The Sun.
London, England, 1855-01-18 00:00:00

removed a brighter day dawn for Italian li iberty.
In this faith, doubtless, and satisfied wi t:ti the
righteousness of their cause, he has joinu.d. the
Western Alliance ; and, as GAVAZZI suggests, :may,
should the War continue, be called upon to t supply
"a contingency of Italian soldiers to fight sac le by
side with Austrians and Frenchmen." The pos-
sibility of this, it seems, is intolerable to GAV.AZZI;
it fills him with indignation ; he cannot .away
with it.

We presume, however, he knows something of
Continental and of English history. Ho may
there read of an alliance quite as likely to .have
filled the GAVAZZIS of that period with dis.g uat ;
and yet both political and religious liberty were
promoted, and the Papal power, which he do4tests,
was not a gainer by it. More : whatever k now-
ledge of human nature he may possess, it should
suffice to show him that the political exile
who can contemplate with complacency the defeat
in a righteous quarrel of the nation that gives
him shelter and insures him safety—who has the
audacity to promulgate by its press his expectation
of opportunity and advantage to the cause he has
at heart from that defeat—does more to injure that
cause than would a succession of battles, lost.

How nobly, let us add, does tho practical states•

man, in this instance, stand out in relief while
in juxtaposition with the political enthusiast !

The Buenos Ayres Bondholders appear to have
much reason for complaint at the conduct pur-
sued towards them by the present financial minis-
ter of that country. Indeed, it would seem as
if many of these minor South American States re-
garded JOHN BULL as an animal to be plundered
with impunity—one that may grumble, but who,
through the apathy of his Government, has no
means of enforcing his just rights from those by
whom he has been defrauded. It is well known
that some thirty years since, during the palmy
days of these operations, large advances were
obtained from English capitalists by various
States. Amongst others, that of Buenos Ayres.
plucked some of the tempting fruit. Having ob-
tained its entry through the introduction of a
first-rate firm (Messrs. Baring Brothers), on "Torn
Tidler's ground, it picked up the demnition gold
and silver "to the tune of a million sterling. So
brilliant were the auspices. So plausible the pro-
mises, under which it was contracted, that no less
than 851. was paid for each 1001. bond. Since
that time, however, although some trifling sums
were paid, the interest was suffered to 4emain due
to the unfortunate Bondholders until some 25
years thereof, amounting in round terms to 1551.
of every 1001. of original stock, fell into arrear.
Considering the unquestionable respectability
of the agents, and the undoubted ability of Buenos
Ayres to satisfy the demands of all its creditors, it
might have been anticipated that seine reason-
able exertion should be made, to put the
Bondholders into the position to which they are
justly entitled, and which the honour—aye, and
the interestiof the State (for in such cases honesty
is the best policy) would demand.
But Senor PENA, the Minister, does not seem
inclined to do what lies within his power.
Like others, he thinks himself justified in
taking advantage of his own Wrong, and
getting rid of his liabilities at the depreciated rate
to which the misconduct of himself and his pre-
decessors in office have reduced it. This may
suit his notions of morality, but it will not meet
the approval of JOHN BULL ; and, if the Bond-
holders be only true to thereselves, it must prove
utterly abortive.

The latest dodge is comprised in an additional
article annexed to the budget, and of which Mr.
GIRO, the agent of the Bondholders, haA sent
notice to his constituents. It is to the effect,
that " the Government will apply to the pay-
ment of the domestic and foreign debt, by
redeemable funds, the surplus which may
result of the public revenue over, the expenses
stated in the budget, and others which the Legis-
lative Body may vote during the ensuing year."
Now, the interest on the domestic debt
has been liquidated there is no arrear, and
any surplus fund should clearly be applied,
first, to the punctual payment of that on the

_ - --
Foreign Debt now accruing due, and then

to the reduction of the enormous arrear so

scandalously suffered to accumulate. Until
that be done it is a farce to speak of paying off, or
rather of purchasing at a depreciated price, any
portion of the principal ! Let, as we have stated,
thebondholders be only true to themselves, and the

anticipated scheme will fall to the ground, and
the voice of public opinion, so long outraged, will
compel the justice which cannot be obtained from
the integrity or honour of the Government Of
Buenos Ayres so long as it remains in the present
hands.

of thy lack of faith in the inspiration and th, dis
regard of the counsels of Father GAVAZZI

Now, honest enthusiasm will, at all tim' t.. 3, in
this country command a certain degree of r( aspect,
provided it keeps within sight of the bounds of
reason. We willingly accord to the represen Entives
of oppressed nationalities that refuge and safety
they cannot find at home, and are -17 no
means so morosely practical as not 1 c re-
gard their noble aspirations, though china R rical,
with some degree of sympathy. We don't judge
them harshly, nor their schemes. We feei, it to
be just possible that they know more of ' their
own affairs than we do, and give them the 'I) 3nefit
of the doubt. In the present instance, ho w -ever,
the case is different. The act of VICTO 11 L EM-
MANUEL, under all the circumstances, is witl ili:n the
scope of our judgment, and that judgment i s .in his
favour. Ho has done the wisest thing he could
do, and if he does not emulate his father's e am-
ple he does better for the country, and is not
likely to meet with his father's fate. l'o win
Italian independence and unity in the te(ti 11. of
France and Austria he feels to be an imp 4 )ssibi-
lity ; and with a statesman's prescience h e sees
that the incubus of Russian influf u ice—
that barrier to all constitutional prog r ess—

LATEST NEWS.

