The Sun.
London, England, 1858-04-03 00:00:00

T,TIE SUN, LOINDION SATURDAY 'EVE NING, APRIAL 3, I.BNR,

vereignty. NAPOLEON the let tried it and failed,
and we do not suppose that his successor will be
more successful, albeit he has resorted to very dif-
ferent tactics.

European. Native.
Artillery 2,500
Cavalry I,OO
Infantry l1,000
Giving a total of about twenty-two thousand
men of all arms, of whom fifteen thousand are
Europeans. Since the above organisation of the
force was noted in general orders, General Franks
has joined the Commander-in-Chief, and will pro.
bably be appointed to the command of Second
Infantry Division. The accession of this column
will augment the European force to nearly twenty
thousand men, it being formed as follows :—One
troop of Royal Horse Artillery ; one company of
Foot Artillery; H.M. 10th Regiment Foot (one
wing); H.M. 20th Regiment Foot; H.M. 97th
Regiment Foot.
In addition to this reinforcement, news of
which reached us yesterday, the Nepaulese auxi-
liary force of 10,000 Ghoorkas, under Jung Baha-
door, must have reached Lucknow by this time,
and its arrival will bring our force up to 40,000
men, with an overpowering artillery. The gene-
ral impression is, that as many of the rebel host
as can will make their escape from Lucknow ; the
desertion of large numbers, in view of the con-
centrating storm approaching the city, being
already reported. It seems to be very generally
recognised at last, in spite of the violent counsels
which ruled a little while since, that it is de-
sirable that a door of hope should be thrown
open to the mere rebels on the other side, and that
the weight of our army should be reserved as far
as possible for the traitors who called them-
selves our soldiers, and in throwing off their alle-
giance imbrued their hands in the blood of our
women and children..

FRANCE.

PARIS, FRID ilr.

The entire Banking Code must speedili be
brought under Legislative consideration, and
every feasible suggestion by which it may be ame-
liorated is worthy of attention. There is nothing
that so greatly promotes the interests of the
nation, as a large amount of banking capital judi-
ciously and prudently administered. But in
proportion to the benefits conferred by sound
management, are the evils resulting from reckless
administration. Evils that tell heavily on every
inhabitant of the district in which it is situated ;
but more heavily on its customers and depositors ;
but most seriously of all, on the unfortunate share-
holders, who not only lose their original invest-
ment, but are held responsible to their last acre
and their last shilling, and even with their persons
for'debts which they had no share in contracting.
Au innocent creditor is no doubt greatly to be
pitied, but an innocent shareholder is even

THE BOMBAY MAIL.

Orders have been given that a model of the gun
presented by Queen Victoria shall be cast, with a
view to depositing it in the Imperial collection.
The Toulon fleet, which at present consists of 11
ships of the line is to be increased to 14.
His Excellency General Sir Gaspard Le Mar-
chant, the new governor of Malta, has arrived in
Paris on his way to his post.
Baron de Bourquensy, ambassador at Vienna,
has arrived in Paris.

CENTRAL AMERICA.

The steamer Columbus, from San Jose de Gua-
temala and intermediate ports, arrived in Panama
Bay on the morning of the Bth.

The steamboat San Carlos, Captain Forest, was
blown on shore in a norther on the night of the
27th of February at a place called Las Lajar, on
the Lake of Nicaragua. It was expected that she
would be a total loss.

The official returns of the exports and iraports of
the republic of Guatemala during the past year
show that the value of the imports amounted to
1,136,517 dols., and the exports to 91,585 dols.,
being an increase on the former and a decrease on
the latter, owing to the failure in the cochineal
crop ; in other articles of export there is an in-
crease. The greatest trade is with England, and
the next with
~Germany. The returns show that
the trade on the Pacific coast has considerably in-
creased.

