The morning seems destined to bring forth strange phenomena in our relations with Russia. In the first place we have in the Times an ac- count of the new Russian loan supplied by its Berlin correspondent, whence we find that it is unlike other loans. There is one peculiarity, however, which is not entirely novel, and as little attractive. It is the prospective character of the redemption scheme. We suspect all sinking- funds ; but a deferred sinking-fund ! " There is a new feature introduced into the terms of this loan to meet the objections to which the present discount at which exchange on Russia is now quoted, and the further variations to which it is liable, are obnoxious. 100 silver roubles, which in former times before the war were worth 106-7 Prussian thalers, are quoted now at only 981. This new feature consists in the interest being made payable in St. Petersburg, Hamburg, and Amster- dam at after/ rate of exchange ; every half-yearly coupon is to be reckoned at 12} roubles in St. Petersburg, or 23 gulden 60 cents. in Amsterdam, or 26 marks 10 Schilling 11 pfenning in Hamburg. These coupons will thus have a character analogous to short bills on those three places. Starting from the year 1858, two per cent of the nominal amount of the loan is to be applied yearly to the redemption of the scrip, to which will be added the interest accruing on such portions as are bought back. In the year 1875 the Go- vernment is to be at liberty to buy up at par all the remaining outstanding scrip."
The Horning Herald makes a disclosure respecting Russia ; discovering the evidence of a plot, " hidden in a conspicuous place." The spirit of the article lies in the few following lines. " The deepest mystery hangs over the proceedings of the Western Powers. . . . . The people will tolerate no peace which is the contrivance of Austria. . . . . But is our own Cabinet more clear or more deserving to be trusted ? Has it not been taking a lesson of slippery diplomacy from Vi- enna, and of contraband dealing from Prussia ? Why, in the Times of De- cember 4, page 3, column 3, advertisement 6, we actually find this adver- tisement put out by the Government— `The Commissioners for executing the office of Lord High Admiral of the United Kingdom of Great Britain and Ireland do hereby give notice, that on Tuesday, the 11th of December next, at two o'clock, they will be ready to treat with such persons as may be willing to contract for supplying her Majesty's Dockyard at Woolwich with 50 tone of Russian White or English Tallow.' "Russian tallow ! contracted for by our own Government at the very time when we are at war with Russia!"