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

ROYAL OPERA, DRURY-I ANE. Lessee, Mr. E. T. Smith. For the BENEFIT of Mr. E. T. SMITH, THIS EVENING, Will be perormed LA DONNA. DEL LAGO. Characters by Signor Flavios and Armandi, Mr. 11. Brawn, Miss F. Iluddart, and Lacy Escott. To be followed by the New Ballet MIRA.NDA. Prices of admission :—To the two galleries. 6d.; second circle of boxes arid pit, Is.; dress circle, 2s. 6d. ; sta Is, 45.; private boxes to admit two persons, las. 6d.; four persons, one guinea. Box-office open from 10 to 6 daily. TLICATEE ROYAL HAYMARKET. 17nder the management of Mr. Blackstone. THIS EVENING. Will be performed THE BUSY BODY. Marplot, Mr. Buck stone ; Miranda. Miss Reynolds. To be followed by a Ballet. After which, BUCKSTONE'S ADVENTURT'S WITH A. POLISH rraNcEs . i. Followed by THE GALICIAN FETE. To conclude with THE SLEEPLYG DRAUGHT. • ROYAL PRINCESS'S THEATRE, OXFORD -STREET. Under the Management of Mr. CUA KrAN. THI3 EVENING , WM be performed AWAY WITH MELANCHOLY. To conclude with KING HENRY THE EIGHTH. Queen Ka• riarine, Mil. C. Kean; Cardinal Wolsey, Mr. C. Kean. THEATRE ROYAL ADELPHL Proprietor, Mr. B. Webeter.—Directreas, Mc' arna Celeste. Tars EVENING , win be performed FOREIGN AFFAIRS ; or, The Court of Queen Anne. Followed by HELPING HAN D. Characters adame by Messrs. B. Webster, Keeley , L. Murray, C. Seny, &c. ; M Celeste, Mrs. Keeley, &C. To conclude with THE CAMP AT CHOBIIAM. ROYAL OLYMPIC THEATRE. Lessee and Manager, Mr. A. Wigan; THIS EVENING, Will be performed PERFECT CONFIDENCE. Characters by Messrs. F. R0b3)11 and G. Vining; Miss Marston and Miss Bromley b To be followed by STILL WATEBS RUN DEEP. Characters mgsrs. A. Wigan, Emery, G. Vining, Danvers, Miss Maskell, and Mrs. Sleliort. To conclude wit' POO2 PILLICODDY. ROYAL STRAND THEATRE. Under the direction of Miss Rebecca Isaacs. THIS EVENING, Will be presented T lIE HONEST LAWYER. Followed by ' riv As I. After which, CHERRY AND FAIR STAR. Principal character by Miss Rebecca Isaacs. To conclude with I'VE E ATEN MY FRIEND. ASTLEY'S ROYAL AMPHITHEATRE. Lessee and Manager, Mr. Wm. Cooke. THIS EVENING, The highly succestful Spectacle called, ENGLAND and FRANCE in the DAYS of CHIVALRY ; or. the Brothers in Arms, with at the " pomp and circumstance" of knightly valour ; the array of kings and courtly dames, and the phenomena attendant upon a matchless Stud of Horses. To conclu4e with the SCENES in the CIRCLE, by Equestrions o. acknowledged merit. Box,n - itee open from Eleven till Four. Stage Manager, Mr. W. Wets'. Acting Manager, Mr. W. H. Cooke, Equestrian Director, Mr. W. Cooke, jun. HIGH WATFR AT LONDON rETT)Gr: TITS DAY —Mornin,7 51 mim.atcr 5 f EveninglB min. aft. f . I'o- rox car - Morning 45 .nin.after 6 j Evening. 10min. art. 7 WEATHEIL—STIN 01 , 1101, July 5. TIIZSMOMETER, IN iTTEI SNADZ. 73 -highest since noon yesterday. st—lowest this morning and during the night. 74 -this day, at noon. BARcatimin, 30.15, WirM. — Nowhere ; if any, 3. to N.W. Fine, sunshiny, sultry weather. NOTICE TO THE PUBLIC. Henceforward an Unstamped, as well as a Stamped, Edition of The Sum will be issued. The price of this Journal will therefore be— Unstamped. Stamped Copies of The Sun, bearing the newspaper stamp, and folded so that the stamp shall he visible, will be transmissible and re-transmissible by post for fifteen days after the date of issue. Unstamped Copies may also be sent through the post by affixing a penny postage stamp. • t o, rtariir-T4 '37 LONDON, THURSDAY, JULY 5, 1855. We have now 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 commencement of hostilities was occasioned partly by misman agement, and partly by over-confidence from 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 of Commencing on the day of the intended assault with a heavy cannonade and bombard ment) and then making the attack while the e nemy were in confusion, and befort a : 7 o pportunity of repairing their damage as worded, the onslaught was made at the dawn of day, . we : when the Russians were fully prepared t( give th e war mest reception to the assailants, and when, acco r di ng had repaired to their invariable custom, they the injuri es sus t a i ne d th e preceding'day. It is said t himself t o be that L or d R AGLAN h a d su ff ere d persuaded by General PEI:ISMER to abandon the which had provedelspot course decided on, and s ignally successful on the 7th • instant in the re of the M ame l on , th e re doubts, and Quarrie,, j too small a b o d y of t would also seem as if tro o p s were selected for the duty, who were una b le to follow up the partial success achieved, and. which - vantage had been t a k en of the mi ght i if due ad cy. have materially alte re d the f ortunes of theses es, An untoward incident occurred_ probahly aris ing from too great confidence, and a natural im patience to get at the enemy as soon as possible. General MAYRAN, who commanded the first bri gade, erroneously fancied that he recognised the signal for commencing " in a shell with abl • azing fuze , sent up from the Brancion Redoubt, It was .vain that he was informed of his mistake." Burning with ardour to acquire glory for himself and the gallant