The Sun.
London, England, 1848-11-22 00:00:00

.THE SUN, LONDON,

February, they will bind themselves over to the task
of aggrandizing the fortunes, and of nourishing the
egotism of a man who has hitherto merely tolerated
Republicanism ? Will the citizens of France consent
to mortgage their liberties for the sake of imaginary
successes and fictitious conquests ? Will they not re-
cognise the fact already carved upon the adamantine
tablets of History that the glorious despotism of the
Emperor NAPOLEON was the great necessity of
the age at the commencement of the pre-
sent century ?—that it was required for the
purpose of beating down the insolence of the
Continental Sovereigns; that it was, in reality, Re-
publicanism clad in the armour of Strength, asserting
its capacity to set the old bugbear of the " right
divine" at defiance ; that the conquests of NAPOLEON
were, in short, a sublime vengeance wreaked upon
the royal assailants of the Revolution. In the ter-
rible dangers which sometimes threatened the Re-
public of Rome the power of the Commonwealth was
concentrated in the grasp of her greatest citizen, and
that citizen reigned, during the existence of the
crisis, with the pomp, the authority, and the title
of Dictator. The Republic of France towards the
close of the :eighteenth century was threatened with
dangers more tremendous than ever impended over
the democracy of ancient Rome—dangers of a two-
fold character, those of anarchy within, and those
looming from without in the shape of a Coalition
among the tyrants of Christendom. To save
France from a destruction which must, otherwise,
have been inevitable, to vindicate the right of a free
people to choose its form of government, to expiate
the crimes of the Revolution, and to set the heel upon
the neck of autocracy, the Dictatorship was volun-
tarily decreed to NAPOLEON, under the title of
Emperor. That glorious Dictatorship triumphed for
ten years, until, in fact, its fullest destinies had
been accomplished. When continental Europe
had been conquered from one extremity to
the other—when the imperial banners had floated
over all the palaces of Christendom, from the
copper dome of the Kremlin to the Moorish pinna-
cles of the Alhambra—when the will of NAPOLEON
was alike the law to the shepherds on the Julian Alps
and the fishermen on the Baltic—when his soldiers
penetrated at the same moment into the most distant
portions of Castile and into the remotest corner of
Pomerania—when he had disposed with his own hand
of thirteen diadems—when he was himself an Em-
peror and a King—when JosErn had worn the
crown of Spain, Louis that of Holland,
JERoME that of Westphalia, and Joecains
that of Naples ;—then, and not till then, the Dic-
tatorship ceased, with the temporary success of
the European Sovereigns. At the present moment,
it would be an absurdity to maintain that French
Republicanism requires the same safeguard from
destruction. Thanks to the conquests of the Emperor
NAPOLEON, the principles of Democracy have been
so widely disseminated throughout Christendom, that
the whole Continent is either virtually or actually
revolutionized. No one dreams of invading France
for the purpose of abolishing her Republican institu-
tions, and of restoring royalty to the splendours
of the Tuileries. France has developed her Re-
publicanism since February without a whisper of
opposition from any Cabinet. Her Constitution is
now perfected, and she requires—not a Dictator
under the name of an Emperor, but a Patriot under
that of a President.

