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

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 male by France arid 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, the 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 Govemment.

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, 000,000/.
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.

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 succes-
sor. 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 effectsof "the sick man,"
and had even directly offered Egypt and Candiaas
England's portion of the booty. But even from these
very serious mistakes we gather h ope. They show that
the Right Hon. Gentleman has energy and deter-
mination to shako 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 some 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 resprotavworthless
rags," and the Meet 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
Si. 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

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 for export. The market closed very heavily,
and, compared with Friday's rates, prices of Ame-
rican were -Ad. per lb. lower, and the same may be
said of all other kinds. The sales comprised 2,800
American, 130 Pernam and Maranham at 63/4d. to
71d., 50 Bahia at 60. to 6id., 30Q Egyptian at
bid. to 103/4d., 600 Surat at 2d. to 4d., and 80
Sea Island at is. 6d. to 3s. per lb. Railway 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. Rico 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 26, have also come in.
A despatch has been received frdin 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
copper respectively as follows:-4 2-10ths, 9 7-10ths,
10 8-10ths, 14 4-lOths, 18 2-lOths, 18 4-lOths, 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 hope 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 Sulina 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 the helm, otherwise even our
successes in, tsar 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 cievolving 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 nOws daily received, will
have great influence. Consols have been 85# to
for transfer, and 85i 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 k. Mexican Bonds have been 23
to 231, and Peruvian 52. Grenada Deferred
Stock has been done at 4i.
The half-monthly account is also being adjusted
in the railway market, and prices are more buoy-
ant, the effect of the fgilures 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 1/.
again, and Peel River I- to f.
The Joint-Stock Banks are quiet.

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(Prom the Official List.)

damns
3 per Cent. Consols Annuities Thisines.Bslitaii
Endia Bonds, £lOOO . ....
Ditto, under 21000
Consols for Account 18th April 853
Exchequer Bills, 2d.
£lOOO
£5OO 2 p 2 d
Small 2 d 2 p
PRICE OF FOREIGN FUNDS THIS DAY.
Danish Bonds, 182:5, 3 per Cent
Ditto 5 per Cent
Grenada Bonds, Deferred
dexican 3 per Cent.
Peruvian Bonds, 4 per Cent. 52
Russian Bonds, 1822, 5 per Cent. £ St B5
Spanish Bonds. 3 per Cent 33
Ditto Passive (Converted)
Divideals on the above payable in London.
THREE O'CLOCK.
854 I
85

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 our 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.

Consols
Ditto Apra Account

THE USE OF THE LANCE.

TO THE EDITOR OF THE SUN.

Sif, —Having seen a letter in your valuable paper of
ast night, on the use of the lance, I beg to offer a few
remarks, and am of opinion that the way "Coup de
Sabre" treats the subject is quite sufficient to prove his
utter ignorance of it. To begin, the lance is not ten feet
long; when the point is given, there is the elbow to se-
cure the lance, if the soldier uses it as his daily drill
teaches him. A. Dragoon at the gallop has no occasion
to give the point, but has merely to keep his lance at the
guard--the impetus gives it the necessary effect while
charging. The "fron-t wave and parry," as your corre-
spondent expresses it, from a good and true 17th man,
would, I have no doubt, knock "Coup de Sabre" clean
out of his saddle, although I have not the pleasure of
knowing him. Again, Lancers never perform the exer-
cise in closed, but always in open files ; and there it is
meant mainly to supple their wrists and arms, and to
give them a power over and confidence in a weapon
which every army in Europe has in its ranks. No doubt,
your correspondent considers he knows more than the
French, Austrians, and Russians. The forther have
many Lancer regiments, the Austrians still more ; and
the Russians have the front rank of some of their crack
cavalry regiments armed with the lance.
"Coup de Sabre" proposes attaching our Lancers to
the commissariat department. I have no doubt for that
particular service he would be of use, as, from his letter,
he must know considerably more about driving oxen than
the use of the weapon he abuses.
The great Duke, who probably knew as much about
such matters as " Coup de Sabre," approved of the for-
mation of Lancer regiments ; and while I confess to the
uselessness of the flag, and deny that the soldier cannot
get at his ammunition, I feel certain that the " death or
glory boys" will prove as formidable to the Russians as
the IGth were to the Sikhs at Aliwal.
By inserting this you will oblige your humble servant, 1
LANCER.

It is, however, by no means improbable that
hey will not be allowed the option—that a paper

currency must be resorted to in order toinee

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 stiffer 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 tot 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.
Faagland ale renaainA apathetic; and is suffer-

Her Royal Highness the Duchess of Gloucester was
better yesterday. The DuChes§L of Cambridgeand the
Princess Mary visited the Duchess.

THE SUN, LONDON, FRIDAY EVENING, MARCH 319 18 5 4

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