The Sun.
London, England, 1861-02-18 00:00:00

TH SUN, LONDON, MONDAY EVENING, FEBRUARY 18, 1861.

THE SUN.
LONDON, MONDAY, FEB. 18, 1881.

The commercial public really appeared rather
to like 7 per cent, discounts. Now that the rate
is put up to 8 per cent. they manifest a disposition
to recalcitrate and blame the Bank. The Times
affirms that " there is no valid ground for the
advance," and Manchester declares it to be " pre-

cipitate and unnecessary." Oracle OVERSTONE
has, however, pronounced that the Old Lady in
Threadneedle-street has no more to do with a rise
in the rate of discount than BRITTANIA herself. In
his examination before the House of Commons Com-
mittee, on July 7th, 1857, the noble and opulent lord
delivered, with his accustomed amiability of asse-
veration, his decision on this point :—" A great
deal of fallacy lies in that term raising the rat•
of discount.' You talk of the Bank raising the
rate of discount—that is the technical mode of ex-
pressing it, but it is not the correct one. The
Bank does not raise the rate of discount ; it is
much more correct to say that the rate of discount
is raised upon the Bank. The fact is, that the
diminution in the quantity of money in the country
raises the value of the money that remains, and the
Bank is obliged to conform to that rise in the
value of money. The Bank has no power per se of
raising the rate of discount." Aad again his
lordship says " The value of money rises by
natural circumstances. The Bank of England
have no more power of raising the rate of discount
than you or I have : they must conform. As long
as they had an unlimited power of issue they
might delay that operation by improperly increas-
ing their issues. The moment they are put under
legitimate and wholesome regulations on that
point, their power over the rate of interest is gone :
they must conform to it."

Very well. We accept Lord OVERSTONE'S
account of the matter. The Bank once had, accord-
ing to his notion, " a power over the rate of inte-
rest." " Legitimate and wholesome regulations,"
to wit, PEEL'S Bills, have taken away that power,
and now " the Bank is obliged to conform to the
rise in the value of money" caused by a diminu-
tion in its quantity. Let us then have the saddle
on the right horse. Let us not be told, when things
go right, that we are to thank PEEL'S Bills, and
that, when they go wrong, we are to blame the
Bank. PEEL took the responsibility of managing
the circulating medium by his Bill of 1819. PEEL
and OVERSTONE, by the complement" Bill of 1844
—that " perfect measure—professedly removed
every tittle of remaining responsibility from the
Bank. " Do you attend to your banking business,"
they said to the Bank. " Leave to us, the philo-
sophers and statesmen of England, the entire
management of the currency." What has been
the result ? The grinding misery of 1819, the
ruinous panics of 1825, 1317, and 1857.
During the time of the Bank Restriction----from
1797 to 1819—the Bank was managed by practical
men of business, of high character and patriotic

feelings of their responsibility. A shrewd, plain
experienced Manchester man, who knew
the system well, was asked by Sir R.
PEEL before the committee of 1819—" What
do you consider to be the inconvenience
arising from the Bank being prevented from pay-
ing in specie ?" He replied, "I am not aware of
any." "Do you mean your answer," said the
statesman, " to apply to the non-payment in specie
permanently, or only for a limited time ?" " I can
only say," was the further reply, " that I have
experienced ao inconvenience, nor do I know any
body who has ; and if the Bank continues to be
always conducted as it has been, I do not expect
that any inconvenience will arise in future." Such
was the opinion of one of the best bankers in Lon-
don, Mr. LEWIS LOYD, Lord OVERSTONE'S father.
During this period the rate of discount was steady
and uniform at 5 per cent. " Have you consulted
your books," was asked in the Committee on Bank
Acts of 1857, of a London banker, a contemporary
with Mr. LEWIS LOYD, "to ascertain whether
you did not charge more than 5 per cent. during
any part of that period ?" " I have not consulted
the books," was the answer, " because I so confi-
dently know it ; it was a thing which never
occurred to us. I would venture to say that we
never charged above 5 per cent. in any single
instance." . Did you charge no commission ?"
" None."

