The Welshman

I MR. GLADSTONE ON COMMERCIAL POLICY. A Letter from Mr. Giadstone to Mr. HadHeIc), member for Shenield, dated February 11th, has recently been published. ItappearstobeanacswcrtoalRtto-frorn Mr.Hadfieid,dated the OH), requesting Mr. 011 the propriety of urging the to ue its influence at the Congress for the furtherance of com- mercial freedom in Europe. Whatever may have been its origin, it is re:narkable both for the facts it cuntains and the wisdom of the R'?ht Hon. Gentlfman's deductions. The former are chiefly to be found in the follow in? passage:—"Between 1841 andl84:ojhe!d office in the Board of Trade, and this was the period during which England was most active'.y engaged in the endeavour to nogotiate with the pnncipai States of the chiiised world treaties for the reciprocal reduction of duties upon imports. The task was plied on our side with snfncient zeat, but in every case we failed. I am sorry to add my opinion that we did more than fail. The whole operation seemed to place us in a false position. Its tendency was to lead countries to regard with jcaluusy and suspicion, as boons, to foreigners, alterations in their laws whifh, though doubtless of advantage to foreigners, would h:lve been of far greater advantage to their own inhabitants." Dis- regarding the refusal of foreign Governments to eoter into reciprocal treaties to reduce import duties, we lowered or abolished our own, and, though our supplications and demands only hardened them in their restrictive policy, our example led to an extension of commercial freedom. Our direct efforts to extend it abroad caused it to be narrowed and compressed when we ceased to aim at influencing others and acted rightly for ourselves, we attained indirectly more than the advantages previously withheld. When we asked other countries for treaties to reduce tariffs, we were opposed by the idea that they would benefit us and injure them; and it was not till we "ex- posed our own protected intercsts to cotii petition," without troubling ourselves about what others might do, tbat their Idea was changed, and they began to do on their own behalf what they had denied to our solicitations. Mr. Gladstone is wisely apprehensive that now to employ political influence to procure a relaxation of foreign taring would have simitar pift'e's to those he describes as having oecured in 1841-a, and retard that extension of freedom we all desire. Our persuasions," he says, 11 would not only be less effective than our example, but encountering prejudice on their way, might even tell in an opposite direction." The principle thus brought under notice is of great importance, and influences mankind in all their relations. All exertions to attain a given end, imply in those who use them a conviction that the end to be gained is for their advantage. A!) such exertions to influence others imme- diately and invariably excite a suspicion that this advantage is to be attained at the expense of others. The suspicion becomes a strong motive, as in the case quoted by Mr. Gladstone, for resisting those whoso attempt to attain any end. Hence, an indirect method of guiding men by example is invariably found to be far more efficacious than the direct method of driving or commanding them. This principle is not wuhout its influence over criminals and in producing crimes. All prohibitions and a)! penalties applied to particular actions imply, that if they be not done,therewilibean advantage totheprohibitors. They are to influence others. In those who make thf prohibitions, sinister motives are and always uiltbs suspected, and individuals, like Governments, as mentioned by Mr. Gladstone, are excited to do the very things it is wished they should not do. This must be and we l<))ow is the case where the Legislature makes no pretensions to the character of patriarchal, but is the organ of classes and parties. Whatever be the ignorance of men, they are never supposed to be prone to do things injurious to themselves, and consequently all prohibitions imply [hat, in the opinion of the prohibitors, but for the prohibition, to do them would be greatly advantageous to the persons prohibited. If they be not realty advantageous, they are thus made to appear so if they realty are so, their advan- tages are greatly magnified, and a strong desire is excited to do them. In many cases the influence of the desire is more powerful than the prohibition, and offences are thus much increased and continued by the very means continuall) taken to prohibit or drive them by punishment out of existence. Mr. Gladstone thinks, at the same time, that the Congress is a great opportunity to explain the effects of our policy. We should have admired him more if he bad thought the record of his own experience a good op- portunity for bringing the important facts he states to bear on the most puzzling question of our how to deal with criminals and how to lessen crime. It has been said, what ia wisdom in ?n individual cannot be ? folly in a State and as the shoemaker finds it advantage- ? ous to make only shoes and buy his clothes of the taitor, so it is politic in nations to make one thing and buy another. In like manner, what is unwise in Governments as to making commercial treaties, cannot be wise in their other dealings. A more lively trust conse- quently in the peop!e, that they will do tolerably well and do tolerably right if left pretty much to themselves—that they will be prone, as indeed all experience proves, to follow the fashion in morals and dress set them by the upper classes, while they are equally and naturally prone to resist all direct attempts to coerce them into goodness- more confidence, fewer penalties, and better example would be more efficacious in diminishing crime than any numter of severe laws or rigid reformatories. The mind is not like a rod of wire, to be bent in any form and direction a manipulator pleases. It is governed by its own