The Sun.
London, England, 1854-02-28 00:00:00

THESITN, LONDON,_TUESDAY EVENING. FEBRUARY 23. 154

severely injured in its most tender point, would
prompt him to seize the earliest opportunity of
avenging his enforced submission, when, perchance,
we might be by no means so well prepared for the
encounter, or so certain of inflicting a severe chas-
tisement on the aggressor. A temporary arrange-
ment—and so long as NronOiAs occupied the
throne of Russia, wielding despotic power, any
arrangement could but be temporary.- ~would
leave a sword more keen, and with even* a more
precarious support than that of DAMOCLES, sus-
pended over our heads. We could not tell the
moment at which the snapping of the thread would
involve us in " a war to the knife," in which we
Would have to fight, not merely to prevent the
invasion and plunder of our ally, but pro aris et
foci, for the protection of our religion
and our families from the licentious Cossacks
—the barbarian hordes of the infuriated.
"Now, " we enter on the contest under

the most auspicious auguries, with every
one in favour of a speedy, signal, and decisive
' triumph. " Then "we might be labouring under
every possible disadvantage, when those who now
profess to be faithful allies—we do not speak of
our immediate neighbourhood with whom we hope
to maintain amicabre 're] afion s -at -or • times —may
appear as op3n foes, or, still worse, as treacherous,
pretended. friends. Circumstances have arisen
that enable us, at least, to "scotch," if not to kill
the snake ; and we should, indeed, commit a
grievous and unpardonable mistake if we
neglected to avail ourselves of the opportunity.
But putting the piestion of future security, and
the guarantees for a permanent and lasting tran-
quillity
aside, our coranaercial interests impera-
tively require that the-Black Sea should no longer 1
be maintained as a mare cla limn, or that the na-
vigation of the Danube should be impeded or
choked up. Never was there a more grievous
oversight than that which, by preventing the pas-
sage of the Bosphorus; transformed the Euxine
into a Russian lake ; or than that which placed
the mouths of the Danube under the control and .
power of Russia. The untoward consequences of
these ill-advised measures are too notorious to
require further exposure. This, however, we
may say, that the principles of " Free Trade" can
never be fully or fairly developed while these
almost insurmountable obstacles are suffered to
exist, and that our Ministers would, indeed, be
inexcusable if they consented to any settlement
involving the renewal of the treaties which the
CZAR himself has -abpegated by his- wanton and
unprovoked aggression on his inoffensive neigh-
bour.

