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

THE SUN, LONDON, TUESDAY EVENING, FEBRUARY 28, 1854.

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 NICHOLAS 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 aril et
focis, 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 amicable relations at all times —may
appear as open foes, or, still worse, as treacherous,
pretended. friends. Circumstances have azisen
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 question of future security, and
the guarantees for a permanent and lasting tran-
quillity aside, our commercial interests impera-
tively require that the Black Sea should no longer
be maintained as a mare clausum, 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 abrogated by his wanton and
unprovoked aggression on his inoffensive neigh-
bour.

Those who are familiar with the controversy
between Free Trade and Protection will remember
how mischiefs, long unperceived but inherent in a
vicious principle, were 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 in that by which commodi-
ties are represented. Nor can they produce
amongst all the artificial safeguards by which it
wasformerly sought to protect the interests of corn-
growers, sugar-planters, and shipowners, any one
more unnatural than the absurd safeguard for 1
merchants and large dealers, which forbids a 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 1
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, 5/. 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
fiud 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 investments, 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 this
subject Mr. WARNER must be at home—have de-
stroyed, beyond all calculation, more property,
and caused more suffering to individuals, than
the misery so much deplored which followed the
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 us to vast expense for in-
creased armaments, necessitated by the very money
we have lent. Capital longs to irrigate the coun-
try through the countless channels of trade ; but
it is dammed up and compelled to flow
abroad through a few large houses, who
always continue to throw all the risk on their
unfortunate customers. And worst of all, but
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-
CHOLAS, instead of rendering ourselves effeminate
by basking in his smiles. Indeed he can afford
to smile ; while lie can order our Admiralty to
repair the frigates whose broadsides he means to
turn against us ;—can blandly acknowledge with
one hand the complaisance of our Foreign-office,
while with the other he is butchering the subjects
of our ally ;---ean draw his means of fighting
us from our own Exchange, and pick up cheaply
the capital which our partnership laws drive into
his hands—what should he do but smile at our COB-

DENS, our CLARENDONS, and our GRAHAMS ? 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, he has demanded perti-
naciously a pound of flesh, which was not in the
bond, and we sincerely hope he will meet worse than
a SHYLOCK'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
HA YMARKET.

This evening her Majesty will attend the Haymarket
Theatre to witness the eighth representation of the very
successful comedy of Ranelayh, 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.

MONEY MARKET

AND
COMMERCIAi, INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 6,000 Liles, of which 500 American
and 500 Surat were .aken on speculation. The
market closed heavily without alteration in prices.
The sales comprised 1,500 American, 200 Bahia
at 6,1 d. to 60., 200 Igyptian at 64d. to 7d., 1,000
Surat at 3d. to 4kd., and 50 Sea Island at Is. 3d.
to Is. 11d. per lb. Railway Shares were flat, with
prices Ito 1 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 lila 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, world 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, and if the Bank of England were
willing to undertake the agency, and open books
for the purpose, we have no doubt a loan 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 some have thought 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 so 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 91k to and since
91 to ±. The last bargains we have heard of have
been at 91 to The New 3j per Cents. after being
93, have been done at 92a. Bank Stock has been
219, and since at 2171. Exchequer Bills are 17s.
to 20s. premium.
In the Foreign Market there is a downward ten-
dency generally. Mexican have been 2411 /, Peru-
vian 67, and Brazilian 981 4. Russian Five per
Cents. are about 94 to 95. Sardinian Bonds have
been as low as 81 to 82. 'Spanish New Deferred
are worth 18k. Belgian Four-and-a-Half per Cents.
realised 89, and Dutch Four per Cents. 89 to 90.
Th© 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 MlRES.—There is very little doing, and
prices are almost nominal. Mollands, 13s. 6d. ;
Poltimores, 265. to 28s. ; Arundells, 2i to

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 prom. ; 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.
( From the Official List.)
11113171P.M done.

Bank Stock

per Cent. Reduced Annuities.... ......... 91 Al
3 per Cent. Consols Annuities 9li A 0 1 1
New 3/ per Cent. Annuities 93 2a e a
Long Annuities, Expire sth Jan., 1860
South Sea Old Annuities .
India Stock
India Bonds, £lOOO ....... .....
Bank Stock for Account 2lBl
Consols for Account 16thi ➢larch
Exchequer Bills, ld.
£1000
_ _

2500 ..
Small..,

17 20 p
17 21 p

PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent.
Ditto New, 1852, 44 per Cent .
Mexican 3 per Cent.
Ditto for the Account 241 4
Peruvian Bonds, 44 per Cent. 67
Ditto for the Account 661
Russian Bonds, 1822, 5 per Cent. £ St 95
Ditto 44 per Cent B2
Sardinian Bonds, 5 per Cent Bla 2 1 2 /
Spanish New Deferred, 3 per Cent lB4
Ditto for the Account lBl i i
Spanish Committee Cert. of Coup. not fun 3i 4 p c
Dividends on the above payable in London.
Belgian7Bonds 44 per Cent. ex. 25 fr
Dutch Exchange, 24 per Cent. 12 Guil 5B 74
Ditto 4 per Cent. Certificates .....

