The Sun.
London, England, 1857-02-24 00:00:00

lINDON, TUESDAY, FEBRUARY 24, 1867.

vent the recognition of the distinction between ing to us from Constantinople, intimates that
permanent and precarious incomes. The Derby- there is a talk there of a second disembarkation
ites tiok the widest range. Every man took his of Russian troops at Balfruck on the Caspian, and
own peculiar view, and, like the renowned HARRY 1 of certain considerable supplies of Russian muni-
Gow, " fought for his own baud ;" while the
Aberdeen phalanx, usually so united, suffered
dissension to arise in its attenuated ranks. The
recently created firm of DISRAELI, GLADSTONE,
RUSSELL, and Co., was dissolved, the junior part-
ner retiring at the first struggle. " Small JOHN"
had not by any means taken the PALMERSTON
Administration into favour, but he could not en-
dure that the fatal blow to its existence should
be carried by any other hand. He had personal
wrongs to avenge, personal interests to promote.
If the Cabinet had been overthrown on a motion
made by Mr. DISRAELI, Lord DERRY would pro-
bably have received the commission to form a
new Administration, and that would not by any

mean shave suited the book of the Noble Lord
the Member for the City of London. In fact,
the only consistent parties were the waiters
oa PROVIDENCE, who were actuated by the
political gratitude which consists in " a
lively sense of favours to come, and those who for
many cogent reasons deprecate an early appeal to
the country. Sir G. C. LEWIS did not, however,
succeed on the strength of his own case, but rather
in consequence of disunion between his oppo-
nents.

The victory is therefore by no means a decisive
one. Now contests are already " looming in the
future." Even the unmodified Income Tax is not

yet carried, and a fierce conflict must take place
over the enhanced duties on tea and sugar.
There was sound sense in what fell from
Lord JOHN RUSSELL respecting small reductions
on those articles. The public will not receive any
benefit from 2d. per lb. on tea, or ls. Bd. per
cwt. on sugar. It will all go into the pockets of
the retailers. To render an appreciable advan-

tags to consumers at least 4d. should be taken off
tea, whith would allow a reduction of Id. in the

tiens of war, forwarded on direct to Teheran.
Otherwise to express the situation :—Accounts
from the actual Seat of War are as threatening, in
their way, as from the chosen Neutral Ground of
diplomacy, in regard to the quarrel, they are said
to be most encouraging ?

quarter lb. tm, the hightest investment of the'
working classes with the grocer ; and it would
require 4s. Bd. per cwt. on sugar to strike off a
halfpenny per lb. from the charge. Under Sir
G. C. LEWIS'S proposition there will be no reduc-
tion in price. Customers will be told that
they gain it in quality, although the improve-
ments exist only in the vivid imagination'
of the dealers. And it may be regarded as an
extraordinary phenomenon that the stock of tea
now sold at 4s. and of sugar at 6-id. should.be so
completely exhausted on the 6th of April, and
that thenceforward tea worth exactly 2d. per lb.,
and sugar worth ls. Bd. per cwt., more than the
articles previously sold should come into use. The
Chancellor of the Exchequer looks at these mat-
ters in a single point of view. Ho only takes into
consideration the extent to which the revenue
may be affected. A more enlightened minister
would, however, so regulate the charges so that
the consumers may profit to the full extent of the
reduction.

