The Sun.
London, England, 1854-05-29 00:00:00

THE SUN, LONDON, MONDAY EVENING, MAY 29. 1854.

currency. What we long since pointed out as the
real weakness of the Russian position i 3 becoming
generally known. The people see that there is
really nothing to be dreaded from the Muscovite
"raw head and bloody bones"—that his commerce
can be annihilated, and his fleets locked up in the
Baltic and Euxine—that under any circumstances

they cannot pass the Cattegat or the Dardanelles,
even if they should venture forth from their not
very dignified seclusions at Cronstadt, Helsingfors,
or Sebastopol. No matter, then, how long the
war may be protracted how convulsive the
struggles of the mortified AUTOCRAT ! Ho can
do nothing to injure the Maritime Powers. In-
deed, he lies at the mercy of France and England.
Ursa Major is securely muzzled, and can be baited
at any moment ; and the war which he has so wan-
tonly commenced will do no more harm than one in
Caffraria or the Ptuijaub. It is " a far cry to
Lochow" was the answer of the CAMPBELLS to
threats fulminated against the ARGYLE. They
felt that their Highland fastnesses could not
easily be invaded ; and surely we may repose
equal confidence in the protection afforded by our
wooden walls.

-1, NTEST FOREIGN NEW

THE WAR.

OPERATIONS AGAINST SILISTRIA.

There is, then, every prospect of furtherimprove-
ments in the Money Market that may send
Consols up to par, and Exchequer Bills and Bonds
to4a premium of some 30s. to 40s. That, however, is
the highest that, could be anticipated in that
quarter, while in the 3 per Cents. the gain would
be some 9or 10 per cent. Now, even if two or
three years elapsed before that consummation, we
would find that the real gain on Consols would be
3 or 4 per cent. per annum, exclusive of the divi-
dends of 3/. 65., while in bills or bonds it
would be more than 1/. in the former, and
10s. in the latter - The actual yield from
Consols per annum may be regarded, then,
as fully 6i per cent., while in Exchequer
Bonds or bills, it would not be more than 4-i at
the outside. We thus obtain the true solution
of the problem—the key to the mystery, and can
find that there is nothing very wonderful in Con-
sols which return only 31. Os. of dividend, are
preferred to Exchequer Bills at 3/. Bs. 6d., or
Bonds at 41., although bills at 30s. 5d., or Bonds
at 505., might be preferred to Consols at par, and
returning -3/. per annum to the holders.

According to Turkish accounts the Russians
stormed two bastions of the outworks of Silistria
on the 21st. They were subsequently repulsed.

Marshal Paskiewitch and Prince Gortschakoff
returned to Kalarasch, to make arrangements for
another attack.
The Russian version received, via Bucharest,
states that at midnight, on the 21st, after several
hours' heavy bombardment, the Russians stormed
one of the ramparts of Silistria. Mussa Pacha
consequently sent a flag of truce to Prince Paskie-
witch, to concert an arrangement.
The German journals all concur in stating the
immense efforts which the Russians are making
against Silistria.
A despatch from Marseilles announces that news
had reached that city of the complete investment of
Silistria by the Russians.