The Sun.
London, England, 1858-09-17 00:00:00

has established a character for honesty. Whatever
his faults (and they are numerous), a lack
of integrity cannot be ',included in the num-
ber. He never appeared in the European money-
market, as a borrower, until there was an absolute
necessity. Surely that is not aga'nst him. He
avoided it as long as possible, and then resorted to
it in a far lower ratio than either France or Eng-
land.

Up to the late war there was no Turkish debt.
Indeed, it was believed that a religious principle
was opposed to the payment of interest, and we
still remember the sarcastic observations of the
Times when the SULTAN paid a heavy profit in
order to annul the contract entered into on his
behalf.

A war, on which the very existence of the Otto
man Empire was at stake, arose. He had long to
wage it single-handed ; while Lord ABERDEEN
hesitated, and when he obtained assistance, even at
the eleventh hour, it was only in the Crimea. Tie
sent his squadrons there, but he only received from
us a few gallant officers--Willums, LAKE, and
THOMPSON. No doubt a bright and glorious con-
tingent, but still not sufficient materially to lessen
the expenses of the Porte.
The first debt was but three millions—that was
taken at 6 per cent., and the Egyptian tribute,
guaranteed by the great European Powers, was
hypothecated for its payment. It amounted to
£250,000 per annum, and there was consequently a
surplus of L 70,000 a year after providing for the
interest of the first loan. That was applied pro
canto to the guaranteed debt of £5,000,000,
leaving £130,000 only to be provided from the
financial resources of Turkey—a sum ridiculously
trifling in comparison to these resources, and
for which the receipts of the Smyrna and Syrian
Custom-houses are specially pledged.
The loan just concluded is for £5,000,000, for
which the customs and octroi duties of Con-
stantinople afford ample security. It is taken
at 85, and, therefore, more than 7 per cent.
will be paid to those investing therein, and the
Times admits that "Turkey can pay, and the divi-
dend will, no doubt, be duly forthcoming." This
is no doubt a great point, for capitalists are more
anxious for an additional 1 per cent. than the
objects 'for which the money is obtained. But
here they can be satisfied on every point. Their
consciences will approve the receipt of the clear
7 per cent. It is to restore the depreciated cur •
rency of Turkey, to inaugurate a sound and
healthy system of finance. There has, no doubt, been
extravagance in•the private expenditure of the Se-
raglio, and thathasbeen accompanied by something
very like peculation in the public departments.
But the SULTAN has shown that he is determined
to emancipate himself fromthis unseemly thraldom,
and. that no further pecuniary abuse will be tole-
rated. Every step taken in restoring the financial
condition of Turkey affords an additional guarantee
for the peace of the civilised. world. There is no-
thing so elastic as British commerce, and when
once the barriers that have hitherto opposed its
extension are removed, capital will flow into the
districts where abundant returns assuredly and

invitingly await it.
Hitherto the Ottoman Bank has been the pioneer
of the movement. It was started unfler the most
auspicious auguries, with Mr. LAY.A.E.D as its chair-
man, and Messrs. GLYN and HANKEY amongst its
directors. Nothing could be sounder than its prin-
ciples, or more effective than its management. Its
only difficulty has been the transmission of the
profits realised at Constantinople, in consequence
of the adverse exchanges. That obstacle will now
be surmounted, and the banking facilities so
urgently required by Turkey will be supplied to
the mutual advantage of the English capitalist and
the Turkish trade.

What is a pound ? is a question Which, as our
readers well know, it is not our fault if they cannot

answer; and we hope, if Oxford or Cambridge, or a
Currency Committee, should hold public examino;
tions on Monetary and National Bank systems, that

many of our pupils will come off with honours; but
thero is another question of, considerable public in-
terest just now—to wit; What is a Conservative?

It is one respecting which doctors differ almost as

much as they do on the other. In regard to both
questions, the subjects of them are before our eyes
almost every day of our lives ; but the " knowledge
of common things" is not quite so easy and com-
mon. So, at least, one of the great House of BARING
lately told the assembled educationist:, of a country
town ; and everybody has echoed the cry since, till
there is some hope that a cottager's wife will be
able to make her husband's and her children's
clothes and linen, and keep .them clean and whole,
and our maids-of-all-work be able to boil a
potato and roast the weekly leg of mut-
ton decently. Are there equal hopes of
teaching the omnipotent million what is a pound,
or failing that, of teaching them what is a Conser-
vative ? " Common things," both of them, the pounds
and the Conservatives too, and the latter question
one of some practical interest just now, seeing that
gentlemen called Conservatives are just now the
Directors of our Bank Political.
In common with our readers we have watched
with no little interest the transformationsi.—if we

may borrow a word from the new popular amuse-
ment of amateur entomology—the transformations,
then, of Conservatism. It was very active, vora-
cious almost in its caterpillar state ; for sometime
it has been condemned to the torpor of the chrysalis
—is it now, under the genial sun of office, about to
expand its wings, and to astonish us all by the
brilliant kind of thing it will almost suddenly
become ? We have had Conservatives for several
months before us in theyivarium of the Session; now
released from the questionings of honourable mem-
bers, they are roaming the country and disporting
themselves at public meetings, and we ought to
know something of the habits and tendencies of
these interesting creatures. They have trans-
acted business before us, and they are now talking
before us at every dinner--political or non-political
—we should have a pretty good guess, then, at

-what they are.
For one thing, no one doubts that the great family
of the Conserratida consists, in this free country, of
several genera. There are C. Liberalis. C. Media,
and C. Immobilis, at least ; besides, as usual,
varieties, of which it is difficult to say what genus
they belong to. But we must leave it to some
political BOSSUET to portray and contrast all the
" variations" which those exhibit who have dared
to desert the honest, intelligible, time-honoured
name of Tory—a name, alas !itisto be feared,
gone, clean gone for ever, with the noble old oath
of abjuration. Mr. HENLEY, and he ought to be
able, if ally one could, to put us right on this matter,
tells us rather what a Conservative was than what
he is. According to him, " OTIIELLO'S occupation's
gone," or all but gone. Conservative meant, as he
tells us, when the name was first adopted, one who
stood up for three things—the Irish Church, the
non-appropriation of Church property to secular
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