laws, one of which is, that all men as the rule desire atikf, and what onedesires another desires. Thus the veryanxietydia* played by the legislator to force the mind of others in one direction, necessarily makes it take an opposite direction, and his intentions and exertions to produce good, result very often, as we know from experience, in driving men intoevU. Itishardlypossiblethat there can be twocon- trary systems of policy, two connieting ptinciptesfor human conduct, and both be successful or both be right; and therefore we may infer that the princ!p)e and poiicy which Mr. Gladstone has shown to hold good in endeavour- ing to negotiate commercial treaties between nations, must also bold good in every branch of society and government. Any and every good object will be more certainly attained by doing right ourselves in all things, than by directing or endeavouring others to do

THE CONFERENCE AND FREE-TRADE. Should peace be concluded at Paris through the instru- mentality of the Conference, whose members are now as- sembling there, the deliberations will mark a decided change in the policy of Europe, not only with reference to questions of territorial encroachment, but even with re- ference to many political and economical principles in the government of states. An impulse will be given to be- neficial measures, although they may not be directly discussed, and ought not to be. Mr. Gladstone is quite right in repudiating for the Conference the business of agitatating and making prose)) tea for Free-trade; and his reply to the Manchester Chamber of Commerce is marked by his keen sense and his just appreciation of policy. Mr. Gladstone went to the Board of Trade when Peel entered omee for the purpose of carrying out rree- trade he most emciently aided his leader in reforming our tariff, and in the endeavour to negotiates reciprocal reduction of duties with the principal states of the civi- lised wortd. But, as he says, the whole operation placed us in a false position for it made ourselves and our doc- trine equally an object of jealousy. England was thought to aim at entrappin other states into a field where she could beat them. The very orations of our Free-traders, in surmounting the prejudices of the Protectionists, insti- gated that fear. "Reciproe!ty"thus proved an unremu- uerative course and England struck out atone in the course of commercial freedom, trusting to the effects of her example for the sequel. The consequence has been, that our own wealth has increased to an enormous extent; we have had the means of sustaining one of the most expensive wars in which we ever engaged without oppres, sive encroachment upon our resources and what is more, we have rendered England the emporium for the conver- ging trade of other countries. When there has been dearth in corn elsewhere, we have commanded the first of the market, and we have had abundance in our pnrta even when there was not abundance in the land nor abundance in the neighbouring states. We have seen the effect uf this example in other countries, but we have evidence that it has not been lost upon those countries which are more perfectly represented at the Conference assembled to decide in the case of Free-trade Turkey on the law of Europe. We could scarcely take a more dramatic personification of rising or declining principles than that meeting. Wlit) is the enemy whom we admit to make terms ? It is Rus- sia, the most exclusive country in the world out of Mon- golia-if Russia is anthropologically quite out of Mongo- lia. It is a country which has sought to make a trade for itself in a way to prevent any other country from having a trade In it, and has minimized its commerce to an outgoing tramc. It is that country which, relying for its greatness upon the principle of territorial encroachment abroad and military slavery at home, now comes to accept a peace as the alternative of degradation. To whom does she come ? are not vaunting when we say that France could not have stood in this great European contest without England. For although it is true that France has succeeded on most occasions in taking the van, England could better have been without her than she without England. We need not recapitulate the reasons. The obvious fact has been exemplified by the feeling that even if France were to abandon us, we might find it expedient to continue the contest single- handed. But what is England, whose power thus stands contrasted with the beaten enemy ? It is the country whose absolute freedom of trade makes our island the centre for the ship traffic of the whole world, and carries our own shipping to extend its school of navigation like- wise around the whole world. The consequence is, that although we must acknowledge a parallel capacity in the great Republic across the Atlantic, we know well enough that there is no navy on this side the ocean that can withstand ours; and we, relying upon our own resources, our weaith and our marine, have been enabled to shut up <w wnMay in bit pMt', to <tanihMate h4< $"going giradt, seriously in excess. From the two sources, that is, from ¡ deficient Income, and excess of expenditure, it appetrfd tat even a very libna! 