The Sun. — London, England, 1855-07-05 00:00:00

ROYAL OPERA, DRURY.IANE. Lessee, Mr. E. T. Smith. For the BENEFIT of Mr. E. T. SMITH, THIS EVENING, Will be per'orm?.d LA DONNA. DEL LAGO. Characters by Signor Flavios and Armand!, Mr. H. Braham, Miss F. Hudclart, and Lacy Escott. To be followed by the New Ballet MIRANDA. Prices of admission :—To the two galleries , 6d.; second circle of boxes and pit, Is.; dress circle, 2s. 6d. sta Is, 4s. • private boxes to admit two persons, 10s. 6d.; four persons, one guinea. Box-office open from 10 to 6 daily. TgRATRE ROYAL HAYMARKET. Under the management of Mr. Bucksteno. THIS EVENING. Will be performed THE BUSY BODY. 3larplot, Mr. Back stone ; :Miranda, .iss Reynolds. To be followed by a Ballet. After which, BUCKSTONE'S ADVENTURES WITH A POLISH PRINCES... Followed by THE GALICIAN FETE. To conclude with THE SLEEPING DRAUGHT. itOrAL PRINCESS'S THEATRE, OXFORD-STREET. Under the Management of Dlr. CHAU= SzAX. THIS EVENING, Will be performed AWAY WITH MELANCHOLY. To conclude with KING HENRY THE EIGHTH. Queen Ka" t'larine, Mrs. C. Kean ; Cardinal Wolsen Mr. C. Kean• THEATRE ROYAL ADELPIII. Proprietor. Welrter.—Dtrectress. m x ,./ame Celeste. TIIIS EVENING, Wilt be -- -- performed FOREIGN AFFAIRS; or, The Court of Queen Anne. Followed b y _HELP[` 1), HANDS. Characters by Messrs. B. Webster, Keeley,Madame Celeste, L. Murray, C. SerTY, Scc. ; Yrs. Keeley, Ite, To conclude with TUE CiiMP AT CHOBIIAM. RIYAL OLYMPIC THEATRE. L e ssee and Manager. Mr. A. Wigan: THIS EVENING. WM be perforated PETIFECT CONFIDENCE. Characters by Messr.i. F. Itobs,n and G. Vining; Miss Aargau and Miss Bromley. To be followed by STILL %V kTF.R3 RIJN DEEP. Characters by At ,,, T . s . A. Wigan, Emery, G. Vining, Danvers, Miss Idaskell, and Mrs. 3telfort. conclude with POOR TILLICODDY. ROYAL STRAND THEATRE. Under the direction of Miss Rebecca IMAM THIS EVENING, Will be presented THE HONEST LAWYER. Followed by ' FW AS I. After which. CHERRY AND FAIR STAR. Principal character by miss Rebecca Isaacs. To conclude with I'VE E4TEN MY FRIEND. ASTLEY'S ROYAL AMPHITHEATRE. Lessee and Manager, Mr. Wm. Cooke. • THIS EVENING, The highly succesgal Spectacle called, ENGLAND and FRANCE in the DAYS of CHIVALRY; or. the Brothers In Arms, with all the " pomp and circumttancV of knightly valour ; the array of kings and courtly dames, and the phenomena attendant upon a matchless Stud of Horses. To conclude with the SCENES In the CIRCLE, by Equestians of acknowledged mer t. it,s.., , fice open from Eleven till Four. Stage Manager, Mr. W. Walt. Acting Nisnager, Mr. W. H. Cooke. Equestrian Director, Mr. W. Cooke, Jun. 111111 Vi'ATER AT LONDON ERIPO Tank Day —Mornin,z 51 min.arar 5 I Eveni glB min. aft. 6 Ta-kiowyre •Yorning 45 , nln.after 6 j Ev.ming 10min. art. 7 1 771ATLIRR.—Stra 021 , :01, July 5. TRZUUOMCI'ZiI, IN TWIC SIZA,DX. 73 - highest eince noon yesterilay. 5 t —;owegt, this morning and daring the night. 74 -this day, at poor,. 3AROMMTICR, 30 . 15, W TND ,— Nowhera ; if any, S. to N.W. Fine, sunshiny, sultry weather. NOTICE TO THE PUBLIC. Henceforward' an Unstamped, as well as a Stamped, Edition of The Sun will be issued. The price of this Journal will therefore be— Unstamped ................................. 4d. 5tamped.................................... sd. Copies of The Sun, bearing the newspaper stamp. and folded so that the stamp shall be visibl e , w i ll be transmissible and re-transmissible by post for fifteen days after the date of issue. Uastamped Copies may also be sent through the post by affixing a penny postage stamp. - A '...<4.:• , - ~... Tr4.l to ....nr , i ...-*}-.s' (rt.: 11: - --, ~-;-,-,-7, c~~33% LOND ON) THURSDAY, JULY 5, 1855. 7e have no . w before us the unfortunate affair of the 18th ultimo, and there - is but too much reason to fear that the first decided failure of any combined operation since the commencernenl of hostilities was occasioned partly by misman agement, and partly by over-confidence, frcnn pre vious successes, but mainly by the want of cor dial co-operation and a complete coincidence of plans between the respective Commanders. On.,the first point, it will be seen that in place :sf commencing on the day of the intended Assmilt with a heavy cannonade and bombard -111. e ut, and then making the attack while th e ,enemy were in confusion, and befor€ an , opportunity of repairing their damage was afforded, the onslaught was made at the dawn of daY, when the Russians were fully prepared to give the *warmest reception to the assailants, and when, according to their invariable custom, they had repaired the injuries sustained the preceding dad, 1t.% sai d that Lord RAGLAN had suffered himself t o be abandon the Persuaded by General PELISSIER to which had Proved , so previously decided on, and 0 signally successful on the 7th instant i n the capture of the Mamelon, the re doubts, a n d Qualm . es, too small a h o d It would also seem as if Y of troop s duty, who were were selected for the linabl e t o f o ll ow up t h e par ti a l success achi eve d , and which had b e might, if due ad vantageen taken have materiall of the circumstances, y alterei th e fort unes of the day. An untoward incident occurredprobably aris ing from too great confidence, and patience to get at the enemy a natural im patience commanded as 6 0011 as possible. General MAYRAN, the first bri gade, erroneously fancied that he ~ in a shell re.cognised the Redoubt. it signal for commencing With ahi • fuze sent up from the Brancion azing was i n , rain that he was informei o f his m ist.ake." B ur ning with ardour to acquire glory for - h 11 : 11 Sei i and the gallant soldiers whom he comm an d ed he prematurely commenced the attack. The BAUR and DE FAILLY columns immediately rushed fur- ward; but, u nfortunately, there was no simulta neous action to distract the attention of the gar of their strength ; divert any portion risen, or, to their whole fire was concentrated on the devoted columns, and the chivalrous MAYRAN himself was mortally wounded, b e ing one of the first victims of that crushing fire, which proceeded not me re ly from the works, but from the enemies' steamers, " which came Isp at full steam and manceuvred with gr''- 4 t skill and effect" —a tolerably clear proof that the R -Th 'sians were fully informed of the nature of the inteuA,A The loan proceedings. ( *the brave General had naturally a considerable eff ect They were, ' however, prom on the troops. Ptl Y rallied by General DE FAILLY, and although un a bl e tained their pc:4u° tc'advance they bravely sus fire. 118 n otwithstanding the terrific The centre attack u u d e , ral BRuNET wa 3 G eneralscarcely more fortunate. Tb: ' ' 5 *bole of the had been prematurely engaged ; i the for tune of the day was all but dee n 'a ciee(l 1 right decided e the signal was given for the general attack . ' all his arrangements were not complete at the . 41 thougli moment the gallant 13/tux= dashed vigor° coadjutor ISI t'lY forward, but, like his brave Avt Ait was mortally wounded at the very outset. The, left, under General AUTEMARRE, was more suc cessful. He actually penetrated into the Malak hoff, having scaled the intrenchments, and entered into the enciente. The eagles of France were planted on the Russian works, but the posi tion could not be maintained. The failure at other points prevented the possibility of a complete triumph. Further efforts would only have led to useless bloodshed, and at half-past eight a retreat to the trenches was ordered, -which, was carried out with order and coolness, and without the Russians attempting to pursue the retreating foe at any point. So much for the proceedings of our Allies. Lord RAGLAN, it will be seen, would not fail at ! the moment of emergency. He ordered the attack on the Redan when he perceived the con fusion that prevailed. The result is known. The same causes that conduced to the failure of the French onslaught led also to that of the English. Indeed the numbers actually engaged could scarcely hope to alter the fortunes of the day. But the most astonishing fact was that General EYRE, with the 2d Brigade, actually penetrated into the town itself, and held a portion of Sebastopol for the entire day until they were enabled