Now, observe, from 1819 to 1844 the rate changed
from 40 to 50 times at least. From 1844 to 1856,
the rate charged by the Bank of England, by their
returns to the Committee of 1856, has varied—
sometimes merely for small sums-143 times, and
has fluctuated from 2 per cent. to 91 per cent.
It is not necessary that we should state in detail
the evils arising from this uncertain and fluctuating
rate of discount. They are well known to every
commercial man, and have tended more
than any thing to introduce a system of
wild speculation and commercial gambling. But
the evils of these changes, and especially of a high
rate of interest, affect thousands who have little or
nothing to do with bills of exchange and discounts.
For a high rate of discount means dear money ;
and dear money means cheap goods and low prices ;
and low prices, with heavy taxes, mean distress,
confusion, and ruin ; mills closed, workhouses
full, and poverty and consequent crime on the
increase throughout the country.
Strip this system of the mysterious obscurity
with which the cunning Hard Calculator and the
Philosophical Usurer have enveloped it, and what is
it ? It is one by which all contracts between
man and man, and all the interests of trade and
commerce, are made dependent on the presence
or absence in this country of a particular com-
modity—Goi.n. At this time we want money,
an abundant supply of the circulating medium,
which the industrious producer may buy with
his goods to pay his heavy taxes. We want
money for our national defences, money for the
development of our trade, money to conduct the
gigantic enterprises of a hardworking ingeni-
ous population. But if the French Bank
wants gold, if the United States want
gold, if the Indian Government wants silver, or if
the Emperor of CHINA should take it into his head
to want gold, any one of these gold and silver
buyers may, by diminishing our stock of bullion,
cause the contraction of our money, of our bank
notes, and of our bills of exchange, and thus throw
the whole commercial machine out of gear.
With these evils we are threatened. Now ! when
not even a word can be said about over-trading, or
speculation, but when the English people are quietly
and steadily pursuing their path of over-working
industry.

The effects of the gold discoveries ought to have
brought permanent prosperty to the people of
England, as the silver mines did in the days of
ELIZABETH. The ingenious contrivance of a set
of Currency Charlatans has done much to neutralise
the good effects which even their folly could not
destroy. We have, indeed, gorgeous palaces spring-
ing up around us, luxury, refinement, and wealth on
the increase. But we wish to see the poor man, the
working man, and the " pauper " getting his fair
share of the good things of this life. That can
never be the case while the present monetary sys-
tem exists. And though we indulge in no visionary
dream of unfluctuating and universal prosperity, we
believe, most firmly, that the end of good govern.
ment, " the greatest happiness of the greatest
number," would be essentially promoted by sound
Currency Reform. For this, the great question of
the day, we are content " to labour and to wait."

England and France having very recently opened
for the new year their respective Parliaments, the
latter on the 4th, the former on the sth instant—
Sardinia (shall we not rather say, Italy ? ) now in
her turn inaugurates upon this very day, the 18th
of February, at Turin, the most momentous legisla-
tive session recorded in her history fOr many
generations. The character of the Italian Parlia-
ment is already known long before the inauguration
of its labours. The majority accorded to CAVOUR
is clearly overwhelming. A result attributable
entirely, we believe, to the magnificently magnani-
mous reticence of CAVOUR'S renowned and most
formidable rival, GARIBALDI. Had the Hermit of
Caprera but raised his finger as a summons to the
electors of Italy, the majority, we are firmly con-
vinced, would have been Ms ! The bulk of the
representatives chosen in the Northern and
Southern as well as in the Central States of the
peninsula would have been the sympathisers with
the Soldier-Champion and not with the Statesman-
Advocate of Italy One and Indivisible ! In that
contingency—had GARIBALDI but spoken the
word—the sword of the hero would have been flung
into the scale, and not, as now, the pen of the
diplomatist.

To GARIBALDI, and to GARIBALDI alone, we
believe to be attributable the fact, now visible and
notorious throughout Europe, that CAVOUR has
an immense, and,
as we have said, overwhelming
majority in the new Italian Parliament. Accord-
ingly as the event may be regarded by the more
ardent or the more prudent spectators, this extraor-
dinary display of self
command on the part of
General GARIBALDI at such an important crisis in
his own destinies and in those of his native land,
will be reviled as Quixotism or revered as Mac,-
nanimity_as Quixotism half born of weakness, half
of vanity—as pure and simple Magnanimity, a
magnanimity dictated by the loftiest motives of
prudential patriotism. Designate it how you will
—there is the Fact now resplendently shining
before the recognition of all Europe, that GARI-
BALDI has conceded to CAVoUR by his silence,
by his retirement from the scene, by his long-con-
tinued, and therefore doubly astonishing display
of self-abnegation, GARIBALDI has in this
way voluntarily conceded to his rival, CAVoUR, a
vast and commanding majority in the new Italian
Parliament.

