The Sun.
London, England, 1856-01-08 00:00:00

TilE SUN, LONDON TUESDAY EVENING, JANUARY B, 1856

His plan is very clearly developed ; there can be
no doubt or difficulty with respect thereto. But
although it would unquestionably be a consider-
able amelioration of the existing system, a de-
cided step in the right direction, we cannot regard
it as a complete solution of the all-important
problem, or one likely to be accepted as a perma-
nent settlement of the vexed question.
It seems to us that Mr. GODDARD'S plan is open
to some very serious objections—me of the principal
being that the agency of the Bank of England
is still retained, and that a private trading
corporation is permitted still to be, to a great
extent, the regulator of the national currency—a
duty which, according to our judgment, should
only be intrusted to a really National Bank, re-
sponsible to, and under the control and direction
of, Parliament ; and, secondly, that it is, to a
great extent, based on the erroneous principle, of
which Mr. GODDARD himself justly complains, of
treating the precious metals in the twofold cha-
racter of money and merchandise ; and that with
that view a very considerable deposit of gold is re-
quired, which would, to all intents and purposes,
be perfectly useless under any possible state of
affairs. It is, unquestionably, the best bullionist
scheme that has been propounded, but we wish a
better measure and representative of value, one.
that shall possess what we conceive to be the
essential attributes of any really sound system of
currency by being as portable, as inexpensive, as
imperishable, and as free from fluctuation as pos-
sible.

We have so frequently brought forward argu-
ments for the adoption of a National Bank, and
against the usurpation of its functions by the Old
Lady of Threadneedle-street, that it is unnecessary
here to repeat them. We may, however, allude to
the second feature of the plan, which is, that two-
fifths of all the notes in circulation, whether issued
by the Bank of England, joint-stock, or private
establishments, should be based on a deposit of
gold bullion in the hands of commissioners and of
three-fifths of Government securities. This, as
it appears to us, supposing the circulating
medium to amount to 80,000,0001. of gold
and paper—a very low calculation involves
the locking up of 32,000,0001. of gold, more, in
fact, than is required under the existing system,
and which would not be available to the bankers
for the redemption of their notes. The notes
would practically be a legal tender ; but that being
so, -what could be the use of the deposit more than
of a similar weight of paving stones, or of any
other substance, however valueless.
The circulating value of gold might be very
useful if convertibility on demand should neces-
sarily be maintained ; but with the highest re-
spect for Mr. GODDARD, from whom we differ very
reluctantly, we think the plan open to all the
objections that have been urged against the purely
national inconvertible note, while it does not
possess the unquestionable advantages arising
from such a medium of exchange.
The matter is, however, well worthy of discus-
sion amongst the projects that have been brought
forward, not merely from the prestige attached to
Mr. GODDARD'S name, but also from its intrinsic
merits as a ballionist, or at least a quasi bullionist,
scheme.

LATEST NEWS.

THE PEACE NEGOTIATIONS.

FRANKFORT, MONDAY.

The Berlin correspondent of the semi-official
Dresden Journal states that the telegraphic ac-
counts received there from St. Petersburg repre-
sent the state of negotiations as not altogether
unfavourable, there being no reason to fear that
Russia will peremptorily refuse to take the new
peace proposals into serious consideration.

MARSEILLES, MONDAY, 3 P.M.

The Euphrate has arrived, with advices from
Constantinople of the 31st, and from the Crimea
of the 29th of December.

Letters from General Williams of the Ist of
December announce his arrival at Gumri in good
health.

BERLIN, MONDAY.

The House of Representatives has chosen the
Tory Count Galenberg as its permanent President,
in preference to Count Schwetin. The numbers
of votes were 191 to 104.

OUR ARMY IN THE CRIMEA.
DESTRUCTION OF RUSSIAN DOCKS.
(From the Daily News Correspondent.)
CAMP, SEBASTOPOL, DEC. 24.
One of the five celebrated dry docks in the Kara-
belnaia suburb of Sebastopol was demolished by
the French engineers on Saturday last, the 22d
instant, at two p.m., by the explosion of mines.
The destruction of the dock was fully accomplished,
the blast having almost instantaneously reduced
the massive fabric into a ruined and confused heap
of stones.

