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

THE SUN, LONDON, THURSDAY EVENING, JANUARY 18, 1855.

of thy lack of faith in the inspiration and thy dis-
rennl of the counsels of Father GAVAZZI

Now, honest enthusiasm will, at all times, in
this country command a certain degree of respect,
provided it keeps within sight of the bounds of
reason. We willingly accord to the representatives
of oppressed nationalities that refuge and safety
they cannot find at home, and are by no
means so morosely practical as not to re-
gard their noble aspirations, though chimerical,
with some degree of sympathy. We don't judge
them harshly, nor their schemes. We feel it to
be just possible that they know more of their
own affairs than we do, and give them the benefit
of the doubt. In the present instance, however,
the case is different. The act of VICTOR EM-
MANUEL, under all the circumstances, is within the
scope of our judgment, and that judgment is in his
favour. He has done the wisest thing he could
do, and if he does not emulate his father's exam-
ple he does better for the country, and is not
likely to meet with his father's fate. To win
Italian independence and unity in the teeth of
France and Austria he feels to be an impossibi-
lity ; and with a statesman's prescience he sees
that the incubus of Russian influence—
that barrier to all constitutional progress—
removed a brighter day dawn for Italian liberty.
In this faith, doubtless, and satisfied with the
righteousness of their cause, he has joined the
Western Alliance ; and, as GAVAZZI suggests, may,
should the War continue, be called upon to supply
"a contingency of Italian soldiers to fight side by
side with Austrians and Frenchmen." The pos-
sibility of this, it seems, is intolerable to GAVAZZI
it fills him with indignation; he cannot away
with it.

We presume, however, he knows something of
Continental and of English history. Re may
there read of an alliance quite as likely to have
filled the GAvAzzis of that period with disgust ;
and yet both political and religious liberty were
promoted, and the Papal power, which he detests,
was not a gainer by it. More : whatever know-
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 the practical states-
man, in this instance, stand out iu 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 "Tom
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-
misca, uacier which it Tr...contract...4 that, u.i less
than 851. was paid for each 1001. bond. Since
that time, however, although some trifling sums
were paid, the interest was suffered to remain 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 some 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 interests:of the State (for in such cases honesty
is the best policy) would demand.
But Senor PEA, 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 oily true to themselves, 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, has 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 domestio 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,
the bondholders 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.

, A 1-117,4 911::, 17-41 Ny
1.4 a. 12,1 V

RUSSIA AND THE 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, Jex. 17.

Baron de Bourqueney and Lord Westmoreland
yesterday received, by telegraph from Paris and
London, instructions to open the Conferences.
The despatches to this effect are on their way.

PARIS, THURSDAY.

The official account states the amount raised of
the New Loan to be 2,175,000,000 fr. (two
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 subscriE.tions below 10fr. will undergs a re-
duction of 40 to 42 per cent. ; all above that
amount will remain without effect.

The Morateur states, under the date of "Pera,
Jan. 11," that Omer Pacha was at the camp
before Sotastopol 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 Rrasiians attempted a sortie on the Bth,
but were vigorously repulsed.

MARSEILLES, WEDNESEIAY.

The .7-Gorna/ of Constantinople of the Bth con-
tains an account of a great diplomatic dinner
given by 31. Bruck, Austrian Internuncio. M.
Bruck grt ve, as a toast, " The Sultan and his
brave a-cmy, who are the admiration of all
Europe."'

"There," the Internuncio exclaimed, " they
have, in e•cery action, defeated the Russians; they

have tauj,llt the Russian Court that they were
able glorim‘usly 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 reslalt." And he stated in conclusion, with
remarkable energy, that Russia was no longer to
be feared— —she must yield.

The em otion of the guests was extreme ; and
the Granll Vizier warmly thanked the Inter-

nuncio.

The Tui kish army in the Crimea will amount,
before the, end. of January, to 60,000 men.
The am mr had. ceased for the moment, and the
last Englis h parallel had. been completed.

fARSEILLES, WEDNESDAY MORNING,

JAN. 17.

