The Sun.
London, England, 1864-12-09 00:00:00

THE SUN, LONDON, FRIDAY EVENING, DECEMBER 9, 1864.

ft URN U RE, CARPETS, BEDDING, and
FLOORCLOTH, CARRIAGE-FREE to any house in
the kingdom, regardless of amount or distance. First-class
goods at second-class prices. Terms peculiarly liberal to
Clergymen and Gentlemen. An immense stock to select
from, displayed in Showrcoms occupying an acre of. ground.
Every article warranted.
GLEhGYMEN and GENTLEMEN ABOUT TO FUR-
NISH are respectfully informed that Messrs. Cobbett and
Co. are publishing an entirely New Edition of their un-
equalled HOUSE FURNISHING G UI DE, illustrated brit()
adim-able engravings of every description of Furniture and
Lensteads, with prices attached. A copy sent gi atis and
post-free on application. This costly work also contains
complete estimates fur furnishing on the following revised
s7,ale '
A Six-roomed Parsonage £74 X 0
An Eight-roomed ditto
A Ten-roomed ditto
A Twelve-roomed ditto l9l 11 0

!together with a Price List of purified Bedding, and a mass
of valuable inrormationto all requiring houseli 31d furniture,
carpets, or bedding. References kindly permitted to Clergy-
men and gentlemen in or near Great Malvern, Southampton,
Chichester, Bury, Ely, Preston, Grimsby, Ryde, Plymouth,
Wells, Oxford, Brighton, Gainsborough, Margate. Kidder-
minster, Wellington, Croydon. Cambridge, Staines, Dorking,
St. Alban's, Worcester, Ipswich, Peterborough, St. David's,
Wrexham, and above 500 other places in all parts of Great
COBBETT and CO., General House Furnishers, Deptford-
bridge, London, S.E,

CITY SHOW-ROOMS
FOR
GLASS AND CHINA,
147, HOUNDSDITCH.

DEITIES and SONS' TABLE GLASS,
Cut and Engraved, of the choicest designs.

REFRIES and SONS' DINNER, DESSERT,
and Tea Ware, of the newest patterns.
REFRIES and SONS' LUSTRES, TAZZAS,
and Flower Vnees for the present season.
REFRIES and SONS' CHANDELIERS,
for the Dining-room, in Bronze, Ormolu, and Silver.

REFRIES and SONS' CHANDELIERS,
in Crystal, for the Drawing-room, for Gas or Candles.

rAEFRIES and SONS' CHANDELIERS,
in Crystal, in the Venetian and Grecian designs, for

India.

DEFRIES and SONS' SPECIAL DESIGNS
in Lamps for India.
DEFRIES and SONS' WALL LIGHT
Chandeliers, in Crystal, for India (Registered).
DEFRIES and SONS promptly execute CLUB,
Mess, and General Furnishing Orders of China, Glass,
DEFRIES and SONS supply MERCHANTS
with Pattern Books and Special Designs.

TDEFRIES end SONS have just added Five
el . New Snow-Rooms to their extensive Manufactory.
T ley have now on show the largest assortment in the world
',the above goods of their own manufacture.
MANUFACTORY AND SHOW-ROOMS,
147, Houndsditch. •

MADAME RACHEL'S CIRCASSIAN
BEAUTY WASH. ALABASTER POWDER, and
()OLDEN HAIR WASH can only be obtained at 47A,
New Bond-street.

HAIR•CURLING FLUID, 248, High Holborn,
London.—ALEX. ROSS'S CURLING FLUID curls
Ladies' or Gentlemen's hair immediately it is applied. Sold
at 3s. 6d.; sent free for 51 stamps. Ross's Toilet Magazine,
is. 6d., or 20 stamps.

GREY HAIR.-248, High Holborn, London.—
ALEX. ROSS'S charges for Dyeing the hair perma-
nently— Ladies' Hair from 7s. 6e1.; Gentlemen's from ss.
The Dye is sold at .3s. 6d, or sent free for 51 stamps. It is
most easy of use.

united companies, with a fixed minimum of £85,000 per

annum.

without imprudence, be paid in relates or in debentures, in
order to relieve the market from a mass of securities now
floating about and impeding the improvement of credit. In
the present prosperous condition of the trade carried on by
the Bank, with the prospect of the development of which that
industry is capable, a capital however considerable would, he
affirms, be at once and eagerly subscribed, and be got toge-
ther with the greatest facility. Subscribers would flow in
from all parts of Europa. He, indeed, is blind who
does not see tha marked tendency of capital towards
establishments of credit. Ile, indeed, is blind, who does
not ace that the development of railroads throughout
Europe necessitates the employment ot-mettus of credit
and of circulation proportioned to the immense increase

of capital which is the consequence thereof. He, indeed,
is blind who does not see that a system of banking, ag-
grandised and strengthened, which would reduce the rate of
discount and which should have its centre in Paris, would
before ten years increase fivefold the mass of business, pro-
duce a corresponding improvement in the wealth of the
country, considerably augment the public revenue, aud, by
placing credit on its true basis, give to French policy a pre.
ponderance that no other country could equal. Such an
organisation could not be promptly developed but by esta-
blishing it in Paris. Paris should be the pivot of this
financial revolution. Everything is ready for it. " Let us,
then," cries M. Pereire, " march along with a firm step to-
wards that object, and let us give the signal of the real or.
ganisation of labour."
The first duty of a Bank, M. Periere repeats, is to have
from its own resources a metallic stock sufficient for the
reimbursement of its notes ; but the raising of discount is
the very worst means to employ, to keep, or complete this
reserve. In truth, banks should have no other mission
than that of furnishing money to the producer on the
cheapest terms possible, for otherwise, it would be madness
for Governments to accord to private establishments the
right of issuing hundreds of thousands of notes at no other
cost than:that of the paper on which they are made.
The criticism passed by M. Pereire on the constitution
of the Bank of England is nearly the same as that con.
lainiditftll.o articierwhiels. the Journal des -Debats pub-
lished a few weeks ago, and on which you made some ob-
servations at the time. Being led to that subject by the
necesseity of proving that the raising of discount in Lon-
don does not necessarily involve a similar measure in
Paris. M. Pereire declares that the charter cf the Bank
of England is manifestly vicious and dangerous. It
appears that the illustrious promoter of the act of 1844
(Sir Robert Peel) was too exclusively occupied with
the thought of guarding against the return of forced
circulation, and did not perceive that he exceeded the limits
of a wise precaution, and that while ho excessively restricted
the writ of issue he imposed on the Bank the obligation of
frequently raising its discount, and thereby refusing its aid
to the market of capital at the very moment when that aid
was most necessary.
M. Pereire concludes thus—

"In this struggle of right, of truth, and of labour
against error and extravagant pretensions, we consider that
we are the interpreters of public opinion, which is greatly
moved by the late measures of the Bank, by the prolonga-
tion of a system the utter worthlessness of which is every
day more and more manifest, Old prejudices have had their
day—let us at last come to the practice of the true princi-
ples of political economy. Let us not forget, on this occa-
sion, that the exactions of money lenders were among the
principal causes of the intestine dissensions which devoured
Roman society, and of the revolutions of which it was so
frequently a prey. In our modern society, which exists
only by labour, pretensions and indefinite. augmentation of
the rate of interest like that which we now witness would
have an influence no less marked and consequences no less
afflicting, for the slightest stoppage is, as we know, produc-
tive of misery and calamity."