Those who are familiar with the contibversy
between Free Trade and Protection will remember
how mischiefs, long unperceived but inherent in a
vicious principle, wore successively brought to
light. As monopoly in each branch was dis-
cussed or abolished,- its latent penalties became
too manifest to be denied. We confess, there-
fore, our surprise at finding such Free-traders as
RICHARD COBDEN and WILLIAM BROWN either
disinclined to, or openly opposing, Free Trade in
capital. Is it an unconscious prejudice in favour
of that kind of monopoly under which they and
their class have so long conducted their business ?
Have they been so accustomed to feel security in
a system which, by legal restrictions, gives
to the large capitalist an artificial advan-
tage over the small one, that like
their old antagonists, they, in the matter of part-
nership quake at the thought of unrestricted
competition ? What, we ask all Free-traders, is
the permission of limited liability in partnership
but their own chosen doctrine of unrestricted
competition in the investment of capital in trade?
We defy equally the acutest logician, or the most
practical debater, among them,-to- use.: a single
argument for Free Trade in commodities which
may not, in spirit or in the letter, be used in
favour of Free Trade iu that by which commodi-
ties are represented. Nor can they produce
amongst all the artificial safeguards by which it
was formerly sought to protect the interests of corn-
growers, sugar-planters, and shipowners, any one
more unnatural than the absurd safeguard for
merchants and large dealers, which forbidsa man to
invest as much as he pleases, and no more than he
pleases, in , a given concern, or in twenty
concerns, if he thought good to do so—forbids
him, at least, under the penalty of being " liable
to his last shilling,- or last acre," for the debts
of the concern in which he desires but a limited
interest, without actual participation in the ma-
nagement. Was the sliding-scale or any device
of Protection more artificial than a law saying to
a man—you _may take, if you like, 51. per an-
num for every 1001. you put into a business ; you
may name your annual demand on the profits pro-
vided it be an unvarying one, but, if you think
it more reasonable, or think it will benefit you,
and perhaps the party you lend to in the long
run, to share with him the annual losses and profits,
you must do that at the hazard of beggary ? As
we remember a Judge in a Court of Bankruptcy
said to an honest man ruined by this un-
righteous law—" I would warn all sleeping part-
ners that they may wake up some morning and
find all their property but a dream."-
Many of the absurdities and mischiefs of this
law for the millionnaire against the million are
palpable enough ; its shutting up the working
man to the modes most unnatural to him of in-
vesting his savings, instead of allowing him by
combination to employ them in the line with which
he is familiar, is one of the worst ; and Messrs.
NEWTON and COWELL would have done their class
no small real service by demanding its repeal.
A less-observed mischief is, however, owing to
the near advent of war of commanding interest
just now. Mr. WARNER, the Member for Nor-
wich, in a recent pamphlet on " The Impolicy of
the Partnership Law," has strongly pointed out
how the gold of our capitalists and of persons
seeking invea meats, which might have been em-
ployed in extending our own trade, and in pro-
fitably improving our own country, has armed and
equipped Russia herself against us.. The Danube,
Sinope, and the north of India may curse, more
or less bitterly, our law of partnership. The
loans to foreign Powers, he affirms—and on Otis
subject Mr. WARNER must he at home—have d,s-
stroyed, beyond all calculation, more property,
and caused more suffering to individuals, than
the misery so much deplored which followed th e
railway mania. In that case, the money mainly
changed hands in our own country, and we have
an immense valuable consideration in the works
accomplished ; but the gold wasted in Russian
loans has actually put U 3 to vast expense for in-
creased armaments, necessitated by the -very money
we have lent. Capital longs to irrigate the coati-
try through the countless channels of trade ; but
it is dammed up and compelled to flo
abroad through a. few large houses, wh, 7
always continue to throw all the risk on their
unfortunate customers. And worst of all, bu,
for English gold, a Government so poor that it
is already driven to a forced loan, could never
have attempted that odious compound of the
meanest fraud and burglary which it calls " tak-
ing a material guarantee." It is really time to
invigorate ourselves by braving the frowns of NI-
: CROWS, instead of rendering ourselves effeminate
by basking in his smiles. Indeed he can afford j
to smile ; while ho can order our Admiralty to
repair the frigates whose broadsides he means to
turn against us ;—can blantlly acknowledge with
one :hand the complaisance of our Foreign-office,
whilt 3 with the other he is butchering the subjects
of of ir ally ;—can draw his means of fighting
113 fn )m our own Exchange, and pick up cheaply
the, cs .pital which our partnership laws drive into
hi 4 has ads...what should he do but smile at our COB.

-
tiles; our CLARENDONS, alli Our GSM: ANES We
fully hope, however, that he will smile at the last
two no longer, and that he will find that it is at
his peril to dupe English Ministers without hav-
ing first drawn the claws of the British Lion.
Worse than SHYLOCK, lie has demanded perti-
naciously a pound of flesh, which was not in the
bond, and we sincerely hope he will meet worse than
a SnYLoCK'S judgment ; that he will, at least,
have to disgorge sufficient of his ill-gotten terri-
tories, to give Europe a "material guarantee"
against the low cunning and violence, of such a
barbarian, It is but fair to Mr. 'WARNER to add,
that, although we have adverted to but one point
in his pamphlet, our readers will find it an exceed-
ingly well-written summary of the whole question;
and, we venture to say, an unanswerable refuta-
tion of the objections to freeing trade from its
chief unrepealed restriction.

HER MAJESTY'S VISIT TO THE

HAYMA.R.KET.

This evening her Majesty will attend the Haymarket
Theatre to witness the eighth representation of the very
successful comedy of Ranelagh, and afterwards the
amusing farce entitled A Pretty Piece of _Business. These
are both most meritorious productions ; and being
spiritedly acted by the principals of Mr. Buckstone's
talented dramatic corps,_and put upon the stage in the
most beautiful manner, they cannot but meet with the
approbation of royalty:" '

