The Sun.
London, England, 1847-12-01 00:00:00

f.4' b-leningr._.;. int

LONDON, WEDNESDAY, DECEMBER 1, 1847.

Well, Sir CHARLES WOOD has made his statement.
The public have at length received the anxiously
sought-for information. We are in possession of the
views of the financial Mini.ter with respect to the
monetary code. True it is he has moved for a Com-
mittee to inquire into the causes of the recent com-
mercial distress, and how far it has been affected by
the laws for regulating the issue of bank-notes " pay-
able on demand ;" but it is manifestly the opinion of
the Right Hon. Baronet that such an investigation is
wholly superfluone, and that the labours which the
Gentlemea selected for that important duty will have
to undergo may be regarded as mere acts of super-
rogation, Goat the only possible benefit (if any) to
be derived therefrom is that it may have the effect
of satisfying the people generally that the Bank
Charter Act of 1544 is (as Sir CHARLES WOOD ob-
viously believes it to be) the perfection of human
wisdom, and that, in place of any of the recent cala-
mities being in any degree occasioned by, or
ascribable to, its operation, it is thereto we are in-
debted for the preservation of the national credit,
the escape from the national bankruptcy that was
impending.

In common with the out-and-out bullionists, Sir
CHARLES is ready to cast any degree of censure on the
directors of the Bank of England—to impute to them
the grossest mismanagement, and as a natural con-
sequence is quite prepared to recommend mea-
sures by which an improved mole of management
may be obtained ; this he intimates " may probably
form a subject of inquiry before the Committee
about to be appointed"—the directors being " not in-
disposed" to concur in any measure which the wisdom
of Parliament may suggest, there being some diffi-
culty in inducing persons to undertake the heavy
ncl responsible office of Governor of the Bank of
England. We are not surprised at this announce-
)!,'ant, or that the directors should desire to be re-
leved from their onerous, thankless, and ill-requited
itiac They have been deprived of by far the
Ater •
portion of the power once possessed by their
•IY--they are no longer permitted the free exercise
'lliireydio,cureee occupied
. They are degraded from the posi-
renc as regulators of the national
Y, yewthithne.y are unsparingly censured for
calamities
their heont, owei their origin to causes
wholly beyond
no degree of foresit on theirf°r Consequences which
part would have en-
abled them to avert.
nnolt the defenders or
We are
the apologists of the BankofofiEudg and ; we think that
judgment have been at
many and grave errors
at their
various times committed, and
Parliament, and
readiness to submit to the decision offrlPairel7a
not to setup their peculiar privileges as
wisdom
odthe
immediate adoption of such measures as the
of the Legislature may deem to be most expedient
for the ccruntry. But we also believe that many un-
founded accusations have been preferred against
them, tt*st they have been subjected to much unde-
served reproach, and that it is now the intention, if
possible, ton eke them the scapegoats on whose heads
shall be visited the sins of our monetary code. Better
that any sacritioe should be made than that much loved
and venerated system ihould be exposed to the slightest
danger, or that there should be any risk of an alteration
therein being demanded by the irresistible voice of pub-
lic opinion. Accordingly, the national emergency—the
;earful evils we have sustained—the universal de- ,
prelusion—the myriads of unemployed artizans and
opkirtitives-=-the depreciation of property—the failure
of confidence and cessaition of credit, may be