General TAYLOR has without doubt by this time
been nominated the successor of PoLa. Will France,
actuated by the same sentiments as those which have
led to this decision in the United States, nominate
General CAVAIGNAC to the office of President ? The
answer will be audible in this country before the
12th of December. Were every one inspired with
sentiments as pure and exalted as those of M. DB
LAMARTINB, we should have no fear as to the result
of the approaching election. Speaking of his own
candidateship for the dignity of First Magistrate of
the Republic, which was founded by his genius and
courage, that great patriot exclaims—
" I should think it unworthy of France to endeavour
to influence her by acts or words. I should think it
unworthy of myself to endeavour to exalt myself in the
face of my country. lam what I am, what God has
made me, neither more nor less. It is for my country
to judge if I can or not still serve it in any way. It is
not for me to plead for my pride, or to humiliate myself
by begging for confidence or votes, which are of value
only when voluntary, conscientious, and maturely re-
' fleoted. It would be said, besides, that I seize on this
opportunity, or that I have contrived it, to publish here
a manifesto, a programme for myself, as candidate for
the place of President What is the necessity
of a manifesto for a man whom France
beheld for three months at the Hotel de
Ville, er at the Hotel of Foreign Affairs ? For a
man who spoke for three months of the Republic, and of
the moderate, honest, constitutional, progressive, and
conservative sense, which he attached to that word?
My name is a manifesto; my life during those three
months is a programme—or if not, there are no mani-
festoes or programmes intelligible to the mind and to the
eyes of the people. I cannot, therefore, consent to
falsify my position, in appearing to desire what I dread.
If I am elected, I will accept, and I will be devoted to
my duty. If I am not elected, I shall be well
pleased, and I will realise the word of an orator in
our first assemblies:—' The Republic would be possible,
if some one would consent to be the second.' I will be
the second, the third, the last; no matter what, provided
the Republic be well served and well defended!"

Such noble and sublime sentiments of patriotism
as these would be sufficient of themselves to entitle
ALPLIONSE DS LAMARTINE to the suffrages of his
fellow-citizens as first President of the Democratic
Republic, One and Indivisible.

Two additional railway statements, of vast import-
ance, have just been published. The directors of the
Eastern Counties and of the Midland Compa-
nies have complied with the strongly expressed de-
sire of the great body of the shareholders, and have
given a full and explicit account of their present posi-
tion and prospects. Nine of the most influential
companies have thus laid their affairs, without re-
serve, before the public, and as it will be impossible
for others of less note to maintain mystery or to with-
hold information similar to that which has been afforded
respecting the affairs of the more colossal undertakings,
we may venture to predict that every circumstance of
the slightest importance that should be taken into
account in estimating the value of railway stock of
any denomination will speedily be explained. One
great cause of the undue depreciation in the value of
shares will thus be wholly removed, and the " Bears"
disarmed of a weapon which they wielded with the
most powerful effect against the property of their
victims. They will no longer be enabled to poison
the public mind with their false and calumnious insi-
nuations. When they speak of the vast increase
of traffic that must take place in order to
maintain the dividends, or of the enormous sums
still required to complete the works, a simple
reference to the authentic " statements " will refute
their erroneous calculations, and serve to re-assure
the minds of those who might otherwise have been
affected by their insidious advice.
The " statements" now under notice furnish no
exceptions to the general rule. They exhibit more
favourable positions and better prospects than could
have been anticipated, and furnish additional evidence
of the soundness and stability of those gigantic un-
dertakings, those wondrous monuments of British
sroal
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It appears from the first statement that
"Eastern Counties Consolidated Stock," including
the
all the " York Extension Shares" registered ore
titled to be registered, and also including a bonus
capital of 1,087,0001. amounts to 5,886,980/.—there
are in addition certain guaranteed stocks which,
increase the " total amount of share capital,
carrying fixed interest or dividend," to 9,717,220/.
The debentures issued (for the Eastern Counties
Company, 820,616/., and advanced tothe Norfolk Com-
pany 30,0001.), amount in the whole to 850,616/.,
and the balance of liabilities beyond assets to be dis-
charged at various periods during the year are taken
at 283,757/. ; making in the whole a grand total of
share and loan capital and liabilities of 10,851,593/.
The amount of liabilities to be provided for, however,
appears to have been rather over-estimated, inasmuch
as no less than 50,000/. has been allowed for contin-
gencies beyond all known liabilities, and there is a

further surplus property estimated to produce
30,0001., which has not been taken into account in
any manner. It is, however, perhaps, the wisest
course to place the matter in the least favourable
point of view, as it will be much more satisfactory
to announce on a future occasion an excess of esti-
mates over expenditure, than the reverse.

