The Press. — London, England, 1857-11-14 00:00:00

THE PRESS, NOVEMBER 14,1857. - - - - --7 ano ther occasion that it is rather to the threefold division of her classical course into morals, history, and scholarship, and not to the cul tivation of scholarship, alias the philology, alone, that Oxford University education is mainly indebted for its success. We have read with attention the address of the Orange Society. It is extremely long and temperate in its tone ; but, with every respect to its composers, the reasoning is weak : Were the British Constitution in good order in Ireland there would le no Orangeism. It is because it does not work well—has never worked well—in Ireland, that Orangeism has become a necessity. This is a dangerous style of reasoning, but we have cited the exact words of the address. The assertion cannot be admitted that the British Constitution has not worked well in Ireland. Civil wars and social dissensions have been the curse of that country, and the finest Constitution could not of itself cure deeply-seated social evils. Recol lecting. also, that the Roman Catholics were not admitted to power until 1829, the injudicious assertion of the failure of the British Con stitution is in itself something like a reflection on the whole history of the Protestants of Ireland. But, in truth, it is beside the purpose altogether to enter on the working of the British Constitution in the sister country. The enormous evils of Ribbonism are dwelt upon in the address. Eloquent passages from the charges of Chief Justice BUSHE and Lord Chief Justice BLACKBURNE are cited describing the evils of Ribbonism But the terrible state of Ireland in 1832, as described by Chief Justice BUSHE, was coincident with the Orange Society in its full ‘vorking. What did Orangeism do to put down Ribbonism in Munster, or in the disturbed parts of Leinster? show us the work it actually did in 1832, and we would be ready to re consider the propriety of such an exceptional institution. The British Constitution, it is argued, wants strengthening in Ireland, and its want of stamina is to be cured by a secret political society. Alas ! could not two play at that game ? Would not a certain number of the Roman Catholic agitators be glad to follow the precedent of a secret political society, countenanced by distinguished personages of spotless honour like Lords RODEN, ENNISKILLEN, and others? The state of our columns prevents us from discussing the revival of Orangeism at greater length to-day; but we are convinced that the majority of the Conservatives of the empire are decidedly opposed to a revival of the institution. We shall have, on an early occasion, to refer to this lin -)ortant subject again. The election of Mr. TEMPLE to the Head Mastership of Rugby School is likely, we should think, to give general, though perhaps not unqualified, satisfaction. He is popular with younger men, and has the faculty of inspiring them with reverence. His exertions in the cause of education are well known, and a most luminous exposition of the whole education question in a former number of the " Oxford Essays " proceeded from his pen. On the other hand, it is to be feared that Mr. TEMPLE, in his desire to accommodate differences and smooth away obstacles, has lost some of that respect for the independence of religious creeds which is still one of the most favourable points in our English clergy. We hope we may prove to be mistaken, and that in his new sphere Mr. TEMPLE will inculcate religious doctrines more suitable to the reception of masculine intellects than those effeminate compromises which are so much the fashion of the day, and which, in not more than a twentieth of those who profess them, can by any possibility he sincere. The prohibition of the Exeter-hall services by the Rev. Mr. E DOI:ART, the clergyman of the parish, is certain to be the subject of much acrimonious discussion. We wish the first month of it was over. That the platitudes were all out, the foam all spent, and a little breathing time arrived for quiet meditation on the point. This, how ever, is unhappily a vain wish. Through the long winter months we are still doomed to listen to the din of " priestly arrogance," " unchris• tian bigotry," " narrow-minded formalism," and all the rest of it. Quieguid ehartis atnieitur ineptis. That is to say, whatever phrases emanating from the charity of Low Churchmen ultimately find their way to some Gallio in the shape of a grocer who cares for none of these things, and wraps his sugar-candy in them. Seriously, we do net see how there can be two opinions as to the propriety of Mr. EDOUART'S conduct among all persons who are free from sectarian bias. The Dissenters are at this moment straining every nerve to associate themselves with churches and Churchmen. Like the Devil, "grown wiser than before," they work rather by flattery than invective. They creep where they cannot climb, and wherever the door is closed against them are on the look-out for an open window. In such times as these the Church must act with firmness alid moral courage. She must not be deterred from vindicating her character as the guardian of Divine Ti uth, or repelling the insidious advances of her oily-tongued betrayers, by any dread of popular abuse, or any synapa►tlty with mis• directed religious zeal. Mr. EDOI:ART'S fetter is a model of firmness and humility, and we most earnestly hope that Dr. TAIT will reconsider his opinions. There can be no doubt that these services are un canonical. There can be no doubt that in