The Sun.
London, England, 1862-02-04 00:00:00

OUR MONETARY SYSTEM.

TO TIIR EDITOR OF THE 61.7 N.
Szu, —The commercial aspect of the nation is confessedly
by all parties, exceedingly dreary. Stagnation, dulness,
and lethargy are everywhere apparent. And why ? Our
national wants are as great as they have ever been ; and
our means, measured by our aggregate physical, mental,
and accumulated capabilities, are not kss than heretofore.
Yet, large masses of tho people are unemployed ; much
wealth is lying inactive; and much besides employed at
considerable loss.

If asked, Why is this f some reply, The unsettled posi-
tion of the United States of America has seriously embar-
rassed our trade and done us much damage ; some, that
the high price of the principal necessaries of life has been
very prejudicial; others, again, that the taxation levied is
too great for the national vitality or elasticity to Withstand ;
and others, that the death of the late much-lamented Prince
Consort has eiveloped our industrial interests in the pre-
sent sombre cloud.

Doubtless, these are grave difficulties, and render impe-
rative great consideration before the national judgment is
surrendered to any passing claim. Many are the rumours
which obtain currency that would be scouted if caution and
research were more general. Many bugbears, in such a
case, which now extensively frighten many from their
senses, induce reckloss and panic-stricken expenditure, and
necessitate the endurance of burdens too heavy to be borne,
would be divested of their terrors, and appear what they
are—mere chimeras of the fancy.

But, how is it that John Bull attentively and almost com •
placently listens to alarmists, if they but whisper danger
from a foreign foe, and yet to remedial suggestions, the
application of which might eradicate domestic evils, pays
tardy and unwilling attention ? How is it that men grope
in the dark to find costly and injurious expedients to abate
rampant and crying evils, when tried and effective antidotes
lie beside them wilfully neglected ?
At the present moment it is a palpable fact that in both
town and country the population aro numerously unem-
ployed, unproductive, and unconsuming ; and trade and
production are paralysed. It is all very well, indeed very
important, to search after every proximate or ultimata
cause of depression or distress; but not well determinedly
to ignore any ono source of mischief or perplexity. To
ignore the baneful influence of our deranged circulating
medium is neither wise nor patriotic. Its evils may be de-
signated " legion." They arise in every direction, and
their bitter fruits poison full many a cup.
Of the many symptoms which this formidable disorder
presents, not one of the least distressing is the stagnation
that now saddens the national mind. Whence this stag-
nation ? is it an essential element of commercial existence ?
Confidence is gone, and, in its absence, employment and
consumption are diminished ; and, consequently, demand,
production, and distribution are seriously affected. But,
what disturbs the machinery of trade and depresses the
general mercantile confidence ? The disturbance is always
first caused by the rise of discounts checking trade, embar-
rassing its activities, diminishing or absorbing its profits,
or inflicting losses, sometimes of very heavy amount. And
the rise of discounts—disastrous to our trade, and diametri-
cally opposed to our productive and national prosperit3—
in times of trading and commercial activity, and the direct
and certain fruit of our absurd monetary system.
When trade expands, and bills of exchange con-
sequently multiply, and the monetary circulation
requires to be expanded to afford increased facilities
for augmented business transactions, under our pro-
sent system the money in circulation which supports or
underlies the bills, and sustains the trade which the bills
represent, does not proportionately increase, but actually
becomes less in amount from the exportation of gold. Ths
activity of trade and consequent multiplication of bills of
most unexceptionable character, except under a collapse of
the currency, render the amount of money needed for cir-
culation so much the greater. Such activity causes prices
generally to rise, for their tendency is always to rise till
they reach the remunerative level, above which, with free
home and foreign trade, they cannot be sustained. But
one article of merchandise—gold—is distinguished from all
others, and exempted, by a legally fixed price, from the in-
fluence of such activity, and forbidden to rise in price.
That article, thus fettered, or, at least, partially restricted
in its action, is made the basis of our currency, and has to
sustain the important function of testing, supporting, or
exploding our entire circulating medium. That it too
frequently does the last-mentioned die-service is far too
well known. Not being permitted to rise in price, it is
easily, and in preference to our productions, taken by
our merchants for exportation. We thereby as a
people lose the money rhich should irrigate and
fructify our internal industry and trade ; the money of the
nation is exported, no other being provided in its stead, and
the commodities which we want to export in exchange for
money or money's worth, that we may therewith keep our
people employed and pay our way, accumulate upon our
hands. This process then goes on till exhaustiontand col-
lapse ensue, and crisis, paralysis, and bankruptcy super-
vene. Then follows a period of great depression, every
body wondering what can be the cause, but nobody believ-
ing that the currency has anything to do with it. And if
here and there a person he bold enough to suggest, more
eQreei,ol3- stme Ha bolief, that such is the case, he is at
once by many classed with the deluded followers of phan-
toms and nostrums, and supposed to entertain every con-
ceivable vagary.
For some months past we have had a plethora of money,
and, judging from the Bank of England returns, and the
low rate of discount, it is exceedingly difficult to get it em-
ployed. This is traceable to the same cause—want of con-
fidence. Confidence, after repeated infraction, is not easily
restored. The same causes being in operation, the same
results may speedily ensue, and hence caution most reason.
able and essential is exercised, although greatly to the pre-
judice of the nation's industrial interests. Those traits of
character and habits of business save from commercial
shipwreck many who, under existing influences, are often
endangered. Yet the exigencies which necessitate not
merely cautious effort, but diminished application and em-
ployment, are most certainly and energetically to be depre-
cated. The system which originates those evils cannot be
too much reprehended or too soon revised. It is rotten at
the core, full of corruption, pregnant with fearful disaster.
Its history may be written in tears and blood; and the
catalogue of ills which it has inflicted upon our beloved
country would be of a most harrowing and heart-rending
character.