It is for all the world just precisely of a piece
with the rise and progress of the last war, the
war with Russia herself. We were told then, in
1854, again and again, usque ad nauseam, that
there was—literally as Sir CHARLES COLDSTREAM,
the blasé, the used up, the exhausted, observes
in regard to the crater of Vesuvius, and other
small matters—" Nothing in it !" MRNSCHIKOFP
blustered—the CZAR threatened—Colonel ROSE
entreatingly summoned the Fleet of DIINDAS to
hasten to the Golden Horn. There was "nothing
in it l" The Muscovits forces actually crossed
the Pruth—entered Moldavia and Wallachia—
seized Jassy and Bucharest. There was really
e' nothing in it !" We were almost as confidently
assured there was "nothing in it" when the allied
armaments were riding at anchor in the Greek
waters—when the British and French legations
had taken their departure from St. Petersburg—
when people at home were becoming accustomed
to the outlandish names of towns, and cities, and
rivers, and fortifications, east ward of the Bos-
phorus and the Dardanelles. The more credulous
only believed that the belligerents were really in
earnest, after all, when the disastrous news
arrived that the Russians had perpetrated the in-
famous massacre of Sinope—when the glorious
information reached England not long afterwards
that that execrable crime had been terribly avenged
upon the heights of the 41ma—when lastly and
conclusivelyit wasknown in the end thatthe legions
of the Allies had deliberately sat down, had sys-
tematically invested, and were energetically
besieging the great Muscovite stronghold
of the city and fortifications of Sebastopol.
Previously to all which, as we have
said, everybody had been assiduously assured by
the organs of the Government that—there was
" nothing in it I"
And so nowadays in regard to the war with
Persia. Ministers and their organs, and their
agents, and their creatures, and their apologists
pooh-pooh the whole affair as not worthy of any
serious consideration. There are differences—
but those differences are in rapid course of being
brought to a satisfactory arrangement ! Here,
again, as with the Russian War and the crater of
Vesuvius, there is really, seriously, and posi-
tively, we are told, "nothing in it I" Notwith-
standing the aggression on the part of our Persian
antagonists, evidenced in their violation of ex-
isting treaties, by formally advancing beyond
their frontiers and taking forcible possession of
the fortified city of Herat ! Notwithstanding the
simultaneous movement of our troops into Affgha-
nistan by way of the Kyber and the Bolan
Passes ! Notwithstanding the Declaration of War
officially promulgated at Calcutta—the despatch
of a warlike expedition from Bombay—the en-
trance of our ships of war into the Persian Gulf
—the occupation of the Island of Karrack—and
the storming and capture of Bushire. In spite of
all which it is insisted that the war with Persia
is hardly worthy of being called a war at all—or

There will now be a temporary armistice unit
Friday next, when the baffle will again be re-
newed. The time has arrived when professing
fiscal reformers must "awake, arise, or be for
ever fallen." There is but little use in uttering
i‘ prave Drds" out of doors, if their lips be her-
metically sealed in Parliament ; or even in giving
notices of motions never intended to be brought
forward, but withdrawn at the last moment to
suit the convenience of Ministers. If they
always find reasons completely satisfactory to
themselves for voting in opposition to their
former pledges—if they can never find a suitable
time fur performing their promises, the sooner they
subside it.t ) their pristine insignifiance the better.
They should nct excite and disturb the publis
mind without at least endeavouring to bring
about some practical result. A modern edition
of " sayings and doings" would afford valuable
assistance to many constituencies when called on
to decide between the claims of rival candidates.
We confess that we should prefer an honest,
straightforward opponent to a pretended friend,
who might " keep the word of promise to the
ear," although he would most assuredly " break
it to the hope."
There is now an agreeable prospect before the
country of a certAin deficiency from 1858 to 1860,
and a perpetual unmodified Income Tax. That
we can reduce our expenditure to that of 1852 or
1853 is perfectly hopeless, considering that in
each year the country will have to provide
2,000,0001. for Exchequer Bonds falling due,
which cannot be renewed, lest " the whole beauty
of the invention might be lost !" £1,500,000
for Sinking Fund, and 1,400,0001. for additional
interest. There could be no difficulty in renew-
ing these Bomb, even if in the hands of the
general community. But it appears that they
aro almost entirely held on behalf of the Savings
Banks, and it is obvious that they constitute the
best description of investment for the large
amounts held on behalf of these institutions.
There has already been a loss of nearly
4,000,000/, st -ruing in consequence of Go-
vernment being compelled to resort to stocks
which fluctuate to the extent of 10 or even 15
per cent. The largest deposits are made when
quotations are high, the withdrawals take place
when they are low ; consequently the managers
are compelled to buy in the dearest and sell in the
cheapest markets. But having Exchequer Bonds
bearing interest at 3i per cent. there would be an
ample margin beyond the 3i per cent. allowed by
Government, which would constitute a guarantee
fund that would prevent the possibility of such
untoward events as occurred at Rochdale, Tralee,
St. Peter's parish, Dublin, and other savings'
banks ; so far, at least, as loss to the
depositors resulted. Such a course would bring
out the " real beauty of the invention," and dis-
play it in the clearest light. But, unfortunately,
it is far beyond the ken of the present Financial
Minister. So comprehensive a view cannot be
anticipated so long as he presides at the Exchequer.
We have already shown that these bonds only
partially replaced the money withdrawn from
the Exchequer,
in consequence of the
GLADSTONE abortion, and, consequently,
their renewal could not be regarded
as the contracting of a new debt ; and considering
that more than 40,000,0001. of the war expenses
were raised by war taxes, and that the Income Tax,
and tea, sugar, coffee, and spirit duties are to be
partially maintained at war rates, the Sinking
Fund already agreed on, by which all the war
debt will be annihilated in 16 years, appears quite
sufficient to extract from the pockets of the
people.

