The Sun.
London, England, 1849-07-27 00:00:00

feat of the combined army of Austro-Russians, that
the butcher of Presburg has been degraded from his
infamous elevation by the stripling EMPEROR, and
superseded as Commander-in-Chief by General
IlEssE, just raised to the dignity of Feldzeugmeister.
It now remains to be seen how HESSE will be
discomfited like HAYNAU, like WELDER, and like
WINDISCHGRATZ, when cpposed to the enthusiasm of
a glorious race such as the Hungarians.
Vast and even appalling as is the numerical prepon-
derance of the invaders over the defenders of Hungary,
it is certain that up to the hour of the very latest
intelligence from the seat of war there are only rea-
sons for our entertaining the greatest confidence in
the strength and glory of the Hungarians. Fourteen
millions of free men, sworn to the vindication of the
rights belonging to them as the heritage of eight
hundred years, pledged to the preservation of their
hearths and their altars, and bound together by the
bond of their uninterruptable unanimity, are obedient
to the voice of their immortal Liberator. Even the
accounts received via the Austrian dominions de-
clare that the whole nation is carried away
by a kind of fanatical enthusiasm for that
remarkable man the great LUDWIG KOSSUTH.
His voice has been the tocsin of the country. His
words, more than the drums of his soldiers, have
sounded the charge of battle. And carried onwards
by the impulse of that extraordinary genius, the
Magyars are routing in all directions the
formidable armaments of two stupendous despotisms.
BEM has acquired complete possession of Southern
Hungary. After crossing the Franz canal at the head
of 50,000 Magyars, after seizing the entrenchments
of the Croats, and setting the garrison of Peter-
wardein at freedom, after a bloody contest of more
than ninety hours, after crushing the savage hordes
under JELLACHICH, and obliging the BAN to fly to-
wards Kovil, the Commander of the Hungarians has
assumed an attitude that carries dismay to the
Cabinets of Vienna and St. Petersburgh.
Aided by his glorious Lieutenants, by GEORG:IBT,
and by DEMBINSKI, BEM, it is dreaded,
may even dare to invade the Venetian territories.
News from the other quarters of the country recount
events such as to justifythe by GEO
ildestfearsoßfGtEhye
despots. Drives back ignominiously
and DEMBINSKI, driven back, indeed, upon
the Austrian reinforcements hurrying up from
Wait zen, the abhorred PASKEWITCH has tar-
nished the flag of Russia by an inaugurative
defeat. Zomber has yielded to the enterprize of the
army of liberation—Syrmia is stricken with panic—
Sclavonia Is waiting a movement in her immediate
neighbourhood. Theßacska has been evacuated, though
Czarkista still withstands its assailants. And con-
voys of wounded and bands of fugitives are pouring
into Esseg and Mitrovitz. The second campaign of
Liberation has opened with glorious auguries, and
our heart burns now not only with sympathy and
admiration but with hope and confidence in the cause
of the Hungarians.

Another great national undertaking has been as-
sociated with the name of the illustrious Consort of
the SOVEREIGN. Within a comparatively brief pe-
riod of the occasion on which Prince ALBERT laid
the foundation-stone of the Grimsby Dock, his Royal
Highness has commenced a labour of scarcely in-
ferior importance, the laying of another foundation-
stone—the foundation-stone of the Portland Break-
water. By participating in such national ceremo-
nials, the Husband of her Britannic MAJESTY will
best secure to himself the grateful remembrance of
posterity, obtaining that noblest of all noble re-
nowns, the fame arising from the encourage-
ment of the useful and beneficent enterprizes
of peace. The glory of warlike achievements
contrasted with such pacific achievements as those
which tend to the consolidation of the powers of the
country, to the amelioration of the condition of its in-
habitants, to the extension of its influence, and to the
simultaneous enhancement of its wealth, stability, and
happiness, shrinks into insignificance. Only one cele-
brity, politically speaking, eclipses that of the Prince
who adorns the surface, and develops the vigour of the
institutions of his land—the renown of the patriot who
sheds his blood in defence of her indefeasible
rights and of her immemorial prerogatives.
Next to the glory accruing to the liberator of
any nation, is that which Immortalizes the memory
of one who promotes its innate development.
After the WasurisGTort or the KOSSUTH—the Lo-
i EENZO and the AUGUSTUS are the objects of na-
tional admiration. It is fortunate for the PRINCE
CONSORT of England that he is enabled merely by
the exercise of a proper discrimination to connect his
memory with the great labours of this age of enter-
prise ; and in this great maritime country it would be
impossible for him to select more truly national pro-
jects for encouragement than those which will tend
towards the security, the facilitation, and the ad-
vancement of its naval and mercantile adventures.
We have consequently every reason for offering our
felicitations to his Royal Highness upon his share
in the interesting ceremonial of Wednesday, the lay-
ing near the Isle of Portland, opposite the coast of
Dorsetshire, of the foundation-stone of the future
Breakwater.

