The New York Herald Newspaper, December 26, 1857, Page 1

THE NEW YORK HERALD. WHOLE NO. 7786. MORNING EDITION—SATURDAY, DECEMBER 26, 1857. ARRIVAL OF THE PERSIA. THREE DAYS LATER FROM EUROPE. PROGRESS OF THE FINANCIAL REVULSION. Heavy Failures in London, Hamburg, St. Petersburg and Warsaw. THE WAR IN INDIA. Gen. Havelock Surrounded by Seventy Thousand Sepoys at Lucknow. Generals Sir Colin Campbell, Greathead aud Grant Marching to his Aid, NAPOLEON'S NEWSPAPER GAG LAW, Speech of Lord Clarendon on the African Slave Trade. The en 40 Buctee ‘ieee Bill Passed into Law. DECLINE IN COTTON. IMPROVEMENT IN FLOUR. CONSOLS 91 3-4 a 91 7-8, &e., &e., de. The Cunard steamship Persia, Captain Judkins, which left Liverpool at half-past three o'clock on the afternoon of Saturday, 12th inst., arrived at her dock at half-past nine o’clock yesterdayamorning. ‘The news is three days later than that brought by the Adriatic, but is not of a very important character, The London News of the lth inst., says that in the discount market the supply of money was in- creasing, and first class bills were readily discounted at a sensible reduction from the bank rate. A despatch from Hamburg of the 11th inst. says: — The money crisis is becoming yet more alarming. A general break up of credit seems imminent. The Senate ‘will git in permanence. The bullion in the Bank of France continued to increase, and a still further reduction in the rate of discount was anticipated. A Berlin letter states that the disturbing influence of the American panic had extended as far as War- saw, where numerous manufacturers had failed. The official returns of the Bank of France show an increase for the month of 11,656,000 frances in the cash held by the bank and its branches, The annual wool sales closed on the 11th. The attendance of buyers was limited, and the biddings were languid. Prices of East Indian fully 1}. per pound below the last Liverpool rates. The with- drawals were extensive. ‘The Persia brings later news from China. It is dated at Hong Kong, on 30th of October. Prepara- tions were being made for the assault on Canton. The British and French Ministers were at Hovg Kong. The expedition to the North had been appa- rently abandoned. The Paris correspondent of the London Times says:—The last official accounts received from Shan- ghae announce that the Chinese government has de- manded of the Russian government the immediate evacuation of the Chinese territory, of which that power had taken possession on the banks of the river Amoor. ‘The steamship Leviathan had only been moved a few inches since the departure of the Adriatic, owing to the giving way ot the mooring tackle. It was feared, as the vessel had reached a slighter incline, that her progress would be even slower than it had been. ‘An ambassador had arrived in England from Hol- land, to demand, officially, for the Prince of Orange the hand of the Princess Alice. A large meeting had been held in London to con- sider the subject of the government of India, and resolutions were adopted in favor of an assumption of supreme authority by the British government, From Spain we learn that an amnesty has been granted for political offences and to persons con- demned to light punishment. A great many promo- tions had also taken place. In Belgium the elections took place on the 12th instant, and as far as known the result was decidedly in favor of the liberals. Accounts from St. Petersburg, to November 30, represent that winter had set in very severely. The Neva was frozen up and navigation completely It is stated that the Cabinet of St. Petersburg has peremptorily denied the right, claimed by Austria and England under the treaty of Paris, of interdict- ing Russia from blockading the Circassian ports. ‘The American ship Lone Star, bound from Moul- main to Queenstown, foundered at sea. The crew were saved. ‘The steamship City of Baltimore would not leave Liverpool on the 16th of December, so that the first ‘vessel of that line to leave Liverpool would be the Kangaroo, on the 13th of January. ‘The steamship Ariel arrived at Southanrpton on the morning of the 12th instant. Passage of the Bank of England Indemnity Bull—Measures Proposed with Respect to Joint Stock Banks—The New Slave Trade of Franee—General Havelock’s Pension Bill =—The Murder of the English Minister tn Peru. The Bank of England Indemnity bill was read, first time, in the House of Lords on the 9th instant, without debate; the measure having been passed in the House of Commons on the same evening, with- ont a division. On the 10th instapt in the Lords, the bill was read a second time. Lord Clarendon, in reply to an inquiry, described the measures taken by government of Pera to arrest the murderers of Mr. Sullivan, the British mi- nister there, and expressed satiafaction with the conduct pursued. In the House of Commons Mr. Headlam gave notice that he should, after the holidays, move for leave to bring in a bill to abolish the distinction at it existing between joint-stock banks and other t-stock companies in respect to the liabilities of their shareholders. Lord John Russell asked, and after some debate obtained leave to bring in a bill to alter the oath o abjuration by omitting the words “ on the true faith of a Christian,” thereby enabling Jews to take the oath and sit in Parliament. ‘On Friday, the 11th instaat, the Bank Indemnity bill was read a third time and . In the Commons, Mr. Vernon Smith announced that the King of Delhi had been promised that his life should be ) a8, U1 no other circum: stances, could his capture have been effected. ‘The Chancellor of the Exchequer announced the intention of government to ask the House for a vote Dr. Livingston to prosecute his African discoveries. The Chancellor then moved for a Select Commit- tee to inquire into the operations of the Bank act of 1844, and of the Bank act of Scotland and Ire- land of 1845; and that the committee be instructed to inquire into the causes of the recent commercial distress, and to investigate how far it has been affected by the laws for regulating the issne of bank notes le on demand. Mr. Hi Wy eyad the motion, and moved as an amendment that no further inquiry into the Bank act wa empcessary After considerable debate the amendment was re- alee by 117 to 295, and the original motion was eed to. rd Palmerston stated that the House would meet on the 12th (the day the steamer ste) to receive the Royal assent to the Indemnity bill, and he then nopeel to adjourn till the 4th of Febru- “Vie algo stated that General Havelock’s Annuit bill should be withdrawn and another substituted, after the holidays, continuing the annuity to the General's son, THE ISTHMUS OF SUEZ CANAL. In the House of