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

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LONDON, TUESDAY, APRIL 17, 1855.

Sir CedRNEWALL LEWIS won't do. He has
broken down at the earliest trial, failed at the
very first step in his progress. Yesterday he ap-
peared thickly covered with streamers of red tape.
Every mischievous precedent was adopted so far
as the objectionable portions were cancerned,
while the good that was to be found in every
scheme was, by a species of perverted ingenuity,
completely dissipated. There might have been
something to be asserted in favour of an unmixed
issue of 3 per Cent. Consols, or of Terminable
Annuities, but he has contrived so to dovetail the
two as to retain all the obnoxious features, with-
out any of the incidental advantages. It is said
that the proposition has been received favourably
in the City. It may be so, and simply because it
is in the highest degree unfavourable to the Ex-
chequer, affording prospects of exorbitant gains
to those who have the prospect of participating
in the exorbitant profits that may be realised on
the transaction.
The leading particulars of the projected Loan
appeared in our impression of yesterday ; we may,
therefore, comment upon the salient points with-
out rendering ourselves liable to the imputation
of seeking to control the discretion of the Finan-
vid Minister, or wishing to drive him into a
corner from whence he cculd not readily escape.
Ist, It appears that the total amount of the loan
is to be sixteen millions of pounds sterling—that
is to say, it is sixteen millions to be paid into the
Exchequer, not a fixed amount to be issued, and
the proceeds, whatever they might prove to be,
rendered available. The above sum has been de-
termiued according to the present estimates of what
will re(Pired for the wants of the current year.
It isauecelp necessary to refer to the numerous
am"
o h wouiaes improbable contingencies, any
latic'ea already Sufficient to derange the calcu-
Of 14164'64 of Ina e* the first Budget (that
Ex?hequer dy::1111' the then Chancellor of the
sition that the additila.rallelif against the suppo-
he then demanded vrett—idf Three Millions which
to meet the extra expenditurebe
146 re
tlian sufficient
May, just two months forthe year. In
later
nary to quadruple his vmvion* he found it neces-
even that amended estimate a reciP44iti° prove u; and,
cent. beneath the actual outlay,
117 50 Per
lowed
It would, therefore, have heen a w's
had P
dent precaution if Sir G. C. Ixcv ru-
I
himself some reasonable margin, which al
would
have rendered a further appeal to "Peen-
taive capitalists unnecessary. Had he asked
for Twenty Millions, which he could have
obtained just as easily and on as favourable terms
sts Sixteen, he would, although not pledging him-
self against a future loan, have rendered such a
step so very improbable that it would scarcely be
aen as an element in the calculations by which
the biddings will be regulated. He might even
nave got rid of the anticipated vote of zredit to be
raind by/Exchequer-bills, which there is no pre-

sent expectation, will exceed 3,000,0001. We need
not expatiate on the benefits of a well-filled Trea-
sury in time of war. The Right Hon. Gentleman
has, however, taken no step to retrieve the grave
mistake of his predecessor in denuding the Ex-
chequer of its balances by unnecessarily paying off
more I than eight millions—a valuable financial
demonstration, as we were then told by
cc a leading journal" —so valuable, indeed,
that it was one of the chief causes that
induced NICHOLAS to suppose that he had nothing
to fear from England, for that she could not be
in earnest in her opposition when taking a step
so incompatible with impending hostilities. In
fixing the amount at only sixteen millions, it
seems to us that the Chancellor of the Exchequer
has committed the first of a series of blunders in
reference to the Loan.

The second and chief condition is, that "for
every 1001. subscribed in money the contractors
are to have 1001. 3 per Cent. Consolidated An-
nuities, and a Terminable Annuity for 30 years,
ending on the sth April, 1855 ;" the interest on
the Consols to commence on the sth January
last, and the annuity from the sth instant ; and
" the biddings to be made in the terminable an-
nuity." Here, then, it will be seen that
the terminable annuity is the unknown quan-
tity. To ascertain it there must first
be determined the exact value in money
of a perpetual annuity of 3 per cent. ; having
thus found the money-value of the difference be-
tween 1001. cash and the value of 1001. Consols,
a new estimate must be framed of the amount of
Terminable Annuity worth that difference. A
complicated calculation that would effectually de-
ter any private individual from competing, and
throw the whole matter into the hands of a
favoured few who could fix their own terms in the
absence of all emulation. As if, however, there
was not a sufficiently decided advantage, the
Financial Minister has announced "that the bid-
dings must be made for the whole Loan of
16,000,0001.," as none for a smaller amount will
be received. A virtual monopoly is thus granted
to the very few members of the Moneyocracy,
who will find it far more to their advantage
to combine than to compete. It is scarcely
probable that more than one tender
will be made. Under any circumstances the
competition must be restricted within very nar-
row limits. The Treasury is thus placed, bound
hand and foot, at the mercy of some half-dozen
Pluto-trots, who have only their own consciences
to consult. Their customer wants the money.
He has voluntarily cut off all other sources of
supply. He has eschewed anything like popular
support ; and "as he has sown so must he reap."
How different is this from the French Financier,
whose successful operations during last year and

this year might have taught a valuable lesson to
Sir G. C. LEWIS. But " red-tapery " is once
more predominant. That which all but sacrificed
our noble army in the Crimea is again permitted
largely to enhance the burdens of the people.
TheßightHon. Gentleman has already sufficiently
proved that he is totally incompetent to discharge
the duties of the important office into which he

has been pitchforked. It is scarcely necessary to
advert to the development of his financial scheme
to prove the total absence of all the qualifications
necessary for the head of the Financial Depart-
ment of the British nation.

