The Sun.
London, England, 1856-10-08 00:00:00

THE MONETARY CRISIS IN PARIS.

The Times correspondent (second eiition) thus
speaks of the crisis at present existing in Paris

"It is unfortunate that the financial crisis which now
prevails had not been foreseen and provided for. Igno-
rance can hardly be pleaded, for I believe timely warning
was given by competent persons. The premium on specie
is now so high as to almost banish it altogether from cir-
culation, as it cannot be received but at the legal value.
It is calculated that during the last five years about

1,200,000,000 francs in silver have left the country,
while not more than 700,000,000 f. have entered. If this
calculation be correct, France has lost within that
period 500,000,0001. of its silver coinage, and has re-
ceived double that amount in gold. The result is the
greatest inconvenience in commercial transactions gene-
rally, and particularly in the manufacturing districts,
where silver is indispensable for the payment of wages
to the working classes. In truth, silver can hardly be
found anywhere. 20f. and 10f. pieces in gold are only
to be bad, and 5f., 21., if., and 50c. pieces have nearly
disappeared. The exportation of that metal is the
more rapid that France export., comparatively sp lak-
ing, but a small amount of manufactured produce, and is
consequently obliged to pay foreign merchandise in
specie. This is one of the consequences of the vicious
system of her custom-houses, which the Government
seems afraid to touch, It is evident that, if the manu-
facturing products of this country could be sold
at a relatively low price to the United States, she
could send them instead of the precious metals in
exchange for the grain of the American farmers,
and such crises as the present would rarely take
place, or would be less severely felt. When it was ascer-
tained that the harvest of 1855 was deficient the Meal-
teur announced that the Government had resolved to
leave to private commerce to supply that deficiency.
Full confidence was at first reposed in that declara-
tion ; but it was remarked that in the month of May
or April enormous sales of flour and of w'ieat began
to take place at Havre, through the ageocy of a
well-known house in Paris, and on account of parties
whose names, it is said, were carefully concealeo. A.
fall, of course, rapidly ensued ; the trade took ala:111,
and many who had kept their stock in expectation Of
a rise weret forced to sell at less than the first cost;
of the article. The result was an enormous loss.
It was affirmed at the time that the mysterious
party on whose account these large sales were
effected was the Government, notwithstanding the
announcement in the A f °Weave. Immense quan-
tities of flour and wheat were purchased in the
-United States, which naturally produced a greater rise
than if private traders bought on their own account, and
then sold in France, for the purpose of keeping down the
market. It was calculated that this operation was at-
tended with a loss to the Treasury of about 12,000,000 f.,
with the additional disadvantage of preventing the regu-
lar traders in the pelts of the north of France from
undertaking these operations, fearful, as they must be,
of again encountering so formidable a competition.

(From the Univers.)

The financial crisis with which we are menaced does
not surprise us ; it is the natural consequence of the ex-
aggeration of credit. It is evident that when we borrow,
the time for payment must come, sooner or later ; a per.
petual credit is a palpable contradiction. Stock Ex-
change matters go on for a time, and then comes the day
for a settlement. It is then that the scaffolding of fool-
ish speculations crumbles to the ground ; bankruptcy
succeeds bankruptcy, a mass of shares are thrown on the
market, the value of securities is depreciated, ac., &o.
The dead are then buried, the wounded attended
to, and the game recommences on the morrow with re-
newed vigour. The victims of the Bourse inspire us
with little pity, but it is sad to think that the fever of
speculation has gained the mass of the population. we
have at this moment before our eyes certain establish-
ments which are worthy of Law's famous Mississippi
Bank. Their imaginary profits attract capital away
from useful enterprises which would have fructified.
It may be said that the capitals of France have been
concentrated in Paris ; the provinces are in a state of
penury, which is daily increased by the scarcity of
provisions. Moreover, thanks to the cosmopolitan
quacks who overrun all the states of Europe, French
capital has been despatched abroad. Money is becoming
more and more rare. The war absorbed much, and we
shall require more for the purchase of corn, as the present
harvest appears insufficient. It is not in merchandise, but
in gold and silver, that payments for corn are made in pe-
riods of alimentary crisis. It is true that the mines of Cali-
fornia still send us their bars of gold, but it will soon be
fonnd that the treasures of California have impoverished us.
Our silver money is already on the point of disappearing.
Economists have allowed us to slumber on consequences
which might have been anticipated. Let matters
Pass over in their natural course, has been their
motto. Now, to-day, we perceive that our silver
coinage is vanishing and that it is too late to pre'
vent this emigration. In six months 525 millions
in silver have been exported from Southampton.
It is probable that India absorbs all this iramense quantity of coinage. Gold which lin;
and
cur-
rent in England is no longer a legal tender in Jud in
it is our silver which supplies the deficit experienced
e. Would
East. Economists
mn e
Money
i s are
directedwitnessing
t o
the
point a i n
wt e
where
et
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i_e
rur
nei
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cipleturn chargedwill bring
withit back
expensesag a iene tdo
transportFrancea
eni nOhnalryg
it not have been more prudent to saved these ex-
pensivehay difficult' which
• ,f coin in circu • lation
arise from a sensible diminution
Matters return t
trips ? Have the innumerablepublic
meanwhilefinaniecses ruin
.
been taken into consideration ?
.a
the e their
This
primitive state in the end,
_hot:1%111e
seizes on private fortunes and
must be prevented. Ltheir colonies for it is
we can submit to be despoiled of our
.et us begin by begging the Eng-
tastic idea ente •
rtained 1.3, the East
,r only from a .au
gold et
in th •
lisimishypeeteosirhel-.eesttahabltish
India Company dl nopropos d
e certain eco-
nomists changes
chance of success ; but go-
o acquainted with the real value of the
y,,,rnrecn
• - of economists, and its intention is certNinly that
opinions
-zig to them.
of nut listening
notnists htamYousatsrre y