1!o'ln: for the, be estimated to excceù and a four millions; the fair inference therefore was tHat jf an operation of borrowing in any form tool. place, present it would not be to au etent mnch greater than to cover such estimated denciency. Butit'squitecprtain.thatinttte event of peace concluded at Paris 1\ f,"rther 10àn will be reqüired? Thi}) we think is fairly a debateable point. No doubt that e'<e;t thnngh peace should be concluded in April, a very iirge expen(}¡\ure must be incurred during the foJJowing si:, months ia bringing home the army, and before the esta- biishments can be reduced to their permanent position. On the other hand, the expenses of such operations wiil but a small proportion to those uf active At wlia'ever sum we assume the extra expenditure of the past year on account of the war, it is important to bE'r in mind that it has been provided for in part by addilit ,?i taxes to the amount of F.15,000,000. The point which we think has not been sufHciently adverted to is, the larq portion of the war ex penJiture that has thus paid of taxation,and the fact that by the Acts of Parliament granting these taxes they must continue in full force some time after the conclusion of peace. They consist of 1 the malt duty; 2, Excise, duties on spirits in Ireland and Scotland; 3, Custom duties on tea, sugar and coffee, 4. thepropeity and income tax. With regard to the first of these, the )na!t duty, it wiii expire according to the Act, on the 5th day of July finxt succeeding the ratiSeation of a definite treaty of Peace. If therefore peace shall be concluded in Aprii, it will ex- pire in July next, but inasmuch as considerable credits are given upon this duty, the payments into the Ex- (.hequerwill continue much longer. With regard to the the spirit duties, these are no pro- vision existing for their reduction and with reg-aid to the th.rd and fourth classes, tiz., the Customs dudes and the iucome tax, they expire only on the 6f[h day of April which shall first happen after the expiration of one from the ratiScation of a definitive Treaty of Peace." Therefore supposing such ratincatiun to take place in the course of this summer and after the -5th of April, and it cannot be before, then these large branches of additional revenue will remain in full force until the <5th of Aprii, IMS—thatis for two full years. The additional nialt duty :a'y be taken at f2,.500,000 and the other duties at E 12,500,000. Taking it for granted that jE:t,000,000 of) the additions! ma)t duty wiU remain to be coUceted after the 31st of :luch, then the produce of tbe war before they will be reduced wiil amount to :L2G,000,000 which wiU be avaitable after the Ct)ns!us!on of peace for extraordinary purposes. No doubt this large bum will come into the Exchequer only as the taxes are collected duting the next two years, white the largest part. of the expenditure will apply to the first six months. As MM, however, as it bf-comes certain that the war is reatty con- ciuded, it is but reasonable to infer that there will be! sufficient facilities trf the money market to enable the Govern'nent to anticipate the revenue some months before it is due, by meansofconsoUdatedfundbiils or other- wise, and it wou!d certainly be very undesirable to increase the amount of the funded debt, only for a temporary u-e. It would, indeed, obviousiy, as a of economy, be muchbettertoresorttoExehequerbinsorbonds.oro'Jur short securities, eren though at a comparatively unfavour- able rate, than to increase the permanent debt. The por- tion of the war taxes which wiii become payable in the six months after the 31st of March may be estimated at E7,500,000 attest, and even though the additional ex- penditure should reach ten or twelve miUions during that period, thedHIerencewouidnot be so great but that it could in all probitbiUty be easily raised in some temporary form, especially us the large revenue of the following &ix months and the year 18o7-58 wou!d be more than sumcient to liquidate su,;h temporary obligations. We have this broad fact to detal with, viz., that if peace be now made, we are secured of additional revenue in the next two ye..rs to the amount of at ieast f2G,000,000 available to meet the emcri::enci.:s of the moment in -Indiii;, up the war. Anditought. not to he difuctut with the credit of the Guvernme).t to render such an income available by antici- pation. without contrasting any fmther permanent debt, or at all events, to a very small amount. According to the statement of the Chancellor of the Exchequer on Friday night, the exact amount of the defi- ciency upon the year is .E3,.360,000 so that the loan of .E.5,000,000 just contracted will leave a surplus of JE1,.5000,000 towards the expenditure of next year. There is little doubt but that the chief pressure for money during the next year, should peace be concluded, wiil be confined to the first quarter of the year, and that whatever aid the Government may require will be chiefly then felt. The operation liowever now entered into jointly with the loan of fundin"' E3,000,000 of Exchequer bilsl, will reduce the actual amount of those securities in the hands of the public considerably below the ordinary sum. It is true there are )Mw Boating 1:23,000,00 of Exchequer {)i!!s, but, as it was stated last night, E5,006,,000 are in the hands of the Commissioners for the National Dcot, ouly E18,000,000 withthe public, including the amount h{-!d by the Bank;—so that when E3,000,000 have been funded, the whole amount in circuJation will be only JE1-5,000,0000. With this diminished amount, it is not imptobablethat they wi!l, as peace becomes more certain, rise to a considerable premium at the present high rutc of interest. Referring to the terms at which this two-fold operation has been concluded, the public have certainly a right to be satisfied with them. With Consols at 91i. the double operation has been accomplished at 90, leafing a margin of JE1 5a. per cent., the smallest, we believe, upon which a loan was ever contracted. The only inference which is to be drawn from such terms is, that all parties entertain great confidence iu the success of the negotia- tions at Paris. The statement of the Chancellor of the Exchequer in many ways went to prove the truth of that passage in the Queen's Speech at the opening of Parliament, which state that the resources of enlpire were unim- paired." if there has beenasmaHdecunem the anttc!- patej revpnue, it hashepn caused only by accidental and unforeseen cau,es and it is shown by the Trade returns that both in Exports, Imports, and in Shipping, the year, ]3.5 faiiourabiy compares" ith the most prosperous of former yearj.- Econom ist.