to retire under the cover of night. It is needless to speculate on what might have been the results had this extraordinary achievement been followed up. As it is, we fear that, as the proceedings took place contrary to the views and wishes of Lord RAGLAN, he did not make the necessary preparations for events which he had not antici pated. We must now bear with resignation the check sustained, and be prepared to turn to pro fitable account on a future occasion the painful lesson so dearly purchased. The history of the pernicious Sunday Trading Bill is exceedingly suggestive. Many useful and some dangerous lessons may be learned from it. Above all, it teaches the need of a better repre sentation of the people. What stronger proof can there be that a great gulf separates the masses and the Legislature than the progress made with the measure, and the prospect before it when the first demonstration against it in Hyde park took place ? So secondary a matter were the comforts and liberties of the industrious poor, such political cyphers were our artizans held, that the Sunday Trading Bill had wellnigh passed the Commons, and might have passed the Lords, and become law, had the people not risen against it, and this not, because the majority of either House is Sunday mad, but because popular influence is so small and Sabbatarian bigotry so ferocious that it appeared safer to aid in gagging the poor than to be branded as a Sab bath breaker and an enemy of the elect. Hal popular feeling and popular interests been duly represented the Sunday Trading Bill would either never have been brought forward or would have been pooh-poohed out of the house. We must have an extension of the suffrage if we desire the main tenance of popular rights, together with the sta bility of the constitution. That the former will henceforth be more boldly Ind steadily maintained we cannot doubt. Our apprehension is in another direction. We are no admirers of mob law, deeply as we are interested in the welfare of the people, and boldly as we have always asserted their rights. It is the wort , f all laws, and cannot be too strenuously svoided. While we would not bludgeon the people, we would have their wishes constitutionally ex , eressed by their representatives in Parliament. But what is the lesson Lord ROBERT GROSVENOR old the Sabbatarians have been the means of in culcating ? That, as matters stand, the only way For the masses, not merely to prevent threatened Tacroaehments on their liberty but to rid them ;elves of whatever load oppresses them, is to meet in imposing numbers, and insure by fear what could not be obtained from a sense of justice—a dangerous lesson, the further inculcation of which must be most speeially avoided. It should never ;)e forgotten that we are engaged in a mighty war, ,he proportions of which may increase ; and that, while our armies and navies are exalting the honour of the country abroad, and:winning for themselves heroic fame, their fellow-countrymen at home have caught much of their ardour while admiring their deeds, and have received an impulse that, in the nature of things, cannot but be dangerous to op preission. Sunday Trading, Beer, and Maine-law Bills are not safe bills nowadays. In proof of this we have only to refer to the rumour that on Sunday a demonstration is to be made against the Clubs. Having succeeded in preventing the passing of the Sunday Trading Bill by the demon strations in the Park, a taste it would appear for demonstrations has been created, and these of an exceptionable kind. The first were justified by the urgency of the case, and had , the moral support of the most respectable classes of society. This is not the case with respect to that threatened. The Sunday Bill is with drawn, and we feel quite sure would be igno miniously kicked out if introduced another Session ; and the power of these demonstrations, it should be remembered, consists largely in their unfrequency. It is a different thing, too, masses of people meeting in a Park—where there need be no collision—to demonstrate their dislike to a proposed measure, and meeting in a narrow street, with real danger of collision, to repeal an existing law. Nor should it be forgotten that the Sun day visiting members of clubs are, generally speaking, about the last men in the world to look among for earnest advocates of Sunday re strictions. We sincerely trust the threatened demonstration will not take place, and that less exceptionable and quite as effectual means will be adopted to secure the repeal of the obnoxious Beer Bill. The petitions of the masses on this subject, we are bold to say, will now have a weight they had not before, while the most likely effect of repeated demonstrations is the very oppo , site to that desired. A great victory has been won, and we should be sorry to see it abused. If itds, however, the blame will not be ours—i t wil l, mainly rest wit%i the aristocratic member for ;%.11041esex and the Sabbatarians, who in their folly set , ,in vf mo tio u n u an iet u t n h m e a m n . ageable machine, and on Mini s t ers ,_ . gigantic e feeiolnsudrprised at the extraordinary We cann eocois t — --- - s r a r n i : e l t i l i r d ignation,naturally by the late banking failure, sensation frauds attributed felt to the partners. s pt : 11 :: tel n i c tl e 3ra s w i ,s occasionedw h materially by seems tbbe ex traord . enhanced by y nd th er e t p h a e rt c i i a r l cL i im mi eviathan . pressly framed] ioffneanrydesrtas,te by afford protection to 1 loophole b p o whichns i bil theiri t t y t 00 , s wriggle i n an easy g out of their criminal r y es and to evade the penal conseuence s o f serious offences. It would b e perfectly just that the parties should not be compell e d to criminate themselves, that they should' not be c onv i cted by means of information wrung from then_ se lves —by an examination in bankruptcy, Bu t why immunity should be supp li ed —that the offenders should not be liable to be convicted on any evidence whatever if they should, before indictment, have disclosed the act . in any examination or deposition before any 'nunissioner of bankrupts," is, indeed, a problem ' 4 which it would be difficult to discover the solu tion, being h. It i s quite clear that the enactment, which, limit penal 'must be strictly interpreted, does not the ' • '"""Atter to compulsory depositions The examinations or . word is used in reference to legal or equitable deSignedly owbie proceedings, but it is apparently ate(' i and we h ave n that relating to bankru p tcy, no Lee.",ati i delinquent s must be on n saying that th e charge of embezzle acquitted o n the criminal Men% and that the only Ben- i tence they will have to fear is that of the Com missioner in Bankruptcy. But while deploring these aide-spread evils we must not suffer ourselves to be led beyond legiti mate bounds, or be induced to put undue re strictions on credit, in the hope of preventing the repetition of such frauds. It has been truly said that " bad cases make bad precedents," and far greater mischief might be created by too stringent laws on such points. It is unnecessary to say how completely the prosperity of a banker must depend on his untainted credit. Even the most solvent man may require large advances at a par ticular moment, the nature and necessity whereof he might be very unwilling to disclose. Any delay or undue inquiries might occasion his ruin, and it is one of the chief advantages of an unblemished reputation that the party can obtain the assis. lance he needs on the faith of his previous character. A banker may surely have securities of his own w'aich he might lawfully hypothecate, or he might have made advances on those of his customers, and been therefore entitled to use them to the same extent. It does not follow that th© most prudent dealer in money should neces sarily scent out fraud in a transaction entered into with a man who held the position lnd character of Sir JOHN DEAN PAUL in Feb ruary last. The parties who instituted offensive inquiries, under the circumstances, might aban don their business, for few would consent to deal with men who insulted them by presuming the most atrocious guilt in every transaction. In the above remarkswe