Two divisions that took place during the past week,
on the motions of the Hon. Members for Oxfordshire
and West Surrey, and to which we have already
directed the public attention, afford the strongest in-
dications of the great progress of opinion in favour of
economy and retrenchment. That financial reformers
should support "a reduction of ten per cent. in all
salaries of the Government departments at home and
abroad," or a resolution to the effect " that a
greater amount of taxation is levied upon the
people than is required for the good and efficient
government of the United Kingdom," and
declaring that " adequate means should be forth-
with adopted to reduce the expenditure of
the Government," is by no means surprising; but
when we find Ulta-Tories and Protectionists con-
demning the wasteful expenditure—" the needless
places—the extravagant salaries—the unnecessary
works and establishments" that have heretofore been
sanctioned—then, indeed, it becomes manifest that a
mighty change is about to take place, that the bur-
dens under which the labouring classes so long
groaned are at length becoming intolerable to all,
and that the entire community will speedily
weetychcoij
co-operate
together in order to obtain the relief
essen-
tial to the welfare and prosperity of the nation.
Ministers, if they desire to retain office, must make
up their minds to thorough and comprehensive re-
forms in the currency, the taxation, and the expendi-
ture of the country.
These questions are more intimately connected
with each other than might be apparent to a superfi-
cial observer. The pressure of taxation depends as
much on the condition of the money market, and the
state of the currency, as on the amount to be levied.
Great reductions have, unquestionably, taken place
of late years. Taxes on raw materials and on food,
that pressed severely on the industry of the country,
have been abolished or greatly modified, but the be-
neficial results of these changes have been more than
neutralized by the monetary legislation of 1844, and
the scarcity of circulation consequent upon
that most unwise and impolitic measure.
The existing burdens are as oppressive and
intolerable, and the complaints ' are as loud and
general, as they were when the nation was paying
every war tax to the fullest extent.

It is obvious, then, that no reductions of expendi-
ture—no economy, however stringent—no fiscal
changes will afford adequate relief to the country,
unless accompanied by an extensive measure of mo-
netary reform, under which there will be a currency
sufficient for the wants and exigencies of the nation.
There is an abundance of real capital, but there is a
lamentable want of its representatives. That capital
is to be found in the thews and sinews of the working
classes—in the labour of those whose chief desire Is for
employment, but which labour remains idle and
unproductive from the want of proper means for
setting it in motion. A sufficient circulation is the
very life-blood of industry; whenever there is a de-
ficiency, the trade, the commerce, the manufactures of
the country languish and fall away, production
ceases, and distress and suffering become the lot of all
who earn their daily bread by their daily labour.
Now, the effect of the existing monetary code is to
reduce the circulation to the lowest degree. It is no
longer permitted to follow the ordinary rules of
demand and supply ; but whenever the demands are
most urgent, the supply, in place of being propor-
tionately extended, is contracted in an inverse ratio.

