The Sun.
London, England, 1855-04-17 00:00:00

SPTR777 OF VIE PUBLIC JOURNALS.

\ 'le LT OF THE EMPEROR AND EMPRESa
(Front the t7iii alto/;)'
No one who knows anything of the British people would
be surprised at'the scene • yesterday presented iu this metro-
polis. Friend and foe, the most insular Englishman and the
most enlightened refugee from any or all the despotisms of
Europe, would be equally prepared for the sight of a count-
less multitude standing for hours, wherever they could stand,
to catch a sight of the Emperor and Emprets of the French,
and to contribute such slight manifestations of good-will as
their overpowering curiosity would allow. We shall expose
ourselves to the imputation of flattery when we express our
simple-belief that from the moment their Imperial Majesties
left their own palace on Sunday morning to 7 o'clock last
night, when they entered that of Queen Victoria, they were
never for one moment out of the sight and sound of one con-
tinued ovation. We can answer for all between Calais
and' Windsor Castle. Tito most striking part of this
progress was the five miles, for it was little more,
from the South-Eastern to the Great Western station,
and this was traversed eo slowly that an hour and
a-half elapsed between the arrival at the one station and the
departure at the other. At every point of easy distance the
populace, the carriages, the spectators from the windows,
were as numerous and as eager as if the spectacle had been
confined to that one spot, and as if the occasion had been one
of the proudest in the annals of our own country. Of course
much of this must be set down to the merest and sheerest
curiosity—to the circumstance that an Emperor, and, still
more, an Empress, is seldom seen in England-i to the promi-
nent position which these personages have occupied in the
talk of the day for several years. Yet there remains the
question what. it is that has so wonderfully moved our curio-
sity .in this instance ?—why do we, a constitutional people,
flock in crowds to do a speCies of homage to one who has
raised himself above constitution and laws; and why are we
ready, to doff the hat, to bow the head, to wave the handker-
chief,•or, at all events, assist With our presence, the trium-
phant progress of a self-raised absolute sovereign, the sole
source of law, the single type of political unity, and the only
pledge of order, to forty millions of our nearest neighbours,
once our enemies and Ile* our allies 't •
• Question, indeed, there is actually none, for, as we have
observed, no one is surprised. Given all the conditions, in-
cluding the thoroughly summer's day breaking upon us after
an unexampled length of ungenial weather, and the event
might have been confidently predicted. The truth is, that
when everything has been said that can be said to the dispa-
ragement of this Emperor, his is a character and career tho-
roughly, and indeed singularly, appreciable try the British
people. In no, country is decision of character, single-
ness .of aim, fixedness of purpose, and useful ambition,
more in honour. We hold up to our children the in-
stances of those who have raised themselves from a humble
position, or forced their way through great difficulties and
disceuragements. In the face of that precept in the Catechism
which piously inculcates that we should be content with that
station where God has' placed us, itven our religious societies
diffuse little story books expressly adapted to foster
youthful ambition. Our most popular moralists urge de-
cision of character by almost • every motive, and for al-
most any object. We point with pride to the com-
paratively recent or lowly origin of our great feud-
Les. Every father in the middle ranks of life tells his
children how the sous of cheesemoagers and publicans become
bishops, and the sons of barbers become Lord Chancellors,
and the son of a country parson the great Lord Nelson.
Even in the career of Wellington, we choose to forget that he
was born and bred in a Court, with unbounded influence at
his back, and merely remember that he was a time in small
lodgings, and obliged to borrow money from leis landlord. It
is carefully noted where the King of the Belgians lodged
when he first appeared in this country, and what was his in-
come, not so much for envy of his rise, but because this. is the
favourite type of British ).iography. Whether this bo not
carried too far, and ',whether mauy minds aro not early dis-
gusted with appeals to what their own instinct tells them are
iuferior motives, we will not now inquire. It is enough that
this is the habit of this country, and that it is the tendency
of the British social state to leave no alternative, and to
compel men to rise or to sink lower still. The mode of
raising may not be quite the same as in other coun-
tries, for very few rise here by the military or civil
. service' of their country. • The • mere open and frequented
paths of ambition are, perhaps, the mercantile, the legal, and
the clerical. Yet, on the whole, we make it a point to rise
by fair means, or by those that are less fair, and our moral
and religious authorities are always ready to commend the
' energy and decision that are rewarded with success. So,
though wo have only one Cromwell, and though we are
all pleased,and proud to remember that the Duke of Marl-
borough became a humble subject when he was stript of his
command, and even the Duke of Wellington did little with
his influence except advising his- brother peers to bow to
Public opinion, we can still honotir and admire the man who,
in strictness of language, may be said to have triumphed over
the liberty—though in fact over the license—of his country,
and who has made himself that which we would not tolerate
ourselves a day longer than we could help it.
But in this, Emperor Louis npoleon we see a great deal
more than the mere man of iron will and iron hand. We see
the first friend and ally, in a substantial, active, and recipro- ,
Cal sense of those words, that we have found on the opposite
shores of the Channel for many hundred years. We see the
man who has restored order, prosperity, and power to his
country iu the course of two or three years, at a time when it
threatened to sick under its own ruins, or to overflow, to the
desolation of Europe. We see the man who has committed
himself and his fortunes t o the task of adorning and improv-
ing his capital with every grace and invention of art. We
see the man who does what we, with our boasted self-govern-
ment, our Parliament, and all the apparatus of a free consti-
tution, cannot do, whether in the conduct of his armies
abroad, or in the execution of great and beneficial works at
home. We see the man, who while Englishmen are care-•
lessly and thoughtlessly, not to, say disloyally, avowing that
the Crown is only a Pageant, Lhe Sovereign only a fiction, and
loyalty only a name, cannot even for a moment be regarded as
less than a Monarch. With our perpetual jealousy of the
Crown, with our boasted succession of triumphs over the pre-
rogative, with our expulsion of dynasties, our Bills of Rights,
our Acts of Settlement, and our constitutional monarchy, it
is not for us to quarrel with the choice of a great nation, or
to compare the ancestry of M. Bonaparte with that of his
contemporary, George 111. There are many noble pedigrees
in Europe more ancient and le,s faulty than our own regal
line. Tee Empress of the French herself is one of those Guz-
i mans whom the great Spanlih humorist, writing in the
reiga .of our Elizabeth, makes, his hero enumerate among the
olde.t and most glorious nobilities of Europe. nut we in this
country have agreed, not without reason, to pay no great re-
gard to ancestry without worth. It is not for ns, ' tlien, to
insist that ,the grandfather of the present Emperor of the
French was a private Corsican gentleman ; nor, to speak the
truth, do we care much about it. We sec in our illustrious
visitor the man who has restored Isis own fortunes and those
of France fiona a' seemingly irreparable downfall, and, what
is more, the man who taught his nation to believe in active
alliance with England neither degrading nor injurious to
itself, nor unimportant to the interests of humanity.

