The Sun.
London, England, 1866-08-13 00:00:00

SPIRIT OF THE PUBLIC JOURNALS.

TIDIES.—The demands somewhat abruptly made
by France upon the victorious Government of
Prussia may be found, we hope, susceptible of pa-
cific adjustment, but it is at least possible that conse-
quences of another kind may ensue, and the chance
of a fresh war may well draw our attention. toi no
own position and defences. We have ertaroiri to
desire, and we are, happily, under no otbhei
events of
take part in Continental conflicts, but
the last few months have clearly sho!l!3!tvbiesiaolill-,
ticipated reign of peace was a mere chimerical.o
i we may
and it is obviously impossible to s y I
e of peril and the
be permitted to enjoy an u.n
confess, indeed, to the existent
heavy
expenditure
necessity of insurance by
and now, without pre-
teexncecpational repose. We
pre-
upon defensive armaments,.lnore imminent than usual,
smiling that the peril
we think we product of our liberal
the available
our outlay and,
may fairly inquire into the results of
say that the Government
of Prussia, which.
has just been triumphant in a
all
and is remodelling Germany for its
mighty war,
investments. IVhen w e
w dvautage, expends on the total requirements
of the State less than we spend upon our army and
navy alone, it surely follows that we may expect
some proportionate means of security and strength.
When we arrive, however, at the ascertainable
facts of the case we are grievously disappointed.
The First Lord of the Admiralty—the Minister
charged with the management of our navy—has
lately acknowledged that we have no sufficient re-
serves, and that our resources, indeed, is this respect
are scarcely adequate to the ordinary reliefs due
to vessels on foreign service. This disposes of what
may be called the second line of our defences, but
even i We look At the first lice, our Ntirdaoti.On will

be by no means complete. We
- it:DM
squadron of ironclads, but so a e
youngest of European kingdoms, and her fl r. "
eet was actually beaten by the fleet of a
natione s
instead
careel ranked as a maritime Power. NumericallY
of being as strong as all the world together,
not even in the first place, and alliances might eeasilye
and even naturally be formed by which all our
effective fleet could be out-numbered to-morrow.
The position we have always vindicated for our-
selves has been occupied by the Americans.
They really have, or believe they have, a Navy,
superior to all the navies of Europe, and Oak
presumptions are not without plausible grounds.
True, they have not maintained this position without
commensurate expenditure, but for this they have,
at any rate, an equivalent return. Their iron-clad
fleet alone numbers 75 vessels of various rates, and
they have upwards of 500 fighting ships besides.
The Miantonomah, which her commander was ready
to match against our whole Channel Fleet, represents
only a single ship of four guns and 1,50 U tons in an
array of three score such vessels. We are quite
willing to believe that in an hour of actual
trial our ironclads would prove more formidable
than is supposed, and that the national apti-
tudes of our seamen would still count for much
in any naval contest. We can imagine, too, that
a few of our best wooden ships might be found
still serviceable, for an old three-decker did
good work against ironclads at Lissa, and the
Americans are by no means neglecting the;,,r
unarmoured marine. But all the assurance we
can derive from these reflections falls very far
short of satisfaction. It is not enough to say that
we may be somewhat stronger than we seem, when
we ought, beyond all question, to be so very much
stronger than we are. What we are now Consider-
ing is not our strength itself, but our strength as
proportioned to our expenditure. France and Italy
together do not spend so much on their navy as we
do. Austria, which has just won a considerable naval
battle, spent scarcely a tenth as much. In fact, as
regards our outlay, we have actually assumed very
much such an obligation as that which Mr. SamudA
would saddle us—the obligation of being superior to
all other nations together. It is only when we look
at the resultsjabteig that. our pretensions appear
so moderatii---- eicept America, ap-
proaches us in expenditure, and the expenditure,
of the Americans is not so much in excess of or„ra
as it seems. It was enormous for a time, but for
a very short time only. Taking the last six
years together, the Americans have only spent
about £80,000,000 on their navy. We, draing the
same period, have spent between £60,000,000 and
£70,000,000, and have nothing like so much to show
for it. In urging, therefore, upon the Government
and the country the necessity of vigorous reform,
we by no means imply the necessity of additional
expenditure ; we ask only that the same money
should be better spent. If the sums placed annually
at the disposal of our Admiralty were but as pro_
ductively invested as similar appropriations in
other countries, we shoild find ourselves in our
proper position, for we do pay a great deal more
than they do for naval power.
ANGLO-AMERICAN TIMES. The Directors of
the Bank of England having completed one
quarter at the 10 per cent. minimum have now
entered on another, still retaining that rate of
discount. Ten per cent. is a satisfactory price
to get for the loan of money on the best se-
curity; but as 12, 15, or even 20 per cent. might
be charged, the country must be thankful. Indeed
the Times has declared it ought to be grateful!
and did it not prefer a quick and sharp ruin to the
torture of a protracted agony, ending in ruin, the
country being very good, no doubt would feel as
the Times directs it. the Bank of England is Queen
Eleanor, and English commerce is the Fair Rosa-
mond. The Bank presents the cup of poison and
the dagger, and Rosamond must be grateful for
the consideration shown by her enemy. The Bank
has decided on the ruin ; and as the country, and
a combination of circumstances, have placed the
power in its hands, we must be content to accept
the result. It is, however, for the interest of the
nation that theresult should come quickly—that the
debris should be cleared away—that the bankrupts
should disappear—and that the people, emerging
from their • frightful sacrifices, should be left
unshackled to work out their future regeneration.
Bound, as they now are, hand and foot, they have
no chance of maintaining their place in the race of
competition. Paris is rapidly becoming the great
money-centre of the world ; and if France be con-
tent to steer clear of foreign wars and internal com-
motion, England must submit to see its rival not
only maintain the great start she has taken, but to
see the distance increased, working as she does on
a freer principle, and unencumbered with the re-
strictions of antiquated absurdities. The blow
given to English credit has excited the attention of
the civilised world, and in no country has it been
more commented I.3n_QuAlklu_ in,,„&nagrtca„
7.1/`. —ex arlumarcram•
move in their own interest to secure a more stable
system of exchange—a system-which will render
them less dependent on the violent and disastrous
fluctuation caused by our banking laws. If this
nation prefers a plan which degenerates commerce
into gambling, its right to adhere to it cannot be
disputed ; but other people should; as far as in them
lies, free themselves from the contamination. Mer-
chants here may enter upon transactions, taking their
chance when their commitments come to maturity of
the rate of discount being 10 per cent. or 2 per cent.,
but it is unfair that foreign merchants, who have
less means of forming an opinion on the subject,
should be compelled to run such tremendous risks.
As London is, however, the great centre for the
settlement of balances in the foreign trade of
other countries, it is very hard they should be sub-
jected to so great a risk. The wines of France, the
teas of China, the products of India, imported into
the United States, are paid for in London, and an
idea may be formed how injuriously American com-
merce is affected by variations in the rates of dis-
count over which that commerce has no control.

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