The Sun.
London, England, 1859-08-19 00:00:00

THE MONEY MARKET.

Although for the moment the money
decidedly easier, there is little expectation
that a
market is
rise in the rate of discount to 3 per ceJat. will be
deferred for many weeks. Hitherto the continental
demand for gold has been fed by nulls: aal supplies
each week from New York, while Russia also, pend-
ing the negotiation of her loan, has b e.en obliged to
despatch to us considerable sums. Blut, according
to the last advices from America the e xchange was
taking a less favourable turn, and the rates of dis-
count were rising, and as our transsAcVions with
Russia, as soon as the loan shall have been con-
tracted will consist perhaps of a balance c ,f payments
over receipts, these two sources will be affected
simultaneously. Meanwhile the shipmet eta to India
and China are likely to be continued, an,
the heavy
expenditure on the national defences al 4: home and
at distant stations must make itself if at . On the
other hand, the prosperous harvest
PX)re eludes the
probability of any adverse condition of trade thater yMO
could lead to changes other than of a .1' derat•
character.— Times' city article.

ROYAL PRINCESS'S THEATRE.
Under the Management e Mr. Charles Kean.
THIS EVENING, THE WIFE'S SECRET. Mr. and
Mrs. C. Kean.
To conclude with A MIDSUMMER NIGHT'S DREAM.
Commence at 7.

THEATRE-ROYAL, HAYMARKET.
Lessee, Mr. J. B. Buckstone.
THIS EVENING, HALLOWE'EN.
THE CONTESTED ELECTION.
After which, OUT OF SIGHT OUT OF MIND.
To conclude with A NABOB FOR AN HOUR.

upon each and all of these in turn, as well as
upon a variety of minor subjects incidentally
introduced—Mr. COBDEN was alike dogmatic. As

an illustration in point, take the allusions to our
national defences, to foreign invasion, and to the
relative strength of the French and the English
maritime armaments. Throughout the whole of
the member for Rochdale's arguments upon these
subjects nothing could well be more overbearing
than his tone, more inconsequential than his logic,
or more unfairly one-sided than his statements.
For the whole discussion as to the possibility of a
foreign invasion he had no other phrase than the
elegant one recently imported by himself from Ame-
rica, "a craze," "the English craze." For the com-
ments passed upon this "craze" by the press, he had
no other or polite word than—" screech"—an epithet
so peculiarly to his own liking, apparently, that he
must needs repeat it. These are his words—" I
don't want to curtail the liberty of the press ; so
don't let them get up a screech against me, and
say I want to put down the liberty of the
press. But I ask these newspapers, in lending
themselves to all this absurd screech about a
French invasion, not to make me and the rest of
my countrymen ridiculous in continuing this tone
hereafter." That's the style—that is really and
truly a pretty fair specimen of Mr. COBDEN'S tone
and manner. Now, as to the one-sided way of his
putting the facts, and applying historic precedents
to his argument. Take what he doubtless conceives
to be the strongest point in his reasoning against
the declared necessity for superior maritime
armaments on the part of England. "If you
show yourselves," says Mr. COBDEN, " with
ten or twelve line-of-battle ships sailing up and
down the Mediterranean that Mediterranean
which belongs as much to France as to us—l say
no French Government will dare to disarm or re-
duce its navy while you have such a display on the
French coast. For bear in mind that France has a
sea-coast second only in extent to England, and her
commerce is next in importance to our own. Will
a proud nation like ourselves be content to see a
vastly superior force at the entrance of her sea-
ports ? But it is said that France has no occasion
to be afraid of England, that we have no intention
of invading her; but if we consult history we find
that whenever there has been an invasion between
England and France, it has always been an inva-
sion of France by England, and not an invasion
of England by France." To a superficial person
this argument possibly appears quite unanswerable.
But to a candid student of history, to one only
moderately " up" in geography, to one who loves the
'whole truth, and not merely a bit of it—that soli—
tary passage, brief though it is, swarms with shame
less perversions of the truth, or with wilful evasions
of it. For instance, the allusions to the Mediterra-
nean belonging quite as much to France as to
England, is in direct contradiction to what is, in
simple truth, the strength and the glory, the life
and the soul of the British Empire—namely, its
Maritime Supremacy ! The assertion, again, that
France has a sea-coast second only to England is as
monstrous as the disproportion between the coast-
line of the French Empire under NAPOLEON 111.,
and the coast-line of all that stupendous empire
which owns allegiance to VICTORIA, as Queen of
Great Britain, and Ireland, and of all the dependen-
cies thereof in Europe, Asia, Africa, America, and
Australasia ? While the remarks about consulting
history only to find that whenever there has been
an invasion between England and France, it
has always been an invasion of France by England
and not an invasion of England by France—puts
altogether out of view, first of all, the grand and
successful invasion of England by:the Normans
under WILLIAM the Conqueror, and that other far
more grand end far more formidable invasion of Eng-
land, prepared in 1804, by an immeasurably greater
warrior than WILLIAM—immeasurably greater in
genius, and immeasurably greater as a Conqueror—
the Emperor NAPOLEON the Great, uncle of the pre-
sent ruler of those 36,000,000 of Frenchmen. What
has once been done might be repeated. What has
once been attempted might be again attempted.
That is the sum of the whole argument for the ex-
tension and reorganisation of our national
defences. England is too great, is too wealthy,
is too powerful to leave for the completion
of her history as a nation—the Chapter of
Accidents. So much, however, for Mr. COB-
DEN'S flagrant and unfair dogmatism a dog-
matism that has at length actually gone the length
of sweeping out of the historic view of Englishmen
the deeds of WILLIAM the CONQUEROR and the
designs of NAPOLEON the GREAT.

