The Sun.
London, England, 1856-08-27 00:00:00

Z "

(•••••.............„ ~.. ,
...- 1
j
(..:-.2 •
illillk ,
~.........iz„.",
. _
~.. •
4
. . . _ .
'1
.( "'.1.-';:...N.!
,/. ... :of,
It‘
4
•-= , '!. A- ~
~
:* -
Oda. .. '
(1111 A Psi....,
,ta,r)ipz*"...... ,• , fl Wli '
if • 4
(6,1, , u .... .
„,,..,..,,...
~,,,N:..-,. . ..,... ~
...b.-4AZ
1 • ..?' irr,Toji
,-- ••
,‘ iffir!!,'„4 I
...114;;fi5t4,41 e . ,
01, 1/4\lks
,_ ai.....-,• _hi) u /64r-e'`Vl'll'' 'l'l,-- -):7"4:':
:jal
IT
4
'4044 '''''''.4 ;.
<T
..:'`...*,:::,...,,N., , _ --- .4.., , 41,:,
kt*i-,-,.., i te,,,,,,,,,, ,•v, i.. 9.
-••=4- 4t:
-'''
4- ' * . 41' IW. , ,
.., .n. of, --, eig
. i
roil Sib 4 21,4/0 14.;
\ - _ virC" l .
",,,:a11i......... ~ '
\‘`-.;*.,,F
-• '7. -,... ‘-:;,,-...
~. 4., . ..;,:, ~.. , .1: :- A
"
, ,:-... 1 .....,,,
..4,,,, -, k. ; ,-, ,
i.-------- -- ...i.--._
14.1
; . „, t-• --1
ri
• ,* •
1 4xl.{:kg
-- - . .
ISvP- -1 ,
_ "„ • k )1 IS : : l4-• , ,
r •.- ~• i 1 •v .
__,•-• - . ... . . 4 ~..' 11--:-----V, .i. ii; ~MlCatt- ,# , ' ..,,e, ' , , , -.. • 7.,...*,„,„ 'l_
• .
..e.? - ~ , ,
..9:,,,, ' .-.• '-' YR ir i',

[PRICE 4D. STAMPED liD•

is
has i
ws
eb Mlyl a
kjn
osotmwy'
nes
a,
nm closes athe
aea
ffpaeppol
pti cationehairs
alno co
ekt
so ,
bbusHe drove up to the palace in an open carriage with-
out the slightest parade, and received into his own
hand the petitions of a number of poor women who
ofiriotibcilueersstts;iiinle vlalyilitch
he.
were permitted thus to approach the fountain-h,!ad
of authority. , This custom, which puts one in mind
of the Arabian Nights, is only followed in certain
cases, as it must be obvious that, if general, it
would occupy the entire time of the Emperor. As
his Majesty received them there' was not the
slightest appearance of hauteur on his part, nor of
undue servility on that of his fair petitioners, who
simply curtseyed in a business-like off-hand way,
and retired much more composedly than I have seen
Municipal dignitaries do in England when they
were permitted to approach the throne. I mention
this little incident to show that, however despotic
the government of this country may be in theory,
it is much ameliorated in practice by the personal
deportment of people in authority, from the Em-
peror on his throne, the fountain of houour, favour,
and fortune, down to the humble " bootishnik"—
generally pronounced bootjack by early students in
Sclavonicthe Russian policeman, who tells you
about fifteen times a day that it is not permitted to
smoke in the street, and politely points out the an-
nouncement to that effect in the French language,
which is hung up in_his little guard-house. I have
now read it so often-that it is completely imprinted
on my memory, but I.always find that a few civil
nods and winks—beyond that, as Albert Smith
4a.ys, the conversatiotris apt to flag---ancl in ex-
IrCitarrases a cigar• otrfive c4ecks, 'sgets me out
of the difficulty, and appeases the outraged dig-
nity of the law. In the late Emperor's time the
prohibition was rigidly enforced, but the present
Czar smokes himself, and has walked' through
the streets with a cigar, and his loyal_ subjects
have not been slow in following his example.
At present, on, fume pretty generally in
the northern capital. The Empress, who fol-
lowed her august spouse into the church, is a
tall, lady-like woman, but beyond that nothing re-
markable. Her toilette was in excellent taste, very
similar to that of the Empress Eugenie, whose figure
is not unlike that of the Czarina.. The young arch-
dukes are all fine hearty little fellows, give the sa-
lute with true military precision, and look quite
smart in their tiny uniforms, each being of course
colonel of a regiment. The Czar himself wore the
dress of the Gardes a Cheval, one of the plainest in
the service. After church came the court, the pre-
sentations and the decoration, and all the while
the granefountains played, and the people on the
terrace could divide their attention between the
glittering crowds that filled the windows of the pa-
lace, the grim gigantic Cossack footmen, in full
national costume, the splendidly dressed negroes,
the relics of more barbaric times and courts, and
the murmuring Cascades on the other side, through
whose long vista of diamond spray they could see
the Gulf of Finland, fit terminus to the perspec-
tive, as seen from Peterhoff Palace. The taste of
these fountains, which cost millions of roubles, is
by no means severe. The water falls over terraces
of blue and gold, and the jets are sent forth by Sam-
sons, dryads, frogs, and ,dolphins, of the brightest
gilding and colours. The effect is excellent, and as
every one seems to like them we must suppose them
to be well designed, whatever the high art dicta-
tors may say to the contrary. I should add that
Peterhoff, which during the past week has been a
great centre of attraction, is approached by a ser-
vice of small steamers very punctually and regu-
larly performed, and constantly well filled with
passengers. To give an idea what the channel is,
it will be only necessary to state that wo grounded
twice going down last Sunday, and this although
the captain is supposed to be familiar with every
inch of the way. A flotilla of hostile gunboats w ould
be sadly puzzled in these waters. This morning, and
this is my last bit of St. Petersburg news, the regalia
were sent off by railway to Moscow. There was a
grand procession of Imperial carriages, through the
window of one of which the great diamond crown
could be seen, to the station, escorted by the Che-
valier Garde, and the whole of the Nevskoi was
crowded with people, as the interesting cortege
drove past. St. Petersburg will henceforth ho a
desert until after the coronation, and Moscow for
one month at least will witue-ss a revival of its old
populousness and firrianAanr_

