The Sun.
London, England, 1856-11-22 00:00:00

_ - -
LOiNTDON, sATUEDA.Y EVENING, NOVEMBER 1856.

THE MARQUIS TOWNSREND, SIR ROBT. PEEL,
'AND SIR CHARLES NAPILR.

On Tuesday evening a dinner was given to Mr. Francis
Hunter, of Tamwortb, in acknowledgment of the manner.
in which he bail discharged the duties of the Mayoralty
during the municipal year just ended. The chair was
occupied by his successor in office, Mr. E. B. Hamel. The
chief persons present were the Marquis Townshend, and
the taco members for the borough, Sir Robert Peel and
Viscount Raynham.
The toast of " the army and navy " was acknowledged
by the Marquis TOWNSHEND. He observed that so much
had been lately said about the navy as to compel him to say
something in its defence. (Cheers.) There were no doubt
gentlemen present who were witnesses of the splendid die-
ply of naval strength which took place a short time since.
A finer fleet was never put to sea. But it had been said
that, though the ships were all that could be wished for,
the men were inefficient and wanting in those qualities
which seamen ought to possess. He regretted to say that
this language was 'used by the Commander-in-Chief of that
fleet. Though that gentleman was an old friend of his, he
could not help saying that he did not believe the statement.
(Cheers.) He could only excuse Sir Charles Napier on the
ground that in a time of war he made use of the expression
as a ruse de guerre to bring the Russians out from behind
their. batteries ; but to hear him make use of it when peace
was declared could only be the result of the squabble
which he had had with the Admiralty. It was hard,
however, that the navy should suffer from any such die-
, cussion. It had been said of Sir Charles Napier that he
was wanting in discretion. He (the noble marquis) agreed
with that ; but no one could say he was wanting in the
discretion which was " the better part of valour."
There was not a more gallant man in the service—(hear)
—and he regretted to have heard Sir Robert Peel, in
a speech at Stafford not long ago, make use of words
which were quite uncalled for, and entirely out of
place ; considering the situation he filled at that time as a
member of the Admiralty, he ought to have been the last
to say a word against any man who might to be said to be
at the top of the service. (Cheers.) He was the more
free to say this because he knew that the hon. baronet—
than whom no man possessed snore kind and gene-
rous feelings, could not but regret that he had wounded
the feelings of one who had spent his life in serving his
country, and whose name was covered with renown, though
in later days he certainly had disappointed the hopes of
his country by not bringing about an action with the Rus-
sians. He (the noble marquis) knew that Sir Charles had
felt it deeply as a slur cast upon his character, the more
especially as he felt that Sir R. Peel might be speaking
not only his own sentiments, but those of the board to
which he belonged. (Hear.) He was in a state of extreme
pain at that moment ; and he had written to the Grand
Duke Constantine, and also to the French Admiral, to
know whether the statement of Sir Robert Peel was

or was not correct. The gallant marquis concluded by
expressing a hope that if over the opportunity should occur
again, whatever the country might be against which we
should take up arms, there would be left no room for
doubt or question as to the ability of the navy to retain
that name which was England's chief ornament ~(Cheers.)
"The health of tho members for the borough" having
been proposed by Mr. SAMUEL HANSO,
Sir R. PEEL, in returning thanks, said, he felt it to
be a great distinction to meet on occasions like that so many
of his personal friends and political adherents. He trussed
that in his support of the Government of Lord Palmerston
he had carried with him the good wishes of his

constituents, and in no way imperilled the kind favour
of those on whom he was dependent for his ability to sup-
port that Government. (Cheers.) He looked back to the
past session with conAdcrable gratification, as he believed
he was justified in slyino. that, with the exception of a
bi id period, when the G'avernineut, for a particillar pur-
pose, gave him a short conga, seldom had he been absent
from the house on any occasion when any subject of public
interest or moment had been under discussion. During the
lest session their time had been occupied in talking about
the war and the administration of tbo army and navy, and
therefore questions affecting. the internal interests of the
country were not adequately considered. Ho hoped, how-
ever, that the next session would be more prolific of mea-
sures intended for the advantage of the country, and that
at its close Government would be able to ask from the'coun-
tryan increased amountof confidence and supper ton account
of what they might have done. He could not help express-
ing what he believed would be the sentiment of the company
and of a very great portion of the public out of doors—his
thankfulness that at a moment of crisis, at a moment of

considerable danger, the Government of this country was
intrusted to a man possessed of such ability, tact, and
prompt resolution as bad marked the Government of the
noble lord the member for Tiverton. (Cheers.) lie believed
that that Government had a right to lv claim to the good

wiehes of the people of this country for having brought to

a succesaful issue aporiod of very' great and-seriota diffi•
culty. All who had an interest in the welfare of the coun-
try must congratulate themselves upon the termination of
a war which was affecting tho trade of England and our
commercial relations with other conntrie,i and that they
had succeeded, in conjunction with our allies, France
.txtrd Sardinia,, in bringing about a state of things which
we began war to obtain, and which we did not discontinue

tilt we had attained our object. (Cheers.) It had bean a
quesLion seriously mooted of late whether this alliance
was likely to continue. It was his opinion that

the alliance with Frauco had been productive of
great good, and would yet be productive of great good for
the civilisation of the world ;but let any alliance with any
country perish rather than that, as Englishmen, we should
sacrifice anything fundamentally connected with our rights
and liberties. Much applause.) All knew that recently
a very serious step had been taken by the Government of
this country in ceasing to hold diplomatic relations with
the Government of Naples. It was said that now there
wero some concessions to be made. But however this
might be, he, like the country at large, was in entiro igno-
rance of the causes which had led to that withdrawal.

