The Sun.
London, England, 1854-08-23 00:00:00

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LONDON, WEDNESDAY, AUGUST 23, 1854.

We are generally strongly opposed to foreign
loans, on public as well as private grounds. We
have witnessed very untoward results following
the exportation of the precious metals, which our
absurd money laws rendered of such vital im-
portance to the internal trade and commerce of
the country. We have also seen the evil pur-
poses to which the funds thus obtained have been
applied; and also the complete disappoint-
ment of the speculators, who seldom, if
ever, found their sanguine anticipations verified
—the idol which they worshipped having de-
ceived them, and the expected profits being
converted into serious losses. We are too well
aware that non olet mundamus is the motto of the
gamblers of the Stock Exchange, and that, with
rare exceptions, they' are profoundly indifferent
to any one save the pecuniary consequences of
their operations. " Get money, honestly if pos-
sible, but get money," is the ruling principle
with a large proportiun; and, even amongst those

who have higher aspirations, and a more strin-
gent
sense of their moral responsibilities, few do
more than avoid the accursed thing, or think that
they are bound actively to promote that which does
not hold out the prospect of immediate gain.
• There is, however, at present in the market a
security which differs very materially from those
which have previously been offered for public
competition. The Turkish Loan has, indeed,
everything to recommend it as well to the mere fol-

lowers ofMammom as to those who are desirous

of taking still higher grounds and serving their
country, while they are putting money in their own
pockets. Nothing more advantageous has been
brought out for a series of years, and we can scarcely
feel surprised that there has been an anxious desire
to obtain an investment so very promising,
whether we look to the soundness of the security,
the high rate of interest, or the beneficial pur-
poses to which the money will be applied.
On the first point we must bear in mind that
Turkey has hitherto been free from debt ; it is,
therefore, so far as Stock Exchange transactions
are concerned, a virgin soil from which great re-
turns may be anticipated. Its almost miraculous
natural resources are too well known to need
any prolonged statement in their favour ; and
its inhabitants have afforded the most conclusive
testimony that they are perfectly capable of de-
fending their own territories from the would-be
spoiler. The SULTAN is no longer " the sick
man," faint almost to death, around whose pillow
are avaricious expectants. He holds with vigo-
rous and tenacious grasp his ample possessions ;
and although the expenses of his cure have caused
a little temporary embarrassment, he can show
unexceptionable security for ten times the amount
required for existing exigencies. But it is not
merely the general revenues of Turkey that
are charged with the repayment of this loan.
The Egyptian tribute, amounting to thirty mil-
lions of piastres (or 282,0001. sterling per an-
num), is specially hypothecated for the payment
both of principal and interest, and is to be re-
mitted directly from the Pasha to the London
agents for distribution. This tribute was con-
tracted to be paid by a specific treaty, sanctioned
by all the great European Powers ; and when we
remember the well-tested probity of the parties

concerned—both SULTAN and PASHA—and the
determination of France and England to sustain
them, we must concede that the security for
the stipulated payments is beyond the possibility
of doubt or cavil.

As to the rate of interest, it is, under the least
favourable circumstances, 'Ti. "rce
nt. per an-
num. The bonds nominally for , with cou-
pons payable on the 10th of Apiil and 10th of
October in each year, are to be issued at 801., a
bonus of 25 per cent, being thus given to the sub-
scribers, so that the nominal 61.
per cent, will
'
really be 71. per cent. interest • butaathe amount
subscribed is to be received by instalments spread
over a term of four months, and a discount
of five per cent. allowed for prompt' payment, a
further bonus will practically be obtained by those
who have their funds immediately available.
These would unquestionably offer sufficient in_
ducements to any capitalist desirous of obtaining
large returns for his money ; but, in addition, a
certain proportion of the bonds are to be redeemed
at par in each and every year. These will be
in the usual manner, at the rate of
selected by lot
one per cent. per annum. There will, therefore,
be not only the chance of that which cost 80,
being paid off at 100, but the value of the balance
will be materially enhanced by the amouTnhtewboiur,:
drawn from the market each drawing.
rowers reserve a right of paying off on six months'
notice at par after 15 years ; but, as we have
shown, that is a payment of 1001. for each 801.,
or 25 per cent. bonus in addition to that received
by the original rate of issue and the drawings.
The third point is no less favourable. Every
true-hearted Englishman has willingly submitted
to the additional war burden occasioned by our
defence of the cause of order and justice. He has
seen his Income Tax doubled the duties on malt,
spirits, and sugar materially enhanced, and the
proceeds expended in support of expeditions
against the unconscientious invader. We have I
willingly applied more than ten millions sterling
in support of the integrity of the Ottoman Empire,
and no one has considered the outlay, enormous -

