The Sun.
London, England, 1856-10-17 00:00:00

Lo-spoN9 FRIDAY EVVNING, OCTOBER 17, 1856.

STOCK JOBBING IN PARIS•

Apropos of the arrest j.n this city (says the Kew reek
Zit Paid) of the Parisian gentlemen who have had to flee
from that gay capital on account of unfortunate specula-
tions
on the Bourse, and of appropriating to their own use '
a certain number of shares in the Northern Railroad Com-
pany of France, an inside view into the management of
that great institution—la Bourse,- or the Stock Exchange—
cannot fail to be highly interesting. We hasie facilities for 1
supplying that inside view, and we, therefore, proceed to
show the mod ns operandi of the French financiers, of the
bears and bulls of the Place de la Bourse, and the working
of that system of speculation which hasreceived its highest
development within the period since the establishment of
the Rmpire in 1852, and has withinthat brief space of time
made and shattered princely fortunes.
At the time of the establishment of the Empire there
were many of the Emperor's adherents whom it was neces-
sary to reward and enrich at any cost. In 1852, when Louis
Napoleon was entering on the first months of the new pre-
sidential term of ten years, which he had decreed to him-
self, he found himself in the disagreeable position of having
all his resources exhausted. His friends and retainers were
mostly in the same plight. They had tried and made the
'most of all the expedients they could think of—all except
one, the Aladdin's lamp of the Empire—the magic Stock
Exchange. They were for some time puzzled to know how
they should extricate themselves from their embarrass-
ments. The old creditors were noisily demanding the pay-
Ment of their claims. The new furnishers not having much
confidonee in the stability of things, were presenting their
little bills. Money was absolutely needed. Itmust be got by
hook or by crook. In this pressing necessity a resort to the
Bourse was decided on as the last chance to replenish their '
empty treasury.
The decision being once taken, they set about putting
everything in train that was likely to procure success. This
great gambling shop of the French Government was skil-
fully arranged, in the. most approved fashion, to gull the
bourgeoisie and to enrich the blackleg operators, who were
allowed a share in the management. Some time before
the plan was put in execution, several of the half-famished
journals of the capital, who were let into the secret, kept
up a continual blare of trumpets about the new road of
prosperity opened up to every citizen of the grand nation
—this discovery of the philosopher's stone just then made.
They directed the attention of the million to the rise of
stocks, and to the fortunes that were being made on the
Bourse. .They published reviews of all the stocks on the
market, and by imaginary calculations they proved that
they were all ranging below their value. Two of the
editors of these journals, who were at that time in no
"sitter condition than our. own oyster-house critics—
owing long bills to their tailors and laundresses—suddenly
emerged from their obscurity under the influence og the
new light. These gentlemen, Messrs. Mires and Milhaud,
are now rich enough to found cities or to build endless
lines of railroad. Their wives and daughters frequent the
most fashionable salons, re-unions, and promenades, and
outshine all competitors in the glitter of their jewels and
the splendour and costliness of their attire.
The effect of the system put in play by these newspapers
was that by and by the whole world of Paris flocked to
the Bourse. Every one who had 501. laid by in some odd
nook or other took it from his hiding place, and rushed in
hot haste to invest it in one of those wonderful enterprises
of the day that were declaring such large dividends. Fur-
thelnducements to investment were held out in the argu-
anti that money was plenty, that it was becoming cheap,
and the banks reduced the rate of interest from 5 to 4
per cent. Even the Bank of France was induced to lend
iks aid to this scheme of speculation, by lending them all
the money they wanted at the rate of 4 per cont., secured
on stock ; and by receiving deposits of stock, advancing
cash on them at the rate of 800 f. for each I,ooof. of stock.
People having these facilities' for borrowing money and for
making fortunes, anxiously availed themselves of them.
They went to the bank, borrowed, say 1,000 f., for which
they had only to pay some 40f. a year interest, rushed to
the Bourse, and invested it in some stock which was to in-
crease in value from 2,000 f. to 3,000 f. in a fortnight. This
was the mirage presented to the eyes of the French people.
This was the bright side of that scene which to thousands
brought such stunning consequences. After all these mea-
sures had beeri prepared to direct the ruin of the country
—if they did not succeed—after all the stakes were laid
down, nothing remained to commence operations but to
bring all the accomplices together. For this purpose all
the half-ruined bankers and brokers of Paris were as-
sembled, with people familiar with bankruptcy, M.
horny (Louis Napoleon's cousin, and now Minister to
Russie), and M. Fould (his first Minister of Finance)
at their head. Their roles were to buy up stock so as to
make it scarce in the market ; and for this purpose they
called in the services of some stockbrokers (known there as
lame ducks). These gentlemen (Messrs. Morny and Fould)
were subsequently decorated wit 4 the Cross of the Legion
of Honour, probably for the good services then, rendered
on the Bourse.
Everything being thus prepared, the meditated journey
of the Emperor to the South of France was determined on.
Thisjourney was represented as the end of the misfortunes
of France, and the beginning of its kappiness. The variable
French people were seduced by these fine hopes. Than it
was that there commenced at the Bourse one of time rises
that have never before been equalled. The railroad shares
increased some days at the rate of 20 per cent., but were
still subject to enormous fluctuations. In taking advantage
of these fluctuations—taking. measures to cause them
knowing when exactly to sell and when to buy, consisted
all the profits of the business. And it is easy to see how
enormous these profits, and consequently losses to others,
must have been.
The exoitement wrought upon the public mind was in-
tense. Nothing else was thought of but the Bourse. The
spirit of speculation permeated the whole community. As
an instance of the temptation to this species of gambling,
there was foi; some time an anecdote current at the Bourse,
of a wealthy man who, partly in jests made a little opera-
tion, as he told his friends, that he might buy a sporting
deg. and was so infatuated at the game, that in a few
months he lost his own and his wife's fortunes.
No wonder that the infatuation should be intense and