He thought, however, that when we, in conjunction with
a Government like that of France, made advances for the
purpose of mitigating certain evils, and from some cause
of other which had not been explained retraced our steps
—when this country found that the fleet destined for Na-
ples had not proceeded to its destination, though imme-
diately afterwards our diplomatic representatives were
withdrawn—every one must feel, as he did, thatthe causes
which led to this ought to be explained. (Cheers.) As for
the war itself, all must have been glad that it had given
them the opportunityofjudgingof the powerand efficiency
of onr naval and military forces, and that after a long
period of peace they had been found equal to the greatest
emergencies ; and while on this subject it could not be ex- '
pected that he should refrain from referring to the remarks
a !dressed by the noble marqui,t o his (Sir R. Peel's) con•
stitueuts in regard to what he said at Stafford. Of course
he had as much right to express his opinion about any pub-
lic man as the noble marquis had claimed for himself that
night, for he should not be the independent representative
of an independent constituency if he were forbidden to give
free expression to the sentiments he entertained on any
public question. The noble marquishad been pleased to say
of him that he had behaved in a most unseemly manner in
speaking of the conduct of the gallant admiral of the
Baltic Fleet. He had said that though that admiral had
disappointed the expectations of the service, it was most
ungenerous,et, o
art
a unfair,
the improperA domnirhalitsy(otn thehehoonc.cbaasiroon-
in question, to make use of the observations he did. But
npart,
s representing and
he must submit that, as member for that borough, he was
amenable to what might be the sentiments of the noble
not
Marquis. (Cheers>)
not hero.
• • •'d there could be no doubt
The MarclaiS TOWNSHEND—You said it at Stafford ;
Sir R. PEEL, resuming, said
that the noble marquis made allusion to the subject as
bearing on the estimation in which his conduct at Stafford
might be viewed by his constituents. (" No," from the
Marquis.)i That was the direct and apparent meaning of
the words he used. (" No.") The noble marquis said it
was not his intention. Well, the words were certainly ex-
ceedingly strong, and were such as it was improper for the
noble marquis to use before his (the hon. baronet's) consti-
tuents, with whom the noble marquis had nothing to do,
and to whom he (Sir Robert Peel) was alone amenable.
(Cheers.) The noble marquis might feel v ery strongly, but
so did he, and so did every man in that room ; and it would
have been base in him, if, knowing this, he had boon afraid
to say so. (Ittehewed applause.) More than this, he knew
that the sentiments he had uttered were shared in by some
of the highest authoritied in the country ; and, since the
meeting at Stafford, the very highest authority in the
country had written to him a letter approving
.of what he
had said, and stating that the conduct of Admiral Napier
was most unwarrantable. (Cheers.) But, while on this sub-
ject, lie begged to utter his most indignant protest against
the exertions which were being made by the gallant admiral
—whose failing intellect and shattered nerves made the
effort even more deplorable—to lower the character of
the Britial!! sailor by pandering to the power, and endea-
vouring to lend a helping hand to advance the prestige of
our recent enemy. (Cheers.) That was conduct unworthy
of any man, and especially one who held such a high posi-
tion in the service of the country as did Sir iChas. Napier.
(Hear, hear.) He was sure the noble marquis would en-
dorse that sentiment. (The hon. baronet concluded by
thanking his constituents for the support they had given
him.) _
_

The Marquis TOWNESIIEND begged to be allowed to say one
word. All he intended to say was that be regretted to see a
person holdingthe situation the hon. baronet did giving utter-
ance in a public assembly to things which ought to form
the subject of a court-martial, and ho certainly did think
they came with a very bad grape from the hon. baronet,
he being one of the Admiralty. In respect to Sir Charles
Napier, he admitted that lie had to a great extent disap-
pointed the country, which might have expected too
much ; but after all that had occurred in the House of
Commons it did seem as if a great deal too much had been
said, and (tho noble marquis) felt for the painful position
in which Napier was placed. Being intimate with him, I
told him from the beginning what a scrape he would got
into. (Laughter.) If he had remained quiet nothing
would probably have boon said, except that the country
would have regretted that a man in whom they had confi-
dence had done notlung. at all. But it was that unfor-
tunate caccethes scrthemll with which ho was afflicted—
that eternal love of talking—that perpetual hatred of
leaving anything quiet, which had been Sir Charles's
worst enemy. (Laughter.) He (the noble marquis) was
not defending him. He thought he was to blame in not
letting the Admiralty know sooner what was to bo done.
He allowed months to pass by, and then simply said, " If
you had sent me out so and so I could have done so and
so." He had brought the storm entirely on himself.
But let him remain quiet for the rest of his days, and get
over the unfortunate mistake he had made. The noble
marquis, in conclusion, expressed his regret that Sir H.
Peel had taken up the matter in the way ho had done, as
he had no intention whatever to depreciate him in the esti-
mation of his constituents, which, indeed, he felt sure was
in no one's power to do. (Cheers.)
The entente cordiale was subsequently completely restored
between the gallant marquis and the hon. baronet. The
latter wasaiked to propose the health of his old colleague in
the representation of the borough, and very gracefully did
he make the amende for his suspicion that theAlarquis
Townshend wished to injure him in the eyes of hif*