as it has been, misapplied. Now the pecuniary
,assistance we are at present affording to our ally
will be almost, if not fully, as useful as if we had
applied an equal sum in his support. There will,
however, be this material difference : for the money
advanced by way of loan we shall receive very re-
munerative returns abundantly guaranteed." It
will, in fact, prove a very profitable transaction
to those concerned, while, on the other hand, the
sums raised by way of taxes will be irretrievably
lost to the payers. It is true that the nation
may obtain an indemnity, but the " thirsty soul "
will not get back the extra halfpenny paid for
each pint of beer, or the hard-worked clerk the
10d. or 14d. in the pound on the amount of his
scanty salary. The four millions now about to be
advanced to the SI7LTAIN will save more than an
equal amount levied by the hands of the tax-
gatherer, for which there will be no possibility of
return.

Little more than a week has elapsed since a
circular was issued from the Railway Department
of the Board of Trade, calling the attention of the
directors of the different companies to a system
adopted on the South-Eastern line, which " ex-
perience seemed to have proved to be so well cal-
culated to diminish the risk of danger." The
South-Eastern Board thus received the approba-
tion to which it appeared to be justly entitled, and
was held up as a 'model for imitation to other
managing bodies. Regardless of expense, they
had adopted a judicious precaution against the
risk of collision, " a class of accidents hitherto
very numerous as compared with others." A
" leading journal," not usually very favourable to
railway bodies, spoke in high terms of the im-
provement, and hoped " soon to see the general
adoption of a scheme promising such material ad-
vantages to companies and travellers together I"
But a few days elapsed before it became our
painful duty to record a fearful accident on this
model railway, of the very class which it was
hoped had been effectually prevented. An acci-
dent by which three persons received fatal inju-
ries, and many more were seriously hurt. The
calamitous event occurred on Monday to an ex-
cursion train, the first for the season which bad
left Dover for the metropolis. Twenty-four car-
riages were attached, and passengers were taken
up at various stations along the line, so that an
unusually numerous body of persons were involved
in the melancholy transaction, and it was ex-
traordinary that even greater damage was not
inflicted. The approach of this train was
duly telegraphed, and the distance signal
which, according to the rules of the Company,
should have indicated any obstruction on the line,
marked all clear—a matter, however, in which
the " station signal" differed, for it gave warning
of danger. The signal-man also held up both his
hands as a further caution. The steam was im-
mediately shut off, and the break put on. , But
every precaution was vain. A ballast engine
had, it appears, been driven from a siding where
the trucks were placed, for the purpose of taking
in water. The driver, on hearing the whistle of
the approaching train, set his engine in motion,
but it was speedily overtaken, and a fearful
concussion took place ; the luggage en-
gine was of course greatly injured, but it
fortunately kept the line of rails, notwithstand-
ing its crippled condition. The excursion train
did not, however, fare so well. The engine was
flung against a ballast train standing on the down
line of rails, and one first class and four second
class carriages were literally smashed to pieces, so
that the only miracle was that one of the passen-
gers escaped with life. As it was, three
persons, the Rev. Mr. WILLES, a, clergyman
of the Established Church, JOHN CARMAN, a gar-
dener to a gentleman living at Fast Peckham,
and a woman, named CAROLINE HARRIS, met
their deaths, while many others were, as we have
stated, very seriously injured.
Now the great question to be decided is, on
whom does the responsibility of this dreadful catas-
trophe rest? Through whose negligence has it occur-
red, or was it one of those events which no reason-
able degree of care and foresight could have pre-
vented ? These are points -which must be closely
investigated, so that every possible information
may be obtained in order to prevent the repeti-
tion of similar events. We shall not venture to
anticipate the result of this inquiry. It certainly
seems that but little, if any, blame can attach
itself to the Directors ; they had previously done
everything which human ingenuity could devise
to prevent the possibility of such occurrences.
They did not trust to a sufficient time having
elapsed since the passage of a preceding train.
Notice was required to be given of its Laving
actually passed another point on theliue before the
succeeding one was allowed to proceed, and the
railway department of the Board of Trade, and
even the Times itself, bore witness to the efficacy
of the arrangement. What more could be expected
at their hands ? They adopted every precaution
which experience suggested, obtained the services
of men of excellent character and well-tried effi-
ciency ; and if it was impossible to procure men
exempted from the ordinary failings of humanity,
the Directors could not fairly be censured for the
failure.