THREE O'CLOCK.

Consols 94
Ditto March Account 9lg

ST. PETERSBURG.—The advices 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 rclations, they were told that they would have
for the present the Danish Minister as intermediary.
TILE 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 of 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 daughter 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 tunnel, a few hundred yards south of Stockport, it
was run into by a passenger train going in the same
direction, 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 least, such is the prevalent opinion of those who wit-
nessed the occurrence ; and, in fact, the man did suc-
ceed in slackening speed so as to prevent injury to the
carriages of either train, and the provision of buffer-
springs 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 servant 3
and the medical attendants of the district, and were
able to proceed homewards without assistance.

AMERICA.

(BY ELECTRIC TELEGRAPIY.)

SOUTHAMPTON, TUESDAY.—The United States steam-
ship Franklin, Captain James A. Wotton, arrived off
Cowes this morning, 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
_6O 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.

LATEST FOREIGN NEWS.

THE WAR IN THE EAST.

According to advices from St. Petersburg of the
18th, it is said that Sir H. Seymour had left without
seeing the Emperor, having been told that his passports
were ready for him.
M. de Castelbajac had demanded to be treated in
the same manner as his colleague, but, the Czar having►
expressed a wish to see him, the General acceded to the
Emperor's desire, and was invested during the interview
with the insignia of the Order of St. Alexander Newsky.
A letter from St. Petersburg, in a Dresden journal,
states that the English subjects in Russia will be placed
under the protection of the Danish ambassador, and the
French under that of the Bavarian ambassador.

In other communications from the Russian capital we
learn that a last and energetic attempt will be made to
buy over some Turkish ministers before a treaty can be
signed fully committing Turkey to the French and Eng-
lish alliance. In such a case a revival of the treaty of
Unkiar-Skelessi, excluding all but Russian and Turkish
ships from the Dardanelles, would be a primary stipu-
lation.

It is said that the richest families of St. Petersburg!'
have applied to the Emperor for permission to organise
each at its own expense a regiment of infantry. This
permission has been accorded, with power to name the
officers.

An imperial ukase enjoins all officers of the navy in
receipt of a pension to resume their service. All sailors
on furlough are ordered at once to join their ships.
Many Greeks have been enticed into the Russian ser-
vice, and great advantages have been held out to the
Jews to induce them to enter the navy.
The Gazette of Posen, of Feb. 21, states that the Go-
vernment is upon the track of a conspiracy among the
Poles.

The Austrian Government has sent to the Correspon-
denz a communique, in which the Greek insurrection is
unequivocally condemned as dangerous to the interests
of Europe. This article is regarded at Vienna as a de-
cided removal from the side of Russia.
The Coblentz Gazette states that orders have been re-
ceived there for calling out the war reserves of the
army.

The following is from Constantinople, dated Feb. 17:—
" The French and English Ambassadors have sent
two steamers to the assistance of the Turks, and pro-
bably the Gulfs of Con tessa and Salonica, and the coast
of Albania will be declared in a state of siege.

" The British Minister at Athens has informed the
Greek Government that England will interfere, if neces-
sary; to restore order in the insurgent districts.
" The Greeks in Epirus pull down all the crescents
from the mosques, and perform divine service in them."

A letter from Vienna says :—"'We learn from Semlin
that the interview of General Coroninie commander of
the corps of observation of the Woiwodina, with Prince
Alexander of Servia and with Izzef Pacha, has satisfied
all parties. The General has fully reassured the Prince
as well as the Pacha as to the intentions of Austria,
and has declared to them that the neutrality of Servia,
shall be respected, on the condition of there existing a
perfect reciprocity. The principality of Servia is not to
be occupied by Austrian troops, except in case the Prince
should demand that course, and that an insurrection al
movement against the authorities should have burst out.
Lord Westmoreland and Baron de Bourqueney have
had a long conference with Count Buol Schauenstein,
of which the revolt of the Greeks in Epirus was the
subject."
A letter from Cattaro of the 15th says:—"The arma-
ments in Montenegro and Servia are intimately connect-
ed together. However the Turks are not inactive. The
Turkish corps of observation at Grabowa and Nichsich
is constantly receiving reinforcements. The Turks are
endeavouring to prevent a military communication be-
tween Servia and Montenegro. The Pacha of Scutari
is concentrating all his troops, in order to employ them
on the frontier. He wants to prevent the Montenegrins
from joining the insurgent Greeks. There are already
500 Arnauts at Tirana, where a body of 5,000 men is
being formed, to be employed against the Greeks."
The Cronstadt Gazette states that there took place
on the 10th a sanguinary encounter near Oltenitza.
The combat broke out near the quarantine building,
The Turks withdrew to the island. The Russians have
had some officers badly wounded, and 20 men killed.
The news of the combat having reached the Russian head-
quarters, General de Kotzebue proceeded to the field of
battle. The same journal states that fighting was also
going on on the oth at Braila, and that on the 10th the
combat had not yet ceased. A letter from Jassy of the
15th states that the regiments of Osten-Sacken's corps,
which had taken up their winter quarters in Moldavia,
had set out for the Danube.