tuency. The marquis reciprocated those expressions of
good-will and amity. What had fallen from him was out of
friendship for Sir it- Peel, as he wished to let him know
that it was the universal opinion that what he had said at
Stafford would have been better unsaid.
• The or ly ether noteworthy feature of the evening was a
speech from Viscount RAYNHABI, in which. ho acknow-
ledged his unbounded admiration of the foreign policy of
Lord Palmerston, justified the interference of England and
France in the affairs of Naples, and expressed his Confident
belief that if the dark shadows now visible on the political
horizon did involve us in another war; England wi al be
as willing Si ever to put her fortunes into the hands of the
noble lord the member for Tiverton. (Cheers.)

RUSSIAN RAIL WA. YS.

(Front a Correspondent of the Times.)
ST. EETERSEITRG, 'Nov. 8.

The nine days' wonder of th© sealen 'here is the way in..

which the Credit Mobilier and Count do Morny have got
the ear of the Emperor, and obtained the concession for
four or five'of the principal lines of Railway in• Russia.
These lines measure by hundreds cf miles' in place of the
more sober reckonings in England of by tens; and it will
therefore surprise no one that the extent of work under-
taken by that übiquitous company should be nearly 2,000
miles of railway, and• involve an expenditure exceeding
42,000,0301. sterling' in this country, such being their last
addition to heavy engagenients for similar undertakings in
Austria, Switzerland, Spain, and elsewhere.
The story runs that M. Isaac Pereire, who is celebrated
for his skill in financial' combinations, has quite excelled
himself on the present occasion; the moneyed folks of course
give hini.the credit,.but gossips are not wanting who affect
to say that political even more than financial objects havel
been kept in view, or perhaps held up to view, by the ad
dress of tho ro_pipplltative of rtsce afllie recent corona-
Lien.
It is further rumoured, though it seems difficult to un-
derstand this, except on the above hypothesis of political
consideration, that nothing was known in the Department
of Public Works about the real progress made in the nego-
tiations between Da Morny and Co. and a certain entourage
of the Emperor until a very few. days before the contract
was actually signed. Even now much remains shrouded in
mystery, and the wart of positive information (other than
the short abstract of the principal conditions which have
been privately circulated, and which have been already
sent to London) has given rise to a variety of reports, most
of which it would be useless to repeat hero. Some of them,

however, aro sufficiently plausible to bo worth meniionln7,
and are those which aro generally believed to be true.
Each of the parties signing the contract is supposed to
have undertaken the disposal of a certain proportion
of the shares intended to be first issued, being to the
extent of 75,000,000 silver roubles of Russia, equivalent
to 12,000,000/. sterling, of which one half are to be
issued in Russia, the other 6,003,000/. sterling being
distributed in the money-markets of foreign countries, in-
cluding, of course, England. The shares aro to be each of
125 roubles, 201. teeing, or 500 f., without reference to any
variation from those equivalents by any fluctuations in the
rate of exchange, which is thus fixed, qua this railway scrip
at 61 roubles to the pried sterling, or 38 2-sths pence per
silver rouble—a rate higher than the average of the last
few years, but lower than the exchange of the day, which
is about s 9 pence per rouble, a rise having taken place as
soon as it was known on the St. Petersburg Exchange that
the concession had been granted and the contract for the
railways signed.
Stieglitz and his Russian connections are said to boast of
feeling no difficulty in placing the shares allotted for Russia
in the vaaious parts of the Imperial dominions, including
Poland, where Frankel, the humble servant of Stieglitz,
affects to lead in finance and to command the purses of the
Warsaw capitalists.

The Credit Mebilier, guided by Pereira and driven by
De Horny, the Hopes of Amsterdam, and the Barings of
London, are believed to spread their quota over their re-
spective countries. We cannot, therefore, expect less than
2,000,0001. sterling of this first issue of Russian railway
scrip to be thrown, or at least attempted to be-thrown, on
the London Stock-Exchange.
Rumour adds that the intention is to call for 30 per
cent. immediately, or nearly so. If such should be the fact,
there must have been caution-inoaey demanded by the
Russian Government. Yet the most careful inquiries have
not led to the discovery that any caution money has to be
deposited. Oa the contrary, it is supposed that this usual
precaution or condition will not be enforced, and, if so, it
will be another argument at least, if not proof, that politi-
cal, as much or more than technical or financial considera-
tions have been prevalent, it being well known to have
been, until quite recently, insisted upon in the Depart-
ment of Public Works that caution-money should be
lodged by all who obtained concessions. And (to revert
for a moment to the circumstances uhder which the con-