I THE CONFERENCES OF PARIS. A weighty task has devolved upon the men wIll) are within a few hours to assemole in Paris, to regulate the affairs of Europe. The interests of the citiiized world are intheirkeeping. Ifthpybetruetothe!rtrust,anditthe peace which they seem upon nuking shall be honourable and stable, their names will live in the gratefui recollection of the present and a future age. Ifbyia- capacity, or treachery, or unworthy weakness of any kind, theyp.t;chupaii<)!iu'v truce,and dignify it by the nat'tf? of a permanent peace if they sacrifice the rights of auy nation,oromit any opportunity toafHrm and strenthpn the great principles uf eternal justioe,upo!)whieh societies and communities exist in themselves, and with rebtiDn to their neighbours; their mnies will deserve the opprobrium of history. A great opportunity tics before them. Let them not- neglect it, or, like Tarquin, who" bought a 'ninute's mirth to wait a week," they \"ill, for the sake of voiding a little present embarrassment, incur infinitely greater peril at a future tune. He who roof:! dilapidated powder-magazine with burning-gtasses may keep out the rain and wind of the winter, but takes no precaution against the summer sun and the sailor who stops a leak in his ship with shapings and sawdust, and foo!ish)y imagines that he shall ride safeiy into port, wiH discover his foliy, when, dialing to his last plank, he looks vai:i!y around him for a rescu?. To aliow Russia to escape fro:n any of the just penalties of the war which she provoked. and in which she has been so signaUy worsted ;-to have brought about her humiliation without taking suffi,:ient security ::gainst her rene-el aggression, i3 to sacrifice a thousand to. morrows at the shrine of to-day. It is fur the representatives of Great Britain and France to be just above all things. Russia will, of course, endeavour to hold her own and Autria will in all pro. bability plead [or a generous treatment of the but the questions to be decided are not merely Russian and Austrian, but European. Tht-y relate not only to the past, but the future. If they be not disCllssed in the iiri)- per spirit by the two gerat nations who have home the brunt of the battle, and who have achieved by their arms the denied to tueir peaceful these nations will but perform the work of Sisyphus. They will have folled up the stone to the top of the hill, only to see it rott down again. But more unhappy than Sisy- phus, who had immorta! strength for every fruitless exer- tion, each of their future attempts will be weaker than that which preceded it, and the stone which they do not fix may fall upon them and crush them in its re- bound. The Four Points formulated at Vienna, and accepted in good faith by Great Britain and France, no ]essthanby Russia, meet the danlZer produceJ the war. They seem to include all that is absolutely neces- sary for the security of the Turkish empire against the aggression of the Czars. Yet there are not wanting thousands of able and clear. sighted politicians, who would have been better satisfied if the terms of pacification had include4 the payment by Russia, of tie expenses to which the Sultan has been put in the defence of his territories, and the whole cost of the Turkish fleet so treacherousty destroyed at Sinopp. Perhaps this question is held in reserve ? But, whether it be so, or not, the Four Points appear to be sufficient to render any Russian assault upon the Ottoman empire, an impossibility for the present, and an improbability for the future. So far there ia reason to be satisned with the concessions which Russia has made. But the men who look upon this war by the light of a comprehensive experience-who have been able to trace it from its remote as well as its proximate causes-who have profoundly studied the history of Europe, and who are well acquainted with the aspirations and passions which agitate the several nations of the European system—who have at tength awakened to the conviction that the politics of the Old World are and indissolubly con- nected with those of the New, and that Christendom is a somewhat wider term in its relation to politics than it "18 in lSl.j-arc deeply convinced that the question at issue ï. not merely a Ttukith one. To them the uSlle, tmfot- and to terrify him into sinking his military ship- E.cn Russians have air eye to bn-Jiuess, and they will be atle to c(,?n l )are the ?,, i vp us t iii iiav;t l s!ier;?ztli ,(;¡p;, ,\líe:¡:,lfn;è' Peter the Cf<t', f.!rall ) iis Gl'a\esel1d pihrilnage, 1(>([ Itilssia P)S3B8ed of s;!