The Sun.
London, England, 1845-12-11 00:00:00

tion of these securities, out of which companies may
have to sell, for the transfer of further sum.

While there is no doubt that the transfers by in-
stalments will be a very great relief, it is still much
to be regretted that the interviews between the
bankers and the Chancellor of the Exchequer have
not yet resulted in an undertaking by the Go-
vernment to introduce, immediately on the meeting
of Parliament, and carry without delay through all
its stages, a short Bill to allow the Accountant-
General to receive Government securities as well as
money in payment of the deposits. This would set
the public mind entirely at rest on this important
question. There is, at least, a fortnight after the
meeting of Parliament in which to pass such a Bill.
Fourteen days from the first Friday after Parliament
meets are allowed for presenting private petitions,
and the required sum must be deposited before the
petition is presented. Such a Bill, introduced by the
Government, could meet with no opposition. What-
ever opinion individuals may entertain of the cha-
racter of the railway movement, every one must wish
to diminish, if possible, its evil consequences; no one
can wish to punish speculators, whether dishonest or
honest, but foolish, by producing a convulsion of the
money market.

That the Act regulating the payment of deposits
(1 and 2 Vic., c. 117,) does not authorise the Ac-
countant-General to take Government securities, is
to be ascribed, of course, only to an oversight. Such
an extent of railway speculation as that of the pre-
sent year was never foreseen, and the Legislature has
not provided for the case. There is no blame
attaching to the omission under the circumstances;
but, now that the evil of the mistake is disco-
vered, it should be rectified without delay. Consider
the mischievous operation of the present regulations,
where the sums to be deposited are (as now) so large
as to be sure to affect materially the market value of
Government securities, if there is a general rush to
realise for the purpose of making the deposits, or to
invest, after the deposits are made. Companies
which have temporarily invested their moneys in
Consols or Exchequer-bills will have to sell out at a
loss, in order to make the required deposit ; and
afterwards, wishing to invest the amount deposited in
Government securities, as they may under the Act,
on petitioning the Court of Exchequer, they will
have to sustain a still further loss by buying in at the
higher price, caused by the general rush to invest.
We hope that, if the Government do not *quickly
promise to do what in them lies, the directors and
bankers of leading railway companies will combine
to press them to it. In a matter of this kind any
additional day's suspense
,is a serious evil. Let the
Government make up its mind at once, at.d, without
delay, declare it.

In the mean time, we end as we began, by say-
ing that the Speaker's authority for payment
by instalments, will do much good, and has already
been felt beneficially. And we have a very strong
belief that amalgamations and other causes will con-
siderably reduce the sum to be deposited, and that
the current calculation of thirty millions is to a great
extent imaginary. A short time will show.

We have received Madrid journals of the 3d. The
Herald°, now a Government paper, publishes the fol-
lowing intelligence from Buenos Ayres, but without
any date :--The brig Nuevo Colon, which has re-
cently arrived at Malaga, from Monte Video, brings
intelligence that Buenos Ayres had been the theatre
of an insurrection. The consequences of it have been
the fall of ROSAS, President of the Republic, who has
escaped by a miracle, and the entry into the
capital of the Argentine Republic of the
combined forces of England and France. This news
(adds the Heraldo), which we consider possible, must
have been expected from the moment Roses deter-
mined on struggling, not only with Monte Video,
Paraguay, and Corientes, but also with England and
France. The war is thus at an end on the unhappy
banks of the river Plate." This news, says that jour-
nal, created " a great sensation " at Madrid. We only
hope it may prove authentic, and are inclined to place
some confidence in it,. from the statement, which i
quite new, that an insurrection had taken place at
Buenos Ayres. The Spanish funds continued firm.
On the 3d the Three per Cents. closed at 36k, at 60
days, and the Five per Cents. at 28k, at 60 days.

