The Sun.
London, England, 1856-11-05 00:00:00

to a somewhat freer enjoyment of its rights
and privileges. Except at Ancona and Bologna
the Papal stAjects are left to the Holy Father—
and the French Army of Occupation ! A move-
ment, however small—this--in the right direction.
A movement (notwithstanding its smallness) so
unmistakeably in that direction, that the friends
of Italy may really begin to breathe a little more
pleasurably the atmosphere of Hope, and to look
forward to the time when nobody, save and ex-
cepting the Italian himself, shall any more have—
put his foot in it ! Have put his foot in the
glorious Boot of Italy—the Boot with its loos•
sened tassel in Corsica and Sardinia, its calf
swelling into the Adriatic from San Marino to
Ascoli, its heel at Otranto, and its toe just quietly
tipping Sicily from the Gulf of Taranto into the
Mediterranean. 0 for the time when we can
look for the happiness and comfort of a good fit
for the Italians themselves ! For the Italians
and no other than the Italians ! When the Boot
shall pinch nowhere—instead of (as at present)
everywhere ! When it shall be no longer botched
and cobbled by a variety of foreign and bungling
CRISPINS —but resume its own original and intrinsic
completeness ! When neither Frenchman nor
German shall undertake in its regard the experi-
ments of an inefficient and inexperienced tyro in
the art, instead of those evidencing the skill and
practice of a genuine Master-Cordwainer ! At any
rate, here at length is something like a beginning in
the great labour of renovation. The Austrians
have at last withdrawn in the direction of Padua
—they have re- crossed the Po—they have left in
the Papal States, as the latest vestige of 'their
odious army of occupation, a few troops at An-
cona, and a few more at Bologna. So far so
good. Better things, let us hope, will follow.
Among those better things the ultimate evacua-
tion by the Austrian soldiers, both of Bologna and
Ancona, preparat)ry to the withdrawal of the
French troops from Rime, and to the perfected
development of those liberal institutions which
Pope Pius the Ninth was himself the one, as far
back as 1846 (just ten years from the present
time), or at any rate as long ago as the beginning
of 1847, to inaugurate. Please Gon, the good
day will come in the fulness of time to the
Romans, and ultimately to the whole race of the
Italians. Political freedom—commerce—railways
—manufactures—improved agriculture—revived
arts—and, to sum up all in a single phrase,
general regeneration.

Ruin ! Ruin ! nothing but ruin for Old Eng-
land. The new Joint-Stock Companies Act came
into operation on the 3d ; it ought to have been
on the anniversary of Gunpowder Treason and
Plot, for, our capitalists being judges, the sun of
England's commerce has passed its meridian, and
will now rapidly set, of course to rise no more.
The Ruin to follow the Reform Bill, and, above
all, Free Trade, are nothing to the crash which
now impends ; little capitalists are now as free to
combine as great ones, and we await but one step
more, the abolition of the Threadneedle-street
monopoly, and then it will be the Deluge indeed.
Well, we shall see ; from the days of Lord ELDON
to the present hour we have become so hardened
by such prophecies that we are now downright
sceptics. The plaints of the privileged of every
class fall unheeded on our ears. We verily be-
lieve that if the old Corporation of London were
dying, and its moans echoed along the Thames, we
should take our boat to London-bridge as uncon-
cernedly, and enjoy such fresh air as wind and
tide permitted, with as much pleasure, as if the
glory of London were not breathing its last.
Afflictions, all Divines agree, harden us if they
do not soften us ; and we have in the course a
our public life attended so many funerals of pro
tested and privileged bodies, and vested abases,
and seen earth, sea, and sky still where they were,
and the political and commercial world flourish
so ungratefully on the ruins of monopoly, that we
have forgotteh to sigh at the sight and sound of
the mourners.
However, the new companies (Limited) will
start just now with a heavy discount clog on their
movements. Limited, both they and many others
will find themselves, whether they like it or not ;
and yet, strange to say, there is a good deal of
money seeking safe investment. Two great un-
dertakings have this week attracted our own
attention; one we would beggar if we could, in the
interest of European peace, and of our readers
pockets ; the other we would, if purposing invest-
ment, certainly look into as worthy of regard on
public grounds, and we should think on its pecu-
niary merits also. Percentage is, we know, the
inevitable barometer of these matters ; yet there
are some things into which, however profitable,
many an Englishman would say—not a penny of
mine shall go into it. Such a project we conceive
Russian railways to be ; anti as just the reverse,
both commercially and patriotically, we regard
our Indian railways.

Russia is now demanding of civilised Europe
80111 e 40,009,000/, of its money, at the rate of
4,000,000/. per annum. We hope she may never
get it. We believe it stands a good chance of
being half lost. If she borrowed the money as a
loan, and stipulated for 5 per cent, interest, we
might believe she would pay it from motives of
prudence at least, for we never had, and never
shall have, the least faith in her honour. Know-
ing herself, however, predestined to be a bezgar
for a century or two, and effectually called to
begging by the late war, she would, we doubt not,
be wiser than dkustria, and not turn bankrupt
till the knout had extorted the fait rou',le from
_ _

such of her serfs as had one. Russia, however,

will try to make th© railway, by soma means

guarantee itself, and that her military lines will
never do. She will fix the allowed cost of con

sfruction below what it pan po3sibly be, or promise
material help anci.. facilities which are not in
tier power, or furnish some plausible scheme to

the great Jew money-lenders, with which they
may gull their customers ; or in some way beyon d

lour cunning- to invent, for we are not Russians,
slim will construct the railways with their money,
land leave them to whistle for their dividends.
No one ought to trust Russia except in' the
straightforward way of a well-secured loan. Not
that we ever dirtied our fingers in Ruesian loans,
or ever mean to do ; but, as men of business, we
would deal with RODIANOFFS, and all the ----OFFS
who Serve them, on no other terms.
Why, even in the present case, Russia is now
abandonin,,,e the Riga Railway__one commercially
wanted--Ine which might have increased her cus-
Itoms a.'t that Port twentyfold in as many years.
And wherefore ? 13aQa.utie she wants a road of
two. tho.rsand five hundred
miles long, constructed
aQeoss her barren eteppes from Moscow to the
...7.tintii, that she raay be able to move her troops a
little more easily for her next anression. If we
rinderstand its course aright, there is hardly a
town of ten thousand people the hlw o e way.
Steppes and plains, without population, and
without produce worth carriage, are to find the
shareholders a revenue for their railway. It will
be, in fact, a great inland military work, without
the means of paying half its working expenses.
If Russia wants a loan for such a purpose let her 1

erne frankly furiva,rd and say, "Lend me the

crone} to enable me to ;.,-,Kisr, 50li all, next time