The Sun.
London, England, 1855-01-02 00:00:00

TILE WAR EPOCH '54.

(Front ea Bankers' Magazine.)

The year one thousand eight hundred and fifty-four
will occupy a prominent position in the annals of Europe.
It will mark the important period of a transition from a
lengthened continuance of profound peace to an outbreak
of war, to termination of which depends upon a variety of
contingent influences. To those sufficiently advanced in
age to remember the memorable Wellington campaigns,
the present crisis exhibits the remarkable contrast of the
association of England and France to repressthedesigning
ambition of Russia, and to preserve intact the balance
of power in the East ; while to those acquainted only
with the stern realities of belligerent operations since
the despatch of the allied forces to the Crimea, the suc-
°MCC obtained must furnish an earnest of the lasting
benefit to be derived from their cordial co-operation.
Amidst the general distress, social and pecuniary, the
fearful loss of life in the one case, and the derangement
of trade in the other, 'each producing great discourage.
ment, there is, however, the consolation that the attempt
ofthe Czar to subvert the government of Turkey has
accelerated a union between the two countries whose
natural position and resources entitle them to take the
lead is regulating the destinies of the civilised world ;
and that, if the first exertions to secure an honourable
recognition of their power have been attended with a
heavy sacrifice, it will, in the end, be more than com-
pensated by the advantages which are likely to accrue
from the favourable nature of the relationship esta-
blished.
It was not to be supposed that the current of finan-
cial and commercial affairs would, at an epoch like this,
assume a steady and undeviating course, or that the
prosperity of the two or three preceding years would,
under such circumstance; be maintained in its
full integrity. From the character of the negotiations
- entered upon, and the unflinching perseverance of the
Muscovite interest to achieve the object of their ambi-
tion, almost every one, from the entry of the combined
fleets into the Black Sea, was prepared for the alterna-
tive ultimately adopted. The significant fact of the
retirement of the Russian ministers from the courts of
London and Paris, followed by the declaration of war
in March, brought the actual position of the case pro-
minently before the public ; and even many who had
previously professed an utter disbelief in the probable
co-nmenoement of active hostilities, were then compelled
to admit the sombre hues of the picture presented for
contemplation.
But, although a declaration of war had taken place, it
was at the same time felt that the extreme measure had
not been resorted to before every considerate attempt
,had failed to induce as honourable adjustment; and,
although the public were not unanimous, after the issue
of the "secret correspondence," that the Cabinet had,
with the possession of this knowledge, proceeded as
energetically as circumstances required, they cheerfully
accepted the responsibility entailed, and, with an enthu-
SWIM deserving high commendation, indorsed it with
the character of "a people's cause."
The war announced, preparations were requisite to
carry it forward. The early budget of Mr. Gladstone,
which provided for an extraordinary expenditure—the
positive result of negotiations not having been then ob-
tained—received support, despite a further increase of
direct taxation ; and the country, while agreeing that it
was prudent to arrange for any emergency, appeared to
regret that the fallacious hopes entertained of any settle-
ment should prevent the Government from seeking a
I arger amount of assistance. The supplemental state-
ment exhibited in May indicated that a larger provision
was necessary, but recourse to a loan was studiously
. avoided—the Chancellor of the Exchequer having refused
originally to recognise the principle of rendm ingposterity
liable for an outlay which should, according to his views,
be discharged from the income of the period. Although the
reasonableness of this position was contested at the time,
and continues to be contested by high authorities, the
majorities acquiesced, and the whole of the plans pro-
pounded were 'edified, and speedily put in motion.
While these auxiliary events were taking place, the
presence of our fleets in the lii!ack Sea and the Baltic
exercised an influential surveillance ; and the enforce-
ment of blockades, notwithstanding their temporary
evasion, impressed upon the suhjeets of the Czar, throueh diminished trade and restricted resources, the l ienalt
incurred by the despotism of their ruler. There
was,
however, on his part, no desire to avail himself of the
friendly offices of Austria, who, throughout e
whole
toefnuthsisbedtiwffieceunittiresetion, has. endeaveured to arrange
Staty from any inatentndti7difigt. Governments ; not pro-
es, but to avoid, if po.. to assist the Western
possible, a personal embroilment
with her haughty and irascible neighbour. In the in-
termediate period, a concentration of forces at Varna
and Constantinople gave breadth to the proceedings of
England and France, and the victories gained by the
~,Turks over the Russian; under the leadership of Omer
Pasha, presented, in a satisfactory light, the effective
rllanltanne of the presumed weakly antagonist.
The retreat from Silistria, and the proposed evacuation
of the Principalitiee at once changed, in many essen-
tial respects, the features of the war. Suffering greatly,
as the allied troops had been, - at Varna and Scutari,
-gym disease and inaction, loud comp'aints were raised
. Of the absence of_an active demonstration against Ni-
cholas. The bombardment of Hangoe and Bornarsund,
in the Baltic, although not considered brilliant achieve-
ments; testified to the anxiety of our naval forces to
distinguish themselves in those waters ; but the diffi-
culty of the navigation, and the want of gun-boats, pre-
vented the attainment of ether desirable objects.
It was at this important juncture that the pvpsdition
to the Crimea eves publicly intimated. Arrangements
