The Sun.
London, England, 1854-03-18 00:00:00

WESTERN POWERS

HURRAH ! FOR IT, NOW !

In a second edition, to-day, the Morning
Chronicle published a telegraphic despatch from
its Vienna correspondent, dated Friday evening,
which says that despatches from St. Petersburg
have arrived in that capital, stating that Russia
rejects the u/timatissirnum of the Western
Powers.

It was again rumoured to-day (says the
Paris correspondent of the Times, writing yes-
terday at 6 p.m.), that the intelligence of the
rejection by the Emperor Nicholas of the Anglo-
French ultimatum was known here and in London
last night, and the fact of martial law being
proclaimed in St. Petersburg and the Baltic
provinces about the date that the summons to
evacuate the Principalities reached St. Petersburg
looks as if there was some truth in it.

The anticipated discussion on the Income Tax
has been adjourned until Monday. After the long
statement of the Ministerial Leader with respect to
the proposed measure of University Reform—the
motion of the Right Hon. Gentleman the Member
for Manchester on the rights of neutrals--and the
very animated debate on the case of the gentle-
man who is no longer an Australian judge, it was
impossible that a subject of such vital importance
could be entered on at any length during that
sitting. One amendment, indeed, was brought
forward by the veteran Josicrir HUME, but it was
not that which was expected at his hands, and,
indeed, he seemed not very anxious to sustain it.
The Hon. Member was once the most strenuous
and uncompromising denouncer of the gross
injustice sanctioned by the iniquitous system.
Like ourselves, he desired the extension of direct
taxation, and its gradual substitution for the
onerous burdens that cripple the industrial en-
ergies of the people, and prevents the full de-
velopment of the principles of Free Trade. But
he felt that such an extension was impossible, so
long as the impost was liable to such well-founded
and, grave complaints. He accordingly laboured
'rennoualy, indefatigably, and, for some time,
conalstently with the view of obtaining a modifi-
cation of the law, which would appear to give, if
not an
equitable adjustment of the vexata questio,
at least an approximation towards justice.
It waa on
his motion that the tax was only
renewed fora single year, and a Select Committee
appointed to see whether' it could not be more
fairly apportioned. He presided over the labours
of that committee thin •
ng two session; framed a
very able and elaborate report which was pub-
lished without being submitted to the other
members of the committee_. the Honourable
Gentleman
conceiving that the
exigencies of the
case and the importance of excitinga
atrocity
pstrong feel-
ingaren t
in the public
mind against thee( the apparent
glaring
of the system, more than justified
breach of legislative etiquette. Nay more, when
the then Chancellor of the Exchequer recognised 3
the distinction between the different kinds
of in-
come, and made a step, although not a very de-
cided one, in the right direction, Mr. litrxtm
declared that he did not go far enough, and gave
notice of an amendment, which would have
brought the matter fully before the House and
the country, and elicited a decisive intimation of
the necessity for affording greater relief to the
industrious classes.
The defeat of Ministers on the first division
respecting the Budget, and the consequent change
of Government, however, prevented a discus-
sion which would have rendered a conti-
nuance of the evil absolutely
impossible.
Had the question been fully ventilated
before the overthrow of the Derbyites, We
should not have seen so many instances of shame-

less tergiversation as those with which we have
since unfortunately been but too familiar. Prin-
ciples would have been laid down, and statements
made, from which it would have been impossible
for the speakers to back out. The enthusiasm,
however, rapidly abated. The burning sense of
injustice palpably cooled with the accession to
power of the Coalition. The most energetic fiscal
reformers would not put forward a sentiment that
could wound the tender susceptibilities of the
financial Neophyte,or run counter to any of his
cherished prejudices. The flimsy pretext that
the tax was to be abolushed at the end of seven years
was seized on as an excuse to abandon all former
professions, and to permit the new fiscal Dictator
to have his own way without let or hindrance.
The flimsy disguise has now, however, been cast
aside. It is established beyond the possibility of a
doubt that the Income Tax will be resorted to on
any and every emergency, and that it will be a
perpetual thorn rankling in the British side.
Why, then, should an attempt not be made to
render it more tolerable, to remove some at
least of the objections that have been felt
thereto ? The opportunity so culpably lost in
1803 has most unexpectedly been restored. It is
incumbent on every person claiming to be a fiscal
reformer to be up and stirring, and to turn to the
best advantage the circumstances that have taken
place. The voice of public opinion calls ,ipon
JOSEPII HUME to vindicate his consistency by
leading the Opposition. There can be no
excuse for shrinking back. He cannot now
be deceived as to the duration or possible
extinction of the tax. Let him, then, bring for-
ward the motion of which he had given notice
when Mr. Disa Ama held the seals of office as
Chancellor of the Exchequer. By so doing, and
forcing a division, he will show that he has been
actuated by a high sense of honour and justice, of
securing the public benefit rather than a party
triumph. It is not for him to bring"new persons
within the grievance which he makes no attempt to
remedy or even to mitigate. There would only be
one additional spirit of discontent and disaffection
engendered, which might lead to consequences that
we are not desirous of anticipating. Make the
impost have even an appearance of fairness, and
remove every exception, compel every man to
contribute according to his means, and there will
be no complaint. The parties who are brought
within the charge will acquiesce in its propriety,
when they can say nothing against its justice.

