The Sun.
London, England, 1854-04-29 00:00:00

JUST AS EASY TO APPROPRIATE THE SUM THUS

CREATED TO ITS OWN USE, AND THUS CANCEL BY A

STROKE OF THE PEN' SOMETHING LIKE A MILLION

A-YEAR FROM THE CHARGE OF THE NATIONAL
DEBT ?"

This system. of corrupt jobbery must no longer
be tolerated ! This tribute to the value of one
million sterli nth a year must be withdrawn. Even
that enormo►zs annual contribution to a private
corporation by no means represents the full extent
of the evils ,occasioned by " the privileges and
monopolies " granted to the favoured institution.
To these exc: u sive privileges we are indebted for
the absence of a circulating medium adequate to
the wants ar ids exigencies of the country. The
paralysing iiailuences of a deficiency of " the life-
blood of industry," which has on many occasions
been but too. plainly perceptible, the fluctuations
of the money market, " which, according to Mr.
COBDEN, ha ve occasioned greater evils than the
failure of all the banks of issue that ever occurred,"
would thus be averted, and we would obtain
that steady am d equable supply of money, or the
representative of money, which would prevent
those disastrous alternations. This would be ac-

complished by transferring the control of the
national currency from the hands of persons who
enhance their profits by making money alternately
cheap and dear, plentiful and scarce ; at one time
tempting their fellow-citizens into speculations
by the readiness with which they offer pecuniary
accommodation, and again causing the failure of
these very undertakings by the sudden contraction
of their issues, and the increase in their rate of
discount, which, under present circumstances, in-
fluences the rate of interest throughout the entire
country.
By Government issuing its own notes, of small
denominatio,ns, say for 11., 21., and 31., the gold
in circulation for the daily purposes of life, and
which is only used because no small notes are
issued, would be liberated to the extent of thirty
or forty millions. That gold would gradually
find its way into the Exchequer, and become
available for paying off the debt to the
Bank, for meeting the expenses of the war,
and for keeping the national note at a pre-
mium, or at least at par. The premium would be
occasioned by the tax-gatherers refusing to
accept payment of taxes or duties, except in those
notes, unless at some small premium, say 6d. in
the pound, or 2i per cent. Mr. GLADSTONE has
afforded a precedent for so doing by requiring the
biddings for the New Loan to be made in Ex-
chequer Bills at par, and requiring ls. additional
if made in gold or Bank of England notes. The
principle is the same whether that premium be
ls., 2i. 10s., or 51. The distinction has thus been
drawn, which, if properly worked out, will solve
the great monetary problem. Let the people then
unanimously demand the severance of the connec-
tion hitherto subsisting between the Government
and the Bank of England, and the e3tablishment
of that great desideratum, a really National Bank.

A Cabinet Council was held yesterday afternoon at
the Foreign-office, Downing-street, which was attended
by the whole of huura and a half. the Ministers, The Council gat two