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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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The Earl of Albehaxlb then moved for a Committee of inquiry into an alleged appropriation by the Dean and Canons of "Windsor of funds which were originally granted by the . early sovereigns of this country to the Poor Knights of Windsor . ¦ The motion was opposed by the Lord Chancellob , Lords Camebkli . and Bbougkham , on the ground that the only means of redress was by a suit in CaianQeryfaiid . it was withdrawn . Several Tails , among them the Income-tax Bill , were aayto ^ a'i stage .
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SURVEY OF Tps W ; AR . Sutce we last took a surrey of the respective positions of the Turks and their foes , there has been a considerable change in the aspect of the wa * -field . A . t thai date the Hu&sians liad completed the occupation of the Dobrudscha , ' gaining thereby full command of the Lower Danube , and' the means of marching
upon the eastern , face of Silistria . Prince Paskiewitch and General Schilder were beginning to throw up batteries and to concentrate troops at Kalarasch ; and with the view of strengthening his centre , and contracting his line of operations , the Kussian general had hastily withdrawn , his right wing from before Kalafat , and had posted it in observation on the left bank of the Aluta . On the other
hand , Omar Pacha was concentrating his troops at Shumla , while the British and French brigades were gradually arriving at Oallipoli and Scutari . Since that date both parties hare assumed the offensive . The Russian general has laid formal siege to Silistria , throwing a considerable body of troops across the Danube , and effecting a communication with the advanced posts thrust forwards by General Ijuders . The Bussian army has changed its centre
from Bucharest to the ground about ELalarasch , keeping , however , strong bodies in observation upon the Turkish positions at Turtukai , Kustchuck , and ' Nicopolis . The first object of the Russian general appears to have been the capture of Silistria , whereby he would gain possession of two main roads , both leading to the Balkan , the one by Shumla , the other by Pravadi—this line of advance being supported on its right by the division held in Land at GKurgevo , to be
thrown forward on a third road leading from Hustchuek also to Shumla . At present , the stout resistance of Siliatria has frustrated Prince Paskiewitch ; and it is quite obvious that he can inalto a forward move only by fulfilling two conditions : first , by tho capture of the fortress ; secondly , by masking the fortress with a sufficient force , and at the same time having in hand a sufficient force to ,: _ v ,, fchrow into Bulgaria . ' - 'TV , ' . '••
The change in the Turkish position has been operated with , the view of counteracting that advance , should it be attempted by masking the fortress ; and of raising the siege , should the fortress hold out sufficiently long . To effect this , the British and Trench divisions have been rapidly conveyed to Varna , and by this time 25 , 000 Frenchmen iuubu enectea
ana i / , iaju xjugiiBumeu nave a junction with Omar Pacha , and be prepared to commence operations . It is probable , therefore , that the allied army will march upon Silistria and offer battle . The British troops will form the right wing , inarching along the hilly country known as the Taban Dene , covering the road to Pravadi , and showing front with its right to the left of the Russians under G-eneral Xoiders . The
Turkish troops will probably form the centre , and descend from the stronghold of Shumla , taking the direct road which leads thence , in nearly a straight line to the beleaguered fortress .. The French wilj probably form the left wing , supporting the centre , and showing fronton the extreme left towards Rustchuk , thus communicating with the Turkish troops stationed in that place .
Meanwhile the army of Kalafat , which has marched through Lesser " Wallachia , reached the line of the Aluta , and advanced direct upon Slatina , will probably assist the main operation by pressing hardly upon the right flank of the Russians . The army of Kalafat is 30 , 000 strong ; and the road from Slatina , leading direct upon Bucharest ; , its occupation in force commands the rear of the Russian
army . If these conjectures should prove to be correct , it is clear tnat the Russian generals will have small cause for congratulation . There has also been a change in the relative positions of the Turkish and - Russian armies in Asia . 3 By the abandonment of the forts on the coast , south , of the Soujak Kaleh
the Circassians are left perfectly free to sweep down from the mountains upon Tiflis . The line of communication along the sea coast , between the Crimea and the Russian army in Asia , is snapped in two , by the operation of the fleets , and by the communication established between the fleets and the Circassians .
It is true that the Turkish army at Kars is weak in numbers , badly supplied with provisions , and on the whole not well officered ; but its commander , General Gruyon , seconded by G-eneral Kmety , and other daring foreign officers , will know "how to make the most of them . At best , the Russians will be compelled to act on the defensive until more perfect measures are devised for their capture or
expulsion-Looking on the war , therefore , from a purely military point of view , we have no reason to be dissatisfied with its progress . In less than three months since the declaration of war , France and England have thrown not less than 50 , 000 troops upon the shores of Turkey , and have brought the greater part of those
troops into line on the northern slopes of the Balkan . The Rassian fleet is cooped up in Sebastopol , and the flags of the allies alone float over the Euxine . On land , the offensive has been fairly assumed , and we must now wait patiently the result of those operations which must bring victory to the anna of the allies . ¦ ¦ ¦•
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SETTLING DAY AT EPSOM AND CORN ! 1 ILL . Settling day was a joke after tho Derby and after " tho operations for tlio fall" the Stock Exchange . A joke , except to the sufferers . Men , however , create tiieso vicissitudes for themselves . Tho very zest of the gambling , tho profit of it , would l > o less , if there were not the risk of tlie dreadful blanks .