soldiers whom he commanded h e prematurely commenced the attack. The Samuel - premature and DE FRILL Y columns immediately rushed for ward ; but, tin fortunately, there was no simulta neous action to • d;stract the attention of th e gar - ver t an y portion of their stre ng th ; r isen, or to di their whole fire was conc entrated on the devot e d chivalrous MAYRAN himself was columns, and the cal , mortally wounded, being o ne of the first victims 01 that crushing fire, which proceeded not merely from the works, but front the enemies' steamers. " Which ine up a t full steam and manoeu v r ed with co great skin ci effect" —a tolerably clear proof that the Russians of the nature of 'We're f u lly informed of the nature of the intended proctedings. The loss of the brave General had naturally a considerable effect o ' 1 the troops. They were, however, promptly rallied 11 Y General DE FRILLY, and although unable to ad ° lnce they bravely sus not • tained their p os iti ons withst ai , din , the terrific fire. The centre attack under General scarcely more fortunate. T he BRUNET wa - 7 . wh o ] . prematurely eng,aged ; n of the r ight; had been ind eed the for tune of the day was all b u t decided wh elx the signal was given for the general attack. Althou all his ar rangem ents were not compl ete at fii il e moment the ga ll an t BRUNET dashed vigorously forward, hut, like his brave coadjutor MAYRAN, 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 oidered 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 I 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. Had 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 and 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 worst of all laws, and cannot be too strenuously avoided. While we would not bludgeon the people, we would have their wishes constitutionally ex pressed by their representatives in Parliament. But what is the lesson Lord ROBERT GROSVENOR and the Sabbatarians have been the means of in culcating ? That, as matters stand, the only way for the masses, not merely to prevent threatened encroachments on their liberty but to rid them selves of whatever load oppresses them, is to mee t 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 specially avoided. It should never be forgotten that we are engaged in a mighty war, the 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 pression. 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 o society. This is not the case with respect to that threatened. The Sunday Bill is with lrawn, and we feel quite sure would be igno niniously kicked out if introduced another Session ; and the power of these demonstrations, t 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 trusii 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 oppos site to that desired. A great victory has been Woo, and we should be sorry to see it abused. will m a i n l y If it is, however, the it t i l l se th b e lam ar e ist w o i c l r l a n ti o c t m be em o b u e r r s— fo i Middlesex and the Sabbatarians, who in their folly set in motion an unmanageable machine, and on Ministers who let them. We cannococtafseioelnesaurbpri.sedattl; extraordinary an d sensationthgigantic fraudyi attributed The indignation n circum stances enhancedoisccmasaitoenreidallbyythe the law, which seems ex afford protection to ib l l a it t e e d b t anking failure, naturally felt undoerthtehep by the acritrneuerms.- rtial im. extraorydi n f a p r ri m s e t d at l e of levia p th ressl supplying an easy loonh l wriggle out of their criminanal and to evade the penal offenders, to , by i 0 0 by which to r esponsibility, consequences of their serious offences. It would be perfectly j us t th at the parties should not be compelled to criminate themselves, that they should not be convicted by means of information wrung from them selves, —by an examination in bankruptcy. But w hy immunity should be supplied —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 GL w h i b, . c° ""lissioner o f bankrupts," being is, indeed, a problem it Would be difficult to discover the solu tion. It, i, • limit the ' must be strictly interpreted, does not penal quite clear that the enactment, which, matter to legal or equitable depositions, hesitation in 'saying ...he word . designedly omitted ' and we have no is used in reference to co m pulsory examinations or e pro ve , . relating to bankruptcy, in tia tegs, but it is apparently delinquents must be acquitted' that the , charge of embezzle f ; --mem ) and that the only sen- I tence they will have to fear is that of the Corn missioner in Bankruptcy. But while deploring these .vide-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 tance he needs on the faith of his previous character. A banker may surely have securities of his own which 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 the most prudent dealer in money should neces sarily scent out fraud in a transaction entered into with a man who held the position and 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 remarks we do not wish to be taken as offering any opinion on the conduct of Messrs. OVEREND, GURNEY, & 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 Ow 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 inte rests 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 tho 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 au honourable testimony of her Majesty's sense of his eminent services, and the respect due to his memory, but 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, ho 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, lie 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 ale 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 Locii, M.P.