts excite the curiosity of the passers by, not one in ten of whom ever saw such things before. except in a picture, or the sham frigate at Neuilly. They see, moreover, real sailors at work in the rigging, and when the history of the Sole is explained to them, are perfectly satisfied that Paris is from this moment a " port de mer." Every evening unusual crowds may be seen at the end of the Boulevard adjoining the Place de la Ma deleine, watching the omnibuses, newly provided with a double row of seats on t he top. It is not precisely a new thing in Paris to see a citizen on the top of an oinuibas, because the St. Cloud and other conveyances of the banlieue have long since accom modated the adventurous with a single seat by the side of the driver, and three or four on a bench behind him. But an entire second tier of passengers has never been seen here till now. Besides, outside omnibus passengers, being destined for comparatively long stages, have heretofore taken their seats gravely and deiiberately in the inn-yard, and with the as sistance of a ladder. Now at least as many people assemble to see the travellers display their agility in mounting, as to wait for their own turn to get a ride for three sous. Although the omnibuses start about every five minutes, the supply is nothing like equal to the demand. As each one comes up it is taken by assault. No orderly system of priority by means of tickets is yet established. The forward, the active, and the vigorous may get a place at once, while the timid, the weak, and the unwieldy may wait in vain for an hour, and perchance be rolled in the gutter after an unsuccessful attempt to be first in a storming party. But a very small proportion of the passengers have any call, either of business or plea sure, to take them to the Bastille. The vast majority come purely and simply for the sake of the ride. It is not so much the low price as the novelty of rid ing on the roof—the fun of the thing in short that constitutes the attraction. If, instead of charging half the inside price, the omnibus proprietors had charged double, it is thought they would have made a good speculation, so long as the vogue may last. It must be confessed that, apart from the caprice of the moment, an airing outside an omnibus on a fine summer's evening, is a very sensible way of enjoying the Boulevards. The three miles of gorgeous cause way, extending from the Madeleine to the Bastille, with the shops, theatres, mansions, brilliant cafes, and countless promenaders on either side, can hardly be seen in any other way to so great advantage. BELGIUM. We read in the Journal de Bruxelles:—" His Holiness Pope Pius IX. has just sent to the Duke de Brabant a fragment of the wood of the manger which formed the cradle of our Saviour. In the private audience, which Mgr. Gonella obtained, in order to present this precious relic, his Royal High ness was much affected at the present made to him by the Pope." secret trial, in which the prejudices and ignorant* of the judges arc alike calculated to mislead them, are the consequences of handing over political of. fenders to military tribunals. And in Austrian Italy, be it remembered, all political offenders are to continue subject to the jurisdiction of these tribunals. The steamer, Francis Joseph, arrived at Vienna from Galacz (a distance of nearly 1,000 E ng li sh miles) in 116 hours, in the afternoon of the 24th inst. She brought mails from Galact. and Braila, of the 19th inst. ; from Giurgevo, ltukharest, and IRushschuk of the 20th. SOUTH AMERICA. FLYMOUTIT, Aram'. 20. The Dredalus, 20, Captain George G. Wellesley, arrived in the Sound at five this afternoon, from th e Pacific station. Her dates are—San Blas i 9th March; Panama, 15th April; Valparaiso, 20th June; Falkland Islands, 24th; Rio Janerio, 13th July. She brings home 1,400,000 dale. from California and Mexico on freight, and 1,500,000 dole. were landed at Panama, from San Blas, .m her way home. She likewise brings twenty-nine invalided Sea men and marines from Valparaiso, among whom is Lieutenant Jackson, of the Amphitrite. Spoke June 16, lat. 55 24 S., 72 40 IV., living Cloud; 24th, Jessie Mitchell, at Port William ; * July 15th, lat. 22 34 S., 40 W., Rosamond; 21st, lat 16 16 S., 35 15 W., Gazelle ; 28th, 2 1 N., 32 47 W., Charles Jones; Aug. 1, lat. 11 13 N., ;is W., Carl snd Johann, bound to Falmouth; 19th, lat. 37 19 N., 37 16 W., Elizabeth. LATEST CONTINENTAL BOURSES. Berlin (Saturday), Aug. 27.—{Close): Four pci. Cent. (New) Loan, no quotation. Four-and-a-Italy per Cent. Loan, no quotation. Bank Shares, 312. Aachen Macstrecht Railway, 811. Cologne and Nliuden, 1221. Dusseldorf and Elborfeld, 89. Itheeiah, 83t. Vienna (Saturday), Aug. 27.