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

THE, SUN, LONDON,- FRIDAY EVENING. MAY 5, 1854.

to the national credit ? For instance,
8,800,0001., - 21 per cent,, or "•GLADSTONE"
Stock, which might have been taken for the
8,000,0001. paid in money would at present
prices produce probably 75. According to the
recent scale of interest it would be but 73 for 21
to 871 for 3 per Cent. Stock. But as the addi-
tion of ten per cent. to the nominal capital would
be worth something, we give the Right Hon. Gen-
tleman the benefit thereof, and estimate that it
would bring 74 or 75- if offered for sale in the
market. At the latter price there would be
6,600,0001., which would leave only 1,400;000/.
as the loss on the experiment—the very best '
pOssible way of getting out of the untoward affair.
Secondly, the extra war expenditure, or a -large
proportion thereof, should also be provided for by a
loan. The contest has been entered on, not for
our own sakes,4but for the interests of posterity;
and if ever there was-a case where the entire charge
might fairly he placed on future generation
—at least until the AUTOCRAT was compelled to
liquidate the outlay occasioned by his own grasp-
ing cupidity—it is that under notice. ' There
would thus be 16,600,0001. required—viz.,
8,000,0001. paid off, and the former claims can-
celled, and 8,600,0001. already asked for increased
expenditure. For this let him invite the
people, not merely capitalists having 1001. t(
spare, but the people to tender, and let lists bc
opened in every city, borough, and considerabh
town throughout the country. Let him isstn,
these bonds bearing interest at 31 per cent. per
annum to all applicants at par, not- in the large
amounts previously suggested, but in Si., 101.,
201., and 501. bills. These will be readily ac-
cepted, for they will pass freely from hand to
hand, just as much so .as the Bank of
England note. The great experiment of
an inconvertible paper currency may thus
be fairly tested, and we stake our existence that
the most sanguine anticipations will be more than
realised. There is no law as to the amounts for
which Exchequer Bills may be issued. Any extra
trouble occasioned to Lord MONTEAGLE and hi
subordinates may be liberally recompensed.
What, then, is there to prevent its adoption, save
the " red-tapist" shackles, which the Right Hon.
Gentleman has hitherto borne without any deci-
sive effort to shake them off, and which, up to
thiS time, have proved so prejudicial to his cha-
racter as a wise and prudent Minister of
Finance.

We have great pleasure in directing attention
to the fact of Colonel PERRONET THOMPSON
having been restored to his disputed place in tht
Army List. To undo the errors of former Adminis-
trations is one of the highest praises which can
be given to the present.
To make due amends for the past, we really-
think the Government would do themselves credit,
and confer valuable service on the public, by ap-
pointing the; gallant Colonel to some command in
the army now employed in the East. It, may bt
recollected that Colonel THOMPSON has seen much
service both by la:id and water, and was for a
long period employed among the Turks and Arabs,
whose languages he perfectly understands. Such
an interpreter of military tactics would be in-
valuable.

THE PRESTON STRIKE.

f(FROM A CORRESPONDENT.)
• . .

The Preston strike is at an end. Domestic war
ceases at the very time that war in earnest com-
mences with the great despot of the North. In
one respect there is a striking parallel. The con-
test at Preston lay between wealthy masters, with
'I sound principle on their side, and a vast body
of illiterate and poor men, capable of putting forth
great physical force, and headed byan unscrupulous
leader ;; and, the contest in the East lies between
the two wealthy and educated nations, England
and France,
,with the commandment " Thou shalt
not steal" as their motto, and the myriads of poor
and barbarous serfs of 'Russia, headed by a Mo-
narch, compared to whom GEORGE COWELL is a
man of enlarged mind and honest heart. But here
the parallel entirely ceases. If the Preston
,veavers have had all the physical forte on their
side, their country is sincerely proud of the way
in which they have used it, or rather refrained
from using it. They have made no attempt
o take " material guarantees"• till their demands
were conceded ; they have fought for their point
with the bull-dog pertinacity of Englishmen, but,
hey have fought with the weapons of self-denial
knd natural oratory ; they have shrunk from any
mean attack on the " material " weakness of their
.)pponents, and, compared with the hypocrite who
;rasped Sir H. SEYMOUR'S hand at St. Petersburg,
they are the veritable " gent eaten." There is
lot a man in Europe on this side the boundaries
of Russia, Who, after all that has passed in the
ast eight months, would not take the word and
rely on.the moderation of a Preston weaver rather
~han trust the CZAR of Moscow.

