The Sun.
London, England, 1866-07-23 00:00:00

)ENSON'S SILVER & ELECTRO-PLATE.
Prize Medal, 18G2.

'HENSON'S GOLD JEWELLERY.
JUR and Artistic.

Novel

ENSON'S ILLUSTRATED PAMPIILET.
2d.

BENSON, Old Bond-street and AVestbourne-
grovo.

BENSON'S STEAM FACTORY, Ludgate-hill.

11COTICE.—C. F. HA` COCK, SON, and CO.,
11 Jewellers and Silversmiths to the Queen and Prince
and Princess of Wales, beg respectfully to state that their
Only Address is 38 and 39, BRUTON-STREET, corner of
Bond-street, London.—lmmediate cash given for jewels
and plate.—N.B. A very large stock of presentation and
second-hand plate.

ILTANCOCK and BURBROOK, Jewellers, &c.,
to H.R.H. the Prince of Wales, beg to announce
that their ONLY ADDRESS i 537., CONDUIT-STREET,
five doors from Bond-street.

HIGH WATER AT LONDON BRIDGE.
THIS DAY.—Morning, 10h. 42m.—Afternoon,11b. 50m.
T3-Montlow.-Morning, 11h. 50w.—Afternoon, h. m.

tlt3 4`

Slm

LONDON, MONDAY, JULY 23, 1866.

The banquet at which the members of the Cob-
den Club assembled on Saturday evening was
a brilliant festivity. The guests included some
of our most distinguished statesmen and some of
our most prominent politicians ; it was presided over
by the eloquence of Mr. GLADSTONE, and addressed
by the wisdom and experience of Earl RUSSELL. By
an unfortunate chance neither Mr. BRIGHT nor
:Arr. Mustut GIBSON were present, but Mr.
VILLIERS, one of the ear:iest labourers in the
field in which ?fr. COBDEN won his laurels,
was among the company, and many others, some of
whom had been friends and coadjutors of RICHARD
COBDEN; others who were late but valuable con-
verts to his doctrines were gathered together to do
honour to the memory of him who has been appro-
priately called " the Apostle of Free Trade." The
honourable but responsible task of proposing the
toast of the evening could not possibly have been
deputed to worthier hands. Mr. GLADSTON'S com-
manding eloquence was perhaps never heard to
greater advantage than in paying his tribute to the
memory of that far-sighted And clear-judging poli-
tician, so many of whose once-despised theories have
become political aphorisms. Mr. GLADSTONE, too,
had an especial right to the office of president on
this occasion, since his name is intimately associated
with Mr. Com)",s latest, but not least, laborious
undertakin +b. Treaty
gm",of Commerce with France.
Speaking of Mr. co" ,
s efforts to remove the
restrictions which encumber the commercial inter-
course of nations, Mr. GLADSTONE said that he
believed Mr. COBDEN was one of the very first to
enunciate the truth that commerce has a moral as
well as a material aspect. Ile was one of the first
to perceive that the wholesale interchange of pro-
ducts and manufactures between different nations
was something more than a mere matter of trade
and barter. In the words of Mr. GLADSTONE—
" He showed that trade was not only a law of
wealth and prosperity, but a liw of friendship, a
aw of kindness among all nations, that every single
transaction, of which thousands are at this moment
going on between this country and any other
country, such as France, was a transaction form-
ing, as it were, one single thread in a web
of concord woven between people and people." This
idea is familiar to the men of this generation, but
it is one of very modern growth and development.
The old theory is more accurately expressed in an