—(Close): Five per Cent. Metallies, 911. Loan of 18,51, 1071. Beak shares, 1,3%. Course of Esehange—On Londoa, 10.37 ; on Paris, 128. TILE UNITED STATES AND AUSTRIA. The following correspondence between the Ame. rican Char4e . d'Affaires at Constantinople and the .siutriait Internuneio in that capital relative to the arrest of Martin Kosida has been published : " Legation of the United States at Constantinople, J une 27. " Monsieur l'lnternonce,—l have the honour to addreat your Excellency on the subject of a most unfortunate occur rence, which I am informed by the consul of my govern ment in Smyrna took place there on the 23rd ant., and u hich 1 very deeply deplwe, inasmuch as it resulted in the death of a young officer of the Austrian navy, whn Las thus most probably, without in any manner having N en th e cause of the unwarranted attack mode upon himself and his companions in Smyrna, been the victim of the most in considerate and unaccountable conduct of the Austrian consul of the city towards au individual named Martin Kossta. " This person, at the present moment incarcerated 04 board the Austrian brig of war Husur, now at Smyrna, I believe, one ot the Hungarian refugees who had been detained at Kiutayeh.'Together with others he was per. mitted to leave this country in Mil, and he proceeded with them to the United State., where he took the pre liminary steps towards becoming a citizen of the United States—that i 9, lie made a form d renunciation of all alle giance to any other power or sovereign whatever, and tc3k the usual oath of allegiance to the government of the United States. A few months since M. li.,esta came to Smyrna from New York, with the skedgn of again proceed. ing to the United States. In the afternoon of the ::Ist inst., while seated on the marina of Smyrna, he was suddenly bet upon by some fifteen ruffian Greeks, all armed, said to have been employed for that purpose by the Aus trian Consul ; and atter having been treated in the most brutal manner, was thrown into the sea, where a boat was waiting to receive and conduct him to the Austrian brig Hueear. "M. Kossto, on leaving the United States, received it legalised copy of the declaration which he had ma le thus ut allegiance to the government of the United State'. .nd which document, under ordinary circumstances, would re commend him to the friendly aid and coasideration of the American authorities. It cannot be conceived here th d this individual's tem porary residence in the city of Smyrna could possibly ex cite the andnotity of the Austrian consul to such a degree as to cause him to employ a band of armed imitiaas to attack him at a moment when he evidently bad no rem sou to apprehend such an outrage, and to have him cm veyed in an ignominious manner on board an Austrian yes. 40 of war. " It WWI to me, rather, that in case his presence there incommoded thu Austrian consul, the latter, at the most, should have called upon the Austrian asthoritio to require his departure, and not, hy au act of so coura geous and inhuman a nature, excite the indignation of the inhabitants of Smyrna, and, I do not doubt it, also of the people of the United States. Permit me, therefore, to intercede with yotir Excel lency in behalf of M. Kosata, and to ask, if not out of the respect due for the government of the Sultan, whose terri tory LIS been so grossly violated by the conduct of the Austrian Consul at Smyrna, at least out of regard for the government to which he has pledged his allegiance, that your Exzellency be pleased to give orders to the commander of the Hussar for his immediate release, so that he may proceed to the United States. " I avail myself of the present opportunity of renewing to your Excellency the assurances of my highest respect and most distinguished consideration, " To this letter the Austrian minister returned the to:low• iog answer: " DaltlL TO MR. BILOWN. " Buyukdere, Monday, June 27. " Monsieur le Charge d'Affaires,—By your favour of this day's date you have demanded the toleration of a certain Martin Kossta, arrested by orders of the Consul-General of Austria at Smyrna, on the 21st inst. " I can only attribute, sir, this intervention on your put to a mistake, as the individual in question is a cativo of Hungary, and has never ceased to be an Austrian subject, as results from his declaration mule in prirence of the consul of the United States at Smyrna. His arrest come• quently toot place in virtue of the treaties which assure to my government the full and entire independence of its juris diction over all its subjects in Turkey. " You will easily understand, then, M. lc Charge d'Affaires, the absolute impossibility of complying with your request. " 1 beg you Is receive the assurance of my high considera• tion. " BRICK. " To Mr. Brown, charg,": d'affaires of the United States of America." Mr. Brown replied in the following letter : " ma BROWN TO M. BliCeli, " Legation of the United States of America, Constantinople, June 29. " Monsieur l'lnternonce ,— I have just received the letter GERMANY. which you were so good as to write to me, under date of the 27th of this month, on the subject of the individual named VIENNA, AUGUST 2G.