that, if it must needs so be designated, it is, at
any rate, a war which has already been brought
most satisfactorily all but to a conclusion Well,
of course, it may be so. It may absolutely be
perfectly correct, in the present instance, that our
diplomatists are effectual'y thrusting the sword of
war back into its sheath, when it has scarcely
been half drawn from the scabbard. It may
be so. We admit the possibility. We acknow-
ledge it. But—at the same time—if we are
really and truly drawing near to this happy issue :
we cannot (with the experience of the Russian
War still pressing heavily upon our recollection)
as the phrase is, "jump at."—the conclusion. See-
ing is believing. We cannot swallow open-mouthed,
merely—fair promises. The boon must be actually,
and tangibly, and visibly within our grasp before
we can believe, for one instant, in its existent:v..
England, in fact, will believe that the differences
between herself and Persia have been conducted
through diplomatic agencies t) a satisfactory con-
clusion when empty rumours—like those just now
coming to us from the French capital—have re-
solved themselves iut3 proofs positive I Nut
before. Not earlier. Particularly when intelli-
gence, as we have seen, comes t us from the
direction of Constantinople simultaneously, to the
effect that Russia is backing up Persia by a second
disembarkation of troops at Balfruck, and by
the transmission of large quantities of muni-
tions of war to Teheran ! Everything still
combining, as usual, to assure us that the Secret
Cause of the disturbance of the Peace of the
World has been left in tact in spite of the
vaunted Parisian Conferences ! Diplomacy and
the believers in Diplomacy deluding themselves
into the belief that the peril has been permanently
removed by means of a few paltry concessions on
the part of the wily and astute Government of St.
Petersburg ! Diplomacy and the believers in
Diplomacy crying "Peace, Peace—when there is
no Peace :" and (not less credulous than the
peasant of Horace) counting upon the current of
Muscovite ambition flowing by, leaving them—
dryshod and unharmed—to go on their way re-
joicingly :

Rustieus expeetat dum clefluat amnis, at ille
Labitur et labetur in ornne volubilis cevum.

Well, the debate has been brought to a conclu'
sion, the division taken, and Government has re-
corded a majority of ei dity in favour of the pre-
cious Budget A hood working majority, So far
as numbers are concerned, but composed of such
heterogeneous materials that no reliance whatever
can be placed on the motley group in reference to
any other question that may be ventilated.
Never, we believe, even in the House of Commons,
was such a scene witnessed. It was ,‘ confusion
worse confounded." " The shindy "In Kinn,
Agramont's camp was nothing to it. The heaviest
blows were aimed by men of the same party
against each other ; and those who, under ordinary
circumstances, were bitter opponents, cast aside
their animosity, and, for the time being, were
firm friends and allies. Generally speaking, the
nierit3 of the case were altogether disregarded.
The friends of economy and retrenchment
Spoke and voted in favour of extravagant
estimates. Those who professed an earnest
desire for the modification of the unjust,
inquisitorial, an 1 unequal assessment, endea-
voured, to the best and utmost of their powers,
to perpetuate the flagrant grievance, and to pre-

A measure of " Savings Bank Reform" is
urgently required. The necessity of comprehen-
sive ameliorations are universally admitted, and
Sir G. C. LEWIS has promised to bring forward a
bill on the subject with all convenient speed. The
simple fact that the amounts of deposits have been
reduced by nearly 20 per cent. within the last 14 or
15 years, and that they are now only on a par with
what they were 20 years ago, proves, beyond the
possibility of doubt, that there is something
rotten in the present system, and that a change
is imperatively required which may bring back
the people to the provident habits which they
have apparently relinquished. In 1839 the de-
posits amounted to 36,714,306/. Os. 3d. ; in
1840, to 38,842,6531. 16s. Bd. ; in 1841 to
40,968,1601. 4s. 2d.

The entire fiscal system demands a complete
and searching revision. We fear that it cannot
seasonably he anticipated from the existing Par-
lian_ent, but professing reformers may at least ex-
plain their views, so that the several constitu-
encies may be guided in the exercise of the fran-
chise, and the pledges that may fairly be de-
manded from the claimants for their " most sweet
voices at the next general election.