The men engaged on both trains have been
taken into custody. We confess that as at present
advised, we cannot see how the driver or stoker
of the excursion train can be blamed. The
distance signal showed that " all was right," and
the moment the " station signal" indicated danger
the steam was shut off and the breaks applied.
What more could these men have done ? We do
not at present understand on what grounds they
have been taken into custody, or why they should
be further imprisoned until Friday next.
There are more plausible grounds for requiring
explanations from those who brought the luggage-
engine on the line and placed it directly in the way
of the approaching train. It must be ascertained
what inquiries they made or authority they received
fur so doing. It must also be seen how it was
that the distance signal gave no warning of the
obstruction, and why there was no notice thereof
at the preceding station These are matters to
be ascertained, so that the responsibility, if any
there be, may be placed on the right parties, and
that the managing body may not undeservedly be
exposed to the censures which ignorant persons
are so ready to pronounce in the event of any un-
foreseen casualty.

POOR-LAW RELlEF.—According to a return issued on
Saturday, there were, on the Ist July last, in England
and Wales, 789,021 paupers in the receipt of relief,
whilst in the same period last year the number was
749,370 ; increase was 39,651.
DEFALCATION OF PUBLIC MONEY.—On Saturday a
return was issued, from which it appears that Mr. Swa-
bey's defalcations, as late Registrar of the Admiralty,
in Exchequer bills in the Crown funds, with respect to
slave vessels captured, was 24,7001.
casTell(E)f WthleLLDOuPchTellsEs DUCHESS
Manchester 010 M
vA
.N
BC I 1,,,1en SnTeXt
tR.,
which—The
excited so much interest, and in which the validity of
the will of the Duchess of Manchester was questioned,
was to have been tried a second time at the late Guild-
ford Assizes, in pursuance of an order to that effect,
made by the Vice-Chancellor ; an arrangement, however,
has been come to between the parties, by which all fur-
ther discussion will be avoided. It is reported that the
arrangement is to this effect : That the validity of the
will is to be admitted, but that the Duke is to execute
certain deeds, with the view to carrying out the original
intentions of the Duchess to secure the future interest
of her sons and her daughter.
CHARGE OF INTIMIDATION AGAINST .11,1' ENGINE-DRIVER.
—On Saturday before the Rugby magistrates, J. Webb,
one of the engine-drivers on strike against the London
and North-Western Railway Comp any was charged
, with threatening to blow out the brainsof another
driver named Callan, and calling him a " knobstick,"
&c. The complainant deposed that he went to a public-
house ghee the prisoner and other turn-outs were, and
' as soon as Webb saw him, he swore at him, and called
him a knobstick, and threatened to blow his brains out,
' either then, or at some other time. Prisoner, who de-
nied the charge, wished to call witnesses, but, was
called
the law did not admit of any witnesses being
when one person sworn that he consideredhis life in'
danger froni another. He was accordingly held to bail
i to answer the charge at Warwick Quarter Sessions
! himself in 401., and two sureties each in a similar'
amount.
GIVING MAI HIS DESERT.—Mr. Boader, the author of
several popular pieces. gave Drury-lane Theatre the title
lof a Wilderness. This reached the ears of Sheridan, and
bye Mr.
author
tßhoeardeaer—lls
i he did not forget it, for, whten
a ta shodrtbtime afterwards
arnadg e
discreet
I,i No, no," said , .
he was requestehde
but it is really too much for
oracle to have opinion,
wiseto"atheceep
I our house a Wilderness , now I don't mind allowing the
his i
1 him to expect that I will suffer hira to prove his word."
---Mitilog TrOnart:pt.

RECENT COURT-MARTIAL AT WINDSOR.

TO THE EDITOR OF THE SUN.

" You might as well go back to the battle of Waterloo."