The Et phfate, which left Constantinople on

the Bth int tint, has arrived.
Despatel les for the Government left at 7 45.
TLe nv,vs from the Crimea is to the 3d of

January.
The Fronch batteries were daily approaching
nearer Sebastopol.
The Iv( 'wither was still very bad.
Only Pm Russian ships remain now armed.
Omer Paella has returned to Varna from
Eupatorizi.

We leas from Vienna and Berlin that great
efforts are sit this moment brought to bear to ob-
tain the co nsent of the Western Powers to an
armistice. The Emperor Napoleon's address to
the Imperii:9.l Guards, the reinforcements sent by
England, :and the treaty which France and Eng-
land have. concluded with Sardinia, have been
regarded tht Berlin and St. Petersburg as evi-
dences of :an intention to complete the work com-
menced 1)11fore Sebastopol, irrespective of the
general pr vfessions, more or less sincere, made iu
the name of the Czar. The Berlin Cabinet is

urging wi tat peculiar earnestness the necessity of
suspending hostilities until the belligerests shall
have puthnied 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 ..4.111.13s that the advantages offered by an
armistice iv ere not monopolised by Russia. It
is not certain that the Austrian Government was
not a parts to the manoeuvre.

COPENHAGEN, JAN. 17.

The bill for altering the Fundamental Law has
passed tho Tolksthing to-day, on a first reading,
by 90 agaixtst 5 votes.

FRANCE.
TUESDAY EVENING.

The Etn iperor and Empress honoured the first
representa Lion 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 mfsdal on General Canrobert, aide-de-
camp of his Majesty, and Commander-in-Chief of
the army o f the East. The General, the decree
states, has served 28 years, made 17 campaigns,
and received three wounds, two of them in the
Crimea.

An imperial decree promotes to the rank of
general of ;br igade Colonels Beuret of the 39th,
Verge of the 27th, and Niol of the 26th regiments
of the line, flow serving in the Crimea.
General Diettnaan has just died at Nancy of
cholera in his 65th year.
The Condit ationnel publishes 'a telegraphic des-
patch from DI/ Ail, which states that the Russian force
which had latoly entered the Dobrudscha amounted
to 15,000 ram, with 50 pieces of artillery. This
news is in direct opposition to that given by the
Afe;titeur, from which it would appear that
although a body of Russians did pass the Danube
on the 7th or Bth, they retreated to their old quar-
ters at Ismail. on the 10th. The above despatch,
to be sure, is of the 12th, so that, after making
the reconnaissance, they may have returned in
force ; but this is not thought probable.
Cardinal de )3onald Archbishop of Lyons, and
the Bishops of Agen and Montauban have arrived
at their respedive episcopal residences from Rome.
A letter from Toulon, 12th, says :—" The Ville
do Marseille, line of battle ship, arrived here to-
day, from Constantinople. The Suffren is hourly
expected. The Hercule has landed all her guns,
except eight, in order to have more room, for the

conveyance of troops. She had received orders to
take on board three months' provisions. The Titan,
steamer, will leave to-morrow for the Levant, with
445 men and 15 horses belonging to the 43d regi-
ment.

A letter from before Sebastopol, in the Presse,
says :—"A Russian was taken prisoner while walk-
ing about in our works with the audacity of a better
fate. He was dressed in the uniform of a captain
of the African Chasseurs, killed at Balaklava. He
thus reached the English works, where he acquired
all the information he wished. Emboldened by
this success, he returned on the following day, and
was then more unreserved in asking questions. Au
English colonel, who spoke to him, being aston-
ished at the ignorance Ile displayed on certain
points, became suspicious, and arrested him, telling
him that if he turned out to be really a French-
man, an apology would be made to him for his de-
tention. An investigation was accordingly insti-
tuted, and he turned out to be a Russian."

BOURSE, JAN. 17.—CLOSING PRICES.
Cash. fr. c. End of Month.
3 per Cents — —68 f. 70c.
4i per Cents 95 20
Credit Mobilier 752 50 Roman
Credit Foncier Austrian
Belgian Fives — Spanish Threes
Piedmontese — Home Debt

RAILWAYS—FOE CASH.
fr. c. fr. c.
Orleans
Western 660 Rouon 1035
Cette 597 50 Strasburg
Mediterranean 915 Havre 555
Northern -