The Sun.
London, England, 1862-07-26 00:00:00

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THE SUN,
LONDON, SATURDAY, JULY 26,
1862.

Gold at seventeen per cent. premium ; silver at
eleven, Exchange 1281.
Such is the news by the
Scotia from New York on the 16th. It is pretty
certain, therefore, which way business men in
the North will soon begin to turn their minds.
They have, indeed, probably seen what was coming
long enough. The almighty masses may to igno-
rant enough of the laws of political economy, con-
tractors and protected trades may reject them with
the disbelief of self-interest, but the merchants and
bankers, and monied men generally, have doubtless
quite well understood all along what was meant by
excessive issues of inconvertible paper and excessive
creations of Government Stock. The multitude, how-
ever, now begin to see their position. They at first
endeavoured by violent measures to better it--and
called for prohibition of the export of gold and silver,
it appears, however, that their "unrivalled consti-
tution," amongst its other excellencies, contains a
provision explicitly forbidding such a prohibition.
They turn round, therefore, now, like the fox
in the fable, and declare they can do quite
as well 'without gold. That home trade may
be carried on with legal tender paper, while
not issued in excess of requirements, is a
matter of experience, as well as demonstration of
theory ; but, after all the gold is gone abroad, and,
tinder a system of Protection
how is a foreign
trade to be sustained ? American wheat, will not
afford double freights, and return cargoes will la,
out of the question.
To us the crash seems to be rapidly approaching
in the North. Cuncturently with this earthquake

in the money-market, a new flood of taxes is pour-
ing over the land, and will bring home
to every working man, every tradesman, every
moneyed man, the actual cost of the war.
Hitherto hardly anything has been raised by war
taxes, and a people who never know what it is to
keep up a war establishment in time of peace,
much less to meet by taxes a war of aggression,
will now have to pay taxes on everything they eat,
drink, or handle, on all artificial, and almost on
natural, light. Such a monster tax bill, beginning
with advertisements and ending with zinc, even Old
England never beheld. Its very oddity and mon
strosity delights this strange people at first; it
pleases them, because it certainly " whips" all
the tax bills of other countries—it says to the
world, " See how the Yankees can beat all the
world in taxing as in everything else." But it
will soon become a sober reality, under -which
every housewife, and every husband returning
home to his diminished allowance of comforts,
will soon begin to wince. When in addition to
this the North Western farmer cannot sell his
wheat, and the New York and Boston merchant
cannot make a foreign venture, we may be sure the
murmuring at the war will soon become a groan,
the groan a cry of anger, and at last a universal
shout, to which no Government, least of all an Ame-
rican Government, can afford to turn a deaf ear.
We do not wish to make too much of a monetary
panic and exaggerated taxation, but we strongly
suspect that these will be found much more efficient
advocates for peace than even Southern successes.
The latter, indeed, provoke to fight again, at least
as much as they dishearten. The former rather
provoke to resist the demands of those who manage
their fighting. Moneyless and tradeless, the North
will come to its senses.

The military position has become seriously
changed. M'CLELLAN with his army may be, and
we believe are, in a healthier position for the
summer and a much stronger position for defence.
But he marched up the Peninsula not to defend
himself, but to attack and capture Richmond. For
this ho is certainly in no position now. He cannot
invest the city ; he can attack it only as the en-
trenchments of an army, just as we attacked Se-
bastopol ; and even if he be reinforced largely it
can only be after a long conflict that he can expect
to succeed. It is, however, unquestionable, allow-
ing for all the mendacity of rumour, that the
South has quite changed its aspect since this great
repulse of their foe. Even in Kentucky we find
martial law required to keep down the inha-
bitants of Lexington, while in its neighbour
State southwards, Tennessee, the Confederates have
made a bold and successful dash on Murfrees-
borough, and Nashville, its capital, is likely to fall
again into their hands. An attack was hourly ex-
pected when the mail left. Some doubts are said
to be entertained of the recapture of Baton Rouge,
on the Mississippi, by the Confederates; should it
not prove true, it yet Flews how much fear there
is of attacks in those parts from the remainder of
BEAUREGARD'S army, who also are keeping HEL-
LECH. in constant alarm at Corinth and Memphis.
Some time back there was a report that the Seces-
sionists throughout the Border States, and the West,
so far as the Federal arms had penetrated, intended
to rise and give trouble in numerous places at once;
their present vivacity gives countenance to the sup-
position that such a rising had long been planned
and that the success at Richmond has been the spark
to fire the long laid train. The Federals will, we
expect, now have a difficult task to hold what they
have gained. Their reserves are pretty well ex-
hausted, and recruits come in but slowly; only
15,000 of the 300,000 have yet been obtained.
M'CLELLAN, if he is to be successful, will need
more than can he raised, and it is not unlikely-
that, encouraged by recent successes, the Confede-
rates will attack or harrass the Federal armies in
every quarte. We shall not be at all surprised to
learn that the Federals are soon hard pressed every
where.