" It is an ill wind that blows nobody good !"
The Proprietors of Bank Stock have many golden
reasons for acknowledging the truth of the adage.
While the operations of trade and commerce have
been cramped and impeded by the high interest on
money and the stringent application of the screw, the
" Old Lady" is enabled to offer a dividend of 4 per
cent. for the half-year (or 9 per cent. per annum) to
her favoured children. While the financial opera-
tions of the Chancellor of the Exchequer have been
foiled, in consequence of the manoeuvres of the
Directors, and the Exchequer thereby been ex-
posed to a loss of some 800,000/. or 900,000/.,
the Bank has earned 670,908/. 7s. 6d. net
profits, or about 120,000/. more than usual during
the past six months. While almost every descrip-
tion of property has deteriorated in value, the
fortunate proprietors find an additional one per
cent. for the half year tendered for their accept-
ance. Matters that have occasioned serious
losses to every other class in the community, that
have brought many industrious and well-disposed
men to the verge of ruin, have only led, so far as
Bank Stock was concerned, to a dividend of 4
per cent. for the half-year ending the 28th
February last.
It may be asked, Why should not the Directors
avail themselves of every possible opportunity of
making enhanced profits ? or, Why should they
look to anything but the interests of their
clients ? Simply, because they are clothed
with a quasi national character, and endowed
with extensive powers and valuable privileges,
on the implied trust that they will use them for
the benefit of the community, and not for their
own aggrandisement at the public expense
Their notes have been made a legal tender, while
serious restrictions have been placed on all other
Joint-Stock Banks. The profit that might be se-
cured to the Exchequer by the issue of a national
note, and the use of the large balances usually to
the credit of the Financial Minister, are handed
over to a private trading corporation, which, it
now seems, is under no obligation to look to any
thing but the private interest of its proprietors !
Is this just or proper ? Is it politic or fair ?
Most decidedly not. Monopoly, in any and every
shape, is odious to the community ; and having
already by gigantic exertions destroyed the mon-
ster nuisance of the Corn Laws, we shall not rest
while the still greater grievance of the money
laws are suffered to flourish in rank luxuriance.
The Magog of the moneyocracy is not destined
long to survive the Gog of the landocracy.
If the Directors had merely taken advantage of
theinevitable circumstances to put money into their
own pockets, we might be disposed to regard the
matter, although not strictly justifiable, yet en-
titled to a lenient consideration. But no such
excuse is available—there is nothing to extenuate
their conduct or to mitigate the censure which they
have most richly merited. They have not even
endeavoured to disguise in any degree their compli-
city in producing the high rate of interest so inju-
rious to the industrious classes. A very influential
and clear-headed proprietor made it a matter of boast
that " the Directors had found it to be their duty
to resist the importunities of the Minister of the
day 1" The same gentleman subsequently stated
that "he was not aware that Lie Chancellor of
the Exchequer had made any direct communica-

