The Sun.
London, England, 1852-04-02 00:00:00

" the purchasing power" previously belonging thereto,
the quantity of bullion should be reduced, so as to
make the debtor liable for the same intrinsic value
only in discharge of his obligation that, the same
nominal amount possessed at the time when it was
contracted.

This view, however, was earnestly protested against
at the time by the bullionists. Gold was scarce and
could not be then provided in sufficient quantities
to meet the wants and exigencies of our rapidly in-
creasing population and commerce. The value of the
pound, convertible on demand into 123 grains of ster-
ling gold, was much more than that of the inconvertible
bank-note, to which seven or eight shillings should be
added in order to obtain a gold coin purporting to be
of the same value. Those, then, who advanced paper re-
quired to be paid in gold, and insisted that their de-
mands could only be satisfied by the delivery for each
pound of 5 dwta. and 3 grs. of gold, and nothing
more or less.

It was by such arguments that the chains of the
debtors were double rivetted, and the quantity of
labour necessary to satisfy the public taxes or pri-
vate claims materially increased. In vain did mo-
notary reformers protest against the Act of 1819, and
the supplemental measure of 1844, which appeared es-
sential to the due carrying out of the principle.
Their remonstrances were received either with care-
less apathy or gross contumely. The later measure,
which not only continued the necessity of paying in
gold debts contracted in paper, but created an
artificial scarcity of the precious metal by requiring
that a large amount should be locked up in the
coffers of the Bank, lying idle and unproductive,
when its active circulation would be productive of
the most beneficial results, was lauded as the per-
fection of human wisdom. In vain did the commer-
cial crisis of 1847 arise. It was ascribed to every
cause but the true. We heard of overtrading, of
commercial imprudence, and mercantile delinquencies.
In vain was the well-considered report of the Select
Committee of the House of Lords—it was totally
disregarded. In vain was the powerful and
convincing testimony of the many unim-
peachable witnesses whose evidence was taken
before the carefully .'elected Committee of the House
of Commons—the obnoxious law was maintained 3 in
all its stringency, and no modification or alteration
would he heard of. The moneyocracy should still
keep their holds on the necks of the industrious
classes, cramping their exertions and paralysing their
energies.

But PROVIDENCE vouchsafed the relief to the suf-
fering people which man refused. The almost mi-
raculous discoveries of gold in California and
Australia were brought to light. Individual miners,
working without suitable tools or combined
efforts, obtained almost fabulous wealth, which
found its way not only to this country,
where there has been, in consequence, an
increase of at least 20 per cent. to the circulating
medium, but also to almost every other nation in the
world. Formerly, when gold was abundant in
England, it was scarce in America, and vice verse.
Different nations were trying to obtain sufficient for
their own wants, utterly careless as to the effects on
other countries. They were scrambling with one
another, like the children described by LOCKE as
" pulling at the scanty coverlet." But now there is
enough for all. It does not follow that because there
is high-water in Threadneedle-street, there must be a
deficiency in Wall-street, or that London is sup-
plied at the expense of Paris. Everything, too, pro-
mises a steady increase, and we shall be much
disappointed if even the calumniated and well-
abused gold companies do not produce results that
will astonish even the most sanguine shareholders.
The question, then, what will be the effect of the
gold discoveries in California and Australia, and the
increased activity in New Granada and other
auriferous districts ? must be considered, and that
speedily. It is more than probable that the propo-
sition for national notes and taxation paper would not
now be so contumeliously rejected as of yore
that " worthless rags" might be more favour-
ably received by butchers and bakers than in the olden
time.

On this point we would invite attention to a com-
munication which will be found in another part of
this day's impression, in which the question is very
ably argued. We must, however, declare that the
interests of the debtors must be attended to in any
change that may take place, and that as no allowance
was made to the tax-payers during the monetary
crisis, none can now be claimed by tax consumers in
consequence of the superabundance of bullion. The
matter is one of deep and vital importance to the
welfare and prosperity of the country, and it should
receive that calm and attentive consideration which it
so eminently merits, so that an equitable conclusion
may be arrived at, in which the interests of the indus-
trious clesses will not be disregarded, but an equal
measure of justice rendered to all without exception

A characteristic letter, addressed to ourselves by
" A Flag °nicer," will be found in another column :
and its insertion affords us pleasure, yielding evidence
as it does that the profession regards with satisfac-
tion the recent appointment to the head of the Ad-
miralty of his Grace the Duke of NORTHIIIIIIER.
LAND. The remarks made by our esteemed corres-
pondent upon the folly of subjecting the maritime
service to the management of a civilian are
deserving, we conceive, of very serious consideration 1
and, happily, we are sanguine that the nations;
experiences of late will to a very considerable extent
deter any future prime Minister from appointing as
First Lord of the Admiralty any administrator who
has not qualified himself for the post by his personal
services on those waves which, according to the
national verses of the poet of the " Seasons," are ruled
by Britannia.