general. One had only to invest in stock to-day, and to
morrow he became rich. The speculator who had made
a purchase of stock to-day went home and indulged in
golden dreams : but perhaps the first thing that would
meet his eye on the morrow would be a report skilfully
circulated that the Emperor, then on his southern
tour, was badly received in a certain city; that in another
city ho was fired at; that in another poison had been
placed in his food. The unfortunate cheated speculator
would immediately, on reading these reports—all of which
were got up to order—rush to the Bourse and sell all his
stock. Then the managers would buy in, immediately it
wouldbe found out that nothing but enthusiasm attended
the steps of the Emperor. Confidence was restored. Up
went the stocks again. Out sold the managers at much
increased rates ; and during the two months of the Em-
peror's absence this pleasant and profitable joking was car-
ried on. The Emperor's agent on the Bourse, all this
time, was one of those overseers of the ante-chamber who
take the name of secretaries, but who really know more
about the secrets of the boudoir than they do of the State.
His name wa s M.-Chevalier.
This excitement and agitation was continued for five
weeks after the Emperor's return to Paris. Then the trick
of the wizard was played out. The imperial coterie had
disposed of all their stock to the multitudes of purchasers,
who were becoming more and more excited and intoxi-
eated, and they retired from the scone. This was thesignal
for a fall as fabulous as the rise had been, although the
Moniteur was daily announcing the favourable reception
given by all the Mates of Europe to the news of the re-
storation of the empire. This fall did not stop till two or
throe months later—after Louis Napoleon's marriage—at
which time the enriched gang began to think they might
safely buy stock at its then depreciation.
The managers of this nice little scheme had, notwith-
standing, some. cheating among themselves. For a long
time it was said that a general high in favour had lost and
not paid as many millions as have been embezzled by the
cashiers of the Northern Railroad Company, and in spite
of a weak article published on that subject in the Moniteur
(the Government organ), it was found necessary to sum-
mon that same general (St. Arnaud) to carry his sword to
the Crimea, that some credit might be preserved in France.
It was at that time, too, that two or three generals backed
up ono another in the saloons of the Tuileries for having
exchanged accusations of the robbery of 100,030 f. com-
mitted in the cabinet of the,Einperor himself.
In fine, after the groat fall—far which there was no more
reason than there had been for the great rise—a new cam-
paign was entered on, but this time under the auspices not
of such a man as Fould, who had become insane, but of
a powerful society, which, by the skilful use of its own
immense capital, could elevate or depreciate stocks at its
pleasure. This society is known as the Credit Mobilier.
Its-capital is sixty millions of francs. It was composed of
managers who had become rich in the first campaign, and
who added to this immense capital their own fortunes, or
fortunes extracted from the treasuries of companies of
which they were the grantees. This brought up the dis-
posable capital of the Credit Mobilier to 120 :millions of
francs. This society, formed with the object, as its title
denotes, of giving aid to traders who have met reverses,
became a grand power in the elevation or depreciation of
stocks at its own pleasure, and without apparent reason ;
first, by means of its powerful capital, and secondly, by the
nfluence of its managers—an influence acquired by the
very weight of success. Then the Bourse of Paris be-
came nothing more than an immense stock market, subject
Y the greatest fluctuations under this influence. The great
ants of the war in the Crimea were oven powerless in
eecting that influence. Let any one'imagine to himself

