The Sun.
London, England, 1854-07-22 00:00:00

principles of a liberal tariff, and by the extension 1
of the advantages of the systems of the rail- J
way and the electric telegraph, so as to
secure the essential medium of national success
the facility of popular intercommunic ,tion.
Wherefore, remarks our pamphleteer, in the
event of the results of the war already particu-
larised—" I think that instead of permanently
arresting the progress of her conquest and influ-
ence, it would produce only a temporary suspen-
sion of both, because I am convinced that by a
proper attention to her internal administration
she may easily repair her losses, and, taught by
severe experience, gain in many respects a real
strength, where she has now only an appearance
of it." Gain a real strength—to what end 7 Is
it not obvious ? Is it not inevitable ? To carry
out her projects of aggression and her designs of
spoliation, and her schemes of territorial aggran-
disement, at a more fitting time and
under more propitious circumstances. Yes,
without doubt, unless the war produce
other and more notable results than those already
particularised, we shall—as Count KRASINSKI
hesitates not boldly to intimate at once at the out-
set—be only " humiliating Russia without crip-
pling her power, and irritating her national feel-
ing without depriving her of the means of re-
venge !" The inference to be drawn from this
does not surely require any elaborate exposition.
It is manifest at a glance. It is the necessity of
building up an effectual barrier against the incur-
sions of Russian barbarism upon the civilised na-
tions of Christendom. Only one species of barrier
can be effectual for that purpose—a barrier the
strength of which must be both moral and physical
—that of distinct, powerful, and independent
nationalities. For the whole force and lucidity
of the argument leading to this conclusion to be
adequately appreciated, we would commend our
readers themselves to examine into the claims here
put forward of the Count VALERIAN KRASINSIdS
ability as a political pamphleteer.

The debate on the question that the House of
Commons should resolve itself into Committee on
the Russian Government Securities Bill has been
adjourned until Monday, and as it is more than
probable that the time of the representative
branch of the Legislature will on that day be
fully occupied with the discussion on " the Vote
of Credit," there is great danger that one of the
most useful bills of the Session, one indeed of
paramount and urgent importance, may be quietly
shelved until next year. When we consider the
difficulties that obstruct a private Member, even
under the most favourable circumstances, the
chances of a result so untoward are materially
increased. It is, therefore, indispensable that, as
there is not sufficient time to obtain an adequate
demonstration in favour of the excellent measure
of the Noble Lord the Member for Marylebone,
the organs of public opinion in the metropolis and
in the provinces should speak out distinctly and
intelligibly, so that the nature of the question may
be clearly understood, and that the several con-
stituencies may accurately know the proceedings
of their representatives in reference to the inte-
resting topic.

The object of the Bill was explained by the
Hame Secretary briefly, but distinctly, so as to
leave no doubt on the subject. It was "to pro-
hibit indirect advances to an enemy with whom
we are engaged in actual hostility, stamping them
with reprobation." The existing law already for-
bids direct advances. We have recently had official
announcements that any British subject taking
part in the New Russian Loan will be guilty of
an act of high treason. Why, then, should any-
thing be sanctioned that would encourage others
not owing allegiance to Queen VICTORIA to ad-
vance money to the AUTOCRAT, thereby enabling
him to brave the anger of the Maritime Powers,
and to protract the war, rendered necessary by his
nefarious proceedings. If any dealing in Russian
Stock were expressly forbidden in France and
England we should not have contracts entered
into at Amsterdam or Hamburg for further pecu-
niary transactions. The Capitalists who may
conclude a bargain with the CZAR do not intend
to keep the New Securities in their own hands.
They hope to negotiate them in every quarter,
and on every "Bourse" or Exchange in Europe.
I If they cannot dispose of the New Bonds in Lon-
don or Paris, they can offer terms sufficient to
induce the holders of old Stock, negotiable in
these cities, to transfer their investments into
the new. This may be done by selling the old
he,.e, and buying the new at Amsterdam ; and
there can be no doubt that it is the high quota-
tions maintained during the entire autumn, winter,
and spring, that has enabled the CzAR to obtain
the present pecuniary assistance he so urgently
requires, and without which the process of
" crumuling him up" might so much more easily
be effected.

Many months since when, although the aspect
of the poliLical horizon was particularly lowering,
war had not yet been declared, we expressly cau-
tioned all speculators against any dealing in Rus-
sian Stocks. The 5 per Cents. then maintained a
high premium, and were eagerly purchased, be-
cause they offered a higher apparent in.::erest than
British Securities. We pointed out the great en-
couragement afforded to the CZAR by the favour
with which his securities were regarded, and the
inducement which high quotations of Russian
Stock afforded to a perseverance in the reckless and
headstrong course on which he had entered .
How could he believe that the British people could
be opposed to his pretensions while Russian Stock
maintained its price, and " his friend of forty
years' standing" retained his place as Prime Mi-
nister of the United Kingdom. The patriotic
speculator c rtainly lent powerful aid in fostering
the delusions in which he indulged.
But in vain was our warning voice uplifted.
"Non olet nummits" appears to be the rule—we
will not say of the Exchange, for we are aware
that there are many honourable and upright
men who would scorn to touch the unclean thing,
however great the profit that might be obtained
—of many dealers and capitalists ; and whether
the object be to crush the efforts of patriots
struggling for independence to enable slaveowners
to carry on their nefarious traffic, or to provide
ammunition for the savage enemies of Great Bri-
tain, to be used against its gallant defenders,
seems to be a matter of perfect indifference. Tney
want to make money, but care not as to the
mode, whether it be honestly or otherwise.
Now, we confess that we cannot feel sym-
pathy with such persons, nor do we think
that they have any just claim to indulgence. They
plunged into the speculation with their eyes
open, after being distinctly warned, and if they
now sustain losses, they can only be regarded as
the natural consequences of the reckless proceed-
ing instigated by the unhallowed " greed of gain,"
the griping cupidity that makes them seek their
personal profits in the injury to their country,
1 and to those who owe the same allegiance as them-
selves.

We cannot agree with the Hon. Secretary for
the Treasury, whose opposition to the patriotic
viewsof the Noble Home Secretary, were witnessed
with considerable regret. We believe that it
would not be from prohibiting, but from sanction-
lug, such dealings on our Stock Exchange that we
I would " incur the contemptuous remarks of the
persons connected with the Money Markets of
Europe." We protest against Englishmen
being permitted to purchase either from the
Emperor of RUSSIA himself, or from anv of his
agents or creditors the stock created anterior to
the war. As Mr. WILSON himself declares, the
effect would be to give a premium to foreigners:
to make the Dutch hold the new and the Eng-
lish the old stock. We wish to forbid the
" transfer" of these stocks, and that can only be
achieved by carrying, without delay, through both
Houses of Parliament, the admirable proposition
of Lord DUDLEY STUART, and prohibiting any
dealing by Englishmen, either at home or abroad,
in Russian Securities, whether created anterior or
subsequent to the declaration of war and the com-
mencement of actual hostilities.

" The little bill" has been presented—that is
to say, -the gross amount, but not the details.
The . irape.rtinent curiosity_ of those who :are. not
content with the announcement of "the dimm'd