The Sun.
London, England, 1859-05-25 00:00:00

TO THE EDITOR OF THE SL-N.

am one of those who think the Bank of England
should not have the power to increase the price of money
accommodation at its will, but that the price of accommoda-
tion should, like other things in these free trade times, be
left to find its own level, as nature's unrestricted banks of
issue show no signs of being in difficulty, and pay the better
the harder they are run on; and believing that the recent
panic in the money market was created from other causes
than it would have been in the ordinary course of trade,
even had the alleged treaty between France and Russia
been a fact, perhaps a few observations relative to the in-
crease of bullion in the world, and its effects, may be ad-
missible in your journal.

In "Elements of Political Economy, by H. D. Inacleod,"
1858, the writer says :—" The present value of bills of ex-
change and promissory notes in Great Britain at this time
is not less than £500,000,000, and the actual specie in the
country is not supposed to exceed £70,000,000." Now if
this statement be an approximatian to the truth, the paper
'money of commerce exceeds the specie some seven times in
amount ; while the actual value, as given by the Board of
Trade, of all the merchandise both exported and imported
in 18.58 is only £280,410,000, or just half the amount of the
paper money and specie in the kingdom, as stated by Mr.
Macleod.

As it is in this country, so also is it in other commercial
countries, the paper money exceeds proportionably the
amount of bullion. I do not, therefore, see, with the pre-
sent steady annual increase of gold and silver to the circu-
lation of the world, as some do, how the price of money
accommodation can rise, either here or elsewhere, for if all
Europe is borrowing specie for war purposes, so also will all
Europe be obliged to spend that specie—it will not be eaten
like a quarter of house-lamb and disappear for ever. It
must turn up again somewhere speedily, even during war,
minus, perhaps, a little that may be hoarded or buried. If
countries at war spend their money unprofitably, other
countries not at war will gain a large portion of it, and hard
coin will still be plentiful in the world.

• Upwards of three centuries and a half have elapsed since
the discovery of America ; and since that time it is stated
that 2,000 millions sterling have been added to the gold and
silver of the world, at the average rate of 51 millions
annually up to 1848, and that instead of 7 millions, which
was the average of 1842, the yield of the gold mines (in-
cluding Siberia and the Altai mountains) is now about
£38,000,000, and the present annual produce of the silver
mines £9,000,000, equal together to an annual increase of
the circulating medium of £57,000,000. Should the mines
hold out at this rate, of which there is every probability, for
the next ten years, there will be added to the present amount
of gold and silver in circulation £570,000,000 more;
and if we add the paper-money of commerce to this,
at half the proportion as stated by Mr. Macleod,
it would amount to 1,995 millions ; and where shall we find
trade enough to absorb such an enormous increase to the
means of commerce, and keep up the rate of discount at
even 2 per cent ?—Yours, sir, most obediently,

f

COWRIE.

THE 1 IIIEN.DS TO BACK.

(From Funds.)
Rise, rise, freemen and Englishmen,
Why the deuce won't you support law and order ?
Rise, rise, yeoman and citizen ;
All the small Germans on frenzy close border.
Austria's banner's spread
O'er many a loggerhead,
Many a thief with his fingers all gory;
Rise, and get ready, then,
Lovers and countrymen,
Fight for the Kaiser and Pepe's might and glory.
Arm, arm, Britons, for tyranny,
Freedom of conscience and thought that denies man ;
Help, help, priesteraft and popery;
Austria's patron is Cardinal Wiseman,
Austria's party, note,
Got eyery papist's vote,
Which way the cat will jump know by that omen,
Then, if you've lost your wits, •
Fight for the Jesuits ;
Fight for the Empire that's called Holy Roman,
Vote, vote, soldiers and subsidy,
Mind to enslave and maintain superstition,
Winking Madonnas, Concordats, and monkery,
• Pay Peter's pence to prop Rome's Inquisition. •
Austria's whip to crack
Still upon woman's back,
Englishmen aid ; and the Pope's domination,
Protestant fools, sustain,
Bleeding from every vein,
All at the cost of unbounded taxation!