an unfortunate speculator, depending on his own counsels
alone—turning now to the right, now to the left—doing
everything at hazard, and be will soon see what losses he
must have been sure to sustain. It is, then, not at all
surprising that these two cashiers of the Northern Railroad,
who are now in custody in this city, should have lost
three millions of francs in four years of operations. They
were young men, without the necessary experience, ,and
they fell victims of the system we have been describing.
Shares have varied 20 per"cent. per week on an average. A
person hdlding a hundred shares, and constantly buying
and Telling, might, under such fluctuations, lo7e 350,000 f.
in the course of the year. A hundred shares is a mere
trifle on the Bourse. When it concerns a thousand shares
it is easy to see how immense the losses or gains May be.
It is impossible to give anytking like a true picture of the
extensive ruin inflicted by this Credit Mobilior—a society
which found its idea in'the brain of Perriere, the initiator
of Rothschild. It has caused ruin and devastation, and not
a few suicides.. St. Germain, a popular citizen, committed
self-destruction from the effect of dealing in it. It caused
'the failure of the house of Leroy de Chabrol, which caused
so much excitement in the commercial world ; and the
failure of I'arriguet, a stockbroker. Another person was
led by his passions—stimulated by this company and its
transactions—to murder his father-in-law who had refused
to give him money to pay a differenCe of liquidation. The
Credit Mobilier is the origin of the ruin of hundreds of
families. Their weiklth is only the reSult.of a robbery skil-
fully organised on a large scale. To-day
its managers are
financial kings. But yesterday they wore citizens is mo-
dest circumstances. : • .

Such is the tendency of things-in Parik-4nah the fashion'
of the times., The only wonder is that &faulting cashiers
are not more numerous.

21IE WAR IN ALGERIA.

The Moniteur of yesterday eon-tains the follow 7
ing report from the Governor-General of A' geria

Bivouac do I'Arba des Beni.Donala., Oct. 8, 1856.

MonSieur le Marecbal,—After the affair of the sth
inst., of which I had the honour to send you details,
the Ben-Boughredan, who had persisted' in their hosti-
lity, presented themselves at my camp, and accepted my
conditions. I was informed that .the Beni-Bou-Addou
also were about to make their submission.
The chastisement which it had been my abject to in-
flict on the confederation of the. Guechtoules being thus
complete, and productive of its fruits, I decided on pur-
suing my operations against the tribes situated on the
left bank of the Oned-Aissy.
I had to traverse the mountainous district which sepa-
rates the valley of Oued-Bou-Assem from that of Sebaou.
It being fleet siary to diminish my column, and the con-
centration of my forces being no longer requisit,i, I caused
Gen, Yusuf s division to fall back upon Bordj-Boghni,
giving to that officer the mission of taking up a position
near the Maatkm, with the view of holding that tribe
firmly to their duty. I then ascended with the division
of Renault into the country of the Beni-Douala. This
tribe, neighbours of the Beni-Raten, had been the insti-
gators of the insurrectional movement which it was the
object of my expedition to repress. I determined to
chastise them severely.
I quitted the camp of Bou-Assem on the 6th instant,
and after a march which the steepness of the declivities
and the length of the defiles rendered somewhat harass-
ing, we arrived, A ithont firing a shot, at Arba, in the
Beni-Douala district, where I established myself. Is
the numerous villages through which we passed on our
route the population attended us with manifestations of
respect for the commanders and good will for the soldier.
On the evening of the 6th I was rejoined by four bat-
talions, which Col. Pelle, of the Oth Regiment, acting
on my direction, had marched from Tizi-Ouzon. The
rear guard of this column had exchanged some shots with
the enemy.
At sunset, and for several hours after, our advanced
posts on two aides of the camp had to sustain incessant
attacks of the enemy, who were, however, everywhere
repulsed, with a loss on our side of three killed and four
wounded.