As to the one sole motive dictating this course
to the Victor of Calatafimi, there cannot very well
by this time, we presume, be two opinions. The
charge of weakness, of timidity, directed against a
man like that, is nothing more nor less than simply
ridiculous. It is just for all the world like an
insinuation of cowardice thrown out against para.

gons and arcilqypes of heroism like 'lona'Ho
NELSON or WAPOLEON BONAPARTE. One might
as well b'ear a whisper next of cupidity as the in-
centivn to a line of action, or rather of in-action, in
itself so bewildering, when judged by the ordi-
nary rules of this world's policy. Weakness ! on
the part of him who, Nritlt a little band of less than
two thousand voluateen, swept aside a royal'
army numbering more than twenty thousand regular
troops, who compelled theta to lay down their arms
and to retire from the scene, conquering Sicily with
two or three blows as from at hunderbolt ! Weakness!
from him who, advancing sL brief while afterwards
alone, without his little band of volunteers, accom-
panied merely by a few personal attendants, his
suite or escort, scared the King of the Two Sicilies
out of his capital, arrivinu at Naples (armed only
by the terror and glamour a his name) like any ordi-
nary traveller by railway !: Why, the exploit of the
conquest of Naples, of the wl aole Neapolitan Kingdom
including Sicily, the exploit of that extraordinary
conquest by GARIBALDI is comparable only in its
romantic character to the marvellous incident of
the Return from Elba. Remembering always that
the latter astonishing and, in truth, wholly match-
less achievement was accomplished without the
shedding of one drop of blood—that it was a con-
quest—by a man, by a name—without a Galata-
fimi ! With that single difference the Sicilian and
Neapolitan exploit of GARIBALDI will take its place
in the same category, with the Return from Elba,
amongst the most astounding heroic recollections of
modern Europe. Yet it is this very Incarnation of
Audacity, who with all Italy—not at his feet, for
it is he chiefly who has bade it crouch no longer—
who with all Italy at his beck, ready, nay, eager
to answer upon the instant to his voice, to follow
him or to wait for him as he might dictate—it is
this daring Leader and Champion of the Italian
Revolution who has now voluntarily withdrawn
to his island farm, and left to his rival and in some
respects, his very opposite CAVOUR, the conduct of
the elections to that new Italian Parliament, which
is to be opened this day by King VICTOR EMMANUEL.
It is in perfect keeping with the past that GARI-
BALDI should thus have acted with a calm
and unimpassioned eye to the future. It is
in perfect keeping with the previous incidents of
his career as Liberator. It tallies, this amazing
reticence and self-abnegation, it tallies completely
with the lofty impulses already actuating GARIBALDI
—when, with his very clothes worn and patched, as
he advanced from the conquest of Sicily to the
bloodless capture of Naples, he scornfully cast
aside, as a proffered degradation, the enormous
bribes reported to have been held out to him by
the emissaries of the flying Sovereign when,
supreme Dictator of that vanquished kingdom
of Naples he voluntarily descended from power,
sheathing his sword upon the very mor-
row of Victory—when, himself master of
the situation, he waited for the arrival of VICTOR
EMMANUEL, holding out his hand to him as he
approached, and hailing him for the first time
" King of Italy"—when, finally, and to complete
all, with scarcely a bajocchi left in the pocket of
his threadbare breeches, he withdrew from the
scene of these great achievements, resuming the toils
of his simple farm-life in his island-home at
Caprera. In perfect harmony with all this has
been the course since then pursued by GARIBALDI
in remaining not simply in person but also
in silence at Caprera waiving, for the
time, the postponed but not forgotten pledge of his
summons to arms of 1,000,000 followers. The
Sovereign himself, VICTOR EMAIANUEL—the states-
man, Count CAvouit—ltaly—the Italian Parlia-
ment—all have a debt to pay to this extraordinary
man. A debt to pay, not in titles, not in authority
any more than in beggarly coin or in trumpery
gew-gaw decorations—they have all a debt to
pay to him in THE REGULATION OF THEIR POLICY
—a debt due, if possible, more by reason
of what he has not done, than by reason of
all the wonderful things he has actually accom-
plished. That, in truth, is his one sole recompense
—the one only guerdon worthy of his acceptance—
the one single boon coveted by his unselfish ambition.
And again, we repeat (what Europe has long since
come to recognise) that it is his due—his due alike
from the KING and from the KIN G'S Prime Minister,
from the people, and from their Parliament. He who
has conceded so much to CAYOUR for the sake of Italy
—should have something in return (for the sake of
Italy) conceded to him by CAYOUR, conceded to
him that is in the policy enunciated this day by the
KING and by the KING'S chief Minister before the
newly assembled Parliament of the Italian penin-
sula. It is due to GARIBALDI. Yes : view him
how you may, call him what you please—we will
for once combine the praise and blame imputed to
him—it is due to that Quixote of Magnanimity.

