The Sun.
London, England, 1848-11-09 00:00:00

THE SUN, LONDON,

rise.; Men can no more ,be induced to regard FER-
DINAND as a paternal Monarch than to look upon the
diabolical AARON in Titus Andronicus as a paragon
of perfection. While these paeans of joy are being
chaunted by a few of the journalists of London, their
sophistical praises are belied by the noise of the artil-
lery battering down the suburbs of Vienna, the re-
verberations of which have scarcely yet died away.
Regarding the calamities which have recently be-
fallen the Viennese in this particular light, we should
only have cause to sing the dirge of Austrian liberty,
but that we look upon the triumph of the Imperial
party as of _the most temporary nature imaginable.
No Administration could possibly be of a more
fugitive character than the one just appointed by the
EMPEROR, with IVEssxmiaElia as President without
portfolio, with SCHWARTZENBERG as Minister of
Foreign Affairs, BACH of the Home Department,
BUCHNER of War, HELPORT of Public Instruction,
and Bourg of Commerce. Another shake of the
political kaleidoscope and another combination will
have replaced these epherneridw of statesmanship.
On reviewing the movements which preceded the
capitulation of the Viennese, it will be observed with
some astonishment by those who had formed high
expectations of the assistance to be derived from the
Hungarians, that the Magyars were otherwise occu-
pied than in fighting for the protection of the
Austrian capital. A lamentable dispute appears to
have arisen between Mors. and KOSSUTH—a dispute
which led in the first place to the discomfiture of
their forces at Schwechut, and subsequently to the
experience of some still more severe reverses
in the course of their retrograde movement.
For this reason it will be observed that an extraordi-
nary obstacle was removed from between the be-
sieged army and the forces of WINDISCHGRATZ-,
The principal bulwark of the National Guard and the
Academic Legion was unexpectedly destroyed, and
the Viennese were compelled at the most critical
moment to depend solely upon their own isolated
resources. The consequence of all this was inevit-
able. Vienna fell—KossuTn was driven back in
confusion—the city was declared in a state of siege—
all communication between its walls and the sur-
rounding suburbs was prohibited—MESSENHAUSER
Was taken into custody—the Diet was sum-
marily adjourned and dispersed Scriweitrzsiv-
BERG locked the doors of the National Parliament
in imitation of CROMWELL—and martial law became
the only visible form of government. The sudden-
ness with which these changes have been effected is a
guarantee for their evanescence. To render them in
any degree permanent it would be requisite to main-
tain in force the stringent rules essential for the con-
tinuance of the state of siege. The troops would have
to he perpetually quartered in the city. Vienna
would become one vast barrack, and the sceptre
would be permanently replaced by the sword. That
such measures are altogether impracticable is beyond
denial, and, being impracticable, the ultimate down-
fal of the blood stained despotism of Austria is an
inevitable necessity.

