The Sun.
London, England, 1849-07-05 00:00:00

THE 111374;

blackened by the bombardment of Vienna, and blush-
ing with the carnage of the Viennese, advanced with
a vast army against the men who bad dared to re-
quire the preservation of their immemorial rights—
when the Ban JenLecuton, leading on an irregular
horde of Croatians, desolated the corn- fields and vine-
yards of the Danube—when the Hungarian Execu-
tive was compelled to fly beyond the inaccessible
morasses surrouneing Debre4n, and the brand of
Hungary seemed broken, and her spirit conquered,
and her patriotism extinguished ! At that period
even Hope appeared to have vanished from the cause
of the vanquished. Scarcely one voice was raised to
deprecate the execration pronounced against the
M'gyars by their assailants. Not one hand was
extended to extricate them from their abyss
of calamities. We remember that time not
merely vividly, but bitterly and painfully. With
hardly a single exception, the Press in this country
applauded the Austrians to the echo—to the echo of
the German newspapers! According to them, an
atrocious rebellion was crushed. According to them,
JELLACHICII was a greater ALBEMARLE, and WIN-
DISCHGRATZ a more illustrious MONTECUCULI. Ac-
cording to our contemporaries, both native and
foreign—our contemporaries both of London and of
Vienna—the Cabinet of Debreczin were a group ot
cut-throats and incapables—men who, to the volatility
of adventurers, added the cruelty of fanatice
and the heartlessness engendered by ComMll-
And so the slanders were repeat en
'rom mouth to mouth, from journal to journal, until
;he hour of vengeance had arrived, and the truth
blazed forth in the splendid victories of BEM and the
dazzling proclamations of KOS4UTH. Never in the
history of heroic races has the annalist had to record
a more wonderful or more glorious ebullition of
nationality. The Hungarians rose to a man—nobles,
peasants, traders, gentlemen, students, ecclesiastics,
artizans, all joined the national standard. They blew
to the winds every preceding difference of opinion, I
and, for the salvation of their mother land, became
one in heart, in hand, in cause, in obedience. Under
Beet they very speedily accustomed themselves to
victory ; and Bust was nobly seconded by his Polish
lieutenants, conspicuous among whom were GEORGEY
and DEMBINSKY. From the most obscure sutler in
the army of liberation up to the superior officers at
head-quarters ; from the private soldier to the
Commander- in. Chief, every Hungarian made
his will subservient to the dictates of one intelligence,
to the impulse of one patriotic heart, to the ardour,
and the devotion, and the self-sacrifice, and the
genius of one man. That man was KOSSUTH. Di-
rected by him the flood of disasters was soot,
turned, and Europe, at first with incredulity, then
with astonishment, and at last with admiration,
beheld that flood rolled back from the gates of
Debreczin to the walls of Presburg. All this,
moreover, the Hungarians accomplished unassisted,
except by GOD and their own valour. They
humbled the remorseless JELLACHICH to the dust.
They dispersed their enemies among the mountains
of Transylvania and upon the plains of the Danube;
they drove some in confusion beyond the frontiers of
Wallachia, and compelled the grand army of Impe-
rialists to fall back in dismay from fortress to
fortress, from city to city, from river to river, until
they stood almost within gunshot of the Austrian
capital. The veteran soldiers of Germany found
themselves no match for the raw recruits of the in-
experienced Hungarians. One after another the
most renowned generals in the service of the EM-
PEROR were compelled to retire from the command ot
his forces, covered with disgrace and infamy. Wier-
DISCIIGRATZ was followed by WELDEN, and WELDEN
by HAYNA.U. The faineant FERDINAND, after a reign
of unexampled atrocity, found the curse of outraged
Hungary falling around him in many appalling
evidences, and, with the sceptre of RUDOLPH shaken
from his palsied grasp, abdicated in a paroxysm of
terror and confusion. While the very foundations of
the Austrian empire trembled on the verge of destruction
under the throne of his youthful successor, the Mag-
yars consummated the miracle of their emancipation
by refusing their allegiance to a blood-stained
dynasty, and upon the ruins of their monarchical
institutions erected the fane of Republicanism. As a
crowning act of justice, the liberated nation paid the
noblest homage to the genius and patriotism of its
Liberator, proclaiming LUDWIG KOSSUTH its first
President.
Since then Austria, in despair, has sought the
assistance of Russia, and the two Despotisms are
advancing with enormous armies to trample out the
newly enkindled flame of Hungarian liberty.
It is at this moment, when the glorious children
of Hungary are drawing their swords from their
scabbards, once more, to fight single-handed with the
legions of the Austrian EMPEROR and of the Russian
AUTOCRAT—th,At we call upon our countrymen to
aid those Magyar refugees at Folkstone. We
appeal to them to enhance this Testimonial to
strangers, or rather, we should say to brothers in
misfortune—to enable these sixty-five Hungarians
dussars to place their lives at the service of the
land of their nativity. Remember—the Testimonial
is made in the name of English sympathy for Hunga-
rian patriotism.

