The Sun.
London, England, 1863-12-26 00:00:00

THE SUN, LONDON, SATURDAY EVENING, DECEMBER 26, 1863;

. .
NITHERE CAN WE MEET AFTER THE
PANTrnibIES? ➢ly dear Fellow, Gentlemen sup
at EVANS', Covent-garden.

KINAHAN'S LL WHISKY v. COGNAC,
BRANDY.
This celebrated Old IRISH WHISKY rivals the finest
FRENCH BRANDY,
It i= Pure, Mild, Mellow, Delicious, and very Wholesome.
Sold in Bottles, 3s. Bd., at the Retail Houses in London ; by
the Agents in the principal towns In England ; or wholesale
at

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

NOTICE IS HEREBY GIVEN, that the
wELLINfi TON is CLoSED for repairs, &c„ and
will be tal-f)PENED on TBURSDzt„Y, the 31st December
next, at 5 o'clock p.m.
By order,
JOT-I[N CATES, Manager.
The Wellington, .Vt. James's-street,
Entrance, 60, Piccadilly, W.
December 25, 1863.

PAms.—GRAND HOTEL DU LOUVRE.
Established in 1815.—Situated in the most Central
part of Paris, lice de Rivoli and Place (in Palais Royal—Six
hundred Bedrooms at from 3 to 20fr.--60 Sitting-rooms at
from 4 to 20fr. —a richly decorated Dining Saloon —Table
d'Hote at six o'clock—Public Coffee and Dining Rooms—
Choice Wines—Dinners served a la carte both in the dining-
rooms and the private apartments—Reading and Conversa-
tion Saloons ; also Saloons for Musical, Wedding, and other
parties—all Newspapers and Serial Publications received—
Divans, Coffee, Smoking, and Billiard Rooms- numerous
Bath-rooms—Carriages on the premises—first-class Private
Equipages at command—Omnibuses running to all the rail-
way stations —Postal Letter-box—Telegraph office day and
night—Photographic studio—a staff of Servants speaking all
Languages.

THOX F 0 R D
6, OXFORD STREET, W.

THIS-EVENING, will be performed Selections from the
following Operas, viz., THE SLAVE, by Sir 11. Bishop;
also, from LA FORZA DEL DESIINO—Verdi ; by the fol-
lowing talented artistes .—Misses !Russell, Townley, Fitz-
Henry, %V slmsley, Tyrrell, and Ellison; Messrs. Green,
Huish, Kimberley, Stuart, tte.
Solos on the Violin by VIOTTI COLLINS, the cele-
brated English Violinist.
Flute by Drew Dean. Pianoforte, Miss Bryant

And the marvellous instrument, the ORCHESTRAL
PIANO, by Herr SCHALKENBACH, the Inventor.

Comedy, by UNSWORTII ("or any other man "). Enrene,
W. Randall,W. T. Critchfleld, T. Maclagan, George Hutehen-
son, and the marvellous Gymnasts, Messrs. Eerri, Leach,
and Foster.

THIS EVENING, will be produced, supported by the
entire company, a new and original Cantate, entitled "King
Christmas," written by Litchfield Moseley, Esq., and com-
posed by W, Meyer Lutz, expressly for the establishment.

Director, Mr. F. Jonghmans.

"THE GHOST CLUB" at the
CANTERBURY HALL.—New and Interesting
Spectral Tableaux.—Mr. C. MORTON is enabled to announce
that, throu2h the medium of Professor Pepper's World of
Shadows, a "GHOST CLUB" is nightly held at the CAN—
TERBURY II A.L L. The object of the Club is not the re-
peopling of the Haunted Houses of London ; but, through
the agency of Phantoms, to present vivid (if transient)
pictures of the drama of real life, both in its serious
and mirthful aspects ; and, by means of spectral tableaux,
to recall, and stilt further impress on the mind, some
of the teachings or pleasantries of the best wr:tars. At pre-
sent, the two orders of Slavery—the Slavery of the South,
and the "White" Slavery of a more boastful civilisation,
receive emphatic illustration ; and these lite pictures will be
rapidly replace Iby oth,rs. The pages of Shakspere anti the
el :er Dramatists, of Scott, Hood, Ingoldshy, Dickens, &c., &c.,
wi 1, in turns, furnish subjects for illustration.
All the other Musical and Pictorial attractions as usual,
including Operatic Selections, &c. ; Comedy by Unsworth
(the modern Demosthenes), Eugene, George Hodson, E.
Marshall, and George Hutchenson.

