The Sun.
London, England, 1857-04-03 00:00:00

LONDON, FRIDAY, APRIL 3, 1857.

General OUTRAM'S glorious victory of Khoo-
shab has closed our last brief but remarkable war
against Persia with one brilliant and memorable feat-
of-arms ! Now that we have learnt the full par-
ticulars of it, the achievement appears to be in
every respect more extraordinary even than was
at first anticipated. The detailed narrative of the

occurrence received iu this country by the Over-'
land Mail, which arrived in town only yesterday,
is derived from the victorious General himself in
his official despatch addressed to his Exceilmey,
the Governor of Bombay. That document, penned
by Sir JAMES OUTRAM on the 10th of February,
in the British Camp, near Bushire—is t) the full
as worthy of the gallant soldier's hand as the
deed of glary achieved by it two days
before, and of which the despatch itself
constitutes the manly but modest commemoration.
Observe—in testimony of this—that twice in the
course of his official communication to the Go-
vernor of Bombay, General OUTRAM explicitly
repudiates the notion of his wishing for one
instant to arrogate to himself the honour of the
achievement. At sec. 19 he says, "To Major-
General STALKER and to Colonel LUGARD my
especial thanks are due"—while earlier in the
same despatch, at sec. 6, he yet more expressly
declares, "To Major-General STALKER and Colonel
LUGARD, chief of the staff, is the credit duo for
successfully guiding our troops to victory on this
occasion." The heroic Commander-in-chief of the
Expeditionary Force previously observing of
himself in explanation sec. 5 : "I myself
had very little to do with the action, being
stunned by my horse falling with me at the com-
mencement of the contest, and recovering only in
time to resume my place at the head of the army
shortly before the close of this action." A cir-
cumstance so far from diminishing Sir JAMES
OUTRAM'S glory as the Victor of Khooshab, that
it may be rather said to enhance it in a very
peculiar manner—seeing that while stunned by
this unfortunate casualty during one portion of
the deadly conflict, OUTRAM was nevertheless " at
the head of the army" directing its movements,
cheering it on, and conducting it to victory,
both at the commencement and at the close of the

heroic achievement.
And that achievement—the battle of the Bth
of February—the Victory of Khooshab ! What
of it? Briefly it may be regarded as a brilliant feat
of arms, worthy in every respect of being added to
the long catalogue of British triumphs in Asia,
from Plassy to Goojerat. We are scarcely ex-
aggerating in any way, we believe, when we avow
that for its splendid Heroism Sir JAS. OUTRAM'S
Cavalry Battle of Khooshab may take rank with
Sir HARRY Swim's memorable Charge on the field
of Aliwal !—a victory won by a British Cavalry
Force of 400 over a Persian Army of very
nearly 7,000. The British Forces, under
OUTRAM, comprising merely 419 sabres--
namely, 176 Poonah Horse, and 243 3d
Cavalry; together with 2,212 European Inf Au-
try (64th Foot, 2d Europeans, and 78th High-
landers), and 2,022 Native Infantry, in-
cluding 523 of the 4th Rifles, 479 of the
26th Native Infantry, and 460 Beloochees !
While the Persian Force, under SITOOJA-00L-
MOOLR, comprised—in its total of 6,900 fighting
men—Guards, Khaskai, Eilkhannee Sufeuchees,
and together with an Arab Regiment 900 strong,
and the cavalry of Shiraz, four regiments of
Sabriz, and two of Karragoozloo.
It appears that almost immediately upon
_ _

his arrival at Bushire, on the 27th of
January, Sir JAMES 017 TRAM resolved upon
seizing the very earliest opportunity of con-
ducting the British Forces in land against the
Persian army, then encamped, at a distance of
forty-six miles from the seaboard, in a strong in-
trenched position at Bunazjoon. A resolution
carried out shortly afterwards with characteristic
decision and promptitude. Upon the 31st of
January and the Ist of February the Expedition-
ary Forces from Bombay reached Bushire. On the
2d they were landed. On the 3d, towards even-
ing, they marched from the camp 4,653 strong,

