NEWS AND TOPICS OF THE DAY.

Lyttelton Times, Volume VII, Issue 436, 7 January 1857, Page 4

NEWS AND TOPICS OF THE DAY.

(From the Northern ' Daily Times,' October 2nd.) In the way of political intelligence, there has not been much stirring since the departure of the Tiptree. At present Lord Palmerston and his colleagues are scattered about the country, and her Majesty and the Royal Family are located in their Highland Home. Hence everything is conjectured as to the measures we are to expect the Government will adopt on the reassembling of Parliament. Agricultural dinners are being held in all directions of the country, at which some conspicuous members of Parliament and Peers attend; but then, after dinner, orations are dull, vague, and insipid, being nothing more than studied generalities, intended to convey little information as to the future, and to promise less. Sir J. Graham, the far-famed' Canny' Baronet of Netherby, has been holding forth at Carlisle. He has been thirty-eight years in Parliament. Few men have spoken more in the Senate, and we know no member whose speeches Avill furnish posterity with a truer outline of the character of the legislators of his day. At one time a gladiator, at another a leader, and anon a passive partisan. Fortune placed him in a position to do great good for society. Nature bestowed upon him talents of the highest order, and both friends and foes sought and obtained their assistance. It was only necessary to ask advice of Sir James to secure the hearty co-opera-tion of the 'Cumberland Baronet.' His political opinions always sat as loosely upon him as his slippers, and lie could shake off principle for friendship or office at any moment. Men so constituted and circumstanced ought to be able, one would think, to look back upon a long public life with inestimable delight. Every one of its stages ought to bear testimony to some great deed or transcendent virtue. But our modern statesman is not a second -Tinus. he will never live long enough to be deified after his death, nor will his most ardent admirers represent him on canvas with two heads, to denote his constancy cud prudence.

Mr. Disraeli has been addressing his Buckinghamshire constituents, under the presidency of the Duke of Buckingham, but he, too, failed to impart to his hearers anything new as to the present position and future prospects of the farming interests of the country. Political topics he never once mentioned. It is evident that his leadership of "her Majesty's Opposition" is fast on the decrease.

The Bishop of London has replied to an address from his clergy, presented on his proposed retirement from the spiritual charge of the diocese. Both the address and the reply are couched in feeling and affectionate terms. Whilst he is glad at being relieved from the onerous duties of his bishopric, his Lordship regrets that the Legislature did not pass some general enactment, enabling old and infirm bishops to retire into private life when unfit to discharge the duties of the Episcopate. His Lordship concludes by an earnest desire that the work of church extension may go on progressing as it has done for some years past. Our news from Ireland informs us that at a meeting of the National Crimean Banquet Committee, on Friday afternoon, it was announced that the subscriptions had reached £2000. The railway companies have offered to convey the soldiers from different parts of Ireland gratuitously—the waiters of Dublin will serve at the banquet gratuitously; and offers are made of the gratuitous loan of tumblers and glasses, and other similar necessaries. It appears that Ireland is rich in her mineral ressurces, and that another large nugget of gold has been found in Wicklow, by the same parties who were fortunate enough to make a similar discovery a few weeks since. The present one is said to weigh 2Bjs. "of pure, clean gold," and was found in the clay-slate rock. Pauperism has decreased so much in the Carlow Union, that the surplus of funds now in the bank enables the guardians to dispense with a poor rate for the present year.