, THE NEW GOVERNMENT LOAN.
( From the Times of this day.)
We publish in another place the particulars and conditions
of the traposed loan, to which we drew the attention of the
public on Saturday last, and we are enabled to add to this
docun:ent an authentic statement of the explanatory declara-
tions made by the Chancellor of the Exchequer on this occa-
sion, some of which will be found to bo of very great import-
ance to the financial interests of ,the country. It is unneces-
sary that we should here anticipate the answer' of the moneyed
world to Sir C. Lewis's 'proposals, for_ in these questions the
I radical success of a great financial operation is the only test
of ability and judgment, and we have no desire to increase
difficulties which may affect the public resources and the
national credit. Yet we cannot but entertain considerable
doubt whether those 'proposals, iir the form i , which they are
made, will command the support which such an operation
requires. The loan is to be for 16,000,000., and we are di4-
tinctly informed that this amount "is found,cl on the full
be required for •the•
amount of the provision estimated to
13::1VICO of the whole year." The biddiugs to be made on
Friday next must be for the whole loan of 16,0110,000/., eo
that the -Chancellor of the Exchequer is resolved to place
himself entirely in the hands of one or more of the great capi-
talists or contractors who may und,rtake the risk
witof t
hin he•ope-
ration, and the competition must be confined very
narrow limits, since the number :of banking or mercantile
utsitlsh.y:te,o.raceeckceae
iii)vti ofte
aid‘ , theia.mn
is, d
.lpoo'ait
,ssinslesi
it
were,
housee prepared to deal in sums of such magnitude is neces-
sarily very limited. The instalmenti of the loan are so ar-
ranged that they Will be payable in- the next nine mont e,
and the last instalment of 10 per cnt. will become due on
the 10th of December. No discount is to be allowed for pre-
Payme- t, `and no exemption from income tax on the first
scrip dividends, nor will there be any reserve for public com-
panies.
These conditions are not, it will be observed. of a nature to
facilitate the operation or to attract the capitalist. We must
therefore seek in the form of the loan itself for some consideration
or advantage which may fleet the scheme. The main point of
Sir Cornewall Lewis's plan is to give the contrastors Three
Per Cent. Consolidated Annuities for every 100/. subscribed
in money—that is to say, a 3 per cent. lean at par, in as far
as the" principal sum is concerned; but, as Consols are at this
time about 10 per cent. beloyr par, the difference must be •
made up by some other means. • For this purpose the Chan-
cellor of the Exchequer proposes to add a terminable annuity
'for 34 years to the fixed amouut of Consols, and it is upon
the greater or less amount, of this terminable annuity that
the biddings and ultimate adjudication of the loan will depend.
Such a proposal is, to,say the most of it, a very faint recog-
nition of that pri, ciple of terminable annuities- for Which we
ventured the alter day to contend. The proportion of the
annuity to the per cent stock i-. 1, to the present state of the
market, about oineteatli oftlie whole---:a mere crust of tread
to a whole bowl of sack. Bet-the idea which seems to have
struck the Chancellor of the Exchequer is that, in exchange
receivefftiiimeoulorr,
neaeciltttic.
ghihiiwitetae:
inequality
ipermanentittojcitnyna:v lnoeettd:cir)
lescinoet:thea lo,j
vsecwaheenlonea3,ll:nseioittal
lasting
(bolinniefi
eubltgmaikeetieyoFi evilnni iigsenoolytiaTlpi i
:a
(loll:
de,
money,s cilatitstsuededapidluioi
;while
led.
hyt
i.thealoenf Ittatcountry,
eeni
piei a Ipremium
charge
eaai
:ss.
sgi isefrooruacmoil dxmde_
6satuoisitcienscsbtors—uamely the'eno n
con-
tracted by Mr. Pitt and hias
actually incurred.' The debt will remain, and if it is to be
toI:lea-tci oonn tits.
hope that even the interest of that
the body of the loan. That price will doeulpenby
can ever be reduced. But the price .'
ot inlet
hGeo
judgment
dr Government
what we may terra
, it will in any case be
liquidated in 1885.
We do not disguise from ourselves chat in
advocating the
principle of terminable annuities
e are opposed to the' pre-
cee pce!aps to the w
juin . , and interests, which predominate in
the City, and that the only form
fe'r'rltibileisraalciEcyom;
of loan thoroughly accept-
able there is the most marketable commodity—naniely. Con-
sols. But we are not the less
as
it convinced that the principle of
terminallo annuities, as, far can be adopted, is by far the
most 1 eneficial to the permanent
ture, in whch the repayment of the
general interests of the
nation. It is' said that the capitalists
of permanent annuitis wl4erreignti
fact that from 1815 to 1f439 thel of this eountry cannot
be induced to purchase or to old
of 1808 and some subsequent acts;*
debt increased from 1,894,0 stocks of a temporary »a-
embodied in the higher rate of
to 4;29 ,1731. under the act
terminable stinuities of our
,and that equivalent por-
tionsto an estimated capital of 68,
termivable annuities are 0,9071. 'Although, therefore,
not popular with
arc not convenient or prope • • the brokers, and
1 investments for money held in
trust, there is a considerable class of persons to whom they
offer superior advantages, and
times accessible on liberal to these they ought to be at all
Lewis's plan the amount of terms. But in Sir Cornewall
one-tenth of the whole sum, terminable annuities is but as
Consols with this and,appenda4,L as he has garnished the
take one with the other, whethere'tcompels the contractor to
One person may prefer Consols, anotherl mits his purpose or not.
of the terminable annuity, but f may prefer a share
few will desire to hold a
double investment of so inconsistent
party will be satisfied. On the oneh a character. Neither
and, the ordinary class
of dealers in money will be disposed to complain of the por
tion of annuity annexed to their slice of Consols; on the
other band, those fundholders who,private persons or as
managers of the insurance companies,as
rate of interest, receive ibis annuit. may prefer a higher
far larger proportion of perpetual Tyhriene conjunction
er cent s withA i
Again,
if the.principle of terminable annuities is toP be fairly tried, thP:anari'seidts cancelledit.c. anB•lou amount
n wt eo
of
equal, havecbaedlpeio:inntbttat-hol
all, the