From the plateau of Arba, where my camp is placed,
two long crests descend towards the Oned-Aissy, and on
their mamillated brows are built the villages of the Beth-
Douala. The Kabyles had covered with an abattis of
trees the village which lay the nearest to our camp, on
the left of the two crests before referred to.
Oa the morning of the 7th a column of four battalions,
a division of cavalry (Chasseuris and Spahis), and a sec-
tion of artil;ery, were directed upon this village, under
the orders of General Deligny. The enemy, lying close
behind their abattis, made a vain resistance. The abattis
was quickly destroyed, and the cavalry,. notwithstanding
the barricades, penetrated into the streets, where many
Kabyles were sabred. The attacking column, following
up this movement, overcame all opposition, and pos-
sessed itself successively of all the villages, inflicting
Considr,asle losses also on the Dou•tins.

I gave orders to thecllumn of DJligny to return to
the camp. As soon as,,this movement commenced, the
enemy made n vlgorou4l/4attock on our tiraillours who
vvera nearest to them ; but, anticipating this onset, rase
knowing that otirr oppyreents-4-?-arno•siwed Laurnerous con-
_

tingenta of the Betti:lta.teti, I ItacriOrnt-Ve-veral
to General Deligny. The retreat was made in good order.
Several atta.lks of the enemy enab:ed us to meet them
with the bayonet, and to precipitate them into a ravine,
where they were obliged to pass under our fire.
Ia the several contests of this day we hays had to re-
gret the loss of nine killed, among whom is Capt. Crig-
flier, of the 2d Foreign Regiment, and 3S wounded, re•
ceived into the ambulance, including Capt. Bastide and
Lieut. 1-!bey-Taiilis, of the 13th battalion of Foot Chas-
sears. These officers, am glad to state, are but
slightly wounded.
lam not able to indicate the loss of the enemy. It
must have been considerable, as cur soldiers were on
various occasions engaged with the bayonet.
Gen. Chapuis, chief commandant at Tizi-Ouzon, had
learned on the morning of the 7th that my column would
attack the Beni-Douala, and that contingents of the Beni-
Raten proceeded to the assistance of that tribe. Taking
counsel only with his own military instinct and energy, he
speedily farmed a light column of 1,500 infantry, 2
squadrons of hussars, and a section of artillery. and di-
rected it upon the Adonis villages of the 13ani-Raten.
A three o'clock this column passed the (Med -&issy,
and climbing, without much difficulty, the heights'which
abut upon the villages, took possession of the latter after
half an hour's combat. The Beni-Raten, surprised by
this unlooked-for attack, suffered great losses. As soon
as the first shots were heard on that side we saw their
contingents, which were with the Douala', precipitately
return to their village. -
At eight o'clock General Chapuie coliinin had returned
to Tizi-Ouzon, with only one man killed and thirteen
wounded; among the latter being two Officers (slightly.)
This movement, boldly, rapidly, and happily executed,
reflects honour on the intelligent initiative of General
Chapuis, and. I have expressed to Lim my lively satis-
faction.

On the morning of the Bth a strong column, composed
of troops of the brigades of Deliguv and Liniers, was
directed anew on the villages of the Beni-Donala, to com-
plete their submission. This operation, in which the
enemy, although more numerous, showed himself much
less enterprising than on the previous day, cost ui 2 men
killed and 22 wounded, including in the latter Captain
Clement, of the 90th Regiment, and Sub-Lieutenant
Thevenard, of the.l3ch battalion.