In this state of things it is almost ludicrous to
find the Senate passing at last a Confiscation Biti.
Sixty days' grace are to be allowed the "Rebels,"
and then if they do not lay down their arms and
return to their allegiance, they are declared
guilty of treason—penalty death ! and confiscation
of property, slaves included Slaves of rebels to be
set free ! The PRESIDENT to have power of pardon,
or to pass a minor sentence of five months' im-
prisonment and ten thousand dollars fine. We
may imagine JEFF. DAVIS and STONEWALL JACK-
SON glancing over this Washington Bill—" treason"
committed by eight millions of people. "Death,"
yes, if you don't get killed first—confiscation of
property ; yes, when you can get at it. " Freeing
slaves of rebels,"—rather too late for that, gentle-
men, you should have done that last spring twelve-
month. Such a proclamation then might have
made each of us afraid to leave his plantation.
Now our very slaves know better than to trust you.
They know you care not a straw for them, and they
are not dispcsed to trust your selfishness.

The PRESIDENT, it is said, will veto the bill.
Whether because he does not wish to make himself
look ridiculous, or because he still cherishes a lin-
gering hope of reclaiming the South as penitent
wanderers, and is therefore unwilling to offend them,
we are not told. Throughout he has manifested a
strange credulity in regard to the power of con-
ciliatory dealing with slavery. Like Toryism here,
it is u thing never to be propitiated. No privi-
leged class, whether slaveholders or territorial, or
clerical aristocracies, or protected interests, will
ever be won by concession. They have always an
instinctive perception that to let the least daylight
into unjust advantages is to them a real danger.
There will be, they know, no end to con-
cession but equality. The feeling which
fights the Wednesday battles, political
and ecclesiastical, in our House of Commons, is
identical with that which in the Southern States
refuses to change in the least the relations of abso-
lute mastership and unmitigated slavery between
the White lord and the negro. Mr. LINCOLN will
find, as
atrocious we found in the West Indies, that such an
lolls crime as
slavery can only be crushed.
The guilty Will
never be wooed from, or modify,
such a crime as slavery. On the whole, notwith-
standing M‘ CLELL
bombastic oration, and the
PRESIDENT'S visit and encouraging speeches at his
camp—if we survey
cam impartiallythe whole military
field, and the political and rao
netary condition of
things in the North, there seem,
a likelihood of a
turn of the tide in favour of the South, and of
weariness of the war in the North.

Incidentally the subject of the internal decoration
of the new Houses of Parliament, was again vend_
lated, for a brief interval, last evening in the House ,
of Commons. There was a time when we had this,
question discussed continually, both within and
without the walls of that beautiful Palace of the
Legislature. Happily, however, there is not so much
reason for anxiety upon the matter as there used to
be. Slowly, but steadily, the adornments of that ornate
and majestic edifice have, during the last few years,
increased and multiplied, Carving, statuary, stained
glass, fresc Jes, and even upholstery of an artistic
Itharacter—have lent their aid in the enhancement of
the arellitectural beauties of the building. Cavillers '1
there may be, there must by a sort of necessity be