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

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LONDON, THURSDAY, MAY 31, 1849.

LOUIS NAPOLEON has at length the opportunity of
testifying the sincerity of his patriotism and the sta-
bility of his principles. Before the dissolution of the
National Assembly he was crippled in a greater
degree than is generally imagined. It must not be
forgotten that until now he has been supreme magis-
trate of the French Republic, in spite of the French
Republican Legislature. lie was elected in December,
in direct opposition to the favourite of the Parliament.
Until-now he has been completely insulated from the
senate—residing in a reserved solitude in the Palace
of the Elysee. A t length he finds himself face to
face with an Assembly elected in a mood congenial
with that which elevated him to the dignity of the
First Republican President. The force of his
situation ,comes out at length conspicuously
before the judgment of the popular repre-
sentatives; they recognize in him the elected
of the nation, the personage invested with the glory
of six million spontaneous votes, the emanation of
universal suffrage, the one man whose name bas
alone survived the secret fire of the elective urn.
That this extraordinary privilege has been awarded
to LOUIS NAPOLEON as a token of homage to himself
individually is beyond the reach even of his own
imagination. The perceptive faculties of a child are
sufficient to perceive in the election of the 10th of
December a sublime and wholly unparalleled act of
posthumous homage to the manes of the Emperor
NAPOLEON. Coming so soon after the democratic revo-
lution of February, it was a realization of the pathetic
and almost prophetic verse of Lord BYRON,
when spanking in the person of the wonderful mortal
who was then perishing under the effects of at-
mospheric poison at St. Helena, he exclaimed :
" Farewell !o thee Francf,and when Liberty rallies
Once more in My rivianr,_ remember me then;
The violet Etiit grownin the depth of thy 'allies,
Thy resrs.may e'eti j-et unfold it again.*
" Farewell to thee France, and when perils surround thee
liet 'yet may thy heart leap awake to my voice;

*-In this Byron evidently meant more than is im-
plied in a‘imete poetical adornment ; the symbol being a
graciful allusion to tho vialeti worn by the "conspira-
tors" of the Return from Elba, a token which caused
iTapoleorr to.be mentionedamong his soldiers during the
Hundred Days by the affectimate soubriquet of Le Peri
'Foot

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,
in any degree from her consistent adhe-
derogating
sion to the political principles avowed by her in the
Revolution of February. She was only 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 ail] •
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 liens toutes de
vows !" 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 bad 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
bucker 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 repea', a brilliant opportunity of prov-
ing the sincerity of his patriotism. And this
opportunity now occurs for this first time since the
10th 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. Lours 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 importance of the subjects discussed in

the able report of Captain Hum' 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 Ilium 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 andvitality"
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 Huisu, 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 particalarly 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 construe-

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
which shculd 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-

Western Railway since its formation, by which the 1
" effective value" to the company is of course con-
siderably increased. The capacity and strength of
the cT7-.rriages, the power of the engines have been
materially changed, and consequently not only
additional efficiency, but greatly increased dura-
bility has been obtained. The same may
be said of almost every other company which
has been actually engaged in tragic fur some
years. A close and accurate examination of the
moving stock would, therefore, show that in place of
any "deterioration" having taken place, the con-
trary has been the fact, and that the working condi-
tion is far superior at the present moment to what it
was when first brought into use. "All that is ne-
cessary (according to Captain Hymn) is to
repair and replace out of the current half-
year." If the original plant was insuffi-
cient, the additions thereto consequent upon
increased traffic or additional accommodation to the
public should clearly be charged to the "capital,"
and not to the revenue accounts, and these points
should be borne in mind when charges are preferred
against directors for having unduly increased the
dividends at the expense of the permanent interests
of the company. The principal conclusions arrived
at by Captain HUM, and which are fully justified
by the valuable statistical facts adduced by him in
the course of his report, are as follows:
" That a desire fully to maintain the moving stock
has led the directors into the opposite extreme, and that
a portion of the fair earnings of the half-year has been
from time to time applied towards extinguishing the
capital of the cot.cern, instead of being divided among
the proprietors, or being carried to the reserve fund, for
the maintenance of the future dividend.

" That a deterioration fund or allowance, although it
may have been to some extent prudent, in the earlier
period of the concern, is no longer required, but that
with the large establishments of the company there is
full capacity for maintaining the efficiency of the plant.
" That the market value of the working stock is
70,5841. more than it stands in the books to have cost
the company, and that, taking the effective value at only
ten per cent. more than the original cost, the real work-
ing value of the stock is now at least 200,0001. more than
was paid for it.
" That in strict justice the difference between the first
cost and the present real value belongs to the existing
proprietors, and might be available for division or trans-
fer to a reserve fund.

"And, that there was at least no necessity whatever
for setting aside out of the profits of the last half-year
the sum of 30,4001., and that it fairly belonged, and should
be transferred to the credit of the surplus fund."
This will be satisfactory information to share-
holders generally, not only of the North-Western
but of other companies. We should like to apply the
tests fairly put forward by Captain Huisu to some of
the other lines, in which it has been asserted that
capital has been unduly debited in place of revenue.
It is certain that it will justify an increase of di-
vidend in many companies where the directors have
acted on the cautious but erroneous principle of
setting aside a depreciation fund from revenue in
every year.

We have not been enabled from want of space this
day to allude to the second report on the present
condition of the permanent way. We shall do so on a
future occasion.

