The Sun.
London, England, 1866-12-11 00:00:00

,
RIGII WATER AT LONDON BRIDGE. vevy great, in fact it was one of :the great objects
riffs DAY.--11(9rning, 4U. 22m.—Afternoon, lh. 40m•
mat animated the North in the prosecution of the
ro-Monnolv-Morning, 4h. Hat—Afternoon, sh. 14na.
. war, to secure the profits resulting from the export
of Southern material. Why these, having gained
their object, should the merchants, manufacturers,
as traders of the North follow this suicidal policy ?
By damaging the Southern trade and in-
dustry they injure themselves. The interests
of North and South, so long as they are
nominally united, must be identical, and
in the present condition of affairs Southward, it
needs the influx of northern capital and energy to
resuscitate the business of the country. With the
blacks disaffected and unwilling to labour, with
their capital exhausted by the war, their credit
ruined, the interference of the North with their
loan, and their spirits depressed by the political
condition of their country, what chance have
the Southern planters of regaining prospe-
rity and confidence ? There is more at stake
than the mere question of political supremacy.
The state of feeling which the Radicals
are keeping up throughout the country is most
inimical to all its best interests ; and while the war
has long been over, and the open disaffection of the
Confederation has been suppressed with wonderful
rapidity, they are perpetuating the heartburnings,
the depression, the want of public confidence, and
the divisions in the nation which men would have
deplored as inevitable misfortunes if the war had
been protracted till the present time.

'x.514
zif*
11,/t

LONDON, TUESDAY, DEC. 11, 1866.

It is always a pity when people are discussing
public questions for them to exaggerate or to un-
derstate things, and it is a fault which is of very
frequent occurrence at the present day. In a recent
speech upon Reform Lord AMBERLEY committed
the error of going to extremes in his representation
of the events of last summer, and we are not sur-
prised that he should have been reminded of it by
some who prefer plain statements to more figurative
ones. Mr. MuncmsoN has published a correspon-
dence that has taken place between him and the
noble lord on the subject of the latter's speech at
Stroud, and he calls attention to two remarks in
particular, one to the effect that the present Go-
vernment took office upon the ground of " denying
the extension of the franchise, and the other was
relative to the meeting in Hyde Park," on which
Lord AuBERLEY commented rather severely. He
said that the meeting " was prevented by the
Government, in pursuance of a policy which
appeared as ungenerous as it was unwise." Allud-
ing to this last sentence, Mr. MucuisoN
very truly observes, that, in the absence
of any explanation, the working classes might very
naturally conclude that this policy so stigmatised
belonged exclusively to Lord DERBY'S Government,
whereas Earl Itussufs Government had resolved
to prevent the meeting which had been talked of
before they resigned their places. Lord Am-
BERLEY has made a very lame explanation of
these statements, and more particularly of the
latter remark ; for while be cannot deny
that the course pursued by Mr. WALPOLE
was supported by Sir G. GREY. He says that he
was not considering what the late Government did
or what they might have done, but what the pre-
sent Government actually did. Now we do not
consider this at all a fair way of treating the ques-
tion, and such a means of gaining popularity by
misrepresentation is not to be admired. In fact, it
is no credit to the Liberal party that they should
be so fond of resorting to such tactics. Mr. BRIGHT
has set the style, but it is not a very desir-
able one to follow. We agree with Mr.
➢IURCHISON'S observations in his second letter,
when he says that he cannot "help thinking that
politicians of the so-called Liberal school are too
apt to make use of language which tends to mis-
lead the people for the sake of gaining their own
popularity." The fact is that the noble lord tried
to damage his opponents, but we think that his at-
tempt failed, for he cannot substantiate the charges
he preferred against them, and his own impressions
and inferences should not have been put forward
as facts which were well accredited.