NIONEY RKE

AND
COMMERCIAL INTELLIGENCE!.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, of which 500 American
and 500 Surat were taken on speculation. The
market closed heavily without alteration in prices.
The sales comprised 4,500 American, 200 Bahia
at 6d. to 6d., 200 Egyptian at 6id. to 7d., 1,000
Surat at 3d. to 4id., and 50 Sea Island at ls. 3d.
to Is. 11d. per lb. Railway Shares Were flat, with
prices Ito l per cent. lower.
The probability of a new loan being contracted
is more canvassed in the City now the Chancellor
of the Exchequer has so early announced his
Budget, It would be a decided relief to the
money-market, if borrowing has to be resorted to
within anything like a reasonable period, to take
the contract at once. In this case the mode of
of proceeding, according to what .took place dur-
ing the last war, would be to send an invitation
to our principal capitalists to wait upon the
Chancellor a day or two before the Budget
came on. There would, of course, be no precise
intimation of the amount of the loan until the in-
terview. It would be very desirable to insure as
much as possible the advantage of. competition in
such matters, aria if the Bank of England were
willing to undertike 61 agency, and open books
for the purpose, we have no doubt a lean of ten
millions sterling would be signed for in a few hours
by the public at large, so popular is the war. In
this way, too, there would be better terms secured,
because a contractor has his profit to make. Con-
sidering, however, the trouble involved, and the
policy of securing the good offices of our great
firms, in the event of any future emergency, the
usual course will most likely be pursued. It may
not be too much to assume that the effect of a new
loan is, to some extent, already discounted, as
every one must have foreseen that from the
moment of our entering upon war it was inevitable.
There has been an impression, nevertheless, that
the loan would perhaps not 'be required for several
months ; and somerhave atoll-gilt that by increased
taxation we could have' met a great part of
the increased annual charge by the income
of the year. If there were a precise and definable
limit of cost, in such cases, this would be practica-
ble ; otherwise the best we can do is to take a loan

so as to conduct the war on a large scale, and get
it sooner concluded ; but at the same time to raise
4 or 5 millions more by annual taxation, in order
to avert an undue augmentation of the Debt, and
to realise as far as possible the view of Mr. Hume,
that we should not saddle posterity too heavily
with our burdens. Since it is to be hoped, how-
ever, that posterity will derive advantage from
what we are doing, and that the opening of the
Black Sea, and the obtainment of " material
guarantees" will repay. our outlay, it would be
scarcely reasonable to put too much on the
shoulders of those now in existence. A strong
motive for taking a loan as soon as possible, if the
government really feels it will be required within
a moderate period, is that France, Austria, Turkey,
and Russia are all largely borrowing at home, and
so far competing with us.

Owing to the announcement by the Chancellor
of the Exchequer that his Budget is coming on next
Monday, being much earlier than was expected,
the Funds have become more sensitive, and pro-
bably would not be co well supported, were it not
for the firmness assumed by our Cabinet in the
Eastern question.. Having forwarded, however, an
ultimatum to the Emperor of Russia, demanding
the evacuation of the provinces, it is felt we may
count upon something like a relief to our present
anxiety. Consols have been 91/ to 2, and since
91 to ±. The last bargains we have heard of have
been at 91 to k. The New 3/ per Cents. after being
93, have been done at 92g. Bank Stock has been
219, and since at 217 k. Exchequer Bills are 17s.
to 20s. premium.

In the Foreign Market there is a downward ten-
dency generally. Mexican have been 24/ I, Peru-
vian 67, and Brazilian 982 Russian Five per
Cents. are about 94 to 95. Sardinian Bonds have
been as low as 81 to 82. Spanish- New Deferred
are worth 181. Belgian Four-and-a-Half per Cents.
realised 89, and Dutch Four per Cents. 89 to 90.
The Railway Share Market has been very fairly
supported under circumstances, but the chief busi-
ness doing is in the payment of " differences" and
the delivery of the shares. French shares are
quieter. Several of the English lines are now
quoted ex dividend.

BRITISH MlNES.—There is very little doing, and
prices are almost nominal. Mollauds, 13s. Gd. ;
Poltimores, 265. to 28s. ; Arundells, 2f to iv.
The Gold Mine shares have been rather firmer.
Australian Consols have been in request, and also
Anglo-Californian.

The current prices for the Jamaica Mines, not
officially quoted, are as follows :—Jamaica, par ;
Metcalfe, par to• prem. ; Sue River, discount
to par ; Port Royal, to prem.
The Joint Stock Bank ...Shares have been im-
proving.
The shares of the Land Companies are firm
generally.