The affairs of the Norfolk Company are contained
in a distinct table. They are made up in the same
manner as those of the Eastern Counties, to which
we have already adverted. The consolidated stock
amounts to 1,040,3901. This is increased by certain
guaranteed stocks to a total share capital of
1,722,3701., carrying sxed interest or dividend. The
Norfolk and Lowestoft Company's debentures amount
to 507,5001, and there remains to be paid, to close the
capital account (after deducting the value of the
available assets), 57,693/.—so that the total share and
loan capital and liabilities of the Norfolk Company
amount to 2,287,563. A guarantee has been given
to the Eastern Counties Company that the amount of
the " amalgamated capital of the Norfolk Company "
shall not exceed 2,300,000/.

From this general statement it appears that the
total stock entitled to dividend, and not guaranteed,
amounts to 6,927,3701., viz., Eastern Counties stock
(including the bonus capital of 1,087,0001.),
5,886,980/. ; and Norfolk Company's stock (includ-
ing 87,0701. not yet paid up), 1,040,390/. In addi-
tion to this sum, the guaranteed stocks amount, for
the Eastern Counties, to 3,830,2401., and for the
Norfolk to 681,9801. The debentures and liabilities
of both companies increase the total amount of capital
of both companies to 13,139,1561. (inclusive of the
bonus capital).

The total receipts for the current half-year will,
it is calculated, exceed 400,0001., and taking various
favourable circumstances into account, includ-
ing an additional mileage recently opened
and to be opened, it is estimated that the annual re
venue from and after the Ist July, 1849, will amount
at least to 940,0001., and it is reasonably enough
anticipated that this revenue will be susceptible of
increase; 350,000/. is allowed for working expenses
the guaranteed interest, stocks, debentures, and
liabilities, 320,548/. ; and the net surplus will be
applicable to the dividends or the consolidated stock.
This will, even if no improvement should take place,
fully maintain the amount of dividend that has been
recently paid, and at present prices yield nearly
seven per cent. on the/ capital invested. There
are, however, many circumstances that will further
improve the value of the stock, and thus add to the
beneficial character of the investment.

The further capital required by both companies,

(exclusive of 87,0701. to be called up on certain Nor-
folk shares) amounts only to 355,0001., which may
be reduced by receipts from surplus property. The
total mileage will be 322 miles. The company has
not subscribed to any other lines, but it will have

the benefit of several valuable feeders, without any
responsibility on account thereof.
The debenture debts of both companies amount to

little more than one-tenth of their aggregate capital.
Large borrowing powers still exist unexercised, and
ample means may thus be provided for discharging
the small amount of liabilities outstanding. These
are, indeed, satisfactory announcements, on
which we heartily congratulate the shareholders.
On a future occasion
.we shall notice the principal
features apparent in the " Midland Statement."

THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.

The speeches at the Democratic and Socialist
Banquet, held at the Chateau Rouge on the evening
of Sunday, are represented as having been of a very
violent character. M. LEDRU ROLLIN proposed a
toast "To the Republique Democratique et Sociale,"
thus for the first time openly identifying himself with
the Red Republican and Socialist party. In the
course of his speech M. LEDRU ROLLIN alluded to
the murder of ROBERT BLuas, with whom he had
been personally acquainted. The meeting was ex-
cited almost to a state of frenzy by this allusion.
Both General CAVAIGNAC and Louis NAPOLEON
BONAPARTE were denounced, and M. DR RIBET-
ROLLBS, one of the editors of the Worme, pronounced
an eulogium on ROBESPIERRE and MARAT. In com-
menting on the proceedings at this banquet, the Con-
stitutionnel says—

