The Sun.
London, England, 1854-02-21 00:00:00

enough, Lord PALMERSTON, on behalf of himself
and his colleagues, almost scornfully rejected the
necessity for any such alternative, as eluci-
dative of their past negotiations repudiat-
ing, haughtily and indignantly repudiating,
both the " weakness" of Credulity and the
" infamy" of Connivance. Nevertheless, the
people at large, with these unfortunate blue-books
under their thumbs, still to potter over at
pleasure whenever they feel so inclined, will not fail
to draw their own conclusions from the diplomatic
evidence thus accumulated against themselves in
judgment by the members and agents of her MA-
JESTY'S Government. Right Hon. Gentlemen like
the First Lord of the Admiralty may amuse them-
selves, time and again, with the pleasant pastime of
roasting Emperors ad libitum—roasting them to
a turn, as Mr. DISRAELI reminded the House was
done once upon a time in regard to Dr. SACHEVE-
RELL. Noble Lords like the Secretary of State
for the Home Department may coolly insist—
though not even Colonel SIBTHORP or Mr. DRUM-
MOND had ventured in all their eccentricities of
speech to whisper to the contrary—that the Coalition
through all this time had never once evinced any-
thing bearing a resemblance to precipitation !
Imagine—to precipitation ! But with all these
evasive pleasantries gravely uttered by one or
other of the Cabinet Ministers—with all the per-
verse entreaties that have been made by some
among them for a direct vote of a want of
confidence—with all that has been declaimed
from before the Treasury benches about the un-
reasonableness of the complaints of the Opposi-
tion—it is most certain that the majority of the
public regard the past conduct of the Coalition as
at once mistaken and blameworthy, as assuredly,
indeed, as they regard the present policy of Minis-
ters as deserving of approval and encouragement.

The Naval, Military, and Ordnance Estimates are
now before the country. The amount to be applied
to the maintenance of our fleets and armies—at all
times a matter of vast importance—has assumed
a fourfold interest now that the country is vir-
tually at war with a first-rate Power, and that it
is called upon not only to vindicate its ancient
reputation, and to hand down unblemished to
posterity the glory so painfully acquired in by-
gone years, but also to fight the battle of free-
dom, to prevent the spread of despotism, and
to lay the foundations of a permanent, because
an honourable, peace. Under such circumstances
a large addition to the ordinary expenditure of
the country was naturally anticipated. But there
was no objection thereto—no reluctance to bear
the burdens that might thereby be rendered indis-
pensable. We believe that, with the Exception of
a few wrong-headed members of the Peace So-
ciety, there never was greater enthusiasm mani-
fested or greater " anxiety" (the term "willing-
ness" does not at all express the feeling) to dis-
pense liberally the required supplies. The only
fear was that the Government might not demand
sufficient for the vigorous and energetic carrying
on of hostilities—that it might still suffer itself
to be influenced by the " ABERDEEN" delusion,
that " war is not even yet inevitable." The
publication of the figures that must unequivocally
disclose the real intentions of the Cabinet, was,
therefore, looked for with no ordinary impa-
tience; and now that they have appeared, the less-
experienced are very desirous of receiving the
clues that will enable them to explore without
difficulty the labyrinths of numerals that lie invit-
ingly open, but which still may lead astray and
deceive the uninitiated.

