The Sun.
London, England, 1854-05-18 00:00:00

in the unselfish cooperation of the subjects of
VwroniA and NAPOLEON in carrying out, side by
side, and hand in hand, with implicit confidence
in each other's integrity, the glorious but stupen-
dous enterprise upon which they have toge.her
adventured.

Public attention is now strongly directed to
the operation of the Bank Charter Act of 1844 ;
and a general opinion prevails that something
must be done to modify its stringent regulations,
or that a panic will prevail exceeding in intensity
that of October, 1847, and spreading ruin and
dis nay throughout the industrious classes. We
have witnessed the steady progress of the drain of
bullion, and the diminution as well of the notes
lin general circulation as of the "reserve," which
' is now reduced to an amount below that usually
considered indispensable for conducting the legi-
timate business of the banking department. We
have also seen the continued increase in the
minimum, rate of discounts, until that which, on
the Ist January, 1853, stood at 2 per cent., is
now charged 511- per cent. ; and yet the desired
change has not been produced. We are still pro-
ceeding at a rapid rate on the road to ruin, and
yet nothing has been done, or even authoritatively
announced as under Ministerial consideration, for
the purpose of arresting this truly alarming state
of affairs.
It is true that within the last few weeks very
ominous and significant hints have issued from
the Ministerial organ—that the value of the ex-
clusive privileges afforded to the Bank of Eng-
land have been set forth and expatiated on with
extraordinary emotion, and the very pertinent
interrogatoryhas been exhibited in various forms,
but all to the same point, namely, What is there
to prevent the Government from becoming its
own banker, from keeping its own funds, liqui-
dating its own liabilities, and, above all, ISSUING
ITS OWN NOTES ? The establishment of a really
National Bank of Issue—the resumption of the
Royal Prerogative of making money, which had
for a time been delegated on certain conditions to
a private corporation, is thus clearly indicated.
If the intimation he only carried out fully and
fairly, if the matter be only pushed to its legi-
timate conclusion, the industrial community will
have no reason to dread the consequences of the
war, or the additional fiscal changes thereby occa-
sioned, even though the latter amount, in round
terms, to 10,000,0001. sterling per annum. No.
Give us "free trade" in banking—allow us to ob-
tain the requisite supplies of " straw," and there
is no danger but the " bricks " will be forthcom-
ing at the appointed period. But under the pre-
sent system, all the power of the AUTOCRAT, by
sea or by land—the fortifications of Cronstadt or
Sebastopol—the vessels constructed or repaired in
English dockyards, or the wild and undisciplined
hordes of half savage Cossacks, who crouch before
the knout of " the God of the Russians"—do not
excite in the minds of well-informed Englishmen
a tithe—no, not an infinitesimal portion—of the
terror and consternation occasioned by the fear of
having the circulating medium reduced much be-
low the amount required for the wants and exi-
gencies of the country.
It may be said that the hints of the Times
should not be taken so very seriously, that the
intimation given might have been but a mo-
mentary ebullition of anger, having no defi-
nitive meaning, and expressive of nu fixed reso-
lution. We might agree with the argument, had
the question related to any other topic. Bur
when we consider the almost fanatic zeal with
which the Times fought the battle of the bullion-
ists—with which it advocated the principles of
the Act of 1844, which it declar. d to be as much
beyond the possibility of question as the doc-
trine of "Free Trade," the matter assumes a
peculiar significance. It appears to be like the
straw thrown up to ascertain the direction of the
" atmospheric currents"— the feelers put for-
ward through the bullionist organ, for the pur-
pose of discovering whether the "Times...serving"
part of the community will continue to follow the
beck of their self-constituted leader, or whether
they are still dazzled by the specious fallacies re-
specting the " self-acting regulator of the cur-
rency," and other frothy trash of a similar cha-
racter, which, so long as It suited the purpose, was
freely poured down, their gaping throats. Yes, the
participation—nay more, the lead of the Times—
in the onslaught clearly proves that the fiat has
gone forth, and that it is time for the " Old
Lady" "to set her house in order" without any
unnecessary delay.
It is, indeed, sufficient to insure the success of
the movement that a spirit of inquiry should be
excited, and that the people should be determined
to investigate the question in all its varied details.
Hitherto it has, like the enchanted castles of
necromancers in the books of chivalry, escaped
observation through the mists by which it was
concealed. Two potent magicians, PREJUDICE and
lorronarrcz, lent their aid to keep it from general
view ; but at the first summons fro:n the good
knight, Monetary Science, the rottenness of the
foundation will be discovered, and the deceptivo
superstructure will crumble away before the trum-
pet-voice of public opinion.
" What necessity," we ask, repeating the query
we have so frequently put forward—" What ne-
cessity is there for a gold currency for do uestic
use? Why are from 40,000,000/. to 50,000,0001.
of sovereigns required for carrying on the
every-day transactions of life ? The examples of
Scotland and Ireland prove that, if there was an
adequate supply of small notes, ever concurrent
with bullion, that the latter will speedily go out
of circulation. In either of the sister kingdoms
a sovereign is a rare sight, and when one is ob-
tained from a travelling stranger the recipient
hastens to exchange it for the less cumbrous and
more convenient " pound note." We prevent
the development of a similar feeling here by pro-
hibiting the circulation of notes for less than Si.,
and " verily we have our reward." "We pay
dearly, indeed, for our whistle"—when we con-
sider that the wear and tear of notes in circula-
tion costs at least 1,500,0001. per annum, and
if we place the interest at au equal amount, we
find,3,000,000/. per annual lo,t by absurd regu-
lations. What would be said of a small trades-
man if he used golden scales and weights in
all his transactions. The unnecessary waste of
capital most probably would paralyse his efforts,
and bring him to bankruptcy. But the nation
which insists on having sterling value, where a
suitable measure and representative is only re-
quired, in using gold where paper would answer
just as well, acts an equally foolish part, and
should be held up to contempt and ridicule for
its fatuity. All that is required for a currency
is, that it should carry with it the confidence of
the community, that each man should know that
he can dispose of it in the same manner and
at the same rate that he received it—that it
possesses, in fact, the necessary sanction for its
redemption, and therefore carries with it the
" purchasing power." We have repeatedly shown
that a national note, secured on all , the wealth
and industry of the country, and receivable by
every tax-collector throughout the kingdom, would
possess that sanction—that it would be just as
acceptable as gold. All that is required is that
the subject should be ventilated in Parliament.

If the inquiry be only entered on in a fair and
straightforward spirit, we have no doubt that
truth will prevail, and that the national currency
will speedily be placed on a just and proper
foundation.

The press already owes much to the persever-
ance and tact of Mr. MILNEIt GIBSON, and it
seems not unlikely to owe him yet more. His
generalship on Tuesday night was certainly ad-
mirable ; it, was useless, he well knew, when the
Chancellor of the Exchequer was doubling or
increasing several taxes, to bid him stand and
give up another. That official, so all-important
during a wax, would, of course, shake his head at
being asked to surrender nearly half a million of
money, and the House must support him. Mr.
GIBSON, therefore, confined himself to undermin
ing the foundation of a tax which he dare
not batter directly, with the full intention no
doubt of springing his mine when foreign foes
from domestic improve-
ments. shall cease to divert us
his more ardent colleague, indeed, M.