Our men of commerce and of peace, including a'

the peace-at-any-price gentlemen, have just now a
noble opportunity to do something for the peace of
the world by doing what they can for Central
Italy. Non-intervention is the cry, and we, with
others, have cordially accepted it; but the whole
country has cordially accepted the interpretation
of it by Lords PALMERSTON and RUSSELL and Mr.
GLADSTONE, all of them right-hearted on the Ita-
lian question. We agree that non-intervention
does not exclude anything which we can under-
take efficiently, and with a due regard to our na-
tional dignity, on behalf of Italian liberty and in-
dependence. We are not to intermeddle when we
can accomplish nothing ; not to enter into any con-
ference unless the bases of it furnish us reason to
believe that some good may come of it ; but if our
views on Italian questions can be made to tell on
Europe on the right side, we are to proffer them
freely.

Now, it strikes us, that our monied and commer-
cial men have an opportunity of repeating the step
which they have more than once taken, and with
every advantage. Both London and Manchester
have presented addresses to foreign Powers when
the interests of the two nations were concerned, and
their doing so was thought both wise and becoming.
Louis NAPOLEON and the cities of America have
been honoured in this way by our civic corporations
and merchants, who believed they were thus secur-
ing the interests of their order and of international
goodwill ; although at the time there were not
wanting those who thought our merchant princes
somewhat jeopardised the dignity of their country.
We heard " the white feather" talked of —we
do do not say justly—still, some did think

.he rate of discount and the course o

trade was more thought of than national honour.
In what we have to suggest there is no danger of
this. The benefit of the step to trade and com-
merce, indeed, makes it consistent for merchants
and bankers to act prominently ; but the nobleness
of the object, and the impossibility of attributing
it to motives of timidity, render it as honourable as
A is prudent.