Whenever, therefore, there is any prospect of a
" tights) ess," as it is termed in the money market, all
persons hasten to provide themselves with the neces-
sary funds in the first instance, before the intensity
of the pressure sets in ; there is a general desire for
hoarding, which aggravates the existing difficulties.
A pan is sets in, and every description of property is
deteri orated in value. Sacrifices, that may truly be
terme d " alarming," are made to avert bankruptcy
and r Uhl ; and at length Government is compelled to
interfere, and to attempt by a coup d'etat to restore that
confidence, the absence of which is altogether owing
to ths•ir own mischievous legislation with the national
cumncy.

THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.
The Patrie announces the receipt by the French
Government of a telegraphic dispatch stating the
acceptance by the King of SARDINIA of the Austrian
ultimatum and the conclusion of a definitive treaty of
peace between the two Powers.
In the Legislative Assembly the first article of the
law on the press, punishing persons who publish at-
tacks on the PRESIDENT of the Republic, was agreed
to after a lengthened discussion.
The expulsion from France of Di. CHARLES MINA -
PARTE, Prince de Canino, the cousin of the PRESI-
DENT of the Republic, was then brought under the
notice of the Assembly.
The PRESIDENT announced that a demand for in-

terpellations to the Ministry had been presented by
M. LACLAUDURE on the subject of the interdiction of
the French territory to one of the members of the
Bonaparte family.
The PRESIDENT of the COUNCIL said he was at the
orders of the Assembly, but he thought it his duty to
observe that, if on every occasion when the Ministry
took measures within the limits of the law against a
foreigner, interpellations were to be brought forward,
a great deal of the time of the Assembly would be
wasted.

The Assembly, on being consulted, decided that the
interpellations should not take place.
The PRESIDENT—The interpellations are post-
poned for a month.—(Loud outburst of exclamations
from the Left—laughter on the Right.)
A VOICE from the Left—lt is a gross violation of
the Constitution. It is a derision—it is a piece of
trickery.

M. nouazAr —They do nothing, and they do not
wish to do anything.—(Laughter.)
The National, in commenting on this scene, ob-
serves :—" The Republic, in its magnanimity, has
abolished the law of proscription which interdicted the
French soil to the members of the family of NAPO-
LEON. M. LOUIS BONAPARTE has, in some sort, re-
vived this law against one of his relations."
It is said that serious divisions exist in the ranks of
the majority in the Legislative Assembly, and that
the Legitimatists have determined to secede from the
ranks of the Bonapartists and Orleanists, and to form
a separate party. The articles which have of late ap-
peared in the Legitimatist organs, such as the Assent-
blee Nationale, the Univers, the Union, and the
Gazette de France, all show a tendency to separate
action on the part of the supporters of the Duc•.DE
BORDEAUX, and would seem to betoken the existence
of an extensively organized Legitimatist conspiracy.
The Three per Cents. opened on the Paris Bourse on
Thursday at 53E. 20c.; the Five per Cents. at 87f. 55c.;
Orleans Railroad Shares, '74of. ; Rouen, 555 f.;
Havre, 250 f.; Great Northern, 417 f. 50c.; Avignon,
186 f. 25c.; Vierzon, 305 f.; Bale, 100 f.; Bordeaux,
395 E; Paris and Strasburgh, 353 f. 75c.; Tours and
Nantes, 305 E

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE, JULY 26.

East Indian, 3 Namur and Liege, 6—Northern of
France, 934 Orleans and Bordeaux, 3 Paris and Rouen,
21% —Sambre and Meuse, 234

SPAIN.

Madrid journals of the 20th have been received.
They announce the arrival of the Duchess of
MONTPENSIER at Gibraltar, and express great gratifi-
cation at the manner in which she was received there.
The QUEEN and the Court are at La Granja.
MADRID BOLSA, JULY 20.—Three per Cents., 261;
Five per Cents., 11i paper. Exchange on London,
50 70 money.

GERMAN Y

AND

THE NORTHERN STATES.