BRITISH FUNDS THIS DAY.—CLOSING PRICES,
(Prom the Official List.) _ _

Business dons.
Bank Stock
i per Cent. Reduced Annuities 914 i f
3 per Cent. Consols Annuities 9li i i 1 i 1
New 3} per Cent. Annuities 93 2i i i i
Long. Annuities, Expiro sth Jan., 1860
South Sea Old Annuities lOO
India Stock
India Bonds, £lOOO 8 12 p
Bank Stock for Account 2lBi
Consols for Account IGthi March
Exchequer Bills, ld.
£lOOO .. l7 20 p
.2500 . l7 20 p
Small l7 21 p

PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent.
Ditto New, 1852, 4 per Cent 92
Mexican 3 per Cent.
Ditto for the Account 24
Peruvian Bonds, 41 per Cent. 67
Ditto for the Account 664
Russian Bonds, 1822, 5 per Cent. £ St 95
Ditto 4A per Cent B2
Sardinian Bonds, 5 per Cent... ..... ....
Spanish Now Deferred, 3 per Cent IBA
Ditto for the Account lB4 i i
Spanish Committee Cert. of Coup. not fun 34 4 p
Dividends on the above payable in London.
Belgian Bonds 4i per Cent. ex. 25 fr
Dutch Exchange, 2i per Cent. 12 Guil
Ditto 4 per Cent. Certificates ....
THREE O'CLOCK.
_ _

Consols 9l
Ditto March Account 9le

ST. PETERSBURQ.—The advises from St. Petersburg
reach to the 18th inst., and do not inspire any hopes of
peace. Great accounts are given of the ardour of the
people, and one Russian patriot is reported to have pre-
sentel the Emperor with 18 millions of silver roubles
for the purposes of the war. As this, however, would
be nearly three millions sterling, it is, of course, one of
the many fictions manufactured to serve the Government.
The rate of exchange continued with a declining ten-
dency, and it was expected that an order prohibiting the
exportation of bullion would be issued in the course of a
week. In the recent interview of the British residents
with Sir Hamilton Seymour, after the suspension of dip-
lomatic reL•stions, they were told that they would have
for the pre sent the Danish Minister as intermediary.
THE LATE SIR HENRY PEYTON, BART.—This vene-
rable baronet, so well known. in West-end circles as one
of the survivors of the once famed• " Four-in-hand
Club," died on Friday last at his seat, Swift's House,
Oxfordshire, in his 74th year. He was son of the first
baronet, Sir Henry Dashwood, Bart., who assumed the
name of Peyton on the death of his uncle, by the eldest
daughter o.v Sir John Row, Bart. Sir Henry married,
in 1803, the daughter of Thomas Fitzhugh, Esq., suc-
ceeded his father in 1789, and represented Cambridge in
1802. He is succeeded, in his title and estates by his
son Henry (now Sir Henry), born in 1803, who married
the third d:tughter of Sir Christopher B. Codrington.
RAILWAY: COLLISION AT STOCKPORT.—Yesterday
morning, as a goods train, which had left Crewe for
Manchester at eight o'clock, was standing in the Edge-
ley tunnels :a few hundred yards south of Stockport, it
was run into by a passenger train going in the same
directior, and eight or ten of the passengers were more
or less bruised, but no serious result followed. The
goods train was inside the tunnel signal, which being
seen at a, distance of 465 yards, should have protected
it from danger had the driver of the advancing train
been on the look out and used prompt exertions to stop.
At leas t, such is the prevalent opinion of those who wit-
nessed the occurrence ; and, in fact, the man did suc-
ceed i n slackening speed so as to prevent injury to the
carriages of either train, and the provision of buffer-
sprins to the goods train waggons would probably have
saved the passengers from harm. Those who had bruises
were promptly attended to by the company's servants
and the medical attendants of the district, and wore
able to proceed homows.rdm without Arikatancte.

AMERICA.

(BY ELECTRIC TELEGRAPPL)

SOUTHAMPTON, TCESDAT.—The United States steam-
ship Franklin, CaptAin James A. %Votton, arrived off
Cowes this moroing, on her way to Havre. She left
New York on the 16th inst., one day after the depar-
ture of the Arabia from Boston for Liverpool. She
brings 60 passengers, and specie value $160,000 for
Havre.

The news by this steamer is not of great importance.
The Senate at Washington had rejected the nomination
of Mr. George N. Saunders as Consul to London by a
vote of 29 to 10.

The most dense fog which had been experienced on
the American seaboard since 1837 prevailed at New
York for two days before the Franklin left, and that
steamer was detained in consequence.

The Cunard steamer Africa was still aground when
the Franklin passed her.