ROYAL ALHAMBRA.— CONTINUED and
IMMENSE SUCCESS of FRAECONI'S CIRQUE
IMPEICIAL.—This Renowned Troupe, comprising the best
Stud of Trick and Manage Horses in the World, together
with the First Star Male and Female Equestrians, Acrobats,
Gymnasts, Clowns, and Van tern in either Hernia; here, at-
tracts enthusiastic and delighted audiences nightly to this
Magnificent Building, who behold with wonder +nd admira-
tion the Marvellous Feats of this far-famed Company.
Change of Programme Nightly. Morning Performances,
Mondays, Wednesdal s, and Saturdays, at T No. Two Grand
Performances on Boxing Day, viz , Two and Half-past Seven.
Admission—Private boxes, one guinea; Reserved seats, 35.;
Slats and Balcony, 2s. ; Pit and Promenade, ls. ; ; +”y, 6d.
BOX-01113e open daily.
On Monday, Dec. 2,st, first appearance of M. d 7,
ft mu Madrid, the Greatest Rider of the age.

RG YLL ROOI7S, Windmill-street, Hay-
market.
NOTICE.—M. JULT.TI4IN'S PRO3TENADE CONCERTS
will be continued nightly at the above elegant rooms.
Admission lg.
Conductor— 3T. .7ULLIEN.
Solo Performers—Messrs. Mosc..a,.Tyler, King, 3Plicnney,
Sloman, Progratdd, Baker, &o.
Manager, it. GRENET.

29, GEORGE-STREET, HANOVER-SQUARE.
THE- LONDON ANATOMICAL MUSEUM.
Open daily from 10 till 10. Lectures at 4 and 7
o'clock. Where may be seen the Astecs ; Bushman and
Wife ; Julia Pastrana and Infant ; Eng and Shang, the
Siamese Twins ; and upwards 01 3,000 Models, Natural Pre-
parations, (tr,c. Egyptian Mummies, unwrapped, 4,000 years
old. Admission, One chilling tor Gentlemen only).

DIGS! PIGS! PIGS!-INDIAN PIG MEAL,
without husks, supplied to the Royal farms, Windsor,
and in every county in England, iGs Gd per cwt. ; one cwt.
equal to 11 cwt. Laney or any meal. Delivered tree in Lon-
don. Established 1858.—T11.021AS PEARCE, Manager, 66,
Lant-street, Southwark.

4 EAUTIFUL WOMEN.—Alabaster Powder,
4 and the Magnetic Rock Dew Water from Sahara. Cir-
cassian Bloom. Arabian Soaps, and Alabaster Liquid. These
costly and inimitable toilet preparations render the hair,
teeth, and complexion beautiful beyond comparison.—Can be
had only at Madame RACII 47A, New Bond-street,
where she can be consulted daily. All communications are
strictly confidential.

cf.PECTACLES.—The Patent Newly-invented
ki Tinted Spectacles are patronised by the majority of the
Nobility, includin,T, Viscount Palmerston. They afford extra-
ordinary relief to weak, din, and defective ♦ision.—S. and B
SOLOMON S, Opticians, 39, Albemarle-street, Piccadilly.

TEA.—MOORS BROTHERS respectfally inti-
mate that their New Prospectus is now ready. They
especially recommend their improved Family Tea, reduced
to 3s. 2d. ; Souchonz, reduced to 3s. ed. ; mixed Assam, re-
duced to 35. Bd.; and the finest Assam, reduced from 4s. ld.
to 3s. 11d. per lb.
MOORE BROTHERS, 35, London-bridge, City, E.C.

