The Sun.
London, England, 1854-05-19 00:00:00

• t• T-. TRy.,ATRE ROYAL DRURY LANNI.
. Lessee, Mr. E. T. Smith.
TRI4 EVENING, MAT 19,
WM be performed Bell:nes Opera of LA SONNAMBITLA.
Amirs, Mdlle. Bury ; Count Rodolpho, Signor Arnold' ; and _Livia°,
Signor Bettini.
Followed by (3d time) a new B tLLET DIVERTISSEMENT,
entitled UNE FETE EN OLYMPE.

Prices—Stalls, 7s; Dress Circle, 5s ; Boxe,s, 3s ; Pit, 2s. ; Gallery,
Is.; and Private Boxes, One, Two, Three and Four Guineas. The
Box-office °pet daily from Ten till Six, where places may be
secured. Pr(vAte Boxes and. Stalls to be had of Messrs. Leader and
COA, 113, New Bond-street.

THE I.TRE ROYAL HAYMARKET.
trader the management of Sir. Backstone.
THIS EVENING, Mat 19,
he performed A CURE FOR LOVE. Characters by Messrs.
Cblppendale and Ruckstone ; Miss Chaplin, &c.

- - .
wnich, the entirely new an i original extravaganza, entitled
Ati. BIICIESTONE'S VOYAGE BOUND THE GLOBE (IN LEI-
CES'I.Eft•SQDrAII E), written by J. R. Planche, Esq. i'rinc•pal
eha tasters by Mr. Buckstone, Mr. W. Farren, Mr. Clark, fir.
J.
Mr,rstiall, Mr H. Marshall; Mrs. Fitzwllliarn, Mrs. Caulfield, Miss
,Grey, Miss Lydia Thompson, Miss Laura Morris, and Miss
r tatherstone.
Folowe Iby WILLIKIND AND lII'S DINAH. Supported by
3a14.r3. Buck,tone and Corri; Miss Louisa Howard, Mrs. Fitawil-
tiam, and Mrs. Caulfield.

ROYAL. PRINCESS'S THEATRE, OXFORD-sTREET.
Under the Mantgenruit of Mr. CHARLES KERN.
THIS EVENING, MAY V.
Wlll be performed 'C 11.VRRIED UNNIARRIED. Characters
by 'Messrs. W. Lacy, Ryder, and Cathcart; and Misses Heath and
Ilurray.
Followed by FATIS I' AND MARGCEIiarz. Characters by
am,rs. C. Roan and Day.ci either ; Mrs. Winsta.nley ttnd Miss C.
L,t!e:eq.
To conclude with A STORM IN A TEA-CLIP. Principal cha-
rst.ters by Mr. and Mrs. W. Lacy.

THEATRE ROYAL AOELPHI.
Proprietor, Mr. B. Webster.—Directress, Madame Celeste.
THIS EVENING, MAT 19,
Will be perfcrmed TWO LOVE.; AND A LIFE. Suppergel by
Ilepirs. C. Selby, Leigh Murray. Benjamin Webster, K
and 0.
Sakti ; Miss Woolgar an{ Mivtaine Celeste.
followed by THE MOUSTACHE MOVEMENT. Principal dm.
ratters by 'Messrs. 0. Smith, le Y. and ,?arselle; Mrs. Keeley,
and Miss Mary Keeley-
After which, THE OVERL NO JOURNEY TO CON3TANTI-
NTOPLE, AS UNDERTAKEN' BY LORD BITE WAN, WITH
NITERESTING PARTICULARS OF THE FAIR. 60PHIA.

goYAL OLYMPIC THEtTRE.
Lessee and Manager, Mr. A. Wigan.
THIS EVENING. MAY 19,
will be performed FIGHTING BY PROXY. Characters by
Ilobson and Wigan; and Miss E. Turner.
After which, THE II iPPIEST DAY OF MY LIFE. Cha-
racters by Alessrs. Robson, J. H. Wnite, Leslie, and Vincent;
Mrs. Chatteriey, Miss P. Horton, and Miss Marston.
To be followed by TO OBLIGE BENSON. Supported by Messrs.
Emery, Robson, and Leslie; Mrs. Stirling and Miss Wyndham.

STRAND THEATRE.

Sole Lessee Mr. F. W. Allcrott—Directress, Miss Rebecca Isaacs.

