The Sun.
London, England, 1855-10-05 00:00:00

HIGH WATER AT LONDON BRIDGE.

TIN DAY—Morn. 13 min. aft. 9 —Evening 5 min. aft. 10
To-Nfoßßow—Morn .50 min. aft.lo —Evening 28 min. aft. 11

THE WEATHER.—SuN OFFICE, Oct. 5.
THERMOMETER, IN THEt)
SHADE.
67 highest simee noon yesterday.
56 °west this morning and during the might.
61—this day, at noon.

BAROMETER, down to 20'35; now 29'48.

rvp, S.W.—Fresh, with squally weather and occa-
sional rain. We had a very heavy storm of hail, rain,
and thunder yesterday afternoon.

V. 114)

.~, .

1111,

LONDON, FRIDAY, OCTOBER 5, 1855.

The Directors of the Bank of England have
again raised the minimum rate of discount, which
now stands at 5 per cent. It was but a week
since they had advanced it to 5 per cent., so that ;
the increase has been not only very marked anal
decided, but, as many contend, quite uncalled for.
Cinsiderable dissatisfaction has therefore been ex-
cited in influential quarters, who find that the
supply of money at previous rates was fully)
•
equivalent to, the demaii,ch,lthough that demand]
was enhanced by various exceptional circuna-'
: .
'stances.

Nor was it at all ascribable to, the exi-t
gencies of trade. There were 110 wild speculations
on the tapir Which it was considered necessary to
check at the expense of considerable embarrassment,
if not absolute ruin, to hundreds of industrious
and well-disposed per 4ons, the creators and pro-
ducers of national wealth. Even the ordinary
red-tapist expedient of making the orderly and.
estimable members of society endure serious pri-
vations, in order that a trifling difficulty might be
interposed to the indulgence of the vicious pro-
pensities of a single reprobate, was not in
any way called for. The solitary " SYKES " was
not sufficiently active to require the sacrifice of
lieca.tombs of the SMITHS, and BROWNS, and
ROBINSONS, usually immolated at his shrine, with-
out compunction, or sympathy.
It would appear at first sight to have been a mere
wanton interference with the national prosperity,
organised and prepared by the philo-Muscovites,
with the patriotic view of disgusting the people

with the War, and inducing them to accede to the

views of " Germanism," by the patching up of a
temporary, and precarious, and dishonourable
trnce ; which they would dignify with the sacred
name of Peace ! But on further consideration it

will appear that the objectionable movement WO,A,

to a certain extent, justified by the provisions of
our infamous currency laws ! Yes, it is the
Bank Charter of 1844, now happily on the
eve of closing its disreputable existence,
• that has occasioned this untoward interrup-
tion of the monetary facilities—so urgently
required by the industrious classes, and so essen-
tial to the power of defraying the enormous bur-
dens so ruthlessly inflicted on the people by Mr.
GLADSTONE and his successor Sir G. C. LEWIS.
We have repeatedly pointed out the propriety
of " unrestricted competition" in money, and the
incompatibility of what a very powerful writer
designated as " Free Trade and a fettered cur-

rency." We showed the imperative necessity
of having a recognised measure of value, which.
would suffice for carrying on our domestic trail e,
aid preventing it from being disturbed by out•
forel,g,r relations, and the demands of another
(
nab Under the existing system, we not otily
buy our bullion in the dearest and sell it in the

cheapest market, but we most unnecessarily and
unwisely curtail the paper money that would, so
far as the home trade and manufacture were con-
cerned, act as a substitute for bullion. We still
perversely ignore the introduction of a national
note, and prevent the circulation of any of a
smaller denomination than 51., thus making
sovereigns the ordinary medium of exchange,
when the 11. notes would far more efficiently dis-
charge the necessary functions of a circulating
medium.