—We regret to 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 Adam, of Blair- Adam, Lord Chief Commissioner of the Jury Court in S , Jotland. Born in 1780, he was called to the Scottish oar 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 FITZHARDINGE BERME LET, M.P.—We regret to announce the death of the Hon. Craven F. Berkeley, M.P. for Cheltenham, intel ligence of whose demise, at Frankfort, reached town yesterday. indif ferent heal t bTh fore t h h o e n l . as t deceased, tw o months, o w n t h h o s had a t t ,I been e in recommen dation of his medical advi ser s, proceeded t.) the German Spas little more than three weeks ago, to try the effects of the waters, but he was detained at Frankfort 41 t y 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. Taile , ,t, and mother. of Lady Edward Fitzalan Howard. The hon. gentle Man 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 MR. JA3IES SILK BUCKINGHAM. —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 h publishedafpromisedbeen n sufficedzt g b u be a r ei yo c cs e hh e d oe i ciw n u g et l rh y ead v t o a l un the n d careerian d o vues.n of uf : to h bu e es p. authorr. Buckingham was in his early days at sea, in an humble capacity. He afterwards became connected with jour nalism in India, travelled over the greater part of the world, and returning to England, acquired some fame as a lecturer, and grew conspicuous by his connec tion with various philanthropic schemes, many of which were lo o k e d upon as impracticable. In 1832 he was elected M.P. for Sheffield, and continued to repre sent that constituency untillB37. While in Parliament he was active in promoting the temperance movement, and was instrumental in obtaining the committee at whose instance the well-known medical evidence respect ing intoxicating liquors was collected. His connection with the British and Foreign Institute, and the ridicule Iwit'i which many of his proceedings were visited by Punch, will not be forgotten. Lately, since his name was placed on the pension list, Mr. Buckingham has not taken 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 and animated, and gifted with a lively imagination. He died in his 69th year, THE SUN, LONDON; THURSDAY EVEN'IIc4G, JULY 5 1868 LATEST NEWS. PARIS, THURSDAY, JULY 5, 8 A.M. The Momiteur 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 tho 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 ( v i a arna), 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 Pacha 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 one 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 the foreign relations of Turkey with European states. Reschid Pacha and Mehemet Ali Pacha are still in retirement ; and the latter is on the very best terms with the new Prime 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 Princess Adile. Colonel Cannon (Baron Pacha) is still at Constantinople at this most critical conjuncture. THE PRINCIPALITIES. We extract the following from a letter, 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 corn 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 GoverLment 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 u?on the country to do the pet tiest things for the; they are equally careful to pay nothing. With the exception of bread and meat—which, however, they manage to get adjudged to them at a very snail price —everything is fur nished to them gratuitously. By the occupation, therefore, of the Pincipalities, 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, 'filth 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 hls 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. PARIS, 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 Moniteur 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 eght 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, hadgone on the 16th, two days before the great attack, to tike the command of the troops en camped on the Tchertaya, received on the 21st notice to again ascend to the hgh ground, where he is once more charged with the important attacks on the right. Omer Pada, and the Sardittan army who bad advanced in the direction of Ain—Talor, in going up the valley of the Chouliou, to the nortlof the Tchernaya,have fallen back likewise ; the Turks4re to occupy Baidar, a nd G enera l de La Maronera will, with his troops, unite, by Tchor gnun ; their left to tht right of the French divisions en camped on the left balk of the Tchernaya, two leagues in advance of Balakliva. In the affair of the 18th the Russians were certaitly in line at least half an hour be fore our men moved It is strange how indistinct an idea you seem to