The Sun.
London, England, 1864-08-31 00:00:00

SPIRIT OF THE PUBLIC JOURNALS.

TIMES.—A general survey of the events in Ame'.
rice reveals nothing so distinctly as the incapacity
of either belligerent to prevail against the other.
At every point one commander is held i❑ check by
another, and neither can obtain any decisive advan-
tage. In the Shenandoah Valley the Confederates
assume the initiative and make occasional raids into
Maryland and Pennsylvania, but they are neverthe-
less compelled to retire at intervals by the advance
of a Northern force. In the vicinity of Richmond,
where the main armies of the belligerents are en-
gaged, the Federals represent the invaders, but are
absolutely incompetent to accomplish the object of
the invasion. They can scarcely be said even to
occupy the Confederate army, for Lee despatches
whole divisions of his troops to the North or to the
South, wherever they may be wanted, with perfect
unconcern. On the other hand, Grant cannot be
driven away. He still hovers about Richmond in
force enough to pounce upon one point after another,
though to little purpose, and if he has failed of suc-
cess he stubbornly refuses to acknowledge his
failure. Exactly the same deadlock recurs at At-
lanta. Sherman cannot take the place, but Hood
cannot compel him to relinquish the attempt.
Even at Mobile, where it might have been expected
that the result would have been more promptly de■
termined one way or the other, the same suspense
prevails. Admiral Farragut halts in mid-victory.
He effects an entrance into the harbour and destroys
the Confederate flotilla, but when we look for in-
telligence of his further operations we find nothing
but an official report of the operations previously
reported. In the whole of this vast field of war
there is not a single point at which events even pro-
mise to be decisive. At Richmond Lee is as much
master of the situation as ever ; at Atlanta Hood is
rather gaining than losing ; at Mobile Admiral Far-
ragut finds that his chief work is yet to be done.
We have recapitulated these facts in order to apply
them, if possible, to the elucidation of politi-
cal movements in the North. It is now clear
that whereas the Confederates are as numerous as
ever in the resolution to resist, the Federals are no
longer of the same mind as to the continuance of
the attack. There is a strong party desirous of
raising the great question of peace or war at the
approaching Presidential election. From the de-
scription which has been given of their policy, it is
obvious that they are not unprepared to accept the
condition of peaceful separation from the South if
nothing better can be done. The resolution is dis-
guised under a proposal for a general Convention at
which the question may be discussed, but as it is
known that the South will insist on independence,
thoae who commence a parley with this conviction
must necessarily be prepared to surrender. Now,
the question to be asked at this moment is, what
will be the effect of such events as we witness on
the views of the contending parties? Thu answer
will give the Confederates two chances against one.
A battle may be either won, or lost, or drawn. If
the Federals win—if Grant takes Richmond, Sher-
man Atlanta, and Farragut Mobile—we may anti-
cipate that the peace party will be discouraged, and
their opponents enabled to prosecute the war. If,
however, the Confederates win, and the Federals
experience any signal disaster, the war party will
bu overpowered, while a similar result would pro-
bably follow even if neither party won and things
remained exactly as they are. This is the strong
point in favour of the South. If they can only pre-
vent the balance from being turned decisively against
them, the advantage of the campaign will be theirs.
In this event we cannot but anticipate important
consequences in the Northern States. It may be
admitted that what these may be is at present a
matter of conjecture, but it appears impossible to
imagine that the impending election will not raise
the great issue of peace or war in some shape or
other. Nobody can well anticipate that Mr.
Lincoln would be re-elected without a contest,
or that the contest would be otherwise than
desperate. But a desperate contest implies con-
flicting principles, and Mr. Lincoln's principles
have been distinctly pronounced. His policy, as
at present avowed, is war—war "to the bitter
end," and it is on the perry professing similar views
that he has hitherto relied for support. But this
adoption of the war on the part of one political
section leaves the other with no alternative but to
adopt, in some shape or other, a policy of peace. It
may be transformed or concealed under various dis-
guises, but to this end it must come at last. Who-
ever condemns President Lincoln's policy must vir.
tually condemn the war. It is vain to talk of the
prosecution of the war on better military principles
or a more skilful plan. All plans and all principles
have now been tried. Every General: has had his
chance in turn, and all have failed alike. M'Clel-
lan's scientific caution fared no better than Grant's
invincible obstinacy, except that under the former
commander there was not so great a sacrifice of life.
That the war has been wasteful beyond all prece•
dent is perfectly true, and if exceptions were taken
to the prosligality with which blood and treasure
have been lavished, they might doubtless be sus-
tained. But though the war might have been
managed more cheaply, we do not see how it could
have been conduct ea more vigorously. No Minister
could have raised more men than Mr. Stanton. or
more money than Mr. Chase. No Chief of the
Republic could have kept " pegging away" at
the war more indefatigably than President Lin-
coln, or rejected more bluntly all proposals of
compromise. If the Republicans with their un-
sparing efforts could do nothing against the South,
it is not to be imagined that the Democrats, with
their half-and-half police; could do any more. I►f
M`Clellan is to be their champion, we know already
what may be expected. The armies of the North
would be more prudently handled, and after a check
would be more expeditiously withdrawn, but they
would certainly make no more impression on the
South than the armies of Grant or Hooker.
It appears to us, then, that if the Democratic
party make a fight for power they must do it sub-
stantially on principles of peace, and the events of
the next few weeks will probably enable us to an-
ticipate the result. If either Grant or Sherman
should achieve any signal victory, or inspirit the
North by any important conquest, the Democrats
might be deterred from taking the field, and either
Mr. Lincoln or the conquering General himself
would be left to win. But if the achievements of
the Federals fall short of this success, there is such
an opportunity for the South as has never occurred
before. This is what gives such extraordinary and
exceptional importance to the events of the present
campaign. It is not that they affect directly the
issue of the war more than the events of the last two
years, but that they are occurring on the eve of a
Presidential election. Last autumn the Confederates
held their own, but only to see the war recommence
in the spring. If they can do as much this autumn,
next spring may possibly see affairs in good train
for peace.

