The Sun.
London, England, 1853-06-03 00:00:00

THE WEATHER.-SIIN OFFICE, JUNE 3.

THERMOMETER, IN TEE SHADE.
62—highest since noon yesterday.
50—lowest this morning and during the night.
63 this day at noon.
BAROMETER, 30.20.
WIND, N.B. —Light breeze, and fine weather.

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LONDON, FRIDAY, JUNE 3, 1853.

The Directors of the Bank of England have
much to answer for. They have again most

unwisely and unnecessarily tampered with the
circulating medium of the country, utterly indif-
ferent as to the probable results of the step they
have so recklessly taken. They must be but too
well aware of the consequences that may follow
their determination—that distrust may be substi-

tuted for confidence, stagnation for activity—a
commercial crisis for the. general prosperity so
lately perceptible. And all these evils may arise
from the rash exercise of the extraordinary power
so unadvisedly and improvidently vested in their
hands. Never was there a time in every respect
more inopportune than that which they have
selected for the experiment on which they
have adventured. There were symptoms of a
panic on the Bourse and the Stock Exchange,—
a panic, not arising from undue speculation, or
reckless expenditure at home, but from the doubts
occasioned by the unwarrantable demands of the
AUTOCRAT. The only speculations which they
could hope to check in the United Kingdom' were
those which gave employment to those whose
labour constituted their only capital,—specula-
tions which brought contentment and happiness
to the domestic hearths of the working classes—
which kept the mills and factories working full
time, and enabled the artisan, or operative, or
agricultural labourer, to obtain " a fair day's
wages for a fair day's work." These are the
" evils" which the Bank Directors are so anxious
to avert, and for which purpose they are willing
to encounter any risk, and to incur any degree of
odium. And it must be admitted that they have
adopted the most efficient means for the purpose
—that is to say, if the sound good sense and in-
domitable resolution of the community should not
once more be exhibited, and the voice of public
opinion laugh to scorn the Dame PARTINGTON-
Iike effort.

It may be asked, Why should not the Directors
be at liberty, as we:ll as the Managers of any other
joint-stock concern, to fix the price for their own
commodities, to state the rate at which they will
be willing to advance money on unquestionable
securities of the description in which they are in
the habit of dealing ? Why should they not be
allowed to charge 4, or even 5 per cent. interest
for their money, if they should think proper ?
The answer, however, is plain. It is because they
have a quasi national character—because they
assume to thenAelves the privilege and duty
of regulating tha currency, and setting an
example that is invariably very generally, if not
universally, followed. If they were regarded
merely as the mans gem of a trading corporation,
looking solely to the pecuniary interests of their
proprietors, they z night—no matter how great
their capital or unbounded their resources—act in
the manner which they deemed most expedient,
more especially if -they varied their rate of dis-
count from day tc day, according to the nature
of the security, and the demand for pecuniary
accommodation. 'But it is the formality of the
ate, the peculiar nature of their functions, that
sions the mischief. They had a certain de-
gree Of Tea
their charter in
previouS to the revival of
ralieved inl
1844, but from which they
were
measure.
e,Y that unwise and impolitic
as
if
no
siz,,,th the
affect to dealY still, however, occasionally
dum circulating me-
tieta
ac
ioennactreents had received
ll ler;islative
the be per-
and cold—at one
milted thus to blow
time
to assume, and at anothelirdto
respon-
sibility ; particularly as their
.interferencereiynsliate,
variably mini wons, calculated te• is
in-
variably
and to render more intense inere.ase the
he excitement

of the moment.
Once mole then,
we ask, 1\13.-tt has rendered
this tin( ine action in ti Le money market necessary,
or desirable ? The nation has not yet forgotten
the panic of 1847, or its disastrous results, and
the excessive caution then induced. There was as
great necessity for the spur as
re for theed
oncern bridl , so
e
far as our domestic affairs we c. Never
was the trade and commerce of the country in
esa
sounder or more healthy condition. As the Tim