THIS EVENING. MAT 19,
Will be performed THE GARDENER OF VERSAILLES.
To be followed by BOX AND COX IN KAFIR LAND.
After which, a BALLET DIVERTISSEMENT.
To be followed by SUMMER FLOWERS.
To conclude with 3f R. AND MRS. WHITE.
Stalls, 55.; Boxes, 3e.; Pit, is. 6d; Gallery, 63.; Private Boxes,
lis. 6d., to be had of Mr. Allcroft, 15, New Bond•street.

A STLEY'S EUROPE'S NATIONAL A%IPHITHHEATRE.
Lessee and :Wanager, 7,1 r. William Cooke.
TEII9 EVENING, MAT 19,
Will be presented the new grand Nautical and Equestrian spec -
tacle, embodying n mei and extraordinary (insets (written by Mr.
Ncison Lee), entitled A TALE OF THE SPANISH WA.R ; or,
The Horse ot the Wreck. Tha horses expressly trained by Mr. W.
Cooke.
Followed by an entire change of the Scenes of the CIRCLE.
To conclude with a Grand Ballet, entitled THE STAR OF THE
RHINE.
Rox-orrice open from Eleven till Four. Stage Manager, Mr. W.
West.

HIGH WATER AT LONDON BRiDop.'..
Tots DAY —Morning 56 min.after 6 Evening 32 rain•aft. 7
To•Nioaftow--Moruing 11 non.after 8 1 Evening 52 unn.aft. 8

THE WEATHER.—Sm Osncrit, MAY 19.
THERMOMETER, IN THE SHADE-
-sG—highest since noon yesterday.
42 —lowest this morning and during the night.
59—this day at noon.

BAROMETER, 30'29.
WIND, E. by S.—Light, with fine weather.

ViTht

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LONDON, FRIDAY, MAY 19, 1854.

Austria having recently evinced a more friendly
disposition towards the Western allies of Turkey,
and having, at the same time, found it requisite to
raise a supplementary loan for the payment of the
extraordinary expenses incurred by her in con-
sequence of the unavoidable necessity of increased
atmaments—it may not be deemed either unin-
teresting or unadvisable to revert for a few mo-
ments to a consideration of the financial position
of her Imperial Government.
A happier regime at Vienna appears within the
last few months, perhaps we should rather say
within the last few weeks, to have been formally
inaugurated. The signal for the auspicious change
was the marriage of the young Emperor FRANCIS
JOSEPH to a Bavarian Princess. Time alone can
show whether the change alluded to is really sin-
cere, and not merely specious and temporary.
Experience and history alike urge us to regard
every modification of the policy of the House of
Hapsburg with suspicion—doubtful as to the
possibility of its being in any way other than
most deceptive because simply superficial. Never-
theless, bearing all this in mind, conscious of the
notorious duplicity for which the dynasty in ques-
tion has long shown itself so remarkable, aware of
the folly of being in this matter in any respect
credulous or precipitate—we cannot but feel con-
vraced at the same time that the juncture is one
et that vitally important character that it would
be culpable in the journalist not to accord any
alteration whatever in the Viennese Cabinet the
fullest and the most instant consideration. Let
us still continue to doubt--but let us also observe,
let us watch, let us be vigilant. A change there
has been of late, unquestionably, in the general
scheme of the Austrian Government. It remains,
we repeat, yet to be proved by time and by events
whether it be a change temporary or permanent,
sincere or hypocritical. Judging from the past
annals of the empire it may be either—probably
the latter, but just possibly the former. We shall
see. At any rate, there the change is—good or
bad in purpose—there it is, visibly and indisput-
ably. It is attested by the cordiality of the re-
ception given the other day by the EMPEROR and
his Court to a Prince of the Royal blood of Eng-
land. It has been illustrated by acts of grace
and clemency which would almost seem to augur
that FRANCIS JOSEPH proposes to rule his
people no longer by the sword, but by the
sceptre. It has been demonstrated yet more
plainly, if possible, by the movement of Austrian
troops towards the frontier of Montenegro, to-
wards Servia, and Bosnia, and Herzegovina.
There is a perceptible tendency, iudeed, on the
part of the Imperial Councils of Schoenbrunn
towards an open rupture at last with those of the
AUTOCRAT at St. Petersburg—in fact, towards a
startling fulfilment of the memorable threat of
Prince SCHWARTZENBERG.

