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

LONDON, FRIDAY EVErkaNG. OCTOBER 17, 1856.

STOCK JOBBING IN PARIS.

Apropos of the arrest in this city (says the Xev York
Herald) of the Parisian gentlemen who have had too 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 have facilities for
supplying that inside view, and we, therefore, proceed to
show the mod us operandi of the French financiers, of the
bears and bulls of the Place do la Bourse, and the working
of that system of speculation which has received its highest
development within the period since the establishment of
the Empire in 1852, and has within that 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—tho 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
confidence in the stability of things, were presenting their
little bills. Money was absolutely needed. It must 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 wore
allowed a share in tie management. Some time before
the plan was put in execution, several of the half-famished I
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
better condition than our own oyster-house critics—
owing long bills to their tailors and laundresses—suddenly
emerged from their obscurity under the influence of 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 50f. 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-
ther inducements to investment were held out in the argu-
ment 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
its aid to this scheme of speculation, by lending them all
the money they wanted at the rate of 4 per cent., secured
on stock ; and by receiving deposits of stock, advancing
cash on them at the rate of 809 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;000f. to 3,000 f. in a fortnight. This
was the mirage presented to the eyes of the Frenoh people.
This was the bright side of that scene which to thousands
brought such stunning consequences. After all these mea-
sures had been prepared to effect 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
Russia), and M. Fould (his first Minister of Finance)
st their head. Their roles were to buy up stock so as to
wake 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 with 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.
This journey was represented as the end of the misfortunes
of France, and the beginning of its happiness. The variable
French people were seduced by these fine hopes. Then it
was that there commenced at the Bourse one of those rises
that have never before been equalled. The railroad shares
increased some days at the rate of 20 per cent., bat 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
111 the profits of the business. And it is easy to see how
enormous these profits, and consequently losses to others,
must have been.
The excitement 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 for some time an anecdote current at the Bourse,
of a wealthy man who, partly in jest, made a little opera-
tion, as he told his friends, that he might buy a sporting

dog, 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 bo intense and
general. One had only to invest in stock to-lay, and to-
morrow he became rich. The speculator who ►tad 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 he 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 Bout se and sell all his
stock. Then the managers would buy in, immediately it
would be 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 waa 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-
sated, and they'retired from '
the scene. This was thesignal
' for a fall as fabulous as the rise had been, although the
Afoniteur was daily announcing the favourable reception
given by all the states of Europe to the news of the re-
storation of the empire. This fall did not stop till two or
three 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, andin 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 one another in the saloons of the Tuileries for having
exchanged accusations of the robbery of 100,000 f. com-
mitted in the cabinet of the >rrmperor himself:
In fine, after the great fall—for 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
bile greatest fluctuations under this influence. The great
evunts of the war in the Crimea were even powerless in
a"ming 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 he 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 sent. per week on an average. A
person holding a hundred shares, and conatahtly buying
and selling, might, under such fluctuations, lose 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 any thing like a true picture of the
extensive ruin inflicted by this Credit Mobilier—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 Parriguet, 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 wealth is only the result of azobbery skil-
fully organised on a large scale. To-day its managers are
financial kings. But yesterday they were citizens in mo-
dest circumstances.

Such is the tendency of things in Paris— retch the fashion
of the times. The only wonder is that &faulting cashiers
aro not more numerous.

TUE WAR IS ALGERIA.