KEATING'S COUGH LOZENGES.—Statistics
show that 50,001 persons annually fall victims to Pul•
monary Disorders, including consumption, diseases of the
chest, and the respiratory organs. Prevention is at all Vmes
better than cure; be, therefore, prepated during the wet and
wintry season with a supply of KEATING'S COUGH
LOZENGES, which possess the virtue of averting, as well as
of curing a cough or cold; they are good alike for the young
or for the aged—they soothe bronchial irritation ; and for im-
proving the voice, the preacher, statesman, singer, and actor
have long patronised them.
" St. Paul's Cathedral, 30th November, 1849.
" have much pleasure in recommending y our lozenges
to those who maybe distressed with hoarseness. They have
afforded me relief on several occasions when scarcely able to
sing from the effects of catarrh. I think they would be very
useful to clergymen, barristers, and public orator 3.
"I am, Sir, yours faithfully,
" THOMAS FRANCIS, Vicar Choral.
" To Mr. Keating."
- - - - - -

Prepared and sold in boxes, is lid, and tins, 2s 9d, 4s 6d,
and lOs 6d each, by Thomas Heating, chemist, &c., 79, St.
Paul's Churchyard, London. Retail by all druggists and
patent medicine vendors in the world.

PRIZE MEDAL.-INTERNATIONAL
EXHIBITION, 1862.
FRANCIS TUCKER & CO., Wax Chandlers, &c., &0.,
To the Queen and the Film of Wales.
(Established 17?0.)*
The ;furors' Report on Wax and Chun% Candles, in 1862.
testifies to he excellence of the quality of Messrs. Tuckers'
manufacture.
A distinguished Dignitary, in a letter addressed to Francis
Tucker and Co., on the subject of
WAX CANDLES with PLATTED WICKS,

says :
" I have found them fully equal to the recommendation
which you gave them, and can sincerely, in my turn, recom-
mend them to the clergy for the use of the altar."
Finest quality, with Platted Wicks, patented.. 2s. 2d. per lb.
Ordinary quality .. 2s. Od. per lb.
VEGETABLE CANDLES, with a Mixture of Wax,
Best quality „ ,„ 15. M. per lb.
Second quality .. „ ls. 3d. per lb.
Third quality .. id. per lb.
Carriage paid in London on Orders of Five Pounds in value.
FRANCIS TUCKER AND CO.,
8, South Molton-street, Grosvenor-square. Manufactory—
Kensington (Established 1730).
The largest Establishment in England for the Manufacture
of Wax Candles for the use of the Altar.

NO CURE NO PAY.—The Pre-eminent success
attending the use of KERSIIAW'S VOLTAIC
FLEXIBLE BELT, novel in principle and action, i-i the
cure of nervous and muscular affections, admits of its sale
being made de pendent upon verified efficacy. A new Belt can
be bad on trial for a month, free of charge, for rheumatism,
neuralgia, sciatica, epilepsy, nervous debility, paralysis,
lumbago, tic doloureux, bronchial cough, asthma, spasms,
sprains, indigestion, inactive liver, &c. By the mild continu-
ous electric current evolved, exhausted vital energy is effec-
tually restored. Prices, ss. to 15s. each ; for extreme cases,
according to size and power. Testimonials sent free.—Depot,
11, CrJoked-lane, King William-street, City. .

L.AMBERT'S ASTHMATIC BALSAM.-AN
..1.4 EFFECTUAL REMEDY, without confining the bowels
or affecting the head, truly efficacious and pleasant, is ad
ratted to be the best medicine for immediately relieving
coughs, colds, confirmed cases of asthma, and incipient con-
sumption. it frequently cures persons whom the faculty
pronounce incurable, admirably allays the tickling which
provokes frequent coughing,. In approaching consumption
rts effects are truly beneficial. Persons deprived of sleep, or
even lying down for fear of suffocation, may depend on relief
forti nh
raeLefae;
bamenrittni,tutes after takinc, it. Prepared only and sold by
W. LAMBERT, Chemist. 8, Ding-William-street, Charing-
cross, London, and by all druggists, in bottles, 130., and
sielsinthomnaet,i2csß. Oald.saemac.hT.
heßneampaertaincud eslaard.darnds areask
engraved on the stamp.

