The Sun.
London, England, 1855-03-21 00:00:00

There is one question of no ordinary import-
ance, which cannot be neglected or postponed
"on account of the War," but which, on the
contrary, is far more urgent in consequence
thereof. Sir GEORGE CORNEWALL LEWIS will
have ample opportunities for displaying his qualifi-
cations for the arduous and responsible situation
to which he has been elevated. In addition to
the ordinary topics demanding the calm and at-
tentive consideration of a Financial Minister, he
must determine not only the best mode of sup-
plying the hiatus in the public Treasury occa-
sioned by " the GLADSTONE abortion "—of pro-
viding the large sums necessary for the mainte-
nance of the national establishments and the
liquidation of the national liabilities—hut also
must regulate the national currency, and decide
on a circulating medium adequate to the wants
and exigencies of the country. He must perforce
grapple with the Bank Charter Act, which must
be renewed, repealed, or modified during the
present session of Parliament-. The intricate and
difficult topic has been too long procrastinated—
the puzzling question has been avoided to the last
possible moment, and now there is no alternative ;
it must be dealt with one way or the other, for
good or evil. The Right Hon. Baronet may
acquire for himself a reputation not inferior to
any of his most gifted predecessors, or there may
be a disgraceful and humiliating failure, which
will reduce him to the level of the least compe-
tent, or, possibly— for there is
" In the depths, a deeper still"—

may place him even beneath Sir CHARLES WOOD
himself.

The Act of 1844 has been -weighed in the ba-
lance and found wanting. Par.'s self-adjusting
regulator has not only completely failed in its
anticipated operation, but it. has pm-lood the
very evils it was intended to obviate. The fear-
ful crisis which led to its virtual suspension in
Oetober, 1847, and during which the industrious
population of the country endutred privations and
sufferings almost unparalleled in time of peace,
mainly, if not altogether, arose from its stringent
regulations, a matter clearly established by the
admirable Report of the Lordn' Committee as to
the causes of that trying calamity. By the
trickery then practised the question was shelved
for the time being, but it now forces itself on the
attention of Parliament, and the relations between
a Joint-stock Banking Corporation, termed " the
Bank of England," and the nation must be either
dissolved or newly regulated. Monetary reform
must be the great question of the day, and we
earnestly bespeak the zealous co-operation of
every sincere currency reformer, in order that
due advantage be taken of the golden opportunity
which, if neglected or misapplied, may involve
the necessity of many years' sufferings to the
people. Indeed irreparable damage may be oc-
casioned if " the light cloud" be suffered to pass
away before decided steps are taken.
Under such circumstances it is desirable that
every matter which casts new light on the work-
ing of the deleterious system should be promi-
nently brought under public consideration. We
would then invite attention to "The Bank of
England Barometer," a little work just published,
and which details facts of the most startling cha-
racter, clearly and incontrovertibly proving the
complete failure of the project. On this poin
we shall allow the compiler of these useful Re
turns to speak for himself. He says—.

" When the late Sir Robert Peel introduced the bill
of 1844 as the complement of his bill of 1819, he urged
its adoption on the plea that it would tend to secure a
more equable supply of money than had previously been
maintained. The foregoing statements show how com-
pletely it has failed to accomplish this object. Contrac-
tions and expansions to so great an extent, at such
short intervals, were never before experienced_a fall
from 25 millions to 9 millions, in the course of one year;
a rise from 9 millions to 27 millions in little more than
two years ; a fall from 27 millions to 22 millions in
another year ; a rise ;rom 22 millions to 36 millions in
another year; a fall from 36 millions to 17 millions in
two years more,—exhibit such enormous fluctuations in
the supply, and consequently value of money on loans,
that every honest and humane man ought to exert him-
self to the utmost to get this mischievous act, which has
wrought such changes, removed as speedily as possible
from the statute book."

This seems to dispose of the whole question.
There is mathematical demonstration on every

point. The " double action" on the currency is
displayed in the strongest light. The gold with-
drawn for the purpose of being sent from the

country or hoarded, and the notes cancelled being
paid in return for that gold; and, 2dly, the with-
drawal of a number of security notes, of equal
value to the notes cancelled, and that at the very
moment when they are most wanting to supply
the hiatus. So that, iu fact, in place of the
tendency of the Act of 1844 being to secure a
more equable supply of money,
and toprevent
the various fluctuations which have been described
by Mr. COBDEN as
snore disastrous to the com-
Dlercial community
everan all the failures of banks
of issue that have t
taken place, it doubles
e—the withdrawal of 5/,
the effect of every eian
in (Told involving a
t:,diminution of 101. in the cir-
culating medium, and vice versa. Thus, when
money is most wanting, it is further reduced,
and unduly increased when not required. It is,
in fact, a "sliding scale" of the most mischievous
character in its operation, being the wrong way.
But in addition to the evils so forcibly o,,posed,
the little work under notice affords judicious ad-.
of discerning Lb()
vice as to the best mode

impending tempest, and thus avoijiug storms
that may crush the unwary. It explains

* The Dank of England Barometer for 1555.

their own wealthy kindred ; to think also of the
number of livings at the disposal of the Lord
Chancellor, surely the sons iu largo clerical fami-
lies might be amply provided for in their own
profession.

And lastly, the unpardonable sin. of the practice
is, that it is one of the most odious forms of aristo-
cracy versus merit. The Church of the aristocracy
and the army of the aristocracy must forsooth be
each fitted to one object—sustaining the dominant
class at the cost of merit. There is, of course,
a wealthy and a poor aristocracy—for the for-
mer purchase of commissions is retained,
for the latter the presentation system is in-
geniously adapted. The soldier in the
ranks and the non-commissioned officer must, any-
how, be kept below the line of hope. Sons of
officers, clever school lads, sons of clergymen, may
all get a free pass ; but the man who has more
native capacity than half-a-dozen of most of these
honourable or reverend striplings ; the man whose
experience has taught him what these lads will not
know in twenty years ; the man who has shown
in subordinate rank what he could do in a higher
one ; the class of men, in a word, who, had they
been encouraged and brought forward for the last
twenty years, would have saved our Crimean
army in the present campaign--these men are to
be ignominiously kept down, and armies and
money threwu away like water, to make room for
the sons of the clergy. It will not do. We are
no enemies to the clergy ; but we assert the rights
of the army, and demand that biihops' incomes
and rich livings be made to do duty for the sons
of the clergy, and not that " first 'commissions"
should be all but unattainable by those who
richly merit them, and who could best serve their
country in them.