Commons, on the 11th inst., Mr. Griffith gave notice that immediately after the re- cess he sheuld ask the First Lord of the Treasury whether it had come to the knowledge of the gov- ernment that M. Thouvenel, the French Ambassador at Constantinople, or any other diplomatic agent of the French government, been directed to apply to the Porte for a firman to authorize the carrying out of the rue for cutting a canal through the Isthmus of Suez; and also whether her Majesty's government were of opinion that the true interests of this country require them to give a positive oppo- sition to the success of that-application. THE AMERICAN 8LAVE TRADE. Mr. A. Mills asked the First Lord of the Treasury whether he had any objection to lay on the table of the House any correspondence which might have passed between her jesty’s government and the Commissioner at Loando and the chief officer of the squadron on the west coast of Africa, relative to the slave trade carried on there during the past year un- der the American flag. Lord P: ‘ton answered that there was no ob- jection whatever to the production of the papers. ‘hey would be included naturally in the slave trade papers which were laid annually before Parliament at a later period of the session, but if the honorable member wished for them before that time they should be produced. The French Slave Trade. AFRICAN EMIGRATION TO THE FRENCH COLONIES— LORD CLARENDON’S OPINION OF THE NEW SLAVE TRADE. In the House of Lords, on the 11th instant, the Earl of eomelaprg 4 said, seeing his noble friend the Secretary of State for Foreign Affairs in his place he would ask him a question relative to the state of the contract supposed to exist between a house in Marseilles and some African chiefs for the supply of free emigrants to the French colonies. It had been reported that this contract was ratified by a decree of the Imperial government, and the people of England were fearfully alive to the probable, nay, almost certain revival of the horrors of the African slave trade. He wished to ask how far this report was true; whether, if the decree had been issued, there was any hope of its revocation, and generally what was the position of the whole matter? The Earl of Clarendon said, in answer to the question of his noble friend, he had to state that he had no reason to believe that the decree to which his noble friend alluded had been issued; but he believed there was no doubt that a contract had been entered into by the French government and a certain firm for the supply of negroes to the French colonies, which only received the sanction of the French vernment on condition that it was to be bona a free emigration. Now, there could be no such thing as a free emigration from Africa. (Cheers.) We ourselves had tried the experiment 16 years ago, and with every precaution and overy anfeguard to re- vent abuses, so as to secure the freedom of the Afri- can laborer on his passage and his proper treatment while employed in our colonies, as well as to guarantee his return home at the expira- tion of his engagement if he wished it. That plan utterly and entirely failed—(hear hear)— and it was not likely that it would ever succeed under any circumstances. (Hear, hear.) But this was what the French contractors were compelled to do. They engaged with the African chiefs to supply a certain number of slaves at so much a head’ who were placed on board of ship, when a certain for- mality was gone through, with the view of ascer- taining whether they were willing to.work at stated wages inthe French colonies, or not. Now, whether the negroes understood that question or not, it was manifest that when once on rd of ship they had no choice in the matter. (Hear, hear.) Besides, the result was that by this system the French con- tractors were "brought into” competition with the regular slavedealers, who offered ninety dollars a bead for slaves, while the pach ors had only the power to give fifty dollars. There had been some failure of the contract, but that in no way altered the character of the transaction, because if slaves were to be procured at all it must be by pur- chase, and they could not be obtained unless the chiefs made war w their neighbors, it being, of course, a matter of utter indifference to those chief whether those slaves, whom they sold to the highest bidders, were manumitted after their arrival in the French colonies, or whether they were worked to death. (Hear, hear.) The wars carried on with that view were of the most barbarous character, and caused great loss of life. Whole districts were depopulat- ed, and not one half of those captured areivea the sufferings they met with on their way to the coast. The French contractors said that it was an act of humanity to the negroes themselves to give them that opportunity of emigrating to places where they could be profitably employed. it he would re- mind their londships that it was putting a stop to that legitimate and prosperous trade which within the last few years had sprang up on the coast of Africa in almost every heaps f in which the slave trade had been carried on, and by which the natives of Africa were greatly benefitted. In the sprin; of this year he (the Earl ot Clarendon) Teesived two despatches on this subject, which were of such great interest, and contained such full and valuable information as to the trade in pe oil that he did not wait to have them published in the regular course, but laid them at once upon the table of their lordships’ House. (Hear, hear.) Since that time he had ascertained that the trade at Lagos i im oil had increased 50 per cent, and now ai to up- wards of £2,000,000 a year. But the whole of this rising trade and this i: ity to the Africans was now threatened f ohn entn f Uf this system were carried on. (Hear, hear.) There were now extensive preparations for war being made in all the countries from which the slaves were brought, and as the matter was one of so much interest and importance, he would read a very short extract from a despatch which he had received from Mr. Camp- bell, the consul at Lagos. Mr. Campbell, at the be- ginning of September last, wrote, in allusion to the contract of M. Regis, that Unless the intention of slaves at Whydah is abandoned we shall lpm fy, the ‘Yourabs coun. try plunged into warfare to supply the demand of the slave iparket at Whydab. The example of the people of Albeokhta ie to be followed by the people of Ibaddan, who Are preparing to attack the Jaboo country. and, as ‘ liminary step, reveral Jaboos peacefully many Bs market at [baddan have been seized, some put to 5 others sent to Whydab for sale, and all intercourse be- tween the two countries bas been stopped by the closing of the pathe and roads, and if the speculation of M. Regis is carried out it will be followed by other countries. But the people of that country had during the last thirty years acquired such a for industrial pur- snits, and had become so much alive to the advan- arising therefrom, that it was with the utmost reluctance they were now induced to engage in wars, while formerly po ha was eager for strife po pe be foe bey! ay rd com: to suspen t and to ive o Lary of all means of livelihood, before the: could to- duce them to engage in hostilities. In order to prove that fact he would read an extract from a pro- clamation issued by the chief of Abbeokuta:— 1, In order to procure a large army for the Aibo war, soon to be undertaken, trade must be stopped now, an during the war nothing must be sold and nothing bought. 