cession for Russian railways has been granted to the Credit
Mobilior of France and their friends) it is quite notorious
that the present scientific and upright Minister of l'uslic
Works for Russia was extremely anxious to begin the
railways on a more moderateNcale, and to divide the con-
cessions among several, rather than to throw anything into
the hands of one leviathan establishment. And still less
was he, or would any other man of common sense have
been, disposed to givo such an association the right of pre-
emption of all other lines of railway to be hereafter pro-
jected in Russia, which right, it isizolt positively nssertcd,
the Credit Mobilier have got. '
It is possible, however, that another reason may exist
for making so heavy a Call in the 'first instance. It would
bind numbers, perhaps neatly all, to continue to pay up
the other calls rather than sacrifice Go large an instalment ;

and it may be that it is to repay the Russian Government
the money they have already expended on the works and
preparations for the St:Petersburg and Warsaw Railway,
which is to the amount of between 2,000,003. and
3,000,0001. sterling.
The Times of the 30th of October arrived here last night,
and, though the copies coming to private persons through
the post may probably suffer some excision in the Censor's-
office, those coming to privileged persons are exempt from
that ordeal. Consequently tho'articles in the paper of that
date have been perused with great pleasure by all those
who have as yet had the advantage of seeing them, and it
is not doubted that every Englishman will rejoice at the
honest warning you have given to them against becoming
dupes to this Russo-Gallic combination for raising the
wind.

Permit me to add some further hints to that warning.
You have already touched with your " Ithuriel spear" two
great points upon which mistrust should be roused—the
sufficiency or insufficiency of the capital to which the gua-
rantee is to extend, and the success or failure of the rail-

way revenue, which is to recoup the Government for the
guarantee ; and there is no doubt that these are two of the
great blots on the whole scheme.
The railways, as a system, cannot be properly com-
pleted for 15,0001. per English mile (62,000 silver roubles
per Russian verst.) The traffic is not likely to produce a
not revenue over and above the working expenses and
other deductions, which will be equal to the guaranteed
interest of 5 per cent. Of the insufficiency of the estimate
I believe no competent person can doubt—more especially
when it is made known that no regular savings have yet
been made, except from the Warsaw line. Of the insuffi-
ciency of the traffic none can judge better than those who
ot traffic a
freedomffi c ca can
inb entertained—changes
know Russia well, and who unanimously agree that with-
out the introduction of great internal changes no hope of
asufficient
amounttoi
whichproduce it
an
commerce
and in pe person
can scarcely be expected the Russian Government will
grant in our time to their own subjects or to foreigners,
although I am bound to say that reports are abroad and
hopes strongly entertained that relaxations aro expected
to take place before long, but at t
presen
there
are no vi-
sible signs of any such thing.
With all the advantages
arising
from the rebound of
trade in every way since the peace, and from the vast pas-
senger traffic during the coronation fetes on the St. Peters-
burg and Moscow Railway, the receipts of the last six
months on that line do not show a net income of 1 per
cent. on the capital expended, True, the cost of that rail-
way has been enormona, and the egregious folly of the late
Minister of Public Works in his bargains with the
American partners for working the line causes a great
extra, cost; still the prospect is anything but encouraging.
Against the well-known facts of this case it has been
alleged that railways will be made
of Russia, the surface of which is supposed by many to be
favourable in that i espect ; but this is a great mistake. In
some few parts of the country, especially in Poland,
railways may be made for 15,000/. per mile, always sup-
posing the iron track to be single in the first instance,
with passing places ; but in the greater part of Russia
the country is extremely undulating, and especially so
in most of those districts through which the new
lines are intended t be carried ; and the earth-
works, and consequently the masonry, will be quite as
heavy as in England and on most parts of the continent.
You might as well take the cost of continental railways
from the specimens exhibited by the lines which run on
the surface of the plains of Belgium. On this point, how-
ever, I doubt not there are English engineers sufficiently
well acquainted with Russia who will be giving their opi-
nions to their friends at least, if not to the public, for our
English engineers are extremely. chary snfie of ;
aereng the re-
sult of their experiences to get into print. It has, how-
ever, beau freely stated in several circles here that the en-
gineers sent out by an eminent capitalist to study Russian
topography, in a railway sense, did not hesitate to express •
similar opinions to the above.
It is, however, probable that if those best acquainted
with the routes along which the stream of traffic would
be brought had been allowed to choose their own lines
of railway they would have found some which would
have paid ; for instance, the line from Riga to Dunaburg
and its proposed extension to Witepsk along the valley in
which the Dwina flows ; not that it is meant toehold up that
line as one in which money might now be ry advanta-
geously invested. The railway conceded by the Govern-
ment from the interior somewhat south of Moscow (Little
Archangel) in a W.N.W. course across Russia to' Libau
will not only be a parallel and competing line to the Riga
project, but will eat into the very vitals of the trade of
Itiga itself, by opening the trade of the interior and lead-
ing it to theport of Libau. This (at present) small place is
on the Baltic, near the Prussian frontier, and, of course,
near Meisel ; it is rarely blocked by the winter ice for more
than three weeks, and in some seasons is not blocked at all.
Although Libau has been long known to the naval and com-
mercial world, it is understood that the selection of that
port has been guided more by strategy than by commercial
considerations ; but Libau possesses very great advantages
for trade, having capabilities for the establishment of docks
and all their attendant advantages and appendages. It is
not to be denied that the railway terminating at Lib=
might yield a fair revenue if it could be constructed at a
moderate cost; but from Little Archangel until this line
of railway enters the old province of Courland, south of
Dunaburg, it has to pass over a very rough country, fir-
rowed by the deep valleys in which flow the streams form-
ing the head waters of souse of the great Russian rivers and
their principal tributaries—of the Dnieper, the Desna, the
Soja, the Beresina, the Dwina, the Villa., and of- others
whose name is Legion, the line crossing their innumerable
intervening ridges iu its course.
Reference having been made to the Libau line, which as
to future traffic may be considered as the best, let us look
to the railway from Moscow to Nishni-Novgorod. The
trade on this line would be almost exclusively dependent
on the great fair hold annually at Nishni, and all the traffic
of the year would have to be provided for in two months,
leaving the remaining ten with scarcely any trade. Great
fairs, such as those at Niehai•Novgorocia are fading off fast

