The Sun.
London, England, 1855-12-25 00:00:00

THE SUN; LONDON; TUESDAY EVENING, DECEMBER 25, 1855

inconvertible, can alleviate it ! On the other
hand, we assert that there is an ample supply of
real capital, and that all that is required is a suffi-
cient measure and representative of value, a circu-
lating medium adequate to the wants and exigen-
cies of the nation ; and that, for any practical
purpose, it is no more required that the currency
should exclusively consist of the precious metals
than that the yard with which the draper measures
his cloth, or the weights by which the grocer or
farmer weighs his tea or sugar or corn should be
made of sterling gold or silver ! Here then a
direct and tangible issue is joined, and we confi-
dently await the verdict of public opinion thereon.
For what is capital ? Does it consist solely of
money, without any allowance being made for
money's worth ? If nothing but gold and silver
can be taken into account, then may the man pos-
sessed of rich and fertile lands, of convenient and
gorgeously-furnished mansions, of flocks and herds,
or of warehouses filled to overflowing with
costly merchandise, be nothing better than a
mere beggar. All his noble possessions
may be rendered of no value for the
lack of a few metallic counters, white or
yell Ow. Capital really consists of accumulated
lab Our in any form useful or convenient to the
community, and also of the natural gifts of Pno-
VIDENCE. Gold which requires a certain amount
of labour to extract it from the mines in which it
lay concealed is but one—and, perhaps, the least
valuable form of that capital. It is chiefly
sought because, by general consent, it has been
adopted as one of the means by which other
really valuable property can be exchanged with
facility. It is, as we have stated, merely the
measure and representative of real property, or
true "Capital," and not real property or
" Cksital" itself, or, at best, but ono form there-
of—and there is no more reason why we should
not substitute a more philosophical and conve-
nient "representative" than there was at the
time of the adoption of gold in place of cattle, as
the great medium of 'exchange, that the old prin-
ciple of barter should be steadfastly maintained.
rifle Income and Property Tax affords a toler-
ably fair criterion on which to extricate the actual
" Capital" of the country. We can calculate the
value of the lands and houses, and the various
fornis of national wealth or capital, producing in-
come or the means of livelihood. We can also
guess at the amount of wealth not indicated by
these returns. The innumerable flocks and herds
—the horses, corn, and furniture, implements of
husbandry, works of art, and the various goods
and chattles comprised under the term " mer-
chandise." These are the items of actual wealth,
and, if they had departed from the country, we
should be poor indeed. But so long as we re-
tain then, so long as we have possession of things
bestowing en the owners the necessaries, comforts,
or luxuries of life, we shall be rich, although
there were not a single ounce of gold remaining
in the country, or in the world.
The true " capital" of the nation has been
variously estimated at from fine to eight thousand
millions of pounds sterling. Taking even the lowest
calculation that has been offered by any trust-
worthy witness, why should the withdrawal of
some eight or ten millions create such wide-spread
distress and suffering when it bears no greater
proportion to the general stock than from one-
sixth or one-fifth, per cent., or some 3s. 4d. or
4s. out of every 100/. ? The man who had 1,0001.
in his pocket would think it ridiculous to be re-
quired to reduce his expenditure, or to submit to
serious privations because he had the amount di-
minished by some 80s. or 2/. Why should the
nation act differently, or mourn for the departure
of some yellow counters, while its real wealth is
not only untouched, but is daily increasing in
value. With five thousand millions of property,
and the thews and sinews of thirty millions of
people, seven millions five hundred thousand
whereof may be assumed to be adult males, and
an equal number of adult females, we are rich
indeed, despite the want of gold. We require
but a convenient form of currency, or circulating
medium, to develops the capabilities and display
the almost miraculous elasticity of our natural
resources ; and that can only be found in the em-
ployment of really national notes of convenient
denominations, the nature whereof we have re-
peatedly indicated, and which will pass freely
from hand to hand, inasmuch as they will possess
" a purchasing power," and every person will
know that with these he can command an amount
of the necessaries, comforts, or luxuries of life pro-
portioned
to their nominal value. We again in-
sert the three admirable letters of Mr. SALT on
this subject.

The determination of the President of the
United States not to send a representative to the
diplomatic conference now being held at Copen-
hagen, on the subject of the Sound Dues, is pre-
cisely what we looked for. To have sent one
would have been an act of self-stultification which
would have very much surprised us. The question
is not a question of degree, but of right. Has
the Danish Government any valid right to levy
those dues, or has it not ? All that can be said
to establish such a right has already been ad-
vanced, and the verdict of the American Govern-
ment has been in the ntgative. Denmark has no
such right, and being of that opinion the Ameri-
can Government could not entertain the question
of compensation for a moment, since, if there is
to be compensation, America herself, and not Den-
mark, is entitled to it.
Mr. MA.ROY, in his despatch, puts the entire
affair in a very able and lucid manner. He argues
that there is just as much reason for collecting
these dues at the entrance to the Mediterranean,
the Black Sea, or the mouths of great navigable
rivers as the Baltic (and that is none at all) ; and
such being the case, no claim of prescription can
be of any weight what America ought to pay.
America will not object to pay, and so far as cotn-
pensation for building and maintaining light-
houses, providing pilots, dm., are concerned, is
willing to pay her due proportion. All beyond
this is unwarrantable exaction, and, being so, can
no longer be submitted to.