The Minister of War has hard work before him
just now, and seems puzzled how to act so as to
maintain his position, and yet not give too much
offence to the Opposition. He yesterday brought
in the Military Budget, and made a speech, in the
course of which he said that the resolutions of the
Liberal party contained much that was unimportant,
but at the same time they touched upon matters
that were of consequence, because they might
" sow the seeds of future conflicts between the
Government and the Chamber." In consequence
the Government would not allow itself to
be prejudicially influenced by the adoption of the
" Resolutions." The Minister of War also opposed
the other motions, which were to the effect that the
budget should only be provisionally sanctioned by
the Chamber. All these objections seem to be very
invalid wheli we come to consider them. What
but the persistent refusal of the Government to
listen to the suggestions of the Deputies has been
the cause of all the misunderstandings that have
arisen for years past. As for talking of sowing
the seeds of dissension now, surely that was done
long ago with no niggard hand, in no sparing mea-
sure. Much any Prussian Minister has cared for
the pleasure and profit of the Deputies, or the
Chamber, and much heed have they paid to their
behests or the desires of those they represent.
At any rate, the indignant eloquence of the
Minister of War was of no avail, for the Resolutions
were passed by a majority of fourteen. This was a
decided rebuff to the Government, not that we ex-
pect any good to come of it eventually, because
they will always find some pretext or other for
shirking their duties and ignoring the Resolutions
of the Chambers. The proposal of Herr WEICIIEN-
HEIM, that the Chamber should agree to the perma-
nent expenditure being fixed at less in future
years, was likewise adopted. What with one thing
and another the Government has got on very badly
with the Chambers of late, and the prestige with
which they appeared before them at the commence-
ment of the session soon vanished like thin air. It
remains to be seen how they will fare with the Ger-
man Parliament when it shall assemble. Of one
thing we may rest assured that if the Berlin autho-
rities follow their old plan there, they will give rise
to great discontent, if not to decided manifestations
of disapproval. The various representatives are
not likely to be influenced by their wishes to an in-
ordinate extent, and they will soon see through
the flimsy pretext of unity and such like absurdities.
It is now said that King GEORGE has resolved to
release the officers of the Hanoverian army from
their oath of allegiance, on condition that the Prus-
sian Government should continue them their pay.
We do not place implicit reliance upon this asser-
tion, but if it be correct things will not have
mended much, because we know that nothing will
induce the Government of King WILLIAM to
act with liberality ; and hence things will be
in as unsatisfactory a condition as before. A
better understanding seems now to prevail between
Prussia and Denmark, and the KING has lately con-
ferred the order of the Black Eagle upon the KING
and Crown Prince of Denmark. What this change
may portend it is difficult to divine, but we hope that
at any rate the inhabitants of North Schleswig may
profit by it, and the wily Count BISMARCK may be
compelled to keep faith with them, and allow them
their choice of rulers. If so, it will be something
satisfactory to set off against so much that has
been of an untoward character.

It seems that the Americans are already suffering
from the unsettled condition of affairs, and the
commercial circles have the opportunity of realising
the effect of the political and social disorganisation
which the Radicals seem anxious to bring about. A
financial panic, traceable to no particular cause but
damaging reports, has prevailed in New York, and
a sudden fall of 8 per cent. in the premium on gold
has startled all ranks and professions from their
tranquillity. Variations in the premium from 146
to 148 had been going on for some time, but the
last week in November opened at 138 and 139.
After the fashion of the Americans, who never do
anything by halves, one of the large operators
failed for something like four million dollars, and it
is said, with what truth we are uncertain, that in
forty-eight hours the gold speculators and stock-
brokers lost $20,000,000. At any rate, it is certain
that there has been a very great and damaging panic,
every sort of security being affected by the fall in
gold ; but happily the worst seems to be over, and
New York seems to be rallying from the blow. Of
course there are not wanting those who trace the
whole mischief to the employment of a paper cur-
rency, forgetting what that paper currency has
enabled the Americans to do. If the principles
so rigidly upheld by our bullionists had been
current in America the result of the last five years
would have been very different. The rapid reduc-
tion of the National Debt is certainly an achieve-
ment not yet accomplished by European Govern-
ments, and it is not fair to attribute the tricks and
devices of unprincipled speculators to any particular
system. Notwithstanding our Bank Charter Act
we are by no means insensible to such manoeuvres
in this country, but excessive speculation and panics
alternate pretty regularly. The system may be car-
ried to extremes like all other systems, and Mr.
APCuLLocu is using every effort to contract the
currency,
pt heardses the
the
Congress, however, on this as on most
opposes
We have not y
other matters,views nt.
of heG m
detailst of thev ern
openinge
of Congress, but the conduct of the prevailing sec-
tion is not likely to be very different, commercially
or politically, from what it was last year. Unfor-
tunately the Protectionist interest is very strong in
Congress, and there is already a talk of •
a higher
tariff. The New England dealers are lamenting the
condition of their trades, and their complaints are
echoed from other parts of the country- All the
evils resulting from the general depression of
busi-
ness, the reaction of the war, and the unsettled
condition of the country they attribute to foreign
competition, and look for their cure to an • increase
of the duties on imports. It is a pity that America,
World an
who boasts of setting the Old example
of progress and freedom, does not learn a little from
much-abused England in this. A restrictive policy
is foreign to her national character and policy, and
With the
altogether opposed to her interests.
natural illimitable capacities of the country,
and the energy and talent of the people, surely
America need not fear competition with any
country in the world. The anomalies of adminis-
tration•—e•land
are; not a little singular. England,
with her free trade in commerce, tries protection in
finance ; America, with her free trade in money,
can think of no better way of fostering her trade
than by keeping out foreign competition.