The intention of destroying a portion of the docks
was not known in camp until an early hour of the
morning of the same day. The six companies of
the 18th Royal Irish regiment, which for the last
month or five weeks have been quartered in tho
Karabelnaia, assisting in the necessary preparations
for the destruction of the three docks in rear, and
the part of the basin in charge of the English en-
gineers, were moved up at five a.m., before day-
light. Their departure was thus unobserved by the
enemy on the north side of the roadstead. It was
considered prudent to march these men up to camp,
in case the Russians might think proper, after the
explosion, to direct a heavy fire on the suburb, and
to avoid all risk of casualties, should any of the
buildings fall from the concussion. This movement
was a sufficient intimation that the explosion of
part of the docks was at hand, but in addition all
servants, and men on fatigue, going into the town
for wood, were early in the morning stopped at the
Radom, and subsequently a cordon of sentries was
drawn round to prevent officers or any person from
approaching within the neighbourhood of the docks
where there was the slightest chance of danger
from the explosion. As it turned out, however,
these precautions proved unnecessary, for the mines
were so laid that the effects of their explosion were
confined to a very limited sphere of action.
The dock selected ley the French engineers for de-
molition on this occasion was the one placed to the
west of the lock through which vessels formerly en-
tered into the great basin. In addition to this
dock, the French have to destroy another dry dock
on the east side of the entrance lock, the lock itself,
which, with its sides and foundations of cut masonry
and magnificent floodgates, has the appearance of
another dock, and half the basin. It is understood
that the engineering operations are completed for
the demolition of the whole of these structures,
and that the object in demolishing one portion only
was to test the accuracy of certain calculations with
regard to the quantity of gunpowder necessary for
effecting the desired result. The quantity actually
employed is said to have been a little over 2,000
pounds English, or 1,000 French kilogrammes.
The French engineers have followed a somewhat
different plan from the English engineers for the
destruction of the docks. They have trusted prin-
cipally to galleries carried across and beneath the
bottom of the dock. They have also, however,
parallel with each side a horizontal gallery, to blow
out the foundation and lower part of each side
wall. In the docks to be destroyed by the Eng-
lish, perpendicular shafts have been sunk at fre-
quent intervals along the sides, for the purpose of
blowing the whole of the sides inwards. Latterly
also, galleries have been constructed beneath the
foundations of the bottom of each dock, so that
their demolition must be very effectual. Arrange-
ments have been made for firing the English mines
by a voltaic battery. The French mines on Satur-
day were fired by means of trains of laid gun-
powder and fuses.
The report of the explosion was by no means loud.
It was heard in camp, but was generally supposed to
be the bursting of some of the Russian projectiles
among the buildings of the town. Nearer to the
scene of the explosion a tremulous agitation of the
ground was felt, and this was followed by the pe-
culiar compressed sound—more like the rumbling
of distant thunder than the usual report of gun-
powder fired from within metal—which accom-
panies subterraneous discharges. Simultaneous with
the noise of the blasting, the air over the situa-
tion of the dock became thinned with smoke,
stones, and rubbish. A large quantity, among
which were masses of considerable size, rose per-
pendicularly upwards, while at the same time a
shower of masonry was hurled from each side up-
wards and curving towards the centre. The greater
portion of these blocks and fragments of stone ap-
peared to fall downwards into the vacant space of
the dock ; scarcely any were observed to fly far
beyond its limits. A dense cloud of smoke filled
and rested over the place of ruin, and this con-
tinued hanging over it for a considerable time, for
there was no breeze to waft it away. No sooner
had the explosion occurred, the crash of the falling
masonry had scarcely died away from the cars,
when the sharp reports of several shells about the
docks and neighbouring buildings told that the
enemy had been no unobservant spectators of the
scene. They hoped to hit some of the troops,
whom they suspected to be in the neighbourhood
of the explosion, the nature of which they no doubt
understood, but, a; usual, fired without affecting
any injury or causing casualty. It is remarkable
how very few casualties have taken place among
the Sappers and Artillerymen, and in the six com-
panies of the men of the 18th Regiment, who have
been quartered in the Karabelnaia during the ope-
rations connected with the mining of the docks,
notwithstanding the constant fire of the enemy.
Until a short time ago, when a shell entered a
company's cooking-house, whence the men could
not readily escape, and where, in consequence, se-
veral were wounded, not a casualty had occurred
among the men of the 18th Regiment. The Rus-
sians appear to have the mega of the principal
points, and moreover, seem to have men always on
the look out, who make signals to the gunners in the
batteries whenever a party of troops are observed
moving in the town, for no sooneris a group exposed
to view than it is fired at. One principal source of
security to our men is, of course, the number of stone
buildings of the town : these not only intercept the
missiles of the enemy as they fall towards the
ground, but afford tolerably safe means of shelter
when a well-directed shell falls too dangerously
close not to be, if possible, avoided by hasty flight.
Report says that all the preparations will be com-
pleted for the demolition of the three docks to be
destroyed by the English in the course of a week ,
from the present date. The arrangements would
have been finished already had it not been for the
large quantity of water which has found its way
into the shafts and galleries excavated for the re-
ception of the blasting powder. It appears that
the reason for the water having entered so copi-
ously into these excavations, while those connected
with the French mines have remained dry, is their
relative position with regard to the termination of
the Karabelnaia ravine, between the Malakoff and
Bedan hills, and at a short distance from the Dock
yard wall. The three docks in charge of the Eng-
lish are separated from the end of this ravine,
where an enormous amount of water had collected,
and formed an immense pond or reservoir, only by
an artificial causeway, constructed at an enormous
expense of labour by the Russians during the for-
mation of the docks, and through this earth the
water gradually percolated. Under ordinary cir-
cumstances the water of the middle Karabelnaia
ravine would drain through the soil and find its
way to the Karabelnaia creek or harbour, and in
this direction the water collected in the shafts has
now had to he conducted, after much labour, by
pumping and other moans of drainage. It would
have been more easy to have drained the shafts
through the great basin, into which the three docks
open ; but this would probably have led to flood-
ing a portion of the French works. When the time
shall arrive for the destruction of the English por-
tion of the docks, it is hoped that their destruction
will be as complete as that of the French dock
already demolished, and if the three are demolished
at the same instant the effect will be propor-