nism.

and consequently partially useless for bank-
ing purposes. Scotland, with less than three
millions of inhabitants, has eighteen banks,
—six of which have received Royal charters—and has
paid-up capital to the amount of 13,000,0001. In
other words, there is 7s. 6d. paid-up banking capital
for every Irishman, while each Scotchman has
41. 10s. to look to. These simple facts sufficiently
explain the comparative prosperity and distress of
the sister kingdoms.
We are rejoiced to find that the Scotch system of
bai,king, which has produced such happy results, is
to be extended into this country also, that England
will speedily sand Ireland, we trust, ere long) receive
benefits such as those which Scotland has already
obtained from these admirable institutions. The
British Bank has already nearly filled its share list,
and business will soon be commenced under a Royal
charter. The names of the parties who have accepted
office will afford a sufficient guarantee for the in-
tegrity of the mana..Tment. The Hon. Member
tor Glasgow, for so many years the e.bte and
indefatigable Secretary of the Board of Trade, is ap-
p inted Governor ; associated with him are men in
every way worthy of confidence. There will then be
a sound administration of a sound principle, and the
result will be as profitable to the shareholdera as it
will be beneficial to the public. The " cash credits,"
which form such prominent features in the Scottish
system of banking, will for the first time be intro-
duced into the metropolis, temporary advances will
be made on securities which will not even be looked
at by the managers of other banks, interest will be
allowed on deposits, and, in fact, the Scotch system,
which has stood the te-t of a century and a half's ex-
perience, will be fully carried out.
Many precautions will be taken to guard not only
the customers and creditors, but also the shareholders
of the bank from any loss. "Business is not to be
commenced until half the capital has been paid
up." This will provide ample funds for every
purpose, while the shareholder is ensured the control
and supervision of affairs in which he is so intimately
concerned by clauses in the charter which provide,
among other things, " that general meetings of the ,
proprietors shall be held at least once in every year ;
and extraordinary general meetings, on a requisition
of any nine shareholders possessing collectively
twenty-one shares in the bank." One-fourth of the
number of directors are to retire annually, who shall
not be eligible for re-election until after twelve
months. Nu advances are to be made on the security
of shares in the bank. There is also to be a monthly
publication of the assets and liabilities of the bank,
an annual; audit of the acccunts, and a communi-
cation of the creditors' report and the balance sheet
to every proprietor. These would afford ample
security against individual shareholders being
called upon to satisfy demands against the
corporation ; but there is, in addition, a clause pro-
vidirg for " the winding up the affairs of the bank, if
at any time it be found that the losses amount to one-
fourth of the paid-up capital." This salutary pre-
caution will at once obviate the objections which
many persons have entertained to become shareholders
in joint-stock banks, and will practically be equivalent
to the partnership en commodite, the advantages of
which have been recently so strongly set forth.

There is, perhaps, no element of greater importance
to the attainment of national prosperity than the
banking facilities afforded to the various interests
throughout a country. Wherever a sound, judicious,
and extensive system of banking is carried on, there
also will be found a happy and contented people ;
full and remunerative employment is afforded to all
who are both able and willing to work ; industry is
seldom, if ever, deprived of its legitimate rewards ;
the national capabilities are fully and completely
developed; nothing affording a fair and reasonable
prospect of profit is neglected ; the soil is properly
cultivated and brought to the highest state of ferti-
ity ; manufactures of every description are duly
attended to. All labour for the general advantage,
and few, if any, drones are to be found among
the busy population. There is neither time for,
nor temptation to, the commission of crime ;
no political excitement is discoverable—why should
there be any desire to overturn or to alter a system o'
government under which rational liberty and fai:
prosperity are enjoyed. But how great a contras
is afforded by a nation, in which there is a deficienci
of banking capital. There the best and most promising
speculations are neglected, the very life- blood of
industry. is wanting ; no great or pea manent ame
liorations are attempted; agriculture is on the
lowest scale ; no present advantage can be relinquished
tur any deferred beartit, however great; every
energy is directed towards meeting the pros ,nt exi-
gency ; nothing is thought of the future ; the
only real capital —labGur —is suffered to remain
waste and unproductive. The population, scantily
fed on the very lowest element of subsistence, are ripe
for any offence that may be suggested; the people
have, unfortunately, but too much leisure time at
their disposal, and