Arabic proverb which Mr. GLADSTONE quo.ted
last evening, " Trade is war." Very differert was
the view taken of its obligations and its tendency
by the eminent man whose public services were
commemorated last evening. "'Why," asked the
speaker, " are those commodities which minister to
the comfort and happiness of mankind not equally
produced in all places ? Why are the laws
of climate and of soil not so adjusted
as to admit of that equal production ?
Surely without diving too deep into matters be-
yond our ken, it is not too much at least to say,
that we see in that necessity of exchange with a'
view to the multiplication of the enjoyments and
pleasures of man there is laid the foundation of
an intercourse which is meant to establish the links
of concord between all the nations of the earth ;
and this was, we think, in the mind of Mr. COBDEN,
at all times the paramount view of international
commerce." To popularise such a theory, to bring
it home to the hearts and consciences of men who
are too apt to dissociate their daily business
from ther moral principles, and to look upon
even large and extended transactions as mere
means of money-making without regard to the
greater interests involved is doubtless a great work,
and this work it was Mr. COBDEN'S lot at least to
inaugurate. Much remains to be done in the same di-
rection, as it remains to bedone in every other branch
of public enlightenment and administrative reform ;
but it is something that a great principle should be
widely recognised by practical men, when that is
done the lever is applied, and sooner or later it
will do its work in raising and ennobling the people.
The views now popular respecting commercial
legislation are very different from what they were
before Mr. COBDEN'S time. The narrow and sel-
fish theories, shortsighted and disadvantageous as
all selfish theories must be, are now wellnigh ex-
ploded. Other nations are gradually following the
example of this country, and slowly but surely
arriving at the conviction that every unnecessary
impost or duty is a check on the energy of trade.
As a strong man works better with his limbs
unshackled than under the burden of cumb-
rous fetters, so the giant Commerce can more
swiftly and more surely benefit the nations when
set free from the restrictions and hindrances
which a mistaken policy has imposed upon him.
Slowly but surely our statesmen are also learning
from experience rather than from theory that it is
not only better and safer, but actually more profit-
able, to base the national revenue on the free and
indirect contributions of the many rather than on the
forced payments of the few ; that is to say, they
have found that by removing all possible restric-
tions, and by reducing taxation they gain more in
the vast increase of consumption than they lose in
the actual remission.
Speaking of Mr. COBDEN'S general views, inde-
pendently of those great questions of commercial
policy with which his name ie inseparably associated,
Mr. GLADSTONE observed that he was one of th e
earliest advocates of Peace, Retrenchment, and
Reform. The policy of Peace has so far gained
ground that no Statesman would now think of plung-
ing this country into unnecessary war. Retrench-
! ment is still more a matter of theory than practice,
but Reform is still a vital principle. As Mr.
GLADSTONE said on Saturday night, " the question
possibly may sleep for a time, but it will have a
certain and early resurrection." Remembering the
difficulties which Mr. COBDEN and his coadjutors
had to encounter in their struggles to establish the
great principle of free trade, remembering, too, the
efforts of the great reformers of 1830-32, we must
not be disheartened at any te.nporary delay. Look-
ing round at the brilliant assembly who listened to
the eloquent oration of Mr. GLADSTONE on Saturday
evening, it was not uninstructive to recall the
ridicule, the animosity, the indifference with
which Mr. COBDEN'S early efforts were regarded in
various quarters. Mr. VILLIERS' annual motion for
the repeal of the corn laws used to be received by
the Commons of those days with the same laughter
and ironical cheers as now greet the advocates of
the ballot. Every step in the path of social and
legislative progress must be fought against despe-
rate odds, not by physical violence, but by moral
perseverance against prejudice and egotism. It is
not always that the labours of the public servant
are crowned with such laurels as were worthily
won by the great Free Trader ; it is not always
that a grateful public even acknowledges
its obligations over his grave, but if the work,
though unrecognised, is accomplished, he who has
helped to forward it is not without his reward. It
is right and fitting that our politicians should step
aside from the beaten track, and give a tangible
form to their affectionate remembrances of a man
like RICHARD COBDEN. Mr. GLADSTONE said truly
that—" It is not upon bronze and marble that the
renown of such a man as this depends. You need
not by visible signs recall him to the eyes of
men; his name is written in their hearts; but
some public recognition of the benefits which
he has conferred upon his countrymen and his gene-
ration, and not upon them alone, has a moral for
those that succeed us. In him we see the influ-
ences which, without the notice of public distinc-
tion, as it is commonly- understood, notwithstand-
ing, minister largely to the benefit and happiness
of his fellow-creatures, and raise the fabric of a
solid and enduring fame upon labours which had
not fame for their object, which were conceived in
a higher spirit, and which, at the same time, must
have it for their certain and deathless result."