more so.
An intelligent and clear-headed correspondent,
" Y. G. II.," whose communication will be found
in another part of this day's impression, has
offered some valuable suggestions on this all-im-
portant question. The great thing required is an
adequate circulating medium, which will either be
a legal tender, or redeemable in legal tender
money, with adequate security for the redemption.
Of course, the legal tender money could only be
issued by or on behalf of the State, with proper
conditions, as its being receivable in payment of
taxes and duties. Every private bank authorised
to issue notes, should lodge Government se-
curities, with a sufficient margin for the
redemption of these notes, either with
legal tender money or bullion, the parties
of course receiving the interest, dividend, or an-
nual produce of the securities thus deposited.
Under such circumstances there could be no dan-
ger so far as the currency was concerned. The
note-holders should always be satisfied, although
the depositors might have to bide their time.
Nothing is clearer to any person in any degree
acquainted with economical science than that a
larger amount of notes cannot be brought into or
retained in circulation than are required by the
wants of the locality. ADAM SMITH has proved
that they must return to the issuers. But it is
equally clear that there should be no restriction
on what ought to receive credit, and to be ac-
ceptable to all. If such securities were lodged
and a Government auditor certified to the fact,
there could be *no " run on the Bank."
Every man would know that he was safe, and
gold would only be sought after, for the pur-
pose of settling balances with other nations,
and, like every commodity, the price would
be settled by the supply and demand. Give a
really national note of convenient amount, which
no Englishman will refuse to accept. As all the
national resources are pledged for its liquidation,
which will answer for all domestic: purposes,
and from forty to fifty millions of sovereigns will
be liberated and rendered applicable to foreign
trade. Considerable wear and tear would thus be
avoided, which costs the nation a good round sum
in the year, and might enable it to dispense with
the taxes on prudence, as the stamps on policies
of assurance have properly been termed.
The other points suggested by our correspon-
dent are worthy of notice. By limiting the re-
sponsibility, men of large means, who now cau-
tiously keep aloof from such speculations, would
be induced to join. A large paid up capital
should be required in every joint-stock under-
taking, the amount whereof should be known to the
community, and stringent penalties inflicted on any
person connected with the management, who
joined in deceiving the public, which might
practically be regarded as trying to obtain money
under false pretences. This would place banking
on a sound foundation, and give the commercial
community that implicit confidence, without which
no establishment can conduct its business with
credit to itself or advantage to the public.

The Legislative Assembly of Salvador have con-
firmed the election of Don Miguel Sintin del Cas-
tato as President of the Republic, and of an Joa-
quin Eufrasio Guzman as Vice-President, tor the
constitutional term of two years.
Dates from San Jose are to February 27. Don
Pedro Negrete, Special Minister from Salvador,
deputed to arrange the questions pending between
Nicaragua and Costa Rica, arrived at San Jose on
the l9tti ult., and was officially received on the 26th.
A letter from Punta Arenas states that the coffee
crop is late this and cornea in.
Princes remained much the same, viz.—in the in-
terior 10 dols. to 10 dole. 2r.; in the port 12 to 12i
dole. It was not expected that it would go lower ;
owing to the short crop many vessels would have
to seek for cargo elsewhere. Hides had fallen a
little, and were held at 14 dols. with an active
demand. In consequence of the short coffee crop
some shipments of native sugar (Chancaca) have
been made, which in the port did not cost under
4 dole. per quintal, but the downward tendency of
the article had rathercbecked the demand. Freights
for Europe were very low.

Our colum.ns will be found to record a series of
brilliant successes achieved by General Franks on
his march to Lucknow, over large bodies of the
insurgents, while we have had to chronicle almost
daily the triumphs of the Alumbagh force, al-
ready referred to above.
The trial of the King of Delhi is dragging its
slow length along, its proceedings lave reached,
by latest advices from the North- West, the six-
teenth day. It seems conclusively proved that
the semblance of a court maintained by this
wretched puppet serve to keep alive vague hopes
that, through some turn of the wheel, the star of
Delhi was yet to appear again on the horizon of
Indian affairs ; and the Persian war seems to have
fanned those hopes. We are still, however, quite
unable to say whether any solicitation bad
been employed to shake the allegiance of our
soldiery on the part of the Delhi court prior
to the outbreak in Meerut, which we still
strongly incline to believe was solely occasioned by
the facts that had transpired there in connection
with the cartridges. Whether we shall ever get
much light on this disputed subject seems very
doubtful.

The new postal arrangements are creating much
remark and much dissatisfaction on our side.
The following telegraphic message has been re-
ceived from Mr. Edmonstone, dated Allahabad,
February 26 :
"The enemy before Alumbagh came out in
great strength on the 25th, but were repulsed by
Sir J. Outram, who cut up a large number of them,
and captured two guns. Our loss was two killed
and a few wounded. General Hope Grant took
Mungeree in Oude, by storm on the 23d, killed 500
rebels, and captured four guns : our casualties
amount to 16 or 18. Brigadier-General Franks pre-
vented a junction at Chanda between Rebulhoo-
cline Chukladar, and Lisnagan Mahomed Hoosem,
and had defeated them successively on the 19th
The former had 8,000 sepoys and rebels and eight
guns, and was pursued for three miles. The latter
had 11,000 men, and 11 guns. The enemy lost 800
men, and six of their guns were captured. The
enemy endeavoured to get into the strong fort of
Badshahgunge ; his force consisting of 35,000
sepoys and rebels, and 25 guns. General Franks,
out-flanking him on the 23d inst., killed and
wounded 1,800, and took 20 guns ; drove the rebels
in crowds for several miles, and captured the whole
of the standing camp, baggage, ammunition, &c.
Among the wounded were Rajah Hoosein Ally
Khan and other leaders. This success has cleared
the roads to Lucknow and Fyzabad. Our loss was
very trifling—only two killed and sixteen wounded
in all three actions. Details of captured or dnance
as follows :—One thirty-pounder, two twenty-four
pounders, and two eight-pounders, four twelve-
pounders, one nine-pounder and ten small ones .
The Lahore Light Horse have joined Genera 1
Franks."