haveat Paris of the localities here. In the Debats brought tut by the last mail, the White Works are confounder with the Mamelon Vert, whereas in reality the former see situated on the right crest of the ravine and of Careenitg Bay ; whilst the Mamelon Vert, on the contrary, is onthe left, but at a considerable dis tance, and the rtevine If the Karabelnaia runs round at its foot by the left, sending into the interior of the town, by passing beteeen the work called the Great Redan at d the different advanced works of the Malakhoff Tower. An order of tie day has now changed the names of the White W orks egd Mamelon Vert, the latter being Gilled the Branoion Redoubt, and the former the Lava rande Redoubt, fromtle name of the two brave gene rals who wore killec in them respectively. General Brunet and Colonel do liabouseiniere, of the artillery, were buried on the 20th, in presence of a great concourse of officers. General Lafont de Villiers spoke in very affecting langua g e 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 be made to support a part of expenses of the occupation of the Principalities. But 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. The occupation of the provinces, in the name of the Confederation, 7ioUld have the character of an arbitral operation., and Austria attaches great import ance to a pos','c l ion 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 of guarantee, and to do so as a consequence of the treaty of April. For the same reason, the placing 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 col!ectino• b troops in Poland. At P ar i s an d L on d on th e 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 of 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 nuns. Cash. fr. e. End of Month. 4i per Cents 92 80 —f. —c. 3 per Cents 66 15 66 35 Credit Mobilier 945 Roman Cr6dit Foncier — Austrian Balgian gives ...... .. Spanish Threes — Piedmontese B6 50 Homo Debt 29i RAILWA TS-FOR CASH. fr. c. fr. c. Orleans Western 757 50 _Rouen Cate 660 Strasburg • 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 officers 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." DENIVI A_RK. The Hamburg Correspondent contains a despatch from Copenhagen announcing that the Assembly of Notables of the Danish Monarchy 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 26th July, 1854, but abrogated on the accession of the present Ministry. The fol lowing 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 20 members, of whom Denmark elects 17 ; Schleswig 8, and Holstein 5. Any man who has 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 TURKISTI ARMY IN THE CRIMEA. TURKISH UAMP AT .IS..OIITSKA, JUNE 18. While the lownbardment has been raging with all its fury towards Sebastopol, and while, perhaps, the fate of the Malakhoff 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 in 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 Upu, 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 readi ness to march at a moment's notice. Tne 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 Katoara. 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. TheTchernays, 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 movensert of the Turkish and Sardi nian armies seems to have been to make a diversion 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 Kamara, and then, skirting awhile the Woronzow-road, 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 excellent view of the whole surrounding country. On one of these plateaus, which rises immediately behind Lower Tchorgoun, 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 maa plwood behind some intronchrncnbs which the 0(11 dinian Sappers were just constructing. At the same time the Chasseurs received the order ti 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 sent 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 nesq, 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 advancine. troops. While the Sareinians 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 had been chosen by the Rus sians to fire some shells from their guns on the approach ing Turks. But they did not stand, and retired as soon as they' saw the Turks descending to go over to the other side of the stream ; and the little hamlet of 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 ligh6 troops, or rather riflemen, such as no country can boast of, In the village of Kout,ka all the inhabitant Tartars had remained, and 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 Koutska for the night. This morning about daybreak the Turkish troops started again from their encampments. The Pieclnaon 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 Uzumbash, 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 before venturing to the village of Uzumbash. Accordingly, the troops left the plateau and entered the woods above, while the cavalry got the ordor 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 position which the Russians are determined to keep ; there are field 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 position, Omer Pasha himself, as well as the troops, returned to the camping place of yesterday. TCHORGOTTN, JUNE 20. This morning some troops of the 10th Hussars 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 Tchourgoun. 