The Sun.
London, England, 1855-12-21 00:00:00

LONDON, FRIOAV, DECEMBER 21, 1855.

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It is positively asserted that " the CZAR has
written to the King of Prussia to the effect that,
even if he wished, he could not agree to the de-
mands of the Western Powers, the nature of
which he was perfectly familiar with, although
they have not yet reached him in an official form."
Such a proceeding is by no means improbable. It
would be the natural result of the letter
which FREDERICK WILLIAM was report al
to have despatched to his nephew some
weeks since, imploring him to accept the
interpretation given by the Allies to the
Third Point. There is therefore a verisinail-
tu,le about the statement that induces us to lend
it an easy credence. It may, perhaps, be regarded
33 " too good news to be true" that the Western
Powers should escape being fixed by the too easy
emditions to which they had been induced to yield
a reluctant assent, and which would leave many of
the objects of the War into which they had been
forced, and for which they had made so many
sacrifices of men and money, unaccomplished. It
seems, indeed, hard to suppose that ALEXANDER
should be insensible to the difficulties and dangers
of the position in which he is placed, or that Aus-
tria should become a party to any propositions
which he would not be glad to accept. But there
is a state of things revealed in the brief but very
significant announcement that adds credibility
thereto. The CzAnseems to be perfectly well aware
of the state of affairs at Vienna, and the subject of
the discussions between the Minister of Austria
and the Ttepresentatives of France and England.
He shows that he might personally have been
willing to make the required concession, but that
be "could not," or, in other words, "dare not," do Se.
He stands too much iu awe of his turbulent and
ambitious brother and the old Muscovite or War
party, of which the Grand Duke CONSTANTINE is
the recognised leader. His compliance might
possibly be the signal for his deposition, or for
something even Worse, and the substitution of one
commiLted heart and soul to the War. There are
influences affecting the minds of those entrusted
with absolute and arbitrary power which cannot
enter into the calculations of ordinary individuals.
There is no such thing as actual irresponsibility.
If a party cannot be made accountable in one mode
he must in another, and the man for whom there
is no legal check or restraint, will dread conspira-
cies, and tremble at the slightest hint of a revolu-
tion.

The Russians are not as yet sufficiently huini-
liAted. Great as have been the reverses and losses
they have sustained, the pride and vanity that
induced them to aim at universal empire, to
establish Cossack domination throughout Europe
and Asia and part of Africa, is still unsubdued.
The great mass of the people are still kept pro-
foundly ignorant of the true state of affairs, and
would, therefore, not understand the urgent ne-
cmsity that compelled the agreement to terms

that seemed to render the traditional policy of the
empire impracticable for many years to come.
They must receive still more bitter lessons before
" the pear is ripe," and any peace that promises
to be durable and permanent, can be concluded.
We accept the conclusion with gratitude, truly
thankful for any cause that may avert what we
cannot help thinking would prove alike disastrous
and disreputable for the countiy.

More than a week since, in our impression of
the 13th instant, we said "Mr. SALT is not the
man to be put down by sneers and sickly attempts
at wit !" Our columns this day supply abundant
corroboration of the assertion. Two letters from
Mr. SALT will be found, in addition to the admi-
rable one which has called forth the ponderous aim
at wit of the bullionist organ, and which we re-
peat this day, as it cannot be too strongly im-
pressed on the minds, not only of Monetary
Reformers, but of every disinterested and unpre-
judiced mau throughout the length and breadth of
the land. Mr. SALT has fairly grappled with the
Leviathan, and has, so far as the space at his dis-
posal would permit, given a masterly exposition
of the all-important subject. He has exhibited
far more searching interrogatories to the mouth-
piece of th© "JoNns LOYD" sohool than the
stereotyped ones, " What is a pound 1" or what is
the meaning of the words "I promise to pay ?"
To these questions he has required " a clear,
fair, and specific answer, and not merely wit or
literary banter t" How that demand bag been
complied with will be seen from the article of the
T innes, which we place in juxtaposition with the
letters to which it purports to reply. The con-
ditions of the discussion are therefore before the
public. The issue is fairly raised, and there can
be but little doubt or difficulty as to the nature
of the verdict that must be returned.