THBEy SN.
c.E W WEATHER INDICATOR.
lA, for correctly foretelling Changes in
the 'Weather, either for Rain, Wind, or Moisture. Particu-
lars, with rules, by inclosing stamp.
Also, just published, CASELLA'S New and Improved
CAL
23, Hatton-garden, London, E.C.

Speech of M. Thiers on the French Loan,

The following is a translation of the speech de-
livered by M. Thiers upon the French loan, in the
Corps Legislatif, on Thursday last—
Gentlemcn,—l had intended, on the occasion of
my first speech before you, to give you some expla-

nations of the motives which decided me to appear

once more within these walls, and of the line of con-
duct which it is now my purpose to pursue. But
the moment is at hand when I shall have a better

opportunity of doing this. To-day I come to speak
of business and business only. I like this better ;

for pcilitics may sometimes divide, but business I
hope will tend to unite you. lam pleased to-day to
have to speak upon a subject on which we have ideas
in common,rather than one which might be irritating
I come, then, at once to the great question before ns.

We are asked for 300 millions to meet the expenses

already incurred. It is money due that we are
called upon to provide. Although this expenditue
has been occasioned in great part by an expedition
which I regret extremely—the Mexican expedition

—that consideration in no way diminishes either
our desire or our duty to pay the money owing.
These expenses have become saddled upon the float-
ing debt, and have thus attained the character of
a public debt. The question now before us is simply
this—is it not desirable to transfer this liability
from the floating to the consolidated debt ? But

pari passu with this question there arises this other
—ls it not incumbent upon usilitalte precautionary
_ _

measures to prevent the floating debt from swelling
again, in the course of a few months, to the same
amount which you now think unsafe? That is the

question which I propose to examine. Although I
had rather not mix up politics with this discussion,

yet I nay perhaps add a few words with the view of

_ -
recommending that this loan may have an essen-

tially pacific character. If it were otherwise, com-
mercial transactions and even diplomacy might be

very much damaged. (Cheers.) I shall endeavour,
in the first place, to define as clearly as possible
what the floating debt is. The word deficit, which
is often used to describe it, does not precisely cor

respond to the idea which I always had of the float-
ing debt. The floating debt is not even, as I under-