It is common to laugh at those who prophesy
evil from political inconsistencies and anomalies,
and generally the laughers have the best of it for
their, own generation. In the case of America,
they have hardly that. The generation of colonists
which declared itself independent of the mother
country has yet a few gray-haired survivors, who
remember WASHINGTON and his fellow worthies ;
and during their lifetime political insonsiatency is
avenging itself on the Great Confederacy. It was
a confederation whose basis was a lie, and lies are
dangerous foundations. It declared all men to have
certain inalienable rights, liberty being foremost.
In the same paper it bound the States of
federation to the conservation of personal slavery,
for this was the meaning of the famous paraphrase,
" persons held to labour by the laws of any State"
—and such persons, meaning slaves, were never to
be allowed a chance of regaining their "inalienable
right." If they escaped from personal bondage, as
their forefathers gloried in escaping from political
bondage to the " Hanoverian Tyrant," all the
States they fled into were to hunt them back to
slavery.
This villainous compromise, which stains the
memory of WASHINGTON himself, is now per•
fecting its natural retribution. The slavery
at first acknowledged to be an evil, and
only to be tolerated for a time, became
year after year less and less modest,
till nothing would satisfy it but electing the Presi-
dent, nominating the judges of the Supreme Court,
and converting all the States of the Union into
Slave-land. From the humble tone of an apologist it
advanced to that of a self-defender, till now slavery
is praised as the benevolent law of Heaven, not the
infernal code of kidnappers. The charge of the
South against the North is that the latter regards
slavery as a sin. The charge of the North against
tt.e South is that the latter desires to make the
whole Union the dwelling-place and the ac-
complice in its sin. To this conviction the North
has been brought, not, we fear, by moral consi-
derations, but chiefly by two of a much less noble
character. The North revolted from the political
domination of the South with its detestable institu-
tion; and next, the plod has accumulated with
overpowering force that slavery to the extent to
which it reaches is the beggary of the country.
One-half of the United States are, commercially
and agriculturally, in the most miserable plight,
because they are cursed with forced, instead of free
labour. As a part of the Federation, they do.

not pay for the cost of their Government.
The blinded Slave States, on the :other
hand, not perceiving the true cause of their com-
mercial degradation, attribute it to their union
with the North. This is especially the case with
South Carolina ; and mcst of the cotton States
have somehow the strange fancy that, if they set up
a Federation for themsel!es, they would at once be
in the path to prosperity and greatness. They
would rival the proud North. Charleston would
eclipse Boston, if not New York itself.

With such facts before us, we begin to think
that the madness of the seceding States may prove
incurable ; or that, if curable, it must be the work
of some considerable time. At first Englishmen
could hardly believe twat the Southern States
could be so insane. The disadvantages and
dangers of separation seemed to us here so
obvious, that we gave them credit for more common
sense. But a month or two has not only brought
to light their actual temper, but has reminded us
of the long and slow development of permanently
opposed feelings in the two sections of the States.
The South has been so long nursing its wrath, and
the North doing nothing, or next to nothing to
stir it, that its intensity was hardly perceived.
Occasional acts of violence were set down to the
barbarising influences of slavery and of a sparse
population ; but the spark of the Presidential
election Rred the whole mine, and it really seems
as if the disruption were now to become a great
fact.

By the last advices we hear that another State,
Texas, has voted for secession. As this country
was stolen from Mexico by the slaveholders, merely
to extend the area of slavery, the act can cause no
surprise; there are, however, a conside:able num-
ber of German settlers in Texas, detesting slavery,
and cultivating cotton industriously by free labour
in some parts of the State, and as the act of seces-
sion is to be submitted to a popular vote, it is just
possible, though not probable, that it may be re-
versed.