The improvement in the prices of railway stock
;hat took place in the latter end of last month has
since been fully maintained, notwithstanding the
strenuous and determined efforts of the " Bears" to
the contrary. The panic has ceased, and nothing
that they can say or do will induce any considerable
number of persons again to sacrifice their property at
ridiculously inadequate prices. In that respect
"their occupation 's gone." They, however, have
contrived to keep the quotations lower than they
otherwise would have been. On Saturday there was
a temporary depreciation, but the notices thereof were
accompanied with the significant announcement
that " the sales were merely speculative." Indeed,
we believe, at this moment that a bona fide purchaser
would find great difficulty in obtaining an immediate
transfer of any considerable number of shares in any
of the dividend-paying lines. The fact is, that the
shareholders are net inclined to sell, even at present
prices, which are still far below the real value, al-
though, on an average, 20 per cent. higher than
they had been little more than a fortnight since.
They are perfectly right in following this course, and
steadily retaining the stock in their own pos-
session. Even at present prices seven or eight
per cent. may be obtained on the amount
invested in the purchase of shares in some of the
oldest and most secure undertakings ; and that at a
time when money is said to be "a drug in the City,"
when the Bank of England has been compelled to
lower its rate of discount in order to compete with
the private banks and large discount houses, which j
were every day advancing money on approved se-
curities at a cheaper rate than it could be obtained at
the national establishment—and when every circum-
stance by which an abundant supply of monetary
accommodation at a fair and moderate interest
is indicated —is distinctly perceptible. There
is an ample supply of bullion in the coffers
of the Bank of England and of the private and joint-
stock banks throughout the kingdom. The !reserve
of notes in the banking department is more than
double the amount necessary for carrying on the or-
dinary business of the Bank. There are no lowering
clouds in the political horizon. The aspects are in
every respect highly favourable, and we may reason-
ably and fairly look for a propitious and prosperous
season, after the long and dreary period of distress
and suffering from which we are emerging. Bene-
ficial investments must be found for the capital which
has been lying idle and unproductive, in order that
the parties possessed thereof might be prepared for any
possible emergency, and railway stock will again be
looked after, now that the mists of prejudice and
ignorance with which it was surrounded are be-
ginning to be swept away, and the vague and un-
founded apprehensions rep'cting it removed by the
clear and satisfactory statements that have been al-
ready published, and the accounts that have been
promised by many boards of directors, and which are
now in course of preparation. Indeed, as the depre-
ciation was greater in respect to railways than of any
other description of property, it is probable that the
reaction will be most conspicuous therein.
In addition to the causes to which we have
above alluded, there are others which, although ap-
parently of less magnitude, will still exercise no or-
dinary influence in these matters. The machinations
of the " Bears" are beginning to be understood, and
shareholders perceive the folly of which they have
been guilty in suffering themselves to be deluded by
their mortal enemies. Precautions, too, are begin
ing to be taken in various quarters that will mate•
rially restrict their power. The mischievous publi

cations of the " Weekly Share List" have beer,
prohibited. The Liverpool Stock Exchange ha,
adopted a highly creditable resolution, mate-
rially restricting the period allowed for the actual

transfer of shares, and thus striking a heavy blow on
the system of "time bargains," which has occasioned
so much mischief. If the example thus afforded be
generally followed, a most important amelioration
will be effected, for which the thanks of the commu-

pity, and more especially of the portion thereof inte-
rested in railway property, will be due to the com-

mittee and brokers of the Stock Exchange, Liverpool.
. We have received many letters in reference to the
attackswho t
hatt himselfh
33uponn the " bearing system," that have from
time appeared in our cmanolumns. One gentle-
o
, t
tto Constantfu i l
yR ea as dme ru, : h a
to-
tempts
blame as the "Bears"
Is"ar
s h signsow
e "Bulls"
f
r the losses that have been
sustained, and that the
as fully as the latter. former Our
class deserves censure
strangely misunderstood (macorrespondent must have
nynents, if he sup-
Poses that we desired to justif
y either. Wobjected
hi all speculative dealing, as inju • e
highest degree. Call it by Whaev:ll3 in the
please, it is gambling, and that of name you
worst description. If there were no it Bans,v,ery
" Bears " would speedily be compelled to withdraw
from the purlieus of Capel-court. Of the two parties
perhaps the " Bulls " are the least mischievous'
Their aspirations are of a more amiable character

;ban those of their ursine opponents. Their effort;

are directed rather to the improvement than to the

deterioration of the property of others. But still, as
we have already stated, they occasion real evil, be-

cause, by purchasing shares which they have neither
the intention or the power of taking up, they are
compelled to become " sellers" in turn, and

thus, perhaps, to add to a panic when it
is excited. An upward tendency is frequently
checked by the " Bulls" corning in to realise their

profits, and thus practically becoming "Bears" in
turn. 13oth classes are mischievous, and the " gore "

of the former is to be deprecated as much as the
" hug" of the latter. The remedies which we have
suggested, viz., the total abolition of time bargains,
and the prohibition, under heavy penalties, of any
contract respecting shares which the party has not in
his actual possession at the time of the sale, will
equally affect both. Shareholders should avoid both
extremes with equal caution, and guard alike against
the undue expansion of prices—the over-speculation
which, in 1845, led to such injurious results—and
against the unwarranted depreciation which has oc•
casioned as much mischief in the present year.

THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.
At the sitting of the National Assembly on Tues-
day, M. BENOIT put some questions to the Minister
of Fereign Affairs on the subject of the foreign rela-
tions of France with Germany and Italy, in reply to
which the following very satisfactory statement was
made by M. BASTIDE. He said that he would appeal
to the Assembly for its judgment on a simple state-
ment of facts. In August last, when the Austrian
army was approaching the frontiers of Piedmont, the
French Government offered its mediation, in conjunct•
tion with that of England, on conditions conformable
with the principles of moderation profeesed by the
Republic. The negotiations were commenced on the
basis approved of by the Assembly itself when sub-
mitted to it by the Government. Before
negotiations could be entered upon it became
necessary to fix a place of meeting the most
convenient for all parties interested. The difficulties
in the way of finding such a place caused consider-
able delay, and, the month of October arriving, the
insurrection broke out at Vienna, and had the effect
of causing a sudden and complete suspension of the
negotiations. Now, however, that they had intelli-
gence that the insurrection had been brought to a
termination, he entertained strong hopes that the
negotiations would be resumed and brought to a
conclusion on those principles from which the Re-
public would never depart. He rejoiced to be able
to say that the principles of moderate democracy
were gaining ground, such as France would willingly
support, for they were in accordance with the inte-
rest of all. Prussia had, for example, listened to the
recommendation of France, and had made conces-
sions in the way of liberty and independence. Nor
bad their advice failed of effect in the Schleswig.
Holstein dispute. With [regard also to Sicily, the
French Government, following :the dictates of huma-
nity, had acted in a way to arrest the horrors
of civil war, and to see that country restored to the
great family of Italian States. He trusted that the
result of their mediation would prove satisfactory.
As to Germany, the Government would continue to
act on those principles of democratic fraternity
which had, up to the present period, guided its
conduct. The most delicate question at present was
certainly that of the insurrection at Vienna; but he
hoped the good sense of the people would lead them
to the discovery that democratic principles would be
advanced without recourse being had to armed
violence. Now, more than ever, did he hope that the
negotiations that had been opened for the settlement
of the affairs of Italy, would be speedily concluded in
a satisfactory manner. The general desire for peace
was gaining ground, and warranted him in antici-
pating, with great confidence, a happy result to their
negotiations. They would soon be sufficiently ad-
vanced for publicity, and to be seen in open day ; and
then it would be known to all on what principles the
Government had acted. For his own part, he would
await with confidence the judgment of the Assembly.
During the course of the sitting the motion for the
adjournment of the Assembly for three weeks, of
which M. Mastcuse. bad given notice, was discussed,
and the proposition was rejected by a majority of 407
to 214. In the course of the debate General CA-
NAIGNAC said, that if the Assembly really desired to
have leave of absence, they need not be deterred by,
anything in the aspect of public affairs, for the Go-
vernment would answer for the preservation of order.
He also added that this was a matter on which the
Government wished to remain neutral, as it had no
notion of interfering, one way or the other, with the
feelings of the Assembly on the subject of adjourn.
ment. Notwithstanding the motion for adjournment
was rejected, it is probable than an adjournment
will virtually take place, inasmuch as the
applications for leave of absence are so numerous that
after next week there will be great difficulty in
" making a House."
The Assembly, in voting the budget, proceeds on
the most economical principles. Reductions to a
large amount have been made in the salaries of the
judicial corps. The First President of the Court of
Caseation of Paris is henceforth to have a salary of
only 20,000 f. a year. All the other Judges are pro-
portionably less. In the Court of Appeal of Paris
the Presidents are to have salaries of only 10,000 f.,
and the Puisne Judges of B,ooof.
The Moniteur of yesterday has the following :
"The Presse has stated, with its habitual temerity,
Cat General CAVAIGNAC, before calling to the Minis-
try Messrs. DUFAURE and Vivien, had offered the
portfolios to Messrs. LEDUC ROLLIN and FLOCON.
We are authorised to give the most positive contra-
diction to this assertion."
The Siecle has announced its intention of giving its
support to General CAVAIGNAC, as candidate for the
Presidency of the Republic.
The cholera has broken out at Dunkirk, and the
Government have dispatched M. MAJENDIE, the Pre-
sident of the Board of Health, to that town, to exa-
mine and report on the nature of the disease.
At the sitting of the National Assembly yesterday
General LAMORICIERE, on presenting a decree for
levying the annual quota of 80,000 men, announced
that the state of the foreign relations of the Republic
was such as to allow the Government to make a con-
siderable reduction in the army.
Marshal BUGEAUD and General CHANGARNIER
have both positively refused to allow their names to
he set up as candidates for the Presidency.
AnD-EL KADBR with a part of his family left Pau
on Thursday last for his new residence near Nantes.
After going through his usual morning ablutions and
prayers, the ex-Emir descended into the court-yard
of his residence, where he personally superintended
the arrangements made for his conveyance, and
placed his wives and his mother in their respective
carriages. He afterwards re-entered the house, where
he took leave of several persons who had come to see
him previous to his departure. His parting with M.
ZARAGOSSA, who had lately held the military com-
mand of the Chateau, was most affectionate. He
then entered an open carriage with his two sons, the
eldest only ten years of age, and in order to testify
his feelings for the reception which had been given
him by the inhabitants of Pau, he requested M.
SICABAIG, the Deputy Mayor and the Commandant
of the National Guard to take a seat in the carriage
and accompany him through the town. All the
streets through which he had to pass were filled with

