The Sun.
London, England, 1866-12-31 00:00:00

HIGH WATER AT LONDON BRIDGE.

furs DAY.—Morning, 911. 31m.—Afternoon,:leh. 6m.
TJ-Monnow.-31@rning, 10h. 41m.—Afternoon, 11h. 14m.

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LONDON, lIIONDAI, DEC. 31, 1866.

It has seldom been the task of those who analyse
the events of the year to take the retrospect of one
more gloomy or depressing. It has likewise con-
tained much to cause anxiety and apprehension in
many quarters ; and those whose attention is never
for a long period directed to public affairs will be
astonished to-day to see the long array of misfor-
tunes and misadventures which have befallen us
during the year which expires to-day. The first
occurrence of much note of an adverse kind was
the great financial crisis in the spring ; but this has
not materially affected the general prosperity of the
country, although, as it is well known, many have
been reduced to poverty in consequence of the
calamitous event of the earlier part of the year.
The 10th of May, which witnessed the stoppage of
OVEREND and GURNEY'S establishment, will long
be remembered by all concerned, either directly or
indirectly, in its affairs ; while the :effect produced
on the outer circles of the community which were
connected with it was indeed tremendous. The
shock to credit was such that its equal has not
been experienced by any one previous failure
Serious risks were run by many joint-stock banks

in consequence of the agitation that arose, and the
Government was obliged to come to the rescue, and
as in isolated cases before to outhouse the Bank of
England to go beyond its usual limits. Additional
distress and anxiety were caused by the financial
disturbances which occurred in the affairs of the
London, Chatham, and Dover Railway. It is to be
trusted that profit will be derived from the hard
lessons which this last year has taught, and
that over-speculation will be greatly dimi-
nished and less risks be willingly incurred by
those whose influence on commercial affairs
is great and important. In all probability
next year will find things in a far more prosperous
condition, but not the less will it behove those most
directly engaged iu affairs of this nature to seek to
infuse a more straightforward spirit into the com-
mercial world, and thus obviate the chance of a re-
currence of those evils which have cast so gloomy
a shade over the year 1866, and made it take rank
in the page of history with those periods of distress
and disaster which ever and anon afflict humanity,
and will tell against the course of a nation's progress
and prosperity. A very serious evil which
now threatens us is the present state of
the Trades' Unions. The effects produced by
their combinations have far exceded the expecta-
tions of many, and important interests are now in-
volved in their manoeuvres. While the operatives
are now clamouring for a rise in wages, and fritter-
ing away the resources of native industry, their
employers, or their would-be employers, are rapidly
supplying their deficiencies from foreign parts, and
if this sort of thing continues much longer the con-
sequence in this country will be serious. The out-
rage which was lately committed at Sheffield was
the cause of much just indignation; but,
unfortunately, it only displayed in stronger
colours the very mischievous doctrines which
are held by those who abet these demon-
strations. For the credit as well as for the gain of
English workmen, we hope that a change for the
better will take place in this state of things, and
that the bitterness of spirit which so much interferes
with the prosperity of both sides will give place to
a fairer and much more just appreciation of the
rights of labour and also of the claims of the em-
ployed. Mr. BRIGHT, never a safe guide, and lat-
terly becoming more dangerous in his tendencies,
has thought it advisable to turn the discon-
tent of these trade unionists to his own
purposes of political agitation ; but he had better
take heed to his ways, as he may push things fur-
ther than he at present anticipates or desires. The
change of Government which has taken place dur-
ing this eventful year has increased Mr. BRIGHT'S
usual excitement and indignation to a great degree ;
and in some of his recent speeches he has surpassed
himself in fury and bitterness. Lord DERBY has
taken office under more difficult circumstances than
he has encountered on the previous occasions
when the confidence of her MAJESTY was reposed
in him, but still we see no reason why he should not
succeed in retaining power and winning the confi-
dence of the country. To attain this end it will be
requisite that they should exhibit a willingness to
adapt their measures to the requirements of the age,
and it will also be needful that their political oppo-
nents should treat them with fairness. If the ad-
vice of Mr. BRIGHT and his friends be taken, and a
Conservative Government ie again driven by com-
Linations and coalitions from office, it will not be
to the credit of the Liberal party, whose own divi-
sions have long been the theme of inquiry, specu-
lation, and comment. The great question of
Parliamentary Reform has too long alrea ly been
made the tool cf party tactics, and the object of
unworty manoeuvres. It is time that the matter be
settled in a manner worthy of its magnitude, and
the fame of those politicians who are guiding the
influences of our generation.
Foreign affairs have engaged a large share of
public attention during the year near past, and in
whichever direction we turn we find enough, and
more tham enough, to give rise to thought and
awaken anxiety for the future.
Looking across the Atlantic we find that the
year 1866 has been an eventful one. The Civil
War was over with 1865, and it remained for the
succeeding year to consolidate and pacify the country.
When first the Confederacy was put down by force
of arms, many people both in this country and
America believed that the Southern States would
still resist the Federal authority ; and, if unable to
continue an open opposition, would still be the
scene of disaffection and secret intrigues against the
Washington Government. So far from this being
the case, the Confederates, influenced no doubt by
the example of General LEE and their other
leaders, civil and military, have submitted with
a good grace to the inevitable, and have shown no
desire for a fresh outbreak, and would no doubt
by this time have become reconciled to the Federal
Government had it not been for the conduct of the
Federals themselves. After having loudly main-
tainedr
four years of costly and disastrous
w primary object was to secure the
afare during
that
their
dpairatydieen l
at
rhi en
gNtohrat
that the
etrhue Swtha
wholes
el
es
Union, theeq
ußalalyclileoaul
are now
South is out of the Union, and mast not be allowed
to re-enter it. The year 1866 has been the source
of a continual struggle between the PRESIDENT, as
the representative of a constitutional policy, and
the Congress or rather the Radicals, as the repre-
sentatives of a violent, vindictive, and despotic
course. During the first year of his Presidency
Mr. JOHNSON was quiescent, he remained watch-
ing the course of events and taking little part with
either side. In 1816, however, he came boldly
forward and took up the gage which the enemies of
the South had flung down, and advocates the
right of the Southern States to representation in
the National Congress, and to self-government
after the ancient fashion of all American States.
Mr. JOHNSON had constitutional doctrine and com-
mon sense on his side. If it was worth while for
the Northern States to wage a tremendous war
for the sake of retaining the South, it is surely worth
while to make some sacrifice of angry and vindic-
tive feeling to bring the whole country into har-
mony, restore confidence to trade and commerce,
and establish civil order and individual freedom.
The PRESIDENT, in pursuance of these objects, ob-
tained from the Southern States their ratification of
the Constitutional Amendment of recessional doc-
trines, allowed them to elect their State Govern-
ments, and was prepared to admit their representa-
tives to the Congress. This the Radicals, headed
by THADDEUS STEVENS and WENDELL PHILLIPS,
refused to do, while Mr. SUMNER and a
few others were clamorous for giving the
millions of ignorant and excited blacks
immediate equality with the Americans themselves.
The Radical party supported the Freedman's
Bureau with all their strength, but the PRESIDENT,
after showing its mischievous effects on the negroes
themselves, overthrew the effort to continue it inde-
finitely by his. veto. But another bill of a similar
character was carried in defiance of a second exer-
cise of the veto, and the struggle between the PRE-
SIDENT and the Radicals was at its height when the
session closed. The new elections gave a still
greater stimulus to the antagonism,
and the
electioneering campaign was conducted with equa
vehemence ;and want of temper on both sides.
The PRESIDk.NfS tour was believed by many