The Sun.
London, England, 1855-08-11 00:00:00

sons whose nominal co-operation could be pur-
chased for a few shillings, or, perhaps, a single
shilling each. A striking instance of the mischief
that may arise has already been put forward in a
letter to a morning contemporary, stating that
an undertaking, in which four gentlemen
were about to invest 1,000/. each, will be
stopped should the House of Commons sanction
the so-called amendment, or that they will be com-
pelled to complicate their arrangements, and
thereby impair the prospects of success by taking
in 21 persons more, all the parties subscribing
1601. each. It requires no argument to prove the
magnitude of this evil. It is certain that if the
matter had been at all considered the clause would
have been expunged. As it is, we can only hope
that the House of Commons may abide fairly by
their original bill, so that there shall be uo diffi-
culty respecting the number of partners required.

The great, and indeed the only point necessary,
is that parties giving credit to these companies
should know what they have to look to for the
liquidation of the debt. A prudent man of busi-,
ness will always require full information be-
fore he parts with his property, and he can-
not justly complain at anything which may
occur in consequence of his own deliberate pro-
ceedings. Who:, is required is that there sh-,uid
be perfect liberty of contract. Unless tlyd parties
establish for themselves a character ibr punctu-
alityds will
will no;, obtain credit ;
ill
too frequently evinced
bt be supplied with
that
reckless and
certainly solvency
o indiscretion,g
o
under the existing system, and which is
created and foi',,ered by the power of taking
the debtor's rerson —as if putting a man
in prison over enabled him to pay a debt.
The impedimeno to the reckless running in debt
—the salutary lesson that men should look to
means rather than persons—to actually paid-up
capital rather than a valueless personal liability,
will not be the least useful part of the new bill,
which will, we trust, receive the Royal assent on
Tuesday, and may be regarded as initiatory to the
abolition of imprisonment for debt at the mere
will of a vindictive or disappointed creditor.
There is no doubt that when carried it will
largely increase competition, wherever the ground
Is not already occupied by honest, fair-dealing
tradesmen. It will not be possible for parties to
charge more than a fair price for their commodities,
or to foist articles of very inferior quality,
manifestly adulterated, on their customers ! Such
conduct will now be sure to produce competition,
and it will be for the benefit of the consumers
that it should be so. The honest, fair dealer will
be sure to flourish—the fraudulent oue to suffer.
" Honesty will be the best policy " more than
ever, and when the new enactments have been
tested for some time, and the folly of the objec-
tions ascertained, our children will wonder how
their fathers could so long have remained insen-
sible to the mischiefs arising from the various
clogs and restrictions which, with the best inten-
tions, followed by the worst results, they imposed
on trade and commerce.

The French Minister of Finance has addressed
a Report to his Imperial Master, which will be
found in another part of this day's impression,
indicating the definitive results of the leviathan
operation that has just been brought to a conclu-
sion. They are even more astonishing than had
been anticipated, and supply irresistible evidence
of the zeal and prosperity of the people, as well
as of the unbounded confidence which they
repose in their chosen ruler—the selected of eight
millions of adult voters, whose suffrages wore re-
ceived through the balloting boxes.
M. MAGNE has given the exact details of this
very interesting proceeding. We learn that the
total number of subscribers was 316,864, who in-
scribed their names for no less than 3,652,591,985
francs ! I ! equivalent to 146,103,680/. sterling, on
which 10 per cent., or 14,610,3681., was actually
deposited, considerably more than two-thirds of the
entire stock of the Bank of England notes in circu-
lation, and more than seven-eighths of the bullion
stored in the Bank of England.
Looking a little closer, we find that the sub-
scriptions for 50 francs of Rentes and under, not
subject to reduction, are nearly one-third •f the
entire amount—viz., 231,920,155 f. (9,236,794/. )
—and of 60 francs and upwards, subject to pro-
portionate reduction, 3,420,671,830 f. (more than
136,200,0001.)

The departmental subscribers number 236,577,
for an aggregate amount of 1,118,703,830 f.
(nearly 45,000,0001.), while the balance,
2,533,888,450 f. (101,560,0001.), subscribed in
Paris, include about 600,000,000 f. (24,000,0001.)
from abroad.
The balance not required by the small subscribers
would give to each subscriber 15f. 920. per cent.
of Rentes on the sum subscribed. It is obvious,
however, that such accounts would occasion great

confusion in the public ledgers. To avoid this
Palpable evil, the liquidation will be effected by

multiples of 10f. for Rentes of I,ooof. (406
and under, and of 100 f. for larger amounts. Some
are therefore obliged to take a little less, while
others obtain a little more than their actual pro-
portion. The surplus is, in a spirit of strict justice,
appropriated to the smaller subscriptions of 80fr.,
90fr., 140 f., 150 fr., 210 fr., and 280 fr., which
were least favoured by the tariff of reductions
established on the foregoing bases.
It is only necessary to add that measures have
been adopted to repay, with all convenient speed,
.he surplus deposit, and more than 120,000,000
francs (6,000,0001. sterling) has already been •
returned in Paris.

Thus the most miraculous financial operation
ever effected has been brought to a conclusion,
md it is difficult to know which to admire most,
the profound sagacity that induced the EMPEROR

,o venture on the great experiment, or the affec-

tionate and devoted loyalty of the people, that
placed their wealth at his disposal. It has fre-
quently been asserted that the French people are
fond of hoarding, of setting aside specie, to have
ready at any emergency that might arise. It is
natural that it should have been so. The devo-
tion of the people to the BONAPARTE dynasty,
the constant disturbances that were either im-
pending or occurring, until the man of their choice
assumed the position which they wished him to
occupy, more than justified such precautions. But
now that the difficulty has been removed the
people rely on the continuance of tranquillity.
It is no longer prudent to sacrifice the inte-
rests of money, and thus not only has
the 60,000,0001. sterling actually advanced since
the beginning of the War, but a large proportion
of the amount tendered, been brought to light.
We need scarcely explain the beneficial results
that must necessarily attend the liberation of so
large an amount of capital, and which will greatly
add to the monetary ease and material prosperity
of France, and give our faithul Ally new cause to
bless the day when NAPOLEON 111. assumed the,
Imperial purple.

To judge from the latest order of the, day by
Prince GORTSCE/AROFF, which has roacl.led us, that
Commander feels the toils of the Fiesiegin,g army
to b© rapidly tightening around him, and that
nothing but the use of extraordinary means can