do not wish to be taken as offering any opinion on the conduct of Messrs. OVEREND, GURNEY, SS Co., or other gentlemen who advanced large sums to Messrs. STRAHAN and Co. on the securities of their clients. Legal questions of considerable nicety may arise between the owners and the holders of these securities, and without the most full and complete information respecting the peculiar circumstances in each case we should not venture to pronounce a de cided opinion. We should, however, decidedly impress on commercial men the propriety of doing nothing rashly or without full and mature consideration calling for restrictive enactments, the effect whereof may be very prejudicial to legitimate commercial operations, so that the remedies may be far worse than the disease they were intended to cure. There is no greater folly than in striving to shun one evil to suffer ourselves to be drawn into others of no less magnitude, and alike prejudicial to the lute res::s and reputation of a trading com munity. Let us then duly profit by the bitter but salutary lesson we have been taught by the misconduct of STRAHAN, PAUL, and BATES ; but not magnify the mischief by ill advised enactments that might prove more preju dicial to commerce than all the frauds committed by bankers since the LOMBARDS' business was first introduced into England. LORD RAGLAN. GENERAL ORDER. HORSE GUARDS, JULY 4, 1855. The General Commanding-in-Chief has received her Majesty's most gracious commands to express to the army the deep regret with which her Ma jesty has to deplore the loss of a most devoted and able officer, by the death of Field-Marshal Lord Raglan, the Commander of the Forces in the Crimea. Her Majesty has been pleased to command that her sentiments shall be communicated to the army, in order that the military career of so illustrious an officer shall be recorded, not only as an honourable testimony of her Majesty's sense of nis eminent services, and the respect duo to his memory, bat as an example worthy of imitation by all ranks of her army. Selected by the Duke of Wellington to be his Military Secretary and Aide-de-camp, he took part, nearly 50 years ago, in all the military achievements of our greatest Commander. From him Lord Raglan adopted as the guiding prin ciple of his life a constant undeviating obedience to the call of duty. During a long peace, his life was most usefully employed in those unwearied attentions to the in terests and welfare of the army, shown by the kindness, the impartiality, and justice with which he transacted all his duties. When war broke out last year, he was selected by his Sovereign to take the command of the army proceeding to the East : he never hesitated, he obeyed the summons, although he had reached an age when an officer may be disposed to retire from active duties in the field. At the. head of the troops during the arduous operations of the campaign, he resumed the early habits of his life ; by his calmness in the hottest moments of battle, and by his quick perception in taking advantage of the ground, or the movements of the enemy, he won the confidence of his army, and performed great and brilliant services. In the midst of a winter's campaign, in a severe climate, and surrounded by difficulties, he never despaired. The heroic army, whose fortitude amidst the severest privations is recognised by her Majesty as beyond all praise, have shown their attach ment to their Commander by the deep regrets with which they now mourn his loss. Her Majesty is confident that the talents and virtues which distinguished Lord Raglan through out the whole of his valuable life will for ever endear his memory to the British Army. By command of the Right Hon. General Vis count Hardinge, Commanding-in-Chief. G. A. WETHERALL, Adjutant-General. THE LATE MR. JAMES LOCH, M.P.—We regret be record the death of this widely-known and generally esteemed gentleman, at his residence in Albemarle-street, London, on Thursday last. He was the eldest son of George Loch, Esq., of Drylaw, in this county, by a sister of the Right Honourable William Adair, of Blair Adam, Lord Chief Commissioner of the Jury Court in Scotland. Born in 1780, he was called to the Scottish bar in 1801, and was soon afterwards admitted a mem ber of the English bar. He was, at one and the same time, auditor to the Duke of Sutherland, to the Earl of Carlisle, to Lord Francis Egerton (now Earl of Elles mere), and to the trust estates of the late Earl of Dud ley and the late Lord Keith.—Edinburgh, Courant. DEATH OF THE HON. CRAVEN FITZHABDINGE BEBE-- LET, M.P.—We regret to announce the death of the Hon. Craven F. Berkeley, M.P. for Cheltenham, intel lizence of whose demise, at Frankfort, reached town yesterday. The hon. deceased, who had been in indif ferent health for the last two months, at the recommen dation of his m e di ca l a d v i sers , proceeded to the German Spas little more than three weeks ago, to try the effects of the waters, but he was detained at Frankfort by ill ness, and died on Sunday last. The deceased was youngest son of the late Earl of Berkeley, after the mar riage of 1796, by Mary, daughter of Mr. William Cole. He was born in May,,1805, and married, 10th Sept., 1839, Augusta, widow of the late Hon. G. H. Taib(4, and rnotherof Lady Edward Fitzalan Howard. The hon. gentleman was formerly in the Ist Life Guards, and has represented Cheltenham in Parliament since the general election in 1832. A vacancy is occasioned in the House of Commons for that borough. DEATH OF Mn. JAMES SILK BIICKINGHAM.--This well known lecturer and writer died on Saturday, at his resi dence, Stanhope Lodge, Upper Avenue-road, after a severe and protracted illness. Not many months since the deceased commenced an " Autobiography," which B ea u p c ac ki i t t ral ie w aa promised to be exceedingly voluminous. The portion published anfficed to show that the career of the author had been singularly chequered and adventurous. Mr. th© world, and over the g efteiarwhai afterwards early ds b ee a d m a y e s c a o t n s p e e a c , t i e n d an i humbleth jour. tion with various philanthropicon schemreesa,t nalism in India, travelled returningand d to England, acquired some fame as a lecturer, 1 was elected M.P. fofSheaeLlT gw conspicuous by his connec sent that constituency untillB,37 which were looked u and continued to repre ermapnayrt of practicable. in 1832 he t h h il e e in Parliamentmov emovement, he was active in promoting the temperanceeiudfcal evidencencommitteee instrume ntal the w e. i k n n o o w b obtaining n respe c a t ! and whose w instance s t jug intoxicating liquors was collected. with the British and Foreign Institute, and the ridicule with which many of his proceedings were visited by i Punch, will not be forgotten. Lately, si nce hi s name was placed on the pension list, Mr. Buckingham has rice t tken an active part in public life. As a lecturer, he possessed many advantages, his voice and manner being extremely well suited for oratorical display. He was also fluent an d atimated, and gifted with a lively imagination. lle died in his 69th year. LATEST NEWS. PARIS, THURSDAY, JULY 5, 8 A. r. The Moniteur announces that General Pelissier has addressed the following despatch to the Minis ter of War : " CRIMEA, JULY 3, 4 P.M. " The last duties have just been paid to Lord Raglan by the two armies with all the pomp which circumstances permitted. "Our works progress satisfactorily. " The health of the troops has improved." CONSTANTINOPLE, JUNE 25. An attack on Eupatoria is expected. Thirty thousand Russian infantry have joined the large cavalry force. HAMBURG, JULY 3. A letter from Copenhagen, dated yesterday, states that three French gun-boats, and an Eng lish corvette and two gun-boats, had just arrived in that port. VIENNA, 3. Intelligence has been received here from the Crimea to the 29th. The Allied armies have re ceived fresh reinforcements. M. de Thouvenel has left for Trieste, on his way to Constantinople. MADRID, 3. The Carlist band of Maladaperas has been dis persed, and its chief arrested. The majority in the Cortes appear disposed to first vote the volun tary loan, and afterward, bat only in case of need, the forced one. TURKEY. CONSTANTINOPLE, June 25.