The Sun.
London, England, 1854-05-29 00:00:00

ther under the banners of GORTSCHASOFF. Until
at last, after a series of brilliant encounters with
the Russians—encounters in which the soldiers of
the SULTAN have hitherto proved invariably vic-
torious, aided only by the Egyptian contingent,
Comparatively speaking, a mere handful of brave
but ill-disciplined auxiliaries—OMEß PACHA. has
barely time to concentrate his forces in the vici-
nity of Schumla, where is _threatened, by the
whole of the gigantic army at the disposal of the
baton of Prince PassiEwtres.
And at this supreme moment, with the French
troops still tarrying at Gallipoli, and the English
troops still dawdling at Scutari—with Adrianople
to be still reached by the allied contingents—.
with the Balkans beyond that to be passed over
—at this momentous juncture another miserable
Protocol suddenly comes into existence, and ru-
mours are again heard of new proposals and fresh
negotiations !

Simultaneously, or almost simultaneously, with
the receipt. of the intelligence of a re-
newed intercourse between the Diplomatists
lof Vienna, Berlin, Paris, and London, and
the autocratic Councils of St. Petersburg—
come sinister reports of the downfall of Silis-
tria, or at any rate of its investment. With
the maritime armaments sent by the Western
Powers into the_Baltic, probably advanced as far
into the Gulf of Finland as between Helsingfors
arid Cronstadt—with the allied fleets in the
Euxine, hovering alternately off Odessa :and. Se-
bastopol—with the British contingent encamped
at Scutari, and the' French contingent at Galli-
poli—there are again muttered rumours of
a diplomatic compromise with the status quo
ante beilum as the conceded, sine qua non •of
a disgraceful and
,disastrous •
arrangement !
And this attention is being ,a.gain diverted from
the scene of encounter to,the focus of these diplo-
matic intrigues. Observation is being again
diverted from the seat of war to that fatal city of
Vienna, which has given birth to another abortion
of a Protocol. Meanwhile, with the Anglo-French
contingent still sauntering about their encamp-
ments on the shores of the Bosphorus and the
Dardanelles—Silistria is threatened by the often-
defeated and therefore more than ever infuriated,
the recently and considerably augmented, Russian
army under Prince PASKIEWITCH. If any cala-
mity were unhappily to befal Silistria—while the
Anglo-French troops area all the time at Scutari
and Gallipelithat event would tarnish as foully
the military standards, as the mac-"re of Sinope,
when the combined fleets were at Beycos, blotted
the maritime flags, of the allied Western Govern-
ments.
Instead of hesitating and procrastinating in this
lamentable manner the maritime supporters of
Turkey, the two formidable antagonists of Russia,
the avowed and recognised champions of the peace
of Christendom, ought surely with more reason to
strike a bold and rapid blow—in the north and
in the east, in the Baltic and in the Euxine, on
the Neva and on the Danube, at Croustadt and
at Sebastopol—against the fleets and armies of
the arch enemy of civilisation. Let the Anglo-
French soldiers already landed on the coast of
Roumelia be hastened on—some across the Black
• Sea to the Crimea, and some northwards to a point
not far removed either from the head-quarters
of 03IER PACHA or from those of Prince PASKIE-
WITCH. Let other troops be despatched in the like
directions with all reasonable promptitude! and
.others also be conveyed forthwith into the Baltic, to
be landed on the shores of Sweden, there to assure
by their appearance the rising against Russia of
both Swedes and Norwegians. Let measures like
these be adopted, let adequate authority be en-
trusted to the commanders by sea and land; to ST.
ARNAITD, RAGLAN, DUNDAS, HAMELIN, NAPIER,
and. PARSRVAL-DESCHENES, and long before Octo-
ber the war might be brought triumphantly to a❑
end by the allied Governments. Otherwise than
by tliiis display of energy, the struggle will ba as
protracted. as it TERISt be disastrous to the 'glory
of Europe and injurious to the interests of its
more eivilised. populations. _
. - •