THL GREAT GLOBE.—The following distinguished
persons have lately visited this exhibition :—Marquis of
Kildare, and family ; Lord Alfred Paget, and family; Lord
and Lady Cochrane, and family; Lord and Lady Ashley;
• Lard Campbell, and daughters Colonel Ramsey and friends;
Colonel Dixon, and party; Sir George Baker, had family ;
Countess of Harrington, and party ; Lady Willoughby
d'Eresby; Lad y Ashburnham, and family; Lady Colehurst ;
Lady M'Dougal ; Lady Bruce ; Lady Tuffnell, and party ;
Mrs. Colonel Piper, and son.
SWORD FOR RIFLE Coniss.—The Messrs. Mappin,
the well-known cutichs, of Sheffield, and King William-
street, London, have just completed a capital sword fdi' nal
use of rifle corps. It is much lightet thaii biditiary cut-
lass, but very strong, and dottble-edged. The length of
the blade is 221 inches, and with the scabbard and handle
29 inches. It pittnises to be an t,dmirably effective wea-
pon, wlmthOr offensive or defensive.
THE ENGLISH CHURCH IN PARIS.—We under-
stand that the church in the Rue d'Aguesseau, Paris,which
has been recently obtained from her Majesty's Government
by the Colordal Church School Society, is to be opened for
divine WOrship (..a Sunday next, the 29th inst., and that
two - sermons will be preached by the Rev, Prebendary
Burgess, who is commissioned by the Bishop of London to
officiate on the occasion.

TIIE FISHMONGERS' COMPANY.—We understand
that it is the intention of the Prime Warden and Court of
Assistants of the Fishmongers' Company to give a ball in
their noble hall an the 15th of June. We are glad to teo
this comeany fellowinm• the example of the Goldsmiths'
Company, whose splendid evening entertainments have
been so frequently noticed, and we lope that such a custom
may become general among the leading companies of the
City of London.

SERIOUS DEFALCATIONS.—A ii,arrant has been
issued by the Leeds borough inagistrateslor the apprehen-
sion of Mr. George Terry, tinner, th 3 Grand Master of the
Grand United Orer of Oddfollows. Ho is reported to have
absconded, and his defalcations are said to amount to no
less than £4,000. The money appears to have passed through
his hands partly in his official character, but chiefly in con-
nection with a loan society belonging to the same order of
OddfelloWS.
beel'lliEssi7eidrl:lD„BAodUmNiDra.—lt
yTh3,elayfo2l4le. wisnigr,2iotaicme
com-
manded by my Lords Commissioners of the Admiralty to
state, for the information of the committee for managing
the affairs of Lloyd's, that orders have been sent to Devon-
port for her Majesty's ship"Curagoa to proceed to the Chops
of the Channel to relieve the horaeward.-bOund trade.—tip.
G. ROMAINE. Captain, • G:" A, Halsted, R.N., Secretary,

LATEST NEWS.

THE WAR IN ITALY.
The following telegrams have been received at
Mr. Reuter's office :---

TURIN, MAY 24.

General Gyulai has removed his headquarters to
Garlasco, and has everywhere ordered arms in the
possession of the people to be given up under pain
of shooting in case of non-observance of this order.
The Austrians and Modenese have retired from
Reggio to Breseello, where the Duke of Modena is
making preparations for defence.
Garibaldi has made 47 more prisoners.

PARIS, MAY 25.
The 211oniteur of this morning publishes the
following telegram
ALESSANDRIA, May -24.—The wounded at the
battle of Montebello have been brought to this
town.

The Austrian prisoners have been sent to Genoa,
whence they will be forwarded to Marseilles.
Before their departure the Emperor distributed
money among them for their relief.

BERNE, MAY 25.

Revolutionary movements have taken place in
Lombardy. Bontemps, the Swiss General, is going
to-day to Lugano, with the staff of his division,
and all the troops under his command are to follow
him.

MARSEILLES, MAY 24.
The Austrian prisoners have arrived here.

MADRID, MAY 24.
The Prince of Wales has received distinguished
homage at Granada.
It is asserted that Queen Isabella is enciente.

LEGHORN, TUESDAY.