The despatches to this of are on their way,

PARIS, THURSDAY

the New Loan to be 2,175,000,000ir.

The Moniteur states, under the date of "Pera,
Jan. lA," that Omer Pacha was at the camp
before Sebastopol on the sth inst., where the
generals of the Allied Armies agreed with him on
their combined operations. Omer Pacha re-em-
barked for Varna on the 6th, and after giving his
last orders there, would return immediately to the
Crimea, to take the command of the Turkish
army already landed.

The Russians attempted a sortie on the Bth,

but were vigorously repulsed.

MARSEILLES, WEDNESDAY,

The Journal of Constantinople of the Bth con

tains an account of a great diplomatic dinner
given by M. Bruck, Austrian Internuricio. M.
Bruck gave, as a toast, " The Sultan and his

brave army, who are the admiration of a:

Europe."

" There," the Internuncio exclaimed, " they

have, in every action, defeated the Russians; they
-

have taught the Russian Court that they were
able gloriously to defend the rights of Turkey
against Muscovite ambition. Like the Western

Powers, Austria was willing to fight for the
rights of Turkey and of justice, whatever might
be the result." And he stated in conclusion, with

remarkable energy, that Russia, was no longer ti

be feared—she must yield.

Tho emotion of the guestr was extreme; and

he Grand Vizier warmly thanked the Inter.

nuncio.

The Turkish army in the Crimea will amount,
before the end of January, tc► 60,000 men.
`The 15 LIOW hail ucaacd for the moment, and the
last English parallel had been completed.

MARSEILLES, WEDNISDAY MORNING,

JAN. M

The Euphrate, which left Constantinople on

the Bth instant, has arrived.
Despatches for the Government left at 7 45.
The news from the Crimea is to the 3d of

January.

The French batteries were daily approaching
nearer Sebastopol.

The weather was still very bad.

Only two Russian ships reniain now armed.
Omer Paella has returned to Varna from

Eupatoria.

We learn from Vienna and Berlin that great
efforts are at this moment brought to bear to ob-
tain the consent of the Western Powers to an
armistice. The Emperor Napoleon's address to
the Imperial Guards, the reinforcements sent by
England, and the treaty which France and Eng-
land have concluded with Sardinia, have been
regarded at Berlin and St. Petersburg as evi-
dences of an intention to complete the work com-
menced before Sebastopol, irrespective of the

general professions, more or less sincere, made in
the name of the Czar. The Berlin Cabinet is

urging with peculiar earnestness the necessity of
suspending hostilities until the belligerents shall
have pursued further the recent endeavour to

arrive at an understanding. It is believed that

the recent irruption of Russian troops into the
Dobrudscha was mainly intended to demonstrate
to the Allies that the advantages offered by an
armistice were not monopolised by Russia. It
is not certain that the Austrian Government was
not a party to the mano3uvre.

COPENHAGEN, JAN. 17.

The bill for altering the Fundamental Law has
passed the Volksthing to-day, on a first reading,

by 90 against 5 votes.

FRANCE.

TUESDAY EVENING.
The Emperor and Empress honoured the first
representation of Scribe's drama of La Czarine
last night with their presence at the Theatre
Francais. Their Majesties were received with
warm demonstrations by the public on their en-
trance, and also saluted with acclamations on their
departure.

The Emperor, by decree of the 13th has, on the
proposition of the Minister of War, conferred the
military medal on General Canrobert, aide-de-
camp of his Majesty, and Commander-in-Chief of
the army of the East. The General, the decree
states, has served 28 years, made 17 campaigns,
and received three wounds, two of them in the
Crimea.

RUSSIA AND TIIE WESTERN
POWERS.

The following telegraphic despatch has been
received

" VIENNA, THURSDAY MORNING.
"The English and French Ministers have re-

ceived powers enabling them to treat for peace
with Russia,"

VIENNA, JAN, VT.
Baron de Bourqueney and Lord 'Westmoreland

yesterday received, by telegraph from Paris and
London, instructions to open the Conferences.

The official account states the amount raised of

thousand one hundred and seventy-five million

francs). The English subscriptions amount to 150
millions, those of other foreign nations to as
much. The subscriptions of 500 fr. and under
amount to 836,000,000 francs—exceeding by
336,000,000 francs the amount borrowed.
All subscriptions below 101 r. will undergo a re-
duction of 40 to 42 per cent. ; all above that
amount will remain without effect.