—ln the Wiener Zeitung of Martin Kossta, arrested at Smyrna, on the 21st inst., by the this day is published the judgment of the military Austrian am consul.readly convinced, sir, that the means adopted by tribunal of Vienna in the cases of 22 persons accused the Austrian consul to effect the arrest of the said iodivr of high treason. If the state of siege 18 really and in dual could net merit your approbation ; and also Ido not good faith to be put an end to in Vienna and Prague feel myself at all called upon to express an opinion upon the co the Ist proximo, this may be regarded as a fare. right which you mention es possessed by your government well bite of the courtsmartial in the Austrian domi- ov‘triar cannot, o o t wAs o u m bj e e c e . e, in e denmlse . lf the honour of once skins north of the Alps--a snap given to remind more addressing your Excejncy for the purpose of re ginatinoun subjects of the dog that may again be set uewing the official intercession which I have already felt it to worry them. But in Austrian-Italy all political my duty to make in behalf of this person ; and, so as to offences are still to be tried by military tribunals enable your Excellency to better appreciate the basis t ;: t . e f c lf! . request, ei nho n I . i have ti te . ho n our lc mi h after the state of siege has nominally terminated. It tom ada e n a d t you York l on the Slit b, therefore, instructive to watch the proceedings of of July, 18.52, 'renouncing his allegiance to the Emperor each courte. of Austria,' and taking an oath of allegiance to the govern. Three of the 22 prisoners—Merlicrek, Mayerfy, and went of the United States of America. Benedetti—are accused of high treason, on the plea " The right of expatriation and of naturalisation m il that, although pardoned in 1850, they in 1852 ob- w re c c;a l sn a i s setl i I o t e i r eve, oe b e y tm th me e n g t over a nzen t t t of ee Au s st t r o ia me tamed knowledge of the treasonable agitations of' that the a y rrest (without again ; mentioning the mesas Julian Gaslar (executed some time ago) and did not which the Austrian consul at Smyrna used to effect it) reveal them; also that they deliberated on the means of the said Kossta, upon the neutral soil of Turkey, of carrying treasonable schemes into execution, after the u:t of allegiance made by him, will be re- Benedetti was acquitted for want of evidence, the t g lo ar t d o e n d ly % v th e e ry go p v a =e v ii to t t o n f tto t n he of L tn 't n i s t n ed sam S e ta r t 7g s n as ts o b f eing na other two condemned—Merlicnek to 15 years' close turalisation, but also, in consequence of my intercession, no imprisonment, Mayerfy to 15 years' fortress labour want of respect an d regard towards my government, of in heavy irons, the sentence of the latter being so which the impression will be removed with difficulty. I ' far alleviated on account of his delicate health as to would not leave your Excellency ignorant of the pr ecedin g ' admit of his working in light irons. The case of facts ; bu t rather, b y communicatin g the m to y our E at ! , lency, relieve myself of all the responsibility which the Merlicrek ii alleged to be aggravated by his being arrest of Kossta, and the consequences which may grow oat convicted of having stolen goods from two merchants of it, m a y le a ve i n the mind of my government and coati. at Gratz, in whose employment he was, to the value lumen. of 192 florins. The object of publishing this alleged "It was on presenting this declaration to the Consulate aggravation is obvious; the guilt of Merlicrek (in ottfotnhet lii ; a n „ t l e l d e s S a t i a Pl a ies of s A ta m w er as ica fu a r t n= 3 wl n tlt i er• t te hi sk i reli ' this respect) may reasonably be doubted till the cvi- to come to to Constantinople, and to return to Smyrna, who dance against him is published. he wu to start for New York. Since his arrival at Smyrna Eighteen of the prisoners (four of whom are he has resided in Turkey under the protection of my go' women) are accused of knowing and conceal. verument, and it is a pleasure to me to be able to star ing recent conspiracies against the government that del i t his to c i e t i i n s du n c a t tie h e as te a u lru o be o e n n t ir e rt n .p m ro e ac o b f ab m l itch lia be by the Magyar emigration under the leadership of is accused—leads him to declare himself always a Hall- Kossuth. For this, and for collecting gold and garian, and to state that he wishes even to meet his deat h money, Joseph Gal is condemned to be hanged—a as such. sentence commuted, on account of his frank confes- " Your Excellency will pardon me if I thus renew my sion, to 20 years' fortress arrest' and five of the intercession in his favour. I beg your Excellency to l o_, , pleased to have him delivered over to the local authority males tread along with him to fortress labour in Smyrna, to be sent again to the United States. This art irons for 20, 15, and 12 years. Elizabeth von will be learnt by the President of the United States, Iso Csepesanvi, for concealing what she had learned of confident, with satisfaction, and prevent the painful and the alleged complots of the emigration, and for con- extraordinary news of his arrest being again the cause of the cealment of Kossuth bank notes, is condemned to 18 into notion of those friendly feelings between our respofe tive countries which I sincerely leave it at heart to retouch e months' fortress arrest. The rest of the accused are and to cultivate. acquitted for want of evidence. Such sentences " I beg your Excellency to receive renewed assoraneel pronounced by rude and cruel military men, after a of my L:gh consideration, &c., ' JoitN P. Bnows. ' I