What we have to suggest is that memorials should
be drawn up by our leading bankers, merchants,
and manufacturers, and forwarded by deputies, if
thought desirable, to the municipalities of the prin-
cipal cities of Central Italy, including Bologna,
Ferrara in the Legations, with Florence, Modena,
and Parma. The way in which these cities and the
small States to which they belong, have maintained
disadvantage, have been the
friends and the confusion of
admiration
a otridoner o uf n
all
lriehveeirr Y
their enemies. The despots and their well-wishers
were anxiously waiting for Red Republican and

Socialist outbreaks ; indeed, as they could not pro-
voke them, they even ventured at Vienna to manu-
facture one, in a telegram, from Parma, which the
Mayor of Parma himself, at present in Paris,
has publicly contradicted in the lifoniteur.
We were about to say they have repressed
every democratic movement—but the truth is
there has been none. The citizens seem all to
have been animated by one feeling—to justify
their demand for freedom by showing their com-
petency to use it. Will Lombard-street itself affirm
that under the same changes and excitement, Lon-

don itself would have been as quiet, and their sen-
sitive business have experienced so little fluctuation
as has been the case in those cities of Italy, whose
rulers ran away to fight against their own people ?
Of course our City magnates are interested in a
stable European peace, and it is impossible to hope
for that unleso Italy be allowed to settle upon a na-
tural ;basis. If Austria be ever permitted to inter-
meddle again south of the Po, we shall but have a
repetition of all
,former unsettlements. Sardinia
will again listen to the " cry of Italian anguish."
The EMPEROR will again give the word to willing
soldiers to rush again to the combat with the
armies they have so recently vanqui shed—France
will again be ready for another taste: of glory, this
time not to fail of its consummation, and it may
then well be that a second war will have a wider
range. The late war, and the preceding one in
the Crimea, will prove to have been but prelimi-
nary training!' for some greater military feat. The
true way to secure peace is to take care, if possible,
that when it has returned, the causes of war may
be removed.

But how would addresses from our men of
wealth and position in the commercial classes here
serve this object ? We reply they would tell on
every exchange, on every bank, on every loan con-
tractor, and thus on every power of Europe. If it
were seen that our classes here, which most wor-
ship peace and good order, appreciate as it de-
serves the successful self-government of the Central
Italian States, it would strengthen the hands of
these States in asserting their right to be let alone.
For any Governments to have won honours in the
tripos of our commercial magnates is no light argu-
ment for such Governments to demand that others,
who stand at the bottom of it, should let them
alone. Who and what is Austria with her bank-
rupt exchequer and beaten armies that size should
arrogate to herself a right to settle the Go-
vernment of States because they are small, when
they govern themselves better than she can
govern them ? These States have also, we be-
lieve, friends favourable to their independence,
where it is not yet openly avowed, the sym-
pathy of the wealthy and busy citizens of
England would open their mouths. The French,
including their EMPEROR and his soldiers, must
wish to see that their fighting has done something
more for Italy than give the archduchy of Milan to
Piedmont; let us embolden them to say—" We
will allow the Italians, even to the States of the
Church to arrange their own civil government."
Chiefly, however, we recommend the act as a
noble and worthy one. Englishmen of wealth and
common sense have sent addresses across the Chan-
nel and across the Atlantic, when the motives
might be misconstrued. They could not be mis-
construed now. We have reason to commend the
admirable self-government of three or four small
States under the most trying circumstances. We
have reason to demand that such States shall be
left in the freedom achieved for them by French
bravery and the cowardice of their own rulers.
And, we have reason to say to all Europe, through
them—Leave these States to their undeniable
rights, and you may hope, so far as they are con-
cerned, for uninterrupted peace.

The French journals are as delighted as the
people at the proclamation of the general amnesty.
Indeed, the second proclamation in favour of the
Press seems to give an impetus to their joy. Nor
can we wonder at it; for the EMPEROR will soon
find his reward in having given such universal
satisfaction by the repose consequent on the pre-
vious irritation and apprehension being allayed.
The marvel is that he hesitated so long ; but, of
course, he was the best judge.
Indeed, all France seems in raptures at events
of such importance—so national, and yet so unex-
pected.

The visit of the young ex-Duke of Tuscany to
Paris has resulted in a failure, although he was
kindly received by the Emperor just before his de-
parture for the Pyrenees.