THE FRENCH REPUBLIC

We have received the Paris papers of yesterday .
They contain the whole of the telegraphic despatch
from M. DE CORCELLES, announcing the re-opening
of negotiations with the authorities of the Roman
Itepublic,"and the suspension of hostilities between
the Romans and the Franck, a portion only of which
wAaiel:lcenib:miloyAintioßo%u:iEtcnhiaglaterLdirEethvbsi,eyo
jupMusoLrd.tiraiOty3:lLON BAR&OT to the
EnomtacTomopcLuonciirtAeNd.:—

CIVI UA VE.:CI J MAC 1, 1.7E14 O'CIA)CK, A.M.
"General Oudinot addresses to the Government in-
telligence of the carrying of a new bastion (No. 8) on
the night of the 29,h ult. The telegraphic dispatch of
the General will make known to you the details of this
affair, which perhaps is decisive. The enemy has lost
a good many men, and demands to capitulate. I re-
ceive this instant from General Oudinot the following:—
" The dispatch announcing the determination of the
Assembly to cease defending the city, the demand for a
suspension of hostilities, and the arrival of the deputa-
tion of the Roman municipality to the French head-
quarters, was communicated yesterday.'
" M. de Corcelles continues, am about to start for
head-quarters, which I left yesterday afternoon at three
o'clock, with Messrs. d'Harcourt and de Rayneval. Not
knowing the resolution of the Roman authorities, they
left for Gaeta in the morning. I have caused them to
be informed by an advice boat. I hsve received intelli-
gence from head-quarters that the General-in-Chief has
received the Roman Municipality, and begs of me to
join him. I leave this instant."

" Satan finds some mischief still
For idle bands to do."
Political discontent and private want lead to general
disturbance, which consummates the ruin of the
country, and involves the people in the most heart-
rending misery and destitution.
Scotland and Ireland may perhaps be regarded as
of the most powerful illustrations of the na-
tural results of a sufficiency or deficiency of banking
accommodation. We find the former, despite its
many natural disadvantages, the inclemency of its
climate, the sterility of its soil, and its inferior
geoaglirathe phical position, rivalling evenns
naturally England cold
tive command high itself
in
and artsunproductive cicvoilizeidlilehLae
rents—rents which
are not merely promised, but which are invariably Tile
liquidated with the utmost punctuality.
farming is of the highest order, and abundant
crops reward the labour expended in cultivation.
" Scotch stewards," acquainted with the system of
agriculture pursued in their native land, are eagerly
sought for by gentlemen anxious to establish model
farms on their own estates, thus exhibiting in the
strongest point of view the perfection in the science
that has been already attained. Glasgow—the Scot-
tishece Manchester—Paisley, and other towns too nume-
rous to mention, sufficiently attest the national pro.
gress in commerce and manufactures. To what then
are these various advantages to be ascribed ? Why
has Scotland become so justly celebrated for her
agriculture, her commerce, her manufacture ? Simply
because she is equally celebrated for her system of
"banking," because banking accommodation, on
a sound and judicious principle, is afforded

- A court-martial was held on Tuesday for the trial
of four soldiers accused of having resisted the gen-
darmerie in their attempt to arrest Sergeant BOICHOT
and convey him to Vincennes previous to his election
for the Legislative Assembly. As the court-martial
was nominated by General CHANGARNIEa„the con-
viction of the unfortunate men and their condemna-
tion to death followed as a matter of course.

In the Republican list o! candidates for the repre-
sentation of Paris the name of M. A. ESQUIRO3 has
been substituted for that of M. PROUII DON, who has de-
clined standing as a candidate. The Siecle and Credit,
as representatives of the moderate Republicans party,
have published a list, which includes the names of AIM.
de Lamartine, Linjuinais, 'Punnet, Vennard,
Marie, Gloudchaux, Bastide, Marrast, Billault, Jules
Favre, and Corbon. It is exceedingly probable that
many of the names in this list will be returned. The
electors are disgusted with the dictatorial power
assumed by the electoral union ; they do not approve
of the reactionary policy of the Ministry, but they
do
ssto.ecnciiaoelti s lltiilcsetea
candidates,
a sod
ivdoaattee
sof fora list o
Godsend.
nd. willc
Li,
thereforetAaminAiun Tg h
st
accepte n
mam es of
G°Tmc "Vl' BAsTWE) MAIMAST, and JULES