2. In order to do this the passengers by and and tho river to Ijai, Tbaddan, Lagos, and other adjacent towns that trade with Abbeokuta must be 5 3. No canoe shall be allowed to appear in the river, ex cepting the missionaries, who are no traders. . That instant death on the spot be the penalty in- flicted upon violation of any of these rules. Tt was not necessary to enter into further details, but he thought he had said enough to prove that the government were alive to the dangers of any such scheme as had been alluded to. It would, therefore, be readily under stood that it bad been their duty to under the serious consideration of the not doubting but that government felt an eq of apy attempt to revive the slave trade doubting that although no convention existed ment between the two vernment would feel itself boun the declaration made by the should exist no more in an; they would prevent their sul directly or indirectly. Tho French ceeded on erroneous it that ther would take into their serious tations which had been made to them by her Majesty's government, in order to stop any inconveniences pid ™ ‘The French government aces ied the represen. phe arine. there wae no t country, yet t the declaration also admitted that, between themselves and spirit o PRICE TWO CENTS. ‘were now as apxious to put an end to the slave trate as they were in 1816. That declaration was so short that ho (Lord Clarendon) thought it would be useful at the t time to recal its terms tothe public mind. The declara- tion of the eight Powers in 1816 was:— That the Plenipotentiaries assembled at this Congress cannot do greater credit Gre | mission, better fulfill their duty, and manifest the principles which actuate their august sovereigns, than ¥ endeavoring to carry this ‘engagement into effect, and by proclaiming, in the name of their sovereigns, their wish of patting an end toa scourge which hag eo long desolated Africa, degraded Europe, and affected humanity. Consequently, &., that the - ment rec ly contracted in the present between the sovereigns who are parties to it cannot be considered as completely fulfilled until the when complete success shall have crowned their efforts. To that declaration the French government had ex- pressed its emphatio: determination to adhere. He had now stated the actual state of affairs, and thought, after the assurances of the French government, there was great reason to hope that at no distant day the system which had created such universal consternation among the well wishers of Africa would be entireiy abolished. The Earl of Denny did not doubt the sincerity 0 the French Government when they stated their be- lief that in sanctioning this system they had no idea of a revival of the slave trade. Every one, how- ever, who was acquainted with the anions was fully aware that, as the noble earl had said, a supply of free labor from Africa was absolutely imy ible (Hear, hear.) Whatever precaution might be taken, with whatever safeguards the system might be sur- rounded, it would speedily become a slave wade in ‘a disguise so thin and transparent that no one vould doubt its character. (Hear, hear.) It was well known that in Africa the people had no power to aoe ct themselves, and a supply of labor could only be obtained thence either by direct purchase or by the indirect method of enabling ‘the laborer to pay the chief for a license to quit the Coa A which, in fact, was a sale by the chief of the man whom he allowed to be taken away. There wits only one portion of the answer of the noble earl which was not perfectly satisfactory, and that was the statement that the French government, while expressing its determination to adhere to its engage- ments to suppress the slave trade, still did not consi- der the scheme which had been referred to came at all under that denomination, and that therefore they could not feel bound to discountenance it. The no- ble Earl had not given the House to understand that he had been able to prevail upon the French govern- ment to put an end to the system whieh was object- ed to, but only that they would put an end to all the inconveniences attaching to the system. He (Lord Derby) emphatically declared his full conviction that, surround such a system with all possible safe- guards, it would be impossible to prevent abuses, but pe an end to the system itself. (Hear, hear.) The ‘rench government were deceiving themselves and neglecting the experience acquired by England if they did not perceive that the maintenance of the system as it now stood was identical in subtance, ie form, with the slave trade itself. (Hear, ear.) The Earl of Cuarenpox—i was extremely de- sirous in replying to the question of my noble friend not to overstate, and therefore I gave as nearly as rag the words used by the French government, ut I have reason to believe, although I cannot at present venture to state—(The noble earl did not conelnde the sentence save by a slight gesture.) Earl Grey hoped and trusted that the system which had been brought under their notice would be speedily abandoned. He relied fully upon tyr Majesty’s government not to allow this matter + sleep. (Hear, hear.) It would of course be improper under present circumstances to ask that cor: ndence should be produced; but if, unhappily — which he did not apprehend—the result of that cor. respondence shout be berger sees" b then he hoped the papers would be laid before the House, as the only means which they had of acting upon a great country like France was to publish the whole proceedings, and submit them to the judgment of the whole civilized world. He would only add a few words from his own experience. During the time he had the honor of holding the seals of the Colonial office the subject of free labor had been frequently brought under his notice. He was urged by persons connected with the West Indies to per- mit free labor to be imported from the coast of