The Sun.
London, England, 1840-12-11 00:00:00

SPIRIT of the PUBLIC JOURNALS

FROM THE MORNING PAPERS OF TIIIS DAY.
(From the llorning Chronicle.)
The Timex thus forcibly sums up the projects of the
Thiers Government :
" The projects which it has avowed, exhibiting so much
of unprincipled selfishness and rancorous enmity towards
Great Britain, were carefully, however unsuccessfully,
disguised throughout its negotiations with the Allied
Powers, under the mask of a warm interest in the well-
being of Turkey. Since the downfal of M. Thiers, the
real motives of that gentleman and his colleagues have
been not merely announced, but boasted of, to it 11:me
the evil passions of the worst portions of the French peo-
ple, viz., the faction war at any price;' the forbear-
ance towards the Pacha is acknowledged to be a trap
for the exclusive protectorship of Egypt by Fraiace ; the
abuse of Great Britain fur 'breaking' up the French Alli-
ance was a el-ak for the establiAment of another alfl-
anee, including E•zypt, N 'piss, &c., under the name
of 'secondary maritime Power:,' also under the exclusive
protectorship of France, and confessedly for the overthrow:-
. e _ll I • 4 _ 1 .311Voall ; km; -
drawal of the French fl A. from the Levant to Toulon was,
though seemingly a pacific, in reality an aggressive move-
ment against England, through a monstrous iniqui•y to
be perpetrated upon the Spanish Crown and nation—to
wit a more convenient seizure of the Balearic as links
in the chain between Algi,rs and Toulon !"
It is lamentable to think chat the Press of France
has, with few exceptions, made itself subservient to the
policy of which these were the objects, and availing
itself of weaknesses in the French character, has
laboured with a most p. rverse industry to corrupt the
national principles, and to infl Imo the passion for spoil
and conquest ! Great good, however, will have been
done by the exposures which have taken place. Suc-
cessful villany is a great corruptor of principles, hut,
where the attempt to do wrong has been followed by
exposure and disgrace, the effect is seldom lost on the
world. Ws may be sure that the maxim that honesty
after all is the best policy, has lost none of its influence
on the na'ions of Europe by what has taken place in
France. And when the French see, as s.T. they must,
that their country does not possess the weight in Europe
which it ought to have, in consequence of the suspicions ,
and jealousies which the unprincipled and fool sh con-
duct of their late Government has necessarily excited—
that in corsequence of the big blunders in question,
even an honest Ministry will be unab!e for some time to
destroy the unfavourable impressions which have been
crested—that it will for some time be on trial, as it were,
we may hope that they will profit by the infliction.
" It is obvious," observes our able Contemporary the
Scotsman, " that the French feel themselves hundited
by the events which have grown out of the Eastern ques-
tic-% They appear secretly conscious that their fantsro-
nade and idle menaces hare rendered them ridiculous in
the eyes of Europe ; and the more hot-headed champions
of the national honour bellow for war as the only refuge
front contempt. ' Let us turn the farce into tragedy,' is
the langusge of the war-party in France. That France
is less respected now than at the commencement of the
negotiations, is title. This is keenly felt by M. Thiers
and his friends, and consequently we find in the course of
the d. bate perpetual allusions to the degraded position in
which the country is placed. Too proud to trace that do.
gradation to its proper source, they persist in charging the
English Government with wilfully insulting France by ex-
cluding it from the councils of Europe. There is no rea-
soning with such men. They have taken up a false posi-
tion, and although no longer tenable, their overweening
vanity will not suffer them to abandon it. It is the blun-
dering and disingenuous policy of M. Thiers which has
caused the temporary isolation of France from the other
great Powers, and yet it is the reckless supporters of this
policy who are now thundering from the tribune about na-
tional degradation and loss of influence r
In this great mount:m.l.d capital there are not Linke- ,
quent instances of men who destroy fortune, credit,
and character, by what is leniently termed too great
haste to be rich. The French were in too great a haste
to be preponderant. The bones of Napoleon may be
brought back to France ; but the circumstances which
enabled him to trample on Europe cannot be brought
back. France is now like other nations, dependent for
her influence with her neighbours on the confidence
which she inspires. We trust that the nation will re-
main contented with its fair and legitimate influence.
Schemes for appropriating, by book or crook, the pos.
sessions of other nations can hardly succeed in the prn-
e-
sent day, and the cherishing them only impairs the i
fluence which France, for the welfare of Europe, ought,
to possess. The Times terms the French Alliance '
a " dear fosterchild of Lord Palmerston." Why may
not the best understanding prevail between France and
England ? Oar neighbours,
many
if they wish to become powerful by means which shall
not exe:te well founded jealousy, they may benefit in
many things from the example of Eng:and.