stand it, a deficit. There is a deficit, when a mini-
ster, transgressing legal limits goes beyond his credit.
There is a deficit until he has excused himself before
you by the plea of necessity. Bat when once a deficit
forms part of the floating debt it becomes a public
debt. The floating debt is the aggregate of the deficits
which have not been provided for either by taxes or
loans, A simile will explain my notion exactly. Let
us suppose that a rich banker doing a large business
and having many correspondents, allows himself to
be led into engagements beyond his resources. In
that case he resorts to the expedient which is vul-
garly called making money of his signature. Well,
just so the Treasury is a rich banker ; it receives
from its correspondents considerable sums, which it
applies to current expenses. To raise the surplus it
has recourse to its signature and issues Treasury
bills. Now, what are the limits within which, ac-
cording to the dictates of prudence, the amount of
Treasury bills should be fixed ? Under the Resto-
ration it went as high as from 300 to 350 millions.
Under the constitutional Government of 1830 it
was sometimes 400, 500, 600, and 700 millions. The
latter figures appeared to me excessive, and, fen' my
part, I complained of them at the time. Under the
present regime the floating debt has successively
risen to 800 and 900 millions and even to a milliard.
The latter has been the figure for the last two years.
That is an amount calculated to cause uneasiness,
and it is desirable that it should be reduced. Is it pos-
sible now to fix,with any certainty, the exact amount
of the reduction which ought to be made in the issue
of these bills ? No. But the example of the banks
may furnish us with an approximative rule. It re-
sults from a series of observations that the metallic
reserve of a bank ought to be about one-third of the
amount of its issue of paper. This proportion, which
in France is merely customary, is compelled by legal
enactment in England. A sort of analogy applicable
to the floating debt may be found from these data.
The correspondents of the State are all the great
public establishments. Their funds are all fused in
one great bank, that of the State. That state of
things is eminently useful, it is one which has been
approved of by the most eminent financiers, and
especially by the most eminent of all, ono under
whom I had the honour to serve, Baron Louis. The
receiver-general are obliged to deposit considerable
sums with the Treasury, and always to be in advance
witn it. There we have a fund of about 130 millions.
The communes pay into the Treasury the resorces
which enable them to meet their authorised expenses.
There again, you have a fund of about 110 mil.
lions. Then there is the Caisse des Consignations,
the Caisse d'Essargnes (savings banks), and the
army Caisse. Those are the correspondents of the
Treasury, and they pay altogether about 630 million
a year. This snm was far from being so consider-
able under former regimes, it has always borne a
proportion to the march of affairs in the country.
As the movement has developed itself and as the
receipts of the Treasury have augmented, so this
part of the floating debt has become more consider-
able, At this day the correspondents of the Trea-

sury deposit with it from 600 to 630 millions, more
or less—let us say 600 millions. If to this sum we
add 100 millions of Treasury bills, that makes the
floating debt 700 millions, I am well aware that the
limit of Treasury bills is difficult to fix exactly.
Between the maximum and the minimum there
must necessarily be a certain margin. I think it
would be undesirable to do away with the circula-
tion of Treasury bills; they are excellent securities,
sought for by men of business, who have negotiable
paper in their portfolio, and often also by family
men who see in them a safe and readily convertible
security. I should be sorry if the public were to
lose the habit of investing in them. There is an-
other reason for keeping up Treasury bills—namely,
that in given circumstances they may become a
most precious resource for the State. I was a wit-
ness in 1830 of a most serious situation.' Our revo-
lution had provoked armaments throughout Europe,
and France was necessarily obliged to arm also.
We then passed through most difficult days—capi-
tal shrunk from the funded debt, and we were com-
pelled to have recourse to Treasury bills. In that
way we raised several hundred millions. This re-
source ought then to be left to Government. But
this resource must be prudently used, otherwise you
will exhaust.it, and it will leave you empty. It is
therefore necessary to fix limits. We propose the
limit of 100 millions. Some may say 80 is the
right figure, others 120; but at any rate I say this'
that in ordinary times it is unreasonable to issue
Treasury bills to a greater extent than 100 or 150
millions ; and if that limit be observed, the floating
debt will be kept .within 700 millions. We are all
agreed that the debt ought to be kept down to that
amount, but we must efficaciously provide that that
shall be so. If you devote 300 millions to the pur-
pose of reducing that debt from a milliard (which
s an excessive though not an alarming amount)
to 700 millions, it will not do that at the end of a
few months, you should again find yourself saddled
with the very same figure which you want to re-
duce. In this sort of mistrust, gentlemen, there is
nothing offensive. No. I wish to say nothing dis-
obliging for the honourable members of the govern-
ment, but if I do not mistrust individuals I do mis-
trust the nature of things ? What happened two
years ago P The floating debt had not then risen
to a milliard. M. Fould desired to reduce it
to a more normal amount, and
I applaud
him for it. At that time M. Fould hat: a great
repugnance to a fresh inscription on the greai book
of ;the public debt. I again praise him for tti:
feeling. But it was indispensable to find resources.
The Finance Minister appealed to the fundholders,
and he asked from them the money which he would
not have asked from a loan—he asked for the con-
version of the Rentes. I respect the motives which
led you to vote that measure; but allow me to say