Some six or seven weeks since, the Times
thought differently on the meaning of the words
"I promise to pay." On the 26th October last,
in speaking of " the paper circulation of the coun-
try," it said, " Supposing this circulation to be
required solely for internal commerce, no neces-
sity could exist for gold being held against any
portion of it. A deposit of Government Stock,
or tho fact of its being receivable for duties,
would at all times keep it from fluctuation in
value 1" Here, then, is the answer supplied by
itself to its later challenge as to " the formula for
the Bank note, or legal tender money." Mr.
SALT, in common with every Monetary Reformer,
does not require or suppose that "the legal tender
money" shall be available for foreign trade save
to this extent, that the possessor of it can always
obtain bullion at its fair market value, propor-
tioned to the demand and supply thereof, with
which to liquidate any obligations which he
may have contracted to the merchants of
other countries. With similar instruments,
not only was that bullion obtained from
1797 to 1819, or rather to 1822, but the
expenses of the most onerous war in which the
nation was ever engaged, were sustained until the
contest was carried to a triumphant conclusion.
The power of carrying on our foreign trade, and
that under the most unfavourable circumstances,
has, therefore, borne the test of a quarter of a
century's experience, and, after passing trium-
phantly through so stringent an ordeal, cannot
now be impugned. We want "legal tender
money," or rather the measure and representa-
tive of value, solely for domestic purposes ; or,
to adopt the ipsissinis verbs of the Times, " for
internal commerce !" "No necessity can, there-
fo!•e, exist for gold being held against any portion
of it !"

This is the legitimate, the irresistible con--
elusion which the bullionist champion draws
from the premises laid down by itself,
and supplies the answer to its sneers
about " the fortunate possessor who is to be
always eating his cake, and nevertheless having
it. The man who is so happy as to receive such
a note cannot spend it ene day on a dinner, the
next day on a coat, the next day in wages, the
next day in paying stu old debt," and find it there
still. Should he venture on such au experiment,
he win not, after the first trial, be much tor-
mented with any questions respecting its conver-
tibility, or whether so many golden sovereigns
can be obtained in exchange. All his right, title,
interest, and possession therein will have de-
parted at once and for ever. It may have pro-
vided him with a dinner. The next owner can
obtain a coat, and the tailor pay wages therewith ;
but a single owner can only put it to a single use.
It will, in fact, discharge exactly the same functions
as a Bank of England note of similar amount,
save that it will only be cancelled when it, has
found ite way back to the Exchequer in payment
of duties or taxes. Supposing that the amount
of the National Revenue be taken at sixty-five
millions per annum, there will be a constant
weekly demand for these notes or legal tender
money to the extent of one million and a quarter.
They will then be cancelled, and others issued to
a similar amount under the authority of Par-
' lialaeut. The wants and exigencies of the
nation will thus be supplied, and there
will be no want of an adequate circu-
lating medium, maintaining its fair average
value; " the life-blood of industry " will be sup-
plied, but the fever heat of wild and rash spsea-
lation and the languid pulse of monetary ina,ction
will alike be averted.

The legal tender money proposed by the Mone-
tary Reformers will be far better than a note
merely based on a deposit of Government Stock.
Tko entire wealtk of the nation will afford the
;;narantee for its value. It will possess a double
guarantee, that whisk renders Console an unques-
tionable security,
o arn,
as we thatd
hvwahiechal reaamakesy eexplained,
Exchequerd,
Bills valuable ;
it will virtually be neither more nor less than au
44 Exchequer Bill " of convenienta life.a G
mount,i::
day
to meet the purposes of every
truly national notes of 11., 21., and 31. each, and
the great desideratum will be aecompli3lied, for
there can be no run, upon a National Note, which
is the present bugbear with Bankers.

If Lord JOHN RUSSELL be right the Crown and
the House of Lords and all our aristocratical in-
stitutions are seriously menaced. The most pre-
cious parts of our constitution, those which exist
for the welfare of the few and the fleecing of the
many, depend on the maintenance of Church
Rates ; and Church Rates depend on the fickle
and misguided multitude ; and the multitude is
everywhere beating down this main prop of all
that Whigs hold sacred. All over the country,
as we learn from the provincial press, Church
Rates are either defeated in the face of parsons,
squires,
magistrates, and the wealthy shop-
keepers and cotton-spinners who live in suburbs ;
or they are carried here and there by victories
more damaging to the conquerors than to the
conquered. The last battle of this kind has just
been fought at Hackney. Here these whom
Lord JOHN RUSSELL regards as the upholders of
our " glorious constitution" were thoroughly
threshed. They were beaten by a majority
of
two tc one. We may imagine the dismay at
Chesham-place ! -
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This victory of the anarchists and revolutionias,