Affairs on the European continent are still unsettled. According to the last accounts from Marseilles,it appears that the vessels destined to form part of the squadron for Naples were assembled at Toulon, awaiting the signal for departure. From the same quarter we hear that Piedmont will also send a naval force to the Gulf of Naples. The four Powers who figured at the Paris Congress, and who are most interested in the affairs of Italy, will thus appear together before Naples. The fact of the naval demonstration against Naples has, it is said, created a profound sensation in Vienna. Nevertheless, Austria will not join the allies, but continues to act as mediator with the King of Naples, comformably with her line of policy; and,if reliance can be Eplaced in our advices from Vienna, Baron de Hubner has given a report of his interview with the King of Naples, which is of a nature to dissipate the hope of obtaining concessions from that monarch. Respecting the Neapolitan question, people say that it looks as if the decided measures announced hung fire, and infer from this that they may not be taken, and that the matter may, after all, be in some wav patched up. Now. one of two things is ouite clear; the King of Naples must yield, or England and France must abandon the demands they have so strongly urged. It is difficult to imagine an intermediate course; equally difficult to suppose that, after all that had passed— after coming to a decision and preparing a squadron—the two great Powers will allow the thing to blow over, and the King of Naples to continue as before. It is quite incredible that such a course should be adopted, and we do not believe that it will, or that indecision exists on the part of the French and English Cabinets. Probably, were it consistent with the reserve avid secresy necessarily imposed upon high departments of the State, the slight delay might be explained in a very easy and natural manner. But the public, having got wind, perhaps rather prematurely, of the measures contemplated, is puzzled to understand why they are not immediately executed, and forges obstacles where forms perhaps are the sole impediment. The general tenor of the intelligence on the subject contained in the French and foreign papers does not en^ courage a hope that the King will give way, and that the final notes prepared by France and England may be dispensed with. By a communication from an intelligent and well-informed coiTespondent at Vienna, we learn that the Austrian Government is greatly vexed that the Western Powers have resolved to send their ships to Naples. It is not that this Cabi-

net has any kindly feeling towards his Neapolitan Majesty, but it denies, in toto, the right of one State to interfere in the internal affairs of another. It is said, Austria has done all in her power to prevent France joining England in the expedition to the Gulf of Naples, and she is much mortified at her want of success. Austrians in office affirm that Baron Hubner had no mission to the King of Naples, but the impression on our mind is that he had, as General Martini, the Austrian Minister at the Court of Naples, has for some time been absent from his post, and did not leave Vienna to return to it until very lately. It is said that some Austrian ships of war were ordered to Naples as a " squadron of observation."

Matters are quiescent in Spain. We notice in the Madrid journals that in the engagement at Meililla, the Governor of the garrison, General Buceta, was seriously wounded. The Government had determined to forbid all such isolated combats for the future, as even when successful they are of no real advantage ; and it contemplated sending three steamers and between 5000 and 10,000 men to chastise the Moors. The semi-official JSpoca says:—A Cadiz paper states that the sequestration placed on the property of the Queen Mother is about to be taken off. This is very probable indeed, after what took place in the Cortes. Where no categorical accusation against her Majesty was made it could not be otherwise. Confiscation. is abolished in Spain, and when it was condemned by -the respectable governments of the liberal and conservative parties in the case of the Prince of Peace, it was impossible to apply it to the property of the mother of the Queen. Such measures can only be adopted in revolutionary periods, but cannot be persisted in when the laws recover their empire, and the sound sense of the people regains its rights. It is asserted that the resignation of M. Cantero will in no respect change the policy of the Cabinet, and it compares it to the retirement of Lord J. Eussell from the English Ministry.