'he Moniteur of yesterday contains the follow-
ing report from the Governor- General of A'geria
Bivouac de l'Arba des Beni-Douala, Oct. 8, 1856.
Monsieur le Marectial,—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 object to in-
flict on the confederation of the Guecbtoules 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 Oued-Aissy.
I bad to traverse the mountainous district which sepa-
rates the valley of Oued-Bou-Assem from that of Sebaou.
It being necessary to diminish my column, and the con-
centration of my forces being no longer requisit,, 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 Maatkas, 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, without firing a shot, at Arba, in the
Beni-Douala district, where I established myself. In
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 60th Regiment,
acting
on my direction, had marched from Tlzi-Otiaon. The
rear guard of this column had exchanged some shots with
the enemy.
At sunset, and far several hours after, our advanced
posts on two sides 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 Oued-Aissy, and on
their marnillated brows are built the villages of the Beni-
Douala. The Kabyles bad 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.
On the morning of the 7th a column of four battalions,
a divi-ion of Cavalry (Chasseurs 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
considerable losses also on the Douala,.
I gave orders to the column of Deligny to return to
the camp. As soon as this movement commenced, the
enemy made- a vigorous attack on our tirailleurs who
were nearest to them ; but, anticipating this onset, and
knowing that our opponents had received numerous con-
tinrents of the Beni-Raten, I had sent several battalions
to General Deligny. The retreat was made in good order.
Several attacks of the enemy enabled us to meet them
with the bayonet, and to precipitate them into a ravine,
where they were obliged to pass under our fire.
In the several contests of this day we have had to re-
gret the loss of nine killed, among whom is Capt. Crig-
nier, of the 2d Foreign Regiment, and 3$ wounded, re-
ceived into the ambulance, ihcluding Capt. Bastide and
Lieut. Lebey-Taillis, of the 13th battalion of Foot Chas-
seurs. These officers, I am glad to state, are bu
slightly wounded.

lem not able to indicate the loss of the enemy. It
must have been considerable, as our soldiers were on
various occasions engaged with the bayonet.
Gen. Chapuis, chi -f commandant at Tizi-Ouzon, had
learned on the morning of the 'th that my column would
attack the Beni-Douala, and that contingents of the Beni-
Eaten proceeded to the assistance of that tribe. Taking
counsel only with his own military instinct and energy, ho
speedily formed a light column of 1,500 infantry, 2
squadrons of hussars, and a section of artillery, and di-
rected it upon the Adenis villages of the Boni-Raten.
A three o'clock this column passed the Oued-Aissy,
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-Raton, surprised by
this unlooked-for attack, suffered groat losses. As soon
as the first shots were heard on thrt side we saw their
contingents, which were with the Douala.% precipitately
return to their village.
At eight o'clock General Chapuis' column had returned
to Tizi-Ouz -in, with only one roan killed and thirteen
wounded; among the latter being two officers (slightly.)
This movement, boldly, rapidly, and happily executed,
reflect; honour on the intelligent initiative of General
Chapuis, atsd I have expressed to him my lively satis-
faction.
Oa the morning of the Bth a strong column, composed
of troops of the brigades of Delignv anfl Liniere, was
directed anew on the villages of the Boni-Douala, to com-
plete their submissipn. This operation, in which the
enemy, although more numerous, showed himself much
less enterprising than on the previous day, cost us 2 men
killed and 22 wounded, including in the latter Captain
Clement, of the 90th Regiment, and Sub-Lieutenant
Tnevenard, of the 13th battalion.
The result of these operations is that the Beni-Mah-
monde, neighbours of the Beni-Douala, love sued for
peace, to which I have acceded.
Thus, the insurrection which, under the-, influence of
El-lladj-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-
OUZDlL—Receive, &c., RANDON.

THE A .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 (435,0001.), 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 and expenditure meet very closely,
the gross excess being 318,0001., and the saving
285,0001., leaving but 33,0001. net excess, which was at
the time provided .for by a sspplementary vote of par-
liament at the outbreak of the war. The principal item
of increase is 39,0001. for staff officers, and of the saving
194,0001. for "land forces." Under the head of " com-
missariat" the expenditure exceeds the amount of ordi-
nary grant by 631,0001., which excess was provided for
by a vote of the House of Commons. The ordnance ac-
counts show that the sum expended fell short of that
granted by the net amount of 340,0001.

TiH BROAD GAUGE RAILWAY TO SOUTHAMPTON.—
SOUTHADIPTON, Oct. 16. —This afternoon a meeting was
held at the Town-hall, 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 gave line of railwaylto connect 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
and
favour of the immediate carrying out of the project,
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 preliminaries
,in connection with the under-
taking.

THE LOSS OF THE ROYAL MAIL
STEAMER TAY.