" without tents or extra clothing of any sort, each

man carrying his great coat, blanket, and two
days' cooked provisions, the commissariat being
provided with three days' in addition." Thus
equipped the British force, in 41 hours, marched
the projected 46 miles—arriving at Burazjoou
only to find that it had been precipitately de-
serted by the Persian army, affrighted by our
approach, from their entrenchments ! "Satisfied
with the moral effect of our occupying their posi-

tion for two days," says General OurßAar,
"I decided upon removing the troops back
Bushire." Thereupon the Persians take courage
—altogether mistaking the true meaning of that
retrograde movement. At midnight (7th-Bth
February) they commence an attack upon the
British rearguard—the Eilkhanee, with his horse,
having returned from his hasty retreat into the
Pass leading t* the Huft Moolla, and SOOLTAII-
00L-MOOLK, with his force, from his hasty retreat
into the Mhak Pass leading direct to Shiraz ! At
daybreak on the Bth February our cavalry and"
artillery alone—(for says General OUTRAM, in his
despatch " the enemy moved away too rapidly for
the infantry to overtake them")--our Cavalry
alone numbering, in all, only 419 sabres, assisted
by 18 guns, defeated, signally defeated, and not
only defeated but utterly routad the Persian
army, numbering, as we have seen, from 6,000
to '7,000 in the aggregate. By this splendid
achievement—a victory costing ourselves only
some 10 killed, and from sixty-two to
seventy-two wounded, but causing a terrible
loss to the defeated enemy, the Persians leaving, of
dead alone, some '7OO upon the field—the British
troops in a few hours brought the ctmpaiga (as
events proved) to a sudden and most satisfactory
conclusion. Routing the foe at Khooshab, and re.
tiring in triumph (after a few hours' rest in
bivouac) to Bushire. Within the short period of
some fifty hours, as Sir JAM.ES OUTRAM remarks,
was begun and ended this most successful expedi-
tion ! During the course of it the enemy's maga •
mines, containing 40,0001b5. of powder, were
destroyed, together with small arms and a
vast quantity of shot and shell—all found in the
deserted intrenchments at Burazjoon. Besides
which, there were carried away by our forces from
the same place considerable stores of flour, rice,
and grain—as well as from the battle-field of
Khooshab two guns and a standard of the Khash-
kai Regular Infantry Regiment. Such, in brief,
were the glorious successes gained by the British
Cavalry in their memorable expedition, under
General OUTRAM, between Bushire and Burazjoon.

The Bank of England has once more raised the
minimum rate of discount, which now stands at
2
61 per cent. The Directors fancy that they are
now safe, that the renewal of the Charter with-
out change or modification for a further term of
ten years is certain, and they therefore unhesita-
tingly raise the price of
money to the great detri-
ment of the commercial, manufacturing, and
trading interests. The blow thus inflicted created
astonishment in the City. It was wholly un-
expected, and is therefore more severely felt than
if it had been deemed probable, and that full
provision had been made for the change. Per a
considerable time we have been assured that the pres-
sure was merely temporary, that it would speedily
cease and that beneficial results would ultimately arise
from our long-continued endurance of the drain of
the precious metals. But each time new apologies
are put forward. In fact, as we have repeatedly
Stated, these evils, so universally acknowledged
are the natural results of our Monetary System, i

which compels us to sell that which is inlispens-
aide to the prosperity of the people at a price
which may be far beneAth its actual value under

existing circumstances.
We earnestly hope that the first act of the new
Parliament will be the appointment of a fair and
impartial Committee to inquire into this
all-important question. That which had been
appointed, and which was to all intents and pur-
poses " a Committee of Secresy," has closed its
labours. Several of its members have lost their
seat, and it must unquestionably be reconsti-
tuted. If a fair demonstration be made at the
meeting of the Legislature a great change may be
effected. All that monetary reformers ask is a
fair and impartial investigation int) the existing
law, and that such recommendations as may
naturally follow from the facts should be made.
The Report of the Lords' Committee, adverse to
the law, which it is proposed to renew, still re-
mains on record, and may be very beneficially re-
sorted to as a guide to future legislation. But
nine years have elapsed since that Report, and a
suitable supplement thereto should be put forward
before the matter is finally disposed of.
It is quite clear that the question has not
hitherto received the attention which its vast
importance so imperatively requires. It was care-
fully eschewed by the "do-nothing Parliament."
recently dissolved. Every difficult subject was
there avoided. Noble Lords and Right Hon. and
Hon. Gentlemen thought they did all that could
be required in giving the go-by to any intricate
problem. Will those who have assumed their
places display similar apathy and indiffe-
rence ? Will they lay themselves open to
the grave accusation of apathy and indiffer-
ence, where the welfare and prosperity of the in-
dustrial population is so greatly concerned. The
greatest evils that can happen to the country
arise from fluctuations in the value of money
that may defeat the best-prepared calculations,
and which render what ought to be legi-
timate transactions little better than gam-
bling speculations ! Why, we ask, should
this state of things be continued, and why
should the interests of the people be con-
fided to the irresponsible directors of an irre-
sponsible corporation. Surely the regulation of
the national currency should be placed under a
department of the Government answerable to
Parliament for the exercise of a proper discretion.
The best proof that can be afforded by the new
House of Commons of its zeal and anxiety for the
public welfare will be bestowing on this interest-
ing question the attention which it so pre-emi-
nently merits, but which it certainly has never
hitherto received.