Most cordially, there're, do we back the re
guest of Mr. GEORGE COWELL to the masters, that
they will not abilse the hour of triumph. Nothing'
.;ould now so much injure their cause as to strike
I, vanquished foe. The prosecution against the
ieaders will, of course, be given up ; it would
'ook simply vindictive to maintain it. And
t is to be hoped also that the hands will be re-
amitted to their work without unnecessary con-
litions. The masters themselves have rightly
stated the well-known law which governs the rate
)f wages in their replylto the Mediation Com-
uittee. Let them adhere to it, and leave supply
Lnd demand to settle wages, without attempting
:ryitating restrictions to secure themselves against
Future strikes. We do not deny their right to
ay down their own conditions ; but beyond such
L reasonable'; one as mutual notice of quitting
vork when such notice is thought desirable—a
?ractice usual in the most respectable occupations
—we trust there will be no demands made. A
nan is not made a better servant by compulsion
o what lie regards as self-degradation ; but he
'Day be rendered much less willing to revolt a
second time by, finding in his employer a man con-
liderate of his feelingsin the very hour of triumph.
Se will be slow to become again the dupe of a
,pecious orator, when he finds in his master a man
who could, fight-him like a Briton, but also shake
hands with 'him, and treat him like a Briton
when, he had.:beateu him. We therefore willingly
endorse the request conveyed in Mr. COWELL'S
question, when he asks the manufacturers
" whether it !would be right, when two contend-
ing armies mseet, and one has proved successful,
Or the victorious army to pursue the enemy after
;hey have griunded their arms, and ride rough-
ihod over them ?"
On the °tiler, hand, we must warn the opera-
ives against tthe folly of talking as some of their
speakers did-r4aking, indeed, a sentence of the
leliberately composed address as their text, of
waiting till ""a more favourable opportunity."
Lo masters wim cannot put faith in the supremacy
)f, events, such•language is a temptation to require
stipulations adapted to guard against a repetition
if amalgamations, -unions, and strikes. We are
confident that, notwithstanding the cheering of
;lie men, the masters may safely leave the present
generation to ponder the lesion taught them by the
'aSt eight or nine months. The loss of 150,0001.
in wages will make itself painfully felt for many a
'ong year, and the next prolonged strike will con-
,ist of perswis who were too young to share in
his, and *lll be headed by some glib-tongued
COWELL whot is yet in his petticoats. We have
'Llready advised, and still advise, the operatives to
save their spare earnings instead of wasting them
In Mr. COWELL'S " dram and ferry shops ;" but
we repeat our advice, never to place their savinss
Lt the disposal of any union or delegates, the pliSn
xliich Mr. COWELL seems to point to as the means
.)f gaining a ten per cent. at some futur.3 time.
Let the operatives keep the money in their own
hands. Each,will then be independent, and not be
• lragged into an other m eve against his will; and long
before they have retrieved the losses of the past suffi-
ciently to have much to spare again, our unjust
partnership laws will assuredly be repealed, and
a full opportunity given to all who wish to set up
a joint-stock manufactory for themselves.

