The Sun.
London, England, 1856-01-10 00:00:00

' are the last in the world to differ from Mr. COB-
DEN on this point. If she higgle with
the Allies about the number of her Black
Sea fleet, it is not in the least because
she would not double it at any time she liked in
the teeth of any treaty, but because she would
not yet confess herself vanquished.
Our inference, however, from the faithlessness
of Russia, is that we would ask no terms of her
whatever. We would take them. We are as
consistent on our side as Mr. COBDEN on his ;
and, but for his mischief-making and that of his
peace friends while in office, we should have been
far nearer taking our own terms. WheA Mr.
COBDEN has had to sell his calicoes to a customer
whose word or bond he could not take, he well knew
the remedy. He took money or ample security
before he closed his bargain. He acted on
the same principle as if his person were in danger ;
and as nations are but a multiplication of indivi-
duals they must act on the same common-sense
principles. It was the unpractical setting aside
of common sense for aristocratical and dynastic
diplomacy, and branding common sense.as " vi-
sionary," which has done all the mischief. Had
Lord ABERDEEN begun the War with the
avowal that now " material guarantees,"
not parchment treaties, mast be taken from
Russia ; had our naval and military arrangements
been from the first directed to that prudent aim,
those guarantees would now have been in our
hands, or on the verge of being so. Instead of
this, as General EVANS told us, we sent out our
troops as for parade rather than for war ; and, as
Sir CHARLES NAPIER told us only yesterday, the
Government were not serious in their efforts to
cripple Russia either in 1854 or 1855. Instead of
this Lord JOHN delivered himself on behalf of his
colleagues of that blood-dyed dogma, that we
did not want to diminish the territories of Russia.
He and his were ever hankering after terms, paper
terms, with Russia. What an encouragement to
the ruthless, reckless, aggressor to accept battle !
She was to lose nothing if he did ! Suppose we
had demanded, after the invasion of the pro-
vinces, Bessarabia ; after Sinope, the Crimea ; if
that were resisted, Poland. This would have been
treating Russia according to the facts and realities
of the case.

Again, accepting as partially true that we in-
jure her trade at a greater cost to ourselves, and
that even were the sea-port fortresses destroyed
or occupied by our troops, we should leave open
a vast overland trade through Prussia, this only
points to that course on which we " visionaries"
have insisted from the beginning—making Po-
land the seat of War. The political and military
advantages of an advance on Poland from the
provinces and Bessarabia on one side, and the
Baltic •u the other, we have repeatedly pointed out.
Mr. COBDEN, in effect, points out the fiscal
military advantage ; it would deprive Russia of
her chief remaining trade and source of revenue.
We thank Mr. COBDEN for teaching us that truth.
We had not distinctly stated it before. We now
urge the emancipating invasion of Poland, not
only as the reparation of a wrong the greatest in
modern history, not only to provide a bulwark
against Russia of very different quality to Mr.
COBDEN'S German one—Germany a bulwark
against Russia ! !—Not only as an accession of
patriot soldiers, worth all the foreign legions
put together ten times over, but also as the most
efficient attack on the Exchequer of Russia.
Indeed truth is the same, look at it on which side
I you will ; and whether, therefore, you look on
the Polish alliance as a question of right, of
policy, of generalship, of recruits for the War, or
of finance, it will appear transparently advanta-
geous. Saxe-Coburg Gotha and its agents may
wince ; but men as different as PERSIGNY and
DROUYN DE L'HHUYS, COBDEN and KOSSUTH,
have, intentionally or unintentionally, told the
same truth. The question of a speedily-finished
war and a permanent peace is, in fact,
the question whether the Allies shall raise the
banner of the WHITE EAGLE.

The profits on the 14,000,0001. may be taken
at 420,0001. per annum, and, large as it is, can
it be taken as anything approaching to an equiva-
lent for the intense suffering, the paralysing of
trade, and the ruin occasioned to so many
persons, by the over-stringent regulations
of the Act ? We unhesitatingly answer
in the negative, and we believe that there
is not a single person of the industrious classes
throughout the length and breadth of the land
who will not affirm and pa-echo our denial.
Besides, if the profits on an issue of 14,000,0001.
was desirable, why would not the profits on
double that amount be far more acceptable ?
Why should the sum thus arbitrarily selected be
rigidly adhered to when experience has proved
it, under a variety of circumstances, utterly in-
adequate to the wants and exigencies of the
country ?