The Court Jouri.tul, in tspP akin g of Hits Nightingale's
presence at the ball at Balmoral last week, says .
"Mies Nightingale was specially invited to be present,
and was seated with the Royal family and the Court
circle at one end of the hall. This young lady is taller
than the portraits published, of her would lead one to
imagine. In the aevero attack of illness she suffered in
the Ear‘,
it was absolutely necessary to' have all her hair
cut off, and it is now therefore quite short; but a charm-
ing little cap makes a very graceful head-dress ; and in
the elegant and lady-like figure there is everything
that bears out the ideal picture of the moral heroine of
the Crimea which most have depicted to themaelves.

Spirit of the Public Journal:.

for the eight first months of 1855 produced altoge-
ther to the State the sum of 189,706,690 f. ; and of
that amount no less than 189,264,240 f. were yielded
by the taxation of raw materials and alimentary
substances of primary necessity. The Moniteur
and the semi-official journals of Paris set up a
chorus of praise to Imperialism every time the
Customs returns appear ; but they never tell their
credulous readers that the increase which they as-
cribe to the Imperial is really owing to the Protec-
tive system, which tries, by means of duties on raw
material, to participate in the illicit gains which the
French manufacturers so largely get out of the
French people. Yet so it is. It is the duties on
raw materials that yield the increase. A few days
ago the Moniteur gave a comparative result of
taxation during the first eight months of the last
triennial period, and from it we extract the leading
articles of raw material :
1854. 1855. 1856.
Fr. Fr. Fr.
Cotton 10,609,615 13,421,643 14,310,732
Wool 6,014,589 10,496,091 5,979,429
Coal 3,703,760 4,557',164 5,979,429
Bar Iron
Cast Iron 2,868,975 3,754,311 3,526,964
Bar Steel
Lead. ......
Other metals 1.1,554,433 14,95',279 14,961,932
The sum total of all the duties on raw materials
and alimentary substances in that period is—
Fr. Fr. Fr.
93,773,039 189,2,34,210 114,592,525
This detestable and mischievous state of things
is the necessary consequence of a system of prohi-
bitions and protections such as disgraces the French
tariff, and injures to the last degree that French
people for which Imperialism professes so fatherly
a regard.
The result of this perverse system of procuring
revenue to the State, and of this wicked system of
enriching one particular class of the community, is
that the French workmen, or rather the whole body
of French consumers, are prevented from buying in
the cheapest and the best markets nine-tenths of
the materials of their dress, their furniture,
and their food. The French consumer is denied
the opportunity of obtaining from a foreign ma-
nufacturer the cloth for his coat and trowiers, the
woollen stuff or cotton pique for his waistcoat,
the cotton cloth for his shirt ; he can wear neither
foreign stockings, be they woollen or cotton,
nor foreign shoes. As for his furniture and his
household gear, the iron pan in which his wife pre-
pares his food—every article of brass, zinc, cast
iron, hammered iron, tin, or steel ; all cutlery, all
locks, all plated ware, his dishes, his plates, his
glass—all must be domestic, dear, and bad. For
these descriptions of foreign goods are not taxed
on admission into the French Empire ; the/ are
one and all absolutely prohibited. The French
cannot import horse-hair to cover their chairs or
sofas ; or, if it be going out of fashion, woollen
tissue, either for that or any other purpose. They
lie shivering in their beds in winter because the
State, to favour ona class of monopolists, imposes
a duty of 220 f. per 100 kilogrammes on woollen
blankets ; and they sit on their bare floors because
for the sake of another set the Government puts a
duty on our cheap carpets, which is prohibitory in
reality though not in name. Even foreign soap is
denied admission, to please the manufacturers of
Marseilles and the North. Thus, as Michel Che-
valier happily concludes his examination of the
French Commercial System, the liberty of the
French consumer is very like that which was allowed
to Figaro, who was permitted freely to publish his
opinion of public affairs, on condition twat in so
doing he was not to allude in particular to anybody
or anything.
No doubt, Imperialism at the Tuileries has asked
Imperialism at the Corps Legislatif to repeal pro-
hibitions and substitute heavy duties. But then
Imperialism in the provinces had, at the dictation
of the Imperialism at the Ministry of the Interior,
sent to that corps bevies of those eminent
"friends of order," who were all thoroughgoing
monopolists. And " the friends of order" in the
Corps Legislatif proved just as selfish as "the
friends of order" at the Tuileries. They regarded
prohibitions as the Malakhoff of Protection ; and
in vain they were wooed to pass this project of
law. Imperialism is one vast congeries of Pro-
tection ; why should they renounce what all the
other partsof the system were to continue to enjoy ?
Ind so the project was withdrawn, and the pro-
vinces were, the world was told, iv) be consulted
directly through the Conseils-Generaux.
Well, the Conseils-Generaux have met and gone ;
and what say they ? Of course that of the Herault
has pronounced iu favour of freedom of trade, pro-
tection interfering, as it thinks, with the freedom of
sale for its wines. But as for the others, they have
either said nothing at all on the subject, or have
declared themselves Protectionist in one form or
other. And how could it bo otherwise ? The
same system of selfishness which fills the Corps
Legislatif with the " friends of order," fills the
Conseils-Generaux with them too ; and the "friends
of order," as a body, aro all eminently protective
of their own and singularly greedy of other people's
property. We had large experience of them in
Enslaud, and know the genus well. But, though
in the Conse,ils-Generaux these worthies will not
hear of freedom of trade, they loudly protest against
duties on raw materials. Such duties are odious,
mischievous, suicidal, they say. Repeal them, by
all means, they advise Imperialism. That would
I>e true wisdom. Now, if Imperialism at the Tuile-
ries be at all sincere in its Free-trade professions,
it ought to be on its guard against this advice and
entreaty. It seems plausible enough at first sight ;
hut, when examined a little closely, it resolves
itself into merely another form of self-seeking.
Nothing can be worse than the duties on raw ma-
terials, except duties to protect domestic fabrics.
But, if a system of prohibitions and protections is
in any shape to be inflicted on France, the State,
at all events, does to some extent derive revenue
from duties on raw materials. To abolish them
as a preliminary step, before thinking of sup-
pressing even prohibitions, or of providing other
sources of revenue, would be simply to transfer
to the manufacturing monopolists of France the
have seefe n
ItBh9a, that 1689505,
revenue now derived from them by the State.
francs,out of autuotalleCeeusttohmans
Wrevelenu e
189,264,240 francs came from raw materials of one
sort or other. This statement t a once shows how
immense is the vo:_d which acquiescence in the last
proposition of the French monopolists would create
in the Treasury of France with its rapidly growing
expenses. It would transfer nearly eight millions
sterling to the monopolists from the State, and at
one blow destroy nearly the whole existing Cus-
toms revenue. Such is the answer of the Conseils-
Generaux of France to the appeal which Impe-
rialism has made to their patriotism.
What France wants and needs is increased, not
diminished revenue—new sources of income to the
State. But these she can, happily, only acquire
by means of freedom of commerce ; and how any
nation can hope to get freedom of commerce except
through the instrumentality of political freedom
surpasses our comprehension. This, at all events,
is clear, that the Corps Legislatif and the Conseils-
Generaux, being neither of them the organs of poli-
tical freedom, are not, and cannot be, the avenues
,o commercial freedom in Imperial rance.