" We have still the same declamations and the same
violence in sentiments and ideas. Here, fur example,
we have a toast in honour of the men who acted as the
representatives of democratic journalism in all ages.
That the names of Loustalot and Camille Desmoulins
should be saluted causes no surprise; but the name of
Msrat—why should it be pronounced ? To Marat
himself,' exclaimed the author of the toast, and nume-
rous voices responded, Yes, yes, to Marat!' Yes,' re-
sumed the orator, yes, I say, when Marat com-
batted, and well combatted, and was calumni-
ated, we were threatened by the grand aristocra-
cies that Mkrat and Robespierre knew, and if they
combatted with so much energy, it was because
they knew their enemies better than we knew them.' "
On this the Constitutionnel observes, " What better
could we ask our enemies to do for us than to pro-
nounce such names and such words before France? The
glorification of a name that excites horror ! and is it
not strange that the journalist who speaks thus, raises
his ♦oice day after day to demand an amnesty, and,
at the same time, honours the man who demanded
300,000 heads! not oily does he honour him, but holds
up his name as an example. Marat knew his enemies
better than we do. What, do you want to take lessons
in his school? It is you, in point of fact, that have not
ceased to regret, when speaking of the clemency that
followed the first days of February, the conquerors had
not recourse to the arms employed by our fathers in the
first revolution. Give banquets, messieurs of the Social
and Democratic Republic, for in holding such language
you are making converts against yourselves."
The Moniteur du Soir publishes an official contra-
diction of the statement which appeared in the Patric
that the Marquis of NORMANDY had called on Louis
NAPOLEON BONAPARTE.

The same official journal contains the following
from Rome without date :
" M. Rossi has been stabbed in the throat with a dag-
ger, on his way to the Hall of Deputies. Public order
Gas not been disturbed."

M. FERDINAND BARROT, the brother of M.
ODILON BARROT, has published a letter in support
of the candidateship of Louis NAPOLEON. In com-
menting on this letter, the Siècle says :
" However, his candidateship will triumph. Many
are of that opinion—be it so. But what will be the form
of government—the empire with a Bonaparte ? The
Constitutional Monarchy with a Regency or with an
Orleans ? Legitimacy with the Duke of Bordeaux ?
What, in fine ; let his partisans declare. DO you ima-
gine they arc all going to unite as cordially after as be-
fore his election to the Presidency ? Their present sup-
port is only now founded on an idea of distinction, and it
will be kept up for the same purpose. We shall
either have the simultaneous struggles of pretenders,
or we shall have civil war, confusion, and anarchy, en
permanence. _ _ _

" This is not, perhaps, what will be, but what is much
to be feared. We believe in the good intentions of DI.
Louis Bonaparte, but we do not believe in his power to
restrain all the elements of disorder. Many talk of the
unanimity of the votes in some departments. Let the
laws of proscription weigh on other dynasties, and it
will be seen where the unanimity lies. It is only appa-
rent, it is a lure and a falsehood. The moderate party
can only remain united for the defence of society in the
Republic. That will be henceforth easy ; it has only
to give its strength to the Government, and its sanction,
and when it does not do so, society will be in danger."
We read in the National—

"If M. Louis Napoleon appears as little as possible
and never speaks in public, knowing well that he should
gain nothing by being known, on the ether hand, in the
little circle of his friends, he thinks it necessary to give
himself Napoleon manners. When he appears, he has
himself preceded by a chasseur in grand livery, who an-
nounces his entry by the solemn words, "fhe Prince.'
At once the ladies rise, and form a line from the door
to the chimney. The Prince, one hand behind his back
and the other in his waistcoat, in imitation of his uncle,
advances, distributing smiles and salutations to his court
—touching preludes to the grave functions of President
of the Republic, and which show how strongly the candi-
date of the Presse is penetrated with the spirit of the
ago, and with the customs of his country!"

main, It itshae suggestive
head-quarters fact tfhtahtethueldlL'aeugbiotuimrgatSistt. Gareirs--
tocracy, and the Faubourg St. Jacques, the head-
quarters of the insurrectionists of June last, should
both have declared in favour of Prince LOUIS NAPO-
LEON. This circumstance corroborates the views of
those who maintain that the June insurrection was
planned by monarchical intriguers, supported by
Royalist money, and would if successful have been
used for Legitimatiat purposes.
Le Senteur, the organ of the French Protestants,
has declared for General CAVAIGNAC, whose canvass
in the department of the North, and also in Mar-
seilles and Languedoc, has been most successful. In
Languedoc alone he will poll upwards of
400,000 votes.

The difference which had arisen between the Bey
of Tums and the Consul of the French Republic has
been arranged. Admiral BAUDER has, however,