It is said that the Bank of France has taken
advantage of our absurd regulation to obtain a
large quantity of gold, at far less than its actual
value under existing circumstances. We do not,
and cannot, justly complain of this operation.
It may be a wise and salutary precaution on the
part of that great corporation to strengthen its
hands and prepare itself for any emergency. Why,
then, should it abstain from bearing away the
golden fleece which our folly offers to the first
adventurer. It is surely better that it should get
into the hands of our faithful Allies than of the
despicable neutrals, or even of our actual and
avowed enemies. As we will not retain it, let it
go to those who will make a good use of it, rather
than to others that will render it highly detri-
mental to our interests. It is our own fatuity that
renders that which might be an inestimable
benefit a positive disadvantage, which we should
seek to get rid of as soon as possible. There will,
of course, be an extraordinary amount of suffering
endured in the operation, but as it is the red-
tapist system not " to shut the stable door until
after the steed has been stolen," the sooner the
horse is abstracted the better for the country, in-
asmuch as the period of suffering may thereby be
abridged.
It requires no argument to show that a
state of warfare requires a very extended
circulating medium—a very liberal use of
a paper currency. We pointed this matter
out long ago, at the very commencement of hos-
tilities, emphatically demanding the issue of
really national notes of il., 21., and 31., which
would be receivable by all the tax-collectors of the
country, and could therefore never be greatly depre-
ciated. But, un fort unately, Mr. GLADSTONE then pre-
sided at the Exchequer, and we nowknow itwas not
his policy to afford any facilities for carrying on
the War. His object was rather to disgust the
people with hostilities, and induce them to accept
any terms which the CZAR in his clemency might feel
disposed to offer. The honour of the National
Standard was nothing to the integrity of the
Monetary Standard, and, therefore, the Aberdeen ite
Chancellor of the Exchequer did nothing to re-
lieve the pressure occasioned by the War, but, on
the contrary, increased the burdens.
Sir G. C. Linvis has also shirked the question.
But he cannot long do so. The exigency which
we long since predicted is at hand. Every day's
delay will be exceedingly prejudicial to the
national interests. Something must be done.

What is it to be ? We confess that we have no

great confidence in the ex-Reviewer. It igirto
Lord PALMERSTON we look for the adoption of
the necessary steps. The navigation of the ves-

sel of the State has become peculiarly intricate.,
It is indispensable that the chosen pilot should be
doubly vigilant ; .not merely discharging his own
especial duties, but seeing that his subordinates,
for whose efficiency he is responsible, are also com-
petent to theperformance of theirs. Let him at once
look to the most important topid in reference to
the War. Let him consider the currency question
in all its phases, and see that proper means be
adopted to lessen the impending danger, which, if
longer neglected, will become of a very formidable
character.

It is deplorable enough when those who are
placed at the head of affairs take no steps to
remedy the most glaring defects in the systems
they are called upon to administer. It is more
deplorable still when they throw obstacles in the
way of those who do, and are aided in their en-
deavours by the authority of law ; but most of all
is the case deplorable when the subjects of official
obstruction are the very parties who have suffered
from these defects, and at their own cost have
striven to remedy them.
A. recent decision affords a case in point, and
deplorable in the superlative degree. In the
Indian army, as is pretty generally known, the
'seniority system obtains. As a natural conse-
quence, vigorous and enterprising officers found
the road to promotion effectually blocked up
against them, and that to the detriment of
the public service. Grizzled veterans, who had
fairly entitled themselves to the blessings of re-
pose, felt reluctant to luxuriate on half-pay
while it was possible to retain the privileges and
rewards of a rank to which under the system they
rightly considered themselves lucky to have ob-
tained ; and the spectacle was presented of men-
tal and physical decrepitude occupying positions
demanding the utmost vigour of mind and body,
to the exclusion of men who possessed those qua-
lities in an eminent degree, and were eager to
exercise them in the public service. The evil
grew more and more glaring, and, directly or in-
directly, was repeatedly made the subject of com-
plaint to the authorities at home. No remedy,
however, being forthcoming, it grew intolerable,
and the officers of the Indian army concocted a
remedy themselves. They originated a fund,
towards which such officers as felt disposed sub-
' scribed, for purchasing out their over-healthy
seniors after a certain age ; and, the scheme
working well, the Company made the subscription
compulsory. This act on the part of the latter
has recently been pronounced illegal in a decision
by the Chief Justice, while the system has been
declared injurious to the service by the President
of the Board of Control.

The Chief Justice, it is to be presumed, under-
stands the law, and gave his decision in accordance
with it. W© put the question, therefore, aside,
and turn to the dictum of Mr. VaatrroN SMITH.
Strange to say-, the
opinion of that gentleman,
pronounced though it was in Parliament, was
supported by no sort of proof. The President of
the Board of Control, who shouli have been fully
acquainted with the working of the system lie
condemned, was in no better position in relation
to it than was that mellifluous CAIN who hated
Dr. FELL. The system was his aversion, but
" the reason why he could not tell." Well may our
Indian officers find themselves bewildered between
the legal decision of the one and the philosophical
dictum of the other. The public are clamouring
for a remedy for a most serious evil ; the Indian
officers have supplied a remedy out of their own
resources, and the Chief Justice declares it to be
illegal, and the President of the Board of Control
"injurious to the service." When was there
a reform that was not pronounced both on the
highest authority ?

The illegality of energetic Indian officers
making a common purse in order to clear the way
for their promotion, to the advantage of the
public service and of their worn-out seniors, we
have already as good as admitted, for the simple
reason, we are not acquainted with the musty
precedents of the law on this head. The alleged
injuriousness to the service is a different matter,
and we cannot allow a dictum to go unquestioned