The result of these operations is that the Beni-Mah-
moods, neighbours of the Beni-Douala, have sued for
peace, to which I have acceded.
Thus, the insurrection which, tinnier the influence of
ElAladj-Amar, had, at the end of September, begun to
assume serious proportions, finds itself already reduced
to bounds. To-morrow I shall move forward on Tizi-
Ouzon.—Receive, &c., .RANDON.

THE lk AVY, ARMY, AND ORDNANCE
EXPENDITURE.

The detailed accounts of the receipts and expenditure
for navy, army, commissariat, and ordnance services for
the year ending the 31st March, 1855, have been issued .
From this document it appears that the naval expendi-
ture exceeded by 204,000/. the amount of 14,812,0001.
granted by parliament. The total, under the 'different
items of increase, was 659,0001., which was, however,
reduced by savings in some of the departments to the
above net amount. The excess arose principally for
victuals for seamen and marines (144,000/.), and naval
stores for the building, &c , of ships (435,0000, the
latter being attributable to increased prices of hemp and
Baltic masts and timber, and the larger expenditure of
naval stores in consequence of the war. In the army
accounts the grant aiid expenditure meet very closely,
the gross excess being 318,0001., and the saving
286,0001., leaving but 33,0001. net Gxcess, which was at
the time provided for by a expplementary vote of par-
!lament at the outbreak of the war. The principal item
of increase is 39,0001. for staff officsra, and of the saving
194,0001. for "laud force," Un.ier the bead of com-
missariat" the expenditure exceeds the amourit of ordi•
nary grant by 631,000/., which excess was provided for
by a vote of the House of Commong. The ordnance ac-
counts show that the sum expended fell short of that
granted by the net amount of 340,0001.

THE BROAD GAUGE RAILWAY Tp SOUTHAMPTON.—
SOUTHAMPION, Oct. 16. —This afternoon a meeting was
held at the Town-I:all, in accordance with a requisition
to the Mayor, signed by the principal inhabitants and
owners of property in the town and neighbourhood, for
the purpose of advocating and aiding the construction
of a broad gauge line of railwayltoconnect Southampton
with Bristol and the southern portion of Wales. Mr. R.
Andrews, mayor, pres.ded. Among those present were
Sir E. Butler, several members of the corporation, and
other gentlemen officially connected with the port. Re-
solutions were proposed and unanimously adopted in
favour of the immediate carrying out of the project, and
a body of gentlemen selected from the meeting to co-ope-
rate with a committee previously appointed by the town-
council have been intrusted with the perfecting of the
necessary praliminaries in connection with the under-
taking.

THE LOSS OP. THE. ROYAL MAIL
STEAMER TAY.