(Front the Tines.)
"Representative institutions," to quote a dis-
tinguished authority, "are now on their trial."
The responsibility of showing this principle to its
greatest advantage rests on the Metropolitan Board
of Works, and the scene of the ordeal is the Coun-
cil-chamber, Guildhall. The chosen representa-
tives of this free and enlightened metropolis there
meet from time to time to take measures for its
material improvement, and, as the body is a new
one and its functions important, the public look on
with considerable interest. They have not quite
fair play. The cleansing of the Augean stable was
y l
only one out of the manabours of Hercules ;
and, if we remember right, he was not set to this till
he had established a reputation by more romantic
hievements. Had he failed in this instance it
would only have shown that the conqueror of lions,
hydras, and boars might be a very indifferent sca-
venger. Moreover, the hero was not restricted by
the terms of his engagement from making what
use he pleased of all the natural resources at hand.
Our metropolitan senate, however, while repre-
senting the population and receiving the revenues
of a German State, is set first wholly and solely to
the drainage of this great human stable, this dirty
metropolis. That is its only probation. It is a
task in which failure will be not only disgraceful,
but odoriferous and pestilent. It will address itself
to every sense in our bodies. It is a task, too, in
which success will be simply the absence of smells,
headaches, and fevers, things felt when present and
not missed when away. It is hard enough to be
put to such thankless and disagreeable work, but
the conditions attached to it are worse still. It
must be done within four years from the present
time. The whole of the less agreeable products of
this metropolis, inhabited by two millions and a
half human beings, are to be discharged, or other-
wise got rid of, where they may never return
within its very extenslve boundaries. While
the Board meets and meets, again, consults engi-
neers, receives and discusses plans advocated by
warm partisans and pulled to pieces by still warmer
opponents, there sits above another Board, with a
certain Chief Commissioner, who has engineers and
lawyers at his elbow. Still higher above this
Board sits a Parliament that has prescribed these
hard, if not impossible conditions, and compelled
the Chief Commissioner to put his veto on all plans
which his engineers and lawyers tell him are not
fully and exactly in accordance with the act. The
Metropolitan Board of Works have thus to go by
a "letter," the "spirit" of which is rendered by
another interpreter, who has no discretion in the
matter. They seem to us in rather evil case, and
likely to pay dear for the honour of representing
their fellow-citizens. However, they knew what
they had to do, and they must do it as well as they