The difficulty of obtaining a sufficient number of
recruits for our army and navy has, during the
disturbed aspect of Continental affairs, been very
often brought under discussion. Meanwhile thought-
ful and benevolent men have been struck with the
inconsistency of the State looking in, vain for men
and lads to serve her, while thousands of boys are
left year by year to grow up into idlers, ruffians, or
thieves, for absolute want of training. There is
no one to take the trouble to give them a start in
life—no one to stretch out a helping hand to lift
them from the depths of degradation and wretched-
ness into which all their early associations drag
them. Thanks to the earnest endeavours of a few
practical philanthropists, with the Earl of SIIAFTES-
BURY, as usual, at their head, a very sensible plan
has been recently set on foot, which, on the one
hand, will offer the Homeless Boys of London the
supply
the State
with
t
means of obtaining food, shelter, clothing, and the
prospect
and,onantdhewoitlhlienrg,
will
hv
NiVngell-
trained
servants. The Earl of SIIAFTESBURY has obtained
from the Admiralty
the Chichester, a 50-gun fri-
gate, as a training ship, and the ceremony of inaugu-
rating it will take place on Tuesday, the 18th, at 2
p.m. Lord SIIAFTESBURY, Sir JOAN
PAKINGTON,
the Lord Mayor and Sheriffs,
and
other gentlemen
interested in the cause, are expected
to be present ;
and we hope the occasion will prove the commence-
ment of a new and happier era for these r l •
poor at e City
Arabs. Fifty boys are to be placed on the ship on the
18th, and as funds are contributed the number will
be increased to 200. The expense of completini,
the vessel and fitting it up is estimated at about
£3,000, towards which the committee have received
nearly £2,000. We cannot believe that the re-
mainder will be long wanting. The scheme re-
quires to be fairly set on foot to obtain wide and
great support. Men of all creeds, and parties of all
ranks and professions, must recognise the duty of
rescuing these homeless boys, if possible, from a
life of vice and crime; and the simple fact of teach-
ing them an honest living goes, of itself, a long way
towards their reclamation. It must be remembered,
too, that the boys themselves are heartily anxious
for a seafaring life, which, as every person knows,
possesses especial fascinations at their age. Either
soldiering or sailoriug would offer especial advan-
tages to boys accustomed to no restraint, as these
professions, however strict their discipline, are less

The panic, disastrous as it has no doubt been in
some quarters, may yet be productive of much good
if it brings men to consider seriously what must be
the result of the present condition of affairs. How
can they reasonably expect trade and commerce to
flourish—how can they look for that confidence and
security in the money market which is indispensable
to national progress, so long as it is on the cards that
the divisions between Congress and PRESIDENT, be-
tween Northern States and Southern States, between
white man and negro, betwieen Democrat and
Radical,
may any day produce riot, rebellion, or
civil war? The Radicals, intoxicated by their suc-
cess, are busy maturing plans which shall make the
PRESIDENT little more than a political nonentity,
and which will be simply intolerable to the Southern
States. If it were possible that they should be en-
forced the result would be that industry and enter-
prise would be virtually crushed in the wide
and fertile States of the ex-Confed‘racy. The
value and importance of the Southern plantations is