POsT.—The Turkish Government has prepared a
Report to the Sultan on the state of administration
and finance throughout the empire. It is both volu-
minous and comprehensive, and it embraces the
actual and the projected reforms in nearly every
department ; while it also affords a clear synoptical
vie ee of the national progress. There has been so
much predisposition to look upon the reforming
declarations with which the present Sultan began
his reigtl as either exaggerated or evanescent, that
the public in thf,s country have naturally, perhaps,
waited for somc as.
etual results before they gave
entire credit to the ti::lan
ge which was then come
menced. This doeurnetn
therefore, will be found
;
very seasonable, inasmuch .48 it details a state of
things which goes far to make peed the declarations
that accompanied the Sultan's acceoion. It extends
over finance, administrative reorganisation, road
making, telegraphs, cotton cultivation, end other
matters of less general interest. The financial ques-
tion, however, is dealt with in less detail, because a
Widget is about to appear whielt will do jnetieo
length to that department. It is stated, however, j
in the present Report, " that the Budget about to
be submitted to his Majesty, with a view to pub •
lication, will show that the expenses of the
various public deparments have been less than
the estimates, and they will be subjected to still
greater reductions during the eataiug
financial
year." This intelligence is satisfactory, not simplyas concerns the credit of the treasury, but becausa
it also affords a pledge of the sincerity of the Sultan.
He announced, some time ago, that when the then
existing Montenegrin war was terminated, and his
difference with the Princes of Servia and Moldavia
were arranged, he would reduce hie nxrnditure
and bring it largely within the current income of

the State. These questions being now happily'
settled, the Sultan has made good his pledge. While
the revenue under the same degree of taxation hag
increased, the expenditure has diminished, and the
reign of economy appears to have at length begun
in earnest. In spite of the pressure for money that
was experienced during the Montenegrin and Syrian
wars, not a shilling has been added to the
P debt of Turkey since the accession of the prey
Sultan, with the single exception of the fund for tile
Maronite indemnities. The loans which have bees
since either created or consolidated represent just
so much local debt, floating debt, and inconvertible)
paper together. So that the total liabilities of the
empire are now, in a consolidated form, very much
what they were on the death of the late Sultan in
greater
1861. Of this we may be able to speak in üblia
detail on the arrival of the Budget. We cannot
attempt to do justice to so elaborate a document on
a single occasion, and must be content with sketch-
ing a few of its salient points. It adverts, in tlie
first place, to the results of the labours of the Im-
perial Commission which the Sultan despatched
some time ago into both the European and tho
Asiatic provinces. This commission organised a
variety of reforms in all the local centres of govern-
ment that it visited. It has now established a,
financial organisation for the regular collection of
taxes after the European method, and abolished the
old and extravagant system of farming the rovers
This has taken place already in a very considerable
proportion of the provinces, and the change will be
extended into the rest of them as soon as the staff for
the working of the new system can be obtained there;
It appears also that a wholesale revision of the stet
of local administrators has taken place, the Sultan et
commissioners having ejected the idle and disluinee
officials of his predecessor, throughout the provinces,
without mercy. The system of village management
and the church property have also been reformed,
and these instances may serve as examples of verY:
many improvements ot a similar kind into whieu".
we cannot now enter. The Government apP
be fully convinced that material reforms are quite
as Important as improvements either in adrainistra"
tion or finance. A portion of the report states the
progress that has been made with roads and tele'
graphs. Nearly 1,100 English miles of highway
t
have been either created or repaired during the Peel,
year. This refers to European Turkey alone ; fret3",i
roads having also been constructed in Anatolia an"-
other provinces of Asia Minor. All these are nevi
wide carriage roads, where, only three years age,
ears to
there were little more than mule tracks or ride'
Coach services have been established, and the trans"
port of passengers and merchandise is now 00 eael
as it is by road in most continental States.
similar progress has been made with regard to tile
telegraph. Nearly 800 miles of telegraphic wire
were laid down during the past year alone, and sre
now in working; 900 miles, besides, are in course
of construction, and there are 76 centres of commit'
nication in working. Much of this roadetnekiff,
activity has been stimulated by the demandaur '°`
els
Turkish cotton, and the report states the seas
that the Government have taken for promoting its
growth. By these means the cotton grown in th°
interior will be brought down to the coast with littla
difficulty and at a trifling cost, more especially
Asia Minor ; and a very large revenue is expected in_
0'
the course of a year or two from its cultivation. T°7
silk manufactures and many other branches
industry have been promoted in a similar 110911
steam navigation companies have been started Wile
new powers ; the lands have been drained ; in th
fertile plains of Mesopotamia dykes and virot,ler•
guards have been built to free them from intinua;
tion, and cottonegrowing has there been set shuns
in earnest. All this industrial reform w
hundredfold into the pocket of the country sod °
the Government. The working ot several recetsY:
discovered mines has also begun with fair prospectta.
Ten concessions have lately been made for cans,
bashing cotton-ginning factories at SEOY-nr
Adrianople and other cities. The concesson
several railways have also been lately made, and
the works have already been begun by the co
ill returs f
tractors. In the primary schools for education
great change in system has taken place ; the title
ministration of the law has been freed from
of its complication and injustice, arid so on. "_7
cannot, however, touch upon more of the chii!ir:
that are here recorded ; they serve to present
key as a State in the short space of three years tu_
s;
greatly changed as to have passed a;most from
Asiatic to a European community. The travel d
now finds Stamboul and the Bosphorous lighted
like a European capital every night ; whereug
three years ago, he found nothing but darkness an
dogs, and cut-throat outcasts of every country:
The change which he sees at Constantinople appears
to be little mare than a fair example of the change
which he will soon be able to detect wherever he
travels throughout the empire.