—We are still, unfor tunately, without any news of a decisive character from the Crimea. Yesterday, about 9 a.m., the Grand Vizier, Ali Pacha, arrived here (via Varna), from Vienna, and repaired directly from the steamer to the Imperial Palace, where he met with a most gracious reception and hearty welcome from his young Sovereign. Later in the day the Prime Minister, escorted by the Sheik-Islam and the Chief Chamberlain of the Im perial Palace, proceeded to the Porte, where the ministers and all the great functionaries of state were in attendance. Fauad Pasha, Minister of Fo reign Affairs, read aloud in the great council cham ber the Imperial Hat of investiture, and Ali Paella received the warm and heartfelt congratulations of all the assembly on his elevation to the highest dignity under the crown. He is, it is generally . admitted, in many respects ono of the most re markable men in the Sultan's administration ; and having been for twenty-five years in constant and active service at the Palace, is necessarily well versed in all relating to tho foreign relations of Turkey with European states. Reschid Pacha and Mehemet Ali Riche, are still in retirement ; and the latter is on the very best terms with the new Primo Minister. There is, however, an almost insurmountable obstacle to his return to power at the present moment, and a pro mise to that effect has been given to some one by the Sultan, it is rumoured, although necessarily disposed to favour him, were it only for the sake of his wife, the Princes 4 Aclile. Colonel Cannon (Baron Pacha) is still at Constantinople at this most critical conjuncture. THE PRINCIPALITIES. We extract the following from a latter, dated Bucharest, June 20 : . _ " The exploits of the Austrians in the Principa lities are so many, so various, and follow each other so very rapidly, that to describe all their exactions, and every act of excess which they com mit, would nearly fill The Sun. Notwithstanding the terror which reigns here, some of their high handed acts have so roused public opinion that, to appease it, Count Coronini was obliged to order an investigation. The commission of inquiry reports that it appeared upon examination that all the persons who were assassinated were afflicted with a mortal malady; and that the deaths which they met with, though violent, had only saved them from long agony. As a matter of course, there fore, the assassins, if they have not been re warded, have, at any rate, not been punished. As to their exactions, we may appreciate their extent when we find that they have gone so far as to address a note to the local Government to require it to repair a cask. I should not have believed this, had I not seen with my own eyes this curious Austrian document in the office of the Minister of the Interior. If they take so much care to call upon the country to do the pet tiest things for them, they are equally careful to pay nothing. With the exception of bread and meat—which, however, they manage to getadj udged to them at a very small price—everything is fur nished to them gratuitously. By the occupation, therefore, of the Principalities, Austria, besides serving her interest, as she thinks, by covering the Russians on the side'of the Pruth , and permitting them to concentrate themselves in the Crimea— finds the means of almost entirely saving her trea sury the expense of keeping up an army of 80,000. Perhaps we shall soon draw our breath a little more freely ; for, with the exception of two re giments, all the Austrians are quitting the city, with the well-understood intention of returning. Every day one or two battalions leave. They are to be concentrated at Slobozia and Campina. They account for this removal on sanitary grounds, but the principal and true reason is that Slobozia and Campina are on the road to Bessarabia, and only some hours distant from the frontier of Austria. By taking up this new position, they hope to make either the Allies or the Russians believe—according to circumstances—that they are always prepared to come to their relief. The state of siege is now to be extended to ani mals. This may appear like a joke, but it is plain fact. Count Coronini by an official note has ordered the Prince to take the most severe mea sures in reference to dogs, which, says he, endanger the lives of the brave soldiers of his apostolic Ma jesty by their ferocious attacks. Prince Stirbey has eagerly seized this fresh op portunity to show his profound gratitude to his benefactors, and has ordered the prefects not to shrink from any means of meeting the wishes of the Austrian general. The export trade begins to show a little anima tion. The price of wheat has also experienced a sensible rise. It is now from 160 to 165 piastres inland per kilo., and from 190 to 196 in the ports of Braila and Galatz. Already 25,000 kilos. of wheat have been exported, and there are 15,000 others in course of embarkation. The harvest this year is magnificent. FRANCE. PARTS, WEDNESDAY EVENING. The Senate assembled to-day under the presi dency of M. Troplong. Count Walewski, the only newly-appointed senator, was received in due form, and took his seat. The Senate afterwards pro ceeded to organise its bureau. The Aloniteur publishes two decrees—one ex tending to 31st Dec. next the permission previously granted until the 31st inst. to foreign vessels to carry corn, flour, rice, potatoes, and dry vegetables between France and Algeria ; and the other extend ing the interdiction to 31st Dec. next against the export of wheat and barley from Algeria to foreign countries. We read in the Constitutionnel :—" The decree which orders the creation of two squadrons in each of the four regiments of African Chasseurs is, we are assured, signed. These four fine regiments will, therefore, be eight squadrons strong, four of which from each regiment are now in the Crimea." A letter from before Sebastopol of the 23d, in the Semaphore of Marseilles, says : " An important movement has taken place lately in the army. General Bosquet, who, on the orders of General Pelissier, had gone on the 16th, two days before the great attack, to take the command of the troops en camped on the Tchernaya, received on the 21st notice to again ascend to the high ground, where he is once more charged with the important attacks on the right. Omer Pacha and the Sardinian army who bad advanced in the direction of Ain—TAdor, in going up the valley of the Chouliou, to the north of the Tchernaya,have fallen back likewise ' • the Turks are to occupy Baidar, and General de La Marmora will, with his troops, unite, by Tchor goun ; their left to the right of the French divisions en camped on the left bank of the Tchernaya, two leagues in advance of Balaklava. In the affair of the 18th the Russians were certainly in line at least half an hour be fore our men moved. It is strange how indistinct an idea you seem to have at Paris of the localities here. In the Debuts brought out by the last mail, the White Works are confounded with the Mamelon Vert, whereas in reality the former are situated on the right crest of the ravine and of Careening Bay ; whilst the Mamelon Vert, on the contrary, is on the left, but at a considerable dis tance, and the ravine of the Karabelnaia runs round at its foot by the left, extending into the interior of the town, by Passing between the work called the Great ItTa rcral Baao : ruil d wusi de a nedwe a re.tht a irttoAull i ee d dnaßw t o h oeurcr e ,rbt different advanced works of the Malak h off Colonel Redoubt, o r ikfuor e i enlo f il me d t dß h ot e e hLide d novi a nibl y taboh: a ema s inuo n dirf o i w rstheph:: cfchangedottuwifrymoetlheyrbe. brave ahh artillery, e n er g a n ae m e vnr of the White Works and Mamelon Vert, the latter being were buried on the 20th, in presence of a great concourse of officers. General Lafont de Villiers spoke in very affecting language of the services of the former, and General Thiry paid a similar tribute to the latter. In spite of the heat, the sanitary state of the army is satis factory, and very little cholera prevails." We read in the Pays :--- "The Austrian Government has discussed the ques tion with Prussia as to whether the Confederation can he made to support a part