The Sun.
London, England, 1854-03-31 00:00:00

THE SUN, LONDON, FRIDAY EVENING, MARCH 31, 1854.

Cronstadt may be in the way with its tremendous
fortifications. Despatch a French army, then,
as we have said, to aid by land the attack which
might be effectually, because simultaneously,
made by sea in the direction of St. Petersburg.
Algiers might be taken as a not inapt illustration
—Algiers conquered from the land by France, as
it had been previously, and as effectually, but
with more deplorable bloodshed, conquered from
the sea by England. Let attacks like these by sea
and by land be made by France and England, not,
as in the case of Algiers, separately, but simul-
taneously, upon St. Petersburg. Then, we believe,
strong in the justice of their cause, th© allies of
Turkey would find a dozen Cronstadts inca-
pable of withholding them from the speedy and
glorious capture of that great city which, we
again aver, is at once the head and the heart
of the Enemy's Government.

We would once more earnestly entreat atten-
tion to that which, at the present moment, must
be regarded as the most interesting, as it is un-
questionably the most important, topic of the day
—the Currency Question. It is to Mr. GLAD-
STONE particularly that we would address our-
selves, inasmuch as the matter falls within his
especial department, and, moreover, because he
owes some reparation to the country for the ad-
ditional pressure occasioned by his well-inten-
tioned, but very reckless and unfortunate, experi-
ments with the public funds. He is unquestion-
ably a man of genius, with capacity to discern
and to appreciate enlarged and comprehensive
views of finance. In that respect he is very far
beyond Sir CHARLES WooD. What was far be-
yond the ken of that unfortunate financier, may
easily be mastered by his more gifted success
SOT. Mr. GLADSTONE is also a man of
decided courage. Had it been otherwise
he would not have ventured in the face of the
numerous warnings he received—of a reduced
stock of bullion, an increased rate of interest, a
falling market for Government and all other secu-
rities, and an impending war—to persevere in
his ill-advised scheme, and endeavour to reduce
the rate of interest at the very time when his
friends, the Bank Directors, were labouring in the
opposite direction, and after NICHOLAS had thrown
out his ominous hints as to the post mortem dis-
tribution of the estateand effects of "the sick man,"
and had even directly offered Egypt and Candiaas
England's portion of the booty. Bat even from these
very serious mistakes we ga,ther hope. They show that
the Right Hon. Gentleman has energy and deter-
mination to shake off official trammels, to disregard
the narrow views of red-tapism, and to think and
act for himself, although, in so doing, he may
wander far from the beaten track. • We are told,
we believe, in the "Manual of Short Whist," that a
card should never be played without a motive,
and that it is better to act on a wrong principle
than on mere chance without any principle. The
reason too is assigned. There is hope of improve-
ment for the first who possesses one of the indis-
pensable qualifications of a good player, while the
unthinking man is doomed to hopeless mediocrity.
Mr. GLADSTONE, although his experiment has
most unquestionably failed, and already occa-
sioned a loss to the country that would reward
the life-service of some dozens of the most
eminent Masters of Finance, possesses a
similar kind of qualification, and he may
by another coup fully compensate for all the mis-
chief he has occasioned. He may do so, if he direct
his attention to the vexata questio of monetary
reform, and seek to discover the mode by which
he can maintain a circulating medium adequate
to the wants and exigencies of the nation.
There is no topic so little known as that of cur-
rency. Men of intelligence desirous of mastering
other political problems, abstain from acquainting
themselves with even the rudiments of monetary
science, and perversely refuse even to listen
to arguments which they profess themselves
incapable of understanding. They have been
impressed with soma vague notion of the pro-
priety of " limiting the issues of paper," and cf
" putting on the screw so as to check specula-
tion." They think, too, that "an Englishman
likes to have gold in his pocket," and occasionally
venture on stale witticism respecting " worthless
rags," and the aspect of " the butcher or baker
when asked to exchange a leg of mutton or loaf of
bread for a neat specimen of engraving."
All these merely prove the total ignorance of
the party on the question under discussion. As
well might we praise the wisdom of the Dutch-
men, who thought that they could not only main-
tain, but enhance, a previously exorbitant price
for nutmegs or other spices by publicly burning
nine-tenths of the crops ; or of the handicrafts-
men, who conceived that they were protecting
their own interests by destroying all the machinery
erected for the purpose of lightening their own
labour. The excessive folly of such doctrines is
now universally recognised, and yet we find them
acted on in the most important question of all,
the providing an adequate representative and
measure of value for the industrial community.
As to an Englishman's " liking gold in his
pocket," it is really too absurd for serious
discussion. If such an absurd prejudice ex-
isted, we should be bound to use our utmost
exertions to disperse the mists and to enlighten
the ignorance that led to such fatuity. But we
deny that there is any such preference. The
people of England are compelled to take gold, be-
cause they have no small note currency; they must
take either gold or silver for all the small trans-
actions of every-day life. Any account amounting
to 51. or upwards is, in the great majority of in-
stances, settled by cheque. Even bank-notes of
51. or 101. are but portions of the small change
required for adjusting large dealings and squaring
balances. The gold and silver does the real work
of the country, simply because there is no alter-
native. In Ireland and Scotland, where options
are allowed, and the parties may have their
choice of gold or silver coin, we invariably find
the "worthless rags preferred," and gold merelyac-
cepted—unwillingly accepted on the rare occasions
when it is offered, and then transferred forthwith
to the neighbouring banks. The butchers and
bakers of the Sister Kingdom do not repudiate
the " worthless rags," but they freely exchange
the articles in which they deal therefor be-
cause they know that they possess a " purchasing
power" equivalent to their nominal value, and
that in possessing a paper promise to pay a pound
he has the same command over the necessaries,
comforts, and luxuries cf life, as if he held in his
hands 123 grains of standard gold, stamped with
the lineaments of out most gracious SOVEREIGN,
and with the arms of the United Kingdom of
Great Britain and Ireland duly displayed on the
obverse. Small notes were always acceptable to
the people of England, so long as they were
sanctioned by law, and we cannot conceive why
they should now object thereto.
It is, however, by no means improbable that
they will not be allowed the option—that a paper
currency must be resorted to iu order to meet
the necessary expenditure, and that the only
questions to be decided on are—When shall that
paper currency be introduced ?—what shall be its
nature ?—and who shall receive the profits inci-
dental to its use ?