The last mail from La Plata brought intelli-
gence of more than ordinary interest, politically
and financially. We noticed that from Buenos
Ayres on the arrival of the Tamar, but the great
pressure on our space prevented us from observ-
ing on the improved prospects of the long de-
frauded bondholders, whose interests we have
closely looked after, through good report and
through bad report. We plainly and intelligibly
det idled the true state of affairs respecting their
long-neglected claims, and showed how fully they
were entitled to the moderate terms insisted on
by their very efficient and indefatigable represen-
tativet The matter at length seems placed in
proper train, and we may hope that all causes of
complaint will be promptly and speedily removed.
The settlement of the long pending dip-
lomatic dispute with the British Govern-
ment, from the unceremonious expulsion of
Captain GORE, is a very auspicious circumstance,
that must unquestionably be productive of the best
possible results to our fellow-subjects. The ar-
rangement is perfectly satisfactory, as will be seen
from what we have extracted into another
pact of our impression. The Buenos Ayres
Government candidly confesses the error into
which it was betrayed when it forwarded
his passport to Captain GORE, accompanied
by a very uncourteous and unceremonious
note. It will be seen that notes have passed
between the Foreign Minister, Dr. DALMACIO
VELEZ SARSFIELD, and Mr. FRANK. PARISH, of a
character proving beyond the possibility of doubt
that all parties were influenced by a sincere desire
to terminate in a conciliatory spirit all past
grievances. Thus Dr. SARSFIELD, after a dis-
tinct expression of regret for what was naturally
considered an offensive act, requests that " the
note of the 6th January, 1853, and the passport
enclosed in it may be considered as withdrawn,"
and the acting Consul-General, Mr. PARISH,
unhesitatingly accepts the apology thus fairly
offered.

• The financial intelligence is also interesting,
and although not quite so satisfactory as the long-
continued forbearance of the creditors might have
anticipated, it still will be plsasing to the hciders of
the Bonds represented by the Loan of 1824.
We have again and again urged- upon all parties
concerned the injustice done the creditors by a
suspension of payment approaching a period of
30 years, and also showed the unwise policy on
the part of the Buenos Ayres Government

(whether Rows or OBLIGADO, Or any other Go-
vernor ruled), and called on them at once to
remove the blot that so long disgraced its financial
history, and to follow forthwith the example so
long and so usefully set by Chili, by Peru, and
other South American States, and not to point to
Europe for good or for bad illustrations—to prove
that credit is everywhere strength and power
to countries commanding such resources.

_----
_
We perceive, amongst other documents last to
hand, a letter addressed by the Finance Minister.
NORDERTO DE LA RIESTRA, to the House of
BARING BROTHERS, and which appeared in Tits
Sun of Friday. We may remark that any appeal
to Buenos Ayres from such a quarter was en•
titled on every AOCOUNT to the best attention of
the Finance Minister. Indeed Messrs. BARING
had little to urge if we remember correctly after
the resolutions agreed to at the London Tavern,
in November—and concessions acquiesced in by
the English creditors. That little was simply that
a Deferred Stock bearing 3 per cent., instead of
only a contemptible 1 per cent. for 10
years, and then 2 permanently, should be
granted. The Minister, as usual, plea
poverty, but still promises acquiescence in the
event of augmented revenue, enabling the State
to pay it. PAY IT, we repeat, we reiterate it,
they can do, were the'debt double what it is. The
Loan was originally only 1,000,0001. at 84 per
Cent., and perhaps about 950,000/, is all that
now circulates ; the rest was redeemed by sums re-
served from the subscriptions to the Loan by the
con tractors in 1824. Then how stands the case
if Mr. PARISH and Mr. WHITE cannot obtain the
paltry concession asked ? The original Bond, we
believe, at present pays a small interest
of 3 per cent. This ensuing year it will pay about
will increase the following years
t4oriserancednt6., per and
cent.
The arrears of dividend over due are now enor-
°4B. They amount to, if not exceed, I'7o per
cent. They have run on almost ever since 1829,
al
and the half of a half-year's coupon of that disc
tent date was the last paid upon. Be it remem- i
bored all this is so much saved to the Republic, i