• Ph/it'lieler in progrems furnished evidence of some con-
siderable movement being at hand. No direct infer-
i" had, however,- transpired ; and, until the very
-Bating of the fleet, there was a doubt respecting its posi-
•destination. It was then officially declared. to be
r an,B4basi,..lnteixtle-an announcement that created the greatest
a ,wheiastia. The -intelligence of the landing of the
n..." of the forces, without accident, on the 14th of
wat a cause of congratulation, not the less
• satiefaetory because of that circumstance, but because
as believed to present the prospect of an auspicious
'esunPataaiig"' The passage of the Alma, the capture of
exhibited,la an and . the l battle of Inkerman,
in their stroneest colours, the desperate coil-
-16 and indomitable perseverance, surrounded by all
difficulties, of 'both the English and French troops, who
having fought side by side with a valour comparable
only to that recorded in the classic age, elicited the mu-
tuel encomiums of their commanders,
those
the field and
▪ in their published
tone published
of despatches. But brilliant
Pages Of mato which may be veritably described
existing
int vthie
. generation, to among
but
the mightiest of the
great sacrifice of- blood been unaccompanied
• able situation .lood and treasure ; and the
deplo-
ee an hick
the with
'wr k 'of iff NYI!'oll the army-has been reduced, the
alteration in
, • dimente ahead the
Euxine;and unfavourable
weather, have increased the hive-
- of the siege.- Russia's old
y encountered to a vigorous prosecution
negligenoe on the ally, winter, throug
has proved,
as
in
fpoart of our general war administration
rig;oseirnscea,
eooorvdei h alleged
was anticipated •rn'er cases, more antagonistic than
exercised, the and inconveniences oniaeroyeeparevofoyaancereimbeeaenn
'climate rnieht have bees in
.. • aghinst Sebastopol effctelniltigated, and the operations
' • The war, and its influence'vey prolonged.
- topic whichhas. been upon trade and finance, is
ties express extreme muck
eaevas'ed• Extreme par-
'V AWNS and
different opinions have ' consequently very
ere
of.
Government, ?ert current. The support-
: liCtiolut have not • aintain. that business trans-
received so
which was predicted would great a check as that
first appeared imminent ; whit lane when hostilities at
hand, declare that the. count hpponents,,, on the other
deep distress, 'the whole burdrli Prgeu in
a State of
to ; the vacillating policy of the w4ll2,ceh is attributable
Taking a more moderate estimate of i;tllleen Cabihet.
consequences, a nearer approach to the truth war
and
its
to be arrived at. Generally admittin theruth is likely
of the administration in naval and tailitaleyelPerience
. conceding the point, that blunders have are tactics—
, perfecting preliminary arrangements, and whinetrat in
in all probability, have occurred had other pertiemsibette-
,- in power—it is impossible to conceal the fact that
considering all things, affairs have moved forward in
-• a "tranquil and satisfactory manner. While allowing
this, it must, at the same time, be remembered that no
straggle althea momentous description could be engaged
iu without creating some effect upon Commerce, the re-
lations of Which are invariably disturbed whenever such
events take place. The inactivity of trade, and the
dullness which has, more er less, overshadowed
• , overshadowed every de-
e -11tirtmerit withinthelast four Months' have been provoked
by other circumstances than the war
teral incidents are,.in themselves, of aim'oA-jid these colla-
- eince• to those which may he sapposed to hese esqpnal iew Port-
thecouteet now-going on with Ruesia. Tax:ti-or'ln4,;ait of
• the expenses of the war has, of comae, been increelsray,
and the weight has fallen on the public. Bat, unfort
nately, :in addition to this unfavourable state of thinga
eAustraliis and America, the two principal customers
'Gant Britain, have been passing through phases of
• pressure, which have affected, not only the credit of
mercantile and trading establishments in those loca-
litieea hut also that of agents and correspondents re-
sident here. Failures and other commercial disasters
• -which have not arisen from these proximate causes,
(-I'l'4l be found to hnee been few and far between.
e•With such an excess 'of -business, mostly speculative, as
•is represented to- have 'been transacted through these
ceientetionse it was sotrcely possible to avoid the effects
of the-revolution recently witnessed. -
, But if business hoe been heavy, and in the 'majority of
eases unr
el:numerative; great di:position hai been exhi-
e.
stretch forth a helping hand to those in difficul-
fto
• where the-least hope el recovery existed ; and the
occasional symptoms of panic presenting themselves have
thus been allayed,
without being permitted to reach a
„
hsheight to endanger legitimate and healthy trade. With
teentecee such as these,
it was to be expected that mo-
no r would, on the average, command full rates, and
"ttr'llo3•ltteen active employment for the whole avail-
lawe?Stnaiitit of capital, both in Lombard street and
egenerrd lemettisig circles. Although the supplies from
'(l2-lesrid44ll***not and California, have not decreased,
they have barely
been sufficient at particular periods to
I:!alleP"ina',:"":at.tott bale , requisite to create confidence
alt"ni,and when the metallic reserves
~-or the- Bank threateneel tee neeeree 3 rapid diminution.
I:Hewes. so ;elieeleehass the :alteration in the rate of die-
-donut been regulated,- that the 'flgr/i* terms of the
rank authorities have not varied "off 1
osit than one-half per
cent
e- rate inhlay- having bees, ad*
ailed from five
Attefive-and-a-half per cent. • and Ineee --
evinced from fiveeand-a-half to five porognet having been
letteetatinnee while the stools of bullion' hastfutean present
teeteenel6,2B6,oo.o/. (25theit Febrnary) and 12trted be-
20th Maa)emewestanding (December 16th) 14:401;e0)gl.
Oneesseential setameut in inducing the public te;
ProPhesied adversities was the al:band:ld
harvest, hehiuhespreeided for a contingency that might
otherwise have been attended with disastrous results t
and, fortified with this certainty, they were prepared to;