The Sun.
London, England, 1855-11-16 00:00:00

LONDON, FRIDAY, NOVEMBER 16, 1815.

There are two perfectly distinct phases of the
monetary code which should be kept separately
before the public view, so that there can be no
posi;ible confusion on the subject. Both have
proved exceedingly prejudicial to the community,
causing wide-spread ruin and misery amongst the
industrious classes. The second, however, has
materially aggravated the evils incidental to the
first stage, and rendered it perfectly intolerable.
Had the moneyocraey been contented with_ the
enormous profits realised under the Act of 1819,
the matter Might have remained—if not unques-
tioned—at least without serious agitation on the
subject. But they proved insatiable, their extra-
vagant galas only stimulated their cupidity, and
rendered them impatient for additional wealth.
The operation by means whereof they sought to
effect this,intention was,
a character, and • however, of so stringent
its effects went so far beyond
even the intentions of its framers, that it has ex-
cited the national indignation to the highest pitch,
and may therefore lead to the overthrow of the
entire system.

By&the Act of 1819 all the national burdens
were more than doubled. The creditor class
profited largely the :ilel;tors -N;reie" ruined.
E;tates winch had rem: lined. in farniliea
rouga
a low 5,2c,:,,2j2i0D of agez paned lath new Law:,

A social revolution was effected. The author of [
the change, Sir ROBERT PEEL, more than doubled
the value of his own fortune, a point which his
venerable and magnanimous father clearly ex-
plained. We do not wish to impute private or
personal motives to the deceased Statesman, but
the effect of the change was unquestionable. Not
only were debts, contracted when gold was worth
51. per ounce, liquidated when its price was only
31. 17s. 10id., but, from the necessary contrac-
tion of the circulating medium, " the purchasing 1
power " of the pound sterling was greatly en-
hanced, so that virtually 20s. would purchase fully
as much as 40s. under the previous currency sys-
tem. The apparent cheapness had its charm, but,
it was quite illusory, for the wages of the work-
ing classes fell in a still greater ratio, and, inas-
much as certain fixed payments remained un-
altered, they found themselves unable to
obtain anything like the same quantity of
the comforts, or even the necessaries of life.
The value of land diminished, as wall as every
description of commodity. But the landocracy
were bribed to disregard their own interests, by
the iniquitous bread-tax, and thus the operatives
were doubly ground down.
It is needless to expatiate on the intense suf-
ferings occasioned by the working of the enact-
ments relating to cash and corn. Those who can
recollect the disastrous years from 1816, when
the preparations for the resumption of cash
payments were commenced, will require no
monitor to explain the terrible crises that
ensued—that desolated many hearth; and
reduced those who had once been prosperous
merchants, to the verge of bankruptcy, if not to
absolute ruin. Banks failed in every district.
The rents readily paid in a paper currency could
not be collected, tenants were ruined, and land-
owners who had mortgages affecting their estates
shared their fate, while others, who fortunately
for themselves were unencumbered, sustained
serious losses, and were obliged to content them-
selves with greatly diminished incomes ! Such
were the effects of PEEL'S first act of 1819, which
produced a social revolution, in:which all moneyed
men or capitalists suffered severely.
There was, however, no artificial restriction.
The Bank of England was permitted to issue notes
to any amount, and in any denominations it
thought proper. The only stipulation was that
these notes should be convertible on demand, that
auy person bringing Bank paper should be en-
titled to receive the specified amount of gold in
return. The Directors could therefore use their
own discretion in ascertaining the nature and ex-
tent of any peculiar pressure—could discover
whether the want was for domestic purposes or
foreign exigencies. In the former instance the
notes were just as good as bullion ; in the latter,
however, they might be compelled by the opera-
tion of the law, to injure the home trade in
order to arrest ttn evil for which the
sufferers were in nowise responsible. They
were, in fact, like " the whipping boys" of
princesin the olden time, when the faults and
shortcomings of royal pupils were visited with ter-
' rible severity on their less distinguished fellow-
students.