Prince Napoleon addressed the following procla-
mation to the Tuscan people upon his arrival in
the port of Leghorn :
" The Emperor sends me to assist you in the war
against your enemies, the oppressors of Italy. My
mission is exclusively of a military nature.
"I shall not occupy myself with your internal
organisation. The sole ambition of Napoleon the
Third is to liberate Italy—to enable her to make
for herself afree constitution, and thus to strengthen
the balance of power in Europe."

BERNE, MAY 24.

Garibaldi is advancing to Varese, a town close to
the Swiss frontier, with the object of revolutionis-
ing Lombardy. The inhabitants of Varese have
already disarmed the few Austrian soldiers who
were stationed there.

BERNE, 'Aar 24.

Advices have been received from Lugano, stating
that the Austrians have left Como and Milan, and
concentrated themselves on the river Aida.
The French and Sardinians are advancing.

TURIN, MAY 24.

Yesterday evening the enemy pushed forward a
reconnoitring party as far as Borgo d'Ales, without,
however, any result.
At Vercelli an officer of a Moravian regiment,
named Gruber, has been made prisoner.
"Garibaldi has successfully crossed the Ticino,
making many prisoners in the frontier country."
—(Official Bulletin.)

VIENNA, TUESDAY.

"The Sardo-French troops have retreated across
the Sesia to the western bank of the river. At
Borgo Vercelli a Picdmontese squadron of dragoons
has been put to flight by an Austrian reconnoitring

party.
" Garibaldi entered Varese yesterday evening
with 6,000 men."—(Official bulletin.)
VIENNA, TUESDAY.
The following news from the seat of war has been
received from Gerlasco, the Austrian head-
quarters :
Half a brigade of the enemy stationed opposite
Ceschi has retired across the Scsia.
Precautions have been taken against Garibaldi,
whose intention was to rouse Como to revolt.
A brilliant exploit has been performed at Vercelli
by an Austrian squadron of lancers.
According to telegraphic advices from the dele-
gation at Como, Garibaldi entered Varese yesterday,
at six p.m., with 6,000 men, part of which force
marched onwards towards Laveno.

VIENNA, TUESDAY.

The official Wiener Zeitung publishes a letter of
the Emperor to the Archduke Charles Lewis,
Governor of the Tyrol, directing him to prepare the
customary measures for the defence of the Tyrol. ,
The committee of the Tyrolean provincial diet
has been increased by the addition of trustworthy
persons, in order by
_that means to learn the views
of the intelligent patriots.

MARSEILLES, TUESDAY.
Letters have been received from Naples to the
21st inst.

During the last agony of the King troops were
encamped round Caserta. Troops have also been
assembled at Naples, and their generals lodge in the
forts of the town., The Duke of Calabria has
caused several persons to be arrested, charged with
being opposed to his ascending the throne. The
third levy of soldiers has met with great difficulties.
Many of the conscripts have fled to the mountains.
Advices have also been received from Beyrouth.
The Grand Duke Constantine had arrived there on
the 9th inst. with six ships.

NAPLES, MON,DAY.'

Francois 11. has assumed the reins of govern-
ment. Tranquillity prqvails throughout the
kingdom.

A letter from Aleseandria of the 21st, in the
Constitutionnel, gives the following account of the
eattibat 1--" About one o'clock yesterday afternoon,
the Piedmontese advanced posts, which protect the
allied lines before Voghera, heard the sound of a
cannonade in the direction of the small village of
Casteggio, and at once sent information of the fact
to General Forey. The latter, thinking from the
indications given that it was only a simple recon-
naissance of the Austrians, immediately advanced
with 500 men. That force
re was
soon after seen
thrown out as
skirmishers, and the enemy we
advancing to the number of more than 12,000 men,
including a detachment of cavalry and two bat-
teries of artillery. General Forey at mice gave
orders for the remainder of his division to advance,
and while the order was being carried into execu-
tion, the .500 men kept the Austrian force in check.
On the arrival of the rest of the division the en-
gagement became general. The artillery could not
act very rapidly in consequence of the bad state of
the ground, but while some guns were being
brought to bear on the main body of the Austrians,
two pieces were pulled up by the artillerymen,
themselves on a small hillock, from which they
were able to sweep the plain, with good effect. The
Austrians, having being received and closely attacked
by the French troo?s, soon after fell back, and were
followed to the village of Montebello, from which
theywere dislodged after a vigorous resistance, durin g
which in no case could they make their superio-
rity of numbers. prevail. Every house was in turn