(From the Morning Adverliser.)
The Times, with its usual determination of incon-
sistency', after having supported a policy—the policy of
Lord Palmerston—respecting tl.e affairs of the East,
which it condemned at the outset, has now—that af-
fair having been brought to a satisfactory conelitsion—
pt the same course of attack
thought proper to attempt
with regard to the war with China. Whether it will
be consistent nr not in following out its attack by a
subs!quent approval, remains to be seen ; but the at-
tack has been commenced, and according to all previous
precedent, we have a right to anticipate that the flag of
its opposition will be speedily lowered. The Times of
Tuesday list found fault with two things in the con-
duct of the Government—the first, the principle of
the war now in existence—and the second, the mode
in which it is carried on. The first it denominates
an opium war, and insinuates that England goes to war
with the Government of China for the purpose of Pro-
tecting a traffic in an illegal and noxious drug
this, as every one knows, is a false position. bog-
and does not go to war for any such improper and
unjustifiable purpose. If she has been made
the medium of transit, or import, of a prohibited
article, the fault rests not with her, but with the
Chinese authorities, who not only sanctioned, but
participated in the plunder resulting from the traffic ;
and she does not war with China for the purpose of en-
couraging or monopolizing
—compensation
a trade in a baneful article,
but to procure justice to her subjects
for the injuries dope treo therp-..and security that, fo
.

the future, the trade of the two countries.- Anil be r- '
ried on upon a fair and equal basis, and n v further in-
sults offered to- the "barbarian eye" either of her Ma-
jesty or of her people. These are proper at d legiti-
mate objects of war, and the Tinies may g 1 on to
doomsday itt preaching against it, as an °pint a or an
unjust war, without:being able to conviuce any 1 English-
man that, having been slapped, upon one chef k, he
' ought to hold up tlee other to a similar disgrs Ice ill
castigation. However, with regard to the peinktil de
of the war, it would be a waste of words to print a
sentence respecting it. We have justified it in man y
i previous articles,the arguments of which have never bees I
Llainsayed ; and wi h regard to the mode of carrying it on,
Oat foundation is there for the criraination of the Tinher
Oat the preparations are not equal to the result to he.
Ohs ained? As yet we have received but one dispatch.,
and b,`ltat despatch is fraught, with news of conquest an&
terrain -sal aggrandizement. One great object has been
already'lattained—that of possessing a central position
where we,,eannot only store our military and naval muni-
tions, but from which at any moment not only secure
as much of !lac trade of China as we require, but send
forth our land . and sea forces at any moment to compel
her submission to' our wishes. And is this nothing ?
Is there any other c ewntry in the world which has ob-
tained such a faeouran to .position ? Nay, has not as
much been done since the" arrivil of otr fl•et in the
Chinese seas as we had o,l' right. to expect? The
Times talks of " striking a 1.,., eat blow," and with the
most ludicrous inconsistency ; bet vie ask where, or how,
without in the first instance e stabile:Wag a central point
from which to direct the ops-trations: of our forces?
Had this main and most essentiar point born neglected, -e
the Government would have been't.euntod with unskil-
ful arrangements, mad their failure placed to the cr edit •
of want of prudence. • `
(From the Morning Post.).
Of money, as consisting of coins and bank-ii tee. the'
latter convertible at pleasure, we hold it impossible to
form any tolerable theory without taking account of f
those essential differences and irreconcilcable disagree- '
meats already mentioned. Our purpose is now to
speak of currency ; and first, as lo what we consider
that word to signify. Br " current-9" we, understand in ,
general whatever, as a medium of ,exeliange, is cur- e
rent in making payments. We do no Add "or die,- X
charging debts," because such an addition is-in:enlist ent,
and produces confusion. Strictly spoaltiog, that only
discharges debts which is a legal tender; lent to he
a legal tender is a peculiarity eten with respect an 5..„
money, and cannot, therefore, be insisted on as 1U -''.
