The Sun.
London, England, 1848-10-25 00:00:00

tit
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LONDON, WEDNESDAY, OCTOBER 25, 1648.

it is stated that, at the Cabinet Council held yes-
terday, it was finally decided that the Royal mercy
should be extended to Mr. SMITH O'BRIEN and
the other State prisoners who mere convicted of
high treason at Clonmel. This course, so strongly
in accordance with the views we have advocated from
th. very beginning, will be received with the greatest
Ve Wife by the community in general.

Arnow, the many plans adopted by the " Bearish
fraternity,'" for the purpose of depreciating the value
of railway stock, and plundering the unfortunate
shareholders, there is one that has been attended with
peculiar success, and which has tended in a great
degree to produce the present extraordinary and most
unfounded panic. Statements of the most exagge-
ro:ed character, respecting the amount to be levied
for the completion of the different lines that had
sCready received the Parliamentary sanction, were
gr,tvily put forward. In the calculations on
which they were based, it was assumed that
the full amount that could by a possibllity be
raised, either by the creation of stock or by
way of loan, would necessarily be levied,
and that the shareholders would be compelled to pay
up thaw large amounts within an exceedingly limited
period. No credit was given for the large amount
that hays already been borrowed and already expended
by several of the companies in the completion of
their undertakings. Nothing was allowed for the
number of Bills that passed through Parliament, in
which no steps have since been taken to carry out the
proposed undertakings, and.which are now virtually
defunct, with but little prospect of resuscitation. No
account was taken of the number of duplicate entries,
iu which the same sum figured in different accounts,
as where an Act was passed for the construc-
tion of a particular line, and another to authorise
an existing company to subscribe for a certain

number of shares therein, and to provide a portion of
the capital to be raised by the second Bill, and which
should therefore have been subtracted from the
general amount, to show what really was to be
raised. If the parties preparing these specious
accounts desired to present a fair and accurate re-
turn all these elements should have been taken into
the calculation, and a result very different indeed
would have appeared from that which has been so
prominently put forward. But the object was to
excite a panic, and it signified little whether the
argurneLt was sound, provided it was plausible,
whether it would bear the test of close and accurate
investigation, provided it created an alarm in the minds
of timid and unreasoning persons, and induced them
to sacrifice their property much below its real value—
to rush blindfolded into the snares that hail been pre-
pared for their reception.
A respected provincial Contemporary, the Leeds
Intelligencer, has rendered good service by its able
exposure of the exaggerations to which we hare above
referred, and by its estimate of the sums that are ac-
tually and bona fide to be collected, and which must
be provided by the shareholders, which amount to
less than ono- third of that which has been stated.
The calculations which we have extracted from the
columns of our contemporary will be found in another
part of our impression this day. They are worthy
of an attentive consideration, and will most
probably relieve the minds of many from the vague
and unfounded notions under which they laboured,
and which, from their very uncertainty, occasioned a
greater panic than would have arisen if the very
worst anticipations of the croakers had been fully rea-
lised. The shareholders might exclaim—
" Shadows to-night have struck more terror to the soul
of Richard
Than cuutd the substance of ten thousand soldiers,
Armed all in proof, and led by shallow Richmond."
The dispersal of the mist by which interested and
prejudiced men have obscured their vision will,
however, restore their confidence, when they discover
the true extent of the difficulty that is to be en-
countered, and which, though formidable, is by no
means insuperable, when the resources and determi-
nation of Englishmen are taken into consideration.
The basis on which our Contemporary has framed
this estimate appears to be perfectly correct—an
account of all the calls that can be made upon all
shares named in the " Londoa Daily Share List" is
taken, assuming that the whole amount thereof must
be paid, which amounts in the whole to 62,760,335/. ;
to this is added the shares of other companies not
quoted in the London market, on which calls may be
made, which swell the account to 66,760,3851. ;
and in arriving at this result, it is stated
" that not a single line likely to make a
call is omitted ;" indeed, as the names of the
various companies, with the respective amounts to
be levied by each are given is extenso, any possible error
may easily be rectified by these who have all the
anxiety to mystify matters, and to extend the sum
total to the very highest figure, if in their power so
to do. From this large amount, however, is to be
deducted the sums tart might have been raised under
defunct schemes, or under projects portions of which
have been abandoned and the shares reduced; also
calls to pay off loans, or to purchase completed
lines, in which it will be only a transfer
from one set of persons to another, these various re-
ductions amounting in the aggregate to 26,641,0491.,
will diminish the sum total to be raised in these
various undertakings to 40,111,2561., which is the
amount that now remains to be called up, and
which will be spread over more than three years, so
that on the whole, in place of three and a half
millions per month to be provided by the
country, the average will not exceed one million per
month, the greater portion of which will speedily be-
come reproductive, and indeed bring some of the
large sums already expended into profitable opera-
tion. This is nothing so very terrible after all,
or of such a character as to inflict serious injury
upon the community in general. Bat still further
reductions might be effected in the amount if due al-
lowance were made for the cal!' to be rude by the old
companies to pay up the shares they hold in new
lines, and also for the Irish lines, the construction
of which will be postponed, or very possibly effected
by means of Government assistance, which will, of
course, reduce pro kosto the amounts to be obtained
from the shareholders. On the whole let the share-
holders not be dispirited, let them believe there is a
good time coming, and it will come—let
them determine not to sacrifice their pro.
perty for less than its fair value, but to
retain it in their hands until a fair price is
offered, and that price will eventually be offered
Above all, let them not encourage the " Bearing