in all parts of the world, even in Russia. The great fhir or
contract meeting of Kieff has dwindled into compara-
tive insigniiicance. The best-informed Russians admit that
there is nothing for the Nishni Railway to depend upon
but the yearly fair.
The St. Petersburg and Moscow Railway will be mostly
a passenger line—except in the event of another war, or,
in the winter, for such trade from Prussia as cannot wait
until the navigation is reopened. The most sanguine
hardly look to this line to pay. The guarantee, however,
is fora larger amount than for the other railways, being
for 20,0001. per mile, as it has probably to be made for two
iron tracks ; but unless the engineers of the Credit Mobi-
her can find an easier course for this railway than the Rus-
sian engineers have hitherto found, such a sum must be
too small to complete it, as Kis probably expected it should
be finished and provided will stations and rolling plant.
It is very probable, however, that even if they have to
abandon parts of the line already made the French com-
pany will find it their interest to trace fresh direc-
tions for it in several places.: Some 20 or 30 miles
have been opened to Gatchiva, where there is an Impe-
rial park and palace, at which the Emperor is now
stopping ; and it is said that sip to Longs, some miles
further, the works are so far finished as to be ready to have
the iron track laid down, and' wherever the earthworks are
light, as in Poland, they have been thrown up, rini several
of the smaller bridges and water passages are built. All
the heaviest earthworks and all the large bridges, all, in
fact, where risks and contingencies aro involved, remain
incomplete, or in many places untouched.
The point ofjunction from the St. Petersburg and War-
saw line where the branch from Konigsberg and the Prns-
sian frontier is to fall in has really not yet boon settled,
although this point is stated in the concession to be at
li.iwno. This branch, however, is short (comparatively to
our. English lines, though it will be nearly 60 miles in
length), and will probably have traffic to pay a moderato
profit if the cost of constrnctionibe not too great.
The grand line from Moscow to the Crimea, after passing
a few principal plces, has to traverse the steppes of the
southern provinces, and seems altogether laid out as a stra-
tegic and not as acommercial railway, unless it be intended
that Theodosia (gaffs) is to rise into prosperity on the
ruins of Odessa, as Libau would rise at the expense of
Riga—for observe, there are no railways through the rich
countries of Podolia and the Ukraine to Odessa, and the
Libau line is in direct rivalry with Riga.
Let any one take the trouble to cast an eye over the map
of Russia on which are drawn the lines just handed ever to
the Crielit Mobilier,* and it will be evident that commer-
cial interests—certainly existing ones —have been little
considered, except in one solitary instance. What do the
two greatest lines taken together indicate—from Libau to
Little Archangel, a little south of Moscow, and from
Moscow to Theedosia? Are they not intended to form
a gigantic link between the Baltic and the Black Sea?
I.l7hat is the St. Petersburg and Warsaw Railway, with
its branch from Kowno towards Konigsberg, bat a
double arm thrown out to Austria and to Prussia ?
After these there is nothing left but the line to
Nishni-Novgorod, which seems merely to have been
laid down as a sop for the Moscow traders. Profitable
returns may come after some century of progress in the
paths of commercial and civil liberty; but when will
the first real steps in those paths be sincerely made? No,
it is not upon the traffic within our time, or that of our
children, or even grandchildren, that dependence must be
laid. It must be solely to the guarantee of the Russian
Government that the contributories to this new stock can
look for their diiidends—for those, for their pound of
flesh, and for nothing more—perhaps as will be presently
seen, not even for that beyond a short terra.
It is hardly possible to suppose that Englishmen will not
inquire very closely into the sufficiency of the capital gua-
ranteed; for no railway has of late found favour whereof
the prospectus did not prove satisfactorily that the de-
tailed surveys had been made by competent engineers, and
that respons ble known contractors were ready to engage to
execute the works and stock the reed, and pay interest dur-
ing construction at a sum within the capital for which
there was a good guarantee.
But supposing this difficulty got over, then comes
the question of how long the guarantee is to last ?
It is said that the full 5 per cent. is to be paid to share-
holders for the first thirty years, and that the sinking
fund is then only to begin, at the rate of or * per cent:
There is, however, a remarkable clause which, as it reads
in the copies of the conditions as hero circulated, requires
the most careful attention. It is provided that the Govern-
ment, at the end of 20 years from the completion of each of
the railways, shall have the right of purchasing them at a
valuation based on the not profits of the last live preced-
ing years ; and that for the remaining 65 years of the con-
cession the Government will pay such profits. Now, is this
in addition to or in lieu of the 5 per cent. guarantee ? This
is the important issue. It seems scarcely possible it could
mean that the Government are to pay the profits in addi-
tion, for if the lines net 5 per cent, the shareholders would
get both profits and guarantee ; and if it does not mean
this, what doss it mean ? On the other hand, if the
railways make a net profit of 10 per cent., it might be
supposed
the shareholders would be well off; but, sup-
posing the contrary, and that the net profits prove to be
only 1 per cent., will not the Russian Government buy
at that valuation, or continuo to pay, not 5 per
cent. guarantee, but 1 per cent., the net profits of the five
years preceding this purchase; and if the clause does not
mean this, but that iu every event the Government is to
continue to pay 5 per cent. during the retraining 65 years
of that concession, what is the use of such a clause ? The
only visible elect of it appears to be an encouragement to
keep down traffic. At present nothing is known but what
the high contracting parties have thought proper to allow
to ooze out, and if a wrong interpretation had been given
to this clause it is the natural result of the mystery—a
mystery so great that it is universally believed that until
within a few days of signing the contract nothing was
committed to paper, or, if written down, never left the
portfolios of the illustrious personages, and was not known
to the very Minister in whose department the subject of
this private negotiation lay.
A number of other rumours are afloat concerning the
'causes of this arrangement with the Credit Mobilier, at a
time when it was the opinion of the best English financiers
that they had enough on their hands already. But I only
write of what my long knowledge of the face of the coun-
try, the character of its commerce and people, and com-
mon sense have suggested.
It may, however, be interesting to your lady readers to
learn that the sister of the Emperor, the Grand Duchess
Marie, widow of the Duke de Leuchtenberg, is believed to
have married, with our without the consent of her Impe-
rial brother, the Count Gregoire Strogonoff; and that her
Imperial Highness and the Count leave St. Petersburg
this very day on a tear of Europe, but whether to return
or to take up their permanent residence abroad is not
known yet.
Apropos of the Duke of Leuchtenberg, must not omit