¡¡t, but not of comiiwrce nor shipi.ing-pol\'cr. France, whosemiHtarygpnmsltaj not inclined Lprte trade, has of atc- been tenia \i Hdy co mfuencing im; ra. tion of our free trade in a relaxation of her exclusi<;¡ :1- riff. Her matfrialmcanshave been enlarged more than corr('spondin¡¡;Jy. The power tli-it she has obtainc(l hy sUiance with us has been shown by the manner in wLich our 1").rine was able to s(rve as the to own "hen zti 'e tranap0rt to thc Euxiiie and lie stands with us as proseeutress, almost arbitresa, in the war question One great power has sought admission and has obtai;i.,d it, but under terms which are remarkably modiSed. Aus- has been compelJeù to accept the dictates of ty, and to take her place upon an equality with a state whom si '.e his a her iiiferior, her natural e Ile- my, perhaps he:' destined victim. It is rather re!aarkK!e that Austria is that power in Europe which has most copied Russia, in sacriflnina; the benefits of trade to an exclusive as the accompaniment of an arbitrary power; for, let us say, in passing, that ffeeùom of trade, like most other freedoms, is, in practice if not in theory, nearly ineompatib!e with despotic rule. Stern lessons of finance hne taught that 110 country can isoiate itself commercially, and that she musJ-for her loans, her rzdlways, her culonisatiun of Hu'arher materi,\l! gowd¡, tu reciprocal exchanges with oter. Shehaso.ty b<'guu the le!l,¡on; she cons it ifnperfec'Liy, but she has beun it and her position iii better than that of Russia in almost a direct proportion with her to the regime of commercial freedom. Prussia, that attempted a commercial co.-nbinaton with other countries in oder to create not freedom but m011ü- poty, carrying out that spirit in puiities, stands excluded and iiiipoterit. The one other country which is admitted to the' Con- ference is Sardinia—that state which in tess than a decade has copied our country as a model in constitutional freedoip., and now in commercial freedom for the next task which avowedly and by com- mon public consent await the consent awaits the statesmen of Sardinia, Is to carry out those principles of free trade which she has already and applied. have here strung together nothing but facts most familiar to the ordinary reader and although the moral is new, it is distinctly suggested by the facts of the day. We have no pi osf lytitiiiia fur political or commercial freed.-m. as in 1818 yet unquestionably the spirit of irresponsible arbitrary goveri-iiiic-tit has been in conflict with the spirit d responsible governn-ent and peaceful cooperation amongst the nations. The barbarous spirit has been rebuked and is in the decline; the opposite spirit is in the ascendant. A few years back, Austria would have proudly refused to sit onanequalityinthe same assembly with Sardinia. Sardinia hag Identified herself with the most civilised countries on the Continent she exercises an influence largely exceeding her territorial magnitude or her miHt&ry p'.H'l'ef; "ill.' belongs to the regime of the future, as her great antagonist to the regime of the past. And the Corfei-erice bej-,iggled away hy the most eX- traordinai'y incapacity or treachery on the side of the West, it must have a material influence on the commercial and social progress of the Continent, as well as on the narrow- er potitical question of the independence of states.- Spectatm'.

THE BLACK ART AT THE CONFEERENCE. Before our next publication reaches our readers the Paris Conferences wii!, according to present expectation, have got some way into their work. By that time the fate of Europe may be settled concessions may have been made to Russia that will amply repay her tosses, and not only repair her power, but leave it, relatively to Turkey and to the rest of Europe, far greater than it was when the var began. Terms may be agreed upon by which the health of the "sick man" may be deteriorated past all of restitution, and, by the cODlliHnce of those who are permiited to misrule England, arrangements may be made by which Louis Napoleon, Alexander, and Francis Joseph may be firmly impacted together as a new Holy AMiaace," mutually bound to quench liberty, wherever it appears throughout the European continent in human b:Md. A'il that Russia needs is repose. Before Louis Napo. Ifon and Lord Aberdeen proceeded actively in their task of def2lldi¡¡5 Turkey. the :lrmii of llussia had beef] beaten by Omer Pasha and his 1'aliunt Tui-ks, TUi key was in military and farar, while Russia was tleclitii-ig with rapidity as an poaer. She might, iiideed, bave rhkeù another campaign uut if the Turks had not been by Uiphma::y, they would have a legi<Jn, and given HussLl enough to ùo tu hold her Austria would not have dared to remove a man from Italy, or Hungary in defence of her Russian master, lest she hetseif should be rent in pieces by intestine strife. The allied Gover-izzifntg took up the cause of the Turks in thtir way-the Turkish army was sent to place3 where jt coutd do no gOQd, broken up and demoralised, by \vhieh Rmsia was a gre:it gainer The siege of SebaLStopo! demonstrated that all the power of Engtand and France could be thwarted and checked for eighteen months by baif a Russian fortress, and u'hHe this me!ancholy exhi- bi:ionof our weakness was being made in the Crimea, conquest was pushed on in Aia, and in spite of the fati of theMaiakboffshe obtained Kars by her arms !andPersiabyherdipiomatic.trts. England has been held up to con-ilental anJ American contempt as a nation of lions led by jackasses," white France, under the hero of the coup d'etat, has been demonstrated unable to produce a single great com- ma.nder, und so embarrassed by pecuniary and