By our report in another column, it will be
observed that the Right Hon. the LORD MAYOR pre-
sided last evening on the occasion of the eleventh
anniversary festival of the Royal Naval School. The
appearance of the Chief Magistrate of the city of
London as chairman was rendered a matter of more
than usual interest from the circumstance of the
present possessor of the Civic dignity being per-
sonally associated with the salt-water service.
With his customary liberality, the LORD MAYOR,
in addition to his subscription of 251. towards the
support of this maritime institution, has signified his
intention to endow the school with a silver medal—a
kind of contribution peculiarly calculated to benefit
the establishment, and to aid in carrying out the in-
tention of its founders by exciting among its inmates
an additional amount of emulation. The gift will
form one among many graceful commemorations of
the Mayoralty of Sir JAMES DEICE, evidencing at
once his liberality and his munificence.

'ME FRENCH REPUBLIC

We have received the Paris papers of yesterday.
The strength of parties in the Legislative Assembly
was partially tested on Tuesday. A motion was
made by a Montagnard member to annul the election
for Haute Marne on the ground that the Council
General of the Department had improperly interfered
to influence the elections. On a division the election
was affirmed by a majority of 392 to 179. This is
the first division that has taken place in the new
Assembly.
The question of the dispatch of M. LEON FAUCHER
has been mooted in several of the Committees, but
nothing his been decided respecting it.
General CHANGARNIER, the man of illegalities, has
been, it would appear illegally elected to the Legisla-
tive Assembly for the department of Seine et Oise.
That department is within the first military division,
and according to the Constitution a general command-
ing a division cannot be elected for any department
within that division, and consequently the election is
void. The Government, however, are exceedingly
desirous to prevent any discussion taking place on the
subject, and General CHANGARNIER, who has also
been elected for the department of the Somme, has
offered to choose the latter department; to this, how-
ever, the Opposition will not consent. There will be
probably a warm debate on the subject.
The reactionary party has formed a club intended
to succeed the club of the Rue de Poictiers, under
the superintendence of Count MOLE, the Due DE
BROGLIE, Marshal BUGEAUD, M. 'lnuits, and M.
BERRYER. This club numbers about 300 members.
Its candidate for the Presidential chair of the As-
sembly is M. Ihrix.
In opposition to this ultra-club there has been
formed a club of moderate Republicans, with M.
DUFAURE as president, General 13eDEAu and M.
PAILLET as vice-presidents, and MM. PEurfzi and
OSCAR LAFAYETTE as-secretaries. This club numbers
700 members, and will be enabled to turn the balance
on almost every question that may arise in the
Assembly.
On the breaking up of the sitting on Tuesday
MM. LAGRANGE and BOICHOT were carried by the
crowd of Socialists outside in triumph to the Place
de Bourgogne ; a similar honour was intended for
M. FLocoN, who, however, avoided it' by taking
refuge in a shop. M. ARMAND M&RRAsT was, on
the contrary, hooted and grossly insulted, and poor
little M. TRIERS was compelled to shout " Vive la
Republique Democratique et Sociale." The crowd
dispersed on the approach of the police ; several
arrests were made.

Accounts from Algeria state that the Deputies for
that colony will probably be MM. DIDIER and EMILE
BAURAULT (Socialists), who are at the head of the
poll, and M. EMILE DE GIRAEDIN, who was 225
ahead of M. DE RANCE when the steamer left. The
Due D'AUMALE obtained only 2,500 votes.
A letter from Toulon, in the Constitutionnel, has
the following :
" On the departure of the Narvel from Civita Vecchia
on the 23d, it was known there that the Roman Govern-
ment had rejected the ultimatum of the French Re-
public. The latter demands the immediate occupation of
Rome by her troops, the dissolution of the Constituent
Assembly, the disarming of the Lombardian, Tuscan,
Piedmontese, and Neapolitan refugees, and their imme-
diate expulsion from the capital.
" A secretary of the embassy, the bearer of the reply
of the Roman Government to the propositions of M.
Lesseps, has arrived by the Narvel, and has set off for
PtEharere. iscish.urinstructions troops
armistice
e werexpi
rfer
do encamped :Pa mtahrpie
se joltsd2asret hwaited
a close
tue
tdif
to tro,
a, Rome, and
that the suspension of hostilities would be renewed.
nCs.olonel of the 22d Light Infantry hasassdtiotehdfououlfguari:
opr,rTathioe
attack of apoplexy.

was
" It appeari that General Oudinot has
im not to sent a courier
was, with about
e
to the Austrian General d'Aspre, begging
ad-
vance any further towards Rome. e
15,000,within three or four days' march from
" The Neapolitans remain entrenched in their camp.
" The fleet under Admiral Baudin are all now .col-
lected here, but it is not expected thdt they will remain
long. The steam corvette Veluce has been sent to
Civita Vecchia, mid others will follow immediately,
together with transports with military stores and ammu-
nition. The 53d Regiment, which was under orders to
embark, has received a counter order to march to Aix."
The following is from the Debats:—
"It is positively stated that M. Mercier and M. de La
Tour d'Aavergne have arrived in Paris, bringing
im-
por,ant dispatches from M. F. de Lesseps and General
Oudinot, relative to the state of affairs at Rome."
The Moniteur publishes a return of the imports and
exports into France for the first four months of 1849,
with a comparative return of the corresponding
periods of 1847 and 1848. This return is the, most
satisfactory proof we have hitherto had of the revival
of commerce in France. The receipts for imports
for the first four months of 1849 amount to
36,093,9071., while in 1848 they amounted to
26,786,968 f. only. In 1847 they were 43,720,267 f.
Dm returns from the month of April show the im-
prtvement in a more striking manner. The receipts
on imports in April, 1847, were 10,750,672 f. ; in
April, 1848, 3,764,599 f.; and in April, 1849,