The Sun.
London, England, 1854-04-29 00:00:00

JUST AS EASY TO APPROPRIATE THE -SUM THUS

CREATED TO ITS OWN USE, AND THUS CANCEL BY A
STROKE OF THE PEN SOMETHING LIKE A MILLION

A-YEAR FROM THE CHARGE OF THE NATIONAL
DEBT ?"

This system of corrupt jobbery must no longer
be tolerated ! This tribute to the value of one
million sterling a year must be withdrawn. Even

that enormous annual contribution to' a private
corporation by no means represents the full extent
of the' evils occasioned by " the, privileges and
monopolies " granted to the favouzed institution.
To these exc'usivo privileges we are indebted for
the absence of a circulating medium adequate to
the wants and exigencies of the country. The
paralysing influences of a deficiency of " the life.
blood or industry," which has on many occasions
been but too plainly perceptible, the fluctuations
of the money market, " which, according to Mr.
COBDEN, have occasioned greater evils than the
failure of all the banks of issue that ever occurred,"
would thus be averted, and we would obtain
that steady and equable supply of money, or the
representative of money,, which would prevent
those disastrous alternations. This would' be ac-
complished by transferring the control of the
national currency from the hands of persons who
enhance their profits by making money alternately
cheap and dear, plentiful and scarce ; at one time
tempting their fellow-citizens into speculations
by the readiness with which they offer' pecuniary
accommodation, and 'again causing the failure of
these very undertakings by the sudden contraction

of their issues, and the increase in their rate of
discount, which, under present' circumstances, in-
fluences the rate of interest throughout the entire
country.

By Government issuing its own notes, of small
denominations, say for 11., 21., and 3/., the gold
in circulation for the daily purposes of life; and
which is only used because u 6 small notes are

issued, would be liberated to the extent of thirty
or forty millions. That gold would gradually
find its way into the Exchequer, and beegrae
available for paying off the debt to the
Bank, for meeting the expenses of the war,
and for keeping the national note at a pre-
mium, or at least at par. The premium would be
occasioned , by the tax-gatherers refusing to

accept payment of taxes or duties, except in those
notes, unless at some small premium, say 6d. in
the pound, or 2i per cent. Mr. GLADSTONE has
afforded a precedent for so doing by requiring the
biddings for the New Loan to ba -made in Ex-

chequer Bills, at par, and requiring ls. additional
if made in gold or Bank of England notes.' ,The

principle is the same whether that premium be

ls., 21. 10s.; or 51. The distinction has thus been

drawn, which, if properly worked out, will solve
the great monetary problem. Let* the people then

unanimously demand the severance of the connec-
tion hitherto subsisting between the Government

and the Bauk of England, and the establishment
of that great cksideratunt, a really National Bank.

A Cabinet Council was held yesterday afternoon at
the Formgn.t,ffiee,
by the.wbole- Downing-street, which was attended
of -the -Ministers. The Council eat two
Imre and a haat