to every class 'in the community, to every FAVRE will, we have little doubt, be among the suc-
individual who car , show himself to be legitimately cessful caninister didates.
The 'M of War has addressed the following
entitled thereto. 1 t must be a Mao's own fault if
letter to the National and the Presse :
those facilities shoul Id be denied which are ever freely
Paris, July 3.
tendered to the in.l ustrious, the frugal, and the de- „ I declare false from one end to the utter the letter
serving. It is not merely for the wealthier classes which you have in6ert, din y our number of this day, and
that 0 banking" is carried on in Scotland. The small which you give as having been written by me to General
dinut on tne 13. h ult.
tradesman, if worthy Ou
of support, receives as much BULHIERE Minister of Wir."
encouragement ; a sate• and profitable mode of invest-
The French Republic has acknowledged the Black
ment for his earnings is afforded, and, if occasion should Republic of Liberia.
arise, assistance is judiciously and liberally provided, Letters from Colmar state that General RILLIET,
so as to enable him to take advantage of every favour- commanding the department of the Upper Rhine has
able opportunity to seise " that tide in the affairs of placed troops along the Rhine, from Huninguen, to
Neuf Brisach, to prevent the passage of the Baden in-
man, which taken at the flood leads on to fortune.
surli.entsacross the Rhine.
His account is not rejected because he cannot afford Proudhon has addressed to the Presse a letter
to keep a considerable balance lying idle ; discounts from the Conciergerie, dated yesterday, in which he
will not be refused, because they are small in declares that he does not recognise the authority of the
amount, and not considered worthy of attention. A Committee which has taken on itself to draw up the
class of business is transacted utterly unknown in list of the candidates of the Democratic and Socialist
Mountain
ne loiasnt.notHheesaiys than
pthaert). ,
authorityneither doofe s t
hh
ee acceptAionn
other countries, which is peculiarly beneficial to the
" middle classes," which brings considerable profit to in favour of it, as it has lost thirty-three of its
the bank, and by extending the basis on which it is members; that the Democratic Committee, which
carried on, 'and making the community deeply in- is also mentioned, is dispersed, and that he suspects
terested in its welfare, materially adds to its security. the members of it who remain ; that he does not know
The banks of Scotland fully participate in the general thhe.Chol.nsisteaiDd etomionicvraettiqkue des A mis de la Constitution,
prosperity ; handsome profits are realised, ample 'though there is a Comii 6 die s partA n, i s
dn
e concoctingia
Constitutionthe list,
dividends distributed, and the shares invariably corn- and, finally, he says that almost all the members of the
wand high premiums if offered for sale—all classes Socialist democratic press, whose authority is also in-
-4., king an investment so safe and so remunerative. stoked, are in flight. He further objects, that the names
on the listiaretno_t_suEch.als tdlieG4: situation" required the
It is, we regret to say, almost unnecessary to
lirect attention to the melancholy contrast exhibited
apnardtyit‘lo.sedeec M
Is. essepsm ought, i
he says,
M toJules Fevre,
een
by Ireland to the above picture. Notwithstanding put forward; the first, because, after the vict‘o'nry ob-
the fertility of the soil, the mildness of the air, rained by the party of resistance on 13th June, he still
the innumerable bays and harbours by declared the Constitution to be violated, and because he
which its coasts are indented—notwithstanding nuw defends the Democratic and Socialist cause ; the
second, because, after the declaration of the state of
its mineral riches, admirable position for any corn-
siege, newspapers he recommended the suspended to
mercial pursuit, its numerous and hardy population,
appeal might to the courts, and because he be
neglect and apathy, misery and destitution, are per- accepted by the Mountain as the successor of M.
ceptible' on every side. Six millions and a half acres Ledru Rollin ; the third, because, notwithstanding
of land lie utterly waste and unproductive, two- thirds his Conservative opinions, he would have been
of which might be reclaimed, so as to pay ten per a protest of the people ‘sagainst the impious
cent. on the necessary outlay ; while the remaining war made on Italian liberties. M. Proudhon
then declares that, though he accepts some
fourteen millions of acres nominally under tillage are
names
not half' cultivated, and it is universally admitted that whio o
which are
n the list,objectionable.
they are , accompanied
i
by others
the produce might be more than quadrupled under a him impossibe that such
a eliastayesathn attriintmpsehemsantdo
judicious system of agriculture. High rents are that, preferring the silence of his party to its defeat,
readily promised, but there is a sad falling of in the he formally declines to allow himself to become a
candidate.T
performance, and heavy arrears of rent are due to
almost every landlord; labour isa mere drug in the mar- lettehrewPhti•Lehsstehey
say was intercepted and the National publish the following
ket. Able-bodied men are unable to obtain employment went of the Roman Republic.
crhby
The National the ti n-
o intro-
oner
any terms—they tender their services for even duces it with the following observations :
nominal wages, but are rejected even while fields are " The curious document which we give below has
lying barren and unproductive. Commerce lan- reachedt us by two different channels. Although no-
guishes and manufactures are unknown. And why ? twien
in
go appears ewa,
arys to
meanus mtoore
u a rrt n t probableee ittsha• nuthitesnteicxiits tenacneti
Because there is a deficiency of banking capital and we shall gladly receiveg any rectificatioa whichY the
banking accommodation in Ireland ; because there Minister of War may send us. The details which are
is not an adequate supply of circulating medium for givenwh ich
nist cameas to
the letter
into
theitself;
possessionthe
of the
the wants and exigencies of the country. Ireland, virate, and even
the
manaerinowf thhichßitm.
wasn T r tu
sealed,m
with a population exceeding eight millions, has but carry with them a great air of truth. The seal has a
motto—such as M. Louis Bonaparte, it is said, willingly
one chartered and seven unchartered banks with paid- uses, and which he borrows from the Chevalier Bayard
up capitals, arn'innting in the whole to 5,000,000/., o f --, Fais ce que dais, advienn . e que pourra.' This ap.
which 2,000,0001. are lent to the Government, pears to indicate that the letter was even written in his
bureau, by General Rulliere, before attending the sitting