The severity of the crisis was greatly aggravated
by the withdrawal of the I/. Bank of England
notes from circulation. They had passed freely
from hand to hand, had answered all the pur-
poses of every-day life ; but oa the ridiculous
pretext that they might, in time of panic, render
the position of the Bank less secure, they were
gradually removed, and their place supplied with
gold, so that from forty to fifty millions of severeigns
were brought into use. There was thereby oc-
casioned not merely the loss of interest of that
large sum, but an enormous wear and tear of the
precious metals. The Bank itself was saved in time of
real panic by the accidental discovery of a box
of the much-despised 11. notes—the value where.
of was thus established beyond the possibility of
doubt. But how did our legislators profit by the
salutary lesson ? The denomination of notes that
saved the country were " tabooed." No note
could be issued for less than 51., so that the Bank
must inevitably stop payment under circumstances
similar to those which occurred in December,
1825. The pressure of the Act of 1819 was
thus greatly enhanced by the senseless prohibi-
tion of the small-note currency. This was the
state of affairs so loudly and justly complained of
when the new legislation of 1844 materially in
creased the difficulties of the industrious classes,
and gave a further and most extravagant profit to
capitalists and the recipients of fixed income, at
the expense of the creators and producers of na-
tional wealth. The pernicious effects of this short-
sighted and inequitable legislation Will be explained
on a future opportunity—time and space are alike
wanting for the purpose this day.

If the gentlemen who got up the meeting at
St. Martin's-hall on Monday night be single-
Tninded they will succeed. Englishmen new sus-
pect and hate Alien Bills. They were never
popular, except with manufacturing monopolists,
for monopoly purposes, or with those who trembled
at the thought of Popish emissaries. As the
means of getting rid of purely political refugees
we all dislike them, and justly. We know they
would be used by the Government of the day at
thebidding of other Governments, who sympathise
with the class composing our Courts and Cabinets.
That, as the rule, no Royalist would be expelled,
while Republicans, and Constitutionalists pos-
sibly too, would be advised or compelled to take
a passage for America. An Alien Bill would be
more fatal to Lord PALMERSTON'S popularity than
was the Foreign Enlistment Bill to that of his
predecessors. It would utterly destroy at home
the belief in his being the Minister of England ;
and abroad it would embroil him with every
Cabinet for whom he declined to use his obnoxious
power,
notwithstanding the language of journals
supposed to know his views, we cannot persuade
ourselves that his Lordship would be so ill-advised,
insaneso
might properly say, as to jeopardise
Leadershiphis
w e
in a
war for liberty, by an attack
's countrymen would most
on a liberty which hl
certainly protect. He might get a bill through
•
suc-
ceeded they might turn him out with impunity,
the present House of Commons, but if he
for he would become as just an
object of suspicion
as Mr. GLA.DSTONE himself. It would be useless
for the author of an Alien Act to
appeal to the
country.

Mr. MIALL, the Chairman of the
Tr, tin , how.
•
ever, in vain denied that the dropping of the dis-
cussion on the policy of the War was not a neces-
sary afterthought on the part of the promoters of
the meeting. Their prudence is gratifying, but
prudence it was. We see the Honourable Gen-
tleman, in his own journal of yesterday, alleges
that the choice of speaker A—three of them being
in favour of the War-4—proves that the meeting
was not originally a peace-trap, baited with the
refugee question. To be sure of that we ought
to know whether the speakers who are for fighting
out the independence of nations, and for incapa-
citating Russia to trample down more Hungarys,
and Polands, and Finland; and Crimea. 3, and
principalities," 43c., (W.—whether these speakers
were purchased
with the sacrifice of the adver-
tised topic of the Warp or ?doter Lain bi—

enlisted they demanded the sacrifice. At least
we ought to know how the clause came there, and
was afterwards pushed aside. The connection
was thought " reasonable," writes the Chairman.
Granted ; then, if reasonable, why dropped ?
But one answer, we candidly think, is possible ;
that it having been hoped the meeting would give
a hearty vote for Cobdenism, it was found more
likely to vote with the nation at large. St.
Martin's Hall could not be packed—so the War
discussion was packed off ; the Chairman, when
the resolution in favour of the refugees had been
unanimously carried, having rather eagerly de-
clared the business at an end. It was pretty
clear, however, from the way in which a Mr.
WASHINOTON WILKs, and his unfriendly allusions
to the War were received, that no hearing
could have been gained for Peace-at-any-
Price doctrines, and , that... there was
danger if the meeting were prolonged
of a much stronger resolution against the brutal
power, which would not merely compel a refugee
to go from one portion of its dominions to an-
other,—but which could thirst with wolfish in-
satiableness for the very blood of the noble refugee
whom our Eastern Ally so generously and faith-
fully protected, and whom we are now proud to
have in our capital.