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 Pasha drove over in his carriage-and-four to Lord Raglan's head quarters, and in the afternoo❑ the troops got the order to be ready to march. The artillery came back from the front and remained for the night on the heights above Tchorgoun. The reserve ammunition was likwise com 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 river to ascend again on the cress-road leading to the Woronzow-road. Tne 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, "Vive la France, le premier pays du globe, et aussi l'Angleterre," " Vive le 6e de Dragoons, Vive le 26 , e 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 one can fancy this Ultima Thule of European civilisation towards the East as onepf the last, so also one of the loveliest country seats. THE BALTIC BLOCKADE. MEMEL, 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 being 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 Sweden, and even Denmark, have been cut off. Then but little notice was taken of thesmaller vessels that during the e.ummer can easily cross from the Swedish coast ; and, in ordinary times, the trade usually 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 traffic was successfully maintained, a few small cargoes soon mounting up to a large one. It there was to be a blockade at all, therefore, it was necessary to stop 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 board, or capable of carrying it. The Courland 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 en 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 importent capture of Russian ships was made this year—at the beginning of the blockade. Between the limits 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 up and down the coast may be given in a brief deeeription. 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 fro], tier. For the greater part of a bright summer day we have a good view of the Russian coast ; it is level and sandy, but tolerably well wooded. Beyond Polangen the land rims into the slight elevations called the Seven 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 fielde 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 en 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. cung 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 arid defiant manner; a shell being fired over them, they disappeared i+ land 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 Baltic 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 coast not withstanding our augnstpresence, 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 bead 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 those neutral port' are—mere loopholes of escape for what, in nine cases out of ten, are enemy's goods and lawful prizes. 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, seems down. the seams of the urneers' trousers, kiss their hands, their coatskirts, '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 rapes, and get on very well till they are landed again on the soil of " orthodox and holy " Russia, with the chance of being shot down by their own countrymen as soon as they sot foot on it. Off Eyserart 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 hard with our Danish friend and the Marie Margarita in the High _Court of Admiralty. For part of the cruise he was a fellow passenger, and he certainly told a grievous tale. He was a ruined man with the best intentimintentions.His only purpose was to sell his stores to th e En g lish 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, often piteous supplications they have to listen to and refuse. From such captures the amount of 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 ' rece iving their shares when they are grey-headed men. There is a feeling of disappointment at the fleet hav ing done so little—its achievements have certainly not been striking or brilliant ; but the importance of its service should not be calculated merely by the amount of the enemy's Commerce it has suspendei or destroyed. It should also be estimated by what it compels Lim to do and prevents him from doing. Had Russia the full command of the Baltic it would almost double her mili tary power on the continent. The presence of the allied fleet in this sea is an immense diverson of her strength kpin the mere active seat of war in the South. It cow. pets the Russian Government to keep an army 6f 90.000 men in the provinces of the coast south of St. Petersburg, t) maintain garrisons equal to an army the capital and Gronstadv, and a third large milder,' force in Finland. These masses of men cannot be drawn upon for reinforcements to any other quarter. 