Many conflicting statements (says the Scotsman), hare
been abroad about the loss or safe arrival of the Royal
Mail steamer Tay. The following letter from one of the
officers of the Tay, which has just reached the relatives
of the writer at Edinburgh, via New Orleans and New
York, will interest our readers :
PI Tampico, Sept. 6, 1856.
"The poor old Tay is lost. Thank God, all but 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 us more or less debilitated by exposure.
I hope you will receive this letter as soon as the news I
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 after. 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 as we knew that we could not save
the ship, the second officer and Admiralty agent, with
mails and passengers, started for Tampico, which we
thought they would reach in twelve hours, instead of
which they took three days ; and after all 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
hurry 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 for it.
When the sun went down the heat was not so intense,
asd they were able to crawl about ; fortunately they
then found some, and also some Indians, who provided
them with some horses to ride to Tampico. The Mexi-
cans immediately sent down one of their frigates to take
ise 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 quite well—only a
little weak. The ladies in the boat behaved admirably.
Poor things, they were nearly dead. Imagine forty-
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 thetn 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 T sup-
pose we shall all have to come home to be examined,
but Ido not know 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 New 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 sbeep."

WRECK OF THE BARQUE IRRAWADDY, WITH Loss OF
LIFE.—The loss 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, wind S.S.E., strong, with a
heavy sea on, the barque Irrawaddyi aptain Millar, of
and from Glasgow for Rangoon and Moulmein with a
cargo of 700 tons of goods on bard, struck near 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 thein with very little clothing, being the watch
below, but three seamen were washed overboard and
drowned." Since the above was written we have learned
that the ship has floated off the bank, and drifted on
the main land near to Cahore Point. She was a new
ship, built of the best teak wood at Rangoon, and had
only made her first voyage to Glasgow. The cargo also,
we hear, was a very valuable one. Mr. Harper, J.P.,
ageit 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 ships
t) be placed on this dangerous shoal as soon as possible,
and it is hoped this will have the effect of preventing
any further wrecks thereon.

SARDINIA AND THE AUSTRIAN SEQUESTRA
TIONS IN ITALY.

(Front the Correspondance Italienne)
All the world knows that several months ago the
Austrian Government availed itself of the "indiscretion"
of a German newspaper to convey to the Lornhardic-
Venetian emigrants an intimation that, unless 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 itself at liberty to
proceed to the sale of the property.
France and England, on the other band, ware 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 new entangle-
ments, the two powers resolved to make a streng 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-Venetian 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 bad 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 Getsette 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 8 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 Majoity is,
therefore, compelled to postpone hie 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 MLjesty, 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 emigrants who
have L•come na•f a',sed in Piedmont. And although
the sequestration was nothing but an outrage to Sar-
dinia, Austria has persisted apd still persists in that
'ystetn, 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 for 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 eay that it persists in its design of throwing
down the glove of defiance to the Sardinian Govern-
merit

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

The Nacion 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 Mx. DAVID GIESON.—We regret to have
to record the early death of Mr. David Gibson, a
young artist of great promise, who was a frequent exhi-
bitor in the Royal Scottish Academy's Exhibition, and
whose name is no doubt familiar to those who take an
interest in the fine arts. Mr. Gibson was educated in
Edinburgh, and although his early artistic career was not
marked by anything very notable, these who knew him
well entertained hopes which were likely to be fully rea-
lised, when death removed him from the scene of earthly
labour. His first decided success was in the Royal Aca-
demy's Exhibition in 1855, when he exhibited two pic-
tures of very considerable merit—the largest of which
was called "The Little Stranger." Both of these works
found purchasers. About this time the state of Mr.
Gibson's health induced his medical adviser to prescribe
a journey to a wanner climate, and accordingly he pro-
ceeded to Spain, where he prosecuted his art with great
entbusiatim. He sent several pictures to the Royal Aca-
demy Exhibition of this season, and at the private view
the largest oftheni was purchased by Mr. Creswick, 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. Lanckeer, and several. other distinguished
men. Commissions-for pictures now flowed in upon him
from all:quarters, but his life was near its close,-and he
died deeply regretted by all who knew him, inst as be
had entered upon a-career-of fame and foitune.—&otti;R,
Press.