Many conflicting statements (says the Scotsman), have
been abroad about the loss or safe arrival of.the Royal
Mail stea.merToy. The following. letter from one of the
officers of the Tay, whiCh has just reached the relatives
(.f the writer at Edinburgh, via New Orleans and New
York, will interest our readers
:
("Tampico, Sept, 6, 1856.
"The purr old. Tay is lost. Thank God, all hut three
are saved! and we are now in Tampico, where we are
recruiting ourselves after the trials we have undergone,
for we are all of ua more or less debilitated by exposure.
I hope you will receive this letter as soon as the news of
the loss of. -the ship reaches England, to prevent you
being uneasy. We struck about half-past son the morn-
ing of the 30th of August, and were obliged to abandon
the ship about four hours atter. I have lost- nearly
everything, as also have the rest. We had to pull
about 13 miles to an island called Lobos, where we re-
mained four days. We luckily found two wells of water
on the island, or we should all have perished. We were
lost on the coast between Vera Cruz and Tampico, just
off Lobos. As soon al-we knew that we could not save
the ship, the second officer and Admiralty agent, with
mails and passenger's, . started for Tampion, which we
thought they would reach in twelve hours, instead of
which they took 'three days ; and after ail did not get
there, as they were obliged to beach the boat, before
they got there, in a heavy surf. They started in such a
harry that they found, when they had left the ship, that
they had only about a -gallon of water amongst thirty
people. They landed to look for water, but they were
"all so weak that they were unable to ,walk to look forit.
When the sun went down the heat was not so intense,
and they were able to crawl about ; fortunately they
then found some, and also someinchans,, who provided
them with some horses to ride to Tampico. The Mexi-
cans immediately sent down on of their frigates to take
us off (from the island of Lobos.) You may imagine our
-delight when-we saw ,her heave in sight. We arrived
here last night (Sept. 5.) lam now Ignite well—only a
little weak. The ladies in the boat behaved admirably.
Poor things, they were nearly dead. Imagine testy.
eight hours without water, exposed to a sun which no
one without compulsion exposes himself to. I took off
some of the passengers, and went in one of our life-boats
with what provisions we could save, and put them into
the other boats outside the surf. We fortunately lowered
our boats as soon as we struck. If we had not done so,
we should have been unable to do it a quarter of an hour
afterwards, as the sea was breaking over us. The life-
boat behaved beautifully. The captain left the ship last of
all ; he behaved in a most noble way. . . I ought to be
very thankful it did not happen in my watch ; but I sup-
pose we shall all have to come home to be examined,
but Ido not knew as yet. We _shall not leave here for
above a month, as there is no means of getting to St.
Thomas sooner. We are sending our letters by a small
schooner which will go to Neva' York via New
Orleans. I hope you will get this letter safely. We
went in the boat from Lobos three days running, to see
if we could rescue anything, but the surf was so great
that we could not manage it, except on the third day,
when we got on board, and found a few eatables and
some live stock. Lots of the fowls were dead, and also
the sheep."
WREEK OF THE BARQUE IRRAWADDY, WITH Loss OF
LIFE.—The lose of this vessel has been reported at
Lloyd's. The occurrence is described as follows, in a
letter dated Wexford, Oct. 15 :—" On Monday night,
at half-past nine o'clock, wud S.S.E., strong, with a
heavy sea on, the barque Irrawaddy, Captain Millar, of
and from Glasgow for Rangoon and Moulmein zith a
cargo of 700 tons of goods on beard, struck nesx the
south end of the Blackwater Bank, and in a short time
bilged. Twelve of the crew, including the captain and
chief officers, arrived here early yesterday morning,
some of them with very little clothing, being the watch
below, but three seamen were washed overboard and
drowned." Siace the above was written we have learned
that the ship has floated off the bank, and drifted on
the main land near to Calcite Point. She was a new
ship, built of the best teak wood at Rangoon, and had
only made tier first voyage to Glasgow. The cargo also,
we hear, was a very valuable one. Mr. Harper, J.P.,
agent for Lloyd's here, set off early in the morning for
the neighbourhood of the disaster, and will, of course,
endeavour to save as much of the wreck and cargo as
possible. The Board of Trade have ordered a light ship
to be placed on this dangerous shoal as soon as possible,
and it is hoped this wilt have the effect of preventing
any further wrecks thereon.

SARDINIA AND THE AUSTRIAN SEQUESTRA

TIONS IN ITALY.