to add that there are good reasons for believing that the
French concessionaires have engaged to purchase the great
engineerinc, factory and establishment founded by the late
Duke, and still belonging to his family. The price named
is a very large one. This privilege will relieve several
persons from considerable difficulties. It has a branch
railway from the St. Petersburg and Warsaw line into
the very works, and the managers are contracting for
maintaining the locomotive engines and carriages and for
working the Warsaw line, which they are doing at present
at an acknowledged loss ; I mean the line as far as opened
to Gatchina, with the right of working the whole hereafter.
The winter has set in. Cronstadt is closed by ice, and
much of the foreign shipping will be detained here for the
winter.

English Miles.
* St. Petersburg to Warsaw
Kowno Branch
Moscow to Nishni-Novgorod
Moscow to Phcedosia (Kaffa)
Little Archangel to Lihau

Total 2,600

RAILWAY TRAFFIC RETURNS.

TRAFFIC RETURNS FOR THE WEEK.

Miles ,Receipts.
opened, NAME OF RAILWAY.
1856. '1856. 1855.
BRITISH. X £
115 Aberdeen . ••••••••• oo
-
37% Belfast and Ballymena ............... 1,-127 884
17 Belfast and County Down.• • . • • • • •• • • - -
83 Birkenhead, Lancashire, and Cheshire 2,220 1,754
26X 1 Bolton,Blackburn,and West York •• • • - -
117 I Bristol and Exeter ........ .... .. 6,038 5,693
194 I Ca1ed0nian............. . : •• • . 12,690 11,759
94)4 Chester and Holyhead... :..: .... :: :: .. - --
6X Cork, Blackrock, and Passage •• .. •.194 153
20 Cork and Bandon ............ 264 240
56 Dublin and Belfast) unction • •••'. ......: 1,403 1,032
63 Dublin and Drogheda.... .• ......... 1,488 1,630
7% Dublin and King5t0wn;.............. - -
16% Dundee and Arbroath
31 Dundee, Perth, and Aberdeen Junction 957 1,009
38 Dundalk and Enniskillen .. • • .. 448 409
67% East Anglian.... •................... 1,125 1,021
93 East Lancashire .• .... 6,228 5,789
417 Eastern Counties and Norfolk.. ••.. 3 23,383 22,318
Eastern Unio-
142 Edinburgh and Glasgow ............. 5,417 4,960
123 r Edinburgh, Perth. and Dundee.... 6,600 5,537
6 Exeter and Crediton.. • • - -
22 Furness Railway •• • ••••• • •• ••• • " - -
183% Glasgow, and South-Western.• -.• .. 6,639 6,036
283 Great Northern ...... ••••• • •• •• 24,182 26,173
203% Great Southern and Western (Ireland) 6,224 6,925
388 Great Western .• • • 26 525 24,229
25% Irish South Eastern ••.. • • ... •••• •• • • - -
90 Lancaster and Carlisle •• • ..... ...... 6,018 5 794
28N Lancashire and Yorkshire ..... ••••• • • 21,759 20,146
- - -
Leeds Northern .. • • • • • • • • • • • • • • • • ••
161 Liverpool, Crosby, and Southport" ••- -
69,527 58,117
637 London and North Western .... ....
3% London and Blackwall.• .....• ...... 1,329 1,170
13,448. 12,549
183% London, Brighton, and South Coast..
267 London and South We5tern......... 13,45.) 12,840
CO Londonderry and Enniskillen .. • • • • • • - -
--; Manchester, Buxton, and Matlock, &c. - -
173% Manchester, Shoffieldaind Lincolnshire 9,879 9,485
9 Manchester and South Junction...... 745 694
s'i
23 Maryport and Carlisle .• •• • • ........ 1,096 997
33,252 28,670
498% Midland .. ..... ....,..............
126% , Midland Great Western (Irish) ...... 4,360 3,663
52 Monklands • • • • • • • • •• •• ••
78% Newcastle and Car1i51e............... - -
149 North British • • ...• •• ••............ 5,129 5,233
233 North Staffctrdshire • • • • ............ - -
47 North-Western .•..•• • • ..
873 Scottish Central .................... - -
32 Scottish Midland .• • • •............. -
29% Shrewsbury and Birmingham ...... 1,648 1,477
48 Shrewsbury and Chester ............ 2,835 2,699
30 Shropshire Union- •.•••••••• • • • • .• •• 867 939.
57% South Devdn •••••••..•••• • • • • • • .• •• 2,466 2,104
249 South Ea5tern...................... 18,341 17,948
1713 South Wales ...................... 6,733 5,844
97 South York., Doncaster, and Goole .. 2,731 2,191
39 Taff Vale ................ , ~.... 4,537 3,561
36 Ulster . ......................
77 Waterford and Limerick • • .....• •• • • 976 1,155
273( West Cornwall ...... -. ....•.• •• .„ 623 587
