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

HIGH WATER AT LONDON BRIDGE.

Tata DAY—Morn. 18 min. aft. 9—Evening 5 min. aft. 10
To-MoEnoW—Morn.so aft.lo —Evening 28 min. aft. 11

THE WEATHER.-SUN OFFICE, Oct. 5.
THERMOMETER, IN THE SHADE.

67 highest since noon yesterday.
56—lowest this morning and during the night.
61—this day, at noon.
BAROMETER, down to 29'35 ; now 29'48.
WTIW. S.W.—Fresh, with squally weather and occa-
sional rain. Wo had a very heavy storm of hail, rain,
and thunder yesterday afternoon.

riT IIN
,Q); it:,

LONDON, FRIDAY, OCTOBER 5, 1855.

The Directors of the Bank of England have
egain raised the minimum, rate of discount, which
now stands at 5L$ 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 and
decided, but, as many contend, quite uncalled for.
C3nsiderable dissatisfaction has therefore been ex-
cited in influential quarters, who 'find that the
supply of money at previous rates was fully
equivalent to the demand, although that demand
was enhanced by various exceptional circum-

stances.

Nor was it at all ascribable to the exi-
gencies of trade. There were no wild speculations
on the tapi3 which it was considered necessary to
check at the expense of considerable embarrassment,.
if not absolute ruin, to hundreds of industrious
and well-disposed persons, 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
hecatombs of the SMITHS, and BROWN'S, 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 tkem to accede to the
views of " Germanism," by the patching up of a
temporary, and precarious, and dishonourable
truce ; which they would dignify with the sabred
name of Peace ! But on further consideration it
will appear that the objectionable movement was,
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.
lion 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. ',Elvis.
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 trade,
aid preventing it from being disturbed by our
' -
foreliWT-lat4Ps, sad datnands of anotli
nation. Under the existing dystem,'WC-''.l—gtoxity:
buy our bullion in the dearest Alad 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 11., 21., and 31., which
would be receivable by all the tax-collectors of the
country, and could therefore never be greatly depre-
ciated. But, unfortunately,Mr. GLADSTONE then pre-
sided at the Exchequer, and we now know 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
anyterms which the CZAR in his clemency might feel
disposed to offer. The honour of the National
Standard was nothing to the iitegrity of the
Monetary Standard, and, therefore, the Aberdeenite
Chancellor of the Exchequer did nothing to re-
lieve the pressure occasioned by the War, but, cn
the contrary, increased the burdens.
Sir G. C. LEWIS 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 is to
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 choien 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 the performance of theirs. Let him at once
look to the most important topic 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, Ms to be presumed, under-
stands the law, and gave his decision in accordance
with it. We put the question, therefore, aside,
and turn to the dictum of Mr. VERNON 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 shoult have been fully
acquainted with the working of the system he
no better position in relation
condemned, was in
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 aro 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 pier°
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 hea(l. The alleged
Injuriousness to the service is a different matter,.
and we cannot allow a dictum to go unquestione•l

which all experience goes to prove erroneous. Is
it injurious to the service to have men in the
prime of life, and in the full possession of all their
faculties, at thehead of our troops? Wasted millions
and needlessly slaughtered thousands—millions
wasted and thousands slaughtered—through the
incompetency of worn-out veterans, testify to the
contrary. Is it injurious to the service
to have respect to vested interests, and to deny
to our Indian officers who have spent a commis-
sion's worth in preparation for a commission the
privilege enjoyed by those who .have simply paid for
a commission to sell it? The commonest knowledge
of human nature will supply a negative. Is it
injurious to the public service to teach young
officers habits of forethought and economy ? If
it is, the system must be condemned, for it as-
suredly is well calculated to do that. To talk of
its adding to the too general indebtedness of
Indian officers is only in effect to say, they are
otherwise so indebted by their own extravagance
that the slightest additional burden is seriously
felt. The objection would, indeed, have force if
they were ill remunerated for their services.
Eto far, however, is that from being the case, cal-
()illations are available which show that an Ensign
may save 10/. a-month out of his pay by the
exercise of ordinary prudence and thrift. Nor is
this all. That great Indian reformer, Sir CHAS.
NAMIR, whose attention was particularly directed
to the subject, leaves the subscription out of his
•numeration of the causes of this indebtedness.
Injurious to the service ! It is to be hoped,
though we extremely doubt it, that Mr. VERNON
S3l/grli had a better system in contemplation when
he gave expression to such an opinion. If so, the
sooner he promulgates it for criticism the better.
As it is we must content ourselves for the present
with repeating—That system injurious which has
created us the most efficient army we have—an
army inferior to none in the world !