The accounts received at Paris from Algiers, and
published in some of the journals, are of a most dis-
tressing character. We had thought that the almost
universal indignation expressed by the French
journals and French people against the massacre at
Dahra had put an end to the horrid system, and that
Louts PHILIPPE and Marshal SOULT, who deplored
the event, had taken measures for carrying on the
war in Africa, according to the rules of modern war-
fare, but these hopes have been miserably disap-
pointed. BUGSAUD, mad with a spirit of revenge for
the total defeat Gf his plans, has renewed the
system with increased fury and cruelty, and
seems determined to trust to nothing but the utter
extirpation of the Arab race for the conquest
of the country. He has commenced razzias
on a grand scale. Women and children, and cattle
are carried off, and the men fit to bear arms are put
to the sword, or shot as criminals. It is time for
the French Government to look at the character
which it is acquiring throughout Europe by yielding
to the savage propensities of BUGSAUD, and to save
itself from universal execration by putting an end to
scenes of cruelty which are a disgrace to the nine-
teenth century. The French press is nut to blame.
It has denounced the system in the strongest lan-
guage; and we make these remarks, therefore, not
for the purpose of reproach, but fbr lending
moral aid to the cause of humanity. There
can be no doubt whatever of the facts to
which we have adverted. They are stated
by French writers on the spot, and are recorded as
the ordinary occurrences of the day. One of these
correspondents, who writes from Marshal BUGEAUD'S
camp, on the 19th of November, says;--" The
Marshal reached Bel-Assel to-day, bringing with
him the spoils of a monster razzia made in the
environs of the Riou. General BoURJOLLY's
column is on the Alenassa, among the Flittas, where
he has fixed his camp, at a placed called Dad Sidi
Ben Abdallah. Prim this spot he sends out de-
tachments in every direction, as from a centre, to the
extent of 12 and 15 leagues, harassing the people,
and killing without mercy every man they meet with,
On the ith 44 Bedouins were shot in the country of
the Garboussas. Testerday were scoured the fright=
fill ravines of the Chaufas, in the country of the
Sidi Gayas, and two grottoes, in which abtut
persons had taken refuge, were filieit with suffocating
smoke. We are carrying on -a war in the
true spirit of Attila. Women and children alone
are spared. The enemy shows no disposition
to surrender at discretion, the only condition oh which
mercy can be granted. We are then to continue our
work of extermination until we are stopped by the
badness of the weather. We must also of necessity
begin again in the spring, unless at that period we are
called away, as there is every appearance of our be-
ing., to the frontier of Morocco, where the storm is
beginning to lower. ABD-EL-KADBR has become more
powerful; than ever." The National has a spirited
article, denouncing these horrible scenes. We give
it without abridgement, and have no doubt that it
will be responded to by men of all parties in France :
"Two letters, from which we give extracts, bring us
news, which will awaken in the minds of our readers
sentiments of indignation, such as the dreadful exploits
of Colonel Pelissier gave birth to some months back. M.
Bugeaud recommences the barbarous war which he had
the deplorable courage to cry up in his official journals.
Furious at not being able to put down the insurrection
which his incapacity had favoured, he takes revenge
somewhat in the manner of those savages who use a
victory only to proscribe and massactree.
nAlready
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lie
thirteen villages been burnt down ill t
of Tlemcen. General Bou.rj&liy, in the words of one of
the letters, goes on rooting out the populations, and
killing without pity every man that falls into his power.
As many as fifty prisoners have been shot in a single
day. In fine, to inaugurate worthily the new work of
extermination, the horrible drama of the Dahra has been
renewed—two grottoes have been smoked out, and God
only knows how many poor wretches have been killed
there ! All this is very fine ! M. Bugeaud commits
fault on fault. He permits Abd-el-Kader to get up a
revolt, and to depopulate the centre and the frontier of
the province of Oran; he exhausts himself in useless
efforts, and when he sees the Emir, profiting by his strange
aberrations, come and brave him in the neighbourhood of
the Flittas, he finds nothing better to do than to decide
on frightful reprisals, to order heads to be cut off, and to
stifle his enemies by hundreds iu the asylums to which
they have fled. It is a war worthy of Attila,' says the
writer of one of the letters. Was it thus that General
Lamoriciere acted when he also could abuse his victory
over the insurgents of the western frontier? No. Every
where the campaign was commencing *nen the massacre