The Sun.
London, England, 1853-10-05 00:00:00

situated, when the Four Powers professing to be
the allies of Turkey were diminished to two—
Prussia afid Austria being adroitly withdrawn
by the CZAR from the Conference. After the re-
views at Olmiitz, the Emperor FRANCIS JOSEPH
and. King FREDERICK WILLIAM hastened towards
Warsaw, where they will come within the
personal influence of the AUTOCRAT. A sus-
picious coincidence, occurring, as it does, pre-
cisely at the moment when warlike, information
reaches this country from Constantinople. What-
ever the result of the recommendation offered to
the Sultan by his Councillors—it is happily ad-
mitted on all hands that England is bound in hon-
our to support the Turk in the vindication
of the rights assailed by the Russian seizure
of Moldo-Wallachia. It is even remarked
this morning by the Times —we may all
guess with how bitter a reluctance that
Turkey "cannot be held to have forfeited its
claims to support" by declaring war—" though
we may regret that such a resolution should have
been independently adopted by a dependent Go-
vernment." A proof of the unwillingness with
which the admission is made I And yet, in spite
of that unwillingness, the organ of the Coalition
confirms in so many words as we haveseen that Tur-
key " cannot be held to have forfeited its claim to sup-
port" by declaring war against its colossal assailant.
Nevertheless, while all this is sufficiently obvious,
it is no less apparent that no hope whatever can
be seriously cherished that the English Cabinet
will act with becoming vigour under the emer-
gency until we have the satisfaction of announcing
the Earl of ABERDEEN'S tardy and reluctant resig-
nation.

The Bears are again at their dirty work. Once
more they have succeeded, if not in shaking pub-
lic confidence, at least in occasioning violent fluc-
tuations on the Stock Exchange, and depressing
the quotations of every kind. A temporary panic
was excited yesterday, and Consols, which on
Monday had continued steady, the market closing
with great firmness at 93i- to f, were yesterday
forced down to 901 to 1. The railway market
exhibited an equally unsteady appearance, and
the fall on the best established dividend-paying
lines averaged from 1/. to 3/. per share—a
most extraordinary depreciation for a single
day. We are by no means surprised at
these changes. We have, indeed, expressly
and emphatically cautioned our friends and
the community in general against being in any
degree misled thereby, or induced to sacrifice
their property at inadequate prices. Last week
we said—" It is to be anticipated that the ursine
fraternity will make the most energetic efforts to
continue the excitement hitherto prevailing, and
to ensnare other victims in their toils. They
will not easily permit such rich booty to escape
from their clutches ; and the readiness with
which many persons, during the early part of the
week, threw their property unreservedly on the
market, must encourage further attempts on the
pockets of the community. We trust, however,
that the parties, who are now fully awakened
to the designs of those desirous of re-
ducing their purses to less plethoric dimensions,
will profit by the salutary warnings, and preserve
their property from the grasp of the spoilers."
Their anticipations have been already fully and
completely verified. The speculators for a fall—
those who would inflict the deepest injury on the
best interests of their country and of Europe—
who would encourage the CZAR in his nefarious
projects, if they could realise a temporary profit
thereby—continued their exertions ; but, until
yesterday, unavailingly. The bona fide holders
also justified the confidence we reposed in their
steadiness and determination. The result was,
that a favourable reaction took place. When
it was discovered that the unreasoning alarm—
the baseless apprehensions which had been cal-
culated on were not excited, and that not only
stock was not thrown on the market for unre-
served sale at any prices which the consciences (!)
of those respectable Englishmen might induce
them to offer, but that there was a considerable
demand for stock, on the part of wealthy and pa-
triotic individuals, who found a favourable oppor-
tunity of maintaining national credit, and, at the
same time, making very beneficial investments for
themselves. And even yesterday, during the
excitement, we find it stated, on the authority of
the Leviathan, that "the fall in prices was met
by a demand for stock on the part of the public,
which the dealers had some difficulty in, supply-
ing. Money was consequently very abundant in.
the Stock Exchange, but the large speculative sales
made on the foreign news entirely counteracted its
dect !" This simple paragraph contains the key
to the entire mystery. There have been large
speculative sales by parties who have not the
means of fulfilling their contracts, unless by sub-
sequently purchasing from the community the
stock which they have undertaken to deliver on
the account-day. It is not in their own posses-
sion, and consequently they must pay any prices
for which the bona fide owners hold-out. We see,
too, that there is an " abundance of money" in the
market, and "a demand for stock on the part of
the public which the dealers have some difficulty in
supplying !" If this state of affairs should continue,
and there is no reason why it should change—the
Bears will have to pay very severely for their hu-
miliating estimate of the energy and determina-
tion of the English people. They will sustain
heavy and well-merited losses, without exciting
pity or sympathy in any quarter.
The whole matter now depends on the people
themselves. Will capitalists stand firm ? Will
they refuse to play the game of their energetic
though unscrupulous opponents ? Will they avoid
the nets spread for their capture, the meshes
of which must be so clearly perceptible
that no excuse can be made for any one
suffering himself to be victimised. The re-
sult mainly depends on the firmness of the
Stockholders, and the public support which may
be accorded. There must at all times be some
quantity of Stock offered for sale. The necessities
of individuals occasionally compel such sacrifices ;
but if the demand be equal to the supply—and
we believe that the actual pressure on individuals
is not greater than usual—and that holders who
are exempted from the application of the screw
do not yield to unwarranted apprehensions, the
movement must fail, and that the mischievous
speculators will tumble into the pitfalls dug for
their brethren. Before, then, those whose re-
solution and firmness is of such vital import-
ance at the present crisis yield themselves up
to the spoilers, we would once more implore them
carefully and cautiously to examine the premises,
and say what there is more formidable in the pre-
sent aspect of affairs than in that which has
existed for some time past, or which they must
have reasonably anticipated ? How has the deter-
mination of the Divan to take active measures for
repelling the unwarranted invasion enhanced the
danger of the crisis, or added to the magnitude of
the emergency ? A close and accurate examina-
tion of the details will show that, as we have
already stated, the adoption of a vigorous and
manly policy should allay rather than increase the
apprehensions previously existing, and that
" the real ground for alarm would be a
continuance of the strange and unaccountable
timidity and vacillation that had brought so
much contempt and dishonour on the British
name." In these opinions we were strengthened
and confirmed by the independent Journalists of
all parties; among whom we should pre-emi-
nently notice, the Morning Advertiser and the
Morning Herald, who, differing in other points,
yet cordially co-operated in maintaining the honour
of the British name—the position and standing of
the British Empire, and for which they will re-
ceive the thanks and gratitude of the community
when the clouds that now darken the political
horizon have passed away, and the political at-
mosphere is again serene and bright. From the
very commencement of these humiliating trans-
actions, we, in common with our respected
contemporaries, pointed out that the CZAR