DEATH or MR. SOLLT.—We have to record the death
of Mr. Richard Horsman Selly, a name which has been
intimately connected with the progress of literature and
science during the last half century. Mr. Sully was a
distinguished fellow of the Royal Society, and at the
time of his death, which occurred on the afternoon of
Wednesday last was in the 82d year of his age.
ROYAL VISITORS IN PARIS.—The year 1858, says a
Paris letter in the Nord, will, like preceding ones, be
signalised by the presence in France of foreign sove-
reigns and princes. Prince George of Saxony has only
just left France, and the approaching arrival of the
Queen of ll,lland, daughter of the King of Wurtem-
berg, and cousin of Prince Napoleon and the Princess
Matbilde is announced. The Grand Duchess Helen,
widow cf the Grand Duke Michael, and daughter of
Prince Paul of Wurtemburg, who long resided in Paris,
and who is also cousin of Prince Napoleon, is also ex-
pected. The Queen of Holland and the Grand Duchess
Helen are to be received at the Palace of Fontainebleau,
where the court will go in the course of the summer.
COURT-MARTIAL ON A NON.COMMISSIONED OFFICER
AT CHATHAM.—The whole of the troops belonging to the
depot of the UI Regiment at Chatham, were assembled
on Thursday at Chatham-barracks, for the purpose of
witnessing the ceramAny of degrading Sergeant James
Fitzgibbons, of that corps, who was recently tried by a
district court-martialifor having, when in command of a
picquet in Chatham, perenaded the men to enter a
puilic-house and drink with him, the prisoner himself
remaining there drinking until he became intoxicated, in
which state he returned to barracks, where the picquet
had been previously brought is by the field officer of the
day. The court found the prisoner guilty, and in addition
to his being reduced to the rank and pay of a private, he
was adjudged to be imprisoned in the military prison at
Fort Clarence for $4 days.
SUDDEN DEATH.—Yesterday morning an awful Li-
stance of the uncertainty of human life occurred to an
old man, named George Mills, residing in New-street,
Lambeth, under the following circumstances :—lt ap-
pears that the old man retired to rest with his grandson
the previous evening in perfect health, and was so in the
morning when his grandson left to go to his work ; but
on returning, not finding his breakfast ready, proceeded
to the old man's room, where he was horrified at seeing
the old man in bed in an insensible state. Medical
assistance was instantly prooared, but life was pro-
nounced to be quite extinct. Information has been for-
warded to the coroner of the district. The deceased was
in his 74th year.
THE PEN, THE CHISEL, AND THE BRUSH.—About
30 y,.ari ago, Sir Walter Scott gave to Sir Francis
Chantrey a specimen of the celebrated Mustard and
Pepper breed of terriers. When in the fulness of time
the dog waxed old and was about to die, Sir Ed win
Landseer regenerated it on canvas and presented the
sketch to its sorrowing master. In the background (4
this little picture, which attracted much notice at the
time of its exhibition, are represented the interior of the
sculptor's studio, an unfinished bust of Sir Walter, two
woodcocks brought down at a single shot by Chantrey
at Holkham, his favourite cat, snuff box, modelling
tools, &e. The picture has recently been offered by
Lady Chantrey to her Majesty, who has been graciously
pleased to accept such an interesting memorial of the
friendship which so long existed between these three
great artiste.
THE LEVIATHAN.—By some the Leviathan has been
compared in magnitude to Great George-street, West-
minster ; but the street is not wide enough to admit her,
since she could only just fit into Portland-place, though
of course not so long. It is said that she could not go
into either Gro ye lor or Belgrave-square, and that Ber-
keley-:quare, lengthways, would only just adroit her.
Being 691 f--•=t, or 230 yards in length, she is 10 yards
over an eighth of a mile, and of c :ure four turns up
and down her deck will make a mile ; a possible walk,
as her level deck is unencumbered a ith aught save the
skylights of the saloons. The Leviathan is intendtd to
carry 800 first-class passengers, 2,000 second-clasp, and
1,200 third-class. For so large a freight of human beings
the most extensive accommodation has been provided
both in saloons and sleeping cabins. The saloons are
nine in number; the largest is 100 feet long, 3r3 fee,
wide, and 13 feet high. Above are two others, one above
dO feet long, and another 24; both ere 25 feet wide and
12 high. The smaller of these latter is used as a la-lies'
cabin. There are whole streets and squares of sleeping
rooms, about 14 feet long by 7 or 8 feet wide, and above
7 feet high—in fact, quite large rooine. If nothing else
had influence, this would make the Leviathan popular.
In most large steamers it is the sle ,ping cabin that is
the discomfort. The main cabin is generally large and
airy ; the table perhaps better than many passengers
enjoy on shore : it is in the berth that they find discom-
fort—the close crib, with perhaps another fellow passen-
ger on the shelf above.—Tilan for April,