An armistice has been at last agreed to, for
a short space it is true, but there seems no doubt
of its having taken place. During five days of its
duration much may occur of importance to sway
and influence the minds of the belligerents, but
who can say with anything like confidence that
peace ,will be the result of this breathing time
afforded. The French EMPEROR has been un-
wearied in his efforts to obtain a cessation of hos-
tilities, but unfortunately the prejudices and diffi-
culties that stood in his way have been too much
for him. As for the Austrians, when we come to
take all things into consideration, it does not seem
so strange that she should be willing to risk
another battle. The fact is that peace will bring
no such great advantages to the Emperor FRANCIS
JOSEPH', if he be compelled to relinquish all share
in the Germanic Confederation, and therefore he
naturally hesitates to accede to the propositions so
repeatedly made and urged upon his acceptance.
Prussia seems hesitating as to the prudence of
attempting another battle, but she will not give up
her cherished idea of being alone in Germany
without her hated rival. This is the real secret of
the war, and the cause of the eagerness with
which the Berlin Government have pushed
on their military preparations. Schleswig-
Holstein formed a very good pretext for
commencing the attack, but in reality the source of
Apaursttierisahtado
doto
resolvedgive thatu it w
the dissatisfaction lay far deeper. It seems as if all
Germany
be but they will not p
her position
t hebest
be so ready to assist her in the
difficulties which such a withdrawal will entail upon
her. It is a Daltry subterfuge for Prussia to make
a boast of her magnanimity in not demanding a
great increase of territory, when it is patent to the
world that the sacrifice she requires is of fargreater

worth, and will cripple Austria more than the re-
linquishment of a large portion of her dominions.
The Germans attach so much importance to ideas,
and when once it is generally made known that
Austria has ceased to belong to the Confederation
her influence will go down in a surprising
manner. As for the notion which some en-
tertain that the change proposed by Prussia
will be of benefit to Germany that is not
likely. It will require a more straightforward
agent than BIS3IARCK ever was or will be to work
out a scheme of national regeneration ; and when
he holds forth so grandiloquently concerning his
projects, and calls upon the several States to appre-
ciate his services, they might well reply to his
asseverations in the emphatic words, Tinica Danaos

et Bona ferentes.
Italy has certainly no great causes to plume her-
self upon her share in this contest, and were it not
for the co-operation of Prussia, she would have to
retire ignominiously ; as it is, she has made herself
ridiculous by her pretensions and shown herself in cap-
able of carrying out her fine-sounding prowess. In
the naval engagement which took place on the
20th the Austrians gained a complete vitory, and
after several hours of fighting the Italian fleet was
driven back pursued by the Austrian squadron. The
engagement, which is said to have been very severe,
lasted for five hours. The Italians, with that in-
genuity they so largely possess, seem to have made
out a pretty good case for themselves, but there is
no doubt that they not only got the worst of it,
but were really defeated, after making desperate
efforts to retrieve themselves. The Austrians ap-
pear to have displayed as much skill in their en-
counter with the Italians as they have exhibited
a want of savoir faire when they engaged with the
Prussians. We have seldom witnessed a more
lamentable instance of self-conceit and presump-
tion than that shown by the Italians, and there-
fore there is no valid cause for regretting their
discomfiture. It was not the desire of recover-
ing their territory from the hands of the spoiler
that urged them on and incited them to the war,
but they were eager to wreak their vengeance on
Austria, and pay off a long score of offences. It
quite spoiled their cause besides to side with Prussia,
the known enemy to freedom wherever her power
extends. This treaty between King WILLIAM
and VICTOR EMMANUEL will long remain a
stain on the annals of Italy, and seriously
injure her cause with those who have sympathised
with her in her struggles for freedom, and earnestly
wished her success. The greatest anxiety has been
felt for some time past by the Italians that their
fleet, of which they are so proud, should come forth
and distinguish itself, but it would have been better
if they had remained inactive after all, for the affair
of the other day has been most disastrous. The
Prussian troops are being concentrated upon the