With 22,000,000/. of notes issued, not repre-
sented by gold in deposit, we cannot have a
‘,.purely metallic circulation." Nor, indeed, was
it ever supposed that the trade and commerce of
the country could be carried on with such a cur-
rency. No one has even hitherto put forward
such a suggestion. The cloven-foot, however, is
now permitted to peep forth, and the ulti-
mate object of the bullionists is clearly de-
veloped. Let the industrious classes con-
sider the consequences of such a proceeding,
which will ruin them, but more than double the
wealth of the Moneyocracy—of that wealth real-
ised with paper facilities, and now sought to be
enjoyed with nothing but gold ; the ladder by
which they achieved their fortunes being kicked
down to prevent others equally meritorious from
attaining a similar eminence.

But for the perverse use which will be made of Mr.
COBDEN'S long pamphlet at St. Petersburg, Ber-
lin, and Vienna, we should be glad of its publica-
tion. At home it can de no harm ; the response
of commercial Glasgow to the statesman-like views
of Lord ELGIN have but just evinced the
feelings of the British public, under all
the taxation and discount terrors of the hour.
The same dogged determination to make his
opinion prevail, which enabled him to conquer
the landlords, sustains him now, but in vain. He
is off the rails of commercial profit and loss. On
that line he was a first-rate conductor ; but he
has only one conception for calico, corn, foreign
policy. We cannot trust him in the latter. A
great man in his own way Mr. COBDEN, no doubt
—very great atiManchester ; but even lie must ad-
mit the old truth, that non omnes possumus omnia ;
and we beg his pardon, but he must admit its
equally old application also, tie Sutor ultra
erepidam

We have for the present only time or space to
notice one other point in "Mercator's" letter.
After drawing a vivid picture of the state of
affairs which existed in 1825 and 1837 (under
the Act of 1819, be it remembered), he says :
" To prevent the recurrence of this state of things
the Bill of 1844 was passed. The uninterrupted
continuance of confidence and credit during a
continuous drain of gold ; the expansion of bank-
ing accommodation in the face of decreasing trea-
sure, the only safe measure of that accommoda-
tion ; the exhaustion of the bullion reserve,
unaccompanied by any protective measure ; the
imminent danger of final insolvency by the Bank;
the discreditable expedients necessary to obviate
this danger ; the sudden, severe, and universal
alarm and pressure must not be permitted again
to return. Non solam a calamitate, sed calami-
tatis meta, defendendwn est. Such was the wise
and manly decision of the public, and for this
purpose the provisions of the Bill of 1844 were
resorted to."

The address of Mr. STEPHENSON on taking the
chair for the first time since his election as Presi-
dent of the Institution of Civil Engineers is one
of those productions which ought to be in the
hands of every intelligent British citizen, the sub-
ject being one of great national interest and im-
portance, and that gentleman an authority of the
first class on it. British railways ! What a tri-
umph of enterprise—what an accession to national
strength—what a girder to national stability—
what a stimulus to commerce—what a vehicle for
mercantile operations—what pleasures and ad-
vantages to the population do not these words
suggest. Mr. STEPHENSON OR such a subject, a
gentleman whose reputation as a civil engineer is
more than European, Mr. STEPHENSON, M.P.,
whose gifted father, stepping from the obscurity
of a coal mine, by the force of character and native
genius worked his way gradually upwards to such
engineering eminence, and to such distinction
among his fellow-citizens, that his son is proud
to shadow himself beneath his laurels, and counts
it not the least of his honours to bear a name
associated with those of our great national bene-
factors, and that will ever operate as a talisman
to quicken native talent to a sense of its com-
manding powers and stimulate it to indomitable
energy and perseverance in their development,
was sure to be worth listening to, and to present
a lost of facts, with which it must be to the profit
of the community to be acquainted. Let us pick up
a few here and there from the address, and com-
mend them and it to the notice of our readers.

directly, and upwards of 40,000 collaterally, in
all 140,000 men ; representing, with their wives
and children, 1 in 50 of the entire population de-
pendent upon railways. The c3als (two million
tons) consumed by the engines almost equal the
whole amount exported to foreign countries, and
one-half the annual consumption of Landon.
Twenty thousand tons of iron require to be re-
placed annually. Twenty-six millions of sleepers
yearly perish, and to supply their place
300,000 trees are annually felled—a number
which cannot be grown on much less than 5,000
acres of forest land. In 1854, one hundred and
eleven millions of passengers were conveyed along
the lines, each passenger travelling an average of
12 miles. To convey 300,000 passengers a day
12 miles each, by the old system, 10,000 coaches
and 120,000 horses would be required ! The re-
ceipts of the railways in 1854 amounted to twenty
millions two hundred and fifteen thousand pounds
sterling.

