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THE crash and panic on the Paris Bourse ( so long predicted by our Paris correspondent ) , and the sudden rigour in the Bank of England , are the great facts of the day . That they have some connexion , in the nature of cause and effect , is obvious , though the measures taken by the Bank of England are justified by other
considerations than the mere collapse in Pans . The immense activity and extension of trade in this country has rendered capital more valuable , and not only is a rise in the price of capital a natural result , but to establish that higher price is a useful check upon wasteful misapplication . The measure taken by the Bank is felt to be sound on every consideration .
The story of the successive falls in the Parisian Bourse is also in the main sufficiently intelligible . The Government has been collectively and individually gambling in stocks—it has been needing a great amount of money— -it has . been dabbling in railway shares , both to engage the middle classes , and to bolster up with a factitious glut of prosperity Louis Napoleon ' s aggrandizing projects—it is notorious that members of the Government
have personally played in the funds , and one of the high officers of the Imperial household is posted as a defaulter . A crash must have come sooner or later , and it commences rather sooner than many had expected . Speculators in stocks begin to feel uneasy ; prices begin to decline ; measures wildly taken to check the fall accelerate it ; holders of railway property take the alarm ; shares fall 15 per cent , and panic is established .
It is impossible to separate the really agitated condition of affairs in France from the extraordinary position of Narvaoz . Under orders to proceed to Vienna " to stud y the archives and condition of the Austrian army , " he stops at Bayonnc , and hy published letter addressed to the Queen , puts in a remonstrance against the injustice
perpetrated upon him by her Ministers ; the only efFect of this remarkable protest being that he is ordered to go on to Vienna . Meanwhile , Lord Ilowden has returned to his post at Madrid ; and the Spanish Government continues to show a firm front towards the exiled Narvaez . It is generally understood that Louis Napoleon is endea ^ uring [ Town Edition . ]
to persuade Queen Isabella to imitate his coup d ' etat , though his approaching marriage with a Spanish Countess of rare beauty is a startling defiance of dynastic or diplomatic seductions . This " affair of the heart , " after more than one repulse from royal Houses , is at once a surprise and a humiliation to Imperialists , and a pledge of speedy deliverance to all the other parties in France that bide their time in contemptuous isolation . A totally new turn has been given to the Cuban affair . The British war ships that were ordered to the coasts of that island have found work to
do , not in defending the Spanish possession against American invaders , but in seizing the slave ships which frequented the ports under the direct patronage of the local Government . The policy which makes England act as a knight-errant in forcing a virtuous behaviour towards the Black upon certain foreign states , is more than questionable ; particularly at a time when our fleet may be needed to defend interests nearer to us than those
of the Negro . But in the present instance , if the quarrel puts us in the wrong , it puts us in the wrong on the right side . It is said that papers on board these ships prove the complicity of the Spanish Government . Now Spain has a right to be insincere if it pleases her so to be ; and if she oppresses the Black , there appears no more reason for our intervention , and indeed much less , than there exists in the case of the Italian oppressed by Austria , or of the Pole oppressed by Russia . But if we are to quarrel on the coasts of Cuba at all ,
it would be a comparatively fortunate antagonism that should place us in opposition to Spain supporting the Black , rather than ia opposition to the United States supporting the tyrannical , corrupt , and feeble Government of Spain , which undoubtedly has even a less claim on our consideration than the Black . Opinion to that effect is showing itself in unexpected quarters , arid we note with satisfaction the newly awakened idea in the Daily News , thai rather than the continuance of the slave trade it would be better if Cuba fell into
possession of the Order of the Lone Star . There is . a difficulty in speaking about Australia , because the news is so very important , and yet so exactly like that which has preceded it in the same quarter , that the mere repetition of the words may become tedious . The facts , however , ought to possess the utmost interest , both for our cummer *
cial and our working classes . In the province of Victoria five new gold fields have been discovered , and the yield was proceeding at the rate of more than . € 400 , 000 a week . The Melbourne Argus , indeed , asserts that the yield had begun to diminish , and we recognise both the independence and the intelligence of that journal ; but we do not
observe the slightest proof of such a statement . It mentions the Echunga field in South Australia , where the yield has always been meagre ; but in other parts the general characteristics do not vary from the old reports . At the same time the anticipated want of labour to get in the wool has not been felt in South Australia or New South Wales :
it was not redundant , and it commanded high wages , but it appeared to be nearly sufficient . In New South Wales the Legislature was discussing reforms in its Constitution , and in South Australia a committee had reported in favour of a new Constitution , to comprise an Upper Chamber of Magnates , with a qualification of j £ 2000 in
property , and eighteen years' term of service ; and a Lower Chamber , with no property qualification , elected every three years , by universal suffrage . They are learning how to appreciate the working man in South Australia , one of the most intelligent communities within the whole range of the British dominions .