and Decidedly the United States have the best of
the argument,
the i
years can consecratea
postron. No number of
face of it the levying wrong., and on the very
of a heavy tax, or any tax
whatever, on 'vessels Passing
along the
especially
shores
ot
tDoeAnmmaerrkicai.s aThfleaglr)anishant one, and more
Government, the reader
may be aware, not only relies on the title of pre-
scription, but also on that of policy, and points
out political reasons why the tax should be levied.
Unfortunately for Denmark, America not only
cannot benefit by this questionable policy, but has
a decided aversion to it—in point of fact, is
pledged not to lend it any countenance whatever.
What the upshot will be, we cannot say. It is,
perhaps, unfortunate, that the affair has been
brought to a crisis at the present time, but it
nevertheless must be dealt with. America will
not pay any more after the termination of the
Treaty, and in that case how can Denmark
enforce it from any other Power ? The posi-
tion is not pleasant, but America is right,
and we ought to follow the latter's example. If
there be any State reasons why Denmark should

receive eleemosynary aid, let them have their full
weight and due consideration, but in any case let
our commerce generally be freed from so piratical
an impost. All the experience it can receive will
fall short of the wants and necessities of the
world.

LATEST NEWS.

DRESDEN, DEC. 24.

Baron Seelbach, the Saxon envoy at the French
Court, arrived here yesterday from Paris. After
receiving instructions here he has proceeded on
his way to St. Petersburg.
His mission is connected with the negotiations
for peace.

ST. PETERSBURG, DEC. 23.

General Mouravieff, in ordering the garrison
of Kars to filo off before him, dispensed with
the English taking part in that movement. Omer
Pacha, on hearing that Prince Bagration bad re-
ceived reinforcements, hastily re-crossed the In-
gour, and fell back on Soukhum Kale.

BERLIN, DEC. 24.

Our latest accounts from the Russian capital
are not favourable to the success of the attempts

at negotiation.

It is hoped the representations that will be
made by M. de Fonton of the feeling of the Ger-
man Courts will modify the present feeling of the
Czar's Cabinet.

It is considered that the treaty with Sweden
would not have been published if much was o*
pected from the propositions of which Count
Esterhazy is the bearer. The publication of it
at the present time will but exasperate Russia.
We learn from Vienna that a portion of the
Sardinian Contingent is expected to join the
French army destined to act on the Baltic coasts

next spring.
The main body of the English army, it is re-
ported there, is to co-operate with Omer Paella to
drive the Russians out of Ge orgia.

FR A NOE.
PARIS, MONDAY EVENING.

The accouchement of the Elnpress is expected to
take place between the 15th azid the 2,6 th of March.
This is authentic.

Her Majesty's health is excellent.
Their Majesties yesterday ireceived the following
persons :---The Countess de Piper, wife of Count
do Piper, Secretary of the S.Predish Legation, and
M. de Stadingk, an attache to that legation ; M.
Du 6, Minister of State of Noorway ; the Chevalier
and Mme. Letterstedt ; MT oe. Crowley ; M. do
Munck, Secretary of the Order of the Nobles ; and
Grontvedt, Petre, Bar c n Akerbjelra and M.
de Yorsell, Swedish officers, all of whom were pre-
sented by Count de Lcew enhielm, the Swedish
Minister ; Mr. Jennings Wise, Secretary of the
American Legatioi ; Mr. Benham and Mrs.
Macrae, presented by Mr. Mason, the American
Minister.

Preparations for the military solemnity of Satur-
day have already been col n menced. At the en-
trance of the Boulevard, at t he Bastile, a triumphal
arch is being erected, and others aro to be con-
structed on the line of ro irch. Trophies, flag-
staffs, and wreaths of foliage are besides to be
placed at intervals. In t lue evening, it is said,
there will be a general illun atination. It is further
stated that each soldier of the army of Paris will
receive extra pay on Saturd lty, in order to be able
to treat a comrade amongst the new arrivals.
The Archbishop of Paris ; b.as ordered the Ma of
every parish in his diocese t s open a depot fur the
reception of old clothes, dai siaged or worn-out fur-
niture, and broken victuals -for the use of the poor.
The Presse says, in its - weekly commercial re-
view :—" The fears which :have been entertained
of the results of the measi Ires taken by the Bank
of France within the last to ro months are gradually
disappearing. Trade is fir from active, but so
much caution has been ex orcised that the aggre-
gate of bills payable at the end. of December will
nob be formidable.

Early this morning a r. lipid thaw set in. The
streets are muddy, and tl lore is a soft southern
breeze. The thermometer, which only twenty-four
hours since was 11 degrees below zero, was at noon
to-day 3 degrees above_ 'Moro is a groat doal of
illness consequent upon the, g e violent oscillations of
temperature.

BOURSE, Dec. 24.—The following are the last
quotations :

Cash. fr. e. End of Month.
4i per Cents 9l 50 —f. --c.
3 per Cents G4 55 64 45
New Loan 65 50
Bank Shares 3220 R a man
Credit Mobilier 1350 A .11 strian
Belgian Fives. ..... .. 94i S pi anish Threes 4O
Piedmontese B7 —Llx me Debt ......... 31i