political difficulties as almost to sue for a hurniiiating peace, and to act so far in the interests of Russia and Austria as to leave it doubtful whether she is must in alliance with them or with ourselves. The painful want of self-respect exhibited by the Em- pire in its for peace on terms, make it impossibtetodo other than mistrust her conduct at the Conferences, whose object, as f:tr as Louis Napoteon is appears to b to wind up the war at any price. Austria is a known accomplice of Russia, and, after the conduct cf our ovn Cabinet, we can place wofuUy little confidence in Lord Ctarendon. If any hope remains, it must come from the Turks and Sardiiiia, and from Russia herself. Turkey is absolutely ruined if such a peace is made as her" frieads" desire. no pecuniary compensation for the war, her finances will be in a bad way, and Russia will not fail to poi&t out that when she made peace with Turkey on a former occasion, she co'n- peH<'d t'.e Suha.ntn pay the costs of war, while, when hia allies made peace for him they sacrificed his pecuniary in- terests us as his pDlltical power. It is not ataitiikeiythatH.uss.ia intends to cede the portion of Bessarabia that contains IsmaH, a fortress whose capture by Suxarrow, stained by brutality and blool as it was, forfned tbe greatest military incident of Catherine's reign. Of course, Louis Napoleon and Aus- ttia wiU not persist in a (.'iemand so disagreeable to the Czar,except un.!er moral eon)pu)sion. Dues the article in the Moniteur, c'¡pied from the Siecle, indicate that this moral force has been lpplie,l or will Lord Ciarendon have the integrity to maintain this point, and urge the Turks andSar<!inians:ostand by him in this course? We fear i'i'n but Lord Palmerston may know that if this point is givcit up, be will E;o out of office in disgrace; and the per- sonal ambition of the Premier may do for us what- no senseof justice or iole of right cU:lld inducehint to main- )tain. By a Nicholic-f and Kherson, where Russia's naval power in the Black Sea lies, far more than at Sebas- topol, are said to be cxcepted in the Vienna propositions, on the ground that they arGupanestuary,fnJ not abso- lutely on the Black Sea coast. Wdt Lord Clarendon aKTee to this view, aud consign the English participation in the C<Jnferences to lasting sh¡¡me? fear llIore than we Ílope. Again, will he sa,7ri,ice the Circassians, and virtua)!y surrender all the borJers of the Caspian to Czar, by uiti armistice without adjusting the Russian boundaries in Asia.? Again, we fear more than we hope. Wiil he aliow the Atandlsies to be forfeited, and thus help Russia to punish SwedeIl for wishing our success? I We do not hope too much on this pcore. Then, what is to become of Turkey ? 13 an An&trian army to remain for the preservation of order in the Priticipalities, alW a French ?my, upr-n some pretext, to be retained in or near  TheaUieah.?e K?'ued?S?Jthey call liberty for the Christ'ansubjeetsoftheI*a)R-—tha.tis to say, they have forced tnitit'.ry conscription upon them from which they have hitherto been exempt, and this can scarcely  with the heip of Russia and Austria, and, perhaps, Bona- partist intrigue, to create such difficulties as to furnish pretences for armIes of occupatIon for some year to coine indeed, thisisa'readytaikedof at Bertin. Hadtheaiiica been honest, they would have proceeded with more eautron and, by raising a few Christian regimenta and employing them under their o\\n onteers in the war, taught the Turks tnrespfctthemsctves. Without this prudent proposition, the schfme has a very Russian took, and in all probabiHty wasintentedat St. Petersburg. The Anies wii), if there is the slightest integrity in them, demand from Russia some proof of sincerity before agreeing to an armistice. Let her, for example, bind her- self the moment it is granted to evacuate and blow up the north forts of Sebastopol, and beforenegotiatio:t8proeeed, let Ismait be placed in the hands of the aUies—Austria, of course, excepted. Then let the chief points upon which disagreement is expected be discussed first, and no time hst for the bene- fit of Russia as at Vienna tast year. The eyes of all civilised men are upon us, and few ex- pect we shall emerge without disgrace. -Atlas,

WILL THERE BE A FURTHER LOAN ? Anyone who had attentively studied the finance ac- counts as they appeared in the annual balance sheet presentetl to Parliainc-iit and madeuptothecloseofthp year, ouht to have been prepared for a very sma't toan, if any, before the close of the financial year on the 31st of In an analysis of that account we stlOwcd that the revenue had yielded for the three quarters aheady ext<ir<-d near the fuU pruportiun catcui?ted upon At the time of the budget, and th&t the expeadinue WM not Tety I muhted Fifth Point is more important than all the rest In the abortive Conferpncfs of )a&t vear the Third Point. wa" the stul;,blingbb,k. I.t'.ite C'tnff-rcncfrSof Pa'isthe Ftf'.h Purn t \,i:t be tL<> pÙ:ce de i'C:iistil;ce, '? r'o'-r are already p,'edily enreistcred 3 binr¡¡nl ,anr! cc-mp!et(.d d.en n)e!tt8—signed, sea!ed, and dolivere,). ButtheFift! Point \'I7il\ be the test of the tl1tbmflshjp of Gre Britain and France. Within its or e haustive circle the interests of Fll E,io-I)e are iiiciudt If the presumed )tpct.ssi;i!'s of ),h[. C'Z.11 i f' them to encroach u))'i't )h' i'- neighbours; it they cr po&spssion of an oepanic scabntrd; i{ they iook upon th( seizes,or ar!'iu<)k"dt!r)on by-naner despot-m Cen Eurcpe, German or the rEpll senlat an'J upholders of a particuLr form oi government' w!lich popular freecJo:u is incotnpttible—it is for the sta men of Great more especiaily, to remembel ¡ thiõ critical hUllf uf Eurnpc:lil historr hUlf great all ample Englanù ha:J 5et te) th IYorlJ. I': i3f.)rthc:i_ consider with whal eunridEnce the Gcr:i-t;t:.s, ti,e the Poles, and the Hungarians, look to the British Is!' keep alight the sacred Rame of Popular Liberty, and [ it to be qucIIched in malaria of DC:3¡-;otism. 1. I interest of all Europe is that should prosper her own boundaries, with such form of government as uab pieascs or suits her o?n people, if she will but ieafe o?? nations to do the same. R;?'iia must not on]y ccaa? absorb the territories of her neighbours, but to dict?t?"' them what form of government they shaH ad.)pt. Ttr? and a thousand other consideratiohs He v.itiiin thecom)? ? of the Fifth Point. The more th()rollh¡y they are fo- seen and the more stablc whi all wen hMpe will spring frf'm the dehbera.tiuns of tt Conferences. -Illtisti-cited Londún Vews .( j

THE SKELETON OF SOCIETY. I" The sudden fate of Mr.Sadleir the Irish Member of Parliament is one of those visitutions that come ilome to the personal feelings of the vrhole cbss which caila itself par excellence society," and reminds it frightfully of the skeleton that resides in the handsomest houses. r. SaJ leir haj been a fast politician, a fast l'lection-pur1l1 member of the directorate in more than one con on scheme. But be recently had been a Lord of the Tl'iceQa kept a good house, a good cetlar of wine, a huntir P.O. was gentlemanly, cool, and cotlected in manners t.teDd6 home in the House, in the field, in the general shareholders could hHe retired fronl 3AR.. hundreda of thousands—couid really tuve dona Si time. Who that hfid his securities doubted then- whatever the sum the par, tess price Ili-i the land ? Who did not know the p Dr1 itself? Who could not team the number of ahareifgj) by thehonourabie gentleman? He miht be iH't'SSI time; but in that rade of society the lawyers settle things. On Saturday night Mr. Sddteir Wasma:iter handsome house, a seat in Parliament, a 6ne pos¡tionI::{ Sunday morning he is found supine on Hampstead H hisiastsupperpoison.hisbedtht'he.nh. While he lcl the post vas bearing clear businesslike confesssions to \? friends; and the journals of Monday morning make ):1 "best society" ask itself'.vhe'iierit can confidently g-, dlaracter to its daily companions ? The mHn had sinn 1 Gthprs may p.iy heavy penalties but how terribly must have suffered !qpectator.

REPUBLICAN AMERICA. Republics do not work we!) they are Impraeticabi forms of government, and often bring the State machiner. to a dead lock. Theyouthfulmind—the mind untutored by tlieworld's hard ways, is apt to indulge :n rapturous .Bights of fancy, and picture to itself Arcadian scenes, where man is blest, and, left to his own tutelage—resets in all the omnipotence of hia own self-satisfied rule Alas the picture may be brilliant, but how truth- less, when compared with the sad and stern reality. It is no portraiture of life it wants the shades and shadows, and Salvator Rosa's glooni, to make the canvas speak, and tell what human action was, and ever will be, till man surges over that, troubled sea iu which he and approaches closrr to that which God designed for his inheritance, but which his crimes and itis ticpa, but for the great atonement, und the hope of being "born again unto would forbid him ever to reach. Athens and Rome—their glories, their v ictories, th(.. splendour oftheirarms, the genius of theirpoets.thenn of their oratots, the wisdom of their sages, and the stoicisn- of their pliilo&ophers, have led many captive at the chario,3 wheels of their triun-phs. But mither Athens nor Rom'" was a Republic—they were fearful oligarchies the cornf 11. stone of their power was cemented with biood they groun to the earth the lowly, and they bowed the knee to t) egotistical and seif-Iauded tyrant. They banished Aria' des, a:id they worshipped the paramours of Abasia th strewed the forum K'ith corpses undt'rMariusandScyI and they went out amid the shriekings and waitings' humanity Washin4ton the American con8titution a and a bold to tet how mIlch liberty mankind could bear, and had he lived to these davs, he would hive found. that on his prized and valued Columbian soil— where { "————Liberty,free and wild, First played her gambols as a child," ?' there is no real liberty at all, but a popular rule, that has flung the litera non statute book, the pantlects of a Justinian or of a Theodusius to the winds, and substituted in their place, the never-discerning, bat al'-vays'satrguinary and savage canons of the Judge Lynch Code. A Republican