The spectacle presented yesterday in the me- I
tropolis was at once unique, imposing, and satis-
faqtory. The intelligent and orderly masses that
for so long a period patiently lined the miles of
streets through which the Imperial cortege was
to pass ; the balconies gay with youth and
beauty ; the bands of music catching
tip the distant strains ; the banners float-
ing proudly from the windows in the light of a
gunny day constituted a sight of no ordinary
occurrence. But when the Imperial guests
made their appearance the waving of hats
and handkerchiefs, and the general agitation
of the enthusiastic spectators as they cheered
loudly along the line, lent to it an effect
that wellnigh beggars description. The
EMPEROR, in short, from the moment of his
leaving the South-Eastern station to that of his
arrival at the Great Western, or, for an hour and
a half, was the subject of a grand triumphal
ovation. And this, it must be added, was only
in keeping with the reception he had experienced
from the moment of • his landing on the British
i shores.

How different this entry into England from his
departure thence, to go back no further, some five
years ago, when elected President of the French
Republic. Then he embarked at Southampton,
and sailed for Havre, with only one attendant,
comparatively speaking unnoticed and unknown.
How are we to account for the marvellous change
—for the reception of yesterday ? Under ordi-
nary circumstances, doubtless, an Emperor would
attract crowds of spectators, and an Emperor of
FRANCE, accompanied by his EMPRESS, was cer-
tain enough to do so in an unusual de-
gree. But this is not enough to account
for the cordiality of the reception which the
Emperor met with yesterday. There was a
depth and earnestness about it which distinguished
it from ordinary receptions. It was the welcome
of a great people to a great man, holding man-
fully a great trust—a welcome of faith and re-
spect. The Emperor had destroyed the Republic,
it was true, but the practical English people
had learned to value the Republic at its
worth, and had long ceased to deplore its
fate. He had brought back again the
glories of the Empire—but to England he had
held out the right hand of peace. He had
expelled political opponents honest and otherwise
from France, but he had put down anarchy, and
established enlightened rule. Ho had made
himself the absolute ruler of France, but he had
also restored her prosperity and elevated her in
the rank of nations. His aim had been
noble and his success had been great. A
proud, practical, constitution-loving people
could honourably receive this self-raised Em-
peror with manifestations of the heartiest
satisfaction and respect. The credit for noble
and forescc t.
aspirations d feeling towards this
p
the first
and the British people gave him from
from
earned,which The S
e 171,
country
opwenbity.
* full det. The magnanimous
and paid him their
their e had
dheart of hearts reciprocated his good wishes
bride the head :of the French andEm p roei
rs
ruler—the high-spirited
]over,
withp people pl s
recog-
nised; but the self-raised man, the artificer of his
noble Ally—had their claims honourably
°wla fortunes, and the saviour of his corm try from
abarchy
peaceful NAPOLEON—that under-
ana
t.ood
s proud islanders that we are, respected
113--he it was whom the people hc-
uoureatrtmt,4
moat
lesterda's procession. Come
what may,
was worth a
ancil ail ovation from such a people
life.

Vienna and y
and Sebastopol are the two localities
jbetween which the national interest appears to be
ust now equabl pendulously —vibratin
g. It
might otherwise, perhaps, be
more accurately thus
ed that the pepulax Attentive this 4t thi
expressed,

moment daritii lg to and fro between the Siege and
the Conference. , like a monstrous shuttle-cock be-
tween two gr eat political battledores. The Go-
vernment all tk e while receiving very nearly the
same amount of ,t;omparatively valueless informa-
tion from eith .er d irection alternately. Despatches
from Lord Joint, informing Ministers how hopes
and fears in regari :1 to the shadowy day-dream of a
pacific settlement., circle perpetually about the
Four Points of the discussion. Despatches from
Lord RAGLAN, on the other hand, acquainting
them with the various fluctuations of the winds of
heaven about tlria faqir points—of the compass.
Whence it so happen:;, to employ a favourite ex-
xression of the MeesLer of Netherby, that diplo-
matic pottering and. military pottering, each, drags
its slow length along, like a wounded snake or a
superfluous alexandrine. Season, all the while,
inexorably following season—the horrors of a
Crimean summer 'approaching rapidly upon the
scarcely-terminate d miseries of a Crimean winter
—a second eam-paign abortively frittering away
week by week, and month by month, after the
melancholy fashion of its disastrous predecessor.