PROJECT OF AN IMPERIAL OTTOMAN
BANK.

(Front the Times' Correspondent.)
CONSTANTINOPLE, AUG. 14.

I send you to-day the project of an Imperial
0 ttomau Bank drawn up by the Turkish Govern-
ment, and communicated to the different parties
who are desirous of undertaking such an enter-
prise. The whole project is a kind of resume of all
the different projects which had been submitted to
the Porte, and, as a project, there is very little to
say about its general features, except that it is too
elaborate and too perfect to arise all of a sudden
whore there is as yet nothing, instead of beginning
more modestly and extending itself gradually,
which would be the more natural course ; thus,
for instance, making the loan of 5,000,0001. ster-
ling a condition for the establishment of the bank,
and making the withdrawal of the paper money
and the debased coin a preliminary operation rather
than a result of the bank operations. In the de-
tails of the project the most remarkable point seems
to be the illusion which expects to get the loan of
5,000,0001. at 90.
But it is not so much about the advantages or
disadvantages of the project itself as the idea of is-
suing a project at all that I should like to make
some remarks. In theory there is certainly nothing
to say against the principle of competition, from
which it seems to proceed; but, if one looks at the
project practically, there is no competition in it,
for competition implies offers on the part of the
companies, among which the Government would
have to choose the most favourable, while with
this project the Government lays down its own
terms, which the companies will have to ac-
cept. Indeed, the only effect which the project is
likely to have will be rather to drive some of the
competitors from the market, and, among these,
probably those who mean it most honestly, for
the 5,000,0001. loan at 90 cannot be taken with-
out a heavy loss, which must be compensated
so nohow or other, and it is to be expected that
those who are least conscientious about the
means by which they can make up for the loss will
be likewise most ready to submit to it. But, as it
is even more probable that the Government
will find nobody who will take its terms, the whole
question will be reduced to a bargain at what rate
the loan should bo issued, and thus the future in-
dustrial'and commercial prosperity of the country
will be made dependent upon a secondary point of
only momentary interest.

The answer which the Turkish Government has
to this objection is, that the loans are concluded in
every other country in the same way. But the
circumstances in European countries are different ;
there, loans are isolated operations, which affect
only very remotely the general system of credit.
In Turkey this loan involves the question of the
future financial condition of the country. The
chief consideration, therefore, which ought to lead
the Turkish Government in the choice of the com-
pany for the formation of the national bank is
which of them offers the greatest moral guarantee
and which will inspire greatest confidence ito fo-
reign capitalists who would be inclined to invest
their money in Turkey, for, according to the pro-
ject proposed by the Turkish Government, the Im-
perial Ottoman Bank will have such paramount
influence on the system of credit that it must ix-
come the mediator, not to say the arbitrator, in
every investment of European capital, and nobody
will be disposed to lend his money without being
convinced of the irreproachable character of the
ruling national bank.

And this seems to me the chief objection to the
scheme which is afloat among the native moneyed
men of this place to form a bank principally of na-
tive capitalists, who having in their pockets a pod
number of the Pashas who will decide the question
of the bank, have now some chance of success.

The worst feature in this project, however, is the
want of faith which it shows on the part of the
Tuckish Government, and which is certainly not
calculated to encourage European enterprise in
Turkey. As you know, they have been negotiating
with the Ottoman Bank, and now all of a sudden
they turn round and treat the company like the
first comer. The negotiations were carried on
most briskly during the absence of the Grand
Vizier Aali Pusha by the Minister for Foreign
Affairs, and now, in order to account for the non-
accomplishment of the promises made, the Grand
Vizier is, as usual, made a scapegoat.
PROJECT OF AN IMPERIAL OTTOMAN BANK.
FIRST PART.

"Art. 1. The Imperial Government will intrust a corn
pany, composed of native and foreign shareholders, with
the formation of a bank, under the title of an " Imperial
Ottoman Bank."

" 2. The capitalists who shall undertake to form this
bank will be its 'founders,' and the capital of the bank