The Sun.
London, England, 1859-01-01 00:00:00

very formidable magnitude—a cloud rising orig, inally
(as marvellously, in its way, as the Geni out of
the Arabian Fisherman's casket) out of the explo-
sion in the Rue Lepelletier—has long since passed.
away, let us trust, never to return, with its evil
threat of a sullen mutual suspicion, ready to burst, at
any moment, into an open rupture between the two
great champions of modern civilization. The mis-
understanding, again—which, in 1858, gave promise
only of becoming increased and intensified in bitter-
ness between the United States and the United King-
dom, has now, by the New Year's Day of
1859, cleared away from the political horizon.
And though the last Presidential Message is in
some measure ominous of a stormy futuro for the
American Republic-if the affairs of that demo-
cracy are allowed to be swept on in the direction of
war and pillage by one who, like BUCHANAN, indi-
cates clearly enough a sympathy for filibustering
schemes of wholesalC annexation—we will yet
believe that the goodfellowship now existing be-
tween the Governments of St. James's and Wash-.
ington may be maintained intact, through the good
sense of the great trans-Atlantic population. Re-
turning peace in Asia—continued peace in
Europe, in Africa, is America—an advancing
development of the resources of Australia—the dis-
coveryof new goldfields, and the establishment of a

new colony around those new goldfields on the
the north-eastern shores of the Pacific—are

conspicuous among the abundant external sources,

of Hope to England upon this New Year's Day.
May some, at least, of all these golden hopes be

realised during the auspicious year, across the
threshold of which we are now advancing in san-
guine expectancy.

Notwithstanding the extraordinary cheapness of
money which has distinguished the latter part of
the year just terminated, trade and commerce
have not revived to anything like the extent
that might reasonably have been anticipated. With
" money a drug in the marker—the great discount
establishments underbidding the quasi National
Bank, which had reduced its rate to 21 per cent., it
might be supposed that all would " go merry as a
marriage bell," and that every fair and bona fide
trader would obtain the legitimate accommodation
which he might require, and to which his antece-
dents fairly entitled him. Such, however, is not
the case. The terrible commercial crisis of 1857
has left a bitter sting behind, and still exercises a
paralysing influence over the industrial interests of
the country. Capitalists, proverbially a timid race
under the most favourable circumstances, were
panic-stricken by the monetary convulsion, so that
what might have been considered as salutary cau-
tion degenerated into abject terror. Credit, on
which the foundation of national prosperity so
greatly depends, received a heavy blow and great

discouragement. The worst feature of the transac-
tion, too, was, that it was withdrawn from the small
hard-working parties to whom it would have been
a real boon. Any person putting forward high
pretensions can obtain any facilitiei, albeit a strict
investigation might show that it was by no means
merited. He may be the daring speculator, gam-
bling with other people's money, against whom so
many cautions have been delivered, but so long
as he carries a lofty head, money will
be freely tendered for his acceptance ;
while the tradesman who has paid his way
fairly and honourably for a series of years will find
his name scorned and his bills rejected unless be
consents to pay an extravagant rate of discount.
' And yet the commercial frauds that have excited
so much comment and so much terror were not
committed by the latter class. The offenders oc-
cupied a more exalted position. They dealt in
hundreds, or in thousands—not in twenties ' or
thirties. They talked largely, and presented a
good appearance to the world ; and, therefore,
capitalists were quite willing to discount or en-
dorse their obligations. We are told that " a bitter
wail has gone forth against the criminals," but
the punishment is inflicted on those who have had
nothing to do with the offence, but who are made
the victims of a system for which they could not in
any degree be considered as justly responsible.
They are deprived of the accommodation which they
justly deserve, and which would be peculiarly bene-
ficial in their trades or callings. Foreign loans or
companies, however, possess far greater attractions
than the legitimate demands of our own fellow

ningham, can in any contingency obviate the
n ecessity of an appeal to the country, before either
01. ,e scheme or the other can be formally embodied
in an Act of Parliament. But—that in the
exi: "ting state of public opini.n from • one
end this country to the other W 2 are persuaded
that even the present House of Commons is pre-
pared in this year of grace, 1859, to prepare the
way fo. the substantial realisation in it subsequently j
of man) 7 of the long deferred hopes of the popu
lation.

Again, As to the present " situation" in reference
to the vitaflly important alternative of war or peace
—is not • the, New Year now commencing fraught
with the n tort cheering promises at the very
moment of it; commencement ? During the lapse
of its immeditTte predecessor how many dark and
threatening, and some of them disastrous and de-
structive clouds of battle and revolt have been most
happily dissipated ! The Sepoy insurrection in
the Bengal Presidency has been for the most part
triumphantly suppressed—the last smouldering
embers of the flame kindled by Hindoo fanaticsm
are even now being trampled out by Lord CLYDE'S
army, and utterly ex tingiomished. The Victorian era
has commenced for Hinostan. The Honourable
East India Company is no more—the three PreBi_
denbies—together with Scinde, and the Punjaub, and
Ceylon—own their allegiance henceforth as due en-
tirely and directly to Hex Most Gracious Majesty
ICTORIA India Imperatrix. While this 'moment-
ous transfer of authority, . moreover, has been
.peacefully accomplished, the Envoy s from the
Crown of England to the Empires of China and
Japan has been securing not • only to his own
country, but to the world at large, the invaluable
advantages certain to accue sooner or latter-from
the final overthrow, the complete and instant
overthrow of the barriers of separation hitherto
dividing one entire third of the human race
from their fellows unanimously regarded
by them as the outer barbarians. Civilisation, that
is to say the modern civilisation of the Europeans,
may now look forward confidently to new and
gigantic conquests in those vast regions, sacred to
the tea shrubbery, and the mulberry plantation,
to the growth of " green" and " black," and the
manufacture of silk and crape—regions eventually,
we may now believe, to be traversed by the rail-
guided steam-engine, and threaded by the magical
wires of the electric telegraph. The Hindoos,
therefore, the Chinese, the Japanese, the Asiatics
generally, yield Hope for England in 1859—thanks
to those bloodless victories won by British' state-
craft during thememorable year just terminated.
Happier than in 1858 are the anticipations
opened up to view in 1859 in regard to our alli-
ances, both in the eastern and western hemispheres.
The thunderous cloud of estrangement in the early
part of last year hanging over the Anglo-French
alliance—a cloud, at first, no bigger than a man's
hand, but rapidly assuming to itself, afterwards, a •