The Sun.
London, England, 1855-11-17 00:00:00

utility than an equal number of shells,
or other counters, which might serve as
the representatives of value. As an article of
commerce that gold would have been of inestima-
ble utility. It would have maintained at all
times a favourable state of exchanges, inasmuch
as the exportation of a few tons would, at any
moment, have turned the balance in our favour.
But the Currency Quacks thought otherwise, and
the result was tantamount to the withdrawal of at
least two-thirds of the entire amount of bullion in
the hands of the Public, or fully thirty millions of

sovereigns.
It may easily be inferred, from the foregoing
simple and incontrovertible statement, that the
object of the tamperers with our monetary code
was not merely to insure " convertibility" at any
moment, but that they desired to render money
scarce, so as to increase the wealth of the owners of
accumulated and realised property, who might be en-
abled to command their own terms in their dealings
with the industrious classes. Otherwise they would
not, with the example of Scotland and Ireland
before them, have maintained the injudicious pro-
hibition of the small-note currency, which was
found to be so exceedingly beneficial in the sister
kingdoms. There is no extraordinary influence in
the climate north of the Tweed or west of St.
George's Channel to change the immutable laws
of currency and banking, or to render what is
universally accepted in two countries, distasteful
or inappropriate in the third.
But the restrictions were to be carried still
further. The specious pretexts for rendering
money scarce and dear had not been ex-
hausted. It was not enough to prohibit
notes of the more convenient forms, but
they were to be rendered still more difficult of
attainment. It was assumed that the Bank Di-
rectors would abuse any discretion with which
they might be entrusted, and that therefore it was
essential that there should be "a self-acting regu-
lator of the currency," which it was assumed
would at all times, and under all circumstances,
maintain the circulating medium at the same in-
trinsic value, and avoid the fluctuations which, as
Mr. COBDEN has asserted, are more injurious to
the trade and commerce of the country than the
failure of all the banks of issue that have ever
stopped payment ! The intention was mani-
festly to get rid of a paper currency alto-
gether, except that based on an actual deposit
of bullion, similar to that now practised in Am-
sterdam. Those whose fortunes had been realised
under a paper currency would cut off the chan-
nels by which new rivals might achieve equal
success. It was rather remarkable that the par-
ties whose names were chiefly associated with the
Act of 1844, Sir R. PENS, and Mr. JONES Loon,
now Lord OYEBSTONE, were the representatives of
immense wealth, honourably realised by their
fathers under the superior facilities afforded by a
free trade in -money. They were, however, the
int to forget the claims of those still struggling
in the race for competence, if not wealth, and to
procure the very severe restrictions imposed by
the Act of 1844, which, as we have repeatedly
shown, enhances speculation when money is abun-
dant and cheap, but paralyses industry when it

is scarce and dear.
They could not, however, at that time,
altogether get rid of a certain amount
of " unguaranteed paper." The conse-
quences would have been too terrible, and
they shrunk from the vast responsibility.
The first point was to arrest the expansion which
would naturally follow the increasing trade and
populatiod of the country. An arbitrary sum was
fixed which could not under any circumstances
be exceeded. This was 14,000,0001., which the
Bank of England was authorised to issue against
securities, and 8,648,0001., which the various pro-
vincial Banks were allowed to keep in circulation,
that being its average amount for the 12 weeks
preceding the 27th April, 1844. This was a sop
to the country bankers. It offered a species of
monopoly ; but it is highly creditable to the body
to state that they opposed, and still oppose, the
law so injurious to the country, although person-
ally advantageous to themselves. It. will easily
be perceived that there was not only a
limit fixed which could never be exceeded
—a ne plus ultra that could not be
passed, however great the requirements or de-
mands of commerce ; but that there should be a
gradual contraction, inasmuch as in course of time
they would probably cease to issue notes. In that
event an illusory and, at best, only a partial sub-
stitute was provided. The Government /night
authorise the Bank of England to issue on senu-
rities to the extent of two-thirds of the withdrawn
notes, but solely on condition that the whole of the
profits should be paid to the National Exchequer.
Of course the Directors would not increase their
trouble and responsibility when all the profit
would be transferred to another quarter. The
permission is, therefore, of no practical utility.
Although 700,000/. have been withdrawn, not an
additional note was issued by the Bank of Eng-
land, nor do we see that the Directors should do
so, giving all the proceeds to the Government.

A month or two ago it was announced that a
French company had entered into a treaty with
the omnibus proprietors of London for the pur-
chase of their vehicles, with the intention of intro-
ducing the Parisian system among us—a system
by which increased facilities of communication,
and every attention to the convenience and com-
fort of passengers, would be insured.

The satisfaction with which the announcement
was received can best be appreciated by parties who
are familiar with the working of the existing sys-
tem. Those who are compelled for their sins
daily to travel backward and forward by omnibus
welcomed it much as a distressed mariner would
the sight of a peaceful harbour, and at once began
to ponder over their special grievances. Some
whose exuberance is not favourable to rapid loco-
motion, others whose nerves are not equal to
threading lines of whirring vehicles, and whose
footing, under such circumstances, is not secure
quivered with indignation as they reflected on the
impudent inattention to their signals and the in-
difference to their specialities and lives manifested
by the tribe of conductors. Others, more favoured,
who care not for these things, reflected with hardly
less bitterness on
the free and easy manner in
which they were suffered in general to find their
way inside. The door being opened the vehicle
themselves
off—supposing it had been pulled up at all
—before they got a footing,
y by the
exhibition of a skill worthy
of a posture-master,
an o
fl
were they daily able
tosave d n
fall-
ing backward on the pavement. Others, with
feeble lungs, thought with a shiver of the efforts
they were compelled to make to have their instruc-
tions understood. Others strove to recount the num-
ber of times their expostulations had been met with
insolence, and of course gave up the attempt in de-
spair. All reflected with discontent on extortionate
charges, the narrowness of the vehicles, the dif-
culties experienced and risks encountered in
threading their way to, or otherwise getting, a
seat, the desagremens the opening or closing of a
window entailed, the wet straw, the dripping
neighbour, the flowing umbrella, &c. And all was
to be altered, an omnibus millennium was at hand.