attacked, and some severe hand to hand fighting
took place in the streets. The occupation of Mon-
tebello was followed by that of Casteggio. The loss
of the division of General Forey, according to the
accounts which have been as yet received, has been
about 600 hors de combat. The firing took place at
300 yards distant, and almost every shot told, both
sides being provided with rifled muskets. The
force which has comparatively suffered the most is
the artillery ; the men being close together for the
service of the guns were more particularly exposed
to the enemy's shot. The loss in horses has been
exceedingly severe. General Forey was at one
time close to the Austrian lines with only one of
his aides-de-camp, while the other officers of the
staff had gone in different directions to bring up
the remainder of the division ix support of the first
500, In that position the balls were whistling
round him, but he never for a moment ceased to
excite his men; and when the Austrians began to
give way he ascended a small hillock, and issued his
orders with the most perfect coolness. The Aus-
trians, on leaving the villages from which they
had been driven, proceeded in the direction of Pavia,
carrying with them a number of their wounded.
Further pursuit would have been easy, but General
Forey thought it more advisable to establish strong
posts at Casteggio and Montebello. The latter
village, which commands the plain, is an excellent
position. Other accounts say that it was a want
of cavalry and ammunition which prevented the
French general from following up his advantages.
The division of General Forey is the weakest in
point of number of any of the army of Italy. That
of General Bazaine, which was encamped at a dis-
tance of three leagues, on hearing of the attack of
the Austrians, came up, but by the time it reached
the ground the affair was over. It was the Sar-
dinian cavalry which first gave the alarm to Gen.
Forey, and during the whole time they stood firm
under the fire of the Austrian artillery and mus-
ketry, after having several times charged the
enemy's cavalry in the most determined manner,
and caused them very severe loss. Thus, in half
a century, the Austrians have been twice beaten in
and round the village of Montebello, which gave a
title to Marshal Lannes, one of the bravest generals
of the first empire. Chance would have completed
its work, if it had placed in the division of General
Forey the son of Marshal Lannes, General de Mon-
tebello, now aide-de-camp of the Emperor."

The 111oniteur has the following account of the
recent movements of the Emperor :—" The Emperor
at midday on Thursday, the 19th, went out to
reconnoitre Tortona and its environs. This town,
which was formerly fortified, commands the road
from Alessandria to Piacenza. Founded, it is said,
by Brennus, it was burned down by Frederick
Barbarossa, and sustained several memorable sieges.
It is now an open town, which in a military point
of view is only important from its having a bridge
over the Scrivia. On retiring, the Austrians, in
order to check the march of the French, endeavoured
to blow up the bridge; but, either from want of
time or from their mine having been badly laid,
only part of the roadway was injured, the other
parts remaining intact.
"A company of French military workmen, directed
by the engineers, were immediately sent to re-
establish the communication. The co-operation of
those intelligent and devoted workmen, who form,
so to speak, an auxiliary corps of the army, pro-
mises the best results. From the commencement
of operations they have been anxious to show what
they were capable of doing, and on the arrival of
his Majesty the traces of the damage had almost
entirely disappeared.
The Emperor, after having visited the works
in all their details, testified his satisfaction to the
engineers, and caused a present in money to be
made to the workmen who, by their ability and
activity, had repaired the damage done by the
enemy in less time perhaps than the latter employed
in causing it.
" His Majesty afterwards visited the French
troops who were stationed at a short distance ; and
he was able to see for himself the good health, the
excellent appearance, and the martial attitude of
these soldiers. Several times the Emperor con-
versed familiarly with them, and asked them for
details on all that concerns their welfare. These
marks of the interest which the Emperor feels in
the health of his troops produced a great impression
on them, and they greeted the departure of his
Majesty with enthusiastic cries and bravos.
" The Emperor returned at five o'clock.
" At four o'clock in the morning of Friday, the
Emperor left Alessandria for Casale by railway.
On arriving in that town his Majesty got on hore-
back, and visited the fortifications executed within
the last' few years by order of the Sardinian
Government. These works prove that that Go•
vernment has perfectly understood the military
importance of the town, which is situated on the
right bank of the Po, at the junction of the roads
from Milan and Piacenza to Turin. In the sixteenth
and seventeenth centuries it was one of the strongest
places of Europe, and with Pignerol and Mantua
gave possession of Italy. It has undergone
numerous sieges, of which the most celebrated was
in 1630. The fortifications of the town were
demolished in 1696, at the peace of Ryswick.
" The Emperor afterwards crossed the river,
made a reconnaisance towards Vercelli, and returned
to Casale, where he had a conference with the
King of Piedmont, who had come to his head-
quarters. After a conversation which lasted nearly
an hour the two Sovereigns separated, and the
Emperor left by railway for Alessandria, where he
arrived at nine o'clock.