can.
Thus far they have done nothing with the main
subject in band. They have discussed scheme
after scheme, and committed themselves deeply to
one or two that have turned out to be at vari-
ance with the terms of the act, carefully de-
signed to prevent a return of the sewage to
the metropolitan boundary. The result has
been that the Board has been sent back like an
idle boy to its lessons. Like hungry Sancho, as fast
as it fixed its affections ou a dish, the Court physi-
cian has put his wand on it. This is very hard. To
the nose of a sanitary reformer a sewer or a "sump,"
an "elongated cesspool," or a "deodorising appa-
ratus," can become as fragrant as an "olla podrida."
The Board is to he pitied, yet it is hard to see why it
should he always running its head against a brick
wall. Were they not honest citizens, their obstinacy
would suggest a suspicion of revolutionary designs,
but Parliament in this country is a very dead
wall, and the Chief Commissioner appears to do his
duty as a " buffer" with great solidity. Nor is the
subject itself of their common deliberations, though
in other respects disagreeable enough, fertile at
revolutions. The real fact of the case is, that our
worthy metropolitan representatives are not the
greatest men iu the world. Of their condition we
speak not, though certainly few people in London
know who represents their own district, much less
any other. There is a want of some other sort of
greatness, and greatness is wanted for this subject
as much as for any other. No doubt, ladies and
gentlemen surrounded by lawns and parterres, or,
may be, the still sweeter heather, with the rivulet
at their feet or the waterfall over head, will smile
at the idea of heroic attributes in so disgusting a
matter. If they do, they have forgotten that
pretty story in their Lampri,3re quoted above, as
well as another of which Themistooies was the
hero ; and they have also forgotten the great rule
of common sense, and of religion as well, that
greatness and goodness have respect to the mind
rather than the matter.
Sueely, in a matter so deeply affecting the health
of more than two millions of people, the Board is
too sensitive to the magnitude or expense of a plan.
It is true that a plan may be costly and bad at the
same time, but when one considers that in these
days we think nothing of a railway with embank-
ments, tunnels, and viaducts forty miles long, and
an expenditure of two millions, to shorten the dis-
tance between two provincial towns, a series of
works of that length and that cost does not seem
an extravagant price to pay for the purgation of
this metropolis. Far be it from us to throw new
elements of discord into the perpetual hubbub of
the Metropolitan Senate by taking up any particu-
lar plan; but we must say that they show a sin-
gular reluctance to carry out the plain intentions
of the higher Legislature. They still hug the me-
tropolitan districts ; measures distances with pain-
ful exactness ; discuss the meaning of the word
" near ;" refer again and again to their engineer
for the ups and downs of refuse matter in the
Thames ; and, as one of the Board expressed it
the other day, seem bent on a " close shave."
It is not a case for a close shave. There is an
evident parity of reasoning between the supply
of pure water and the disposal of refuse,
the difference between the two cases being
rather of momentary than of permanent value.
It may happen, indeed, that a man msy be more
anxious to quench his thirst than to clean his cot-
tage or purify the air that he breathes ; but when
bad drainage, and consequent bad air, induce
disease and shorten life, it is in the long run as
much a question of life and death as the supply of
pure water. Yet for the supply of pure water
Rome had aqueducts stretching over the Campagua
amounting altogether to hundreds of miles, of
colossal dimensions and the best masonry. There
was not a single city in the, empire without its
aqueduct; and, even when it lay on a fine river,
as in the instance of Metz, on the Moselle, a moun-
tain stream 20 or 30 miles off was still brought to
the town, for the advantage of pu ritstrhor elevation.
Why, then, should London grudge e expense of
similar works for an object of equal importance
All experience is against half measures and
make-
shift schemes. The Board of Works consulted
economy in Westminster-bridge, and thereby threw
70,000/. into the river. London is an immense
city. Its wants are great. " Beware of little
wars,"
said the Duke, and it may be said on an
occasion
like this, toßeware of little works." They have
all to be done over again, and the next generation
e
that has to pay for new works, as well as the debt
on the old, will not thank us for our parsimony,
If it is possible at an expense not absolutely un-
reasonable and ruinous to carry the refuse of this
metropolis down to the sea, by all means let it be
metropolisistin
the can
ezt.r bearac it,g
done. The property of the
and, if not, seeing that the State
millions of money from our houses in
inhabited house duty, property tax, and shapeof
tax, it may well be called on to give us somesuccession
of
back again for a purpose of national as well as local
it
importance. The labours of the Sanitary Commis-
sion that 1.41 Panmure is justly proud of cost the
country not a trifle. But London is a camp quite
as important as that lately in the Crimea, and its
army is fifty times as numerous. So let us make
mind to a good round sum in this matter
Parliament, in one of its heroic moods, has
fixed our
and, as
fixed the conditions of the task, perhaps it will
have the decency to take a share in the cost.