The Commander-in-Chief of our army at
the Seat of War would really seem to be
impressed with the fulness of a deep-rooted
conviction that somebody was right in speak-
ing of History as an Old Almanack. Satisfied
upon which head his Excellency appears to be
seriously bent upon contributing his store of facts
to the future annalist, in the shape of an elaborate
table of chronology—with particular allusion to
the changes of temperature, and especial regard
to the variable movements of the barometer.
What the late Lord HOLLAND wrote, once upon a
time—in a fugitive couplet, or familiar jeu
cr esprit anybody might echo nowadays, not
altogether inaptly in reference to Field-Marshal
the Lord RAGLAN and his official weather.

alnianack :

"That he's like a palm tree, it well may be said,
Having always a cluster of dates in his head."

Then as to the other Noble Lord engaged
in these gigantic operations for the welfare of
England and the happier fortunes of Europe,
not the military aristocrat this time, observe !
but the diplomatic aristocrat—as to the Noble
Lord at Vienna, are not his labours, we may ask,
almost to a T, as incongruous, as frivolous, alto-
gether as preposterous? One (as our London
Charirari lately reminded us) at a pleasant little
partio carree. A delightful diplomatic diversion
over a sort of board of green cloth in a
snug saloon at Vienna. The cards duly
shuffled—the partners chosen—may we not
boldly hint at the opposing players thus—
England and France pitted against Austria and
Russia ? The object of their trial of skill, being,
of course, the acquisition of all the honours,
and of—the Four Points. In this agreeable
pastime, we all know, are now engaged, very delight-
fully for themselves that charming little assemblage
grouping together the names of GORTSCHAKOFF,
and BUOL, and RUSSELL, and DROUYN DE L'HUyS.
Gentlemen who have already made their game,
and are now only waiting the issue of the play at
the hands of the fickle goddess. When the up-
shot of all this becomes known, whether there be
no decision at all, or whether the decision arrived
at be for the indefinite continuance of the War or
for the re-establishment of a dubious tranquillity,
we shall have her MAJESTY'S Envoy to the
Austrian capital coming back to the Trea-
sury Bench—in what plight, and under what
particular appearance I Why, precisely as
he was sketched off to the very life
some few years ago by the Honourable Baronet
the Member for Hertfordshire. How runs the
couplet ?

" Serene, and all-unconscious of rei.roach,
Comes the calm Johnny who upset the coach !"

For, surely has he not been
3b2c) " at it again" this
imperturb
delightful, incorrigible, opportune
Marplot of Administrations—opportune, incorri-
gible, delightful, imperturbable in all his manifold
official capacities, not this once as lithotomist, to
be sure, or, indeed, for that matter as Lord
High Admiral iu command of the Channel Fleet,
but at any rate as ex-Premier, ex-President of
the Council, ex-Leader of the House of Com-
mons, ex-Foreign Secretary, ex-Home Secretary,
ex-this, ex-that, and ex-the other, still, moreover,
Member for the City of London, and at the present
juncture, we all of us very well remember, at one
and the same time Chief of the Colonial Depart-
ment, and her Britannic MAJESTY'S Envoy Extra-
ordinary and Minister Plenipotentiary to the
Austrian Court, and the little partie earl* of the
Vienna Conference. Everybody bears in recollec-
tion, of course, how very recently the Noble Pro-
tens has been, as we have before expressed it
colloquially, "at it again," at his old tricks, at
his wonted political mischief, extracting the linch
pin, or unscrewing the tire of an odd wheel, or by
some other ingenious contrivance, upsetting the state
coach—a proceeding, by the way, not so particu-
larly difficult at the period of the last casualty,
when the vehicle was top heavy with coronets,
and the team pulled very ill together, and one of
the many leaders every now and then evinced a
tendency to become more than usually restive.
Wherefore, under all circumstances, remember-
ing these things, we cannot but deem it in
some measure consolatory to reflect, in the
midst of such diplomatic twaddlings and military
potterings as those by which the patience of the
land is becoming at once exhausted and nauseat-
ed, we cannot but regard it as in some degree
consolatory in the thick of this delay, muddle,
and confusion worse confounded, to remember that
sooner or later there will, from the courtly gaieties
of Vier.na—

" Serene, and all-unconscious of reproach,
Come the calm Johnny who up4et the-coach !"

That sooner or later the noble Lord—that
"calm JOHNNY"—wiII return to his seat on the
Treasury Bench in the House of Commons, and
then and theie may, perchance, in spite of all
diplomatic secrev, of all considerations of political
etiquette and of party precedent, exploiter,
Heaven knows what, mysterious Ministerial tran-
sactions. Tant mieux, so far as the uninitiated
vulgar are concerned—meaning thereby, of course,
the People of England. The fustier corners and
crannies of the State machine, in truth, are all the
better for being thus occasionally ventilated by
the wise rashness and sagacious audacity of some
affected vaurien, some assumed ne'er-do-weel, in
the astuter wiles of the craft of statesmanship.