of expenses of the occupation of the Principalities. >Jat before making a proposition to that effect in the Diet, it will be necessary to decide whether Austria is to consent to the demand which the Porte may make to her to evacuate the Princi palities. Tile occupation of the provinces, in the name of the Confederation, would have the character of an arbitral operation, and Austria attaches great import. ance to a position of that kind. To attain this object Austria, must persuade Prussia to oblige herself, in con cert with the Confederation, to maintain the four points ef guarantee, and to do so as a consequence of the treaty of April. For the same reason, the placiag on a war footing of the German contingents must be maintained. These two points form the basis of the last overtures made to the Cabinet of Berlin. Moreover, a declara tion was made some time back to the Cabinets of St. Petersburg, Paris, and London, that the Austrian troops will remain in the Principalities to the end of the war. The Cabinet of St. Petersburg appears to have received this declaration favourably, since it has 'given to Austria explanations as to its reasons for collecting troops in Pol:aid. At Pans and London the question has been regarded from another point of view, and the negotiations opened with Prussia have been re presented to be illusory, inasmuch as Count Buol cannot be ignorant that Prussia will not contract any obliga tions cf the kind. It is affirmed, besides, that the Prus sian despatch of the 17th frankly declares that Prussia can only give her consent to the first two points of the propositions of Count Buol." BOURSE, JULY 4.—CLOSING PRICES!. Cash. fr. e. End of Month. 4; per Cents 92 80 —f. —c. :3 per Cents 66 15 66 35 Credit Mobilier 9-15 Roman Credit Fonder — Austrian BAgian Fives ..... ... Spanish Threes — Piedmontese B6 50 Home Debt. RAI LWA Y a-FOR CASH. fr. c. fr. c. Orleans Western 757 50 Rouen - CGtte 660 Strasburg ... B9O Mediterranean l2lO Havre 640 Northern AUSTRIA. " The total effective of the Austrian army on the Ist January of this year was," says a letter from Vienna of the 30th ult., " according to official re turns 553,902 men, 77,540 horses, and 1,148 guns." A Vienna letter of the 30th ult. says :—" M. de Bruck, on the demand of the Emperor, has made a report on the savings which may be made in the budget. It is said that he is drawing up a very ex tensive financial plan. Count Fiquelmont, who has been residing at Vienna for some time past, will shortly proceed to Karlsbad, where a sort of petty congress of diplomatists and cfficers of the Russian .party is to be held." A letter from Vienna of the 30th ult., in the German Journal of Frankfort, says—" The last letters from the Crimea speak of the probability of an expedition of the fleets against Odessa—an im portant squadron was, in fact, already preparing to quit the allied fleets before Sebastopol, and troops estimated at 30,000 men had embarked in it. The besieging army had not, however, been inconve nienced by their departure, as it had received re inforcements. According to the statement of deserters, the losses of the Russians in the affair of the 18th were enormous, and the garrison contem plated a renewal of the attack with terror." DENM A_RK. The Hamburg Correspondent contains a despatch from Copenhagen announcing that the Assembly of Notables of the Danish Mcnarchy met on the 29th ult. in that capital, to deliberate on the new Constitution which had been submitted to them, and which is to replace the general Constitution published on the 2Gth July, 1834, but abrogated on the accession of the present Ministry. The fol lowinc, are the provisions of this Constitution : "The Ministers are responsible ; all modifications in the budget are authorised every two years ; the President is named by the King ; the Chamber can not take the initiative in any measure ; the Chambers will he convoked every two years, and during that period they can only be dissolved twice ; any dispute between the provincial assembly and the Council of State will be decided by the King in the secret council. The Coun cil of State is to be formed according to the decree of the 26th July with the addition of 30 members, of whom Denmark elects 17 ; Schleswig 8, and Holstein 5. Any man who hag attained the age of 25, and who has an income of 1,200 crowns a year, or who pays 200 crowns a year in taxes, may be elected. The King has named Count Moltke, president, and Baron Brockdorff, vice-president of the Assembly of Notables." THE TURKISH ARMY IN THE CRIMEA. TURKISH CAMP AT KOUTSKA, JUNE is. While the bombardment has been raging with all its fury towards Sebastopol, and white, perhaps, the fate of the Malakheff Tower and the Redan has been decided, the Turkish and Sardinian troops have passed the Tcher naya and have advanced through the mountains on one of the by-roads i❑ the direction of Bakshi-Serai. If you look at the map, you will see that the village of Koutska is situated a little less than half-way between Balaklava and Bakshi-Serai, at the top of a gorge formed by one of the feeders of the Tchernaya, called I_Tpu, which gives its name to the village in the middle of the gorge." Two days before the reopening of the bombardment the Turkish troops had received the order to be in rea'li ness to march at a moment's, notice. The day before yesterday this order was specified. The troops were to take several days' provisions, each battalion to have six tents, and all were to start at 3 o'clock next morning. At the time mentioned the troops were in motion, and proceeded from the heights on which they were en camped—the same on which the Turkish redoubts taken by the Russians in the Battle of Balaklava are situated —towards the village of Karrara. The camp of the Piedmontese, through which the troops had to pass, was already alive, and the Sardinian troops destined to take the left wing were under arms and under way. The Tchernaya, which in winter is an impetuous moun tain stream inundating the whole flat country on both sides, is now an insignificant rivulet, which may be passed nearly everywhere, so that at this time it can scarcely be said to form a line of demarcation, and it is only the hills on both sides which are of importance in a military point of view. The object of the movement of the Turkish and Sardi nian 'wanes seems to have been to make a div.-rsion on this side while the assault was being made against the Malakhoff works and the Redan, and thus to draw off the attention of the enemy from the town of Sebastopol. It was just about sunrise when the troops began crossing over the Tchernaya on two points. The Sar dinians, who formed the left, took the road to Upper Tchourgoun, while the Turks passed over to that part of Tchourgoun which the maps call Karlovka, but which the Tartars call Lower Tchorgoun. After having crossed the aqueduct and the river immediately beyond it, the Sardinian troops formed on the high ground which separates the low basin of Tchourgoun from the plain beyond. The Turks, who formed the right, went up as high as Kamera, and then, skirting awhile the Woronzow-eoad, they turned off to the left and followed a crossroad which leads along the side of the mamelon in front down the river. From this road, before it begins to descend, you get an exci.llent view of the whole surrounding country. On one of these plateaus, which rises immediately behind Lower Tehorgoun, the rising sun discovered some glit tering bayonets in the thick brushwood. This was the only trace of the enemy. Omer Pasha, who had come up to this place nearly at the same time with the first detachment of Chasseurs, sent down for a battery, which was placed behind some intrenchments which the Sar dinian Sappers were just constructing. At the same time the Chasseurs received the order t go down and cross the river. While they were descending a few shots were fired by the Russians hidden in the brushwood at the edge of the plateau. They were, however, too far off to do any harm. Some shells from the Turkish guns placed on the height were sant over as an answer. The Chasseurs were soon after followed by the rest of the infantry, which gradually wound round the narrow road. As usual, notwithstanding