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

THE SUN, LONDON; TUESDAY EV_ENING DECEM BER 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-

ating 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 meavures

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 thin a
mere beggar. All his noble possessions
may be rendered of no value for the

lack of a few metallic counters, white or

yellow, Capital really consists of accumulated
labour in any form useful or convenient to the

community, 41,nd also of the natural gifts of PRO.

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 Arne 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 " Ca.piltal," and not real property or
" Capital" itnelf, or, et best, but one form there-
of—and there is no more reason why we should
not substitubo 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.
The Incon le and Property Tax affords a toler-
ably fair aril erion on which to extricate the actual
" Capital" o 1 the country. We can calculate the
value of the lands and houses, and the various
forms of national wealth or capital, producing in-
come or the moans of livelihood. We can also
guess at the amount of wealth not indicated by
these returnn. The innumerable flocks and herds
—the horsey, corn, and furniture, implements of
husbandry, works of art, and the various goods
and chattlesa 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 them, so long as we have possession of things
bestowing elt the owners the necessaries, comforts,
or luxuries of life, we shall be rich, although
there were tot a single ounce of gold remaining
in the count ry, or in the world.
The true " capital" of the nation has been
variously eltimated at from flee 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 an& suffering when it bears no greater
proportion i o the general stock than from one-
sixth or one-fifth per cent., or some 3s. 4d. or
4s. out of every 1001. ? 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 30s. or 21. 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 develope 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
`his 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 muoh surprised us. The question
is not a question of degree, but of right. Has
the Danish Government any valid right to levy
these 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 bees 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 Don-
mark, is entitled to it.
Mr. MARCY, 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 tho 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 com-
pensation for building and maintaining light-
houses, providing pilots, ttc., are concerned, is
willing to pay her due proportion. All beyond
this is unwarrantable exaction, and, being so, can
no longer be submitted to.

aeeaer s
of can
it
Decidedly the United States have the best of
the argument, and the position. No number of
y
consecrate
levying
ga
ofwrong,
a).oavayndtaz
or
any taxthevery
whatever, on vessels
passing along the shores of
Denmark is a flagrant
one, and more especially
to America. The Danish Government,
the reader
may be aware, not only relies on the title o f pre-
scription, but also on that policy,' l•cy, of •
iand points
out political reasons why the tax should be levied.
Unfortunately for Denmark, A •
mama not only
cannot benefit by this questionable policy, but has
a decided aversion to it—in point of faot, 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
nevertheleas 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
1 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.