system by sending in their shares to enable those
parties to complete their speculative contracts, by
which they must become severe losers, if the share-

holders do not play into their hands, to their own
grievous loss, perhaps ultimate ruin.

On Monday the 23d of October, the National
Assembly completed its labours upon the Republican
Constitution. France may at length be considered,
therefore, to have emerged from the disorder conse-
quent upon a revolution. A glorious fane has risen
" like an exhalation " from the ruins of three succes-
sive dynasties. The corruption and the debrie of the
monarchical system have been swept away—new and
enormous foundations have peen dug out —the super-
structure has been reared—and, to complete the
great edifice of the Republic, there are now only
wanting the garniture of the organic laws and the
cupola of the Presidency. When that shall have
been accomplished the Republican institutions will
then in truth be consolidated; Democracy will then in
truth be cne and indivibible ; it will then in truth be in
a condition to carry out effectually its beautiful and
sublime principles of Liberty, Equality, Fraternity.
Until such time the Government of France must
necessarily continue to be of an essentially provi-
sional character. Until the organic laws shall have
been definitively decreed, until the first President
shall have been elected and installed in the Republi-
can palace of the capital, the country must neces
sarily continue to be liable to the perils of cern:piracy.
and the terrors of rebellion. It is for this reasor,
that the rapid advance of the representa-
tiv,s towards the completion of their vast
and momentous labours is a circumstance
worthy of eliciting our fullest and most unani-

sneers of scepticiim and the sardonic taunts of infi-
delity ; it will remember the self-possessed and effec-
tive declamation of ODILLON BARROT, the zmditative
and scholarly discourse of VICTOII. HUGO, the abrupt,
generous, masculine, and soldier-like harangues of
EUGENE CAVAIONAC ; and beyond all, and above
all, it consecrate with its admiration
the various init. extraordinary orations pro-
nounced from the tribune by the lips of
ALPHONSE DE LAMARTSNE, orations which for depth
of sentiment, profundity •f thought, nobleness of
principle, grandeur of style, and poetic beauty of elo-
quence, are worthy of the genius whose voice had
played over "the immense gamut which starts from
reverie, to mount to enthusiasm or sink to despair "
in that "gigantic evocation of all human miseries,"
the Verba Novisitima. Such are the recollections
which have been already bequeathed to posterity by
the National Assembly, recollections which have
started into being within a brief interval of six event-
ful months, extending from the commencement of
May to the termination of October.