Meanwhile the enormous loan already nego-
tiated
by Austria has been boldly added to by a
considerable supplement. It becomes important,
therefor; toAreea
how far the recall to mind the question as to
of insolvency
finances are removed from
the chance
the and .
? The actual state of
finances currency of Austria we have
lately seen describedby an " Impartial Observer,"
in a most masterly statement. Still more recently
we have shown in these columns, by statistics
authoritative work by
BODEMEE, that while the national debt of England
presses as heavily as by the 187 dollars that of
Austria reposes as lightly as with th,
e (ompara-
ti vely) scarcely perceptible load of 19
dolclar
each individual of the entire population I Istupon
may
be advisable now to add to all our previous
re-
marks upon the subject that, in spite of enormous
in spite of considerable deficits, in •
expenses,
continual difficulties and perpetual embarrassments,
the State has contrived not only to pay the interest
of the national debt with uninterrupted regularity,
but has continued to diminish both the funded and
the floating debt steadily and systematically since
the years 1848 and 1849, the years of war and
revolution. Nay, even during those years, the
activity and enterprise of the state can scarcely be
said to have been appreciably diminished. During
1848, for example, there were expended in the
tonstruction of railways as many as 11,806,780
florins, and during 1849, for the same purpose.
no less than 10,366,956 florins, besides 1,3E11,94E;
florins for the purchase by the State of private
railroads, and for a like object in 1849 the sum
of 1,000,100 florins. What renders
this sus-
tained activity--and especially the before-men-
tioned diminution since 1848 and 1849 of the
funded and floating debt of Austria—more re-
markable is the fact that those two notable
years (1848 and 1849) had increased both
the funded debt and the floating debt,
had burthened the Stat 0 treasury with a • corral-

siderable debt to the Bank, and, beyond. all this,
had. added to its liabilities a large additional sum
in State paper money. So that the total amount
of the funied -and floating debt of Austria, at the
close of the year 1849, was just 1,194,403,377
florins, and this, too, after deducting the sums
possessed by the sinking fund, and by the Central
State coffers and State receipt coffers for issue and
convertibility. Added. to the diminution of the
double debt (fuitded and floating), which has
steadily gone on since then, it must be remembered
that some small boon has been accorded to Hungary
after the crushing out of the last spark of the
patriotic flames enkindled by the glorious War
of Independence—a boon, we mean, in this
wise—,, by the abolition of the excise line
against Hungary on the first of October,
1850," in consequence of which the Aus-
tria'. Monarchy " forms one single territory
with respect to taxes and customs," by which the
trade and commerce of the Hungarian lands are
said to be greatly favoured, and the proceeds of
taxation of those countries considerably increased.
Since then, moreover, the compulsory services
throughout the empire have been abolished, with.
out indemnity, and at this moment, throughout
the whole extent of the Austrian dominions, the
peasant has become a perfectly free landholder.
These things—particularly at this remarkable
crisis when Austria begins to give some token of
adopting the cause of the allies as opposed to that
of the Aurocit,,,r..—should, we conceive, be re-
membered. They should be remembered now
that Austria, adding to her loan, is apparently
meditating that enormous ingratitude to Russia,
threatened by Prince SCHWARTZENBERG. They
should be remembered—these facts just enume-
rated—if only in compliance with the principle of
magnanimity involved in the suggestion that we
should give his due, even to a certain Gentleman.

Although the Act of 1844 confers a virtual
monopoly on the private and Joint Stock Banks
then in existence, we believe that the banking
community are, as a body, greatly opposed to its
provisions, and that there is nothing of which
they are more desirous than the establishment of
a perfectly unrestricted " free trade in money."
The intelligent and respectable gentlemen engaged
in this important business do not desire the pos-
session of exclusive privileges, nor do they dread
the effects of fair and legitimate competition.
They know that the invariable result of adequate
banking accommodation, if conducted in ac—
cordance with sound and judicious principles, is
to stimulate the trade and commerce of the dis-
trict to such an extent that there will be an
abundance of business for all. They do
sot, therefore, deprecate an honourable rivalry.
Nor is the practical prohibition against the crea-
tion of new establishments, joint-stock or private,
regarded as by any means a recommendation ;
while the restrictions imposed on their transac-
tions operate very prejudicially to all, but more
especially to those who are doing a considerably
increased business.