All this may be easily pooh-poohed ; and so let it be.
But let the votaries of our present system point out its ex-
cellencies; let them, with due regard to historical facts,
justify it: The advantages by them most generally in-
sisted Upon are its severest condemnation. It is supposed
to favour low prices, and to narrow and discourage produc-
tion, than which, for a numerously populated and highly-
taxed community, no greater evils can well be conceived.
But some may possibly start the inquiry—What features
would mainly characterise the system which currency re-
formers advocate ? I may, sir, briefly reply, they would
have money—the medium or instrument of domestic ex-
change—nationally provided upon an elastic principle, in
abundance proportioned to the exigencies of our taxation
and internal trade, and at a rate of charge which should
neither tempt to rash speculation, nor deter from well-ad-
vised enterprise, or ruin those engaged in it.
When will Britons, in relation to this question, assume
their true manhood, and look it in the face ? Lot them not
further mistake the varying aggravations of commercial
derangement—such as deficient cotton supply or threatening
war—for the disease which afflicts the body politic; but un-
derstand that it is deeper seated in its constitution, and can
only be ejected by a renewed and more healthy circulation
—a more regular and abundant supply of its life-blood—
the money of the nation. Lot them know that paper money,
issued by Government under wise regulations for our home
taxation and trade, is in all respects, as a domestic circulat-
ing medium, an instrument for the discharge of monetary
obligations far superior to the precious metals. And let
them demand that it shall bo thus issued for value received,
for public services, interest of the national debt,
securities deposited, &c., Sr.,c —that it be legal
tender, receivable for debts and taxes, having no
reference to either price or quantity of gold ; and that it be
cancelled upon its return, in payment of taxes, or otherwise,
to the national treasury. Then may the precious metals
healthily find their market price in such national money ;
and crises, panics, stagnation, and depression, at least, of
universal prevalence, be for over banished.—l am, Sec.,

C H.

Bramfield, Saxmundham, Jan, 28, 1862.