years appears to us too short a term, since the burden is then
thrown in the shape of a high rate of interest on one genera-
tion. Our object is not prompt repayment at a great sacri-
fice but the certainty that the debt will be gradually extin-
ghisled. Lastly, we. have , groat doubts whether the
Chancellor of the Exchequer would 'not have made a far
simpler and more successful operation if he had addressed
himself at once to popUlar subscription, and allowed
the public at large to contribute to the loan in two or
three different forms, but at a fixed price, iu any sums
above 100/. The French Government have twice resorted
with extraordinary success to this expedient, and we cannot
but believe that the wealth of all classes in this country
would readily supply all that is needed, and rescue the Ex-
chequer from the hands of the loan contractors. There is,
on the contrary, very little originality in Sir Cortfewall
Lewis's plan, and what little novelty wa are able to detect in
it is palpably inconvenient. If lie hopes to introduce new
principles into the mode of contracting public loans in this
country he must apply to a different class of capitalists. In
other words, if he has a different article to sell he must try
another class of customers. But this plan will probably dis-
please one set of lenders of money without opening the
purse-strings of another set; and, unless favourable intelli-
gence be received in the course of this'week from Vienna or
froth Sebastopol, there may be something critical in the suc-
cess of, the operation on, the terms contemplated by the
Chancellor of the Excheqr,er.