For the expulsion of the first three for the pub-
lication of the base letter attacking even our
•wn SOVEREIGN there was perhaps some apparent
excuse. A rather lame one, however. The Courts
of Law were open, and could our SOVEREIGN have
condescended, to avail herself of them the verdict
could not have been doubtful. In common with
all her subjects, however, she could on personal
grounds not have thought of such a step. Her
vindication was in the breast of every subject,
and not one of them could have endured the
thought of her defending herself against such re-
volting scurrility. It was beneath notice, 'at least
by herself ; but the guilty parties ought not to
have been surprised if the pump, the horse-pond,
and other instruments of Lynch Law awaited
them. If they did not respect the personal po-
sition of the SOVEREIGN who protected them, the
more rough and ready of her attached subjects,
could not be expected to show much respect to
their persons. The Austrian woman-flagger ex-
perienced Ba,nkside justice ; and it was not easy
to bring the popular culprits to justice—police
justice we mean. And had the Banksiders in
Jersey exercised their summary process on the
libellers assuredly the Governor could have found
no jury to convict them. The refugees were bet-
ter away ; they had made the place too hot for
them.

As to the attack on the Emperor, of which the
meeting was made the instrument, what purpose
could it serve ? If he really prompted the prc-
ceedings we must think he was very ill-advised,
and our own Government too. He and they
ought better t• have known the temper of English-
men. He must have seen that here, with a
Press absolutely free, and the right of meeting
unrestricted, the refugees would only be raised
from contempt and converted into martyrs, by
legal proceedings—and still more so by proceed-
ings of questionable legality. He could do no-
thing more likely to peril the cordiality of alliance
between the two Governments than to incur the
suspicion of prompting our Government to in-
fringements on the liberty of the Press, or harsh
dealing with refugees. Having lived with us so
long we should hope he has quite got over the
morbid sensitiveness of the former NAPOLEON to
the freedom of our Press.

We must own we suspect most strongly that
odious Court which has mysterious influence in
high quarters here. The savage young Jesuit
who perpetrated the murder of ARAD, who robs
Hungary of its liberties by perjury, and Lombardy
by his brutal soldiery, who trembles before
KOSSUTH and 11/Azzurr, as before living imper-
sonations of the NEMESIS which awaits him—his
is the hand which, as we conjecture, pressed down
the scale. Possibly he hoped to see the gi eat patriots
ultimately driven► across the Atlantic, which he is
much less likely to see, than to see himself driving
on the Marine Parade at Brighton:'. At least he
might hope to intimidate them, and to check their
dreaded pens, and their correspondence with the
crushed, but yet ardent, patriots in the suppressed
nations. L)rd PALMERSTON must indeed beware.
Englishmen will not allow their valued and in-
dispensable ally to touch a hair of their cherished
liberties, but the detection of the influence in
such proceedings of the hated traitor at Vienna
would ruin any Ministry, and might have even
worse consequences than that.

The householders of London will do well at the
present time to ponder over the history of their
local administration during the last quarter of a
century, in order to appreciate the immense boon
presented to there in the Metropolis Management
Act. To be sure we cannot promise by way of
inducement that the immediate result will be al-
together agreeable, but we pledge our credit it
will be wholesome.

For what, in sober truth, is that history but a
saris-comic illustration of selfishness suicidally
indulged in ? A history of betrayed trust, and of
servile submission on the part of a majority of the
ratepayers to the most pettifogging brigandage,
and of grievous scandal to the admirers of an en-
nobling principle. A history of a long-continued
dereliction of an incumbent duty, because of an
unworthy apprehension of a little trouble and un-
pleasantness incident to the discharge of it. What
are the facts To the householders of London,
it is no exaggeration to say, was pre-eminently
committed the vindication of a system to which
this kingdom, more than to any-other, owes its
unexampled greatness. Residing in the metro-
polis of the freest and most energetic country in
Europe, the centre of commercial enterprise,
wealth, and intelligence, they were peculiarly
called upon to do justice to the principle of local
self-government. Not only was the character of
their local administration likely to be inquired into
by their provincial contemporaries for imitation,
but also to be invidiously noted by foreigners and
others who have no love for, and almost as little
comprehension of,
plified in one freeiningsuteistutitoinonws.as
toI be
ftheexoepme-
ration of the principle-
place, of place rather than another, that
all places,
as a matter of course, was
London. Yet We boldly challenge assent, when
we say that, in no city
or town in the kingdom,
however corrupt and wanting in intelligence and
public spirit, has the important trust been more
signally betrayed, or could the speculative
foreigner have detected in the results of that
betrayal more matter for ridicule. To
caricature
them was to outrage probability, and vie with
MUNCHAUSEN. Individuals, of most of whom
the best that could be said was no one
knew anything about them, have been permitted
to levy, through a long series of years, a taxation
almost equal to that required by imperial neces-
sities, without let or hindrance, or being called to
account ; and -this, notwithstanding the reckless
extravagance, farcical jobbery,
and flagrant eon_
tempt of public opinion indulged in by most of
these local despots, have been enough to. yet
, ManrsTOWitzus himself a chuckling and grinning
haw the
iby the hour. o ilafatuAted, Lucked,