The Sun.
London, England, 1849-05-31 00:00:00

When the links have been burst in the chains that have
bound thee,
Then turn thee and call on the Chief of thy choice."
France realized the dream of the great poet when
she consolidated her democratic institutions with the
prestige of the imperial dynasty, and when she con-
secrated the laws of the Republic under the glo-
rious name of NAPOLEON. Nor was she, in so doing,
derogating in any degree from her consistent adhe-
sion to the political principles avowed by her in the
Revolution of February. She was on.ly acting in
accordance with the views of her most illustrious
patriots—men devoted almost to the extent of fanati-
cism to the cause of popular freedom. In associating
the name of NAPOLEON with Republicanism, France
acted in obedience to the same feeling which in 1815
had actuated to similar proceeding democrats of
unimpeachable integrity. Then it was that CARNOT,
the man who during the days of the Trium-
virate and the Directory, had planned cam-
paigns in the closet, and had organized
the victories of Republicanism almost with the cer-
tainty of mathematical demonstrations, acknowledged
an error of ten years by becoming one of the most
energetic supporters of the EMPEROR. CONSTANT
acted in the same manner, expressing his
contrition for not having sooner appreciated
the character of NAPOLEON by the tears of
a true patriot. LUCIEN, who had proved the sin •
cerity of his opinions by the refusal of a diadem, so
far confessed the error of his previous estimate of his
brother by consenting then for the first time to be
proclaimed one of the Imperial Princes. It
was thus that, in 1815, NAPOLEON became,
to use the expression of a great English democrat,
the late Mr. HAZLITT, "a Republican Emperor?'
The immortal oration uttered by him in the
assemblage of the Champ de Mai beginning
" Soldat, Consul, Empereur, Je gems tout's de
vous !" was more expressive of democratic
views than any speech ever articulated, either
before or since, by the lips of a consti-
tutional Sovereign. Every rational man who was
not blinded by prejudice recognised from the first
that the despotism which had previously existed under
his auspices was a necessity forced on France by
successive coalitions ; they perceived as history
has since demonstrated, that by seizing the crown of
CHARLEMAGNE, NAPOLEON had not betrayed Liberty,
but on the contrary saved Democracy; they knew as
millions are now beginning to know, that the blood
shed during his wars fell not upon his head, but
upon the heads of the Kings by " right
divine," who had forced those wars upon him ;
they felt instinctively what the philosophers of his-
tory have since proved by argument, that the con-
quest of France by the European despots was only
prevented by the rise of NAPOLEON, and that the
conquest of France occurring as it would then
have done so soon after, the crimes of Ter-
rorism would have thrown back the liberties
of France and the civilization of Europe to a dis-
tance of more than a century. This it was which
secured to the First Consul in the days of his power
the admiration of a true lover of popular freedom
and popular rights like CHARLES JAMES Fox ; and
which retained for the EMPEROR in the
days of his misfortune the respect and friendship of
JoHN VASSAL Lord HOLLAND.
Let LOUIS NAPOLEON read these things aright !
Let him see that the names of NAPOLEON and of
Republicanism are not incompatible, but that
the Imperial power was merely assumed as the
buckler of France when France was threatened with
annihilation by the coalition of Counter-Revolu-
tionists. By regarding these deductions from the
annals of his country in a true spirit of
candour, the PRESIDENT of the French Republic
will best fulfil the wishes of the nation, the
hopes of his contemporaries, and the responsibilities of
his position ; by so doing he will best testify his
sympathy for the national gratitude expressed in the
fact of his election, the national gratitude and the
popular affection with which the memory of the
Emperor NAPOLEON is cherished in the hearts of
Frenchmen.
Now that the Legislative Chamber has been inau-
gurated—an Assembly, the majority of whose mem-
bers are coincident in opinion with the PRESI-
DENT of the Republic Louis NAPOLEON
has, we repeat, a brilliant opportunity of prov-
ing the sincerity of his patriotism. And this
opportunity now occurs for this first time since the
oth of December, for hitherto it has been said by
his depreciatory that the PRESIDENT has acted
under a feeling of intimidation from the an-
tagonism of the Constituent National Assembly.
Since the dissolution of that assembly and the
convocation of its successor, the objection
can no longer be raised. Louis NAPOLEON is at
length de facto as well as de jure PRESIDENT of the
French Republic. Let us see how he will acquit
himself of his responsibilities. He can no longer be
said to act under any sense of Parliamentary inti-
midation. He can now reveal to the gaze of all
Europe his love for the rights of the Living and his
reverence for the glory of the Dead.

The vast imp ortance of the subjects discussed in
the able report of Captain Hussu and his talented
coadjutors, to which we directed the public attention
on Tuesday last, demands a more particular observation
to the details than we were enabled to bestow thereon
in our last notice. " Depreciation" of " plant" and
" road " has been made a bugbear wherewith to fright
the shareholding public from their propriety, to fill
their minds with vague apprehensions of coming
danger, the more formidable because the na-
ture and amount thereof are wholly unascertained.
We hear every day of the imperative necessity for a
" depreciation fund," of the propriety of setting aside
a considerable portion of the net profits to maintain the
general stock at the same pecuniary value that it was
worth when originally acquired. And many mis-
taken calculations have been formed in consequence of
this error in terms.

Captain rims"' points out that the term " deprecia-
tion," as applied to railway plant and road, is alto-
gether incorrect ; that " the question with
which railway men have to deal is not
depreciation but deterioration ;" that the former, which
has reference to the present money value of the stock
is a matter of very little consequence to the railway
proprietor, inasmuch as he can never be in a position
to part with or sell that stock, but that it is impos-
sible to overestimate the importance of the latter,
which applies to the actual " working value or con-
dition, or, in other words, to the capacity and vitality"
of the plant and way.
The great object to be attained is to maintain per-
manently out of revenue" a working stock in the most
efficient state, repairing it when required, and re-
placing it when worn out, but neither improving its
condition, nor suffering it to deteriorate." This is
the view adopted by Captain Iluisn, and its justice
and propriety will meet a universal assent.
In order to arrive at a proper conclusion he con-
siders three leading points, which embrace the entire
question, viz.:—" The original cost or value, the pre-
sent market value, and the effective value to the con-
cern." The former, is, of course, fixed. Every
railway account explains fully and particularly the
original cost of the "plant ;" no difficulties can
possibly arise with respect thereto. The
market value is, however, continually fluc-
tuating with the demand and supply of the day,
the prices of iron and other materials of which it is
formed. There will be, however, apart from that
fluctuation, a " continued gradual reduction, conse-
quent on that improvement and economy of construc-
tions which is the result of skill and experience.'
The " effective value" to the concern will greatly
vary from the market value, and may very probably
be much greater when the market value is exceedingly
depreciated ; " so that if, in ordinary times, and un-
influenced by any unusual demand, the present
market value of a stock equals the original cost, it
may be fairly assumed that its effective value is
greatly enhanced." The latter, however, is that
hich should as nearly as practicable be maintained
in a state of equality, and it will therefore follow that
maintaining the "market value," as was the habit of
many companies whose practice it was to have pe-
riodical valuations of their stock, and to appropriate
a sum from the revenue equivalent to the supposed
depreciation, was an actual injustice to the existing
shareholders, and evidently benefited their successors,
the future proprietors, at their expense.
There has been a great improvement in the
character of the plant of the London and' North-