(From the Times' City Article of this day.)
The particulars of the new loan were made known at the
Treasury yesterday morni lig, according to appointment. The
amount to be raised is 16,004,000/. sterling, for which the
Government are to give 1' 3,000,0091. Consols, and the balance
(that is to say, the differe ace between the va'ue of IoOL stock
and 1001. in money) in annuities terminable in 30 years. The
biddiugs are to take place on Friday, and the method will be
for each applicant to spec if:r the amount of annu ty he will be
content to receive in additi on to 1001. Consols for every 1001.
of money subscribed. Ass timing the value of Consols to be.
estimated at about. 88, the 16,000,1001. of that stock will be
worth abOut14,100,0001.; and the value of the terminable an-
nuities to be created must therefore be 1,91)0,000/.
A deposit of 10 per cent :,. is to be payable on Monday, the
24th, and there are to be eight subsequent monthly instal-
ments,—six of 101. each, , and two of 151. On the payment
of each instalment a proportionate amount of Consols will be
delivered, but none will b e delivered for the deposit until the
completion of the last in Si;alment, when the terminable an-
nuity will also be created..
The reception of this' Ann on the Stock-Exchange and in
the city generally has nof been unfavourable. It is consi-
dered, however, that su eh of the London firms as may be
willing to tender will as slime in their calculations the neces-
sity of a very consideral 'de margin to guard against the con-
tingencies of the war, es Pecially under the dispiriting effect
lately produced by the i nactivity of the allied armies before
Sebastopol. The auxiet ;les which will be felt until the next
harvest shall have been 'secured, are also to be taken into
account, while among tl 0 minor elements of uncertainty to
be provided for, the ext nt to which terminable annuities are
liable to be depreciated by any future increase of the income
tax.
In the course of the, - afternoon the following notice was
issued by Messrs. Roths is hild :
" LOAN OF 16,000,00,0 1. FOR THE BRITISH GOVERNMENT.
" Messrs. N. M. Roth: schild and Sons beg to announce to
the public that they are ready to receive applications from
parties desirous of participating in the forthcoming loan of
16,000,600/ ; and -wild re ceive the same until Thursay next
at 2 o'clock.
" It is necessary that ,every application should be accom-
panied with a depssib of 10 per cent. on the, amount applied
for.
" If the whole anion ut applied for be not allotted, the
prop ,rtion of the deposit will be returned forthwith.
" New-court, St. Swit Bin's-lane, April 16."