His Royal Highness the Prince of Prussia arrived at
Glasgow from Balmoral on Monday night by the Scottish
Central Railway, and proceeded southward.
Sir George Grey has relieved the Duke of Argyll in
attendance on the Queen at Balmoral.
The marriage of Lord George Manners, M.P., and
Lady Adeliza Fitzalan Howard was celebrated yester-
day at the parish church of St. James's, Westminster.
NAPLES.—The King of the Two Sicilies arid the whole
of the Royal Family went to venerate the relics of St.
Januarius, at Naples, on the 19th. ult. .

COPENHAGEN, Oct. 3.—At a sitting of the Council of
State, held yesterday, the King signed a constitution,
having reference to thq form of monarchy, and including
electoral laws.
The children of the Licensed Victuallers' School will
be present at the morning performance of Professor An-
derson to-morrow (Saturday), at two o'clock.
R. P. Collier, M.P., has announced his intention to
resign the Recordership of Penzance, and will sit for the
last time in that capacity at the approaching sessions.
On Friday last an order was received at Gordon Castle
for Lieut -Colonel his Serene Highness Prince Edward
of Saxe Weimar to join his regiment, the Ist battalion
of the Grenadier Guards, now encamped at Aldershott.
The gallant Prince left the following morning.
Dr. Miller is at present engaged on a Geological His.
tory of Scotland, which he intends to be the great work
of his life.

The Rev. J. M. Dixon, rector of Trinity, in Bath, has
been appointed by the Lord Bishop of Bath and Wells
to the office of Diocesan Inspector of Schools, in the
room of the Rev. 11. Calverley, rector of Southatoke,

resigned.
On the night of the 25th in st. there will be a total
eclipse of the moon.
The Rev. Robinson Scott, appointed by the Irish Con-
ference as a deputation to visit the United States, for
the purpose of promoting the cause of Methodism in
Ireland, and his companion, the Rev. William Arthur,
of London, have arrived safely at New York, and have
met with a flattering reception.
Among the Indian passengers by the Ava, which left
Southampton yesterday with the East India mail, were
General Wheeler, Colonels Davidson and Bellassis,
Lieutenant-Colonels Michell and Lowth, and Captains
Lowe and Henry.
His Imperial Highness Prince Louis Lucien Bona-
parte is now staying at Aberystwitb, and is so muck
pleased with the place that he will remain for some time.
His Highness takes a warm interest in, and fluently
speaks, the Welsh language, and is attached to the Welsh
people. _ _ _

It is currently reported at Taunton, in Somersetshire,
that there is t• be a militia encampment on Blag.loa.
hill, about four miles from that town on the lioniton-
road

OXFORD.—Mr. David E. Norton, 8.A., of Oriel Col-
lege (second class in classics and first class in mathe-
matics, 1854), has been appointed to a mathematical
mastership at Bromsgrove School.
RISE IN THE PRICE OF BREAD IN IRELAND.—Yester-
day the majority of the bakery establishments in Cork
raised the price of bread one halfpenny the 41b., the price
now being, white, 10id. ; household, 91d.
NEW DOCKS, LIMERICK.—The wall of the new docks,
near the pier, Limerick, has given way, and caused a
suspension of the works until Mr. Gibbons, the engineer
of the Board of Works, arrives to inspect it.
TREASURER OF LlMERlCK.—Yesterday Major Thomas
Packenham Vandeleur was unanimously elected as trea-
surer for the county of Limerick by the magistrates of
the county. The salary of the office is 4001. a year, late
Irish currency.
BABY SHOW. —W e (Eastern Counties Herald) have
heard that it is the intention of certain parties (we believe
the promoters of the Withernsca show) to get up another
baby allow. at Hull. If this be so, we trust no counte-
nance will be shown towards it.
Count Walewski, Minister of Foreign Affairs, gave
two days ago a farewell dinner to Abd-el-Kader, who is
about to leave Paris for his new residence—• Damascus.
Marshal Vaillant, the Marquis and Marchioness de St.