From the morning on which the Assembly was
inaugurated, when the initiative address of the Pro-
visional Government was read by the venerable
DUPONT (de I'Eure), when Bastaxszu, the ballad-
maker, and LACORDAIRE, the Monk, first took their
seats in the National Senate, from the morning when
the nine hundred representatives proclaimed the
acceptance of the Republic from the esplanade in
front of the old Chamber of Deputies, up to the
evening on which the last article of the project of
the Constitution was decreed, the Members of the
National Assembly have fulfilled the duties en-
trusted to them by the population with a
conscientious exactitude worthy of themselves
and of their country. The successive Pre-
sidencies of BUCERZ, of SIMARD, of MARIE, and
of MARRAST have been marked by the exertions ( f
an enlightened and patriotic Parliament. ARMAND
MARRAST has, it is true, been thrice elected to the
distinguished dignity which sits at this moment so
nobly on his shoulders, and has consequently been
afforded a better opportunity of revealing his capa-
cities than any one of his predecessors, but it is no
less true that those predecessors acted throughout
with admirable integrity. It was nevertheless a
fitting and honourable mark of the national approba-
tion of his conduct, whether as Mayor of Paris or as
President of the Committee of the Constitution, that
M. MARRAST should have been thus three times
elected to the Presidential Chair of the National
Assembly.

The doom of France, during the days which pre
ceded the elder Republic, was sealed by the dissolu-
tion of the Constituent Assembly before the forma-
tion of the organic laws, and immediately after the
completion of the New Constitution. Profiting by
the terrible experiences of the past, the National
Assembly has wisely come to the determination of not
consenting to its prorogation until after the election
of the President, and of not agreeing to the sentence
of its dissolution until after the organic laws have
been inscribed upon the Ferfected aria of the Con-
stitution. By these decisions—deci,iurs xl,ich were
only arrived at on Monday evening-0:e national
representation is meriting well of the country, is
affording evidences of substantial patriuti,,m, and is
oonsolidatirg in a compact, durable, and gigantic
structure the French Republic, One and Indivisible.

TIIE FRENCH REPUBLIC.

We hare received the Paris papers of yesterday.
The National Assembly on Monday voted the last
article of the Constitution, after having rejected the
amendment proposed by M. PUTSEGUR by the enor-
mous majority of 733. The honourable representative
found 43 members only who were willing to support
his proposition. The Constitution will now be re-
ferred back to the Committee for revision, and on
their presenting their report it will be voted as a
whole by the Assembly.
The ill success of the amendment of M. PUTSEGIUR
does not speak much for the strength of the Legiti-
matist party in the National Assembly. The object
of the amendment was to submit the Constitution to
the judgment of the people at large, which, in the
rural districts of the south and west of France, would
be tantamount to submitting it to the revision or rather
to the mutilation of the most bigotted members of the
Parti Pretre, the spiritual desevndants of the Trestail-
lons of 1815.
The 120th Article as it stood in the original stated
that "the provisions of the Articles 30, 38, 39, and 40
of the Constitution shall not commence to be applied,
until after the installation of the President of the Re-
public."
The Committee proposed to substitute for this the
following—
" Immediately after the vote of the Constitution,
the provisions of chapter 4 shall be applied to the Na-
tional Assembly. Immediately after the nomination
of the President of the Republic, the provisions of
chapter ö shall be applied to him,"
The proposition for substituting this article for the
original (a proposition of which, it appears, same of
the members of the Committee were ignorant), gave
rise to considerable discussion, in the course of which
M. DerekUßll admitted that the new article was
proposed with a view to the question of the period
when the election of the President took place. He
said that if the President were elected before the
completion of the Republic he would find himself in
a position without example, because, while he was to
be elected as a magistrate existing in virtue of a
Constitution, and destined to carry out his functions
along with a legislative assembly whose powers wore
regulated as well as his own, the new President would,
in the present case, find himself in the presence of a
constituent assembly which was absolutely sovereign.
It was to remedy this danger that the Committee
presented the new version. A long, confused, and
agitated discussion ensued, and in the end M. Du-
paußE, having admitted that the adoption of the
clause would prejudge the question as to the period
of the election of the President, he consented, in
the name of the Committee, to withdraw clause nO 1
altogether.
An additional clause was then propoied by 1.1.
GLais-Biaots, and adopted by the Assembly, to the
effect that immediately after the passing of the Con-
stitution the Assembly should proceed to the passing
of the organic laws. This closed the discussion on
the Constitution.

