The Sun.
London, England, 1857-10-28 00:00:00

LONDON, WEDNESDAY, OCT. 28, 1857.

Advices in anticipation of the Overland Mail
have duly come to hand, and copious extracts
will be found in another part of our impression.
They fully confirm tho telegrams which appeared
in The Sun of yesterday, and give ample reason
to hope that we have witnessed the beginning of
the end of the rebellion. Indeed, the capture of
Dahi, and the ignominious flight of the mock
Emperor, will go far to convince the insurgents
of the utter hopelessness of their cause and of the
reckless folly of their conduct, in sacrificing the
substance in pursuit of not merely a shadow, but
a phantom.

It could not, of course, have been anticipated
that the moral effects of the sack of the imperial
city, and the disposal of the .survivors of its gar-
rison should be displayed. We have only just
learned that Delhi was in the possession of the
English troops, and that the rebels had fled, dis-
tracted by internal dissensions. The regiments
who had not murdered their officers or imbrued
their hands in innocent blood manifestly desired
to separate themselves from their more guilty
companion 3. Iu some instances overtures have
been received from the insurgents. Of course,
however, no negotiations could be entered into
with armed rebels. They were bound, in the
first instance, to prove the sincerity of their
repf.;ntance by not only withdrawing them-
3t,4;ies from tie enemy's standards, but by using
the British weapons with which they were areaed
.aleanA the foes of Great Britain. In such °l',
might ho some mitigation of the pnnisiiment
justly merited by those who, although they had'
PrGY,I unfaithful to their salt, had not been
gulty of murder, or of offends of a still more,
atrocious character. But the submission should
br unconditional 'and the evidence
of true peni-
tence unqueAionahle.

Although the rebel standard go long floated
over Delhi—although the Britioh tro -
ops were dt.
layed four months bifore its walls—the lesson is
----_
tl.r, more impressive, and the results may be tli,
snore valuable. It has boon proved, beyond the
possibility of doubt, that the most organised and
compltteroutbreak may he suppressed by the c„,_
dinaryt uropean forces, even without awaiting tli
arrival of the powerful reinforcements despatche3l
from Europe. Delhi has fallen, the mutineelis
and rebels dispersed, without the assistance of the
trained and disciplined
troops whose arrival IVAq
daily anticipated- Full time had been afforded
to develope the full extent of the disaffection. We
have ascertained the full extent .of the danger ;
have been enabled to take all the elements of dis-
turbance into calculation. We shall no longer be
slumbering carelessly on the edge of a volcano, or

relying on shattered reeds for support. We can
distinguish between the good and the bad, and
know where confidence is merited and where no
reliance can be placed ; and also the vast dif-
ference between European and Native troops.
The British prestige has been fully maintained.
Never has greater lustre been reflected on our
arms. The most extraordinary odds—ten, aye,
twenty to one—have been boldly encountered,
and in every instance satisfactorily disposed
of. There was no rebel success achieved, save by
surprise or against helpless and unarmed fugitives.
The rebels could massacre, could violate, could
plunder, but they could not fight. And that im-
portant result will long remain firmly impressed
on their memories, preventing the probability,
aye, the possibility of another outbreak. It will
greatly strengthen our power, when the scattered
fragments of the rebellion—the very neck whereof
has been broken, have been finally disposed of.
As we yesterday stated, the news from Cawn-
pore and Lucknow is highly satisfactory. Before
.irossing the Ganges HAVELOCK had issued a most
important proclamation, ordering that rebels from
Oude, who were in custody with their wives and
children, should be kept as hostages, to secure
against a repetition, at Lucknow and else-
where, of atrocities similar to those com-
mitted. at Cawnpore and Jhansi. Such a
proceeding is perfectly justifiable. It is due
to the helpless sufferers at Lucknow to avail
ourselves of every means to obtain their protec-
tion and good treatment in the event of their un-
fortunately falling into the hands of the rebels.
But this vigorous and decided conduct has been
neutralised by a piece of official red tapism. Mr.
J. P. GRANT, whose appointment to act
independently of the Generals has been
already severely criticised, had taken upon him-
self to order the liberation of 150 prisoners taken
by General NEILL at Cawnpore. This ridiculous
leniency has been loudly and justly condemned.
What ! at Cawnpore, where the most horrible
outrages had been committed—where English
women and English children had been butchered
in cold blood under circumstances of the most
fiendish cruelty—to pronounce an act of amnesty
on such men, many of whom had participated in
those atrocities, and that even before the relief
)f Lucknow, or the safety of the fugitives shel-
tered within its walls ! It was holding out a pre-
mium to crime, an incentive to guilt of the most
diabolical character. The same smooth-tongued
civilian had coolly intimated to General NEILL at
Allahabad, that the work of retribution was
not to go on. There, he was told by the
distinguished soldier to mind his own business, as
martial law had been proclaimed. It seems that
" the force of folly could no further go ;" but,
still, we fear that similar exploits on the part of
Lord CANNING and his subordinates may mate-
rially damage the English cause, unless they are
summarily got rid of at the earliest possible oppor-
tunity.