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 sba , ' lows. We are hunting, with mastiffs, a prey that call, only be reached by weasles ; the relative proportions ° I gun-boats and line-of-battle ships are something The best protection of the Russian forts are 'the shal • lows that keep our grand floating castles at a harmll distance. Let any one sit down and study a chart ° these seas, with their many islands, banks, and s hoals , and the multitude of cautious soundings that must be observed by ships of ordinary burden, and he will cel' tamly rise with an impression that the Baltic is scarce l y large enough for such leviathans as the Duke of ti, el. lington. LITERATURE. The Theory and Practice of Banking. By _Henri Dunning Macleod, Esq. Longman, Browilf Green, and Longmans. In a country like ours, which has risen to an uly paralleled height in the scale of nations, and whiebt if it fell to-morrow, would leave behind it mono' ments of its existence and beneficent sway greater and more enduring than any history has recorded , it might reasonably enouglk be expected that th e principles of that ag enc y ro whose operations . ,it s , position and influ ence are ma i n ly t o be ascribed would long ago have been established beyond the reach of cavil. So far, however, from this beieg the case, it is only comparatively of late years that the true principles, generally speaking, of politica l economy have been eliminated from the haze ° A prejudice which had so long obscured them, se" been marshalled into the order of a science whos e lessons even then it required much individual ae,', collective effort, and a lapse of years, systematically to establish and have received with effect. To thi,t result the Anti-Corn Law League largely c ontrY buted ; and though that organisation passed aWel. little the cause of its existence, there can be " question that not the least important result of its labours was the general reception of a safer and more satisfactcry, because scientific, direction of commercial enterprise than before. The knowledge of one branch of political econorail however, the monetary system in general and the banking pert of it in particular, has not advanc ed pa ri passic with others. Though the subject is ee° of general interest, and involves every one's Nre. l : fare, or, as we are told, because of these facts 1 ; has been so obscured by passion and prejudice t 1 3 , 6, its true principles are still far from being genera l l understood. To this state of things the desire ° many writers to popularise the science has large l t contributed. In their endeavour to facilitate vil e gar comprehension they have fallen into the errors of being loose and inaccurate, not only omitting strict definition of words they used in relation tl the subject, but also employing them in differed senses from the first and from one another. Uncle , these circumstances Mr. Macleod, justly appreci e ' ing the importance of the subject, has not erred 1 ,1 thinking " there was room for a work which sho ut endeavour to treat of it more as a science, and a more methodical and systematic manner than I; hitherto been done. Like every other scio n !, whatever," he remarks, " the monetary system 11 7 ideas and principles which are peculiar to its eill and if these could be as thoroughly and carefelli investigated as is done in ever other science, , 1 0 would necessarily assist in removing s o me of t he differences of opinion and contradictory views uP ° O , the subject. It is because such care has h e e 0 taken in ascertaining and settling the elemen ta l principles of the physical sciences that they are well understood, and so few differences of opiei ° 4 prevail about them ; and it is because such o'o and attention has never yet been bestowed uP ° „( settling the definitive and elementary principles uci monetary science that it is still in so conftis4; controverted, and unsatisfactory a state." truth and force of these remarks are self-eeidee i ; and tend to impress the reader with a favoure l ? o opinion of a writer whose general aim is so defi lll and practical—an opinion, we will here add, whin , $ careful perusal of the work will increase in the inid e of many to confidence and respect. Mr. Mae le .,j evidently possesses a prehensile and logical /01", t —c o nsc i entiousness, and a knowledge of his subj e i v ie and mode of dealing with it, which could only 1 3 4, been acquired by laborious application ; and n o out committing ourselves to a strict concurrene t !„e his views, we can have no hesitation in predica ti l of his work, judging by what has appeared, that'll,' will prove a very valuable contribution to supply of a most important desideratum. t In pursuance of his object, and in perfee iit hor nicely with the views previously quoted, the aLbich first examines the general principles " tat monetary science is based, and the fundanl e % ideas involved in it, considering it simply a' to science ; and, these being established, proceed jo trace their gradual adoption and developmerl,v,e, practice. The first chapter is devoted to settil the definitions of the different expressions ev_sa technical words peculiar to monetary science ; sP o i, in order to secure greater accuracy and Pre b , sion, the circumstances under which each to tal nical expression —including the fundam ee rti one, the Currency—originated, and the v/P ro it supplied are briefly and lucidly narrated. :1 4 the following we have what the author con ceis to be the most perfect idea of a currency : " The use of a currency being to record a il ' , transfer