mous felicitations. When the sage axiom of Sir The French journals publish a letter from General
JAMES Maxim'roux, that "Constitutions are not BARAGUAT DiIIILLIERE, the President of the club of
wade, but grow," is borne in recollection, it must be the Rue de Poitiers, authoritatively contradicting a
acknowledged that the National Assembly has evinced statement which appeared in the Democredie Pact:-
anything rather than an undue tardiness in ita de- ji'que of Monday, that M. Tunis had, at the meeting
liberations upon the protect of the new Constitution, of the club on Saturday, used hostile language to the
Everything considered, we do think that the Mem- Republic, and said that it was time for the people to
berg of the Assembly are entitled to the most unqualified declare themselves in favour of monarchy.
eulogiums for the rapidity with which they have The following- note has been addressed to the
laboured to secure the weal of 35,000,000 of citizens. journals by Prince Louis NaroenoN :
Their assiduity has only been equalled by their devotion; "Persons of good information having informed the
and while they have studiously economised the public representative Louis Napoleon Bonaparte that insen-
time, while they have sacrificed all thoughts of personal sate people were. covertly
. worliii?g to get up a riot in
convenience, while they have had to encounter thebcoeuend Re-
hall name,.b with
of
fhte
the lovers
oofbjoercd.terofancdonTromlsnin4
most appalling. diffieulties, from the invasion of the huirnacnatrise eyessis
Napoleonh has felt himselsfi
hall of sitting in May to the tremendous insurrection makeP thes'e reports known to M. Dufaure, Minister
of June, when many of them were struck by the of the Interior, adding that he energetically repelled
bullets of the insurgents, while they have sesiu-
lously avoided everything like idle ceremony or the idea of his having any participation in plus so
completely opposed to his political sentiments, and the
unnecessary procrastination, they have adorned the
conduct he has pursued since the 24th of February."
history of the land of their birth with the solid deeds M. VASBENTER, the editor of the Represant du
of patriotism and the luminous glory of oratorical
Peuple, was on Monday condemned to one year's im-
eloquence. In testimony of the one, there are the prisonment, and to the payment of a fine of 2,000
118 articles of the Constitution, deliberated, digested francs, for having published in the number of that
modified, rejected, or decreed. In proof of the journal of the 18th August an article calculated to
ether, there are the brilliant harangues of the excite the hatred of one class of society against
master-orators of the age, some of the finest another, and to disturb the peace of the Republic.
examples of rhetorical inspiration that have ever been The article purported to be a letter from a prisoner
heard in any language, some of the noblest displays in the Conciergerie, giving an account of the de-
of genius and enthusiasm that have ever thrilled
parture of the first batch of the transports of Jane.
The publication, of the journal had. been suspended by
through the bosom of a
.sens'e or fleshed across the
publication of this article..
order of General CAVAIGNAC immediately after the
imagination of a civilized people. Among these
magnificent revelations of oratory, the mind of pos-
signed
Severalnd. of the Prefects in the departments have re-
famousterity will revert in a particular manner to the
FLRE in consequence of the. appointment of M. Dte
speech of ADOLPIII THlsas,.in which, in-
toxicated by the ardour of his logic, the orator mister of the Interior. M. G USA IRD, the I
myself re-
almost chaunted the lyrical refrain " Travail 1 Tra-
feet of Allier and of Aveyron, in addressing his letter of
?gill!" when he pleaded fur the independence of in •
resignation
superlativelytoridreUlous in an old and firm Republican
DUFAURN, says, "It would be
l to consent
r,
dustry, and reprobated the seductive but pernicious
hallucinations of Communism ; it will remember like
the sonorous voice and impassioned gesticulations such sonorousan od and firm
Royalist to remain
as
you undera e., the order of
of LEDRU ROLLIN, when in one memorable speech
`lay
yFsoerntyt -tfivehpeiedceetsacohfedhefaovryt
ofari4ilolnertyvwaieerreiaonn,
which
rose almost to the colossal altitude of MIRADEAU;
it will remember the delicate but earnest grace with hiatsaenboewdlfoOrOts are also
of cannon mounted. The other
which MONTALEMBERT advocated the rights and t' by and Paris is garrisoned
(bey at least 50,000trs000pbsilof es the line, besides National
claimed the perpetuity of Religion in defiance of the Guards AI
and Gardes

The Club of the Rue de Poitiers met on Monday
evening, and resolved not to bring forward any
candidate for the Presidency of the Re public, and to
accept any day that the Government night choose to
appoint for the election, only insisting that the Na-
tional Assembly shall nut be prorogued until after the
election.