Marina, Lord and Lady Purtariington, Prince Petro-
towski, Colonel Claremont, the British Military Com-
missioner at Paris, General Daurnas, &c., were among
the distinguished personages invited to meet the Emir.
The following are the terms in which the elevation of
General P6lissier to the dignity of Marshal was an-
nounced to him by telegraphic despatch :—" The Min-
ister of War to General P4iissier.—Paris, September 11.
—His Majesty orders me to inform you that he raises
you to the dignity of Marshal of France. lam happy,
most happy, to have to announce to you this good news."
WALWORTH WORKING MEN'S INSTITUTION.—A meet-
ing of a scientific ana conversational character was held
on Wednesday evening in connection with this institu-
tion, at the Clayton School-rooms, York-street. The
walls were hung with paintings, drawings, and engrav-
ings, and the tables covered with a large collection of
novel, ingenious, and interesting articles. The meeting
was very largely attended by the working men of the
neighbourhood and their wives.
DREADFUL ACClDENT.—Yesterday morning a fright-
ful accident occurred to James Ickford, a painter, Ed-
mond-street, Southampton-street, Camberwell. The
unfortunate man was at work on a ladder, when some
one called his attention, and in coming down he slipped
and fell from a considerable height. He was conveyed
to Guy's Hospital, where he now remains in a most pre-
carious state.
SINGULAR ACClDENT.—Yestorday a singular accident,

and one entailing considerable loss, occurred at the
_Wellington Dock, Liverpool. A cart was standing at
the edge of the quay loaded with copper to the value
of between 7001. and 8001., when the horse became
restive and backed a pace or two, until the wheels went
over the dock side, and cart, horse) and copper were
precipitated into the water. The horse was drowned,
the weight of the cart quickly causing' him to be in-
gulfed. Yesterday evening the dredges were being ac-
tively applied for the recovery of the copper.
THE BRIGHTON HARRIERS.—The hunting season is
approaching ; and we are informed that the Brighton
harriers intend to take the field next Wednesday, throw-
ing off at the race-course. The others meets will be—
Saturdays, at the Dyke ; Mondays, Patchara ; and al-
ternate Wednesdays at Thunder's Barrow. The hounds
have had a trial day or two, and we hear that they are
in capital condition. They will be under the able direc-
tion of Mr. Willard in the field, and there is this season
to be a whipper-in, which will give additional .gat to
the hunt.

EMIGRATION.—The number of emigrant passengers
from the port of Cork during the last week amounted to
418. Of these there were 70 emigrating to New York
and 12 to Melbourne ; and on Wednesday the Van-
guask steamer to Liverpool had 56 American emigrants,
55 of whom had taken passages to New York. This
return gives an increase of 153 to last week over this in
the number of emigrants to America, and of 84 in the
number of emigrants to Australia, but this decline may
be accounted for by the inclemency of the weather
during the past few days.
SALE OF SHARES IN THE THEATRE ROYAL, DRURY-LANE.
7-Yesterday Mr. Robins put up to auction, at the Auc-
tion Alert, several shares secured upon the property of
the Theatre Royal, Drury-lane. The first lot was a
renter's share, the owner of which was originally enti-
tled to 2s. 6d. per night of performance, but upen which
is now paid Is. 3d. After some competition the share
was knocked
.down for 40 guineas. The second lot con-
sisted of five joint-stock or proprietor's shares of 100/.
each, which bad been paid in full, and which were
directed to be sold by the executors of the late Mr. Thos.
Walsh. The lot went for 20 guineas ; and another lot,
consisting of eight similar shares, produced only, six
guineas.
CITY OF LONDON THEATRE.._ This elegant establish-
ment opened on Monday last under the management of
Messrs. Johnson and Nelson Lee. The interior has been
beautified, and is now rendered the most comfortable in
the metropolis. Mr. Chas. Pitt is the leading tragedian,
supported by a, company of first-rate ability. Various
novelties, we understand, are in a forward state, if a e
may judge from the pieces on Monday ; and from the
manner they were acted and produced there is no doubt
of a successful Demon.