Af- rica. The government of that day were anxious to do all in their power to relieve the colonies, and agreed to fit out a steamer and make an endeavor to procure laborers. They sent persons in whom they had con- fidence to the African coast, and adopted every mea- sure which was su; to them, saveone. It was urged that it woul anact of humanity to ransom the unbappy prisoners taken in war, as they would be in a better condition as laborers in the West In- dies than as captives in Africa; but he (Earl Grey) always said that it was against the sen principle that “you can’t buy stolen goods without sharing the guilt of the thief.” (Hear, hear.) Upon that lain principle the government would not allow a shil- ling to be given either to the immigrant on board the ship or to the chief of the African coast. Upon these conditions, however, only some twenty or thirty Kroomen had been induced to embark, and the re- sult of that experiment was, in his opinion, sufficient to show what might be expected to happen at the sper day. He should only add that this was, in is opinion, a moment when especial care should ‘be taken to prevent so iniquitous a scheme as that which was said to have been set on foot, from being carried into execution, inasmuch as it would appear from the representations of those distinguished tra- vellers who had recently returned from Africa, that civilization was beginning to penetrate into the heart of that it continent—a state of things which it was desirable to foster, instead of promoting a scheme by which the progress which had begun to manifest itself was sure to be checked. (Hear, hear.) The question was one of the deepest import- ance, not alone to England, but to the cause of civili- zation throughout the world, and he therefore hoped that many days might not wor before the govern- ment of France fe ge all connection with the movement upon which it was reported to have em- barked. (Hear, hear.) Luacknew Closely Beseiged—Seventy Thou. sand Sepoys Around it—Severe Fighting and Great Loss of Life—Havelock Still Holds Out—Sir Colin Compbell, Generals Grant and Greathead to His Retief_The King of Delhi's Life to be Spared—Barning Europeans in Deihi- Details of the news from India to the 31st of Oe tober—telegraphic despatches of which were receiv- ed by the Adriatic—were published in the English papers, but add bat little to our previous know. ledge. ‘The regular semi-monthly mail steamer arrived at | Trieste on the 11th of December, with dates from Caleutta to the 11th and Bombay to the 17th of November. So completely was the force at Lucknow beleaguered on the 31st of October that the only message received from there for weeks was written on a piece of three inehes square and most adroitly Omak Sir James Outram’s force had been then terribly reduced and the total number in the Residency was sn} to be not more than 1,400, besides women, children and wounded. There were besides about 800 men with I ang array of camp followers at Alumbagh, believed to be without the means of com municating with those at Lucknow. The strength of the enemy around Lucknow was estimated at 70,000, but it was nevertheless consi. dered certain that the garrison could hold ont till the tenth of November, before whieh time Sir Colin Campbell would be before Lucknow with an army of 4,000 men, po his own Highland brigade, 800 cavalry and a very heavy train of artillery. It is stated that during the siege of Delhi the Se. poys took all the wounded Europeans they could catch and burnt them alive. The chai bodies tied to stakes, were found by the stormers with the Queen's buttons still recognizable. . English troops were pouring into India at the rate of 2 a week. The celebrated clipper ship Cham ion of the Seas was at Calcutta and would proba- }} Ay J there on the 2d November, after a passage jays. The Tite of the mp bol Dethi was to be spared, the officer who arrested him having given a pledge to that effect. Col. Greathead's column had reached Cawnpore. The latest news telegraphed, as above stated, is go Lucknow still held out, although no communication Heavy fighting and slaughter are said to have oc The column hitherto under the command of Col. Greathead had been increased to 5,000 strong at Cawnpore, and on the 3d of November, under com mand of Brigadier Grant, it reached Alumbagh, only three miles Lucknow, and there awaited the arrival of the Commander in-Chief. Sir Colin Campbell arrived at Cawnpore ‘on the 3d of November, and crossed the Ganges on the 9th, at the head of 5,000 men, en route for Lucknow. Various other suocessful encounters with the mu- tineers are |. Accounts Sangor and Jubbulpore were un- satisfactory. Assistance was earnestly called for, nd a column had been rout to the relief. Nena Sahib was believed to be in command of the rebels before Lucknow. : fi The Dinapore and Gwalior mutineers were making ir le. One of the sons of the King of Delhi is sail to have escaped frem the civil ¢ in which he was No fresh ontbreaks are reported, and the rebellion is repremnind as subsiding hroughout the country. At Calcutta sterling exchange was quoted at 2s. 24d., aud at Bombay at 2s. 24d. a 2s. 24d. The money market at Calcutta was considerably — = 2s, 24d. Freights were well sus- ed. TELEGRAPH TO THE ENGLISH GOVERNMENT. On the Ist of November an action was fought near the village of Kudjnai between the Dinapore muti- neers and a detachment of 850 men, consisting o! part ofthe Naval Brigade and a detachment of the }d Highlanders, with two 9 pounders, under Colonel Powell of her Majesty’s 53d foot. Qur success was complete, but loss heavy, Colonel Powell being among the killed. ‘The naval Melgae afterwards fell back on Bindkee with a view of returning to Futteypore, and the rest of the troops reached Cawnpore on the 2d. The Rohilcund rebels have again advanced towards Nywetal, Girne Tal,) and again taken to flight on fing that the little force from that place was ap- proaching. Mehidpore having been attacked on the 8th of No- vember by a body of insurgent tribes from the neigh- horhood, a portion of the Malwa contingent joined the enemy, killed Captain Mills, Lieutenant 5 and Sey it M O'Connell and tuned the guns erie compelled the other frocpe to retire, According to laeet accounts from Bombay, the First, Third and Fotrth Divisions of Nizam Cavalry, under Major Orr, attacked the rearguard of tl rebels on the 12th of November, at Barrarowal, re- Peco the whole of the guns and stores taken from Mehidpore, also two of the enemy’s guns. One hundred of the enemy killed, 74 prisoners. Our casualties not yet received, but said to be severe, The column under Brigadier Showers has cap tared Abiyjur, Dadree, Nunoond, and other places southwest