If Major-General Wetherall meant by this re-
mark to convey to the Court that ungentleman-
like conduct was not common at the present day
amongst the officers of the 46th Infantry he is
very slow indeed of comprehension ; for I can
answer for it, that amongst the officers of the army
in general there is scarcely one who has had an
opportunity of reading the proceedings of the three
courts-martial, who does not blush for very shame
at the exposures on such incontestible proof of the
low-lifed habits of those who belong to the same
profession as themselves. Not only do the officers
of the army believe every word of Lieutenant
Perry's statements, on his own word of honour,
but they are convinced of the truth of them, by
the barefaced hard swearing, to say the least of
it, and the low, and mean, and slanderous attacks
made by the dfficers of the 46th against their bro-
ther officer, then a prisoner. One naturally asks,
Where were these men educated ? Where bred ?
Does not one of them belong to any family of spirit ?
A great deal has been said against Colonel Garrett,
but the general opinion is led away by his being
the prosecutor, in the first instance, when public
indignation was naturally aroused at Lieutenant
Perry being brought to trial for acting with the
spirit which became a British officer, by felling to
the ground one of those low-lifed associates amongst
whom he was thrown, and who, at—the time, was
attacking, him with foul language, and by a per-
sonal assault upon him in his own room. Colo-
nel Garrett may be au indolent commanding
officer, but it must be borne in mind
that he was, as it were, on his trial during the last
court-martial, and his evidence was what might he
expected from one in such an anomalous position.
He has, however, much to answer for. But what
can one think of the other witnesses for the prose-
tion—of the majors, the captains, the lieutenants,
the ensigns? What., I ask, do the soldiers of the
regiment think of their commanders ?
We are at war, and it is not a time to trifle with
the morale of the officers of the army. Enough
has come to light respecting the 46th Regiment ;
and there cannot be a doubt but that the General
Commanding-in-Chief will advise her Majesty to
exercise her prerogative, and do what is right, by
clearing that regiment of those officers whose cha-
racters as such are rendered worthless before the
army. Out of their own mouths do the witnesses
for the prosecution stand condemned.
Lieut. Perry little thougLt when, from an over-
anxiety that the whole truth should come out, he
signed the letter drawn by his legal friends, and
those friends when they advised him to do so could
have little thought that such a concoction of non
mi ricordo evidence could be sworn to by British
officers. Men who can give such evidence are not
men of spirit—are not men of courage ; they are
not men fit to lead our brave soldiers to battle.
But one officer comes out of this last court-martial
without a stain on his honour, and that one is the
prisoner ; and I give this as the almost unanimous
feeling of the officers of the army. Is there
a man of honour, is there a man of common
sense, who does not believe the statements of
Lieutenant Perry, which have been corroborated
by the facts given in the evidence of Mr. Corcoran
and Captain Chambers, together with the letter of
Lieutenant Waldey—is there, I ask, throughout the
land one unbiassed Englishman who, notwithstand-
ing the partial and specious address of General
Wetherall in reply, does not give credit to Lieu-
tenant's Perry's statements, instead of to the mass
of witnesses, whose evidence it was proved was con-
cocted for the occasion in the mess-room. I say
again there is no need for further inquiry. Let
Lord Hardinge act as becomes his high position,
without partiality, favour, or affection. Let there
be no screening. The 46th Regiment must be
cleansed, for the honour of the British army, whose
well-wisher I am. Let the injured not suffer; let
the guilty not escape ; let the Horse Guards be re-
spected by the army and the country.

AN OLD OFFICER.

HAYMARKET THEATRE.

The Spanish Dancers at this most attractive houF.e
varied their entertainment on Monday and last night,
and gave, what is entitled in the bills, a new ballet, 'lke
Gipsy Queen. The scene is supposed to take place at a
fair at Seville, which is always frequented by various
gipsy tribes who amuse the company with their charac-
teristic dances.

There is no great difference of appearance in the com-
plexion of the troupe, though their dresses are more
strongly contrasted ; and they appear in the black, red,
and white costume. The dances are more strictly cha-
racteristic, and evidently those of the peasant and the
country class. All, however, are animated with that
vivacity and spirit which lends such a charm to the per-
formance.

Senora Pz-ren Nena is still the transcendent leader of
the troupe, and is, of course, the Gipsy Queen. The
piquancy, coquetry, fancy, and we would almost say
eloquence, of her dancing, is shown to perfection, arid
the enthusiasm of the audience was unbounded. Her
own hilarity and activity are contagiou,, and even our
sober audience cannot fail to be moved by her endless
frolic and gaiety. Her feet and legs are as much at her
command as the celebrated fan, and with them she ex-
presses a boundless discourse of caprice and whim,
Senorita Giulio deserves notice for her grace and cle-
verness, and the whole corps was animated with the
extriustless vivacity that belongs to the southern blood,
and to that alone. The ballet is divided into two parts,
between which the extremely popular farce of As Like
as Two Peas is played. The fandango in all its native
vigour finishes the ballet performance, and so far from
the frequency of the appearances of this celebrated troupe
diminishing the public interest, it seems on the increase,
for the theatre, notwithstanding the range of the ther-
mometer, was crowded, and the applause more vehement
than ever.