Marchfield before -Vienna, and all is beinggot in read:

ness for the approaching contest. Meanwhile Frank-
fort is paying dearly for the share she has had in the
war, and will, it is said, be called upon to furnish a
further sum of 25 million florins. The Municipal
Council, it is said, have declared that they cannot

pay so large a sum; and no wonder, after the heavy
contributions forced from them the other day. We
doubt very much, however, if the Prussians will

not make them find some way of paying the required
sum, for they are most exacting and extortionate,

and whether they come in the guise of friends or
foes the result is pretty much the same for all

concerned. In Paris it seems that they entertain

most sanguine expectations as to the result of the

•
armistice, but we have yet to see whether such con

fident expectations ean be realised. The chief object
in view in getting this five days' armistice seems to

be to give time to Austria to consider the nature of
the proposals made by Prussia ; but we do not feel
sure that she will dD so. We are told so, it is true,

but not with a very great appearance of certainty,
and have, as usual, to remain in doubt. This Con-
tinental war certainly affords us exercise for
patience in no small degree. We hear the news in

such confused accounts that we may well feel a little
uncertain at first what to credit and what to reject

as spurious. We see little security for Germany
that if the Prussian scheme be carried out that it

will be allowed that free scope for its energies that
is essential to the progress and prosperity of a large
empire. It is of no use for the ruling power to be
strong unless it is also actuated by an enlightened
spirit, and the late exnerience we have all had of
Prussia forbids us to hope anything really beneficial
from her policy. A change that is not for the better
is but a delusive advantage after all, and before long
all parties may wish that this war had never taken
place.

CORRESPONDENCE FROM PARIS.

(FROM OUR OWN CORRESPONDENT.)

PARIS, Sunday Evening.
If the Memorial Diplomatique can be believed,
the Pacific step taken by Austria in so speedily ac-
cepting the proposition of Prussia for an armistice
of five days is only in conformity with its previous
desire to pursue a friendly policy. Austria notified
to the French Government two months ago that she
was ready to cede Venetia. Her idea was not only
to place Italy in a disinterested position, but to
break up the Prusso-Italian coalition, and to obtain
the active assistance of France in the case of a war
breaking out between the two great German
Powers. It was the opposition of the military
power in Austria which threw obstacles in the way
of the cession of Venetia. But the French and
Austrian Cabinets had made some preliminary
arrangements respecting the cession before the battle
of Sadowa.

The official announcement despatched to London
on Friday by telegraph, that if Austria agreed to
the mutual proposal to abstain with Prussia from
hostilities for five days, the treaty for an armistice
might be signed immediately, at first was received
as an indication that. peace was certain. After a
day's consideration, however, both journalists and
the public appear to have less confidence. There
did not seem to be so much doubt as to the pacific
disposition of Austria, but the adhesion of Italy
being also requisite, by some it is feared, from
recent manifestations, that a difficulty may arise in
that quarter. Be this as it may, the effect on the
Bourse at first was almost as marked and extensive
as upon the first announcement of the mediation
of France. The highest rise was in the Credit
Mobilier shares, which was no less than 35f. Austria,
according to the Moniteur of yesterday, interposed
no d
of
prealmayia,
tbouatbsimtatinnefdrioamtelaynaycaceopt toefdhtohsetilpitryoposal
dur-
ing five days, at the expiration of which time the
Court of Vienna will have to declare its acceptance
or refusal of the preliminaries of peace. In spite of
this pacific demonstration, there is still some doubt
or difficulty in the public mind in regard to the ulti-
mate decision of Austria.

The Journal des Debats of this morning says—
, " Austria deliberates for the moment, and we shall
not anticipate her decision. She has expressed her
willingness to make any arrangement which would
not compromise her dignity. She accepted French
mediation on the evening of the day when the note
appeared in the Moniteur of the sth. It is difficult
to know how the dignity of the Austrian empire can
be compromised by its Government under present
circumstances."

The Court of Cassation has rejected the appeal
of Philippe, condemned to death for the murder of
the woman Bodeaux, and the attempt to murder
Madame Midi. Two points were urged by the pri-
soner's counsel in support of the appeal. First, an
alleged violation of criminal code, a juror having
manifested his opinion before the evidence wail con-