It was an old dogma on the turf , that " the favourite never wins' *— -a dogma , however , which recent experiences had reversed . It is restored ; the judges , favouring Autocrat and Dervish , failed to appreciate the faculties of a third horse . So much wiser is practice than theory . " Wisdom , however , which is bought at so great a cost as that felt on settling day for Epsom , is apt to look at its bill in the hope of discovering some set off ; and so it ia now . The fact is that Andover
got the stakes ; but those who are wiser than fact have a shrewd suspicon , —indeed now , with the quickened eyesight of annoyance , believe that they saw how Dervish was held back . As Lord Derby went out of office to spite the IVee-traders , so he caused his horse to lose for the discomfiture of various strangers whose names probably are totally unknown to him !
The lesson from the Stock Exchange ia infinitely more severe . The true race there was between Pact and Prejudice . Prejudice was the favourite , and the odds ran high against Fact . Now on the Stock Exchange the favourite does sometimes win . Pitt-ran a winning race , at least for a long while ; and then he left the nation to pay the odds ; so
that the jockeys in that famed temple still regard his memory with affection . Chancellor of the Exchequer at twenty-two , sparing in his own personal expense , he had a heaven-born gif t of handling national money , and ran in debt by inspiration . " Mx . Gladstone could plead no such sacred source for his financial wisdom . Mr . Disraeli used to
say that his vocation , as Protectionist Minis ter , was to reconcile * rar financial system to our commercial systremT ^ &r . Gladstone haa done it . He found free-trade developed during peace ; he had to raise taxes for war purposes , and he had to do so without disturbing the commerce developed under free-trade . He saw the possibility , before the war broke out , that the immense command of wealth , coupled with the long
ascertained security of the English funds , might enable the State to secure its means on lower terms than those hitherto given ; and he established Two-and-a-Half per Cent , stock . He saw the necessity of procuring a command of cash , not as a permanent loan , in the ordinary sense of that word , but without the obligation for repayment within the year .
It was , indeed , a genuine anticipation of accruing income , exactly such as commercial men render the basis of the bills by whieli they anticipate their future receipts and save the necessity of pressing upon their correspondents . The Exchequer Bond , besides being convenient for the Chancellor of the Exchequer , is also convenient for the public , which can thus deal in the funds without
coming up to the Stock Exchange in London for the purpose . The experienced sages on the Stock Exchange , however , take Mr . Gladstone ' s policy to pieces : they find that his Two-and-a-Half per Cents , were below the natural" rate of interest ; they discover that his Exchequer Bonds might be called a loan , ' and would not have the public confidence ; they complain that he did not restore protective duties , instead of contriving new ones which avoid pressure upon commerce ; they discover that Pitt could raise large
sums of money at the commencement of a war , and only get into hot water at the end of the war ; they find , that the City men , who profited by tho loans , — getting sometimes nearly cent , per cent , for their money , — were always willing to support Mr . Pitt ; and they predict , on these grounds , that tlie Two-and-a-Half per Cents , will bo desp ised , the Exchequer Bonds wilL bo at a discount , commerce will go distracted , the money world will he in a panic , and Consols , already aa low as 87 , mual go lower and lower—even
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; . ; : \ , i » xk > KRBSP 6 NDENTs . Jt ifl imp 6 ssij > le to acknowledge the mass of letters we re-• oeire . ^ eir insertion is often delayed , owing to a press ~ ofmatter ; ahdwhen omitted it is frequentlyfrom rea-£ 4 « m » quite independent of the merits pi the communlca-. vtpofl . B E ^ v U--. - ;¦ : ¦ - .. ¦ •• ¦ •' aafjiotice ; can . be taken of anonymous communications , / Whatever is intended tajr insertion must . be authenticated ~ by the " naln « , and . address of the . writer ; not necessarily J ) fer publication , l > at&s » guarantee of his goodfaith . We cannot undertake to ^ return rejected communications . AlLlettersIfor-the Editor iBhould be addressed to 7 , Welling-£ ^ Urilti « e «; tetrand ; : Iiondon . ' ¦ ¦¦ ' " ¦ ' i ; - - ¦ (^ nuntni | cauoiis should always be legibly written , and on - ° ^! iS $ ?* ' S £ P *?*?* 9 « My- I * long , ?* increases the diffl-
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¦ * « m ;; t » . - , *_ . ,,,. i ! . , ¦ . ' . ' ¦ There is fno-ttangr ; floxevx > lu . tioiiary , because there is moUiing . apxuiiiaturftl : and cony-ulaive , as the strain " f » p keep'tb ^ gBfi ^ ediKrheis , all the ^ orld is by the very - * aifr of i& ^ e ^ atibn in eternal progress . —T ) BtiABHoiO )
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.. X- *?? ~ : l \ S , x ,. '¦ ' - ¦ . '¦ ' » - ¦;¦; .,. ¦ . " --K ¦ SATTJBDAX , " JtrSTE 10 , 1854 .
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540 THE LEADER . LSaturday ,
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Citation
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Leader (1850-1860), June 10, 1854, page 540, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2042/page/12/
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