" The Emperor, at three o'clock in the afternoon,
left 'Alossandria to visit the plain of Marengo.
Arrived at the mansion constructed on the very
site of the battle, his majesty alighted from his
carriage, and went to the museam where the arms
found on the field of battle are collected, and he
examined with interest these glorious remains. The
Emperor afterwards visited the chapel, where he
contemplated with emotion the ossuary in which
are collected the bones of the brave soldiers who
immortalised themselves on that celebrated field.
" On leaving the Mansion, the Emperor examined
with detail the gettlefield. His Majesty recognised
in succession th.s totes de pont by which the Aus-
trians debouclied into the plain, the positions occu-
pied by Generals Lannes and Victor at the begin•
ning of the- action, the rivulet of Fontanone, the
passage of which was so strongly disputed; the
village of Marengo, and the road from Alessandria
to Piacenza, where Lannes, overwhelmed by num_
ers, defended with obstinate bravery ttheeFgrreonuenh
troops, the
reportground
which he was at last obliged to yield ; San Giuliano,
Where Desaix, having
he
rettheretreaturnedon hearing
f the
et his death ; and lastly, the
o butf
where
cannon,her stopped
spot on which Killermann executed the celebrated.
flank chEamrgpeerworhiacfhtedreweariddeds
rtehteurfanteedtoA
day.
Th
e Alessandria
_ of the
by Castel Cerioli, following the road by the side of
the Tanaro, :by which General Ott endeavoured to
turn the French army."

The Piedmontese Gazette publishes the 42d and
43d bulletins, relating to the engagements at Mon-
tebello and Vercelli. They contain the following
additional particulars :—General de Sonnazhad for
some days past been covering the right of the allied
armies with his cavalry, when on the 20th he was
attacked by two strong columns of the enemy.
-After an obstinate resistance the Pie imontese
cavalry retired upon Gossagazzo, where there
were some French infantry. The cavalry returned
six times to the charge, thus retarding the ad-
vance of the enemy. A portion of the division
of General Forey then came up, andbayn
retookoet,
Genestillo and Montebello with the
i
being supported by desperatechrg
Pied-
montese cavalry. At Montebello charges
of the
enemy d
aed the
houses. The Piedmontese cavalry pursu
entrenched themselves in the cemetery and in the
enemy as
far as Casteggio. Colonel Lacretelle,
who had been mentioned among the wounded in
this engagement, is since dead.

The Journal des Debats, in a letter from the seat
of war, gives the following items of intelligence :
The corps d'arnzee under Prince Napoleon, in
Tuscany, is to consist of 35,000 men, and will
co-operate with the troops of General taloa. The

Austrians have at this moment twenty bridges
thrown over the Po, either to attack or secure
their retreat. The head-quarters is still at Mor-
tara. General Garibaldi, who was the other day
at Biella, above Vercelli, is to operate in the neigh-
bourhood of Lago Maggiore, on the extreme right
of the Austrians, which he will turn. It is Gene•
ral Durando's division of the Piedmontese army
which has occupied Vercelli. The Austrians' at-
tack on Casteggio would favour the conclusion
that they intend to defend vigorously the line be-
tween Pavia and Piacenza. On that point, indeed,
the bulk of the two armies is collected. It is
reported that General MacMahon has succeeded in
throwing part of his corps (1' armee on the left bank
of the Po."

