The Sun.
London, England, 1850-01-24 00:00:00

to this dastardly machination, being furnished
with facilities for escape, and then atrociously
murdered as soon as his flight should be commenced.
Nay, it would even appear that this most execrable
plot had so far progressed that several of the persons
more particularly inculpated in it have been arrested
by the Turkish authorities. Such being the character
of the fiendish policy opposed to the beneficent inten-
tions of the SULTAN CALIrli, it is not difficult
to comprehend the danger in which the latter stood
of being forced to yield at last to the demand of extra-
dition, had not the British Admiral and the British
Squadron afforded a timely and powerful support to
the noble recommendations previously made by the
British Ambassador.

Every consideration, therefore, connected with the
career of our fleet in the Mediterranean tends incon-
trovertibly to show that the maintenance of a war
establishment during the days when we still continue
at peace is no mere squandering of the public money
upon an useless panoply, but that it is the chief, if not
the sole security for the restoration cf. European
tranquillity, and for the preservation of our amicable
relations with the rest of the great powers of both
hemispheres. One single retrospective glance of this
kind is sufficient to dissipate all the sophisms of the
Peace apostles, those Quixotic sticklers for arbitration.
With this view we have taken this opportunity,
before the re-assembling of Parliament, of referring
to the great and brilliant services performed to Eng-
land, and indeed to Europe generally, by Sir
WILLIAM PARKER and the British Squadron in the
Mediterranean.

The letters of allotment for the new Russian loan
were issued yesterday to the various applicants. A
single hour had not elapsed before many were offered
for disposal on the Stock-Exchange, and it is said ti t

several sales were effected at prices ranging between
2i and 4 premium. The speculators did not even
_ _

wait for the e result of their applications, for a brisk

business was transacted the previous day at rather

higher rates than could subsequently be obtained. We
never doubted but that every possibP. exertion would be
made to bolster up the market, and to induce

the gudgeons to bite freely. It would never answer
the purpose to let the original allottees r,uffer, they

should be well rewarded fur their share in the dirty

work, or similar operations could not be conducted
with facility on other occasions. There was no gr: at

danger, however, for if the quotations were unfavour-
able, and the stock were brought out at a discount
in place of a premium, there would. have been no
difficulty in repudiating the contract; and de-
clining to pay up the requisite instalments.
The proceedings of the year 1845 have not as yet
been so completely involved in oblivion as to per-
mit it to be supposed that any qualms of conscience
would intervene, or that the favoured applicants
would have considered themselves bound in honour
to perform their engagements if attended with pecu-

niary loss. So long as the letters of allotment could
be disposed of at a profit all went on smoothly
enough ; the applicants were the very souls of
honour, and the most satisfactory references as to
their solvency and respectability were freely offered, but
the moment that the bubble had burst, that the public
could no longer be duped, and that the tempting letters
were not to be got rid of at any price, then, indeed,
the morality of the Stock-Exchange became apparent,
and the most piteous appeals from the promoters were
treated with the most sovereign contempt.
Is it not manifest that the precedent thus afforded
has not been forgotten ? that the great majority of
those who rushed forward so eagerly, that (as we
were informed) " the contractors were embarrassed
by applications for at least twice the amount
of the loan they had to dispose of,
and the transaction effectually completed
within a few hours of its announcement," had no
bond fide intention of seeking permanent investments ?
that they only sought a stock that could easily be
got rid of, which, like the razors with which the
country bumpkin was taken in, were not designed
" to shave but to sell ?"
It signifies little to those high-minded speculators
what mly be the future prices of the stock. If the

public can only be induced to bleed freely fur a brief
period—if favourable quotations can be Maintained
for even a single month—few, if any, ,of the
original allottees will remain in possession of
the scrip which they obtained, and they
will be quite as ready to become "Bears" as they are
now anxious to continue "Bulls." Under any cir-
cumstances, the public, the credulous, confiding
public, will be the only sufferers. They arc the
flocks who come forward periodically to be fleeced
and shorn with the most exemplary patience and re-

gularity. For some little time past they have held
aloof. The last cropping was so close that the
shearers were compelled to allow the timid sheep to
recover from their panic, and the wool to grow again
so as to afford some degree of warmth.
No inviting projects have been brought forward
the shares in which
_were sure to come out
at a high premium. A few attempts, indeed, were
made, but without success. No money lord " mighty
on 'Change" came forward to lend the sanction of his
name to a' new undertaking. No Leviathan house
engaged itself, whose connexions alone were sufficient
to create a market ; minor fry only were implicated,
and they could easily be crushed as a salutary lesson
to warn them against poaching on the preserves
of the magnates. If any new project were announced
there was no lack of warning voices to cau-
tion the people against being once more de-
ceived, or to point out the dangers of withdrawing
large sums of money from the legitimate channels of
trade. Flow often have the panics of 1825 and 1817
been alluded to ! How often have the fatal results
of the "railway mania" been reiterated, usque ad
nauseant !

There were, indeed, some redeeming points about
railways that might have induced a more favourable
consideration. Even if the parties originally ?inte-
rested in the project should not reap large pecuniary
profits, the community in general was materially
benefited by the outlay. Increased facilities
of transit were given ; time and space
were practically annihilated, and persons of every
grade and rank in society, more especially those en-
gaged in trade and commerce, found the vast advan
tage derived from the change. Besides, there was no
bullion sent out of the country to occasion a mone-
tary panic and suspension of credit. Employment
was provided for our labouring population,
who were enabled to become large consumers,
and to create a valuable market for native
manufactures. These results . were, however,
to be deprecated. Ear better that the hordes
of able-bodied men should be supported in inactive
sloth in the gaols and prisons of the country, than
that they should live in comparative comfort, working
hard and having sufficient food and clothing to satisfy
their utmost desires. That state of affairs should be
summarily suppressed. An ocean of ink was lavished
in the contest, and hosts of scribblers were
engaged, delivering the most gloomy eaticina.
tions as to the ruined condition of the
country and the criminality of the speculators. Why,
we ask, are those prophets now silent? Why do
they refrain from uttering their plaintive Jeremiads
and hoarse croakings ? " Where are those dreamers
now ?" Surely there is no redeeming point about
the present transaction to assuage their well •grounded
apprehensions ? The objects of the outlay are not so
laudable as to change their entire feelings, to
consider that praiseworthy which a short time
since was so censurable. Bullion must go
out of the country"; the coffers of the Bank mush be
reduced, and yet not one word of remonstrance has
been delivered. The silence is truly strange, ominous,
and hard to be accounted for, save on one supposition,
which we are indeed unwilling to believe of our
brother journalists. We must, however, at least ex-
hibit the interrogatory. Has ,the mighty CERUERUS
been appeased with a slice of the good things going ?
Has the Russian ENEAS evaded the vigilance of the
guardian by a proper application of the golden branch ?

We believe we may announce with certainty that
the decision of the Judicial Committee of the Privy
Council has been made, and is against the Bishop of
Exeter. His Lordship has, of course, received a
command to institute Mr. Gorham to the rectory of
Brampforcl Speke. At present we shall say no more
than that the Church of England has been saved from
cnvulsior, and probable destruction, by this truly-
righteous and providential judgment. —Herald.
The Earl of Minto (Lord Privy Seal) arrived in
town on Tuesday evening, from Scotland.