of Delhi, securing upwards of £70,000 of treasure. Further North, Van Cortlandt still keeps the country in order, ‘The district between Agra and Meerut is so quiet that the post and passenger carriages run daily be- tween the two places. Eastward of Qude the Nepaulese Contingent has gained two victories over hodies of the insurgents. The steamer Bengal reached Suez on the 3d inst. from Calcutta, but brings no later dates than those from Bombay. eg dates from Hong Kong are to the 30th of Oc- tober. Preparations were being made for the assault of Canton. DESPATCH TO THE EAST INDIA COMPANY. ALEXANDRIA, Dec. 5. Intelligence from Bombay to 17th November. General Windham commands the reserve at Cawn- re. Pethe accounts from Saugor and Jubbulpore unsatis- factory. Major Erskine has earnestly demanded as- sistance. Brigadier Stuart’s column, on its route to Mhow, had been directed to proceed thither. The contingent at Mehidpore mutinied on the 8th of November, tad killed two of their officers ; but a telegraphic despatch>just received states they were attacked by the Mhow field force, and routed, with the loss of all their guns. Mhow and Indore all quiet. A reinforcement of 500 infantry has proceeded from Guzerat to aid General Lawrence. All quiet in Bombay, with the exception cf the Bheels in Khanedish, who are being put down. The Genghis Khan arrived at Homa with a de- tachment of the 3d Dragoons and 86th Foot. All quiet in Scinde and Punjab, as also in the Nizam’s country. Dates from Calcutta direct to 9th November; nothing of importance. The London News of Uth instant, speaking of a ayer headed * Another Proclamation of Nena Mi says:—The document which has been circu- lat inder this head since Wednesday last, was wblished in all the English pes two months ago. fit also appeared in the New York Hera.) Paris (Dec. 9), Correspondence of London Pést. official news which has reached Paria from India to-day, via Marseilles, dated Calcutta, Octobe 30, is not favorable. The mutiny is declared to be spreading. Sir Colin Campbell a begun to march towards Cawnpore, on account of urgent despatches from the seat of war, but he had done so before completing his arrangements. (From the London Times, Dec. 12.) Happily the anxiety caused by the late intelli- gence from India has not been of long duration. Another series of telegrams reached us yesterday vith news from Bombay up to the 17th of Novem- ter. The accounts, we are most happy to say, are extremely favorable. During this long contest the alternations of joy and sorrow have been frequent and severe; from them we may form some notion of the anxieties suffered by less fortunately situated com- munities, when the tide of war bursts over their frontier, and victory is not only a matter of great- ness or fiery: but involves the safety of every house- hold. Never since the first Napoleon encamped on the coast of Picardy has this country been so nearly touched in all that it holds dear as by the resent mutiny. It will, then, not be out of place if we congratulate the public on having surmounted the last of the dangers which threatened British power and a band of British soldiers in the East. Of course, we speak only as far asa judgment can be formed from the intelligence tranamitted from the seat of war. It may be that the great movement of troops which we report has been subsequently de- layed by unforeseen causes, and that the country may be premature in giving vent to its satisfaction; but, if no miscalculation has taken place, it seems likely that a month since Lucknow was relieved, and the final destruction of the rebel army commenced in Onde and the adjacent country. The position of things as described in the late itches was as follows: Generals Outram and Havelock were in Lucknow with some 1,400 ive men, besides women and children of the Residency. Some 500 men with a number of sick and wounded and all the baggage were at Alumbagh, three miles short of the town. Lacknow itself was surrounded by the enemy and unable to communicate even with Alambagh, while as far as the latter place the road was quite open from Cawnpore, and more than one Le pro- visions had lately entered. The great anxiety was, of course, for the safety of the unfortunate garrison -at Lucknow; as for the speedy destruction of the enemy, no one in the Presidency felt the slightest doubt about it, and there was rather a feeling of joy that from Gwalior and Delbi, and other quarters, the whole crew were gongregating in one spot, where they might be crusl at a blow. ve now learn that the military news brought by the extra steamer was perfectly correct. Sir Colin Campbell reached Cawnpore on the 3d or 4th of No- vember. It appears certain from our own tel m it the Commander-in-chief actually o the Ganges and commenced his march on Lacknew on the l0th. His force is variously stated at fram 1,500 t» 5,000 men, but it is probable that Sir Colin has pushedon with the smaller number, and that the reat would join bimat Alumbagh ina few days after. in such an emergency it cannot be thought that the Commanderin-hief would take more than four days on the march, and we may therefore expect that on the 15th or 14th he would come upon the ene- my, who had, no doubt, made preparations to receive bim in the plain which divides Alum! from the city. Some mails back mention was made of a canal whieh crossed this plain, and it was said that as soon as General Havelock got over the bridge on his way to Lucknow it was broken down. This ma- neeuvre seemed to intimate that the canal would be defended against the advance of an enemy, and it is quite possible that here the first struggle between cur newly arrived troops and the enemy has taken lace. We may, however, take it for granted that ir Colin Campbell has made his way to the city, and was strong to fight through it with less comparative loss than Havelock and Outram. But the force with the Commander-in-chief is net the only one which was advancing to the rescue. Colonel Greathed's column, after march- ing about 140 miles, gaining two consider! able victories, and worsting the enemy in four or five smaller encounters, had arrived at Cawnpore on the 26th of October. On the 18th of November Briga- dier Grant, of the Ninth lancers, had taken the com- mand as senior officer, and five days later the fore had_ inflicted a severe defeat on the enemy, captur- ing five guns. On the 3ist it marched on Lucknow, with, as it seems, reinforcements that made it ap to about 5,000 men. It ocenpied Alam! id hav: re ae supply of | await: the arrival of the Commander-in-chief. It thus spree that by the middle of November the force that had reached Lacknow must have amount ed to 10,000 men. Su ing the Residency and Atom! Rarrisons have numbered 1,500 more, ween 11,000 and 12 men might have been brought into the field. who remem- ber the tales of Assaye and Meeanee, or even go no further back than the events of the it tr, will readily believe that such a foroe will easily have vanqu' any number of treac! 