The Sun.
London, England, 1859-05-19 00:00:00

THE SUN, LONDON, THURSDAY EVENING, MAY 19, 1859.

demanding loans; and although they may not be
granted in this country, still they will find their
way on the Stock Exchange, and millions of money
will be drawn off in consequence. There is but one
way of preventing this calamity. Let gold be sold
at its market value, and then speculators would not
be inclined to enter into engagements which would
probably prove unprofitable. So long as they knew
that they must get it at a stipulated rate, and that
the scarcer it became the more valuable it would
be, they are deterred by no patriotic feelings
from making the largest profits that can be
procured.

This system should be forthwith stopped,
and a more judicious one adopted. There
is nothing to prevent immediate legislation ; and
the Government that would introduce a wise and
equitable measure of monetary reform would earn
for itself the thanks and gratitude of the commu-
nity. An adequate issue of small notes—say
twenty or thirty millions sterling—receivable in
payment of taxes and of every public liability,
would liberate nearly an equal amount of bullion,
which might be rendered available for any purpose,
and which, in the event of unfavourable exchanges,
might be sold at a premium. It is but a short time
since that the Bank of France purchased bullion
in our own market for a erifling premium, and was,
at the cost of a few thousand pounds, enabled to
deprive British industry of its very life-blood.
Can we afford a repetition of such operations?
The terrible calamities of 1847 and 1857 give a
conclusive answer to the interrogatory. We saw
our mills and factories closed, the process of pro-
duction suspended, while those able and willing
to work were unable to obtain employment,
I driven with their :helpless families to the
union workhouses, and reduced from being crea-
tors and producers of national wealth to
be unprofitable consumers. It is needless
to mention the amount of misery and suffering
which they must have sustained during the period
of transition. It was deeply painful to see the
savings of years, and still more so the comforts
they had accumulated in their cherished homes,
all forfeited without any fault on their part—all
lost through a vicious system of currency, the
object whereof was to make the rich man more
wealthy, and the poor man poorer than he was
before.

Already,in consequence of this war, in which we
are in no degree concerned, the minimum rate of
discount has been nearly doubled. It has been
raised from 21-; to 41 per cent. in Threadneedle-
street, and in a still higher ratio among the
money dealers. This evil will not be ar-
rested, unless by legislative interference, and it
is only from the present administration that it can
be hoped for. The views of Sir CIIARLES WOOD
and Sir G. C. LEWIS are too well known to permit
the slightest anticipation of relief from either
party.

LATEST NEWS.

THE WAR IN ITALY.

The following telegrams have been received at
Mr. Reuter's office :

PARIS, MAY 19.

The Moniteur of to-day contains a decree, pro-
roguing the session of the Corps Louislatff to the
28th May.

The Monitezo• also publishes the following
telegram :-
ALESSANDRIA, May 18.—The organisation of the
army is going on actively. The repair of the
damage done by the enemy to the bridges, roads,
and railways is approaching completion. The
Austrians continue their exactions. The population
of Vercelli are filled with consternation, and quite
out of condition to satisfy such demands. During
the night of the 17th a body of Austrians, 100
strong, escaladed the bridge of Valenza through a
breach, and made a fruitless attempt to take a
position, guarded by a small detachment of eight
men. This morning the enemy opened a somewhat
vigorous cannonade, which lasted from 3 till 6
o'clock, on the boats moored on the right bank of
the Po, near the railway from Alessandria to
Mortara. Our side made no response to the can-
nonade, the result of which proved to be insigni-
ficant.

TRIESTE, MAY 18.

A merchant vessel from Bremen, laden with
cargo, has arrived off Venice, but was prevented
by the French squadron from entering, th© town
being now in a state of blockade. The captain of
the vessel was told that he might go to Trieste or
to one of the ports in Istria, which are not
blockaded. The merchantman subsequently cast
anchor at Pirano.

VIENNA, MAY 19.

The official Wiener Zeitnng contains an Imperial
decree increasing the direct and the indirect taxes
of the empire. The monopoly of tobacco and the
Customs' duties are not included. It then goes on
to explain that the extent of such financial mea-
sures is now completed.