the manifest useless -noes, the-Russians continued still to fire upon them. When the first two brigades had arrived in the basin below and formed, Omer Pasha himself went down and gave the necessary orders. In the meantime a body of Sardinian troops had climbed up the plateau nearest to the valley of the Tchernaya, not far from the battery constructed by the Russians, to guard the road leading up from the valley to Mackenzie's Farm ; but, no sign of the enemy being discovered, they descended again, leaving a small body to protect the rear of the advancing troops. While the Sardinians proceeded in the valley of the TchouliOU the Turks crossed over the numerous small branches of the Tchernaya, the Tchouliou, and of the small stream falling into the Tchernaya from the south, a little above, the Tchouliou, and reached Lower Tchor goun. Here they divided into two columns, one of which, with the Chasseurs at its head, scaled in the most gallant style the plateau occupied by the Russians, while the other began to ascend the mountain road skirting the Tchernaya and leading up to Aitodor. The resistance opposed by the Russians was of the most trifling nature. They were at the edge of the plateau when the Turks began to ascend, and sent a few random shots among them without wounding any one ; but, as soon as they saw that this did not impede the Turkish troops from advancing, they fell back and formed a little higher up. In proportion, however, as the Turks approached they retired, forming once more on the -highest crest, and then disappearing. One of the meadows close to the roadside on the op posite side of the stream bad been chosen by the Rus sians to fire some shells from their guns on the approach ing Turks. But they did not stand, and retiredas to so t r as they saw the Turks descendi n g to g o over f other side of the stream ; and th e little hamlet o Koutska, lying close to the river side, was taken pos session of without any resistance. Whoever saw the Turkish troops (Albanians) mount ing and descending the steep plateau must have come to the conclusion that Turkey possesses in them A material for light troops, or rather riflemen, such as no country can boast of. Tn the village of Koutska, all the inhabitant Tartars had remained, arid saluted the Turkish troops as their deliverers. No Turkish troops were encamped in the village ; they were not even allowed to go do down singly to fetch Water, in order to prevent exactions. The troops took up the heights immediately above loutska for the night. This morning about daybreak the Turkish troops stlrted again from their encampments. The Piedmon tese troops were on a parallel line with the Turkish troops on the next plateau to the left, but they did not move to-day. On the left-hand side, looking up the gorge of Upu, a terrace like plateau runs all along to the village of Uzurnbash, dividing the heights from the river bed. Although according to the account of the Tartars the Russians had retired towards the Tchouliou, it was thought prudent to march through the woods on the height befere venturing to the village of 17zuintr.sh. Accordingly, the troops left the plateau and entered the woods above, while the cavalry gut the order to occupy the village of Upu, situated about half-way up the gorge. The troops under Ali Pasha passed through the wood on the height without meeting the enemy. Omer Pasha himself and staff went on the heights overlooking the Tchouliou river and the opposite heights of Aitodor. The pass of Aitodor seems to be the pusition which the Russians are determined to keep ; there are fi,ll pieces and infantry there. It is a very important point, for it forms the key to Bakshi-Serai. Besides the road on which the Turks advanced, the road of the valley of Tchouliou leads likewise through the defile of Aitodor. Having inspected the positi,n, Omer Palm himself, as well as the troops, returned to the camping place of yesterday. TCHORGOUN, JUNE 20. This morning some troops of the 10th flu-sirs went down to encamp and act together with the Sardinians. They have pitched their tents in a beautiful open spot, covered with large trees and situated about one and a-half mile from Tehourgoun. The Sardinians, as well as the Turks, keep the same positions as yesterday ; but Omer Pasha, with his staff, has returned to Tchorgoun. MASKOMIA, JUNE 22. To-day the 'Turks made another military promenade in the direction of Baidar. Yesterday Omar PaAa drove over in his carriage-and-four to Lord Raglan's head quarters, and in the afternoon the troops got the order to be ready to march. The artillery came hack from the front and remained for the night on the heights above Tchorgoun. The reserve ammunition was likwise corn• ing back in a long line during the early part of the night, and this morning at daybreak the infantry was seen descending from the plateau behind Tchorgoun, and crossing the tiver to ascend again on tile cross-road leading to the Woronzow-read. The avante-garde was pushed forward to the villa of Count Pirawsky, which overlooks the valley of Baidar. The villa had been evidently occupied by our gallant allies, as the inscriptions, "Viva Ia France, Is premier pays du globe, et aussi l'A.ngleterre," " Vine le 6,3 de Dragoons, Viva le 20e de Ligne," &c., as well as pic torial representations of gallant dragoons, snuff taking intendants, &c., clearly show. Except these additional ornaments and a few broken rails, nothing has been done to the building, and with a little imagination cue can fancy this Ultirna Thule of European civilisation towards the East as one,of the last, so also one of the loveliest country seats. THE BALTIC BLOCKADE. EmEL, June 29.—The blockade of the Baltic is this year a reality, so far as strictly enforcing it on the Rus sian coast can make it so. That it is not complete is not the fault of our cruisers, which, while keeping guArd at the front door of the enemy, cannot prevent him from carrying on a pretty extensive business through the side entrance that opens on his neighbour's premises. All that our fleet can do in this respect is beim:, , done well. Along the coast of Courland, in the Gulf of Finland, and in the Gulf of Bothnia the direct commerce of Russia is de stroyed. Since the war steamers fairly took up their stations nothing has escaped them, and the supplies which Russia last year continued to draw from S Neden, nod even Denmark, have been cot off. Then but little notice was taken of the smaller ves , .els that during the zumrner ca,n easily cross fr,un the Swedish coast ; and, in ordinary times, the trade usua'ly carried on by them might be of little importance. But commerce is fertile of expe dients ; being driven from the use of ships, it took to its boats, and a large commercial flotilla had been created by which a tra,tfic was successfully maiWained, a few small cargoes soon mounting up to a large ole. If there was to be a blockade at all, therefore, it was necessary to stlp these small coasting craft, however insignificant they appeared ; so the meshes of the net were drawn closer, and the sea is now swept clear of everything with merchandise on hoard, or enable of carrying it. - The Coin.land station begins at the Russian frontier, a little to the north of Memel, and terminates at the Filsand Light, off the island of Oseel, at the ei - trance of the Gulf of Riga ; the shore of the gulf itself is also included in it. It was at the mouth of the Duna, below Riga, that the first and most importnit capture of Russian ships was made this 3 ear—at the beeinning of the blockade. Between the lieaite of this station, four steamers—the Archer,' the Basilisk, the Conflict, and the Desperate—keep watch and ward. The few points of interest to a landsman in a run np and down the coast may be given in a brief description. Having had the opportunity of making it, we will begin, like the opening scene of The Tempest, "On a Ship, at Sea," off Polangen, the first Russian town past the fron tier. For the greater part of a bright summer day we have a good view of the Russian coast ; it is level and seedy, but tolerably well wooded. Beyond Polangen the lend rises into the slight elevations called the Sevi n Hills—hills have a tendency everywhere