8 sepoys who may have to oppose it. That Lucknow was re yj at the time we mention, and that those who been exposed to nearly six months of hourly peril are now in safety, is what we may without presumption hope. From the rest of India the accounts are equally satisfactory. The country was settting down. The disturbances appear to be quite sporadic, and to threaten no serious dangee. We are, however, glad to see that some of the detached bands have received severe chastisement. The defeat of the Dinapore mutineers by Colonel Powell, with a de- tachment of the 93d Highlanders and the Naval Bri- gade, appears to have been a brilliant affair, since we must suppose that the enemy far outnumbered the strangely compounded little force which worsted them. Unhappily the success was clouded by the fall of the ofliter in command. The outbreak at Mehidpore seems to have been speedily suppressed. This place, the scene of the great battle in 1817, in which the poret of Holkar was broken by Sir John Malcolm, was attacked by a of insur- nt tribes joined by a portion of the Malwa Con- tingent. Several officers were killed and the troops forced to retire. But the triumph was soon to end. On the 12th of November the rear-guard of the rebels was attacked by a force of the Nizam’s cavalry, and the whole of the guns and stores from Mehidpore retaken, with two of the enemy's guns. But we cannot help considering these affairs as of merely secondary importance. It is, of course, necessary to make head against the rebels where- ever they appear, and these actions give evidence that everywhere the activity and courage of our officers may be relied upon. But the chief thing to be 08 is to get the newl ae agg pe yy count to main of the rebels in ‘Oude, “When ¢ t is done, the spre of dis- affection in other parts will quickly pass away. THE FINANCIAL PRESSURE. The Bank of England Indemnity Bill—The khet—The Crisis on the BANK OF ENGLAND'S CHARTER. [From the London Times (City Article), Deo. 11.) This is the time for great practical authorities to speak out. The question before Parliament and the world is whether a person who makes a contract to exchange one article for another at a certain date should be held bound to fulfil it; or whether, if he has promised an ounce of gold for four tons of coal or auy other commodity, he should be permitted to substitute something else if he finds that gold has become scarce and the bargain inconvenient. Ac- cording to old fashioned notions, each man’s intui tive perceptions would have been supposed the best authority on such a point; but the “ interests of trade,” ‘the “expanding requirements of the com- mercial classes,” the “springs of industry,” and the “necessity of upholding credit,” are phases that have thrown all simple ideas so completely out of sight that nothing bot everlasting discussion and an abundant use of all those great names that are supposed to embody the lights either of official or general experience can now help to show us where we are. “1 have the high authori of a former Governor of the bank,” oh one. “f make such and such a statement on the authority of an eminent partner in a discount firm,” says another ; and so on through ex-Chancellors of the Exchequer down to some unnamed but ‘ highly influential’ business man in a provincial town, who may have happened that morning, in advising the consignment of a bale of goods, to have added “a postscript expressing his ideas of the functions of currency in general. If people are to bow to autho- rity, the advocates of the Bank Charter Act had better retire. The balance in that respect has been against them for some time. They sustained a heavy blow last week when an experienced merchant at Glas- gow, whose credit is so high that he has been allow- ed to overdraw his amount with the Western Bank by £60,000, testified to the prevalent want of bank accommodation. But yesterday evening there was afinal discouragement. Mr. George Hudson, the member for Sun d, pronounced against them. “Few men,” he reminded the house, perhaps need- lessly, “have had more experience of money m: than Ihave.” He remembered the former panic and the difficulty then encountered in obtaining advances, and that on that occasion, when he wished to get a loan on £100,000 exchequer bills, he had absolutely been told that if he wanted to realize the amount he had better submit to a heavy loss and sell them. Since then he has “thought a great deal on the subject.” Ten years have passed, and in the inter- val he has ripened a suggestion which he bestows upon Parliament and the country. It is “that power uld be given to the Bank of England to issue notes upon bills under discount to the extent of one- third their value.” “Surely,” he added, “bankers’ bills and the bills of first class mercantile houses are worth 6s. 8d. in the pound.” That, perhaps, depends upon circurhstances. Messrs. De Wolf & € P, son & Co., Macdonalds, and a variety of all distinguished firms a little while ago. would be a feo Med wnall cavils to interrupt the re: ception of a scheme #o grand in its simplicity. All that is wanted is that its author should explain what he means by saying that the “power” to carry it out | should be granted to the bank. Already they hi the power not only to advance fs. 8d. but 20s, pound on all bills they may think proper t the only limits to its exercise being such as may be in j terposed by their being fastidious as to quality. To | do any good, therefore, it is evident the system must be made compulsory. Either it must be understood that all traders carrying on business of a certain magnitude shall have the 6s. 8d. per pound furnished on whatever paper they may present, or some board must be constituted free from the illiberal Fide roe of that institution to decide upon each application, In the formation of such a board there could be no difficulty, and Mr. Hudson might confer on the country the benefit of his vast experience in every thing relating to matters of accommodation and _ac- count by consenting to act as chairman. “ The sn ag ee he observed last evening, “ had been blamed in some quarters for not standing by the law. But what government would have dared to stand still and le ple starve to carry out a inciple?” Would they fear that, ander the vigi- it care of Mr. Hudson, anything would be allowed to be sacrificed for such an object. ‘THE IRISH STOCK BANK SYSTRM AND ITS MANAGEMENT. {From