12 Whitehaven Junction ..............37 297
682 York and Newcastle, and Berwick & -
York and North Midland & Leeds '-
voimaN.
109 Dutch Rhenish ............ •• •• •• •• -
328 Lyons and Mediterranean • • •• •• • • ••-
1 63 Montereau and Troyes ...• .• •• •• "• • - -
• - Namur and Liege ...... • • •• •• •• •• " -
) 445 Northern of France ••• • • • ••••'' '• • • - -
-
- Orleans and Central .. ..... -
359 Paris and Lyons ...•
-_
-
84 Paris and Rouen. .• •• • • •• •• '''•'' •• _
, - Paris and Strasburgh •• • • •• •' " " • • -
G ..- Rouen and Havre.. .. •• •••• " • • • •• .10. .....
t, -- Western of France .... •_•__•• .. .. - -
---

THE UNITED STATiS.

(FROM THE TIMES' CORIESPONDENT.)
NEW YORK, Nov. 8.
The result of the great political contests, as far
as it was known on the morning of the sth, was
farwarded by the last mail. There have been some
alight modifications in the figures of the majority
and minority, produced by later returns during the
past three days, but they do not affect the issue.
Mr. Buchanan, the candidate of the democratic
party, is President of the United States. The
Electoral College consists of 269 votes, which are
distributed as follows
Buchanan
Fremont
Fillmore

296

The return from California cannot bergeeived
till next month, but the four votes it sends to the
College are set down to Buchanan, who has ob-
tained at least 10, and possibly 74 votes more than
the number absolutely necessary to elect ; which is
149. The struggle has been a very sharp one,
much more severe than the Democrats anticipated
when it commenced, as the nomination of Colonel
Fremont ,by a new and independent party was at
first almost ridiculed by them as hopeless. Yet it
was so near succeeding that the great dominating
party of the Union, which had. the advantage (gall
organisation of many years' standing, all the influ-
ence of officc, with thousands of agents in every
office-holder, has barely escaped defeat. The ma-
jority that returned Mr. Pierce in 1852 was 212;

the same party and an identical policy are repre-
sented by Mr. Buchanan, and that majority is
reduced to 30. The blow must shake the demo-
cratic power, though it has not sufficed to overthrow
it. The Republicans are by no means dispirited ;
on the contrary, they are surprisingly elate and
hopeful, looking forward already to the next chance.
They have gained experience from the conflict,
and, if kept united as an opposition, will probably
come into the field again with increased strength
and better tactics. Of the sixteen Free States
Fremont carried twelve by large majorities ; all
New England and the " Emoire State" of New
York declared for him. It• is the votes of the
Southern Slave States 'without exception, and
those of the four exceptions to the general spirit of
the North, which have returned Mr. Buchanan.
Thus, the dividing line of politics begins to follow
the geographical division of North and South more
closely. The overwhelming majority of the
populous and wealthy Northern States was given
to the candidate who &had not a single vote in any
Slave State, and was not even put in nomination
in any one of them. Mr. Buchanan had all the
South and enough support from the North to turn
the balance in his favour. That " bit" of Free
soil thrown into the Southern scale has always
determined the result. If the old and powerful
party of the democracy is shaken by the Republican
opposition, the native American, or Know:nothing
organisation, appears to bo destroyed. It broke
down everywhere, only gaining the majority in
one state—Maryland ; its prestige is gone. At
the last moment its leaders in Pennsylvania made
a coalition with the Republicans, but it did little
except create confusion. Religious bigotry and a
hatred of foreigners (Irish and. German) are the
only two distinct principles of the party; it was
not long since a kind of political phantom ; as long
as its secret organisation disguised its weakness it
was believed to be strong, but, as it has nominated
a separate candidate, and ftiled to make even a
respectable demonstration, its political influence