We lope that we understand the meaning of
Mr. BAxENDALE, the chairman of their public
meeting, aright when he says, "The day will come
when you;' demand will be granted 'Without ,trikes
and lOck-ohts." If he merely means that he is
so confident in the demand for labour outrunning
the increase of the manufacturing population, that
he can predict such a result, We only hope his
prophecy it
7
ay prove true ; but if it does, surely
the waste of 150,0001. in a strike has been
most costly piece of madness and folly.
If he be prepared to accept the other alter-
native, and consent to the- reduction which
a superfluity of hands would render need-
ful, of course he stands on firm ground. But if
he means that, by any system of operative intimi
dation, the object of strikes is to be attained
while the miseries of them to the working men
are to be avoided, we would warn both him and
his hearers that the thing is utterly impracticable.
They must rely npon two sure facts—that wages
must rise when Masters want men, and that they
must fall when men want masters. We will give
Mr. BAXENPALE credit, however, for the latter
meaning, and join him in exhorting the Preston
weavers, and all their sympathisers, never to rely
again upon combinations generating counter com-
binations, but to rest assured that wages, like
everything else, will find their equitable level
through the process known by the homely phrase,
" the Niggling of the market."

FUNERAL of TIM MARQUIS OF
AIVGLESEY---(THIS DAY).

This morning the mortal remains of the late deeply
lamented the Most Noble the Marquis of Anglesey were
removed from Uxbridge-house, Burlington-street, to the
Great Northern Railway terminus, King's-cross, for
transit to their final resting place, Lichfield Cemetery,
Staffordshire. The mournful cortege was under the
superintendence of Meserp..Jarvis, undertakers, Long-
acre, and presented a most solemnly grand appearance,
being formed as follows :—A detachment of fifty of the
noble deceased's own regiment on horseback, with drums
muffled, and the band playing the " Dead March in
Saul." A pluine of feathers, followed by coronet and
cushion. The hearse containing the coffin, dr'awn by
four horses richly caparisoned, feathers, escutcheons, and
attendants, lit Regiment of Life Guards, the officers
carrying black flags ; four mourning coaches, and four
feathers and attendants. Three of the Queen's
carriages, each: having six horses, and postilions
with black scarfs, coachman and six grooms in
waiting in their full dress of scarlet and gold, the horses
having black rosettes with long streamers. One hundred
carriages of 'the nobility and gentry concluded the
mournful cavalcade, which, at the hour of half-past ten
o'clock, having been arranged as described, proceeded on
its route._ up. egent-street, Laugham,place, Portland-
place, down the New-road to the railway terminus.
Thousands of persons congregated to witness the proces-
sion, which, as it proceeded, were greatly increased ;
notwithstanding, however, we did not hear of a single
accident occurring, and, by the able management of a
strong body of the metropolitan police, the. greatest order
was maintained throughout, every one evidently deplor-
ing the decease of one of England's greatest heroes,
.9,lthiingh he had. attained an age far beyond the allotted '
life of man,

GALATZ.-4dvices from: Galatz of the 15th ult. state
that the RusSian atithorities had at last been prevaiied
upon to permit: he departure of the few English vessels.
at that Ipo,rt-:-a privilege, of which they would forth With
avail themSelviss. Consuls of England and France
had received: notice to quit within eight days. •
nix NEWALDEIIIIAN OF QUEENIIITHE WARD.—Yes.
terdaT the-palling for _the.. office of Alderman of Queen.,
lithe ward commenced at ten.o'clock, and concluded at
one; when the lord -Mayor annennced that Mr.-Rose
was the successful tho'nurobars being for Mr:
init4A-.goai=o.l -

LATEST FOREIGN NEWS.

THE WAR.

BOMBARDMENT OF' ODESSA.
DESTRUCTION OF TWELVE RUSSIAN
WAR VESSELS.

A Turkish despatch received in Vieilna states
that on the 22d of April the allied fleets destroyed,
in a few hours, all the fortifications, the batteries,
and the military stores. Two powder magazines
blew up, and twelve vessels of war were sunk.
The merchant vessels were saved.

The loss of the allies was only five killed and six
wounded.
Thirteen Russian vessels laden with, munitions
were taken.

The fleet left in the direction of Sebastopol.