the London Times, (City Article) Dec. 10.) The dealers in deposits re-discounted bills ma; rejoice. Parliament and the government are still disposed to uphold the system which, if not the cause of their prosperity, bas at all events been singularly coincident with it. The debate on the exceptional enforcement of unlimited liability in the trade of banking—which, in fact, simply involved the question, ‘whether the mercantile classes are better judges of their own interests than either the House of Commons or the cases be safely allowed in England, and that Parlia- ment should still retain in its hands the age of Gaatig the priv: of limited liability to such banking concerns, whether home or colonial, as may contrive to find favor with it, was not exactly expressed in a direct resolution; but the motion of Mr. Headiam, which would have been tantamount Se yes was got rid of by a vote of 118 to 47. The public are already aware of the groundson which the compulsory introduction of unlimited liability into all ban! contracts is con- demned. The: a, be resolved, in fact, into two axiouse:-—ist, thet f is against all rational views of liberty that government should interfere to dictate the terms apon which alone one individual should place confidence in another; and, secondly, that as all laws should be based on coherent principles, it is absurd to prohibit limited liability in any trade connected with the commodity called money, when in the trades connected with every other commodity the public are allowed freely to exercise their own judgment. There is no occasion, ther . to enlat erg these points. But most people will like to be told in a few words the consi- derations that are urged for their being set at nought. One gentleman, who seemed to think there was no getting over the fact that if the choice of limited lability is permitted in every other case of He it should in consistency also be allowed in that of banking, still contrived to do good service against the cause of commercial freedom from go- vernment trammels by —— extreme distaste for the thing itself. He thought that the operation of the prohibitive law was beneficial, and his reason for that opinion was, that it pro- tects the public, who know nothing .of the affaires of the bank, while it throws onus of everything on the shareholders, who have i zance and direction over the conduct ‘of their directors. What did he mean by “the public?” The only portions of the public interested in the matter are those who may choose to have dealings with the bank, the simple uestion is whether it is not quite as much the duty of these is to ascertain ite standing and character and constitution before entering into a with it—as it is that of some — indivi —a governess or a clergyman a out of a body of a thousand plc A gh Move: over, as these persons need not trust the bank unless they choose to do so, why need government trouble themselves specially to protect them from the consequences of voluntary acts, when they take no similar steps to prevent any old lady from investing her all in Venezuela deferred bonds or the shares of the Golden Wheal Mining Company just opened up in the middie of Wales If we are to have protection at all, let us all be fairly rotected alike. It is too bad that those who may ppen to be claimants on banks should enjoy the exercise of government provision on behall, while the clagnants on other estal is are obliged to trast to their own vigilance, although their time is equally valuable. The next ary nt was, that limited liability encourages D5 but as the same speaker had just before shown that it encourages extraordinary ‘caution, by stating that he himself would not trust a limited liability bank, there is no occasion to deal with that, espe- cially as what he doubtless meant to convey was that he would not trust sucha bank except upon rounds that would ay any prudent man. No doubt he trasts the Bank of England, which is a limited liability bank, but he does so on the faith of its capital and management. He next pointed out how well the paternal system works, even in the worst cases, by mentioning that the creditor of the Royal British Bank will after get. 16a, in the pound. ‘They not got i and he omitted to remark, moreover, that while he attributes the re- covery of that sum to the wholesome effeet of the shareholders being liable to their last farthing, they would never, but tor the law of unlimited lablity, have trusted the bank, or been in a position trouble the shareholders at all, The next speaker “believed” that but for the existing law mat- ters would have been far worse than they were at preeens, but did not explain the grounds of this beliet—whether, for instance, if there had been no unlimited liability in the case of the Western Bank of Scotland, they would have been trasted with twelve millions of deposits instead of six, or have had still greater “ facilities” from the London discount houses. This member also ht to draw some distinction to the effect that “ other traders employed ir own capital, but bankers traded with the cay f other parties;” and as no ne asked him whore ital it ita man trades with when he gets a bale of silk or a cargo of tea upon credit. remark seemed to answer very well. In fact, the gentleman who rose after him—an ex- governor of the Bank of England—was so struck with this obs tion that he hastened to express his entire concurrence with it, The House was then informed that it is the credit of a bank that constitates “ its sole and true capi- tal,” a faet which is, at all events. undeniable in some cas since the Western of Scotland and Liverpool Borough Bank, having lost the whole of their paid-up subscriptions some time back, had latterly, thank: the discount houses, traded on nothing else Parliament,” it was observed, i i esof a bank it will also limit and this Keemed to be considered a very grave contingency, although there are some ple, perhaps, who think it might not in the instances just mentioned have peor avery disastrous one. But the truth is, Parliament are not asked either to limit or to extend the liability of joint stock banks, They are simply asked not to meddle at all in the matter. It might, moreover, have been inquired whether the credit of the Bank of England is limited by its enjoyment of limited liability; but that did not seem to occur to any one. This speaker then offered his rigs ‘o controvert the statement that unlimited liability prevents prudent persons from having anything to do with joint-stock banks, and immediately, like one of the previous speakers, clenched his statement by avowing that, one un- der the most cautious circumstances, “he should not like to be a shareholder in such concerns.” He