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- ADULTERATION OF CREDIT. A defence coul...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Survey Of The War. Prospective. Thebid S...
. h 0 $ m > W & $ && : the , sfetf ® , of ! things in the It is ! a 4 mit |^ on all hflnds that the Eussi 3 tt , a * riiy > although ftpt reduced to extremities , i ? placed in a yerydi ^ cult and dangerous $ ituV & on , The position they occupy on the north side , is , indeed , truly formidable . It consists ,, on its light , of an elevated tablel ; where the : troops have the support of the casemated fortress known as Fort Constantine , the JSTorth Ifprt occupying t & e qentre of the plateau , and a series
of earthworks which command the great military road running up the valley of the Belhek . The centre , facing BalaJdava , is stijj stronger . It consists of . the round , TbastionrHke elevation , having the ruins of Inkerman on its south-western face ; steep and cliffy on three sides , but being cpnnected in the rear , by tolerably even ground , with the valley of the ijelbek . The steep slopes to the east look down on the road leading up to the Mackenzie heights ; they are garnished with batteries , and afford an admirable
positipn for field artillery , which would pour a flank fire into any column moving up the defile , to the Mackenzie plateau . Then the crown i of the narrow pass could be amply defended both by troops and guns in position ; while the prolongation of the chalk cliffs , known as the Mackenzie ridge , extending as far eastward as Aitpdor and Mangup-Kaleh , covers ; the left . In the rear there are the valleys , of the IJelbek and the Katcha , affording forage and water for the cavalry ; and good . communications with Baktchi-Serai and
3 impheropol . The Allied position is ~ pretty well known . It stretches from . Kamiesch to the recesses of tha B ^ idar valley . The extreme right is Secured from serious attack by the nature of the ground , which prevents the manoeuvring of any considerable force . The real right of the army rests on the heights of Kamara , defend ed by Sardinians and Turks , fprming the rigjjht of the position on the Tchernaya . This line is now far stronger than it was on the 16 th August . The outposts beyond the the brid
river are more securely fortified ; ge has been secured ; while a , mass of artillery frowns from the low hills and sweeps the river front and hollow ways ; and . ten thousand cavalry are always in readiness in case of disaster . Balaklava itself is an impregnable citadel , c overed by and supporting the line of the Tchernaya . The other point where Sin attack might be made is the head of the harbour—the old Inkerman ground . But this hae been so strongly fortified , that the enemy , should he think of assailing it , would meet with a more severe defeat than that of
Inkerman . We have dosoribed the advantage of the Russian position—its impregnability of front . "What then are » its disadvantages ? In the first place it is a position at the extremity of an empire . Between the army , there posted , and its resources , intervene long tracts of country almost destitute of dwollings , and in places wholly destitute of water . Prom that position there are only two roads leading to the main land : one by Perekop , and one by the bridge constructed over the Putrid Sea , at a point where the Crimea approaches the small peninsula of Tchongar , a tongue of land which juts out for some miles into the Putrid Sea . As the Crimea affords little sustonance
for an army , nearly , ovorything in the way 01 food , munitions of war , and clothing , must bo brought into the Crimea by tho employment of endless convoys of waggons , chiefly drawn by oxen . Thoso two roads also constitute the only h ' nes , of retreat for the onomy . What are the furthor disadvantages inherent , in . this position ? Tho Crimea , boing nearjy a ^ , inland , and tho Allies being in
possession , of , the . sea ,-in , . order to operate against the ,, enemy they , are not compelled to strike at then ? front but may take them in flank , As all our supplies arrive by . sea , we are . in no sort of anxiety for them . Therefore our only care , in moving against the enemy , will be to secure Bala ? klava , Sebastoppl , and . j & pde ® ek ; and then , embarking a goodly nuraber ^ pf troops , establish a strong base of operations on , another part , of the coast ; , ajnd threaten the Bussian fine of retreat . Everbpdy admits that , a
strong force advattPing either upon the eastern or the western , side of the Simr pheropol road must compel the enemy tp retire upon that towA , if not upon Perekop , Now the choice of a base lies , between Kaffa and Eupatoria , But if made from Eupatoria the advancing column wpuld have Perekop in its left rear , and would , be exposed to the assaults of any reinfprcements that might be hurried on to the seene of action . Kaffa , on
the contrary , affords a base perfectly secure , a bay of debarkation and refuge superior to all in the Crimea . We have already secured Kertch . The appearance of an army before Kaffa would be the signal not only for its evacuation , but for the evacuation of Arabat . Strongl y based on the peninsula of Kertch , the Allied expeditionary army might move along the northern slopes of the southern range of hills by Starpi-Krim . and Karasu-Bazar . It would advance with its flanks and
rear perfectly secured , through a country not difficult of access , and having water , if not in abundance , at least in sufficient quantity . ! From Karasu-Bazar a communication might be established with Alushta , thus opening another road to the sea , and securing the whole southern coast . Jfb Karasu-Bazar the Allies would be virtually in the rear of the enemy , and it is impossible to conceive that he would maintain his position . He would therefore have one alternative , either to retreat , or by a rapid advance attempt to outnumber and crush the flanking army . But as the Allies
are strong in numbers and flushed with victory , it is not probable that this effort would succeed . In most cases , judging by history , a general in Prince Gobtsciiakojt' s position would retire as fast as he could , the moment he heard that a strong army would in a few days block up his sole lines of communication . Another advantage of moving from Kaffa would be that it would practically bar the road to the Tchongar bridge , and thus compel the enemy to fly by one road across the waterless steppe .