We may Piped to-morrow the summary of the
news from Bombay. As we stlted yesterday,
3verything, with some few and rare exceptions, is
going on as satisfactorily as could have been an-
,icipated, and we may now reasonably expect
that each succeeding mail will bring intelligenc3 of
further improvement, until the great Indian Re-
bellion is completely suppressed, and the fates of
the chief actors therein will only serve to

" Point a moral and adorn a tale."

The City of Washington steamer has arrived at
Liverpool with further advises from New York to
the 15th instant. The suspension of cash pay-
ments had been accepted. Its imperative neces-

site was universally recognised, and business was

going on as usual, except that specie was refused
in large sums ! The Banks at Boston, Portland,

Hartford, Albany, and other important places,
had followed the example of New York. The Secr-
etary of the Treasury had also given notice that there
will be no further redemption of Government stock.
Indeed, the game had been carried on too long,
and it was an act of imperative necessity

at last, the Customs' duties have declined
so materially at all the principal ports, that it
was doubtful if the Government could find funds
for its current expenses. The effects of the re-
solution were,Lhowever, manifested in a general
improvement, and it was only regretted that the
step had not been much sooner taken, so 'that
" an immense amount of ruin might have been
averted."

Why can we not profit by this salutary
lesson f Are we to permit matters to go on in their
present course until thousands of victims are
sacrificed, and, then, only to interfere in order
that the moneyocracy may realise their profits.
The Liverpool Borough Bank was compelled to
stop payment yesterday. But in consequence of
the assistance tardily afforded by the Bank of
England, it will resume on Friday. It is said
that no less than 1,500,000 T. will be required to
meet the claims of its depositors. Of course the
assets are ample, but so much will, for
the time being, be abstracted from the
available resources of the Old Lady of
Threadneedle-street, for affording monetary
facilities to the commercial and manufacturing in-
terests, and the banking capital of the country,
will eventually be diminished by more than a mil-
lion sterling. Other embarrassments were also
hinted at, but of course we can give no weight Ito
such rumours until they receive full corroboration.
We cannot, however, go on Much longer
in the present course. According to the
existing system, credit is virtually at an
end. Thousands of respectable and per-
fectly solvent firms must either suspend opera-
tions, or submit to such sacrifices as will seriously
impair their resources. Tens of thousands of in-
dustrious operatives will be thrown out of employ-
ment and compelled to endure very severe priva-
tions. The public revenue will be seriously
injured, and all from au insane persistence in a
system which has twice proved abortive.
This time, the mere suspension of the Bank
Charter Act will not suffice. An issue of small
notes is imperatively required ; and we should
say in addition a suspension of specie pay-
ments. The former would certainly liberate
an immense quantity of bullion, now uselessly
circulating, for the purposes of every-day life.
But it will not check the drain. It would render
ten, fifteen, or twenty millions of gold coin avail-
able, but we should impoverish ourselves in order
to meet a foreign demand. The true course
would be to give gold its real value as a cone-
l'"(LtY, and to compel those who wish to with-
draw it from our markets to pay a
fair price. All domestic disturbance would
then cease, and that is our first look
out. &Lure (via, Pent, is now the cry amongst al
classes. The
Panic' will become a perfect rout:
The East Indian
Ceimpauy, in addition to these
dealings, are reported
to have borrowed largely
from some of the leading joint-stock banks. It
is imperative ti en that Parliament
should be con-
vened, without any unnecessary delay, In order
that the measures, which the magnitude of the
crisis demand, may receive the only constitutional
sanction at the earliest possible moment.

LATE 9T NEWS.

CAPTURE OF DELHI.