Here, then, was a steady augmentation of
more than 2,000,0001. each year, but in 1854
the amount had fallen to 33,408,175/. 2s. 9d.,
a deficiency of more than seven millions and a
half when compared with 1841, notrithstanding
the increase of population and the increaskg sav-
ings of the country.

The terrible exposures which have taken place
iEk reference to the deplorable defalcations at vari-
ot ►s establishments, will, however, explain these
Ttntoward changes. The so-called Government
'lus been proved to be mere "bosh." They gua-
rx the amount actually invested, but that is
all'. And no matter how flagrant the frauds, how
at melons the negligence, the unfortunate deposi-
to rg have no remedy against any of the trustees
or i lianagers unless wilful default can bo esta-
blish 9 d. It is true that the trustees and manag-

Another intimation from Paris that the differ
ences between Persia and England are in a fair
way of being brought to a satisfactory settlement !
And, in the meantime, additional intelligence, com.

THE SUN, LONDON, TUESDAY EVENING, FEBRUARY 24, 1857..

LATEST N E WS.

ers are allowed to undertake a certain limited
responsibility. But how has this permission
been responded to ? There are voluntary gua-
rantees in England of 3,8701. against deposits of
28,750,4291. lls. 10d. None in Wales, against
nearly 800,0001. more. Row, then, can we sop-
pose that the people will patronise the Government
shop, when they have no real security, and where
the interest is on the very lowest scale, for in
many places but T. 103. or 21. 15s. is allowed,
the average of the United Kingdom being bu t
21. 18s. Bd. This is not the way to encourage
saving, although it comes very naturally from
a Minister who thinks the " tax on prudence"
one of the last that should be remitted. The
Government certainly loses money in consequence
of the injudicious system that makes it invest
when the funds are high, and sell when they are
very low. It reverses the economical principle, by
buying in the dearest and selling in the lowest mar-
ket. By this ridiculousplan nearly 4,000,000/. have
already been frittered away without the slightest
advantage to the depositors, or to the community
at large. This arises from the Financial Minister
for the time being exercising unlimited control
over the savings bank fund—a matter which is
not only objectionable on account of the pecuniary
loss sustained, but still more so from placing so
enormous an amount in the hands of Ministers,
to be dealt with at their discretion, at any mo-
ment—a power fraught with danger to the con-
stitution of the country, and which may be used
to bolster up the wildest financial schemes.
Already there are symptoms of successful oppo-
sition. " The National Savings Bank Association"
offers advantages far greatsr than can be obtained
from any of the quasi, national establishments.
No wonder, then, that the people should flock to
the quarter where they can get the beat
value and the best security for their money.
If the Government desires to retain the
business a real and efficient guarantee must be
offered, coupled with better interest for the sav-
ings of the industrious classes. That this can be
effected without loss is manifest from an admirable
brochure from the pen of the Rev. J. BEAUMONT
HAWKINS, just published by Longmans and Co.,
which clearly explains the existing defects, and
points out the required improvements. We fear
that Sir G. C. LEWIS is not the man to carry the
much-required ameliorations into effect. He has,
however, had suggestions from Mr. HAWKINS and
Mr. C. W. SIKES that will render the task com-
paratively easy. Should he hang back a little
pressure from without will stimulate him in the
right direction, and it is essential that pressure
should be speedily and effectually administered.

the Trans-Caucasus, but is directed against the
.mountaineers.---It is certain that they wil next
spring corulyAt with energy, while the war on the
side of Persia is only a simple eveatuality."

A letter from Milan flays :—" Thl Emperor, it
may remembered, promised the deputation which
waited on h m from Mantua, relative to the affair
of the death el Bianchi, that full jes-ice should be
done, an aat the sentence to be pronounced against
the authors of that crime should be given prtelicly.
1113 Majesty on the same day sent General lielmr,
his adjutant, to Mantua, to commence the proceed,-
hip against the guilty parties. In addition an orier
of the day has been iz,sued by the Emperor blaming
severely the conduct of the officers of Mantua."

Accounts from Constantinople to the 13th an-
nounce the death of Rifaat Paella. Russia has
obtained the power of constructing a line of rail-
way from Mochedi,,er to Teheran. Kabult Effendi
has left for Jassy, and Kiamil Bey for Bucharest,
with the firman relative to the divans ad hoc.