tionably more striking. I have heard it stated
that the floor of the dock just destroyed by the
French engineers has not been so effectually and
completely broken up as it was anticipated it would
be by the explosion, but hardly believe that this
can be ascertained while it remains encumbered
with the ruined masonry at present heaped over
its surface.

The weather has been much milder since the last
mail left. During the daytime there has been a
constant thaw, and it has only been after sunset
that the temperature has reached the freezing
point.

The missing mail, due on the 13th inst. was de-
livered yesterday, the 23d. There is now only one
mail due.

CHRISTMAS DAY.

Every corps is going to commemorate this festi-
val by dinners or feasts. Each company of men
will dine together in their hut, at 1 o'clock, asking
in most cases a few guests. Where there is an
officer's mess-hut established, the officers of the
regiment dine together. The commissariat have
served out for to-day fresh meat, consisting of
beef and mutton, and in addition to the ration of
porter two quarts for every three men. The com-
missariat officers in charge of some of the divisions
will allow one quart (per officer and man) of Tru-
man's porter for consumption to-day at the charge
of one shilling per gallon, exclusive of the cask,
for which, if not returned, one pound will be
charged. All these arrangements are much to be
encouraged. Nothing could exceed the busy ap-
pearance that Kadikoi and Balaklava made yester-
day. Every regiment in our army seemed to have
a large party of 100 or 200 men employed in carry-
ing up to the front a hut, and every officer's pack-
saddle, bat pony and cart, struck one as being
occupied in carrying up provisions and drinkables
of some sort. Unfortunately the majority of offi-
cers who have parcels consigned to them by the
Sardinian have not yet been able to obtain them,
owing to gross delays and terribly bad management
in the parcels office at Balaklava. The indifference
shown as to whether the parcels are landed quickly
or slowly is astonishing. The petty officials seem
quite to forget that these parcels contain, in most
cv.es, comforts for the Christmas. The Osprey,
with parcels, is expected daily. This steam-ship I
have little doubt will be freighted as heavily as the
Sardinian.