the present temper of 1109 the people such irregularities must lower the Church in their estima tion, and endanger the permanence of her authority. Clergymen ought to be ashamed of doing in this underhand manner what they dare not recommend in words. And while the emptiness of St. Paul's and Westminster Abbey is a reproach to the religious world of London, we sincerely trust that this unaccountable preference for an unconse crated building may meet with the check which it deserves. The practice, now so common in the eager rivalry of journals for priority of information, of anticipating events, though harmless enough in some instances—such, for instance, as when a few days since a certain notorious journal called attention, with a malice prepense not to be mistaken, to the fact (?) that M. DE NIEBUHR'S death had occurred simultaneously with the accession to the Regency of the Prince of PRUSSIA—M. DE NIEBUHR, we need scarcely remark en passant, is in the enjoyment of tolerable health—is extremely hurtful and much to be deprecated when, accepting a sudden illness for certain death, the premature decease of some distinguished person is put forth in prominent type, to the very serious. infliction of pain upon friends and relatives. Such a case occurred the other day at the illness of the Earl of POWERSCOURT, when certain journals of considerable pre tension to accurate information took upon themselves to state posi tively that Lord POWERSCOURT was dead. The report was untrue. But how much unnecessary pain was inflicted upon the relatives of the family in London and abroad? The utmost caution should be ob served in the reception of reports of sudden deaths. The commercial crisis still continues. On all sides great firms are stopping, banks suspending payment, and the pressure on the Money Market has been so severe and so unparalleled that Government has been compelled to temporarily suspend the Bank Act of '4l in order to enable the Bank to meet the exigencies of the hoar. As in 1847 the Act has been set aside that the pressure on the Money Market might be relieved. Whether the effect of this concession wi:l be to diminish the pressure upon the Bank will depend iu a great measure upon the manner in which the Bank applies the resources thus placed at its disposal. Certain fears, well or ill founded, exist at the present moment; hence the object of this extraordinary step is to restore confidence. But if the Bank authorities dole out their relief in a niggardly manner, and spread over a long p3riol au am flint of support which should he applied promptly, the suspension of the Act will have no permanent effect; and even if it allay apveltension for the moment, will fail to restore confidence or to relieve the real pressure under which the commerce of this country at this moment groans. That the high rate of interest will he maintained is probable until the supply of money is gradually brought more into relation to the demand. One of the main difficulties in successfully re gulating the currency h troubled times appears to arise from the apprehension excited by a rapid increase in the rate by the Bank of England, and which, for a time at least, increases the demand as well as the supply. It is not with money us with other commodities, that an enhanced price diminishes the demand. A rise in the value of money, until a considerable period has elapsed, will always in this country increase the demand ; and constituted as our commerce is, and conducting as we do not only the commercial, but the monetary affairs of other countries as well as our own, the liabi lities of our merchants must necessarily be extended over a protracted period ; and money in a certain fixed quantity being necessary for the discharge of their liabilities, no rise in its value can diminish their demands, nor indeed until they shall have had time to restrict their transactions. The process by which a panic is brought about is simple. A pressure from some cause or the other occurs : the rate of interest rises, and with it the disposition to retain money in hand; every one immediately desires to secure a larger quantity than he requires for his immediate wants, simply that he may be beforehand with a further rise. The effect of this is to augment the stringency, and decrease the reserve in the Money Market. The demand for money becomes more urgent as the means for meeting that demand visibly decrease ; doubt of the future begets apprehension of the present, and a panic, bursts forth, in which the only con sideration is how to secure as much money as possible. Looking at ail the facts of the last few weeks, can it be alleged that money has left this country in any extraordinary quantities? And how can it be asserted that the failure of remittances t'rom America is the cause of the tightness of the Money Market, and of the rapid absorption of the Bank's resources? In ordinary times there is a certain quantity of Bills of Exchange for discount, and a certain quantity of money wherewith to discount them. How can it happen that the failure of the Americans to remit bills (for that is the usual remittance) should tend to render the operations of those who have good bills and . wish to exchange them for money, more difficult.? That such an absence of remittances should cause the stop page of the firms thus disappointed is but natural ; but the anomaly of the present crisis is that neither have the failures been at all numerous, nor can we see any drain of gold sufficient to account for the present position of affairs.