'DEAR DOCTOR, what do you advise P I
advise Alfred Mellon's Concerts, afterwards to
:EVANS', Covent-garden, hear some charming singing, order
one of their capital chops and magnificent potatoes, and that
is th best advice I can give you.

KINAHAN'S LL WHISKY v. COGNAC
BRANDY.
This celebrated Old IRISH WHISKY rivals the finest
FRENCH BRANDY,
It is Pure, Mild, Mellow, Delicious, and very Wholesome.
Sold in Bottles, 38. Sd., at the Retail Houses in London ; by
the Agents in the principal towns in England; or wholesale
at

8, GREAT WINDMILL-STREET, LONDON, W.
Observe the Red Seal, Pink Label, and Cork branded
'',liinahan's LL Whisky."

NOTICE IS HEREBY GIVEN, that the BANK
of HINDUSTAN, CHINA, and JAPAN (Limited),
has REMOVED from 16, Cornhill, to No. 1, BANK-
-1.; UIL DINGS, Lothbury.

By order, . •
E. SWIRF TOMLIN, Secretary.
1, Bank-buildings, August 24, 1864.

THE IMPERIAL BANK OF CHINA,
INDIA, AND JAPAN (Limited).
NOTICE IS HEREBY GIVEN, That an EXTRAORDI-
NARY GENERAL MEETING of the COMPANY will be
held at the Offices of the Company, 8, Wallbrook, in the City
of London. on MONDAY, the 12th day of September next, at
Twelve o'clock at noon precisely, to confirm certain Resolu-
boar', passed by the Company in Extraordinary General
Meeting on the 25th day of August, 1864, of which the follow-
ing are copies,
1. " That an agreement, dated the 24th day of August, 1864,
and made between the B ,nk of Hindustan, China, and Japan
(limited), of the one part, and this Company of the other
part, having been read and submitted to this Meeting, this
Company do hereby approve of the same, and do authorise
the Directors to affix the seal of the Company thereto."
2. "That this Company be wound up voluntarily."
3. " That the Hon. James Frederick StuartWortley, Richard
Cooke Coles, Esq., Joseph Mackrill Smith, Esq., and Henry
Turner, Esq., be appointed liquidators for the purpose of
winding up the affairs of this Company and distributing the
property; and that the liquidators be authorised to receive,
in compensation or part compensation for the business and
property of this Company, shares in the Bank of Hindustan,
China, and Japan (limited) upon the terms specified in the
abovementioned agreement. And if any member shall ex-
press his dissent from this resolution by a notice in writing
to the liquidators not later than seven days after the Meet-
ing at which this resolution is passed, and sha'l require the
liquidators to purchase the interest of such dissentient mem-
ber, the liquidators shall raise the purchase money to be paid
to such dissentient member by the sale of the share er shares
In the Bank of Hindustan, China, and Japan (limited), which,
under the terms of the said agreement, mould have been
allotted to such dissentient member."