The " ursine" fraternity are again receiving a

severe and well-merited castigation. The patriotic
(1) individuals who are looking anxiously forward
for some disastrous intelligence that may have the
effect of exciting a monetary panic, and bringing
public credit into disrepute, are likely to pay
pretty severely for their experiment. On Satur-
day there was a general- improvement in the quo-
tations of Stockiand Shares, to the amount of
about 1 per cent.,, and business was transacted in
Consols after regular-hours at a further improve-
ment 'of at least f, there being buyers at 91.
They have, in fact, totally, failed in deterring,
bona fide purchaiers. Capitalists still come for-
ward, 'not merely for temporary or speculative'
bargains, but for actual investment, thus proVing
their undiminished confidence in the stability and
soundness of the national securities: Were it
not for-the assistance afforded by the " Old Lady"
to the Speculations fora fall,' by the increase in
the minimum rate of discount, and the large re-.
ductions. made in the " Public securities' held by
the establishment, it is probable that the rise
would have been even more decided than, it has
been, ' 11.1 though amounting to more than 2 per
cent. within the week, and 6 per cent. within the
last seven weeks.' Sufficient has, however, been
done to make the friends of the AUTOCIUT deplore
their -very injudicious operations, and to, prove
that the public are not to be beaten by the Stock
Exchange.
(There ate some very unusual phenomena, appa
rent -Which appear to confound the calculations of
the wise men of the East. It ,appears that, con-'
trary to' the general rule, it is the permanent in-
vestments that are in most favour, and which are
eagerly sought after, even at much lower rate 6 of
interest than the floating debt redeemable at par
at fixed and specified periods. Thus while COnsols
at 91, do not yield quite 3/. Us. for every 1001 in-
vested, Exchequer-bills, paying 3/. Bs. 6d., do not
command a premium, while the Exchequer-bonds,-
returning 41. and payable in four years, are com-
paratively neglected. The funded debt is what
is sought for by capitalists, large and small, and
the " anomaly," as it is termed, of this circum-
stance puzzles those who fancy that they have
great experience as to the causes of these fluctua-
tions,' and has even excited no ordinary astonish-
ment in official quartets: Indeed, that astonish-
ment is loudly expressed by a contemporary.
known to derive its information directly from
Downing-street, and to have extraordinary sources
of information with respect to Treasury secrets.

If, however, we take more than a superficial
view of the subject—'—if we examine closely and
. minutely the causes of this se7called." anomaly,"
the Matter will. not appear so very surprising:
afteF .all,--and it will be found that the
people have ' evinced greater shrewdness :than
they were given credit for pessessing—Exchequer
billi 4"nd:bona "which, to' some extent, eju,sclein
genel4s; aim, at 'the fun& that'are *applicable to the
. . _
geneiTal business purposes of the country. -They
compete with commercial paper, and are greatly
infludnced by the rates of discount for the time
being They are virtually bankers' securities, and
._therefore are peculiarly' sensitive to' a tightness of
the Market.. The "'application of the screw'
Prod: " aii immediate effect. Where . . . ,
esere persons can
°l4ta., :4 Or. 4-i' per cent. from first-claSs houses for
money On call, they will
not seek investments
mw--4yietes' 'thoiiilie
dil:ortiticafering greater present interest,
IConsiderAly"eydepreciated, and cannot rise
very
circunistance. "'Now" everything
the most favourable
that itlie pressure is Of tends to show
is trtie, that the Bank of il4"Fy character. It.
is at present 51 per cent. ; lint
tis and rate of discounL,
at irHan?.burs";; 3 per cent. 4t,.511l st only 2 per cent..
cent., .at Paris
,for' .146: of erdili a" 4 per
will ' "Plat ' 7character.
to Vaal; whichonly pass current i Lired.:
needl e-ktreet. How long, then, can el.:
extra. vagant rate be maintained ? It cannott
be
very 3 Dng, for the owners of money will seek the
highei, t rate of profitS 'consistent with security,
and t here is a tendency to "equalisation," 'which
nothin g can change.. We have heard so much or
the bua, sted effects ,of putting "on the screw," in
bringing lick money. to_the country, that the ma/1
must be indeed in a happy state of ignorance who
cannot judge for himself as to the probable results
of the col arse pursued by the regulators of the