The Sun.
London, England, 1854-03-20 00:00:00

TILE UN, LONDON, MONDAY EVENING, MARCH 2-o, 1854.

tion Government. Lord JOHN RUSSELL, especi-
ally, comes out of the transaction—let us say it
frankly and boldly at once—not only with his
reputation untarnished, but very considerably en-
hanced : enhanced, be it observed, by the dignity
of his proceedings—proceedings dictated by politi-
cal candour, and ministerial courage, and patriotic
disinterestedness.

The challenge thrown down by the Journal of
St. Petersburgh, has been accepted. Else-
where, in this evening's impression of The
Sun, will be found the whole of the secret
and confidential correspondence which took place
somewhere about this time last year between the
British and Russian Governments. Hitherto the
Ministers of the Crown of England have, it, would
seem, considered themselves pledged to silence in
the matter by reason of the common understand-
ing at London and at St. Petersburgh, that it was
in reality, as well as in name, a " Secret " and a
" Confidential " correspondence. It appeared,
however, that certain particulars in regard to it
had, somehow or other, leaked out—that the
secresy was oozing away—or that the confi-
dence, somehow or other, was being betrayed.
When, at last, forth came that daring
and flagitious article in the official or-
gan of the Russian Government, which dissi-
pated at once any scruples that might still have
survived in the minds of the members of the Eng-
lish. Cabinet as to its being any longer a " Se-
cret" and " Confidential" Correspondence. The
taboo was removed. Documents could be spoken
of in the Lords and Commons within hearing of
the Reporters—nay, could be placed in the hands
of the Parliamentary printer—although before
now their existence could not have been hinted at
or whispered about, saving within the inner pre-
cincts, as it were, of the interior sanctuary of
the unheard-of doings of her Britannic MAJESTY'S
Government. Circumstances, indeed, inter-
dicted our administrators from referring in
any manner to the existence of this
mysterioirs and remarkable correspondence,
until the silence was at length broken
abruptly by the insolence, the rashness,
and the fatuity of the Russian Government.
Never, we may boldly aver, was such fatuity ever
displayed by a great Power as that which has in
this matter marked the Councils of the AUTOCRAT.
By blurting out the secret of this confidential
correspondence between the two Governments,
Russia has afforded the English Cabinet the op-
portunity of at last revealing what ought by right
never to have been hidden—a correspondence
which proves more glaringly than ever the crimi-
nality of Russia and the honesty of England
in regard to the treatment of the Ottoman
Empire the monstrous turpitude of the
CZAR and the manly patriotism of Lord JOHN
RUSSELL, in reference to the daring and sinister
designs of the former upon the Danubian provinces
and upon the City of Constantinople.
Everything being now revealed in connexion
with these negotiations for a Turkish dismember-
ment—France and England must recognise more
`clearly than ever at once the value and the neces-
sity for their cordial alliance—Europe must per-
ceive more plainly even than hitherto the impor-
tance of crushing out for once and for all the
dangers arising from the terrible ambition
of the Russian AUTOCRAT—the world must be-
hold, beyond the possibility of doubt, the heinous
guilt of the Emperor NICHOLAS, and the justice,
and the truth, and the honesty, and the magna-
nimity which lend an additional force to the
might of France and England, now that their
armies and their fleets are going forth together to
fight upon the shores of the Baltic and of the
Euxine the glorious and momentous battles of
Civilisation.

The drain of bullion, to which we have repeat-
edly directed the public attention, still continues
with undiminished force. Indeed, the state of
affairs on the Continent renders it too palpable that
such must be the case. It would indeed be sur-
prising if other nations did not avail themselves
of the provisions of our unwise and impolitic
monetary code, and seize what is to them literally
" a golden opportunity" of obtaining an ample
supply of the precious metals. Loans are nego-
tiating on every side—not only are France and
Turkey, whom we are bound to assist, already in
the field,- but even Austria and Prussia have
sounded notes of preparation. Every one of the
great Powers is on the borrowing tack, and, as
usual, poor Jowl. BULL 'is to pay for all. But
while supplying the wants of others, we are ne-
glecting those of our own people. Our Govern-
ment coolly proposes to 'double the Income Tax,
while it is as much ky its acts of omission
as of commission producing a state of affairs that
must naturally reduce the resources of the over.;
burdened people. We have, on the one side, the
direct pull on the Bank by the Chancellor of the
Exchequer. Through his very unfortunate finan-
cial operation, there has not only been a positive
loss of some 800,0001. or 900,0001., but the
Exchequer balances have been reduced to
less than 3,000,0001. sterling, about a third
of .what they might, and in all human
probability would otherwise, have been. And
even that comparatively trifling credit the nation
is under engagements to pay off on the termina-
tion of the financial year (the sth of April next)
not merely the dividends and other ordinary

liabilities, but a considerable portion of the
capital of the debt previously existing. For all
this Mr. GLADSTONE makes no provision. He
looks to the Bank for accommodation in place of
providing the means from other quarters, and
allowing the
Old Lady to apply her capital
in affording the requisite accommodation to trade,
in cashing " commercial" in place of " deficiency"
bills. With that singular want of forethought for
which English financiers have been so painfully
notorious, he allows every other country to fore-
stall us in the market, to obtain their loans on
more favourable terms than we shall be enabled to
do. Considering the respective credits in which
we stand, Mr. GLADSTONE thus, to a considerable
extent, absorbs the resources of the Bank, and
lessens the funds applicable to its legitimate
business.

But this is by no means all. The extraordinary
apathy with which he regards the gradual depar-
ture of the precious metals from our shores, ad-
journing every counteracting effort until it is too
late to prevent the evil, is even more injurious to
the national welfare. He sees that, during the
week ending the 11th inst., the stock of bul-
lion in both departments had been diminished
by no less than 889,4801., while there had been
a simultaneous decrease of 192,7871 of "notes
in circulation." He must also be well
aware that the falling off during the past week
will be nearer a million than half a million, and
yet he does nothing. Surely, it is time that this
very injurious apathy should be shaken off, and
that some effort should be made to dam up the
tide, and either to retain for our own use the
funds which are of such vital consequence to the
well-being of the nation, on which our future
powor," nay more, our future "safety" may
mainly depend, or • else, by liberating means, from
other channels, to obtain newsources of supplythat
would enable us to meet the demands from every
quarter, without subjecting our own people to
loss or inconvenience.

We now ask, and we earnestly hope, that the
question may be repeated within the House,
whether the Bank Charter Act of 1844 is suited
to a state of warfare with a powerful nation—a
warfare that may be protracted for a long term of
years ? It is true that we may reasonably hope
that such will not be the case, that the would-be
robber may be compelled, ere long, not only
to disgorge his past plunder, but to find
ample securities for keeping the peace ; but it
would be unpardonable in a Financial Minister not
to regard every possible phase, of the question, and
to provide for any possible eventuality. What
would be said. of Mr. GLADSTONk if he suffered
the Larger proportion of the precious metals to be
taken out of the country before he tried to pre-
vent, or at least retard, so calamitous an occur-
rence ? There would be butlittle use in "shutting the
stable door after the steed was stolen !" If we con-
sider the arguments that have been urged in favour
of ill- advised enactments, we shall find that they
only aimed at correcting "over trading," as it has
been termed, or " undue opecula,tion." New,