Before movements so important as those abroad , the re-elections of our own Ministers , dragging on in their third week , possess comparatively little interest . Mr . Gladstone is returned by Oxford University , after the most tedious contest ever experienced by that body , and Mr . Keogh again representsAthlone ; but Mr . Sadlcirhas been successfully
opposed in Carlow—so far a rebuff to Ministers . Upon the whole , however , the elections have marked a very decided and general support throughout the country to the new Cabinet . It is not to lo « e the advantage , according to a report revived awul believed early in the week , of Mr . Disraeli ' s opposition : he is not going abroad for his health , but is ready to resume his duties in
Parliament , with keener zest . We notice considerable activity in the military administration , and amateur contributions are made to the strength of our warlike means . Lord Hardingc was at Woolwich the other day inspecting a new American rifle which economises time in an unusual degree . A new kind of mortar for use
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"The one Idea which History exhibit ' s as evermore developing itself into greater distinctness is the Idea of Humanity—the noble endeavour to throw down all the barriers erected between men by prejudice and one-sided views ; and by setting aside the distinctions or tteligion . Country , and Colour , to treat the whole Human race as one brotherhood , having one great object—the free development of our spiritual nature . "—Humboldt ' g Cosmos .
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VOL . IV . No . 148 . ] SATURDAY , JANUARY 22 , 1853 . [ Pkice Sixpence .
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NEWS OF THE WEEK— Elementary Drawing a Branch of The French Crisis and its Conse- LITERATUREPAGH " National Education 78 quencea 83 Ruth 89 Election Matters 74 Achilli versut Newman 78 Church Ploity vertus Church Politics 84 Ranke ' s Civil Wars in France 91 . The Madiai 74 Oxford Catastrophe : Committal of Irish Politics 84 Another Batch of Books 92 How War is Conducted in Burmah 74 Kinch , the Guard 79 A Voice from India 85 Books on our Table 92 National Defence : New and Wonder- Criminal Record 79 The Laundry and the Lazaretto 86 ful Shell 74 Miscellaneous 80 Taxation Reduced to Unity and Sim- PORTFOLIOletters from Paris 75 Healthof London during the Week ... 81 plicity 86 The Works of the Old Painters . Continental Notes 76 Births , Marriages , and Deaths 81 Trial by Jury 87 Chapter III 92 The Diggers in Council 76 -. „ .-.. ^^ .. „ ., * .. Little Boy Blue ..... 93 American Notes 77 POSTSCRIPT 81 OPEN COUNCIL- J Restitutions at Rochester 77 Property-Tax 88 THE ARTSProgress of Association 77 PUBLIC AFFAIRS— Scotch Sabbatolatry 88 Lilian Gervais 94 M . Louis Blanc ' s Recent Lecture on The Cloud Over the " City" 82 What is the True Policy of the „„„ , „ .,. , „ ,... Socialism 77 The Press and the Administration . " Irish" Party ? 88 COMMERCIAL AFFAIRSHomes for Unmarried Labourers ... 78 of Justice ' . 82 Miracles : Sacred and Profane 88 Markets , Advertisements , &c 94-96
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Citation
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Leader (1850-1860), Jan. 22, 1853, page unpag., in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct1970/page/1/
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