In its sitting of yesterday the Assembly rejected a
motion for adding an increase of 6,000`. a month to
the salary of its President.
The Bill fixing the day for the election of the
President had not been presented to the Assembly at
the hour the post left,- and it was said that M. PAG-
NEREE would propose to postpone the election until
after the passing of the organic laws.
PARIS BOURSE--TUESDAY, OCT. 24.
TRUES O'CLOCK.—The rise %Web commenced yes-
terday continued to-day, and for the same causes. The
accounts from Vienna continue to be pacific, and at home
the only serious prospect is from the approaching elec-
tion of a President. For the Account, the French Three
per Cents. have risen 15c., Five per Cents. 20e., and the
Loan 30c. For Money, the Three per Cents. have
riam 15c., Five per Cents. 20c., and the Loan 36c. Bons
du Tiesor not quoted; Bank of France Shares have ad-
vanced 10f.; Belgian Bank Shares not quoted; Belgian
Five per Cents. have risen per.cent.; Spanish Funds
not quoted; Roman have advanced 1 per cent.; Roths-
child's Receipts are the same as yesterday. Exchange
on London (30 days), 251. 45c.; ditto (00 days), 25f.
23c. Railway Shares for the Account, settling of the
31st of October:—Orleans have risen 251.; Northerns,
3f. 75c.; no others quoted. For Money, the Orleans have
risen 25f.; Rouen' 101.; Bordeaux, Northerns, Stras-
burgs, and Nantes, 21. 50c. each; Marsei!les and Versa.
illes (Left Bank), If. 25c. each. Herres remain the
same as yesterday.

BUSINESS DONE IN FOREIGN RAILWAYS AT TM!.
0 and Amiens, b•i—Natnur and Lie e,
LONDON STOCK-EXCHANGE, 0,-.7r. 24.
BNorthern
°ul°gn
of France, 6—Paris and Lyons, 47/B—Park at.d
Strasbourg, 2.

SPAIN.

Madrid journals of the 18th have arrived.

They are filled with details of the proceedings of
the Court. The Prince and Princess of CAPUA are
staying at the Casino, where they have been visited
by the KING CONSORT and by Queen CHRISTINA.
The return of the Duke and Duchess DB MoNyriN-
SIER to Madrid is daily expected. They will be located
in the Palace of San Juan, on the Retina, late the
residence of Don FRANCISCO DI PAULA. The
Duchess, following the example of her worthy
father King FERDINAND VII. of blessed memory,
has been embroidering a petticoat for the Virgin
MARY, which petticoat was, at the commencement of
the present month, carried in grand procession by a
general officer, attended by a royal guard of honour,
to the cathedral of Seville, where it was received by
the ecclesiastics in all due form, who immediately
proceeded to attire the image of the Virgin in the
royal gift. It does not appear that the Duke joined
in the procession.

The civil war continues in Catalonia and Arragon,
and the cruelties committed by VILLALONGI have, as
might naturally have been expected, excited reprisals
on'the part Or CABRERA. VILLALONGA recently shot
nineteen Carlists, whereupon CABRERA, by way of
reprisals, shot twenty of the QUEEN'S officers whom
he had taken. VILLALONGA caused five Carlists to
he shot at whereupon a Carlist corps entered
ilenaguacil and seizad five soldiers and shot them.

MADRID BOL SA, OCT. 18.—Three per o,nts.,
181 buyer., sellers; Five per Cents., 94 buyers,
sellers; Coupons, 54 sellers; Passive Debt, 3/
buyers, sellers ; Bank Shares, 44 sellers. Dis-
count on notes, 2i per cent. Exchange on London,
48 70.

GERMANY

A ND

THE NORTHERN STATES.

AUSTRIA AND HUNGARY.