(From the Daily News of this clay.)
1
The oomplimentary extent to which thetnis-
d '
sionof a
frathe paily News into Paris is interrupted by
the
diminishes
i
al Government increases rather than
s the interest we take in France, and the
hopes wee
uLeernttertain that she is destined before long
to re-e
are that it is by ranks of Free States. Certain we
secure the I),Y this means only that she will ever
tariff of import duties of Free Trade. The present
most barharous legislation
into France is worthy of the
times. First of aeriislation of the least enlightened
materials of the razithe Government taxes the raw
existence ;ernn the manufacturers
which it forces into
by the Govment to rob
are permitted
affects so paternal a care, It the people, for which it
legislation, that when a fo It is of a piece with this
hat the shortest road to freedom journal points out
general freedom, then the
confiscates ers to
Imperial
of trade is through
which is described by its admirers Government,
the cause of Free Trade,be devoted to
the journal the moment it reaches the
copy of
of
the State
As
State must
however the higher functionaries
take theer. will not
themselves peruse the remarks which the
permit others to read, we will
giving them an English view of the presentlberty of
of the French Protectionists. policy
'Co understand this policy it is neo,esßary toes_
plain that an enormous proportion—fully 99:ilue-
dredths, in fact. of the French customs are deri
from heavy duties ex
levied on rawam maials of mavned
facture and of food. For pleter—as it appe-aur;
mitetv—the customs
by a recent, return in the )31-

IRELAND.

DUBLIN, TUESDAY MORNING
THE LASE BARON DE ROBBCK.

It was currently reported yesterday morning
that the body of this unfortunate gentleman had
been discovered in the river Liffey, a little below
Island-bridge, close to the Phcenix-park. The
report, however, proved to be groundless, and as
yet there is no trace of the remains. An evening
paper (the Mail) has the following statement in
reference to the baron's death :
" We are enabled to state the following particu-
lars respecting the disappearance of this lamented
gentleman, of whose death by drowning, we re-
gret to say, no doubt any longer remains, although
the body bas not yet been found. Leixlip Castle,
the residence of the baron, is, as all Dublin people
know, situate close to the fall of the river Liffey,
called the salmon leap, which, in consequence of
the flood (one of the greatest that has been known
for many years), was an object peculiarly interest-
ing on the evening of the accident. Baron de Ro-
beck had twice walked to look at it in company with
his son, Major de Robeck, and upon each occasion
strongly expressed his admiration of the grandeur
of the fall. He wished to visit it a third time, but
was dissuaded from doing so by Major de Robeck,
on account of the dampness of the evening, and,
was left by him for a short time in the drawing
room of the Castle, from which a window opens
upon the grounds close to the river. The last that
was seen of him after wards was by a girl, who ob-
served him from the opposite side of the river,
standing on the brink, looking at the fall for seve-
ral minutes. She then saw him turn away to
ascend the steep bank rising from the river, in
doing which he was hidden from her view by a
brake of bushes. During his previous walks he
had been assisted up this bank by his son, and
the probability is that, wanting that assistance
upon the final occasion, he slipped in, and,
being very feeble, could not recover him-
self until he rolled into the stream and was carried
away by the current, then running furiously. His
handkerchief was found in a weir a considerable dis-
tance down the river, but no other portion of his
dress has been found upon the bank or elsewhere.
These circumstances prove that the melancholy
occurrence must have been purely accidental, and
we trust they will be made known by any of our
contemporaries who may have unintentionally
caused pain to the family by giving currency to un
'ounded and hasty rumours respecting the matter."
BALLINASLOE FAIR.

BALLINSLOE, Monday, Oct. 6.—This fair, as it
has been the largest for many years, so it has
proved the most satisfactory. All parties, buyers
and sellers, are pleased at the prices. The follow-
ing is a statement of the number of sheep shown
and sold for the last three years :
Number sold, 1353
Ditto unsold 15,093

Total, 1853
Number sold, 1854
Ditto unsold

Total, 1854
Number sold, 1855
Ditto uusold

Total, 1855
Monday, Oct. 6, 12 o'clock,
91,774
5,570

Sheep sold
Unsold

Total

97,344

THE BANK OF ENGLAND.

Abundant evidence has been furnished yesterday
of the complete effect of the measures just adopted
by the Bank of England. All pressure for money,
both at that establishment and in the discount
market, has subsided, and the foreign exchanges
have like wise received a most favourable impulse.
A considerable rebound in the stock market might
therefore have been expected, but a check has been
given by the fact that the Bank of France are un-
derstood to have again commissioned their agents
lon this side to purchase gold at any cost. Al-
though the operation, like those of a similar cha-
racter previously enteral into, oan be effected only
at a loss, a further sum of about 120,0001. is
understood in this way to have been withdrawn
yesterday from the Bank of England. To many
persons the question has consequently suggested
itself, will a fresh rise in discount thus be ren-
dered necessary ? But the matter is not one
over which a rise of discount could exert any mate-
rial influence. If the Bank of France are deter-
mined to buy gold at any sacrifice, no addition of
one or two per cent. per annum on the rate of bills
of exchange will be regarded. The only limit to
such an operation must be found in the exhaustion
of their power to buy up bills on this country or to
o!)tain credits here. Sappily, we cannot be called
to pay more than we owe, and if all our liabilities
circulating upon the continent are bought up and
thrown upon us before their regular maturity,
there will simply be so much less to pay a mouth
or two hence. To the Bank of France tho result
is of course of an opposite character. By a consi-
derable sacrifice they obtain money a few weeks in
advance, and when these have passed they must
either be content to receive nothing, or must renew
the transaction with a repetition of loss. In this
manner within a short period they have already
thrown away about 50,0001., which has gone into
the pockets of the coasignees of gold in this country
and other parties. It was hoped, when they re-
cently advanced their rate of discount to 6 per
cent., and announced that they would take any
other stringent measures that might be necessary,
they were about to abandon a system so humiliat-
ing from its futility, but it appears that the exi-
gencies of the moment are such as will not admit
of a sudden change. In a few days another
monthly report will have to be issued, and the
most desperate efforts are believed to be requisite
to mil igate the features it is likely to present. A
considerable amount from Australia is now overdue
iu this country, and if an arrival should at once
take place it will afford the most opportune assist-
ance, since the Bank of France would, of course,
greatly prefer availing themselves of such a supply
to keeping up a direct drain upon the Bank of Eng-
land, which must speedily react upon the Paris
market. As the question whether the panic will
subside or go on till it has led to a suspension of
specie payments may probably, however, depend
upon the way in which the people may view the
next return, it is doubtless felt that every other
consideration must for the moment be set aside.--
Times City Article.