debts, if we could imagine a great Public 13 0 0.4 kept by the national authority, in which every one vi e d entitled to record his services, which should be val ti o at a certain amount in figures, it would present the f lit perfect idea of a currency. For any one who bad e re p , in that book might require the services of another per g i e r and give an order to the national book-keeper to tra° u i l the figures denoting their amount from his own to Poi creditor's column. The book itself would be the rec o of the evidence of' the debts, the total amount of tPO figures at the credit of each person would be the t ot amount of the currency in the country, and the tra n9 b p o rence of the figures from one column to another would the transference of the debt, and would denote an ope oo tion, just as the transference of money from one per e lcl to another, and the amount of these transferences Nv o " he the circulation." The idea being established, the author proceeds tti t consider the different kinds of currency, and Nr ll i. is and is not currency, and to settle other den( tions. The reader, however, may wish to ke ° ,, what Mr. Macleod includes in the term currency' , 6 " The amount of the currency in any country the aggregate amount of it belonging to every indivi dul' ; Now, whatever represents the amount of debt due to 11b, individual, over and above his possessions in commoditiol in whatever form that debt be recorded, whether 1 338 0 0 or paper, or whether it exists simply as a debt, f° r a mount of currency belonging to him. Whatever tbe o 0, fore confers the power of demanding services or corns dities. or professes to confer the power of deruanno them, is the currency or circulating medium of any l i e person : and includes not only the current coin of 0 4 realm, but all its substitutes of every description, i ° l3 io whatever else presents or displaces it. Adopting ", if definition, we any enumerate the different species (~. as fellows :-1. Coined money : gold, silver, and cope 2. Bills of Exchange, including cheques ; 3. Promis B° o Notes, including Bank Notes ; 4. The sum standing A o his credit in his Banker's books ; 5. Private debts " to him." to Subsequently the opinion that a private debt jo ie , be considered as currency is maintained and b , fended. The Theory of Prices, involving the inu e lo vexed question of the action of the issues of bae o , upon prices, is next considered, and, to facilit°, o comprehension, the causes which produced a chal, o of prices is carefully investigated, a few extr ew e e cases being taken—the causes which influe e d, prices in such particular instances being analys ed' with the following result : setvice Price varies directly as the intensity of the s et vice rendered, and inversely as the power of the bui r over the seller, which may be thrown into an a rith° tical form, thus— Price p o t w en er si o ty f b o u f y s e er r v o ic v e er re s n el d l e e r n ed. be This expression properly interpreted will be found of universal application, and to comprehend all tranf tions of whatever nature they be,. whether by way wages, rent, or price." A number of examples and illustrations of - o f general formula are given, and some principito preceding write rs , i nc l u di ng Ri car d o and itu'et Smith, on th e su bj ect controver t e d. A n acce i 'if, of the differ en t su b stances use d as currency 119.5 t ferent nations, and the different changes in We l e,r and fineness whi c h the English currency has 1 111 ", A be gone, follows ; and the nature of Interest, i;o t causes which govern its rate, and the peel l 'il j e method of Discount which bankers practises 4 1 whole theory of Credit and of Exchanges, are 1 : 1 ; 3 % treated—the above six chapters in all embre ci to the whole theory of the subject. In the sev en de chapter the rise of Banking and the progress 133- 4 je, in it by the nations of antiquity, its revival l e "j, middle ages, and its rise and progress in Scotletilot with an account of the existing system log country, are narrated ; the eighth and conclu''pa chapter of the first volume tracing the rise i l o ci progress of Banking in England. In a s ec- edg volume the subject, we are told, will be continil" The functions of a bank are thus described "The functions of a Bank, then, in the conim er- ft body resembl e th ose of the heart in the human 0 attracts to itself ca pit a l , th e lif e bl oo d o f comme rce, j ,"" - c ti' every dire ction , i n t h e m i nutest r ill s, an d h av ing 0 1 1 - ululated it in a great reservoir, propels it throng o d the arteries and channels of commerce, vivifying 413 nourishing it, an d sprea di ng v i gour an d h ea lth tbr t) the whole commercial body." With this imperfect notice w e mus t content 113 1 : selves for the present, intending to return t° book on a future occasion, .•••••• 111 Th delivi Th New cesto: 8,95 C A c Comp object: which railwa and th be obt scribe] The to this XRII ! a kilk I Sp ar( New .0 t°ll q bitt bitt '34801 b Ateh e P til b . .118sia Ittlash /hitch Li aaisi tii ~ Lo kigbt Po from b 17 4 ,a bn (4 1 1 Co Abab trove for I A 141 Ade] ~ SC ) k*il3/ D, bit; togn, 81 Rio .warl mile sea, wa t i bet ceg,