i'otm of government was tried in France, and how n worked, the btood-stained page-the saddest page in a nation's history—can tell, and tearfully tell to even this day. Poland wax blotted out from nations, by her Republican Veto—the jealousy towards each other of her Magnates-and the anarchy which th"8p. dissensions and jealousies engendered in this unfortunate land, cursed and flighted by its rule. Had the government called into existence by the revolution that Sung the second race of Bourbons from the throne of France, now Htood, whi) is so weak as to think that the entente now exist between the two nations, and that we should not have been forced alone to fight for the sick man" at Constantinople. Individual members of Senates aid Directorate can be bribed, but Emperors andKings can never be bribed, because they are the country-they rule and govern. WhenTheobold Wolf Tone, the Irish malcontent, disclosed to Carnot his famous plan to wrest Ireland from the sceptre of its king, Carnot was compelled, in order to obtain a majority among among his co.directors (Sve in number,) to disclose the details of the intendedexpeditionnflloehe, the invader- general, to <K'o of his colleagues. In three days afterwards, the entire plan, with all its details, was on the table of Pit.t, in Downing-street! What do we see in our own days ? Have men changed ? Have Republics been purer ? E/«?!< No A party-a miserable party—among the great American people, headed by President and an Attorney-Genera!, for no other purpose than the realiza- tion of political capital, ate working—no' ?:o< Heaven— but c-artii, and all its baser attributes, to produce a war, we wouid almost say, betlVeen brotlic-rs and in which every triumph, no matter on what side, would be to be grieved for and deplored, and would be like an unhallowed struggle under our very roof-trees. England wanti not to quarrel with her transatlantic friends; she offers them the hand of cordial tove; she is anxious to place it to her very heart; but she, no more than her poor and erring subject, John Bright, will consent to be beaten on one cheek, and turn the other to be cufled!" Messrs. Pierce and Cushing would seem to have infused their war spiri; into the House of Representatives, and it is gravely ( '') said—Bully England, for Lords Palmerston and ClaleodolL won't fig'iit Yes, gentlemen, they will nght; aye, al\d tt the death, too if the honor of the British Empire deolatia it-if its violated toritory call for it. We would coiquer in the strife, at the ruin, perhaps, of half our commer;g pn the high seas but with woes unnumbered" to the Aneri. can people! May God. ui his mercy, prevent all this and save nations, as well as men, from being led icto tekpta- tion. Should warfare unhappHy come, what are ou( IL.?ans andappliancestoboot? We have the finest fleet that vcr swam the waters, "reposing on their sILidovf1," and anxious to be nnmoored against an enemy. A,,i tc a land contest, the victory would be ours, instead of the C'anadas being theirs The Canadas are now loyal to a I;in, and the Irish there now know something of Yank- X'loW. Notltingism, and we think they would fight as tiY did at Barossa, Waterloo, and Alma, for th<tf .SOVI¡r¡, and "f Mitchcl! a'.d ili ir)fitlous irrcligio\1s confederates. There is a pO[Julatio(11 Canada of three millions, of whom three hundred anrlfty tbou- sand are of an age to bear arms. In LO'ver nada there arc 36 regiments, forming 173 battalions j 1.37,769 men; in Western Canada there are 34 rein's,cona- prising lG6battalionsandl22,6'20 men; tc1¡S force ;s attached a regiment of cavalry, eleven '!panies of artillery, and a regiment of riSos. The ?tla of New Brunswick consists of one tegiMent t..f ,dry in ten troops, three detached corps of irre,,ulcclvplry, one regiment of artillery, eighteen regiments militia, and so:nc ri!h corps, comprising a grand tot9.\ 1,030 SfT- geants,and27,2GOrankandfite. The i'i,a of ,Ncva Seotia numbers 50,000 men; the :ur of Prince Edward's Island, 7,302 men. This VIP.ce army, together with the Crimean Heroes we c..send, would place us ona vantage ground from whic!J eou!d not be shaken. Besides, the Ln.k" would be¡' Steamers a:idgun-boats,bytheSt Lawrence, ld soon reach. Qaebec. and the progress from titence i .ake Ontario, through the Welland Canal, into Lake"e, and Lake St. Clair, and Lake Huron, would be ea But we stop here; for we think the great meric¡Jeople are too wise in their gencratijn to permit the <speated trutli to be illustrated at the present tnorr, "I their own annals-by blazing towns, sunken shpestroyed com- merce, piles of dead, the wail of chi' the moans of widows, and the ruin of fatherland war is the madness of the many for the advant the few. "— JlonmouthsAire lIlcrlin. RL-sso DuTCH Lo.\N.—The accou 18.);) show s that the interest on the Itu,Dutcli Lo/Ilnted to 7.56,2.50 norins (piincipal 1.5,2.50,000 florilil that the said amount "'as paid by bills drawn on,rs. Hope and Co., of Amsterdam, besides 250,000 f of the principal. The balance of the loan reiuaini6 e on the first Ult. waa aceordingty 15,000,000 Sotins .1. -u- 14