Among the more important items of Continental news is the protest of the Czar of Russia against the interference of France and England in the affairs of Naples. This important manifesto has been addressed by order of the Emperor to all his representatives at Foreign Courts. His Imperial Majesty grounds his protest upon the supposition that France and England have no right to meddle with the just independence of other Governments. It is dated Moscow,. September 2. Looking at the document in question, we must regard it as neither more nor less than a solemn declaration, haughty in tone and defiant in language, of the part that Russia intends to assume in the political transactions of Europe ; and a denunciation but thinly veiled under the stately courtesies of diplomatic style, against the projected interference of the two great Western Powers in Naples and the continued occupation of Greece. The manifesto, after reminding the Western Powers of the alleged cause of the late war in the Crimea, declares that in the continued occupation of Greece, and the menaced interference with Naples, it is impossible not to perceive a violation of the principles to which the adhesion of Europe was thus understood to have been given in. The occupation of Greece against the will of the Sovereign and the will of the nation, is declared to be wholly unjustifiable on any ground of political necessity or political morality. With regard to the interference in Naples, the expressions used are at least equally strong. The King of Naples, it is declared, is subjected to pressure, not because his Majesty has transgressed any of his treaty engagements with foreign Powers, but solely because, in the exercise of his incontestable _ rights _ of sovereignty, he governs his subjects according to his own fashion. Amicable warnings, even pressing exhortations, are allowed to to be admissible in such a case, but that the Russian manifesto declares is the extreme limit of what international law allows. There never was a time, we are told, when Europe could less afford to forget the absolute equality of Sovereigns among themselves; and the endeavour to extort from the King of Naples, by threats or demonstrations, any concessions as to the internal management of his own dominions, is represented as a violent usurpation of his authority, an attempt to govern in his stead, a proclamation, without disguise, of the right of the strong over the weak. From these points, the manifesto intimates the regret of the Czar, that the union with those who in conjunction with us

have so long upheld the principles on which the peace of Europe for a quarter_ of a centuryhas depended, exists no longer in its ancient integrity. It declares that the Emperor, though primarily devoted to the development of the internal resources of his own dominions, cannot yet remain a stranger to the general politics of Europe ; that his policy, though national, is not isolated; and that, though he regards the interests of his people as the first object, he is convinced that even the pursuit of that ohject cannot excuse a violation of the rights of others. Russia/ we are told, might reasonably have taken umbrage a*" the misconstruction to which her policy has heretofore been subject. Her protective action on behalf of the rightsjof Governments has been perversely interpreted to mean an aspiration after universal empire. She is, however, too magnanimous, on this account, to retire into silence and inaction, convinced that such a course (and these, reader, are ominous words) is unworthy of a Power -io whom Providence has assigned that place in Europe which is occupied by Russia.

Advices from Lima of a late date inform its that a revolt had broken out among the troops. The insurgents numbered 500 or 600 men, under General Castillo. When apprised of the revolt, the President mustered those troops who remained loyal, to the number of 600 or 700, and procoeded to attack the insurgents,'who had taken possession of the square of the Inquisition. After some skirmishing, and a cavalry charge, the insurgents were compelled to retreat out of the city, and the insurrection for the time being, at least, was suppressed. The populace were much excited during the day, but took no part in the affirir. We have New York advices to the 18th ultimo. From them we learn that a letter had baen published from Mr. Johnston, the Knownothing Free-soil candidate for the Presidency, declining the nomination, and declaring his adhesion to Mr. Fremont. This letter was said to have been surreptitiously obtained. The Whigs held a convention at Baltimore, on the 17th, to nominate candidates for the Presidency and the Vice-Presidency, and as was supposed, they declarei in'favour of Mr. Fillmore. The Republicans were to hold conventions at Trenton, New Jersey, and at Syracuse, in New York, on the same day. A grand demonstration in favour of Mr. Fillmore took place at New York on the 12th; about 150,000 persons were present. Advices from Washington inform us that Governor Geary and General Smith have been apprised by telegraph that they will be furnished with sufficient force to preserve order, and bring to justice all offenders against the public peace in Kansas. The accounts from Kansas are to the sth of September. They state that 150 of General Lane's men attacked Tecumseh on the 4th, bat that the particulars had not transpired. Judge Lecompte has issued an order to the Marshal of the territory to arrest General Lane, and General Smith had instructed Colonel Cook, commanding fourteen companies at Port Riley, to give the necessary assistance for the execution of the writs. One hundred Free State refugees arrived on the 11th at St. Louis, entirely destitute. They stated that a large number of families had taken refuge at Fort Leavenworth. It is reported that a large number of Free-state women and children were killed at Stranger's Creek on the 2nd instant.