has perished.
In New York the election proceedings were toler-
ably quiet during the early part of the day, but
later there was some severe fighting round some of
the polling-places in the " rough " districts. Only
one ballot-box is reported as having been carried
off ; two others were upset ; but, on the whole, the
fighting was personal an d miscellaneous, not or-
ganised and directed into the dimensions of a poli-
tical riot. Such of the police as wore present did
not interfere, for which several officers have been
arrested on charges of neglect of duty ; but pro,
bably not much will come of it. The miserable
arrangements for collecting the votes, especially in
the neighbourhoods ingst liable, to disturbance,
almost invite the mon6 ruffianly partisans of any
particular candidate to take advantage_ of the
facilities offered for obstructing access to the ballot.
Nothing can be easier than for a few vagabonds to
take possession of a polling-place, and either
quietly wear out the patience of the more respect-
able voters, who dislike waiting two hours for a
chance of fighting their way in, or boldly hust-

ling away and refusing admissfon to any one
who has not the right ticket. Of course if there
are a suffidient number of ruffians of the other
side they want possession also, and there is a
" fight for the poll." In the worst wards—the
worst localities appear to bo chosen for the
voting—back rooms behind a small grogshop,
an obscure private house with a narrow door,
or a shed of boards built round a lamp-post, the
last among the most convenient. If to keep voters
away from the ballot is an object to be se-
cured, many of the stations were well selected for
that purpose. There were some alarming reports

in circufation during the evening, but only two
cases of serious injury are authenticated, though
several pistol shots were fired. The violence dis-
played in the " rough" districts was more excited
by the local squabbles of the municipal election',
that went on at the same time, than by the Presi-
dential contest. The• partisans of the two chief
candidates for the mayoralty were the Belligerents.
The Irish population has always gone with the
democracy ; but on local elections sometimes split,
and further complicate affairs by their own " fac-
tions," an old curse in the country they come from,
not entirely shaken off in that of their adoption.
The most general fight of the day was between two
of those wretched factions, one preventing the
other from voting as a matter of course ; sticks and
brickbats were freely used, but, as before stated,
the "row",was too stupid and unmeaning to be
called a riot. Politics gave the opportunity, old
faction hatred was ready, as it is everywhere else,
to break out into violence—and bad rum did the
rest. The worst effect of such fights is that in the
districts liable to the outbreaks hundreds of the

quiet and peaceably disposed are deterred from at-
tempting to vote, or are practically disfranchised. If
the citizens of New York had any real anxiety or tear
as to the effect of what is called political ruffianism,
but which is ruffianism pure and simple, that will
use any opportunity to show its nature, they might
prevent such scenes with the greatest ease. The
citizen volunteers are well armed and well drilled ;
they have been marching up and down the streets
for the last three weeks, with drums beating and
bayonets fixed, in very soldierly-looking masses.
Suppose they took the duty of the police once on
such a day merely as an experiment. Order and
fair play can only be preserved by force, or by the
knowledge that force will be used if 'required. It
would be dreadfully unconstitutional, perhaps, to
have an armed guard at the polls, but the freedom
of the intelligent, sober, and peaceable would be
secured by it. There could not be a better occa-
sion for testing the value of the cailitary organisa-
tion of so many of the citizens than by employing
it as a real constabulary. Why be perpetually
playing at soldiers, and evade the easiest and
most useful duty a citizen soldier can discharge ?
The fights, being in districts out of the course of
the principal thoroughfares, did not affect the
general orderly appearance of the city, and the
bulk of the population either knew nothing of them
till the following day, or showed the smallest pos-
sible concern about them if they did.
a
In Baltimore the election did not pass off with
such an ordinary amount of disturbance. There
was more fighting there and of a more desperate
kind ; firearms were exclusively used, fourand
persons were killed ; 14 fatally wounded, a
others more or less seriously. The, return ofn the7o
names looks like that of the losses in a regular
action. As in the disturbances in October, the
native American and the foreign population
ap-
pear to have been the chief parties in the affray.
Why the feud is so much more bitter in Baltimore
than in the more populous city of New York has
not been explained.

The metropolis is settling down into its ordinary
state again, and the external signs of political strife
are last disappearing ; the party banners have de-
scended from the upper windows, except a few-stray
flags here and there which seem forgotten. The
bill-stickers are covering their late public work
with placards on private account ; the portraits of
the candidates are vanishing from the print shops,
and that of Thalberg, the latest arrived celebrity,
is taking their place. Art and literature sh?w
o.
some signs of life ; the newspapers are becoming
more readable and men more conversable. T
thejournalists of all parties, on whom fa.lls. largesttbethat
share of the work, openly avow their
iitoywould
be
campaign is over. Tahlleietxpei
wrong,. perhaps, .
to
thisc periodical election is enor-
toil, and money in
of money alone by the different
enor-
mous ; the outlay waste—of energy, talent,
, parties on the present occasion is calculated at live