COMMERCIAL INTELLIGENCE.

BOMBAY, 1171A—R.ca 8.

The Peninsular and Oriental Company's steamer
Pekin, with the English mails of 2d Feb., vice Marseilles,
arrived here on the morning of the 27th idem. The
money market continues easy.

thousand native horse and as many native infan- I entry into Bagdad ; his adjutant, NUri• Bey, was until 4in the afternoon, the place was occupied by r Royal. The adniiral and squadron were expected to mi-
1, . &TEST NEIITS try, we shall probably be within the mark :---. I killed in the riot. the troops of Vivanco. The losses on both sidts semble therein a few days. The Indus was at St. Kitt's,
L are about 200 killed, and as many more wounded. I March 6, and shortly after sailed for Jamaica; also, the
The battle was a severe one. The frigate threw I Devastation. The Atalanta
4th from Barbadoes, and left again on the 9th for Tati-
cver 200 shells and shots into the town, one-half of arrived at Jamaica on the
afosfsAsk!nwall on the 11th.
teo.TTarntearCuwbaaslaeftt J'ta mrrahiocma
Tire Buzzard was. at
which is how in ruin,:, When the Valparaiso
passed, the Arauca, Petyona, and Apurima were
or twoa ter.TheLeopard was at Colon, and the Bruns-
Jamaica in a day
Barbadoes on the Bth and to sa.il for
f '
lying at anchor. Vivanco had withdrawn his
troops from Iquique. wick Lad left for Jamaica.
Another attempt at revolution had been nipped The Royal Mail Company's steamer Magdalena, with
in the bud in Liam. It was to he headed by Senor the mails of the 2d March, from Southampton, arrived
Ureta, ex-President of the Convention ; the Con- at St. Thomas's on the 19th ; the Clyde was on the
sejo of Ministers were advised of it and immediately Jamaica route ; the Conway on the Windward Island
Gulf of Mexico ; the Thames and the Trent on the
arrested all the parties and sent them to prison, ex- route; the
je;DteheeinEatgbleeGautlf
joafmMaieexaie;e ibtehesDoleenrtw einntthaet
cep Ling Dr. Ureta, who was banished.
Spanish route.
CcaalillaosOn the 26th • ult., in lat. 36'40 N., long. 44.2 W., the
Callao.
Merrimac was
Peruvians were still held prisoners, but the matter
expTehcetedAmateri
Atratopassed English brig
an steering north and east,
would soon be settled, showing second distinguishing pendant No. 5,760; 30th,
by hourly
the
in lat. 46'24 N., long. 21.36 W., passed the English
ship War C'oud, of Liverpool, homeward bound : and
April let, off Scilly, passed a bark showing third distin-
guishing pendant and 1160, mining up Channel.

REMARKS ON BANKING ESTABLISH-

MENTS.