AUSTRIA AND HUNGARY.
[ The intelligence of the defeat of JELLACHICH
by BEM is confirmed in every particular, and the
victory of BEM is as complete as the most ardent
friend of Hungarian independence could desire.
It appears that BEM crossed the Franz Canal,
at the head of 50,000 men, took the entrench-
ments of the Croats by storm, and, after a series of
combats, which lasted four days, compelled the Im-
perialists- to raise the siege of Peterwardein, and
to evacuate the Bacska. The troops of the
BAN, dispirited by defeat, and diminished by
sickness and combat, can make no head against BEM,
who has marched to the south, and the Imperialists
fear that he will enter Syrtnia and Sclavonia. The
BAN has determined to retire in order that he may
not be cut off; and numbers of his fugitive troops
have arrived at Esseg and Mitrovitz ; his head-
quarters are at Kovil. BEM has entered Zomber
amidst the acclamations of the people, and is now at
the head of one hundred thousand men, in complete
possession of the south of Hungary. The Impe-
rialist authorities themselves confess that they are not
aware of the exact position of JELLACHICH, because
all the roads are in the possession of BEM.
According to the General Correspondence of
Vienna, of the 21st inst., they have received disagree-
able news for Austria, from the theatre of war in
Southern Hungary. BEM has crossed the Franz
canal at the head of 50,000 men, taken the entrench-

ments raised by the Croats,, and, after a series of
combats, which lasted four days, has set the fortress
of Peterwardein free from its beleaguerers. They

Tele Act of 1819, for the resumption of cash pay-
ments, was sufficiently injurious to the commercial,
trading, manufacturing, and agricultural interests.
It led, as the merchants and bankers of London pre-
dicted at the time, to a " forced, precipitate, and
highly injurious contraction of the circulating me-
dium ;" the consequences of which were to add to the
burden of the public debt, greatly to increase the
pressure of the taxes, to lower the value of all
landed and commercial property—seriously to affect
both public and private credit, to embarrass and reduce
all the operations of agriculture, manufactures, and
commerce, and to throw out of employment a great
proportion of the industrious and labouring classes of
the community. The gloomy vaticinations uttered
'• by those most competent to form sound opinions on
the subject were completely verified. From the
time of the passing of that fatal law the country has
witnessed constant fluctuations in the value of money,
fluctuations which, according to the testimony of the
11‘911. Gentleman the Member for the West Riding
of Yorkshire, have produced " greater evils—
pec uniary, social, and moral—than the direct
failure of all the banks of issue; since
they were first established in the country." Periodical
visita lions of distress and difficulty afflicted the trade
and commerce of the country. In 1825 the Bank of
England, completely drained of its gold and on the
verge ot' bankruptcy, although with ample resources,
was only saved by the accidental discovery of a box
of one pound notes. On many occasions—in fact,
whenever the screw was put on to bring back gold—
the utmost suffering was endured by the people. It
might have been supposed that the painful experience
of the resiult.s of this Act would have prevented any
further tampering with the currency, any new at-
tempts to oppress the people in order "to secure the
integrity of the standard ;" but, unfortunately,
it was other wise. A new Act was introduced con- .
taining regu lAtions far more stringent than any that
had ever previously been contemplated. The nation
was enjoying one of its temporary periods of pros-
perity ; the Bank was discounting freely, and the
utmost activity prevailed throughout the country.
It was under such circumstances that the Act of
1844 was carried? notwithstanding the all but unani-
mous protest of the bankers of the city of London.
One firm alone, that :of JONES LOYD and Co., re-
fused their signature to the petition against the
measure. The people, however, were indifferent to
the impending danger, and the law was enacted
that absolutely limii`,ed the issue of bank notes to
14,000,0001., a sum arbitrarily selected, and without
any reference to the wants of the country, and with-
out any power of expansion being reserved, however
pressing might be the eltigency.
The nation has now witnessed, and, we regret to
say, has severely felt the paralysing effects of this
fatal measure. The commercial crisis of 1847 was
the result ; the monetary difficulties, the deficient
revenue—the want of remunerative employment are
all its natural consequences. The first object of the
people, then, should be to agitate fur the repeal of
that law, and the establishment of a sound monetary
code, under which the internal as well as the foreign
trade of the country will be properly regarded, and
by which we shall obtain free trade in money as well
as in commodities.