(From, the Daily IV Ems' City Article of this day.)
The absorbing topic of interest in the City to-day was of
course the Government I( 'an. We give in another column the
conditions fixed by the '1 !reasury, together with an abstract
of the proceedings at the important meeting of capitalists at
the Treasury Chambers t his day. The total amount of the
proposed loan is 16,000, 0001. in cash, to be raised by an
issue of 16,000,0001. in C o 'lsola at par. Inasmuch, however,
as Consols are now at 9EI .:per cent. discount in the market
(from which discount, ho ex lever, must be deducted the three
months' dividend now ass :rued, being equal to, say, a per
cent.), capitalists contraizti .ng for the kian are to receive a
certain amount in annuli 3e s expiring thirty years hence. In
these annuities the bidli M ;.s are to be made, and in fixing a
price in his tender the c pitalist w:11 of course make allow-
ance for the excess
_over the market price which he gives
to Government for this me :w creation of consols, and he will
also reserve a certain m a rgin which he may deem calculated
to afford him a profit on the transaction, and to secure him
against the chances of k a is attendant upon the uncertain con-
dition of politics. Per c Yontra, the ease of the money market
will influence the terms of the contractor in a sense favourable
to the Treasury and to i ;he State. So far ass regards the nego-
tiation between the c( rntraetor and the Chancellor of the
Exchequer, the relatie sr.s between the contractor and the
monied public disposed to invest in the proposed new issue
of Government securiti us come next for consideration, Of
the great capitalists c mly one firm, that of ,Messrs. N. M.
Rothschild and Sons, I Eras yet, intimated an intention to open
lists to the public. Tb n notice issued by this firm this after-
noon is appended :
" Loan of Sixteen I Unions to the British Government.—
Messrs. N. M. Rothsc] lild and Sons beg to announce to the
public, that they are ) ready to receive applications from par-
ties desirous of participating in the forthcoming loan of six-'
teen millions, and wil l receive the same until Thursday next
at two o'clock. It is i necessary .hat every application should
be accompanied with t k deposit of 10 per cent on the amount
applied. If the whole amount applied for be not al otted,
the proportion of the ( leposit will be returned forthwith.
" New court, St. Sn rithin's-lane, April 16, 1855."
It-will be 'noticed th the price at which he may bo dis-
posed to tender is left to each individual applicant, it being
presumed that the lace Ht fides of the application will be en-
sured, and the proffer ig of inordinately low terms discou-
raged, by the obligatim •of making a deposit of ten per cent.
ou the amount applied for. It may he .pointed out that the
Messrs. Rothschild, or a ny other great firm that may be dis-
posed to step forwari 1 and contract, will act as an,inter-
mediate agent throng It whom the mass of individual ap-
plications will be recei, r ed. By deciding that the contractor
must contract for the whoe, and not for any less portion
of the loan, the Ch a ncellor of the Exchequer virtually
leaves the contract )pen for competition to , not more
than two or three • firms in the kingdom, and the
contracting firm, agr fin, must ascertain what support the
public are likely to gi et to . the project before they commit
themselves to a contr 'act with the state. In this point of
view the scheme lacks the element of popularity. An appre-
hension is also entertained in some quarters that the interval
allowed is scarcely aeient for the public to fully digest the
terms of the loan, the complexity of which, without full ex-
planation, may tend t o discourage applicants. The entire
loan, it will be seen, ii to be paid up this year, the last in-
stalment on the 18th December, and no discount is to be
allowed for prompt pa. yment of the instalments. The Open-
culler of the Exeheque r further pledged himself not to make
any further sales of S: trings Bank Stock (except to meet the
withdrawal of dapositt irs) until the loan shall have been raid
up.

AI 4 B.IIBT .N W,-( 7' tit DA Y.',

H AY MARKETS.

SMITHFIELD.—Meadow hay, 2/18, to 5!. C' Od ; clove,
ditto, rto 5/ ; ard straw, 1/ 44 to I.' 103 per load.
A faii. aveiage and a 1r oderate cleMar
Ant R Leadow hay, 3 CM 1310VO'
rilt-60. 3 5 to 5' 15, ; :2rd. V 11..) 1,910., nor loan
Both Lay fir d r ) oval off heavily, a"..; late ratca.
iron. ePoio w bey , 3/ 03 tp 5 Os clove
ditto. 31 to 6. C• ; amt. straw, 1/ 4s to 11 103 per load.
Supply good, and. tea Ale t J t;