The Sun.
London, England, 1860-06-18 00:00:00

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id them year by year. If
tle higher in,
Term, Annuities
advantages, and will therefore be
though moderate, sale among such
If, therefore, it is really hopeless
surplus revenue, and to apply it with consistent
regularity to the purchase of Consols, we must
relinquish an idea of an efficient sinking fund, and
sell as many Terminable Annuities as the market
will bear from time to time—not as the best ex-
pedient imaginable, but as the least costly method
that is practicable. It will be singular if there is
a new creation of Terminable Annuities in 1860,
but if needful so it must be.

PRICE 4D. STAMPED, SD.

oppressed nations, and to excite the democrats against the
empire.
But if this hypothesis had a shadow of truth we should
not dare to quote the following phrase, for it would be a
crime:—

"What is going on in France ? Will there not be a
second Orsini ? Are not the republicans about to attempt
something to overthrow the tyrant ?"—Aug. 20, 1859.

LORD OURSTONE ON THE RESULTS
OF INVASION.

xx.
God forbid that we should carry up the responsibility of
those imprudences too far ! The police itself has been more
unskilful than guilty, for it has not been able to conceal its
most secret papefs from the vigilance of honest men. But
the Prussian Government will do wisely to direct their func-
tionaries not to continue in such tortuous paths, which are
not without danger. •
Every one now knows that if Orsini had succeeded in
his criminal attempt he would have assassinated the future
liberator of Italy, and done his country more harm than
good. It may be also said that if MM. De Puttkarnmer,
De Boerensprung, and Post, without any bad intention, and
from unintelligent zeal, had raised up a second Orsini, they
would have deprived Prussia of a very useful ally, who is
perhaps called on to render her very great services, pro-
vided she lends herself to it.

The following extract from the replies of Lord
Overstone to queries put to him by the Commis-
sioners of National Defences will have much in-
terest for our readers

" 2d. Question 2 asks my opinion of the probable
effects of the occupation of London by an invading
army,—books, security, and public property having
been previously removed, and private property
being respected by the invader.
. .

_ .
" I cannot contcxnplate or trace to its consequences
such a supposition. My only answer is,—it must
never be. In proportion as a country has advanced
in civilization, and in commercial andmanufactur-
ing prosperity, the metropolis of than country, be-
comes more and more intimately connected with
all the operations and interests of the whole com-
munity; it becomes the centre, the heart of the
entire social and industrial system. The move-
ments of the central city become connected by an
indefinite number of the most delicate links with
the daily transactions of every town in the empire.
Rueve illa non possunt et non hcec eodem labefaetata
nzolu cooeidant.
" An invading army occupying London will be
in possession of the centre of our Governmental
system, the centre of internal communication, the
centre in which a large proportion of the transac-
tions of the whole country is daily adjusted, the
centre of our financial system ; and, as Woolwich
must of course be included in the fate of London,
the enemy will hold the great depot of our military
resources. Can any doubt exist as to the effects of
this ?

On dit that the Emperor had a copy of About's
pamphlet sent to the Emperor of Prussia, and to
the other Sovereigns about to assemble at Baden,
several days ago, in order to do away with the
awkwardness of " breaking ground. " - The
pamphlet was sent beforehand to clear the way.
Relate fell 5 centimes.

" But the enemy will respect private property,
and will endeavour to allay alarm, to restore confi-
dence, to obviate confusion, and to give to his pre-
sence the character of a purely military occupa-
tion. What, it is asked in question 5, will be the
results of this ?