The Act of 1844 aimed at "finality." No
matter how great the addition to the wealth, po-
pulation, or trade of the district, and to the con-
sequent demand for money, an insuperable ob-
stacle was raised to the supply of that very neces-
sary commodity. No matter what that demand
might be—no matter what might be the excel-
lence of the security offered—not a single note
could be issued beyond the amounts, without sub-
jecting the party to heavy fines fixed by
the Statute. These amounts were based on
averages, taken for a certain time before
the provision passed into law, and it is perfectly
obvious that in very many instances they must
be perfectly inadequate to the exigencies of the
locality. Still no variation could be made on any
terms. The parties desirous of issuing their own
notes cannot even do so against the deposit of
gold in their coffers. Even that privilege, though
allowed to every banker in Scotland and Ireland,
is only enjoyed in England by the leviathan
monopolist.
The bankers of England do not wish that the
public should be without ample security, or that
specious adventurers should b© allowed to vic-
timise the trading community with impunity.
They would not therefore at all object to giving
suitable guarantees for the liquidation in full of
any additional issues which they might deem it
expedient to make. They, however, feel the gross
inconsistency of not being allowed, under any
circumstances, to pass the magical limits, while
they can go to the very verge thereof without
giving the mest trifling guarantee. By the ex-
isting enactments, no less than 8,408,0621. may
be issued, not only without bullion, but without
security of any kind. Of this amount the private
banks are authorised to send into circulation
4,698,0751., while the joint stock banks can add
the remaining 3,40949871. We thus find that
there may be 22,108,0621. in circulation without
a single sovereign against them. The Act, there-
fore, does not carry out its professed object, and
in a severe crisis would be perfectly incapable of
providing for the " convertibility" of the bank
note—a " whistle" for which the trading and ma-
nufacturing interests of the country are paying so
very dearly.
But it is not merely that the Act arrested fur-
ther banking progress, it necessarily led to a
retrograde movement. It might naturally have
been anticipated that some establishments would
wind up their affairs, while others would con-
siderably reduce their transactions. No provision,
however, was made for supplying the voids thus
created. And the circulating medium should
necessarily be gradually and permanently reduced,
notwithstanding, as we have already stated, the
increased wealth, population, and trade of the
country. This is decidedly wrong, and it is as
impolitic as it is inequitable ; while the country
is advocating " free-trade" principles in the
broadest signification of the term, the most ob-
jectionable of all restrictions should no longer be
sanctioned or tolerated.

It will be seen that in the above observations,
we have not put forward a single opinion in which
the most strenuous bullionist might not participate.
It is unnecessary to state that we go very much fur-
ther than the simple repeal or modifi •ation of the
Act of 1844. We have, however, shown that there
is an almost unparalleled unanimity of sentiment as
to the propriety of speedy legislation—which, in-
deed, becomes a matter of imperative necessity in
time of war. As the subject must be discussed,
it is to be hoped that truth will eventually be
elicited, and that more judicious measures may be
brought into operation, measures calculated to
lead to the establishment of sound monetary prin-
ciples, and, as the natural consequence thereof,
the full development of all the industrial capabi-
lities of the country, and the avoidance of those
repeated fluctuations in the supply and value of
money, that, according to Mr. COBDEN, " have
proved more prejudicial to the nation than the
failure of all the banks of issue that occurred even
at periods of the greatest excitement !" What
we want is " free trade" in banking, coupled
with the establishment of a really national
bank, issuing small notes based upon taxation,
and secured on all the accumulated wealth of
the nation. The time is peculiarly favourable
for agitation. The Bank Charter is rapidly ap-
proaching
daysaching to its termination. It can never be
renewed on anything like the existing conditions.
The
of monopoly have for ever passed away.
The Bank itself will really be benefitted by the
abolition
of these obnoxious privileges—with its
wealth and capital it need not dread competition.
These matters mita:,steresntw. insure it the lead to
whileas itwill he freed from
demands that entitled,
recently proved very incon-
venient. At present, it holds a doubtful posi-
tion ; it is neither a public nor a private establish-
ment. It should be one thing or the other ; and
it would be for the benefit of the proprietors, as
' well as of the community in general, that it should
relinquish the exclusive privileges, on being at the
same time liberated from the obligations supposed
to be associated therewith.

INLAND BOOK POST.—GENERAL POST OFFICE, May,
1854.—Whenever the number of postage stamps on a
book packet is insufficient, or when there is any other
infringement of the regulations respecting book packets,
the packet becomes HAW° to the letter rate of postage.