The wire from the Monastery of St. George to
Varna is not likely to be again ready for work till
the end of February or commencement of March.
The breakage has been found to be about 25 miles
this side of Varna. In fact, the authorities have
tested this by means of the return current, and
they know almost the point of breakage within a
certain distance of five miles. For 20 miles this
side of Varna, and five miles Yarna side of the
Crimea, the wire is encased in a rope : between
these distances it is simply covered with gutta
percha, altogether about the size of your little
finger. It is reported not to be worth while to fish
up the line ; and even if it was, the chances are
that the straining would injure it. The Monastery
hospital now contains as patients one officer and
70 odd men. Besides Dr. Jameson and his staff,
there are attending upon the sick Miss Weir, who
is second to Miss Nightingale, with two servants.
Drunkenness is very common, I regret to say,
amongst the hospital orderlies ; and, in order to
be able to confine them, and also to look after the
place, a company of men is sadly wanted.
The promotion of Lieutenant-Colonel Campbell,
C. 8., of the 90th Regiment, to full colonel has
given great satisfaction.

FRANCE.
PARIS, MONDAY EVENING.

The Emperor yesterday received in public audi-
ence M. de Olaguibel, who presented letters accre-
diting him to his Imperial Majesty as Envoy
Extraordinary and Minister Plenipotentiary of the
Republic of Mexico. The Emperor afterwards
gave private audience to the Marquis d'Antonini,
Envoy Extraordinary and Minister Plenipotentiary
of the King of the Two Sicilies, who presented the
reply of his sovereign to the letters of recall of M.
Delacour ; to M. Rumpff, resident Minister of the
free towns of Germany, who presented the reply
of the Senate of Frankfort to the letters of recal of
the Marquis de Tallenay ; and to Baron de Worn-
berg, who presented to his Imperial Majesty letters
from H.R.H. the Elector of Hesse, putting an end
to his mission as resident Minister at Paris.
The Memorial des Pyrenees, of the sth, says :
" General Bosquet left Pau yesterday for Paris,
having been summoned to the capital by electric
telegraph. In all probability he is sent for to
Paris to attend the Council of War which is to be
held under the presidency of the Emperor."
" Two battalions of the 50th of the line and the
three battalions of the 39th detained at sea by bad
weather," says the Moniteur, " were not able to
make their entrance into Paris with their com-
panions in arms on the 29th ult. These troops,
who have recently arrived, will enter the capital
on Wednesday. The Emperor will send General
Niel, his aide-de camp, who directed the works of
attack at the siege of Sebastopol, to receive them;
and they will be passed in review ley his Majesty
in the court of the Tuileries, at 1 o'clock."
" Amongst the numerous candidates for the see
of Rochelle now vacant," says the Gazette d'An-
goumois, " Prince Lucien Bonaparte, son of the
Prince of Canino, appears to have the greatest
chance of success."

Imperial decrees confirm three nominations to
the Legion of Honour, and the grant of 18 mili-
tary medals by Marshal Pelissier to officers and
men of the army of the East.
BOURSE, Jan. 7, Two o'clock.—The market
heavy at the opening, but afterwards rallied, on a
report that favourable intelligence had been re-
ceived from St. Petersburg. The Threes rallied
from 62f. 85c. to 63f. 45c. ; the Mobilier from
1,235 to 1,256.
Half-past Three.—Prices continued improving
until near the close, when they again slightly re-
ceded. The following are the last quotations :

Cash. tr. e. End of Month.
4i per Conts 9l 25 —l. -e.
3 per Cents 63 10 63 35
New Loan 64 25

Bank Shares.

3175 Roman

Credit Al:Allier 1255 Austrian
Belgian Fives — Spanish Threes 4O-
Piecimontese B6 5) Home Debt ...... .. 34i

Council of Stl-e, on R - , 7, 111..9, for :n quo of
copper coinage to tho amount of three millions of
roubles.

A new vote to the same effect, under date Nov.
30, 1855, has been sanctioned by the Emperor. A
second issue of copper coinage to the extent of three
millions of roubles will therefore take place at the
rate of 32 silver roubles to the poud.
In a letter from the same place of a day's later
date, and published in the _Hamburg Intelligencer,
it is said :

The energy with which the armaments and other
preparations for war are proceeded with accords
little with the reports of peace which are heard all
over Europe. A special measure has just been
put into execution in view of the campaign in the
north with which wo are threatened. General
Rudiger, commandant of the guard and the gre-
nadiers, has issued the following notification :
" In consequence of the large number of officers
required next year for th© service of the shore bat-
teries and the redoubts constructed for the defence
of the Baltic coasts, naval officers, whose wounds
have rendered them incapable of active service
with the fleet, are invited to serve in the coasting
batteries and redoubts."