STATE OF TRADE.

MANCHESTER, 0112'. 7.
The additional half per cent. upon discounts by the Bank
of England has led to all but a complete suspension of
business here to-day. The local banks followed the steps
of the national institution without the loss of so much as
an hour's time in giving notice, and contracts partly
entered into on Monday afternoon to a very large amount
for cloths, in consequence of the hardening price of the
raw material at Liverpool, were immediately withdrawn
on receipt of the telegraphic news from London stating the
decision of the Bank directors there. There is no change
in prices, because in the present state of feeling no reason-
able amount of concession would tempt business, and in
fact the manufacturers, with stocks of no great conse-
quence, and with the prices of cotton tending upwards,
are not in a position to offer concessions. The tone of the
market, however, is one of great depression and discourage-
ment. In yarns, as in cloths, prices are quite firm, but
business is almost at a standstill. The telegraphic report
from Liverpool speaks of 8,000 bales having been sold to-
day—a report which in itself tends to uphold the prices of
yarn. Buyers appear disposed to wait and see what fur-
ther changes are likely to take place in the money market
before venturing upon new engagements, and, while very
little is doing for the home trade, exporters to India and
other foreign markets are unwilling to do anything. In
a trade where so large a proportion of business is done
through the instrumentality of six months' bills and other
paper it is easy to conceive that so sudden an alteration in
discounts has been a chock of serious oensequence on all
hands.
Messrs. John Slagg and Co. report :—" Towards the
close of last week, owing to the upward tendency of the
cotton market, there was a better demand for nearly all
kinds of goods, and a fair amount of business was done at
the full prices of Tuesday last. On receipt, however, of
the very great advance In the Bank rates buyers withdrew
from the market, and yesterday and to-day
enera there hi has been
little or nothing doing, but stocks being gllylight we
cannot quote any change in prices."
Messrs. George Fraser, Son, and Co. report The rise
of a half per cent. in the minimum rate by the Bank of
England on Wednesday last, followed by a further advance
yesterday to 6 per cent. for paper 63 days and under, and to
7 per cent. for larger paper running up to 95 days, has
caused a considerable interruption to business in our mar-
ket to-day. There is not much actual change as yet in
prices, but very few offers are made."
LEEDS, OCT. 7.
There was a good attendance of buyers in the cloth-halls
this morning, notwithstanding that the weather was damp;
and at the close of the markets it was found that a good
deal of cloth had changed hands, considering the quantity
of seasonable goods brought into the halls. The advance
yesterday of the rate of discount by the Bank of England
was the subject of conversation, but it can scarcely be said
to have affect el the woollen market. It will certainly check
any false speculation, if there be any, end will probably act
upon the whole beneficially in this as in other commercial
communities. Both wools and cloths continue steady in
Prise.
Tile following is the report of this day's Huddersfield
market :—" The raising of the discount by the Bank of
Eaglaud had its effect on this market. Continued wet
weather operates injeriously also. Trade to-day was gene-
rally The most numerous demands are for low
goods; and of those very light ,nixtured bliwk doeskios go
off '4"1.9, and there are but few sales in fancies. Woo'
trade rather flatter."

BIRMINGHAM, OCT. 7.
There was a good attendance of buyers today, and the
competition was most animated for all descriptions of wool,
Fine fleece's appeared to be most in reglad.

THE SUN, _LONDON, WEDNESDAY EVENIN OCTOBER 8; 18561
LONDON

POLITICAL MEETING AT GREAT
YARMOUTH.