The accounts from Vienna go only to the evening
of the 18th, and are of a very contradictory character.
In the sitting of the 18th SCUUSELKA announced
that, according to the advices received, the Hunga-
rians had recrossed the frontier, and that M. PIILSKY,
the Secretary of the Hungarian Ministry, had advised
the permanent commission to address itself to the
Central Power to obtain its mediation. He further
reported that the city was prepared for an attack, from
whatever side it might come.
The EMPEROR caused the following proclamation
to be published on the day of his arrival at Ohnutz :
" Hai ing arrived at Olmutz, where I intend to
reside for the present, my paternal heart feels con •
strained to acknowledge the proofs of faithful attach.
merit which I have received from my people through-
out the whole course of my journey hither. I
travelled in the midst of my soldiers because the
country is overrun by evil-minded persons, and my
own faithful people could not everywhere be around me.
"Peasantry of my dominions, have confidence in
your Emperor, as your Emperor has confidence in
you. The abolition of the taxes imposed on the soil,
such as the statute labour and tithes, promised by the
law a'ready published, is assured to you ; and I
hereby reiterate my Imperial word, wl ich has been
verbally given you several times during my journey.
It is my firm resolve to guarantee your liberties. Do
not disquiet yourselves, my faithful peasantry ; and if
there are men who seek to render the words of your
Emperor suspected in your eyes, consider them
traitors to me and your best interests, and conduct
yourselves accordingly,

" FERDINAND.
" WESSENBER G."

(Countersigned)
" Oct. 16."
The Commander of the National Guards of Vienna
having addressed a letter to AUERSPERG and JELLA-
cuicii, exhorting them to retire from before Vienna,
received the following answer from AUERSPERG :
" Head-quarters, Anzersdorf, Oct. 17.
" In reply to the honoured communication of the
26th, of the Commander-in-Chief of the National
Guard, I hasten to make the following statement :
In the first instance, you will be pleased to bear in
mind that the present very lamentable state of things
was in no wise called forth by the,royal military or
their loaders, but this was done by the inhabitants of
Vienna, and especially by a portion of the National
Guards, which attacked us sword in hand, and thereby
caused the sad catastrophe of the 6± of October, in
consequence of which, and to avoid the further effu-
sion of blood, I deemed it necessary to concentrate my
troops between the Schwarzenberg summer palace
and the idere in a position inaccessible to the
should' have maintained this position
pau v
longer but for the difficulties raised by the inhabi-
tants of Vienna against the maintenance of my
troops, and their manifold attempts to make them
unfaithful to their duty, and which, from their
proximity, I could not entirely obviate, and which
was so odious to the troops that it led to the most
lamentable acts of violence towards the persons who
attempted to seduce them, that I resolved to take up
a secure position in the environs of Vienna, but not
in a hostile attitude. Afterwards the Imperial
arsenal (although it was placed under the protection
of the National Guard) was plundered, and the
people of the lowest order armed, arid even a call
issued by the city for a general levy of the landsturin.
I am thereby induced to maintain increased vigi-
lance ; for, under such circumstances, it is impos..nlhe
to infer that the efficiency of the authorities, in which
I might have confidence, can act legally and in de-
f an armed
proteetorial.
pendently under the menacing influence o

Ministry
Under this extraordinary state of things, in which
the ruling authority of the State is a responsible
Ministry in name only—but where there is no
than n a defensive position await the supreme corn-
of War whatever—l cannot do otherwise
i
mend of his Majesty, which I am daily expecting.
(Signed) " AUEEPERG."
When the last accounts left Vienna, the thunder of
cannon was heard in the distance. This, it was said,
proceeded from the Hungarian army, which had ad-
vanced to Schroechard, two leagues from Vienna, for
the purpose of attacking JELLACHICII, whose head-
quarters are at Luxemburg.
The Breslau Gazette, of the 19th of Ott., says :--
"Travellers who have arrived here to-day assert
that a skirmish took place at eight o'clock on the
m,,rning of the 18th on occasion of the occupation of
the Belvidere, between the National Guards and the
troops of the line. The Croats bombarded the city
for above an hour. From the Wienerberg they met
with a brisk reply, and then all was quiet. Great
enthusiasm continues to prevail at Vienna, although
there is a fearful accumulJtion of troops. Win,
dischgratz is at Olmutz with the Emperor. The
French and English ambassadors have, it is said,
succeeded in bringing him to an amicable dispo-
sition."

WINDISCHGRATZ had not arrived before Vienna on
the evening of the 18th.

BA VARIA.

We have received the fallowing account of the
beer riots at Munich:—
"On the morning of the 18th the disturbances,
which had commenced on the previous day, were re-
newed, and a mob, the greater part of which consisted
of soldiers, went round to the different beer-houses,
smashing the tables and furniture where they were