people, whom he saluted as he passed, the ladies si
the windows waving their handkerchiefs in return

The carriage was escorted by a party of Gendarmes,

and followed by several persons on horseback. On

reaching the extremity of the town ABD-EL-KADER

alighted, and, addressing the Mayor, said, " I quit Pau

personally, but I leave my heart there.

The marks of

sympathy which I have just received tend to render

my departure still more painful. But it is a consola-
tion for me to think that I leave behind me so many
friends." The Mayor made a suitable reply, and after
the ex-Emir had embraced the Mayor and the other

authorities present, he again entered his carriage and
proceeded on his journey. ABD-EL-KADEE was to
sleep at Bordeaux, from whence he would embark on

board a steamer for Nantes.

The Moniteur du Soir says :
ou`:
iWn
tee
rttsttv.e bletfoi lea usni family
Circular
anular
ments by M. Napoleon Bonaparte, son of the ex-King
Westphalia, favour of the candidateship of his
distributed paperwhich
in
theis n not
depart-
ofw ith -
cousin Louis. M. Napoleon Bonaparte states that `some
friends (and relations) have met to support the can-
dida,teship of his cousin.' Re then invites his corre-
spondents to indicate the points where it was necessary
to enlighten public opinion ; to concert with the persons
who are able to give assistance, and to form com-
mittees in all tho localities, and to state the number
of circulars or vote-papers to be seat for distribution
among the electors."
papers
EE
BOO'CLOC URSE, PARIS, WEDNESDAY, Nov. 8.
K.—The Bourse opened to-day very
heavily, and there was every appearance of a continu-
ance of the fall, but all of a sudden everything took a
sudden start. The Five per Ceets., from ea
rl 4 rose
at pus jump to 64f., and afterwards got nearly a franc