The committee of the House of Commons who were
to report on Banking, not having laid their view, ex-
plicitly before the nation, and as commerce, manufac-
tures, and an increased population, require a greater
supply of money to carry on their transactions (witness
exports which are lately doubled), we ask, how and in
what way has that increased demand for money been
provided for 3 Nay, we are inclined to think that our
present banking laws are calculated to produce many of
' the evils of which we complain ; for there is not in
banking establishments elasticity sufficient to spring to
the changing circumstances and requirements of this
enterprising country. Hence we are every now and
then thrown into an eventful crisis, the evils of which
are always doubled as gold is withdrawn from the Bank
of England by the precautionary calls of the joint-stock
and private banks, by which means its note circulation
is materially restricted. Failures abroad or at hom•
startle the monied community, who have deposited in
banking establishments the cash which at that time they
do not require, and let the alarm be real or imaginary,
Fet.ate and jeint-stock banks must prepare to meet
every call, and arm themselves for all adverse circum-
stances by drafts from the cellars of tlie Bank of Eng-
land. Not that there is a want of money in the country,
but some circumstance may have unsettled the public
mind, and want of confidence has led to a demand for
gold, which restricts the paper ; thus commerce is tram-
melled by a want of the circulating medium, accomme-
dation difficult to be had, discounts high, and, finally,
the scenes through which we have lately passed leave
their blighting influence on many a hearthstone that time
will not obliterate. Some of the above causes hastened
the fall of the late banks, which, together with the reckless
conduct of their directors and managers has brought ruin
on many, but principally on the proprietors.

In order to check the abuse of trust reposed in direc-
tors and managers of joint-stock banking companies, to
protect proprietors from ruin, to secure the public
against loss, and yet to afford accommodation by joint-
stock banking companies, I send my views to you for
insertion in your valuable journal, should you think then
worthy of a place.
Firstly—lu all banks of issue, restricted in their cir-
culation by the Bank Act of Sir R. Peel, in 1844, to the
average of the 12 weeks preceding the date of his bringing
the measure forward in the House of Commons, I suggest
that their capital should not be less than three times that
amount.
Secondly—Should the locality in which such bank of
issue is situated, whether from an increase of popu-
lation, manufactures, or commerce, require a larger
amount of accommodation, that they be allowed the re-
quired sum, on cond tion that, for the extra issue beyond
the limits of the Act of 1844, such bank purchase and
bold Government securities equal to their increased cir-
culation. Their value, kind, when bought, and by what
broker, to bo specified in, and with the returns novr
made of the note circulation. This would, in some degree,
-upersede the withdrawal of gold or notes from the bank
at the time when it, for its own accommodation, require'
it the most.
Thirdly—Whenever a joint-stock bank loses half its
capital, together with any undivided sum under the
name of guarantee or surplus fond, the directors and
managers shall call a public meeting of shareholders, for
the purpose of dissolving the company and winding
up its affairs. The neglect of this shall subject
the directors and managers to imprisonment for fife
years, which term may be reduced, as in the case of the
British Bank directors, according to culpability.
That all joint stock banking companies not issuing
their own notes shall, on the loss of half their capital, be
subject to the same regulations, viz., winding up their
affairs.

I cannot see how any evils can arise to the public, if
power were given to the Bank of England to increase its
note issue, the Bank holding Government securities
equal to its increased amount of note circulation.
This surely is to be preferred to an order in Council
giving power to break the law and then bricg it under
the necessity of applying to Parliament for protection or
indemnity.

Laws in some measure altered in accordance with tb•
foregoing remarks, would prevent directors and mane'
gars from lending large amounts to speculators and moo
of small capital, and assist to carry out the spirit of O.
act of 1844—would discourage the increase of banking
establidiments with only a limited capital--would teoa
to increase the guarantee funds of all joint-stock banking
companies—would give to note holders security against
tho possibility of any loss—would tend to meet the
supply of accommodation to any locality, from whatever
cause such increased demand might arise—would in ail
future bank secure the moat wealthy portion for its pro'
prietary—would be a limited liability act, for no pro'
prietor could lose more than half his capital ; nor coil('
holders of notes or depositors lose without directors and
managers subjecting themselves to five years' impri°
sonment.
Had the foregoing been the law, bank failure.
would have been fewer, the late panic less disastrouer
the withdrawal of gold from the Bank of England leoo
called fur, commerce less crippled, and manufacturer'
lsss restricted.

Y. G. 11.

DRC.RY-LANE THEATRE.

The following song, dedicated to the heroes of
the ranks, composed by M. W. Balfe, written bf
Arthur Matthison, will be sung this evening, at
Drury-lane theatre, by Mr. W. Harrison :
When the warriors of Britain went forth to the fight,
With England's broad b,nners outspread,
The eye of each soldier with valour grew bright,
For brave was each heart, high each bead,
On the sun Foorched plain of far Hindostan,

Each brave won his countryman's thanks,
Tnen let this be the toast which each manly voice shoutO
Here's the heroes, who fought in the ranks.

Wreathe laurels victorious, twine chaplets of bays,
With adamant pen grave their deeds
And the eye of Britannia ne'er weary shall gaze
And shall glisten with pride as she reads,
When the trumpet shall sound for our army's returns
And its march on old England's soil clanks,
The shores shall resound with welcoming shouts,
To the heroes who fought in the ranks.