what I think of the results. Conversion of Renter,
when the time is ripe for it, is an excellent naea-
sate, but you ought to take very good care that the
fruit is really ripe ; sometimes it is sour. A con-
version, effected under circumstances which do not
naturally call for such an operation produces re•
grettahie consequences, for the fundholders in the
first place, and for the State afterwards. In such
a situation promises are made and hopes excited
which are not always realised. Now, what were
the results obtained by this conversion, which, in
my opinion, was premature ? The Finance Minister
hoped that it would produce 300 millions for the
Treasury, and in point of fact it only realised 157
millions. And to obtain this result you have left
the interest of the debt exactly as it was before the
operation, and you have augmented the capital by
a sum of 700 or 800 millions. While making this
great sacrifice of capital you have, I repeat, gained
nothing on the score of interest. And as to the
fundholders, who were promised that as a result of
the unification of the debt they would soon see the
Threes at 71, they find the average price for a long
time past 67. But in this business there is a still I
more serious deception. The 157 millions paid by
the fundholders to the Treasury were all employed
in the reduction of the floating debt, and yet a few
months afterwards this debt was found swollen to
the amount of a milliard. The example of the past
ought therefore to induce us now to take precau-
tion§ What shpuld Jhoso precautions lak?
have invented nothing. We have inquired of the
law what should be done. Every year there is a
financial law which limits the issue of Treasury bills,
Article 18 of the Budget Law of 1854 fixes this .limit
at 250 millions,'and an Imperial decree in due form,
as I admit, has added 50 millions. That is the
limit fixed by law as it at present stands. We think
that now you have the loan this limit may be reduced
to 100 millions. Well, what says the amendment
which I and several of my colleagues have had the
honour to present ? It demanded a legislative re-
duction to 100 millions. Of course in a matter of
this kind we have no bigoted attachment to a pre-
cise figure, and I thought that if a larger sum would
obtain the adhesion of the majority I would very
willingly adopt it. I told the Government com-
missaires, when I was before the commitee, that if
our measure seemed to them inconvenient they might
propose another, and we would consider it, but that
we could not possibly grant a loan destined to cover
300 millions of Treasury bonds now in circulation,
and leave them at the same time the power to issue
bills for the like amount in the course of the ensu-
ing year. I must confess that upon this head
nothing satisfactory was said to me.
After a conversation upon the exact amount of
the limit which ought to be put to the issue of
Treasury bills, M, Thiers concluded :
I shall be told that lam mistrustful. No, lam
not. But you most admit that this loan of
300,000,000 is a melancholy new year's gift for the
country. There ought to be a consolation with it,
and this is what our amendment proposes. . .
As I understand the mandate I received from my
electors, they desired me to support three things—
public liberty, good finance and peace.
The MINISTER OF STATE-'—We are all agreed on
thatpoin t.
SIERS—As to the question of public liberties
'l speak of that a fortnight hence. The
:al question consists in the good direction
of finaucu. As to peace. I declare myself a de-
cided partisan of it. (Applause on several benches.)
Not of a peace which would injure our honour,
for if that were in question, we who are
called the opposition, would not refuse the Govern-
ment all the resources of the country. But under
present circumstances, when I look at Europe, I see
the possibility of ms king tremeadous mistakes, fatal
mistakes perhaps: but I see no great French inte-
rest involved, unless peihaps in relation to the
Danish question. France is mistress of peace or
war at her pleasure, If any great events were to
occur cur amendment would be no impediment, for
milliards would then be wanted ; for, gentlemen,
the next war will not he an isolated one, but, such
general war that the present generation may, per.
haps, not see the end of it or the consequences of it.
(Cheers.) But I should not be sorry if our vote
were to stand in the way of little wars, such as
those of China, Cochin China, Japan, Mexico, and
perhaps Madagascar. This is all I have to say. I
will leave our amendment in the bands of the majo.
rity to deal with it as they will, but we who have
signed it have our responsibility and our conscience.