On the other hand, California has vigorously
protested on behalf of union; the peace and com-
promise convention proposed by Virginia has met
at -Washington, but sits with closed doors, no one
even knowing what States take a part in it;
and Mr. SEwARD has presented a long
petition from New York signed by 38,000
citizens in favour of compromise resolutions.
Thus the civil proceedings appear at present to be,
as before, of both kinds. Vast numbers of the city
population, a class ever timid on commercial mat-
ters, fear the effect of disunion on their trade,
and do all they can to patch up some unholy com-
promise ; but the far more numerous country popu-
lation seem to be sterner lovers of liberty, and
refuse to hear of any departure from the vital
point of the Republican programme—the refusal to
allow extension of Slavery into the territories. As
the Republican strength lies in that class which
will one day furnish the emigrant population for
the territories, it may be hoped they will stand
firmly by their great principle—no extension of the
plague of Slavery.

Military movements, or rumours rather, are
somewhat threatening. The President has refused
the South Carolina ultimatum in regard to Fort
Sumter, and an attack is said to be imminent.
By the last account we noticed on the subject,
there would appear to be but sixty soldiers in it.
Should an attack be ventured, war will have begun
in earnest. At New Orleans a Government ship,
the Crusader, was treated as a hostile vessel. A
scheme was actually laid, like that of TINAPHERNES
for the capture of the Ten Thousand, for the
officers of the ship were to be invited
to a banquet, and the vessel seized during
their absence from it! The commander was,
however, more prudent than the unfortunate
CLEARCIIUS. General SCOTT adopts very
decided measures for the protection of the
capital. The old veteran has never been hood-
winked from the beginning, neither have General
Cass and General WOOL; and had Mr. BUCHANAN
possessed but a little of their decision, courage,
and fidelity to the Union as of more im-
portance than slavery, it is little likely
that we should have heard of practical
secession at all. The mean, helpless temporising
of Mr. BUCHANAN is, doubtless, the main cause of
the present disruption. His courage, if he has any
deeper seated than his tongue, was paralysed by
his hearty sympathy with slavery and slaveholders.

ROYAL INSURANCE COMPANY'S ALMANAC
FOR 1861.

With a view of keeping prominently before the
public the great importance of life and fire assur-
ances, the Royal Insurance Company of London
and Liverpool have issued a very attractive and
useful almanac for the present year, which, in
addition to the usual information found in
volumes of this nature, contains a great variety
of valuable statistical tables upon various
subjects commercial, providential, and entertaining.
The usual almanac tables, with neat ruled pages
for memoranda on the opposite side, occupy the
first dozen pages. Then follow some very appro-
priate remarks on the principles and constitution of
the Royal Insurance Company, from which it ap-
pears to be one amongst the most flourishing of
those highly useful institutions. The capital
of the company available for purposes of meeting
any unusual calamity happening to the assured, it
appears, amounts to two millions sterling, the sum
actually paid up being £28.3,065. Another notable
feature in the "Royal" is, that for the year 1860 a
bonus of two per cent. was declared on the sum as-
sured ; the whole of the profits are divided every five
years, all policies two complete years in existence
participating therein. Appended to the assurance par t
of the little volume are some Tery curiouB diagrams,
showing the numbers out of which one person will
die in each year. Lists of her Majesty's Ministers,
the members of the Houses of Lords and Commons
are also given, and a very neatly written chronicle
of the war in Italy concludes the work. A great
amount of care and attention has evidently been
bestowed in the production of this attractive little
book.

HER MAJESTY'S THEATRE.—On Saturday night
the Royal box was 6ccupied by Sir Charles Phipps and
family, who was joined during the evening by General
Grey, accompanied by his Royal Highness Prince Alfred,
who seemed highly delighted with the pantomime of Toni
Thumb.

Her Royal Highness the Duchess of Cambridge
had a dinner party on Saturday evening, at her apartments
at St. James's Palace. His Royal Highness the Duke of
Cambridge, his Excellency the Austrian Ambassador and
the Countess d'Apponyi, the Earl of Malmesbury, Count
Pahlen, the Right Hon. Sir Hamilton Seymour, and the
Marchioness of Ely ware among the guests. The duchess
received a select circle of friends later in the evening.
The Duke and Duchess of Marlborough and
family arrived at their mansion in St. James's-square on
Saturday, from Blenheim Palace, near Woodstock.

The Marquis and Marchioness of Tweeddale are
shortly expected in town from Yestor House, N.B.
The Marquis of Hartington, M.P., has left
Devonshire House for Melton Mowbray.

The Earl and Countess Stanhope entertained at
dinner on Friday last the Marquis and Marchioness of
Clanricarde, the Earl and Countess Grey, Lady Charlotte
Denison, Visc.unt Chelsea, Lord Stanley, M.P., the Hon.
Mr. and Mrs. Stonor, and Sir David Dundas.

