The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-30

followed by a mere truce, the prelude TO war
even greater and more disastrous than that OF
which we are now spectators. We are bound TO
hope that they will prove equal to their response
bihti
THE TINES ~ A HOPEFUL MOOD
The Times OF yesterday, in IT'S leading article,
says
The announcement that the Sultan has invited
Her Majesty's government 10 approach the Gar
with view OF bringing about negotiations Tor
peace VIII tend 10 calm some Of the fears which
been exciting the country and 10 hold out the
hope that dreadful war may he brought
10 close more quickly than by the shock OF battle.
Tie sultan has taken the only course consistent
with u calm review Of what the war has already
done and what it must do II 1t should last much
longer The circular TO the Powers showed that
the peace party at the Porte had for time got the
upper hand.
THE SULTAN ACTS WISELY.
II proposed terms which would no doubt have
been inadmlssIDle even before the war, and which
would not bear discussion after the terrible battles
OF the last six months but the Porte did not intend
the crcuar to be taken as It's last word. Now that
all the Powers have courteousiy but firmly declined
to approach Russia with impossible conditions,
the sultan has wisely asked this country to use its
good Offices to bring about negotia tons Tor peace.
1t is important thai the government should con-
duct negotiations In a spirit absolutely free from
partisanshlp We are not parres TO the present
contest. As mediators, our essential duty Is to
convey message IRON one Power with which we
have no quarrel, 10 another Power with which We
have no quarrel.
ENGLAND As A FRIENDLY INTERMEDIARY.
We have doubtless great interests at stake,
political as well as commercial, and they Will be
urged at the proper moment But meanwhile II Is
our duty 10 act as friendly intermediary, and not
as rulers OF the indian Empire To take side
with one OF the two Powers, which we must bring
into contact, would simply he to make own
mission useless and destroy the prospect OF peace
Our government Will have 10 ascertain whether
Russia is willing TO open negotiation and what
her conditions OF peace.
4 DELICATE AND DIFFICULTY TASK.
1t will then have to oner Turkey such advice as
may seem proper and to present her answer. It
may have to reason in an earnest spirit with both
belgcrents in order to secure common ground
IL may be obliged TO urge the Porte on the one
hand to be wise In time, and Russia,
OIL the other, not TO demand such terms
rs would goad the Turks TO desperate
courses, and thus multiply the perils Of Europe.
Willie mediator may seem to act as the advocate
now OF one Power and now OF another, the argu-
menus must be dictated purely by spirit OF con-
citation. No doubt the government would have
to consider the interests OF England but the pres
cntation OF them would come IN good timc and
there is the slightest reason lear they will
be neglected.
TERRIBLE WEATHER.
special despatch from Bucharest says:-"lt Is
impossible to procure full Information regarding
the condition of the Russian and Roumanian SOL
diers and Turkish prisoners who were on their way
TO Bucharest during the snow storm, but from dis
connected details to hand 1t is evident that terrible
SUITE ring has been caused among them"
EXCHANGE.
The Economist says:-"On Monday, when the settle
began and further purchases OF stock for do
livery pressed, the speculative markets rave
way and on the roopening Of business on Thursday,
when reports which had bcon getting about that
Russia proposed to continue tho war depressed
the tone OF tho markets, the decline continued
armisce between the peiiigerents. Those reports
appeared be based upon purchases OF consols and
soon died away but the general rally Is sufficient 20
leave the markets without any marxed change
On the week. Investment stocks but little, bus-
ness being largely hold until the new year, and
80 difficult bargains been OF late that the settIe-
ment Of accounts this week was welcomed bringing
! few dealers into the market who would otherwise
have abstaincd Tor the present.
AMERICAN STOCKS
United States bonds suffered renewed fall, new
doubts being raised to the power Of the President
under the pressure of a party defeat to resist tho
legislative majorities favor Of paying the coupons
In silver instead of gold. On Monday money was IN
demand in anticipation OF the Christmas holidays and
The Stock Exchange settlement Tho rates of dis
count a shade lower than they last week. but
short loans great request neary the bank rate
being paid for money until the end Of next week.
Three months bank bills are quoted ut 81 a31s
KAsHcAR.
Official intelligence has been received at ST. Peters
burg announcing the Of the Chinese troops In
Kasngar. Ihey had fortified Touchtopgaran and
Aska two strong slrategca points. The Inhabitants
were fleeing in terror into Russian territory