and so much loss to the Bondholders. It would
seem as if the Minister was determined that it
should be lost altogether, or next door to it. We
have observed many inquiries made as to what
the value of this "2 per cent. deferred" will be.
It is vaguely argued if a Peru 3 per cent. is at
56, and a Chili 3 per cent, at 80, surely a Buenos
Ayres 2 per cent, will be worth 15 or 20, and, if
good faith is kept, may go higher. Odiers argue
51. or 81., or at most 101. profit, is all it is worth.
This we leave to the stock-jobbers and to the test
of time, and perhaps the state of monetary
affairs. We should not have dwelt so much upon
that part of the subject but for a very ambiguous
paragraph in Senor RIESTRA'S letter to Messrs.
BARINGS, "thinking, rs it does, their good
selves," as it were for a hint, that a small rate of
interest only paid on the Deferred, will keep it
low, and they (the Republic) may redeem it
easily and comfortably. Messrs. BARINGS, how-
ever, seem to have suggested that 3 per cent.,
and not a paltry 2 per cent., should be paid.
We hope the Republic will yet adopt this very
proper and even moderate suggestion.

One word more and we dismiss the subject—
glad, at leist, to congratulate the bona fide bond-
holders that, if all is not obtained that ought to
be conceded, better times seem to be in store for
them.

We say this with more confidence, for if Messrs.
BARING have failed as to the " 3 per cent. ques-
tion" on the Deferred, they have obtained a re-
cognition of the Active as a 6 per Cent. Bond
within a very proximate date as stated, and bet-
ter still, the " Canon Eifitcutico," or " Copyhold
Government Tenures," are to be applied as a sink-
ing fund for both the Active and Deferred por-
tions of the debt. We are credibly in-
formed that the revenues, from this branch, are,
some years, very considerable—calculated at from
50,000 t to 60,0001. sterling annually. A reserve
is made of 15,0001. in favour of some other claim.
On the whole, the prospects, then, of the credi-
tors are improving greatly, compared to the
utterly barren state of things for more than a
quarter of a century past.

We have stated that the bondholders are deeply
indebted to their efficient and indefatigable agents.
Mr. FRANK PARISH. rendered valuable assistance
at all times, while the zeal, exertions, and experi-
ence of Mr. JAMES GIRO cannot be too highly
praised. For three years that Gentleman has
displayed untiring patience and assiduity. Mr.
ROBERTSON'S name has been too long connected
with the question to be omitted ou this occasion.
He was the chief mover on every point, and we
may ascribe the present improved state of affairs
mainly to his judicious efforts. It is deeply to be
regretted that a severe accident has debarred him
—we trust but for a brief period—from attending
to the important duties confided to his charge as
Chairman of the Committee of bondholderi, and
which he has invariably discharged with so much
credit to himself and benefit to those in whose
behalf he was so actively engaged.

THE COMMANDER-IN-CHIEF OF THE
INDIAN NAVY.

Allen's India Mail states that Capt. G. Greville
Wellesley, C. 8., RN., has been appointed Com-
mander-in-Chief of the Indian Navy, to succeed
Admiral Sir H. Leeke, whose tenure of office has
expired. Captain Welleiley's commission as lieu-
tenant was dated in April, 1831, as commander in
April, 1842, and as captain in December, 1844.
As lieutenant of the Castor he was at the taking of
Caitfa and Tsour, on the coast of Syria, and at the
bombardment of St. Jean d'Acre. After passing
through these three, grades with much credit, he
was placed in command on the Pacific station in
1853 ; and on the breaking out of the late war with
Russia he was appointed to the command of the
Cornwallis, which formed one of the Baltic fleet.
Captain Wellesley is the youngest son of the late
Hon. and Rev. Gerald Wellesley, and a nephew of
the late Duke of Wellington.—[lence his good
luck,—En. SUN.]