TURIN, MAY 17.

The official bulletin of to-day is as follows :

" Yesterday the Emperor visited the King of
Sardinia at Occimiamo. The Austrians occupy
the right bank of the Po as far as Castel San
Giovanni, 12,000 strong. The fortifications of the
bridge of Stella, for the purpose of protecting the
retreat of the Austrians, still continue.

" An order of the King has been published, men-
tioning the names of those who have signalised
themselves in the first military operations."

BERNE, MAY 18.

The inclination manifested by the Italian re-
fugees on the frontiers of Switzerland to stir up a
revolution in Lombardy has been put down by our
troops, who have also seized several chests of guns
and barrels of gunpowder.

VIENNA, MAY 18.

The official Austrian Correspondence says that
failing health was the only cause of Count Buol's
request to be relieved from the office of Foreign
Minister. His resignation occasions no change in
the principles of Austrian policy, the aim and
object of which is to maintain Austria's rights, and
to recognise the rights 'of others.

PARIS, MAY 18.

The Patrie of this evening contains the follow-
ing :—" Count Pourtales, the Prussian Ambassador,
has left to-day for Berlin, on family matters."
MADRID, TUESDAY.

The official Correspondancia Autographic says
that the Portuguese Government has proposed to
Spain a treaty of alliance offensive and defensive,
but that the Spanish Government has refused to fall
in with this proposal, alleging that the treaty be-
tween Portugal and England might compromise
that liberty of action which Spain intends to pre-
serve.

This line, which crosses the Appenines, and has cost '
135 millions, reflects the higheSt honour on the Sar-
dinian Government, and attests the resources and
activity of that energetic country, which has car-
ried on the construction of it in spite of the most
difficult circumstances. The train only stopped
for a few minutes at the principal stations of Ponte
Decimo, Busalla, Arquata, Serravalle, and Novi.
During the whole line, the inhabitants and the
troops on their march collected at the points whence
they could catch a view of the Emperor, and hailed
him with shouts of delight. At a few minutes
before four, the train crossed the river Bormida,
leaving on the left the plain where the immortal
battle of Marengo was fought, and at four o'clo3k
entered the terminus of Alessandria. The Emperor
was received by the civil and military authorities,
who conducted him into a salon fitted up with the
greatest magnificence. After remaining there for a
few minutes, the Emperor mounted on horseback,
and, escorted by several squadrons of cavalry,
proceeded to the royal palace through a double
line formed by the national guard and the French
and Sardinian troops. The road followed by the
Emperor, which ran along the fortifications, was
bordered by Venetian masts surmounted by the
eagles of France and Savoy, and from which floated
the tricoloured flags of the two nations. All the
windows in the streets through which the cortege
passed were filled with ladies who scattered bou-
quets and flowers before the Emperor. On columns
erected at the railway station were inscribed
extracts in French from the proclamation of the
Emperor, and others in Italian from that of the
King of Sardinia. At the entrance of the Strada
della Pierra was a triumphal arch, on one side of
which was the inscription To the heir of the
conqueror of Marengo,' and on the other, 'To the
ally of Victor Emmanuel ll.' On the Piazetta
was placed a marble bust of Napoleon 1., sur-
rounded by vases of flowers, and on either
side the Piazza were military trophies of the
two nations. A short time after the Emperor's
arrival at the Palace, he was joined by the King of
Piedmont, and their Majesties dined together. In
the evening the town was brilliantly illuminated.
Although it was known that the Emperor would
not visit the theatre the house was crowded, and
between the pieces one of the actors recited an ode
written for the occasion, in honour of the Emperor.
At noon on the following day, the Emperor, accom-
panied by Marshals Vaillant and Canrobert, and
some of the officers of his household, walked to the
cathedral dedicated to St. Peter, the national guard
being drawn up on either side of the streets through
which his Majesty passed. The Emperor was
received at the entrance of the church by the clergy
with great ceremony. The service was performed
by the Abbe Laine, chaplain of the Emperor. Both
in going to and returning from the cathedral, the
Emperor was greeted with the loudest acclamations
by the people."