(Front the Correspondence Italienne )
All the world knows that several months ago the
Austrian Government availed itself of the " indiscreti .n"
of a Getmln newspaper to convey to the Loin bardic-
Venetian emigrants an intimation teak,—trftless they
should present before the end of the year a direct re-
quest for the removal of the sequestrations from their
estate, that Government would feel iteelt at linerty to
proceed to, the sale of the property.
V....nce nn.i gegiand, on the oth,-, ban,/. were aware
that the execution of this measure by the Vienna cabinet
would compel the Sardinian ministry to take measures
of the gravest kind. In order to avoid now entangle-
ments, the two powers resolved to make a strong appeal
to Count Buol, and advise him to abandon an intention
perilous to the tranquillity of Italy,
Count Buol, if we are rightly informed, intimated that
one of the objects of the Emperor's journey to Italy is
this very one of proclaiming a general amnesty and
taking off the sequestrations ; that his Majesty designed
to visit his Lombardo-Venetiau kingdom in the course
of the month of November; and that it was therefore
unnecessary that any one should press on the Austrian
Government a course on which the Emperor had already
resolved. France and England had a right to believe
that this language was meant seriously.
In fact, some time ago the Austrian newspapers gave
out that the Emperor of Austria was about to visit
Milan in the month of November ' • afterwards it was
said that the journey would not take place before De-
cember ; and now, lastly, the Milan Gazette has just
announced that his Majesty will not set out for Lom-
bardy before the first week in January.
What can be more simple than the explanation of this
delay ? The masons, the carpenters, the upholsterers
cannot complete before the end of the year the repairs
and alterations necessary to prepare the palaces at Milan
and Venice for the Emperor's use, and his Majesty is,
therefore, compelled-to postpone his Journey;
But we believe this delay has a cause which the Milan
Gazette has not mentioned.
On the 31st of December will expire the term of grace
granted to the emigrants in which to pray the removal
of the sequestrations.
His Majesty, by keeping himself back until the month
of January, that is to say, until after the fatal day, will
hold over the emigrants the menace of the sale of? their
estates in the event of their not presenting their petitions
to Marshal Radetzky before Dec. 31.
The Austrian Government, it is well known, has never
been willing to recognise the right of the Sardinian Go-
vernment to undertake the defence of the emigrant 4 who
have tecome na:a a'.ised in Piedmont. And although
the sequestration was nothing but an outrage to Sar-
dinia, Austria has persisted and still persists in that
system, notwithstanding the good offices of France and
England, whom Count Boot put off with declarations
which the event uniformly denies. If Austria really
intends to resolve this question of the sequestrations in
the manner which justice has for these four years de-
manded, why does she leave in all its force the decree
appointing the 31st December the term after which
estates lying under sequestration shall be sold ? If the
Emperor would himself cut the knot, why have orders
been given quite recently to the Lombard delegations to
have all in readiness fur sales in the month of January ?
Either it is true that the Emperor is about to put an
end to the present violation of international law, and
application on the part of the emigrants would then be-
come superfluous, for the decree which proscribes them
would be revoked ; or it is not true, and in this latter
case the bad faith of Austria should not rob it of the
courage to say that it persists in its design of throwing
down the glove of defiance to the Sardiuian Govern.

meat.
The Cabinet of Vienna is free to pursue the exeoation
of its plan, if that is most agreeable to it ; the Cabinet of
Turin, we believe, will know and do its duty.

The Nacian says that a wager was proposed and
accepted, in one of the political salons of Madras, by an
ex-Constituent Deputy of the Moderado fraction and
another political personage. The first betted that Mar-
shal O'Donnell would not be President of the Council of
Ministers on the 15th of October.
THE LATE ME. DAVID GIBSON.—We regret to have
to record the early death of Mr. David Gibson, a
young artist of great promise, who was :s ireqiient exhi-
Vtor in the Royal Scottish Academy's Exhitetion, and
whose name i; no doubt familiar to those who take an
interest in the fine arts. Mr. Gibson was educa,ed in
Edinburgh, and although. his early artistic career *as not
marked by anything very notable, those who knew him
well entertained hopes which were likely to be fully rea-
lised, when death removed himfrom the scene of earthly
labour. His first decided success was in the Royal Aca-
demy's Exhibition in 1855, when he exhibited tw,i pie.
tures of very considerable merit—the largest of which
was called "The Little Stranger." Bath of these works
found purchasers. About this time the state of Mr.
Gibsoe's health induced his medical adviser to prescribe
a journey to a warmer climate, and accordingly he pro-
ceeded to Spain, where he prosecuted his art aOh great
enthusiasm. He sent several pictures to the 11,,,yae Aca-
demy Exhibition of this season, and at the private view
the largest of them was puichased by Mr. Cresvtick, the
eminent landscape painter, for 150 guineas. This work
excited a lively interest among the London artists and
connoisseurs, and gained for Mr. Gibson the friendship
of Sir E. Landsecr, and several other distinguished
men. Commissions for pictures now flowed in upon him
from all quarters; but his life was near it; close, and he
died deeply regretted by all who know him, just as he
bed entered upon a career of fame and fortunes—Scottish
Pam