The Sun.
London, England, 1855-10-30 00:00:00

LONDON, TUESDAY, OCTOBER 30, 1855.

The present value of Consols is, in round terms,
88, showing that the rate of interest on unexcep-
tionable security is, about 31. 7s. 6d. per cent.
Any material fall forthwith attracts purchasers.
The market is thus sustained against the patriotic
efforts of the Bears, who play the game of their
great northern brother, the Ursa Major of St.
Petersburg, to the utmost extent practicable.
From this it is evident that there is no lack of
capital in the country, and that 3i per cent. is
an ample price for its use ! How comes it then
that the minimum rate of discount charged by the
Bank on bills having more than 60 days to run is
seven per cent., more than double what can be
obtained by persons seeking an investment in the
public funds ? The answer is obvious. The cur-
rency is deficient. There is not an adequate
supply of the circulating medium—the very life-
blood of industry. We have the capital, but its
measure and representative is wanting ; conse-
quently trade and commerce, which in other re-
sp-cts was never in A sounder state, is embarrassed
and languishes, production is arrested, and the
working-classes--the bees in the national hive—
are starving, while all the honey is handed over
to the drones !

Is this a suitable state of affairs ? Is this what
the bullionists themselves will acknowledge that
they desire. The most flippant repeater of the
parrot cry, " What is a pound," must confess
that it is not se—must acknowledge that there is
a serious difficulty, although he may be unable to
acquiesce in the nature of the proposed remedy.
It is therefore indispensable that something
should be done. The Times declares that " a
re-discussion of the whole question in Parliament
cannot be arranged too soon !" On this point
we fay agree with the organ of the bullionists.
The matter is of such vital importance, that it
not merely warrants, but imperatively requires
the assembling of the Legislature before Christ-
mas. It is therefore right that the public atten-
tion should be excited, and kept prominently
directed towards the great topic of the clay. In
comparison wherewith all others aro of secondary

importance.
The avowed object of the Act of 1844—that
which its putative parent, or at least its Parlia-
mentary Sponsor—claimed for it was, "that, under
its provisions, the currency should at all times,
and under all circumstances, maintain the same
intrinsic value." This is the statement of the
Times itself, and therefore cannot be objected to,
by those who have selected that journal as their
advocate and mouth-piece. Can it for a moment
be asserted that such has been the case ? Have
there not been. greater fluctuations in prices and
in the value of property—greater derangement in
trade than at any former period, when there was
no limitation or responsibility in the issue of Bank
notes ? At what period has there been wilder
speculatiQll3 accceded by all but a total collapse?
we see' money, or rather currency, at one time a
mere drug in the market, easily obtainable at 2
per cent. per annual, or even a lower rate. At
another time it cannot be had on just as unques-
tionable security at 7or even 8 per cent. The
former arises from the undue expansion of the
currency. The Bank must pay for all the gold ten-
tiered k a fixed price ! It does not want any ad-
ditioni) supply; but it cannot refuse what is
offered. To protect itself, and to be enabled to
Pay a "-Landsoine dividend on its stock, it must
afford etstraordinary facilities to every customer—
must press its notes into circulation. Undue
speculation is thereby fostered. There is not ado-
quat'A employment at home, and foreign invest-1
ments are sought and loans granted on very
doubtful: securities: Then comes the retrograde
movement. The gold flows from our ports. The
8an7,7, puts on the screw, as it is technically •