The Sun.
London, England, 1855-07-27 00:00:00

parties from participating in the gains of
trade unless they devote their entire time and
means thereto. The effect of the existing
system is, unquestionably, to deter any such in-
vestments ; for no man will subject himself to the
extraordinary risk, however great may be his
respect for and confidence in the manager or
managers of the undertaking. But what pos-
sible chance can there be of fraud, or injury to
the creditors, by the absorption of a certain sum
of money to meet the losses before any deduction
is made from the dividends of the creditors. It
is obvious that credit cannot be given on the
security of persons who are not known to be in
any way connected with the undertaking. The
ostensible managing party is the one who
alone is trusted ; and it is rare, indeed,
to find a hidden victim, whose entire
property can be seized on for the debts. The
practical effect of the restriction is, that the man
who would advance money under a limited liabi-
lity for a share of the profits, stipulates for an
enormous rate of interest, which can seldom be
met, and when a smash comes he proves against
the estate, and receives his proportion of the as-
sets, in place of relinquishing every claim, and
allowing the whole to be divided amongst the
trade creditors, as under a sounder system it
would be.

The simple' fact is, that the obnoxious system
is clung to by persons, some of whom have
free trade on their lips, but whose hearts are
brimful of monopoly whenever it can bo useful to
themselves. The great object is to make money
scarce and dear, and to prevent the less wealthy
classes, who cannot afford to keep a banker, from
obtaining the necessary advances for carrying on
their business on anything like reasonable terms.
The abolition of the usury laws—a matter just
and reasonable per se, for why should there be
any distinction between money and other commo-
dities?—enabled those parties to exact exorbitant
rates, and to divert into their own pockets the
lion's share of the profits. The unfortunate
tradesman, who, perhaps, was too sanguine, and
thought he could afford to pay these extravagant
prices for monetary accommodation, finds his
hopes disappointed, and himself eventually forced
into the Gccette, the undue restrictions sanctioned
by law being the chief cause of his difficulties.
It was said that the modification, such as it is,
would occasion wild speculation. We totally
dissent from the assertion, and are convinced that
the mania for foreign loans, railways, mines, &c.,
have been altogether occasioned by the prohibi-
tion to advancing money on a share of the profits.
Men who have a few hundreds saved are not satis-
fied with the rate of interest offered by the Funds
or the Savings Banks, and they do not like to be
known as lenders of money at 20 or 30 per cent.
They rush, then, eagerly at any speculation that
offers a better prospect of legitimate gain, and
are too often sufferers by their undue confidence.
But if the channels for legitimate investments
were enlarged—if men could join an active and
industrious neighbour in whom they have confi-
dence—there would not be so much inducement
to fling their spare cash into bubble companies ;
and Messrs. STRUTT and Co. may rest assured
that they would, before risking their hard earn-
ings, make every due inquiry into the character
and position of the speculation.
Lord PAL3IERSTON spoke fairly and above-
board. He took the most efficient means of cur-
tailing the eloquence of the talkers against time,
by intimating that, even if the session was to con-
tinue until September, the bills should be carried.
This is as it should be. It is the only possible,
mode of making amends for the past delays, and
we have little doubt but that it will prove effec-
tual. The measures themselves do not by any
means go as far as we could wish, but we look on
them as instalments of justice, and as the intro-
duction of the sharp end of the wedge which will,
ere long, lead to still more important and valuable
results.

Sebastopol must be at present the grand centre
of operations. Nothing has yet shaken the general
conviction that the object of the expedition thither
was a wise one, however diverse may be the
opinions on the plan and conduct of the attempt
last autumn. Indeed, with the exception of the
Peelites. and Manchester members, the enormous
resources of the beleaguered fortress have only
strengthened the conviction that, cost what it
may, Sebastopol, with the whole Crimea, must be
transferred to other hands. The inquiry, however,
is constantly arising—Can no collateral efforts be
made ? If they can, their direct utility in making
the War painfully felt by the enemy is obvious,
and their indirect use, in compelling a division of
forces and diverting reinforcements from the
Crimea, is very plain also. Kertch, Yenikale,
ct.c., have been such promising specimens of what
might be done, and that too in early summer,
that we feel unwilling such achievements should
remain, like Bomarsund, a solitary success of the
fleet, not followed by others to which it seems
naturally to point the way.
It should be remembered that of many impor-
tant and attractive moves all cannot be made at
once, with a limited number of troops. We are
too apt, supposing that we must have spare
troops and ships at the Crimea, to dazzle
our imaginations with all the exploits of which
perhaps but one or two could be accomplished
even by the greatest skill and zeal. Still, one can
but belies e that had NAPOLEON I. been in com-
mand on shore, and had he at his disposal a fleet
like ours, with a NELSON for his Admiral, the
whole coast of the Black Sea westward of Sebas-
topol would have cut a very different figure from
what it yet does ; from the mouth of the Danube
round to Perekop not one stone would have been
left on another to shelter a regiment marching to
the relief of Sebastopol. The treachery of Austria
would have been checkmated at Odessa, Nicolaieff,
and Kherson.

Our "great contemporary"
what we rather late,
has, we perceive,
taken up, though
lier in the summer, and for the
ewereuasrogne_d eta:e-
forcing and opening the mouth of the Danube, in
order to liberate for our markets the '
agricultural
wealth of the Danubian provinces. We never
could conceive why this obvious means of easing
our Commissariat in the Crimea, and
of
aiding our
markets at home, has been so long neglected,
especially since cheap bread i 3 identical with a
lighter pressure of taxation, and the project,
therefore, might almost figure amongst the "Ways
and Means" of the Chancellor of the Exchequer,
as well as amongst military plans. Our contem-
porary enlightens us as to the cause. It is
Austria again ! ! No mischief clone, no
good hindered, but Austria is sure to have had
her share in it. Why could we not fight in
earnest at first ? Austria, is the answer. Why
not have a Polish Legion ? Austria again. Why
not march the Turks into the provinces and Bes-
sarabia after the retreat of the Russians ? Aus-
trian bullies were in the road. Why were we
assaulted so murderously at Inkerman ? Austria
lilxratkid roil f Vr7 I ~,
i 'w re the Gcn
Austria had 1 orcealent3 from t lit: Ditllll:.),', r' ,-.7
ralP, so SIOW to act in tLe ~i)riug
got their masters in the Conference-
net at Vienna. And ... Ilawi why may not our gun- i
004t6 open a passage
between Moldavia, Walla, 1