" I believe that in the case supposed there would
exist a prevalent feeling that the fatal blow had
been struck; that the deep humiliation had been
sustained; that the means of satisfying his exac-
tions are under the command of the enemy ; that
the means of further and effectual resistance are,
doubtful, while the calamities attending it are cer-
tain and overwhelming. Under these circumstances,
many, no doubt with a noble spirit, would counsel
determined and persevering resistance at all
hazards and under any sacrifice ; but many would
deem such courage to be recklessness, and would
think the time come for bending under the blow,
and that no rational alternative remains but that
of purchasing the withdrawal of the enemy upon
the best terms that could be obtained. Which of
these ccnfiicting views would prevail I cannot un-
dertake to determine.
" The effects, however, of a country thus humi-
liated, paral3,sed, dispirited, and divided in opinion
would not, I fear, lead to any Satisfactory result.
" The safety of the country, as much as its ho-
nour, require that the integrity of the empire be
defended on the sea principally, and in the first
instance; and in case of any serious mishap there,
we must be prepared to fight the battle upon the
first inch of ground upon which a foreign foe sets
his hostile foot. Our riches, the complicated nature
of our social and monetary system, the limited ex-
tent of our country, the necessity of internal order
and confidence for the maintenance of our manu-
facturing population, would, I fear, be found to
render a prolonged conflict upon our own soil per-
haps impracticable, at all events fatal to all that
constitutes the power, the wellbeing, and the hap-
piness of the country.
"3. A serious apprehension of invasion, still
more the actual landing of an invading army in
force, would, I apprehend, necessitate the immediate
suspension of specie payments by the Bank of Eng-
land ; this would be followed by the prevalence of
monetary alarm, partaking more or less, according
to circumstances, of the character of panic. Money
would be withdrawn from savings banks, from
country banks, from all parties holding money at
call. To meet these demands Government securi-
ties must be brought to market in unusual quanti-
ties at a time when the credit of the Government
would be shaken, and the disposition to in-
vest in Governm‘nt securities would from the same
cause be seriously checked. The consequence is ob::
vious ; a heavy fall in the price of public securities,
a prostration of public credit, and grievous incon-
venience, amounting not improbably to the absolute
suspension of the usual course of monetary opera-
tions.
" In this country the use of money is economised
by various complicated expedients to an extent in-
finitely greater than in any other country. The effi-
ciency of these expedients depends upon the undis-
turbed state of social order and public ccnfidence ;
they would be at once paralysed by any serious in-
vasion of the country. More money would be re-
quired for the purposes of circulation when more
money could not be had ; and the existing amount
of money would be rapidly secreted for safety.
Money, and the substitute for money, credit, would
disappear simultaneously. To what extent would
this go ? No man can say beforehand. But these re-
sults would be more disastrous in England than in.
any other country, on account of the complicated
character of our monetary arrangements, which
renders the whole system peculiarly sensitive to any
movement tending to produce disorder or discredit.
4. The fourth question directs attention to the
effect which an invasion of England may be ex-
pected to produce upon the prosperity of other coun-
tries, and the strong reaction which it is supposed
this might cause against the author of the aggres-
sion.
" I cannot doubt that the consequences of any
blow inflicted upon the prosperity of England would
be felt, and seriously felt, through every quarter of
the globe to which trade and commerce have pene-
trated. A large portion of the productive energies
of the world are sustained by British capital and
British credit. Look at our annual exports, amount-
ing to about 100,000,000 of sterling value. This
indicates the extent to which other countries de-
rive the supply of their necessaries or their luxu-
ries from British industry. Look again at our
annual imports, swelling to the same amount, and
thus showing the extent to which other coun-
tries find a market for their products in British
prosperity. The country from which these gigantic
transactions emanate cannot be seriously injured
without disastrous consequences to every country
which directly or indirectly has held intercourse
with her. Such is the beneficent law of interna-
tional commercial intercourse; all trading countries
have a common interest in the progressive pro-
sperity of their neighbours, and no doubt can be
entertained that the effects of a blow which an in-
vasion of England would inflict upon our commer-
cial prosperity must vibrate through the whole
trading world. Bat these effects will be very
slightly estimated by anticipation ; it is only after
the fatal occurrence other nations will fully recog-
nise the extent to which their interests are involved
in the well-being of this country. Our safety must
in no degree be left dependent upon the precarious
and tardy sympathy of other countries. The aid
to be derived from this source wilLarise after the
evil has been consummated. With ourselves alone
must rest the defence of our country.
" We have every inducement to make our system
of national defence complete and effectual, because
the calamities and misery which a successful inva-
sion of England must produce would be far more
serious than any of which the world has yet had
,xnerience."

ERK OF THE WEATHER OFFI CE.

(From Punch.) •
Notice is hereby given that in consequence of the
Zodiac being taken up for repairs, there will be no
Summer or Autumn this year. All contracts made
on the understanding that the Seasons would go
on as usual, hirings of country houses, and of moors,
arrangements for tours, promises to marry, and the
like, are null and void. The Winter quarter begins
on the Ist of July proximo, and terminates some
time next year.

-(Signed) PHEBUS APOLLO.

"HousEliot,D llrsTs.—We observe that the mem-
bers of the coal trade are busy pushing their business, and
we glean from a circular bring dispersed amongst the nume-
rous connections of the Messrs. George J. Cockerell and
C.,., the following useful particulars:—" A long and severe
winter which has enormously increased the consumption of
coal, the exhausted state of the cellars of the consumer, and
the increased sale of British coal in France under the re-
duced duty, forbid all hope of any fall in price, as is usual
during the summer. The old adage, that the best is the
cheapest,' applies with peculiar force to coals. They are the
cleanest in the drawing-room, having less dust ; and in the
dinie g-room their warmth is more pleasant and wholesome ;
while in the kitchen they impart great heat, cooking quickly,
and consquently are alike healthy and economical for rich
and poor." In regard to the poor, Messrs. Cockerell have
a suggestion worth the consideration of all of us.. 6' Those
thus
who purchase their coals now do a public service, inasmuch
as they relieve the pressure upon the winter trade, and
keep down prices."

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