A meeting was held at the Star Hotel, Yarmouth, on
Monday eveniug, for the purpose of receiving Mr. W. T.
M'Cullagh, and Mr. E. W. Watkin (of the Manchester,
Sheffield, and Lincolnshire Railway) as candidates for
the borough, in the Liberal interest. Mr. J. Clowes,
solicitor, was called to the chair.
Mr. M'CULLAGH addressed the meeting with great
effect for nearly an hour. He expressed his opinion
that the faults in the administration of public affairs
rested not so much with the accident of who might be
the Minister of the day as with the House of Commons,
the centre of all power in the country. They had suc-
cessive administrations, but no change in respect to effi-
cient government. The grievances sought to be redressed
in 1852 still remain unaltered, taxation continued to be
enormously increased, although the war had ceased, and
were the Executive over so disposed to propose measures
of progress, it would not be able to carry them as the
house was now constituted. In 1852 there was a very
prevalentfeeling that reform was required in the adminis-
tration, though parties differed in opinion as to the ex-
tent to which it should be carried, but what progress had
been msde 1 With regard to administrative reform it
was too comprehensive a phrase, but in the application
of administrative reform principles men were tested and
seen through. A year and a half since the country was in
a rage at the manner in which the war had been con
ducted, and the cry was irresistible from one end of the
country to the other that those who had thrown the army
away in the Crimea should be made answerable. But had
any sincere attempt been made by the House of Com-
mons, who pretended to be for inquiry, to bring convic-
tion home, and to enforce punishment ! The last scene
enacted in the farce performed with regard to the loss of
the Crimean army took place in Chelsea Hospital, where
some very respectable old gentlemen for a great number
of days heard a deal of evidence of an ex-parte character,
and gave a verdict completely exonerating every one ex-
cept one particular department of her Majesty's Govern-
ment. Those who were most implicated had received de-
corations and distinctions, and there had been a determi-
nation shown on the part of the Tory party to shield the
delinquency, as it was shared in by persons of high rank
and fortune. Administrative reform had been said to be
required in the civil service, but the monopoly in that
service remained as it ever was. The oligarchic power had
never been greater in the couitry than at the present time,
and no disposition was shown by the House of Commons
to effect a change. The heads of each department were
members ofacompact body who had no sympathy withthe
Middle and industrial classes, and he claimed for the
latter a fair share in the government of the country.
Administrative reform had been said to be wanting in
the army, but the House of Commons had inexorably
refused to allow the private soldier returning from the
Crimea to wear a decoration, though an officer might
have it who had not taken the slightest pq,rt in the fray.
Adverting to the sale of commissions, and to the case of
the Earl of Cardigan, who had paid 40,0001. to clamber
up into a position which gave a command in the most
critical times in the Crimea, Mr. WCullagh said such
instances were not solitary ; they were the result of a
system which insured incompetence in the moment of
danger, and ill-direction of our arms when it was most
important that they should be entrusted to those most fit
to control them. The system was at variance with: the
experience of every country in the world which had great
armies and had achieved great influence ; but the 'pus°
of Commons had determined that this system should re-
main, as it was found to work exceedingly agreeal-ily„for
the benefit of a particular class. Touching next on.,the
peace, Mr. M'Cullagh said—While the British ambas-
sador was doing honour to the new Czar, and while the
solemnities were actually in course of performance, Rus-
sia could not control the exuberance of her contempt for
the manner in which she had been let off, and she had
issued a manifesto which !showed that, though her power
might for a moment be weakened and her prudence be
the better part of her valour, she was determined to hold
the same tone of defiance to the free governments of
Europe. She laughed at the alliance between this coun-
try and France, for, with the sagacity of the serpent,
though not the harmlessness of the dove, she knew full
well that between a despotic power and a free people,
when the latter awoke to a sense of their true external
policy there could be no cordial friendship. She
waited the hour therefore when it suited her purpose
to break up the alliance and to wreak her resentment.
What were we doing in the meantime ? Where were our
representative institutions, which should shield us and
strike terror into aggressive powers ! No where, be-
cause the present House of Commons had never lilted up
its voice for the war when war was imminent; had never
sought for inquiry at once, when the war was misman-
aged, and had soon repented of doing so, and had been
ready to accept peace at any price, rather than continue
the burdens which they hated, and the dangers to the
despotisms which they loathed in their hearts. The only
security was a popularly elected and popularly respons-
ible House of Commons, and the Czar would never be
convinced that the house was a representative of the
industrial free heart of England uutil there was a fair
and equal representation of the hard heads and the strong
hands which had made the country what it was.
Mr. WATKIN delivered an address of a similar charac-
ter, and the meeting unanimously passed resolutions
pledging those present to do their utmost to secure the
return of both the candidates at the next election.

I BK.

From the London Gazette of Last Night.

WIIITEHALL, OCT. 0.

The Queen has been pleased to constitute and appoint
James Goodsell Middleton, Esq., to be Major in the Ar-
tillery Company of London, in the room of Samuel Bar-
nard, Esq., resigned.
BOARD OF TRADE, WHITEHALL, OCT. 6.

The Right Honourable the Lords cf the Committee of
Privy Council for Trade and Plantations have received,
through the Secretary of State for Foreign Affairs, a copy
of a Despatch from her Majesty's Minister at Parana, en-
closing a copy of a law recently passed by the Argentine
Legislature levying duties, as follows, upon merchandise
brought into any of the provinces of the Argentine Confe-
deration from within the Capes at the month of the River
Plate, and which law will come into effect in the mouth of
February, 1857.

ARTICLE I.
Ist. Merchandise not subject to specific duty shall pay
double the ordinary duty.
2d. Merchandise subject to specific duty shall, on its in-
troduction, bo subject to an additional duty of 30 per cent.,
ad valorem.

Country Markets.

LIVERPOOL-OCT. 7.