tion to the Directors on the subject of his plans,
but it was well known that his object was to have
reduced the interest on the debt ; and the pre-
sent was the first instance, so far as he knew,
in which the Old Lady of Threadneedle-street
had found it to be her duty to run counter to the
views of the Minister !" The honourable pro-
prietor might further have complimented the
Directors on the complete success that attended
their proceedings, and shown that it was alto-
gether thereto that the defeat of the Financial
Minister was attributable. He might have shown
how it was that a panic was created by the judi-
cious application of the screw, while the options
were pending, and how the minimum rate of dis-
count was raised on the eve of the last day, so
that the Lord Chancellor, and every other person
who waited to see the course of events, before
intimating their final decision, were induced to
become dissentients. There can, indeed, be but
little doubt that the loss to the Treasury was
owing to the operations and the policy practised
by the Bank parlour, and that, therefore, the ad-
ditional one per cent. on the half-yearly dividend
was purchased at the cost to the country of
800,0001. directly, and an incalculably larger
amount indirectly.
But what will Mr. GLADEITONZ say to these
self-gratulations ? How will he act with respect
to those who have inaugurated his management
of the financial department, by, far the first time,
running counter to the views of the Minister ?
He bas already heard enough of his "abortive
project," and the ungrateful topic is by no means
forgotten or discarded. He will place to the
account of the dear " old Lady" the various cas-
tigations he has received, to be repaid with inter-
est whenever the fitting opportunity may arrive.
That opportunity cannot be long deferred. A re-
newal of the Charter must be asked for ere much
time elapse. The question of the issue of a
national small-note currency must also be ven-
tilated even during the present Session. The
clouded state of the political horizon, as well
as the incipient drain of bullion to the
seat of war, and the various loans already
on the tapir, imperatively require the adoption of
some adequate precaution against a commercial
crisis even more disastrous than that of 1847.
Mr. GLA.DSTONE has received a salutary lesson
that may teach him, unless absolutely incorrigible,
the propriety of giving the pecuniary benefits to
be derived therefrom to the public Treasury,
in place of adding to the exorbitant profits of the
Bank, and converting the 4i ner cent. dividend
into one of 8 or 9 per cent. for the half-year.
The Governor let slip a hint of his expectations

as to " compensating circumstances," should the
war continue. We shall be surprised if this ex-
pectation be not in some degree disappointed—if
Mr. GLADSTONE do not produce an Exchequer
" Roland" for the Bank " Oliver," by whom his
plans were so signally defeated.

THE SUN, LONDON, SATURDAY EVENING, MARCH 18, 1 $54,

Fria are lower, however, St. John Del Rey are
better, and the rest firm.
Australasia Bank Shares have declined 103., but
there are very few dealing.
Land Shares are very heavy.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK
( From the Official List.

I,ttOnosk ,Inno
3 per Cent, Consols Annuities 903
New 3} per Cent. Annuities shut 913
Consols for Account 18th April 903
Exchequer Bills, 2d.

£IOOO
2,500 l2 611 5 p
Small
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cont.
Ditto New, 1852, 4! per Cent 9O
Danish Bonds, 1825, 3 per Cent —
Ditto 5 per Cent . ... .... ...... .. . .... .
Russian Bonds, 1822, 5 per Cent. £St 874 9.
Ditto 41 per Cent 79 80
Spanish Bonds, 3 per Cent 37
Spanish New Deferred, 3 per Cent. lB 17i

Dividends on the above payable in London. -
Dutch Exchange, 2} per Cent. 12 Gun
Ditto 4 per Cent. Certificates ..
TITO O'CLOCK.
..... 901
.... 90a g

Consols
Ditto April Account

1, Ar...E ST F 0 it t'',' i. s,l. N NEi "V .

THE WAR IN THE EAST.

IMPORTANT FROM CONSTANTINOPLE.
The Morning Chronicle publishes to-day the subjoined
despatch, dated Constantinople, March 9
Yesterday (Bth) a four hours' conference was held
between the English and French Ambassadors, and
Reschid Pacha, touching the convention between the
Western Powers and Turkey.
The chief points are .-
1. The Porte engages never to negotiate with Russia
without the intervention of the Western Powers.
2. Amelioration of the condition of the Christians.

HER MAJESTY'S RETURN TO LONDON.

Al separate treaty is annexed, for the following four
points :-
1. Abolition of the poll-tax (haratasch).
2. Right of Christians to be admitted as witnesses in
judicial proceedings.
3. Right to hold landed property, without distinction
of nationality or religion.
4. The civil rights of the Christiana admitted in the
army and the civil service.