A correspondent of the Siecle, writing from
Turin under date of the 20th instant, gives some
details of an incident which has been already briefly
mentioned :—" The outposts of the enemy being on
the left bank of the Po, opposite Valenza, I could
plainly see from the right bank the movements of
the troops. It was on this spot that one of our
rifled batteries gave the soldiers of Francis JosePh
a specimen of their skill. The Austrians had turned
their field pieces upon a mill, and fired hundreds
of shot during about six hours with very trifling
effect. Our soldiers, who were watching the firing,
and judged every shot as disinterested spectators,
came to the conclusion that the enemy's outposts
had very indifferent artillery, and were but sorry
gunners. When the Austrians had exhausted their
ammunition in firing at this unfortunate mill, which
is still standing, our men thought it high time to
givc them a lesson in the art of firing, and accord-
ingly placed six small cannon in battery. These
guns, firing at a distance of 2,600 metres, were
discharged five times, and the work was done, as °f
the palisades and fortifications constructed with s°
much labour by the ene-ny nothing but a heap 0f
ruins remained. Our rifled guns had fully prove,'
their destructive power. With such arms the effect
is produced with almost mathematical certainty'
The next day the Emperor came from Alessandria
to Valenza to judge of the effect of the new artillery
by personal inspection. He saw the destruction of the
previous evening in all its triumphant reality, and
remained for some time watching the movements °f
the enemy, who seemed to be preparing for retreat'
The Emperor was received with enthusiasm on the
part of the people, and an hour afterwards he re"
.turned to Alessandria accompanied by two aides.;
de-camp only. You may easily conceive that thlf
' little affair has further increased the confidence of
both officers and soldiers."

Count Ponz^ di San Martino, Royal Cornelis"
sioner Extraordinary for the province of Glerloa,
has issued a proclamation, dated Genoa, 180 t
: `.°
the inhabitants of Massa and Carrara, annoue°llll
to them that the King of Sardinia has aPP°l3ldite
him to the same post for those duchies. He further
invites the people to obey their authorities, observed
the laws, and maintain public tranquillity, an
adds that during the war no great reforms In
legislative matters can be effected, and that the
energies of all must be directed against the 0, ramon
enemy. This proclamation is followed by
a decree,
enacting that the laws and administration hitherto
in force in the duchies shall provisionally continue
to be so, and that the present functionaries sllB.ll
remain in office. The taxes are provisional'''.
maintained, and a budget of receipts and expenses
is to be prepared without delay. The troops arc,
to be incorporated in the 'royal army; the prescel;
law of conscription is to cease, and the law °I
Sardinia is introduced instead. The local customs
tariffs are abrogated, and those of Sardinia intr'
duced.

Prince Napoleon ha 4 published the following
proclamation to the Tuscans, dated on board the
Reine Hortense, at Leghorn, May 23 :
" The Emperor sends me to your country at the
demand of your representatives to support the war
against your enemies, the oppressors of Italy. MY
mission is exclusively military--I am not to occupy'
myself, nor will I occupy myself, with your inter-
nal organisation. Napoleon 111. has declared that
he feels but one ambition, that of accomplishing the,
triumph of the sacred cause of the emancipation 01,
a people, and that he never would be influencee.f,:
by family interests.. He has declared that the pole
object of France, satisfied with her power, 1511
have at her frontiers a friendly nation which Wi
owe to her her regeneration. If the Almigil
ilfer
protects us, and grants us the victory, Italy wu_
~
constitute herself freely, and in taking her P
e`
among nations she will consolidate the balance
power in Europe. Recollect that there is no sacri-
fice too great when independence is to be the
price of your efforts, and demonstrate to the world
by your union and by your moderation. an friti,.,c
„.
as by your energy, that you are worthy of he"

free.
The Prince commanding the sth Corps
the Army of Italy,
" NAPOLEON (JEROMV?
The plan of the campaign about to be underit-
taken by Prince Napoleon is said to be to mare
through the Duchy of Modena, and thence eithe
er
to Venice or to Milan, where he will meet
the
Emperor Napoleon. It is alleged here that the
invasion of Modena cannot be considered as a vi°;
lation of neutrality, inasmuch as the Duke of
Modena has protested against the entrance of the
French into Italy.