The Sun.
London, England, 1854-11-22 00:00:00

long perceptible. They must endeavour to
strengthen and animate, in pl,Lce of discouraging,
the people, to do all in their power to excite, in
place of damping, the existing enthusiasm, and
to make their burdens easy in place of intolerable.
If we look to what the nation ha 3 already ac-
complished—its rapid growth in wealth and po-
pulation during the former great war in which we
were engaged, we shall see that there is nothing in
what we have as yet been, or are likely to be,
charged with, to " fright the Isle from its pro-
priety." Sixty years since, at the commencement
of hostilities with France, the population of the
United Kingdom was less than fourteen millions.
Within twenty-two years of incessant exertion it
had risen to nineteen millions—an increase of
more than 35 per cent. within 22 years ; while
during the same period the revenue
had sprung from less than 20,000,0001. to more
than 72,000,0001., or 260 per cent, addi-
tional. The expenditure had also increased to
92,000,0001., or about 360 per cent.
Now, such gigantic and superhuman efforts
could not have been made but for the inconvertible
paper currency—the worthless rags against which
so much vituperation has been poured forth. It
was by these means that we were alone enabled
to withstand the greatest power the world ever
saw—to maintain our independence, and, ulti-
mately, to achieve our objects. We certainly in-
creased our public debt, but we, at the same time,
increased our resources, and the people, though
heavily taxed, were enabled to bear their
burdens cheerfully and easily ; and so they
could have continued to do but for the
unfortunate bullienist experiments, and the
determination to pay debts contracted in
paper in solid gold at a practical addition of at
least 50 per cent. to the just amount.
If the people, then, are indeed in earnest in
their intention to carry on the war to a just,
honourable, and safe termination—if they wish to
satisfy the CZAR that they are bent on victory at
any cost, let them insist on a total alteration in
the financial policy of the country, and the adop-
tion of a monetary code more suitable to a state of
war than that at present in operation.

It is not difficult to indicate the nature of the
new currency. It must be essentially national.
Not issued by a private Corporation, whose only
claim to confidence is that it possesses a certain
amount of Public Securities, which are considered
to afford a suitable guarantee for the ultimate
redemption of its promises to pay. Surely, the
whole resources of the country, the taxes, lands,
and accumulated property of every description,
nay, more, the labour of every British subject is
practically liable, for the satisfactory liquidation
of all claims of the holders of National Notes.
There is, in fact, the same security in every essen-
tial particular, as for Consols or Exchequer Bills.
If, then, we have an adequate supply of such
notes issued for convenient amounts, say one,
two, and three pounds each, they would speedily
be substituted for gold, which would thus become
available for the vigorous conduct of the war, and
the foreign trade of the country, while the do-
mestic trade would be carried on by a domestic
currency not subject to these disturbing influ-
ences. Industry then would flourish, when its
" life-blood" circulated freely, and there was at
all times sufficient for the wants and exigencies
of the nation.

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