was not, however, wedded to the absolute enforcement of unlimited liability. All that he insisted upon was that there should be government meddling of some kind—say to the extent of enacting that the liability should be tevice the amount of the subscription. Any. thing rather than cut the whole matter short by re- cognizing that the mercantile and financial classes do not require the government to teach them how to conduct their own affairs, Finally, it was urged by this member as a subject for astonishment that any one should say the system had hitherto failed in viving the protection it prefewed. He could recol- lect only two instances in which broken joint-stock banks had not paid in full, It is bad to trust to recollection on statistical points, and it is believed the list might be enlarged, especially by some illustrations from Neweastl Bat it appeared to be forgotten that in all these cases of stoppage it is the delay that causes ruin. No doubt the depositors in ‘the Western Bank to the extent of six millions will be told, “Oh, you will have nothing to complain of. You will get every: thing in the course of a couple of years.” But in times like the present this is not quite #0 comfort ing as the honorable member seemed to ne; and moreover it will perhaps also be disagreeable to these depositors to fee! that, although they may get everything, it will be by plunging hundreds of ta milies, children, widows and aged men, into inextri cable and life-long penury. The last speaker whom it is necessary to notice complimented his predeces- sor on the nature of his views, and immediately spoke against the most important of them by assert ing that the chief object with regard to banks was “rather to check their credit” than increase it. Sup: posing it would check it or increase it, however, each proposition served in turn as an argument to uphold the existing system and to prevent the recognition of the one great principle of freedom of trade that would solve every difficulty Vhether the public will think that the pleas just cited—and they comprise the whole that were brought forward—are sufficient to —. the maintenance of an anomaly which still ceps the theory of protection i play, and is opposed to the entire spirit of English independence and self rehance, is the point that remi to be solved. All the views uttered by the majority last night, like many of those by which they have just been preceded on the currency, would have x consist: ent in the French Legislative Chamber under the presi dency of Count de Morny; but it appears like an u- lusion to believe that they were heard ta an assembly which more than ten years back affirmed, with an overwhelming voice, the wider conceptions that were then inaugurated. The rey of the independent committee ap- pointed investigate the position of the City of Hasgow Bank states that, although their re were conducted with great rapidity, the examina tion was as strict as ‘ible under the circam- stances, and that confidence is entertained it will a4 substantially correct. In many cases they hink they may have made an under valuation. The deductions consist of £00,816 for probable loss from debtors’ accounts ¢of which about £52,000 is in con nection with firms recently failed) and £111,990 from the general securities, including railway stocks, debentures, &c., the chief part of which should, proper , have been written off at ae he total capital, which was originally £975,000, but which appears to have been reduced to £745,110 im consequence of shares for £229,900 hay “fallen into the hands of the bank,” is, after allowing for accruing profits, &c., reduced only by £77,576, the amount remaining, accord! = 5 is circum ES valuations of the committee, being £6676 abstract, although very favorable under the stances, indicates many points of bad banking—a large lock-up in Santee A ares and the practice ap- rently, of making advances on their shares ; it it seems to free the directors from ‘< like a charge of intentional misconduct, wad aa there is ford ground to hope that the lesson have re- ceived has produced its effect, the of their resumption may be looked forward to with satisfac- tion. LONDON MONEY MARKET. (From the London Times (City Article) Dee. 10.) The English funds opened this morn. at an improve ment of an eighth, but a subsequent further advance quarter per cemt. was not maintained. The market, how ever, closed with a steady appearance, Console for tho Rvimgtsuched 6130 they te off at Ly RAS cannes aving 34, they left off at 91) nt of the Chancellor of the Exe ‘ tn bank reserve had recovered to the expectation that it has since continuously stimulated the tendency to confidence by creating an im Pression that within ten days or a fortnight they may themselves ina condition to repay the (wo millions of over issue and to entertain the question of a reduction in their rate of discount. Bank stock cloeed at 217 to 218, and reduced and new three per cents, i which, owing to the consol books being shut, there were numerous trans actions, improved to n to \. India bonds were quoted 868. to 268. discount, and exchequer bills 28. discount to @. premium. Another failure of a dealer was annovoced during the day, but was of insignificant amount, SIX IMPORTANT FAILURES IN THE CITY—FAILURE OF A BANK (N WORCESTRR. the London Times (City Article), Deo. 12.) Although a few days had without the declaration of any fresh failures of moment, it was feared that seve ral were yet impending, and this expectation has to-day deen realized, a series of vis—eome of them of an impor tant chararter—haring just announced. ‘The chief bouge in the list ig an old and most ble one, Messrs. Heine, Semon & Co.. engaged i» the trade with the north of Germany, Moldavia, &. Their liabilities are eupposed to amount to about $700,000, but the firm, it i# said, contid believe that ment will ultimately be met in full have a le assets to a considerable amount still in hand, but, in the midst of the uncertainty caused by the nem! ftop- pages on the continent, it waa considered prudent general interests of the creditors to suspend at on tg Messrs. Weinbolt, Webner & Co.,a German house con nected with the trade to the Rast Indies and A\ 4 betwoen 4 000 and £300.00, and the prospects of the liquidation = to be doubtful, einee they depend on rom produce and collections from‘abroad, the proceeds of bills on other failed houses. At the ginning of the year the firm bad a considerable Messrs. T. A. Elmenhorst & Co. German trading principaity to the north of Burope, have aleo been, brought down. firm have alwaye oceupied & good position, and there is a hope the difficulty may prove but temporary. They hold the paper of other suspended % Se