Shall we suffer the utmost difficulty and dis-
tress—see a mercantile crisis destroying our com-
merce--a monetary panic depreciating quotations,
until English Consols are sacrificed for what used
to be the price of the security of a petty repudi-
ating State, bankrupt in Exchequer, and without
even a third-class certificate of character, with-
out making some effort to avert the misery
and suffering that must attend a state of
things so untoward ? Would it not be rather
" too high a price for our whistle" for " main-
taining the integrity of the standard" some
six or twelve months longer, until our pre-
cious metals have gone to enrich more
prudent nations, who have adopted timely precau-
tions to meet the emergency. When too late we
may deplore our fatuity, and, like the spend-
thrifts who had wasted their fortunes, wonder at
our own folly. We yesterday pointed out the
monetary preparations made, or making, by Russia
and by Turkey ; by France, and Austria, and
Prussia ; by Sweden and Sardinia, &c., &c. ; all '
are active, all exhibiting foresight and activity.
England alone rvmailia apathetic; and is max.

ing others to obtain her wealth, to provide
for the rainy day at her expense. Let the Finan-
cial Minister be wise in time, and adopt means to
guard England from the most serious consequences,
and at the same time to build himself a reputation
more enduring and more honourable than that
ever acquired by any of his predecessors.
To do this he has only to decide on a judicious
and well-considered issue of National Notes or
Exchequer Bills—the name is a matter of com-
paratively trivial importance—such as we have
frequently indicated, based on the taxa-
tion of the country, and secured like
Consols, not merely on all the wealth, but also on
all the industry of the country, for which the
labour, not only of the present, but of all future
generations, was mortgaged. The want of a small-
note currency requires the use of from 40,000,0001.
to 50,000,0001. of sovereigns, the wear and tear
whereof costs about 3 per cent., while the
interest thereof may be taken at a similar
amount. Here, then, is from two and a-half
to three millions sterling per annum lite-
rally wasted to gratify the absurd prejudice
of having gold in the pocket, the greater portion
whereof might be saved by the issue of National
Notes of small denominations. Why, for instance,
might we not have, say twenty-four millions of
11., four millions of 21., and one million of 31.
notes (this is about the proportion used in Scot-
land and Ireland)? We should obtain 35,000,000/.
of well-secured paper money, which would be
readily absorbed in the circulation, prevent panics,
and settle the public credit on a firm basis. They
would not be rejected as worthless, for they would
satisfy the demands of the tax-gatherers, whose
visits, unlike those of angels, are neither few nor
far between.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 4,000 bales, including 500 American
taken fur export. The market closed very heavily,
and, compared with Friday's rates, prices of Ame-
rican were lid. per lb. lower, and the same may be
said of all other kinds. The sales comprised 2,800
American, 130 Pernam and Maranham at 61d. to
'ad., 50 Bahia at 6Ad. to 6:id., 300 Egyptian at
6id. to 100., 600 Surat at tad. to and 80
Sea Island at ls. 6d. to 3s. per lb. Itailway Shares
were very depressed, and prices were about 2 per
cent. lower.

Colonial produce has been very little dealt in
this week, and most articles have declined. British
Plantation Sugar has not given way so much as
other kinds ; and refined has been saleable at the
reduced prices. Coffee is cheaper, and prices ge-
nerally have receded. In cotton very little has been
done ; but hemp, flax, and tallow have been brisk
and dearer. Saltpetre also has been active, and
speculatively in demand. Rice has risen, with a
good inquiry. The advance in Russian staples and
saltpetre is greater of late than for years previously.
There are several arrivals from Australia, The
Talavera, which left New South Wales Dec. 18 is
off Plymouth. She brings 40,000 ounces of gold ;
the Northumberland, from Melbourne, and the
Brilliant, from Geelong, with accounts of Dec. 24
and 23, have also cone in.
A despatch has been received from the South
Australian Copper Mining Company's Superintend-
ent at Strathalbyn Mine, dated the 29th Jan., per
overland mail, and a case of samples of ores from
their mines, by the Sydney, produce per cent. of
copperrespectively asfollows:-4 2-10ths, 9 7-10ths,
10 8-10ths, 14 4-10ths, 18 2-10ths, 18 4-10ths, 24,
31 1-10ths. copper, having 4 oz. 18 dwts. silver,
and 6 dwts 12 grains gold per ton. The samples
and Analytical Chemists' certificates'are open to the
inspection of the shareholders at the company's
offices.