We subjoin the latest advices from our correspondent, dated

Paris, Tuesday evening. The alarm which was felt yesterday and the day before with regard to the Russian note, has somewhat diminished to-day, and there has, in consequence, been an improvement in all securities on the Bourse. Many different interpretations of the note are given, but in one almost everybody is agreed, and that it 'amounts to positive notification to England and France to pub an end to their occupation of (Greece, and not- to carry out their projected expedition to Naples. But, it is asked, can England and France submit to receive such a notification frcm Russia ? If they, or at least France, hesitated to go to Naples before, can they—can France hesitate now? Whatever niay'be the answer eventually given to these two questions, it is certain that, up to this day, the French fleet had not, as a telegraphic despatch assures us, sailed from Toulon; and it is probable that no definitive resolution will be taken until after the return of the Emperor to St. Cloud, which is to

take place on Thursday. As to the report which appears to have been spread in England, that a Russian fleet has been ordered from Cronstadt to Naples, it meets with very little credit here. Amongst the on dits of the day is one to the effect, based, it appears, on the allegation of a German paper, that it was in compliance with the express wish of the Austrian Cabinet, manifested to the English and French ministers at Vienna, that the sailing of the fleets was delayed. The London money market is reported in the Northern Times, of October 2 :— Liverpool, Wednesday Evening.—The Bank of England has raised its rate of discount to 5 per cent. The announcement came upon the commercial public rather unexpectedly to-day, inasmuch as the usual day for the Bank Directors to meet is Thursday, and not as in this case. In some quarters fears are entertained that at the usual meeting to-morrow there may be another advance, and that the minimum rate will be fixed at §\ per cent. The immediate effect of this increased stringency in discount accomodation, and the high rate of interest charged, will put a stop to speculative dealings in most departments of trade. Added to the fact of the rise in the rate of interest, the commercial classes do not like the aspect of affairs on the Continent, the bold and defiant tone of the Czar of Russia's protest upon the Neapolitan question, and the peculiar position of monetary affairs in Paris, almost amounting to a crisis. Looking at the matter in every point of view, the'TDirectors of the Bank of England could not avoid the step which they have taken. Indeed, in some quarters, the extreme course of raising the rate to 4J per cent, would be regarded with favour. Already the rate of money in Lombard Street is in most instances up to h\ per cent, even on the best descriptions of paper, and all hope of an early improvement in the state of our monetary affairs is for the present abandoned. This remark is applicable to the Continent as well as to the United Kingdom. In our opinion it will require much caution and extreme vigilance to avert a ' crisis' during the coming winter; but if merchants and importers exei'cise due care, and regulate their dealings according to the circumstances of the hour, nothing very serious in the way of failures will take place. Among the more prominent causes which have led to our present monetary position, may be enumerated the specie speculation—the amount employed in increased trade —and capital sunk a few months since in providing the deposits and subsequent shares of Joint Stock companies, fostered under the new Limited Liability Bill. The Globe of this evening, in noticing the rise of the rate of interest by the Bank of England says : —The condition of the money market yesterday illustrates in a lively manner the condition of our commerce. The market opened heavily with falling prices, the men of the City looking towards Trance with its continued monetary panic, towards Russia with its threatening language. But the market recovered when the City men looked to the returns of our own revenue, and surveyed the genuine and substantial part of our own commerce. So that, notwithstanding the anticipated rise of interest at the Bank to-morrow, notwithstanding the pressure of men at the Bank doors anxious to obtain discounts at the existing rate, the prices of Consols rallied to a quotation not less than one per cent, above the lowest point yesterday. The raising of the discount by the Bank tomorrow is anticipated as the natural consequence of the raising of discount by the Bank of France to 6 per cent. It is in fact rendered necessary by the rapid expansion of monetary obligations, by the ultimate effects of the war expenditure, and by the extensive speculation in shares ; for, although the war has now ceased, although joint-stock speculations during the past month appear to have been limited to the comparatively small sum of £600,000 aggregate capital, and to strictly national objects, the general state of our Money Market is brought about by causes which have been long in operation.