The postal facilities afforded by railways are
such that but for their existence Mr. R. HILL'S
plan could not be carried out. Every Friday
night when the " weeklies" are transmitted eight
or ten vans are required for Post-office bags on the
North-Western Railway, and the use of these vans
implies at least the employment of fourteen or
fifteen mail-coaches to Birmingham, involving a
cost which could never have been sustained by a
penny postage. Not unjustly did Mr. STEPHEN-
SON remark—" They (the railways) were the great
engines for the diffusion of knowledge." Next
comes the electric telegraph—" that offspring
and indispensable companion of railways," which
so much increases the obligations of the public to
railway enterprise. No fewer than 7,200 miles
of " silent highway" or telegraph, or 36,000 miles
of wire, are in use, worked by 3,000 people, and
flashing a million of public messages annually on-
ward, with the speed of lightning, to all parts of
the kingdom, to the great benefit of the mercantile
body, the increase of commerce, and the quicken-
ing and promotion of friendly feeling in the com-
munity. In conclusion, what a triumph of science
these railways are ! What astounding results do
they not present. One in fifty of the population,
dependent on them for support. Their receipts
amounting to half the revenue of the State. The
traffic, carried on by them, carried on at a saving,
as compared with other modes of conveyance, of
40 millions a-year. The time saved by them, to
111 millions of passengers per annum, calculating
an hour the less on every journey, averaging 12
miles in length, equal to 38,000 years in the life
of man, and the money thus saved, 8 hours a day's
work, at an average of 3s. per day, to 2,000,0001.
a-year. Nor is this all : everywhere railways are
equalising and increasing the value of land, by
adding to the fertility of the poorer soils, by means
of manure, and by facilitating the conveyance
of the general produce to the best markets—
everywhere stimulating enterprise, and lending
their powerful aid to the extension of trade, every-
where quickeningithought, and opening out a pro-
spect to energy and intelligence. Centralisation !
The network of our railways, for us !

It has been repeatedly asked, what is the object
for which the continued occupation by Austria of
the Danubian Principalities is still tolerated ? It
certainly does not conduce to the welfare or hap-
piness of the unfortunate population, who have
been thereby placed under a military despotism,
far more onerous even than that of Russia itself.
Nor is it, in any degree beneficial to the great
cause for which the Allied Powers have found
themselves reluctantly compelled to unsheath their
swords. Already we have sustained serious loss
by the refusal of the occupiers to permit the
Turkish troops to operate on the SULTAN'S terri-
tory. The battles of Balaklava and Inkerman
were thereby occasioned ; and although these for-
midable attacks were so completely defeated by the
invincible courage of the troops, we are certainly
not indebted to Austrian sympathy or good-will
for those important results.
By the Treaty of the 2d December a
recurrence of a similar evil was prevented.
But when on the failure of the negotiations founded
thereon, and the breaking up of the Conferences
at Vienna, Austria refused to carry out her
deliberate and solemn undertaking, and to main-
tain a profound neutrality, she had no longer a
locus standi or right to keep a single Austrian
soldier in the Turkish territory.

Here, then, is another object of the Act,
briefly "to avoid panics." We are to guard
not only against calamity, but from the
fear of calamity. Now what does the
Times say ?—(see Times, 26th October, 1855.)
" Sir ROBERT PEEL could foresee the natural
operation of the act, but he could not foresee the
insane terror which the misapprehension of its
possible consequences would occasion. That it
was the terror of the Act, and not its operation,
that required to be palliated was shown by the
fact that the moment this terror was removed
every man found himself at ease t" Here, then,
we find that it created the very evil it was in-
tended to obviate. And there is abundant evi-
dence in the Report of theLords'Committee, and in
the evidence on which it was founded, to show
that such was the real state of affairs.

What, then, is to be done on this all-im-
portant subject ? It is one which should clearly
be brought under the consideration of the
Council of War about to sit in the
French metropolis, to know whether anything
useful to the Allied cause can arise from the posi-
tion thus held by the Austrians . And also
whether any and what steps can be taken to ob-
viate the evils which they so unadvisedly per-
mitted to arise by the Austrian occupation.
These are points of vast importance, under existing
circumstances, as well as under those which may
naturally arise during the future progress of the
War. The intentions of Austria will soon be clearly
developed. The Allied Powers will see how she
will act under the rejection of the so-called
ultimatum. If she be prepared to take an
active part at the eleventh hour, and to visit on
Russia the legitimate consequences of her per-
verse obstinacy—well ! In such oase there
may be some plausible excuse (although, as
we conceive, not a valid one) offered for
her remaining is possession. But if
not, she should be invited to evacuate forthwith
the territories of a neighbour with whom she pro-
fesses to be at peace, and where the presence of
her troops is neither desired by, nor beneficial tee
the SOVEREIGN, his people, or his Allies.