How MR. SLIDELL ARRIVED AT BOULOGNE.—
The Boulogne Messenger says :—" Mr. Commissioner
Slidell—that very expensive gentleman for England—
arrived here by the Princess Maud on Thursday last. The
wretched weather prevented many of the habitual atten-
dants being on the quay when the boat arrived, and those
few who wero there did not know that at least X 1,000,000
worth was passing them in wet clothes and cold aspect.
Mr. Slidell went direct to the station, and proceeded by the
first train to Paris." Mr. and Mrs. Slidell are now in Paris.
THE MEXICAN EXPEDITION.—It appears that
the principal Chambers of Commerce in France petitioned
the Emperor to undertake the Mexican expedition. It is
expected that it will produce most advantageous results for
the money-market, as the Mexicans pay in silver for the
French produce exported to that country. Previous to the
state of anarchy which has so long prevailed in Me, ico the
average annual export of silver to Europe was valued at
125,000,000 piasters. That exportation has been stopped
or very much impeded during the last two years by the re-
volutionary state of the country. It is believed by the
French Chambers of Commerce that the export of silver
from Mexico to Europe shall be resumed, when the allied
troops have occupied it, for the great advantage of foreign
commerce, and particularly for the money-market. Accord-
ing to a report published by the Director of Customs it ap-
pears that the value of the gold and silver imported into
Franco in the year 1860 exceeded that of the gold and silver
exported by 154,650,020 f. ; while, on the contrary, the
value of the gold and silver exported from France during
the year 1861 exceeded that of the gold and silver imported
by 88,149,440 f. This difference is accoLnted for by the
amount of the precious metals exported to pay for corn,and
by the deficiency in the importation caused by the war in
America,

TIIE FRENCH OCCUPATION OF ROME.

The Nris correspondent of the 21Iorning Post

says: --

England and France united in their foreign
policy, and employing their influence to
promote
constitutional, intelligent, and progressive govern-
ment, may make 1862 a memorable year. The
moment seems rapidly approaching when the ever
varying phases of the Roman difficulty will be
brought to a close by France deciding to withdraw
her troops from Rome. Although fortunately we
have no diplomatic official intercourse with the
Papacy, either as a temporal or spiritual Power,
we have with the kingdom of Italy ; and should the
Imperial Government determine on leaving the
Pope in the care of the Roman Catholic soldiers of
Itely, her Majesty's Government might with pro-
priety insist with France on the principle of non-
intervention in Italy. Should the French withdraw
from Rome Pius IX, would in all probability take
flight, and, as in 1848, call on Austria, Spain, and
perhaps other Catholic Powers to carry him back
again by the force of arms. The clergy would be
commanded meanwhile to excite revolution through-
out Italy, excommunications would be proclaimed,
and all the rusty armour of the Church employed
as of old to curse mankind. But if England and
France are together we can maintain peace against
any combination, lay or ecclesiastical. If England
and France united say that no foreign troops must
put foot in Italy, no one will dare to move, or
attempt to restore Pius IX. or any other Pope with
the sword. The Italian Government will do all in
its power, if permitted to garrison Rome, to recon-
cile the Papacy, which capital, even if the present
Pontiff were to leave, must eventually make the
city of St. Peter's its head-quarters. The Romans,
should it come to the worst, could do very well
without the Pope for a few months or even
years. They have been persecuted, oppressed,
and humiliated by priestly government for ages ;
let some other Catholic people be thus blessed
with the presence of the Sovereign Pontiff
for a while. The Pagan city of Romulus need
not of necessity be the head-quarters of Roman
Christianity; At all events, the French nation is
not disposed to keep an army any longer in the
States of the Church in order that the Pope may
live at Rome to torment the Romans. The publi-
cations of M. Thouvenel's despatches to M. de Lava-
lette, and the published correspondence between
the Government of France and Rome, have pro-
duced a profound impression ou public opinion in
France and in Italy. The insult which Cardinal
Antonelli throws in the face of the nation whose
soldiers brought back Pius IX. from Gaeta, and for
12 years have mounted guard at the Vatican, will
not be forgotten. The French Government, in pub-
lishing the diplomatic papers in question, has, as it
were, called upon the Legislative Bodies and the
public opinion to direct the future policy of France
towards Rome. After such an appeal something,
one would conclude, must be done. In Italy the
efforts made by the Emperor and Government to
reconcile the Papacy and the people of Italy (as
made known by the diplomatic correspondence in
question) produces immense excitement and satis-
faction. In a letter dated Turin, the 30th January,
we learn :—" The enthusiasm excited by the hopes
which appear so near their realisation has not been
limited to the peaceful commentaries of political and
private meetings,
but in the provinces most inte-
rested in the immediate solution of the Roman
question, the people could not help manifesting
their joy, and a despatch addressed to the Minister
of the Interior by the Marquis Gualterio,
Prefect of Perugia, announces that last night
as soon as the telegraph had made known
the contents of M. Thouvenel's note, all. the inhabi-
tants crowded the streets shouting vivas for Italy,
the Emperor, and France. The town was illumi-
nated, tricoloured flags floated from all the win-
, dows, and the people went in a body to the prefect's
residence, and requested him to make known by the
regular channel how deeply grateful they were to
the Emperor. The town of Perugia is among the
secondary ones of Italy ; it is that which is the
nearest to Rome, and also that which has suffered
tho mnet from Papal domination. Its population
has nearly doubled since its annexation to the
kingdom of Italy, in consequence of the numerous
emigrants who have established themselves there
from Rome and from the patrimony of St. Peter.
It was thus in some measure the city of Rome
which in a moment of enthusiasm and freedom of
sentiments expressed its joy and its gratitude with
confidence in the future." Such demonstrations
will, however, have no effect at the Vatican. If the
whole world which circles the Ultramontane group
of Churchmen at Rome and elsewhere were to bid
the Pope, in the interests of the Church itself, to
listen to the 'warning voice of events, Pius IX.
would take no heed. There seems to be but one
solution—the French must retire, and no foreign
troops (by the command of the Pope) permitted to
take their place. Some such a finale just now ap-
pears more than ever possible, after the Roman
question has been debated in France as well as at
Turin.

