The Sun.
London, England, 1854-12-28 00:00:00

A " projet de loi" has just been presented to
the Legislative Corps authorising a new loan of
500,000,000 francs, equivalent to 20,000,0001.
sterling. NAPOLEON the Third, in the exercise of
a sound discretion, perceives the importance of
sparing the pecuniary resources of his subjects at
the commencement of what may possibly prove a
very protracted and onerous war. He has not at
the very outset endeavoured to disgust them with
hostilities in order to prepare their minds for
peace at any price, or on any conditions, however
humiliating. He has not permitted the Ministe-
rial organs to put forth a quantity of unmitigated
nonsense as to the advantages of a great " finan-
cial demonstration," in order to prove to the CZAR
how humble was the estimate which we had formed
of his prowess and resources, and how well satisfied
we were as-to our capabilities of " doubling him
up" at a moment's notice and on the cheapest
terms ; or, according to another and perhaps a
sounder interpretation, to afford to the Prime
Minister's old friend (of forty years' standing) the
most conclusive evidence that we were not deter-
mined to accept any propositions which he might
deign to offer, or, if he maintained the appearance
of obduracy, to approach his throne as humble
supplicants that he would deign to overlook our
presumptuous opposition to his will, and to be
satisfied with " Turkey" for the time being, before
Central Europe, France, and the United Kingdom
become necessary to appease the cravings of his
insatiable appetite—that, in fact, we were only
intent on obtaining the boon granted by the
Cyclop to " ovrtr," that of being the last de-
voured.

Nor did the EMPEROR even imagine that the
present generation was to bear the entire of the
extra war expenditure. He was too prudent
and clear-sighted no'; to Terceive the absur-
dity of exhausting the national resources
in the ye/7 commencement of the contest.
His first proceeding was, therefore, an appeal
to the patriotism and loyalty of his people—and
nobly, gloriously was it respc,nded to. He flung
aside all his red-tape trammeils. He boldly disre-
garded official precedents. In place of dealing
with a few over-cautious or,o-ver-griping capitalists
—and the terms may be convertible, as caution
is frequently resorted to as the mask for cupidity
—he laid his proposals before: the whole body of
his people. In place of striving to obtain several
trifling advantages—possibly not exceeding a few
sous in each one hundred francs, or, in other
words, of opening a novel diescription of lottery,
a State gambling table, in which the unwary
might be cheated of their mon osy by paying more than
the real value of that for which they were bid-
ding—he caused the valise to be fairly esti-
matial, and allowed every mean, even those N.llO
could not offer for more thria ten francs Bentes,
to inscribe his name on the, list, and thus to ob-
i tain an additional interest; in the welfare and

prosperity of the country.
It requires but little a rgument to prove the
wisdom of this course. A simple recapitulation
of facts is all that can be ilemanded. The Eat-
PEROT/ asked for TWO HUNDRED AND FIFTY MIL-
LION FRANCS, equivalent to TEN MILLIONS OF
POUNDS STERLING of our 3 gimpy, Ninety-eight
thousand Frenchmen responded to the demand.
They were not all rich, hact not their thousands
or even hundreds to ten aver their SOVEREIGN ;
but every man's mite was: forthcoming. More
than sixty thousand Fr enchmen applied for
sums not exceeding fifty francs of Renter, or two
pounds sterling, of annual dividend. The account
thus obtained was no less thazt forty-nine millions
of francs, or one million nine, hundred and sixty
thousand pounds sterling, while the entire ac-
count tendered for was no ler than four hundred
and sixty-seven thousand fire hundred francs—
(lB,6Bo,oool.) Nearly haltf the accounts de-
manded by bidders for more than fifty francs of
Recites were, therefore, withheld—while the hum-
bler classes obtained all th ay asked for. This
judicious and equitable *course will again
be successful. The EMIPEROR will obtain
the twenty millions he requires from his
people. No strangers are required for what
can be provided by the honest and heart-
felt enthusiasm of the people. Are the English

less enthusiastic—are they so dispirited, so poor,

or so apathetic, that they ',could not provide even
Two Millions in the mode by which the French
EMPEROR could have obtained nearly ten times
the amount ? Far from it ! The fault is not
with the people, but with the Financial Minister.
Let red-tapist precedents be cast aside. Let a
straightforward application be made, and we
ventisre to assert that Englishmen will not hang
back—that they will display as much ardour,
liberality, and enthusiasm as their Continental
brethren. We do not requi:re or seek for more.

Matters are still proceedling according to the
ordinary course before Seb hatopol. The Allied
Armies, who are at once be ;;egers and besieged,
have fortified their positions no as to be capable of
resisting any attack either Prom the iiterior or
the exterior—from the garrison' of the beleaguered
city or the army in occupatio: IL of the open country.
The weather is at present favourable to the
Allies ; for while it leaves the sea open to our
vessels, it has reduced the roads between the
Isthmus of Perekop and Seboostopol to an impas-
sable condition, little better -than so many quag-
mires. If, therefore, our mien have suffered in
some degree from the wet aux" cold, the Russian
troops in the field have enducred far more in the
absence of supplies, which they are now un-
able to obtain, and of the reinforcements that
might enable them to regume the offensive.
The decisive check which tiey experienced at
Itikerman—the failure of the vigorous and de-
termined attack on the sth t►f November, where
two Archdukes had been summoned to witness
and participate in the anticipated triumph, has
ever since paralysed their energies and reduced
them to a state of comparative, inactivity. With-
out additional force—without fresh troops, they
could do nothing. The pantie occasioned by the
unexpected victory of the Allies had not yet
passed away ; and, as above- mentioned, the state
of the atmosphere and of the roads, for the time
being, precluded the hope or further aid, at least
until the frost had fairly set i Q.

In the meantime We have
riot been idle. Day
after
day English, French, r Turks, and addi-
tional stores have been land.ed. at the convenient
so painfully per.
depot at Balaklava. • The errcsrs,