Since there is no hopo of bringing the Russian
question to a crisis, but by most determined action,
grave doubts exists whether our Government is
taking the proper course, and whether we
are not far too indulgent in allowing six weeks
to neutral ships to get away. The wanton act
of vandalism by the Russians in blocking up
the Salina mouth, shows how little respect
for commerce exists at St. Petersburg, and if any-
thing were calculated to impress upon Austria a
sense of her own interest, it would be the impossi-
bility of improving the navigation of the Danube
while Russia commands the entrance. The feeling
of dissatisfaction against Lord Aberdeen gets more
intense in the City, and his retirement would give
general satisfaction, and be approved even by many
of those who were disposed to let him negociate as
long as there was a chance of peace. All must
now feel that a man of energy and true British
spirit is needed at tke helm, otherwise even our
successes in war will, it is feared, never bring us
the fair advantages which, as the price of its heavy
sacrifices, the nation expects. Lord Aberdeen has
avowed himself not to be a war Minister, and ob-
viously should be relieved from the unpleasant
functions now aevolTing upon him.
There has been some improvement in the funds,
and the buying back of bear accounts gives some
stimulus. In the meantime, however, the money
market, as well as the news daily received, will
have great influence. Consols have been 851 to
for transfer, and 85 to for account. This would
show rather a full supply of money stock. Exche-
quer Bills are 2s. discount to 2s. premium, and
India Bonds ss. discount.

Foreign Securities have been merely nominal, the
settlement of the account engrossing attention.
Spanish 3 per Cents. have been done at 33, and the
Passive at 3to 1. Mexican Bonds have been 23
to 238, and Peruvian 52. Grenada Deferred
Stock has been done at CI.

The half-monthly account is also being adjusted
in the railway market, and prices are more buoy-
ant, the effect of the failures announced yesterday
afternoon having been in part overcome. Midland,
Great Northern, South-Western, York and Ber-
wick, and one or two others are about 1/. higher.
French shares are ss. to 10s. dearer.

The Mining Shares have been in more request,
Australian Agricultural Land had risen 10s. to 11.
again, and Peel River k to 1.
The Joint-Stock Banks aro quiet.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK,
(From the Official List.)

Business ei.ne.
3 per Cent. Consols Annuities Bsi 6
India Bonds, £lOOO
Ditto, under £lOOO 5
Consols for Account 18th April BSB
Exchequer Bills, 2d.
£lOOO
£5OO 2 p 2 d
Small 2 d 2 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Grenada Bonds, Deferred
hiexican 3 per Cent.
Peruvian Bonds, 4i per Cent. 52 x d
Spanish Bonds, 3 per Cent 33
Ditto Passive (Converted)
Dividends on the above payable in London.
HALF-PAST TWO.

Consols B5 a
Ditto April Account B3

THE USE OF THE LANCE.

LATEST FOREIGN NEWS.

THE WAR IN THE EAST.

A telegraphic despatch, dated Vienna yesterday,
says five Russian steamers, with large vessels in
tow, containing 4,000 troops, have left Sebastopol.
The united fleets are still at Beycos, where they
are detained by want of coals.

It is said that as soon as Baron Hess returns
from Berlin an Imperial manifesto may be expected,
in which it will be stated that Austria, though
she disapproves of the steps which Russia is taking,
is resolved to remaix neutral with the rest of
Germany.
A German army of 400,000 men will make that
neutrality respected on all sides.
It seems that Baron Meyendorff has been in-
formed that Russia has nothing to expect from
Austria except strict neutrality.
Nothing can be more varying, says the Paris
correspondent of the Times, writing yesterday
evening, than the opinion expressed, even in offi-
cial quarters, with respect to Austria. It is ever
changing—one day favourable, the next quite the
contrary. People are ever on the watch to catch
at the slightest chance of inclining that
slippery policy towards the We:;tern Powers,
and to avoid everything which would have even
the appearance of wounding her susceptibility,
offending, her pride, or alarming her fears. For se-
veral days past suspicion and discontent prevailed;
but to-day I am assured that this Government has
expressed itself " satisfied" with Austria. I do not
learn whether any new fact has occurred to inspire
it with confidence in the honour and fidelity of the
Vienna Cabinet—l only know that the feeling is as
I state.

While it is understood that Gallipoli is to be the
ge'neral rendezvous for the allied army, it is proba-
ble that the ultimate destination is still kept a pro-
found secret from all except the Minister at War
or the Commander-in-Chief. It is, nevertheless,
surmised that some regiments are intended for
Asia Minor, and that an expedition to the Crimea
forms part of the plan of the campaign.