to run in sevens —and then resumes its generally level outline. The low sand cliffs, or rather sandbanks, are topped by cultivated fields and green pastures, with red-roofed houses— farms apparently scattered at long intervals. The few villages in the district lie back from the shore, and there are only two towns of any importance on the whole line of coast, Libau and Windau. The harbour of the first named place has been visited by the boats of the Archer in search of Russian vessels, under an engagement with the civil authorities thatthe town should not be molested unless the boats were fired on. A strong force of infan try, it is understood, is now stationed in and around the place, probably in consequence of this visit. Going close in to Sackenbaum, a few cavalry can be seen, keeping a discreet distance from the shore. On a former occasion a detachment came down to the edge of the cliff, shaking their lances, and galloping about in a flourishing and defiant manner; a shell being fired over them, they disappeared island with "some degree of swiftness," and have since been less rash in their approaches. But they are still vigilant, and it is evident the movements of our cruisers are at all times closely observed. As we proceed up the coast columns of smoke rise slowly into the air, as signals either to some military station in the interior, or to the places further north. On the sea not a sail is visible ; in vain the glass sweeps the horizon ; to all appearance we have the Baitic to ourselves. Only once, just after leaving Memel, a ship was seen that drew a little attention by being suspiciously out of her course if she meant to enter that port. She was a Norwegian, trying perhaps to make for the Russian coastnotwithetanding ouraugustpresence, so we altered our course a little also, quietly turning, as it were, one eye upon her ; but she had her eyes open too, for the .movement was marked, and seemingly under stood ; her sails shook for a moment in the wind, and her head now pointed direct to the Prussian harbour. No—there is nothing to be done ; she is going to Memel ; and a constant grief and vexation tho-e neutral port , are—mere loopholes of escape for what, in nine cases out of ten, are enemy's goods and lawful pr'zee. From Lyserart to the Filsand light we lose the land ; it is between these two points most of the small vessels taken this year have been captured, in trying to run into the Gulf of Riga. With the crews of these boats some curious scenes have , occurred ; most of the lower class of Russians have a rooted belief that our prison ers are instantly banged, or sent to England and disposed of in some dreadful manner. Many of them are taken on board in a state of excessive terror, others are stolid and indifferent. When they find they are well treated and well fed, and that our sailors, as they take Pleasure in doing, behave kindly to them, the revulsion of feeling is equally great, and they are most profuse in their display of gratitude ; they fall on their knees, stroke down the seams of the officers' trousers, kiss their hands, their. coatekirts, and their boots, thinking per haps a special exception from our general rule has been made in their favour. They are then willing to help in the work of the ship, "lend a hand" to the re,pes, and get on very well till they are lauded again on the soil of " orthodox and holy " Russia, with the chance of being shot down by their own countrymen as soon as they set foot on it. Off Lyserart we meet a sister ship of the squadron which had been more successful than ourselves ; she has sent a little fleet of boats down to Memel, and now has in tow a small Danish coaster, caught much too far from the Danish shore, the Gulf of Riga not leading in the direction of Copenhagen. The captain's papers are for the Danish territory only, and are, more over, backed by two separate warnings given him last year—one by a French, the other by an English com mander. It looks like a case of " pertinacity," and, with these fatal endorsements, it will probably go bard with our Danish friend and the Mario Margarita in the High Court of Admiralty. For part of the cruise he Was a fellow passenger, and be certainly told a grievous tale. lie was a ruined man with the best intentions. His only purpose was to sell his stores to the English fleet, but, unluckily, he had no proof of the fact. It is remarkable that all these vessels are taken on their way to the English fleet ; of the existence of Russian armies and high prices on the mainland they are perfectly ignorant. It may be imagined our officers'do not find this service a pleasant one ; it is necessary, and a duty, and it is done, but it is a very dim image of war indeed. There is nothing in it to com pensate the harassing disputes it involves, and the per sonal, onftsee. From such re often piteous supplications they the amount heyhavoto of listeii to and prize money is scarcely worth consideration, and the payment of that is so long delayed by the tedious legal process of condemnation and the subsequent official forms, that it is possible the present junior officers will be recei v i ng their shares when they are grey-headed men. There is a feeling of disappointment at the fleet hav ingdone so little—its achievements h ave certainly not been striking or brilliant ; but the er n ( s , e i r t v h i n ce et s le h rn ou y l , d s ennomtnlowerecealietuhlaats sued me importanceyhde amount s pe It should also be estimat e d b y w h at it compelsstoYhrim command. of the Baltic it w do and prevents him from doing, tart' power on the continent. The Had %,ussia the onhi ' full of the allied presence fleet in this sea is an immense strength diverson of her from the more act . t almost doublo her mill ive Bea Of war in the South. It corn pets the Russian Government to keep an army of 90,000 men in the provinces of the coast south of St. Petersburg, to maintain garrisons equal to an army - iin the capital and Cronstadt, and a third large military force in Finland. These masses of then cannot be drawn upon for reinforcements to any other quarter. This is the great result gained by the allied naval forces. It has not done what it was more especially expected to do, because too much of our " Armada " is too colossal for the work, too vast to operate in creeks and over shal lows. We are hunting, with mastiffs, a prey that can only be reached by weasles ; the relative proportions of gun-boats and line-of-battle ships are something similar. The best protection of the Russian forts are the shal lows that keep our grand floating castles at a harmless distance. Let any one sit down and study a chart - of these seas, with their many islands, banks, and shoals, and the multituda of cautious soundings that must be observed by ships of ordinary burden, and he will cer tainly rise with an impression that tln, Baltic is scarcely large enough for such leviathans as the Duke of Wel. lington. LITERATURE. The Theory and Practice of Banking. By Henry • Dunning Macleod, _ Esq. Longman, Brown, Green, and Long,mans. - In a country like ours, which has risen to an un- - paralleled height in the scaie of nations, and which, if it fell to-morrow, would leave behind it monu ments of its existence and beneficent sway greater and more enduring than any history has recorded, it might reasonably enough be expected that the principles of that agency to whose operations its position and influence are mainly to be ascribed would long ago have been established beyond the reach of cavil. So far, however, from this being the case, it is Only comparatively of late years that the true principles, generally speaking, of political economy have been eliminated from the haze of ' prejudice which had so long obscured them, and been marshalled into the order of a science whose lessons even then it required much individual and collective effort, and a lapse of years, systematically to establish and have received with effect. To this result the Anti-Corn Lzw League largely contri buted ; and though that organisation passed aye's)" with the cause of its existence, there can be little question that not the least important result of its labours was the general reception of a safer and more