ATROCIOUS MURDER OF A CHILD Br
ITS MOTHER.

A shocking case of child murder, and one attended
by circumstances of more than ordinary cruelty, has
just occurred at the village of Foleshill, about a mile
and a half from Coventry. The case has naturally
created intense excitement in the neighbourhood,
the alleged murderess being the mother of the de-
ceased infant, and she is strongly suspected of having
previously got rid of two other children to
which she had given birth, by means of a simi-
larly atrocious character. The name of the
accused is Ann Lole, a widow of William Lole,
a miner of Foleshill, who died about three years
ago. The woman had three children by her
husband, who are still living, and since
his death she has led a very immoral life.
The result of her profligate habits has been
the birth of no less than three illegitimate
children. All of these have ceased to exist, having
died within a brief period of their nativity. With
regard to the death of the two first, all kinds of
rumours are in circulation, and it is with the mur-
der of the infant of which she was last delivered
that the prisoner now stands charged. This child,
a female, was born on Dec. 26 last, and was then in
an exceedingly healthy state. About a week or so
subsequently, its mother called the attention of her
neighbours to certain sores which were visible on
the child's person, and especially about its face, and
expressed herself as being at a loss to account for
their appearance. On Jan. 10, she took the__th child to
Mr. Orton, surgeon, of Foleshill, the whole of c
f the.rhe
:ace
naot that time
which would
produce me denuded of
surfacethe skin.o
similar appearances, Mr. Orton asked her
r e beingbe ing
if the child had not been. 'scalded; but she asserted
it had not. Feeling convinced
most positively that
that she was telling him an uutruth, Mr. Orton
anything to do with the case. At
mid-day, o
on
havetbe 7th inst., the child died, and within
refused t
an hour or two afterwards the woman sent for Mr.
Orton's assistant (whom she had previously seen
on the
subject of the child's illness), and re-
quested him to furnish her with a certificate,
stating that she desired to bury it the same even-
ing. The certificate was refused, and subse-
quently an examination was made of the
child's body. The greater portion of the
surface of the body was denuded of the
skin, and it presented the appearance of having been
dipped several times into boiling water. On Monday
Mr. Alfred Carter, coroner, held an inquest on the
body, when Mr. Orton and his assistant both pro-
nounced death to have positively resulted from the
repeated application of scalding liquid. Other
witnesses deposed to hearing the violent crying of a
baby in the house of the accused previous to the
child's death, and to having suggested to her that
her other children might have accidentally scalded
the infant, when she stated that no one had nursed
it but herself. The jury having heard the evidence,
returned a verdict of wilful murder against the
accused, who was subsequently apprehended and
removed to Warwick gaol to take her trial at the
next assizes.