remainder (as well as the Army and Ordnance
Estimates) were postponed till another oppor-
tunity—probably Friday evening -- when the
statements with respect thereto will be made by
the First Lord of the Admiralty.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated from 6,000 to 7,000 bales, of which 500
American and 500 Surat were taken on speculation.
The market was tame but steady, and closed with-
out change in prices. The sales include 1,000
Surat, at 3d. to 41d. ; 20 Sea Island, at ls. Id. to
ls. sd. ; and the remainder American. Railway
Shares were steady.
The advices from New York state that stocks
tended upwards at the latest date. The last weekly
return of the city banks showed an increase in every
department. The discounts were augmented
$790,112, the deposits $2,968,889, the circulation
$358,980, and the specie $516,695. If this state
of things continued a few weeks longer there would
be an easy money market. The total amount of
debt redeemed from January 28 to February 4 was
$126,450.
Californian accounts state that owing to the
drought many of the miners were still not work-
ing, and very little gold was being produced. The
markets were dull and depressed, owing to their
being overstocked.
A case that has been decided within the last few
days in the Court of Queen's Bench, involves very
important considerations to capitalists and stock-
brokers, and has been much commented on accord-
ingly. A solicitor of the name of Campbell specu-
lates as a purchaser of French railway shares, and
these falling in price, he .:s unable to pay the losses,
and gives a bill for the amount. According to
the finding of the jury the transaction is illegal,
and the verdict is against the brokers. The
judge very properly observed that he had
nothing to do with the feeling which dictated
such a plea, and certainly if losses thus incur-
red are debts of honour, no law can reach them,
and the man who declines to pay must " settle
the difference" with his own conscience. The
dangerous extent to which this may be carried, ad-
mitting even, as in the case of Mr. Campbell, that
he considers his brokers to have closed his account
prematurely, though they probably were quite jus-
tified in protecting themselves, seeing the deficient
means of their principal, in the event of a crisis and
a panic. It may be proper to impose every suit-
able obstacle in the way of undue speculation,
especially by parties of small resources, but a large
number of moneyed men are in the habit of invest-
ing their surpluses, and buy for a definite period,
and it would be unjust to impose obstacles to the
transaction of such fair business contracts. The
decision to which we have been adverting, is stated
to be the first that has brought within the
meaning of the Act of Victoria against gambling,
losses upon railway shares, at least in the way
which those in question were incurred. Stockbrokers
now are evidently at the mercy of their clients,
and will have to take full security wherever they
deal for persons who have not been long cus-
tomers or are known to have ample means.
The French Government is expected to adopt
a very important measure of commercial reform,
whereby our bonding system would be imitated,
the existing arrangement of drawbacks being too
complicated to be for a moment compared to
bonding. It appears that M. Berryer has drawn
up a report upon the subject, and that a com-
pany is proposed for the construction of docks at
Paris, and warehouses at the principal channel
ports. One of our largest contractors will par-
ticipate if the affair is brought to a satisfactory
issue.

THE SUN, LONMYN, TUESDAY EVENING, FEBRUAAYPcI2I, 1854.

ME. COBDEN ON dHE EAST LEN-
QUEST lON.

(Atnt Ole Dame.)
Mr. Cobden last night entertained the House of Commons
with one of those arguments that would hardly be credible
but for the sort of special preparation we have had for it in
the economical triumphs of the last dozen years. For that
period, so far a fortunate one, we have been emancipating
commerce and purifying finance, there, being, in fact, much
to be done in that way, and oppJrtuuity to do it. But there
is a time for all things, and a time has now arrived when the
question is not the duty to be levied on cotton or corn, or the
employment of foreign shipping, but how we ought to deal
with two nations, members of the European brotherhood,
one of them at this Moment engaged in the destruction of
the other, and thereby threatening the independence of
every other nation within its reach. When an argument
is conducted rigorously on one principle its faults will
be those of omission, and the omissions in Mr. Cob-
den's argument are fatal. He leaves out of the
question everything political ;—political events, political
relations, and political consequences. England has taken a
part in Turkish politics upon several questions; sometimes as
a friend, sometimes as a check, always as an arbitrator; and
is therefore now bound to give the Porte her advice and as-
sistance, if the latter should be required. Mr. Cobden has
omitted to state this essential part of the question, and has
thus left it to be imagined that we aro now for the first time
forming an " alliance" and " entering into partnership " with
the Porte. Having thus passed over the previous history, he
omits to say what, in his opinion, were our actual relations
with Turkey at the commencement of the pending quarrel.
As to consequences, he is even more blind or indifferent. He
does not venture to contemplate the certain results of our
permitting Russia to sweep undisturbed over the whole Turk-
ish empire. For any wish he expresses, for any principle he
avows, for any word he utters, the Czar might this year re-
peat the conquests of Alexander, from the Adriatic to the
Indus, crushing one race, absorbing another, confounding
and amalgamating all, till, in the place of principalities, pro-
vinces, kingdoms, pashalics, and governments of all kinds,
there would be one uniform dead Russian level. We are left
to conjecture what Mr. Cobden may possibly expect or de-
sire on this point, and whether he really would like to see
that Russia, which he once crumpled up in the sight of all
London, dominating over Europe and Asia, and, as the con-
queror of the Turk, actually founding a claim to the whole
of North Africa.

27?;
22
25

812'