Having a good attendance of millers and dealers at opt
corn exchange this morning, a good consumptive demand
was experienced for the loading articles of the trade. Ordi-
nary and inferior grades of wheat and flour sold at the fall
prices of last week, but superior samples of both articles
commanded an advance of about 2d per bushel and 6d to
is per barrel and sack. Indian corn attracted more atten-

ARTICLE 11.
Merchandise which may be introduced directly from
outside the Capes by the said ports shall continue to pay
only the ordinary duty.
ARTICLE 111.
_ _

The natural and manufactured products of the Oriental
Republic of the Uruguay, of the Republic of Paraguay,
and of the Brazilian possessions situated within the Capes,
introduced directly by the said ports come within the pre
ceding article.

tion than of late, but any addition to price was a check on
business. Old oats and oatmeal firm ; new rather easier.
Beans, barley, and peas unchanged.

HULL-00T. 7.

There was,a small supply of wheat to-day, the condition
most wretched, but which, after the late heavy rains, was
to be expected ; such qualities met slow sale at the full
prices of last week. Anything at all dry fetched is to 2s
more money. For good old wheat we had a large and ge-
neral sale, both local and for Scotland, from whence the,
accounts as to the rain and damage to the crops are truly,
deplorable. Barley is to 2s dearer ; beans Is dearer ; oats;
6d dearer. A good sale for Indian corn. Linseed un-
altered. Cakes rather easier. Rape cakes firm.
_ _

■ 2
Wheat, English, red 65 to 76
Ditto white 72 to 78
Dantzic and Konigs-
berg
Pomeranian and Ham-

ARTICLE IV.
The natural and manufactured products of the Province
of Buenos Ayres shall be admitted free of duty as national
products.
BOARD OF TRADE, WHITEHALL, OCT. 6.
The Right Honourable the Lords of the Committee of
Privy Council for Trade and Plantations have received,
through the Secretary of State for Foreign Affairs, a copy
of a Despatch from her Majesty's Consul-General at Ham-
burgh, enclosing a oopy of a Proclamation of the Senator
of the Hamburgh Manchlands, prohibiting, under a penalty,
of 50 dols. for each case, the importation of cattle from
the
Duchies of Holstein and Lauenburg, unless accompanied
by a certificate from the authorities of the place from
whence such cattle are imported, stating the district to be
free from the pulmonary epidemic prevailing in those dis-
tricts. Their Lordships have also received information
that a similar prohibition has been enforced in the terri-
tory of Lubeck, as regards the cattle imported from the
duchies of Mecklenburgh Schwerin, Mecklenburgh Stre-
litz, and Holstein, unless accompanied by a like certificate.
BOARD OF TRADE, WHITEHALL, OCT. 6.
The Right Honourable the Lords of the Committee of
Privy Council for Trade and Plantations have received,
through the Secretary of State for Foreign Affairs, a copy
of a despatch from her Majesty's Minister at Athens en-
closing a copy of a circular addressed by the Greek Minis-
ter for Foreign Affairs to the agents abroad of the Go-
vernment, desiring them to bring to the notice of
foreign capitalists the intention of the Government
to concede to foreign companies various public works about
to be undertaken.
The following are the works to which this circular has
especial reference :

15. I .
eas, grey and black to
Linseed, Black Sea.,. 58 to 60
itto Peterabnrgh 5O to 56
itto Riga and Arch-
angel

burgh
Dan ish , Holstein, and Memel 44 to 5()
Friesland 6O to 65 Per ron.
Russian and Odessa 58 to 65 Lins.c., PlnlllolN to 1015 s .0d
Oats, English
Ditto Danish
Ditto Friesland
Ditto Russian 29 to 31 Rape cakes .—s Od to 135 s 01
Barley, malting
Ditto grinding 36 to 40 Ditto foreign
Beans
Ditto foreign
40 to 46jBones
Peas, white and yel. 40 to 421 Flour, per brl. 3ss 3.85

1. Drainage of lakes.
2. Construction of roads.
3. Construction of ports.
The conditions being as follows :
The works to be executed at the expense and on account
of the companies, according to plans previously drawn out
and approved by the Government.
The company will be required to deposit in the National
Bank, if required by the Government, a aim in proportion
to the importance of the work to be undertaken, as a gua-
rantee for the fulfilment of the engagements, both as re-
gards the time fixed for the execution of the works, as
also the other conditions attached to the concession.
In satisfaction of these obligations the Greek Govern-
ment will make the following concessions :
A.—Drainage of Lakes.
To every company undertaking works of this nature
the Government will grant—
(a.) The revenue derived during a fixed time and free
from any impost, or else a certain settled quantity of the
land obtained.
(b.) Freedom from customs ditties on all tools, machi-
nery, kc., required for the prosecution of works, as also
upon the implements and seeds required for the culture of
the land. Should the company desire, for the purpose of
cultivating such land, to introduce settlers, such settlers
irDl enjoy, in addition to the privileges above mentioned,
the following immunities, subject however to the ordin-
ance of the 16th April, 1834.
Freedom from all Customs' duties on-
1. Wearing apparel required by them and already used.
2. Necessary domestic furniture.
3. Carts, animals, &c., required for their service.
4. Necessary implements and all other advantages refer-
red to in the above-mentioned ordinance.
(c.) The Government will further grant to such settlers,
land for the erection of houses, warehouses, churches,
schools, &c., and for gardens, as also the land required
for roads, public places, kc., agreeably to the plans drawn
up. It case the land should not be granted to the com-
pany for a fixed time, on the terms of an entire franchise,
the settlers will not be subject to any personal tax or land
tax.