satisfactory, because scientific, direction of commercial enterprise than before. The knowledge of one branch of political economy, however, the monetary system in general and the banking part of it in particular, has not advanced part pass e with others. Though the subject is one of general interest, and involves every one's wel fare, or, as we are told, because of these facts it has been so obscured by passion and prejudice that its true principles are still far from being generally understood. To this state of things the desire of many writers to popnlariso the science has largely contributed. In their endeavous to facilitate vul gar comprehension they hive fallen into the errors of being loose and inaccurate, not only omitting a ' strict definition of words they used in relation to the subject, but also employing them in different senses from the first and from one another. Under these circumstances Mr. Macleod, justly appreciat ing the importance of the subject, has not erred in ' thinking " there was room for a work which should endeavour to treat of it more as a science, and in a more methodical and systematic manner than has hitherto been done. Like every other science whatever," he remarks, " the monetary system has ideas and principles which are peculiar to itself, and if these could be as thoroughly and carefully investigated as is done in every other science, it would necessarily assist in removing some of the differences of opinion and contradictory views upon the subject. It is because such care has been taken in ascertaining and settling the elementary principles of the physical sciences that they are so well understood, and so few differences of opinion prevail about them ; and it is because such care and attention has never yet been bestowed upon settling the definitive and elementary principles of monetary science that it is still in so confused, controverted, and unsatisfactory a state." The truth and force of these remarks are self-evident, and tend to impress the reader with a favourable opinion cf a writer whose general aim is so definite and practical—an opinion, we will here add, which & careful perusal of the work will increase in the minds• of many to confidence and respect. Mr. Macleoa. evidently possesses a prehensile and logical mind —conscientiousness, and a knowledge of his subject and mode of dealing with it, which could only have been acquired by laborious application ; and with committing ourselves to a strict concurrence iffle his views, we can have no hesitation in predicating of his work, judging by what has appeared, that it will prove a very valuable contribution to the supply of a most important desideratum. In pursuance of his object, and in perfect bar' molly with the views previously quoted, the author first examines the general principles on which monetary science is based, and the fundamenta l ideas involved in it; considering it simply as,,, science ; and, these being established, proceeds f e ,„.° - trace their gradual adoption and developmos„t practice. The first chapter is devoted to se ttle the definitions of the different expressions an technical words, peculiar to monetary science ; in order to secure grea ter accurac y and preci sion, the circumstances under which each tech nical expression —including the fundamental one, the Currency—originated, and the wai3ts it supplied are briefly and lucidly narrated. 1 3 the following we have what the author conceives to be the most perfect idea of a currency : " The use of a currency being to record an d transfer debts, if we could imagine a great Public Book; kept by the national authority, in which, every one w ag entitled to record his services, which should be valmed at a certain amount in figures, it would present the twist perfect idea of a currency. For any one who bad credit' in that book might require the services of another person, and give an order to the national book-keeper to transfer the figures denoting their amount from his own to ,biLg creditor's column. The book itself would be the record . of the evidence of the debts, the total amount of the futures at the credit of each person would be the total amount of the currency in the country, and the tranlife rence of the figures from one column to another would be the transference of the debt, and would denote an opera' tion, just as the transference of money from one person to another, and the amount of these transferences would he the circulation." The idea being established, the author proceeds to consider the different kinds of currency, and what is and is not currency, and to settle other defini tions. The reader, however, may wish to knot what Mr. Macleod includes in the term currency :---' " The amount of the currency in any country ig the aggregate amount of it belonging to every individual• Now, whatever represents the amount of debt due to auf individual, overand above his possessions in commoditie Fp in whatever form that debt be recorded, whether met:l l or paper, or whether it exists simply as a debt, is 6l►e amount of currency belonging to him. Whatever there• fore confers the power of demanding services or cornrow dities, or professes to confer the power of demanding them, is the currency or circulating medium of any single person : and includes not only the current coin of the realm, but all its substitutes of every description, ana whatever else represents or displaces it. Adopting this definition, we may enumerate the different species of it a s fdlowW:-1. Coined money : gold, silver, and copper; 2. Bills of Exchange, including cheques ; 3. Promissory Notes, including Bank Notes ; 4. The sum standing at his credit in his Banker's books ; 5. Private debts due to him." Subsequently the opinion that a private debt is to be considered as currency is maintained and de fended. The Theory of Prices, involving the much' vexed question of the action of the issues of banice , upon prices, is next considered, and, to facilitate comprehension, the causes which produced a change of prices is carefully investigated, a few extreme cases being taken—the causes which influence prices in such particular instances being analysed, with the following result : " Price varies directly as the intensity of the ser vice rendered, and inversely as the power of the buyer over the seller, which may be thrown into an arithme tical form, thus— Price Intensity of service rendered. Power of buyer over seller. This expression properly interpreted will be found to be of universal application, and to c omprehend all transac tions of whatever nature they be, whether by wa y of wages, rent, or price." A number of examples and illustrations of this general formula are g iven, an d some principles of preceding writers, including Ricardo and Adam Smith, on the subject controverted. An accouo of the different substances used as currency by dif ferent nations, and the different changes in weight and fineness which the English currency has under' gone, follows ; and the nature of Interest, th e causes which gov ern i ts rate, an d th e p ec uliar method of Discount which bankers practise, the whole theory of Credit and of Exchanges, are nex t treated—the above six chapters in all embracia the whole theory of the subject. In the seventhchapter th e rise of Banking and the progress mad e in it by the nations of antiquity, its revival in the middle ages, and its rise and progress in Scotland' _ with an account of the existing sy s t em in 00 country, are narrated ; the eighth and con cluding chapter of the first volume tracing the rise a n ', progress of Banking in England. In a secon d volume the subject, we are told, will be continued' The functions of a bank are thus described : A , 4 The functions of a Bank, th en , i n th e corninerc i ri body resemble those of the heart in the human body' - a tt ra cts to itself capital, th e lif e bl oo d o f commerce , fror a every direction, in the mi nu t es t r ill s , an d h av i n g a ccai mutated it in a great reservoir, propels it through as the arteries and channels of commerce, vivifying a n ,. nourishing it, a n d sprea di ng v i gour and health t hroug' the whole commercial body." 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