)111, ny tien
of the 12th June last, and afterwards thrown by bite
into the l- tier box at the Assembly."
The letter is as follows :

" Paris, Juno 13.

"My dear General,—You have experienced much
annoyance, and I much fear that M. de Courceiles
will cause you as much as did M. de Lesseps. I
detest those people who will only talk when they
ought to cut. Fur the last two days we have hati
warm discussions on your expedition, but you may
go forward without fear. The Assembly yesterday gave
a triumph to the Ministry, and contradicted the uccu
sations of the Mouutain. In accepting the title of Ro
man citiz.,ns, those savage Republicans have forgotten
hat they were Frenchmen, and thrown aside (sic) the
sentiments which they ought to feel towards our
brave soldiers. Happily all France does not think as they
do, and you may believe, my dear General, that I am one
of those who the must frankly rejoice in your success, anti
in all that you may accomplish in the fine command
confided to you. Have courage then—persevere ;
but hasten as much as possible your entrance into Rome,
fur with the impatient and wavering character of our
-,ation, you know how much depends on a prompt resul,.
Adieu, my dear General, receive this fresh expression of
my very th!vot,,d sentiment*. " RULLIERE."
The Bourse was more animated to-day than for
some days past, and a rise took place in the price of
Government stock. The Five per Cents. opened at
87t. 65c., rose to 87f. 90c., declined subsequently to
87f. 50c., and closed at 87f. 60c., being a rise of 11
pt.r cent. on the closing price of yesterday.
The Three per Cents, closed on the Paris Bourse 01
Wednesday, at 53i. 75e.; the Five per Cents., at 871.
60c.; Orleans Railroad shares, 7801.; Rouen, 5481. 75e.;
Havre, 257?. 50c.; Great Northern, 428 f. 75c.; Avignon.
190 f.; Vierzon, 322 f. 50c.; Basle, 1011. 25e.; Bordeaux,
4031. 75c.; Paris and Strasburg, 363 f. 75c.; Tours and
Nantes, 310 f.
dUSINESS DONE IN FOREIGN RAILWAYS AT THI4.
LONDON STOCK-EXCHANGE. JULY 4.

Central of France (Orleans and Vierzon), 12 th—Northern
of France, 104—Paris and Orleans, 301A—Sambre and
Meuse, 3.

SPAIN.
Madrid journals of the 28th ult. have arrived.
It is said that Count DE VISTA HERMOSA is about
to be nominated Mini,ter for Foreign Affairs.
There is every probability of a new outbreak in
Catalonia.
MADRID BoLsa, JUNE 28.—The Three per Cents•
26i paper ; Five per Cents., 10* paper ; Coupons, 5i
p ,per. Bank of St. Ferdinand, 82 paper. Exchange on
London, 50 50.