The Countess (Dowager) of Westmoreland and
Lady Rose Fane left town on Friday, on a visit to the
Countess (Dowager) of Jersey, at Middleton Park; near
Bicester.

Lady Mary Wood and Misr, Wood are passing
the season at Nice. Her ladyship will not return to town
until May.

Lord and Lady Churchill have arrived at the St.
George's Hotel,

LArl EbT INE NV S.

(REUTER'S TELEGRAMS.)

MILAN, FEB. 17.

The Perseveranza publish es a telegram from
Perugia, dated the 15th inst., announcing that the
Papal Zouaves had invaded Sardinian territory,
but that they had been repulsed by volunteers.

The Pontifical soldiers had fortified themselves
at Nan zano.

The same paper states that the surrender of
Gaeta had given rise to great rejoicing in Rome.

TURIN, FEB. 17.

The rpinione has telegraphic advices from Milan,
according to which King Victor Emmanuel had
received General Bonin, the Envoy Extraordinary
from the King of Prussia.

TURIN, FEB. 17 (Evening).

The official Gazette publishes a decree ordering
the cessation of the administrative autonomy of
Tuscany.

King Victor Emmanuel is expected to arrive
here this evening.

COPENHAGEN, FEB. 16.

The Berlingske Tidende declares that no differ-
ence of opinion on questions of principle has existed
between the Ministers, and that complete unani-
mity now prevails between them.
The same journal says :
" The statement of the Flyvepost respecting the
intention of the King to grant a constitution for
the whole of the kingdom, and to institute two
Chambers, is without any foundation.
" The Estates of Holstein will be shortly con-
voked."

A sitting of the Privy Council will take place
next Tuesday, in which the Ministerial projects
will be submitted to the King's sanction.

NAPLES, FEB. 15.

The Nazionale announces the discovery of a con-
spiracy in favour of Prince Murat, and states that
the trial had commenced.

PESTH, FEB. 16.

The Court Chancellor, Baron Vay, in his reply
to the Obergespanne, said :—" The diploma of
October has created mutual obligations. The King
has faithfully redeemed his pledge, and the country
may now also fulfil its engagements by supporting
the functionaries of the Government."

The Prince Primate has accepted from the Ober-
gespanne the mission of laying before the Emperor
their petition for the re-establishment of the laws
of 1848 and the convocation of the Diet at Pesth.

AGRAM, FEB. 16.

The General Congregation has sent a deputation
to the Ban requesting him to raise the state of siege
at Fiume.

ST. PETERSBURG, FEB. 16.

A direct transaction has been arranged between
the Imperial Bank and the Bank of France for the
exchange of 30 millions of francs in gold for the
same amount in silver.

MADRID, FEB. 17.
Nothing positive is known respecting the
rumoured Ministerial crisis.

The Spanish Minister in Mexico has received
his passports from the new Government, and is
about to proceed to Havanna. •
The Spanish squadron off Havanna has been
ordered to sail to Vera Cruz.

The Spanish journals assert that dissension was
about to break out among the constitutional party
in Mexico.

THE CESSION OF MENTONE AND ROQUE-

BRUNE.

We have received the Journal de Monaco of the
10th Kist. It publishes the following :
" On the 2d of February a treaty was signed at
Paris, by which his Most Serene Highness the
Prince of Monaco cedes the communes of Mentone
and Roquebrune to his Majesty the Emperor of the
French.

" The Plenipotentiaries were, for the Emperor,
M. P. Faugere, sous directeur of Foreign Affairs,
and, for the Prince, M. le Comte Henri d'Avigdor.
" The exchange of ratifications will take place
within ten clays.

" This cession is made by the Prince for an in-
demnity of 4,000,000 f. (E 160,000), as also the resti-
tution of the private properties belonging to his
Most Serene Highness in the communes of Mentone
and lloquebrune, and of which the Prince was
despoiled in 1848.
" The treaty stipulates, moreover, the establish-
ment of a Customs-union between France and the
Principality, and the engagement on the part of
the Imperial Government to construct a carriage
road between. Nice and Monaco, following the sea-
shore, as also to enlarge and improve the road from
Monaco to Mentone.

" This treaty, which is as honourable for our
Sovereign as it is advantageous for the country,
put an end to the abnormal state of things which
has existed for ' thirteen years.'"