A THOUSAND CHINAMEN DROWNED.—The Cali-
fornian journals, giving an account of the late disastrous
flood with which they have been visited, state that the
Chinese have been great sufferers. No less than 45 China-
men were carried away in their cabins at Oregon Bar, in
Placer county. The Chinese bongs in San Francisco has©
since received letters from the interior of the State to the
effect that during the late freshet near 1,000 Chinamenwere
washed off from Long Bar and vicinity, on the Yula, and
drowned. It appears that the poor fellows remained in
their cabins on the bar, as they had done during the pre-
vious floods, until the raging waters rose about them and
rendered their escape itomeible.

MR. BOURELL, M.P., AND hIS CON-
STITUENTS.

Last night a public meeting of the inhabitants
of Lambeth was held at the Horns Tavern,
Kennington, for the purpose of receiving from
Mr. Roupell, one of their representatives, an
account of his stewardship in the past session.
The meeting was very numerously attended. Mr.
Robert Taylor, member of the Metropolitan Board
of Works, was called to the chair.

Mr. ROUFELL, on coming forward, was loudly
cheered. He said that, although some present
might differ from him in opinion, yet he believed all
would give him credit for an earnest desire to do
his duty. In 1861 the session was of an anti-poli-
tical nature, and the great question of reform, from
the indifference displayed out of doors, met with
but a cold reception, and the only thing done upon
the subject was to appropriate four seats to four
great constituencies. It was desired to give a re-
presentative to another metropolitan borough, but
the county influence was too strong for them, and
the vote was conferred upon a county constituency.
Mr. Locke King, it was true, brought forward his
annual motion to increase the county constituency,
but that was got rid of by the moving of the pre-
vious question, Mr. Berkeley had also brought for-
ward his motion to confer on voters the protection
of secrecy in the exercise of their franchise, but he
regretted to say that the motion was rejected by a
larger majority than had ever attended it before,
and on both these questions there was an amount
of apathy and indifference which to true Reformers
was utterly incomprehensible. Having glanced at
the Bankruptcy Bill, he said one session they dis-
cussed the subject but passed no bill, and the next
session they passed a bill,without discussion, which
he believed was of an unsatisfactory nature on ac-
count of the way in which it was hurried through
committee, and he doubted not that at an early
date that bill would require amendment. He con-
gratulaAed the country on the fact that they had
at l'.st got rid of the paper duties, and Mr. Glad-
-Bone was entitled to the greatest praise for having
vindicated the principle that the House of Commons
should tax the people only, and he was really sur-
prised at how much could be said in favour of a tax
when it was sought to have that tax repealed. He
next referred to the establishment of the post-office
*savings-bank, which gave a facility to the poor man
to invest his savings which he did not possess to a suf-
Ecient degree under the former system. Another ques-
tion had arisen of great importance, especially to his
constituents, and that was the embankment of the
Thames. He had the honour of being a member of
the select committee of the House of Commons in
1860 which sat to investigate the subject of the
embankment of the north side of the river, when
the subject was very fully gone into, and during
the proceedings he strongly impressed upon the
house the necessity of embanking both sides of the
river. He was not then listened to, but since then a
deputation had waited upon Lord Palmerston, and
he (Mr. Roupell) had reason to know that his lord-
ship had used his influence to bring about an em-
bankment on both sides of the river. He then ad-
verted to the Dover-road Toll Bill, which had been
most improperly introduced, but had been got rid
of in a moat signal manner, and therefore those
tolls no longer existed, Going from home to foreign
topics, he said they still found the,Pope at Rome,
supported by French bayonets, and the civil war
still raged in the United States ; but with respect
to the Trent, for the courage and ability with which
Lord Palmerston and Earl Russell had dealt with
that question, and upheld the dignity of their
country, they were entitled to the respect of their
countrymen. It would be idle on his part to dis-
cuss the Trent question, as it had been most ably
discussed by the press, and by every public speaker
throughout the country. Mr. Roupell then glanced
at the prospect of a new confederacy among
the Conservative party, and it was said that there
was to be a re-action, but he placed no faith in such
predictions, believing that there could be no per-
manent re-action in favour of Conservatism, espe-
cially as the Conservative of the present day was
altogether unlike the Tory of former times, who was
opposed to all change, let it be good or bad. Rav-
ing alluded to the death of the Prince Consort and
to the other losses which the country had recently
sustained, he said he had only to ask them for a
continued expression of their support, which was
all the reward he sought for the labour and sacri-
fices he had made in their behalf.