The advantages , then , seem to be all on the side of the Allies : free communications , endless supplies , at least equal numbers , a roll of victories , and a great triumph ; while the enemy dare not attack them on the Tchernaya , has a restricted and imperilled line of communications , is doubtful about his supplies , and has been uniformly beaten .
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- Adulteration Of Credit. A Defence Coul...
- ADULTERATION OF CREDIT . A defence could be put in for Stbaiian , Paul , and Co ., which might have a powerful moral effect . Their counsel might plead that they have only followed tbo real usages of Eaglish trade and English society , and that an oxact observance of laws is impossible , and is pronounced to bo impossible by the general practice and the solemn decision of the legislature . Wlrat did they do ? They professed to havo money which they had not got ; they risked other people ' s property , and lost it ; they did not fulfil thou * commercial obligations ; they kept up an appoaranco of respectability ana wealth , and leffe others to pay tho debts which they had incurred , perhaps consigning some of thoso others to beggary . Well , in trade they all do it . Paui * may have gono furthor in degreo ; but
there jare q 1 & er &;;^ list , as having niodifieot the strict application of commercial principles upofl .. ^ aich all profess to act . Where could yowfin ^ jbetter names than those of Lawfokp , GJ-oRppif , or ViijLIees ? . And the annals of pur ; pplicie courts have become familiar wf tjj- various kinds of commercial establishments of the
highest class—commission agents * insurance c o mpanies , and railway companies , as well as banks . It is unjust to represent the case of Strah'AN ' , Pattii , and Co . as so very exceptional . The steps bv which the students on bankruptcy can arrive at their sublimelydark position eau be distinctly tra . . d , without departing from the plainest statement of known facts .
Before we proceed , let us , for the sake of clearness , lay down what we understand to be the fundamental principles of British commerce . It is supposed that two parties , possessing each a superabundance of some different commodity , the two can effect a mutual exchange with mutual benefit ; but then it is understood that the things which each says he exchanges shall be the things . Sometimes it is very convenient to make the exchange on one or both sides prospective ,
and the payment is given promissorily ; but then it is understood that the promise is to be kept . The passing of an article at a profit is called buying , and the privilege or obtaining it on purchase with a promise to pay hereafter is called credit . A butcher sells me a sound quarter of lamb , and I promise to pay him three months hence : his belief is my credit . So far all is sound . _ But , under pressure of obligations that have become very complicated , I find it and the law
difficult to pay j which is bad , steps iu to compel me . Trusting to the compulsion , butcher still accepts my promise , and calls his action " credit "—though it is more like taking a pledge in pawn , with a penal security against me . Here penal compulsion is substituted for credit or belief , and the living moral principle of real credit is so far diminished . Profits get lower under competition and bad debts , and the tradesman tries to compensate himself out of the substances of the thing sold : pickles are greened with the
with copper ; tomatas are reddened same enough to case a nail soaked in their liquor ; grease is supplied to railway companies which is no Jbetter than chalk ; and the purchaser , who gave his money for green cucumbers , red tomatas , and lubricating grease , which he wanted , has in return for his genuine sovereigns poison or friction in lieu of food and lubrication . The money is wasted , and death is purchased in lieu of life . Sharp practice has so far rendered commerce vain , —a delusion , a mockery , and a
snare . The next step is to trade in adulterated credit , and that is as general as it is easy . A . promises to pay to his butcher , B ., if he can : he puts the promise on paper , which ostensibly tho law will enforce . B . wants tho cash now , though he pretends to postpone his claim , and he adds his signature to the promise , and asks C , a third party , to lend him tho money . 0 . agrees , less on tho faith in B ., whose power to pay rests on A ., than in faith on the law ; and ho " discounts tho bill . Established the principle that you may raise tho wind on adulterated credit , which derives a factitious and fictitious
guarantee from-tho supposed com P i \ ° f ™ Z law . Nor is that princip le lek to abztiatb and theoretical recognition . Mr . I j iwronv a lawyer ' s clerk , nophow to »&» % ™ ™ ° ECSo ^ cS ^ I ^ i ^ WSS ^ SSftAA
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Citation
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Leader (1850-1860), Sept. 22, 1855, page 11, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_22091855/page/11/
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