The rumour relative to the death of Lady Ellen-
borough is untrue.

Thus, then, we find one of Lord OVERSTONE'S
objects totally inadequate—the other absolutely
unfounded! We shall have more to say on the
subject;
but for the present we leave the cham-
pion of the Bank Charter to digest these unques-
tionable facts as best ho may.

1 We admit ono or two of Mr. COBDEN'S most
important positions, but if invested, as he figures
hitnielf to be, with ministerial responsibility, our
inferences would be the reverse of his. We ad-
mit that " terms of peace" with Russia are of
very little consequence. We admit that from
the days of PETER and CATHERINBI she has never
kept any terms at all, even when most favourable
toherself and of her own imposing. Her occupation
of the Crimea, for ins tan ce, was in point blank contra-
vention of a treatywithTurkey, that "the Tartars
should remain free and independent, dependent
only upon GOD, like the other nations which en-
joy self-government." Russia wryer yet made a
treaty to be kept. Why, even that of Vienna
she has grossly broken by stopping up the
Danube, by incorporating Poland, and by handing
over Cracow to Austria. Terms, therefore, with
such a Power are nothing but ithe index of her
position for the moment. They show how far
her cunning has the advantage of her pride. That
is all. Lord PALME.RSTON and LOUIS NAPOLEON

The Railways of Great Britain and Ireland,
which spread like a network over the kingdom,
have reached the extent of 8,054 miles completed,
thus exceeding in length the ten chief rivers of
Europe. To prepare the way, more than 50 miles
of solid earth or rock have been bored, and earth-
works of surpassing magnitude have been con-
structed. The cost of these lines has been
286,000,000/., equal to one-third of the national
debt. Eighty
millions of train miles run annually
along them, and as their working stock they count
5,000 engines, and 150,000 vehicles ! These
same engines, let us add, set in a straight lino,
would reach from London to Chatham, and the
vehicles from London to Aberdeen ! The various
companies employ 90,400 officers and servants

Another gun-boat was launched at Wigram's
yard, Northam, near Southampton, yesterday.
CRYSTAL PALA()); JAN. 9 ONE SHILLING DAY.'
Admissions on payment, 311 ; ditto by season tickets,
61 ; total visitors, 372.
THE CHEAP PRESS.—The Olteltenham, Observer, a re-
cently-established cheap periodical, published at three-
halfpence, closed its career on. Wednesday last.
It is said that Marshal PeLissier has officially notified
to the Constantinople paperv, that henceforward no
mention whatever is to be made of the movements of
French troops ; and even the list of arrivals of steamers
with troops and ammunition is to be discontinued.—
Malta Times.

Tun MAILS.—LimPooL, Jan. 9.—The British and
North American mail steamer Africa sailed hence today
for New York, with 42 paslcngers, a large and valu-
able cargo of dry goods, and the mail, which, by a re-
turn to former arrangements, will now be despatched on
the SAturday of every week, and on the Wednesday of
every other week.

URGENT PRIVATS AFFAIRS. --We perceive by the latest
general orders that the folllowing officers leave 'the
Crimea on " urgent private airstirs" :—Captain Chantuer,
77th Regiment ; Captain J.. 13.. Boyd, 17th Regiment ;
Lieut.-Colonel Strange Ray,. Artillery; Major Knox,
21st Regiment ; Major Connolly, D.A.A.G. ; Captain
Rosser, A.D.C., 10th Hussars ; Captain Slade, A.D.O ,
let Dragoon Guards; Captain Thursby, A.D.C., 9th
Regiment ; and Lieut.-Genera:l. Sir .T. Yorke Scarlett.
DUBLIN, Jan. 9.—A deputation from Galway, headed
by Mr. M. J. Blake, M.P., :aid Mr. O'Flaherty, M.P.,
waited yesterday on Mr. Ilx rsman, Chief Secretary,
on the subject of constructing a harbour of refuge at
Galway, chiefly with the aid of convict labour. Mr.
liorsman went very fully into the matter, and pro-
mised that he would give it particular attention.

GUARES FOR THE SEAT OP WAR.—Orders have been
issued to hold in readiness tor embarkation 800 disci-
plined men of the household itzfantry—viz., 300 for the
3d battalion of the Grenadiers, 250 for the let battalion
of the Coldstrearns, and 250 for the 3d battalion of the
Scots Fusilier Guards. These drafts will proceed by
the first opportunity to join the reserve at Malta, from
whence a sitnil.„r number will be Bent to join the service
companie in the Crimea.

THE SUN, LONDON, THURSDAY EVENING, JANUARY 10, 1856.