Yesterday afternoon, at two o'clock, the Queen, Prince
Consort, and Royal Family embarked at Cowes in her
Majesty's steam-yacht Fairy, under the command of
Captain the Hon. Joseph Denman, on her return to the
metropolis. At three o'clock, as the royal standard
floated through the fleet at Spithead (her Majesty's
ships Prince Regent, 90, Captain Smith ; Caesar, 91,
Captain Robb; Boscawen, 70, Captain Glanville ;
16, Captain Nolloth; Cruiser, 14, Captain Douglas; and
Desperate, 8, Captain Chambers), yards were manned
and mast heads dressed, and the crews volleyed forth re-
peated and renewed cheers, which the Queen and Con-
sort most graciously acknowledged. The garrison battery
at Portsmouth, and the flag-ship Victory in the harbour,
also saluted on the yacht's entering the Channel, and
vociferous cheers were given from their crews also, and
a vast populace on the water and the beach. At a few
minutes past three the Queen landed at the Royal Vic-
tualling-yard, Gosport, where a guard of honour of the
72d Highlanders was drawn up, and the following staff
was in waiting to receive her :—Port-Admiral Sir T. J.
Cochrane, Major-General and Lieutenant Governor
Simpson, Rear-Admiral Superinten•lent Martin, &c.
At ten minutes past three the royal train was set in
motion for London.

The destination of the English and French forces is to
be left to the decision of the Sultan.

Russia has prohibited the exportation of corn from
Odessa.

Turkey has also prohibited the exportation of corn.
The Porte is preparing an expedition to Greece.
General Burgoyne had gone to Schumla.
The Trieste Observer announces that the representa-
tives of France, England, Austria, and Prussia, have
handed a collective note to the Greek government
against the emigration of Greeks into Turkey, with the
view of exciting commotion, and the Turkish ambassador
has energetically protested against it. The Greek go-
vernment replied that it could not with the few troops
at its disposal suppress the enthusiasm of the people,
and that if excessive rigour were to be used towards the
soldiers, they would desert and anarchical movements
might take place in Greece which would ruin the
country. The government, in its reply, adds that it has
used every effort in its power to repress the move-
ment. •

A letter from Bucharest, 4th, says :—The manifesto
of the Emperor Nicholas has arrived from St. Peters-
burg. It contains the following passage : "The Sultan
having persisted in his obstinacy. and France and
England having marched against Russia, we will ad-
vance in the name of the Holy Trinity to snatch our
co-religionists from the yoke of their oppressors, and
let the oppressed make common cause with us." It
is stated that this manifesto is to be printed in the \Val-
lachian, Bulgarian, and Servian languages.
A telegraphic despatch from Berlin states, on the 2d
inst. the Grand Duke Constantine inspected the fleet
at Helsingfors. The Emperor was expected to arrive
at Helsii.gfors in a fortnight. The Gulfs of BAti,aa
and Finland were still covered with ice.
The Swedish papers report that 30,000 Russians were
employed in cutting a channel from Croustadt to Swea-
borg.

The Voss's Gazette of Berlin states from Vienna, under
date of the 13th, that the Prussian Government has de-
clared that it is in accord with Austria as to the essen-
tial points of the Eastern question, but wishes to remain
independent in order that it may be ably to offer it.]
good offices to either party.
The same journal says that Vely Pacha, the Turkish
Ambassador in Paris, is to fill the same post also at the
Court of Brussels, which proves, it adds, the good
intelligence between France and Belgium.
The subscriptions to the new Austrian loan amounted,
on the 13th to nine millions of florins exclusive of any
that may have been made out of the Austrian territory.
It is stated that the Government of Prussia proposes
to raise a loan of thirty or forty millions of thalers (the
thaler is 3fr. 75c.)
_

The Jour•>aul de St. Petersbourg of the 7th publishes a
notice of several donations for pensions to wounded sol-
diers and sailors, and announces that they are accepted
by the Emperor, who thanks the parties for this mark
of patriotism. Amongst the donations is one of 2,500
silver roubles (about 10,000 fr.) from a merchant of
Odessa, and another of 35,000 silver roubles from the
nobility of the government of Vladimir, who express a
desire that it may be principally devoted to the fleet of
the Black Sea, in commemoration of its victory at
Sinope.

According to a letter from Widdin of the 26th ult.
the Russian army in Lesser Wallachia only amounts to
14,000 me❑ and 35 pieces of cannon. In all Wallachia
there are, it says, 122,000 men.
Accounts from Bucharest to the 7th, and from Kra-
jowa to the 9th, state that nothing important will take
place before the arrival of Prince Paskiewitsch, unless
the Turks shall take the offensive.

On the 4th, 5,000 Turks crossed the Danube near
Kalaravasch, and destroyed the Russian entrenchments,
after which they retired. The Russians opposed them
with 5,000 men, but beat in retreat with 150 killed or
wounded. The loss of the Turks was about the same.