general and essential attribute of currencv, Vro-•
tincial banknotes are not aI, gal tender, and neither - 1
are silver coins for payments exceeding forty
shillings each. Both, however, are money, sad
both are currency, so far as they are current ice ,
making payments, no mat ter of what amount.. k
And as it is not essential to currency that inc
should be a legal tender, neither is it so that it should
be convertible at pleasure into that which is; for sos
are not excessive tenders in silver coins ; and if con-
vertibility into that which is a legal tender is not es-
sential, still less is convertibility into gold and silver.-
Respecting the elements of which the currency
consists, and the proper definition of the term, a great
deal has lately been written, questioned, and disputed,
yet still there is not much agreement, and scarcely
anything that is satisfactorily supported or explained.-
Perhaps the best way to arrive at a satisfactory con-
clusion will be to go to the head and front of the
inquiry. Why is it wanted to be known what are
the elements of which the currency consists? What
is it that makos the currency an object of such in-
tense
inquiry ? This :—Prices are not steady ; con-
vertibility is frequently in danger ; no dependence -
can be placed on credit. These who dare to depend
upon it in business find theniselves—now with a loose
rein, going fast, tempted and urged to go still taster;
by and by, perhaps, rushing headlong, whip and
spur, then suddenly pulled up ! Very capricious
this may seem—very hard—but so it ;6, ,end with
the present system will be. Convertibility is in danger.
The gold is going—meu dare not lend—mmeay is scarce
—discounts are denied—a storm is brewing—we .nitt.st
shorten sai'. Thus it is that commerce becomes a soa-
culstion, and speculation a game at hazard. These dis-
orders arc seen to be connected with the currency ; bat'
in what degree and in what relation—whether as causes
or effects, and how to be accounted for as tither—can-
not be ascertained. In this confusion and perplexity
some say one thing, some tteothtr. The provincial
banks—the bank of England !—the circulation--they
deposits—the securities! The only [Foe of harmony
ii, that, in addition to convertibility, and fur its prottac-
tion, anti (what we consider infinitely mire important)
lin. the yirotection gf the trade and commerce vf the-
countru, it is absolutely necessary that there should
be either a superaddell regulation or a renovated
system. This it is which makes the currency an
object of such intense solicitude, it being, or being
supposed to be, at once the inch- x of the disorder, and
the instrument or subject of the required regulation.
When tneney was exclusively metallic, the aggregate
~..:
of tore S. eXCent in those v;tino, q hp', !hornLanru,nnii 1,.
IA; b:u nes ci traneter, depended =Huy on toe quart.
tits' of money current, which money current was then
the currency. 'l'o ocher cathcs something would of
course be owing, but, generally, this would be the rule '
—as iv the quautity of money current, to is the aggro-
_,17
,i,
gate if priers Men wonder wily it is nsit so now ! `',
We do nat wonder at th,ir wonderment. If, Low-
ey, r, they mould be Lss gr gatiou—le:s di nosed to
follow and afraid to think—less wedded to their 2.ectems,
and more fret' and manly in their private judgaie.-ta—
they ru ght easily find the rea,nr. h the quantity of
money current now so fixed as it Was then ? Is its power.
its rapidly of circulation, so uniform now as then?
Ths money, as a current medium of exchange, no
more _auxiliaries now than then ? Vatiat.ons in the
quantity of money current were then, and were
known to be, causes, of which variations in the ag-
•
grestate of prices were effieqs—is it known to be so
Dow ? Men of great ability and (xp rience tell us,
and not without reason, that the relation iu this re-
spect is frequently reversed—that variations in prices
are most commonly the cause, and sariations in the
quantity of current money the effect. It we inquire
what has :wide the difference, we In-1y soon be satis-
fi,d. Cleaely this—the introduction t 1 current paper
instruments of making pas ments—nstruments whose
quantity depends oft will, and whose power as currency
depends on credit. If, therefore, the currency requir-
ing regulation is to have a practical definition, and if
the regulation, to be complete, must be extended
to all its elements, it must exteutl to all those instru-
ments DON mentioned. All are active in increasing•
the disorder, affecting by their ever-varying quanti-
ties and powers prices and exchanges, and requiring
for the maintenance of convertibility, and the pro-
tection of trade and commerce, a thorough reforma-
tion. The currency, which used to be and ought to
be itself the regulator, Lox re quires regulation. As
a barometer of prices it is no longer a faithful guide.
Its sariations, with respect to prices, are alternately
causes and effects ; what then can be expected but that,
as an index, it should be false, and that, as en instra-
milt of regulation, it should work confusion ? To maker
the worst of a bad case, a part, a comparatively tiny
part, is taken for the whole. According to this view, a
complete enumeration of the currency would include all
current coina of the realm, being current in the realm,
that is to say, exclusive of bank reserves and private
hoards ; all negotiable bank notes actually in circula-
' tien, i. e., neither hoarded nor in any bank ; all checks
on bankers not in any bank ; lastly, all negotiable bills
of exchange, inland or foreign, being current in the king-
dom, i. c., not held as mere securities, but in the
bands of parties who habitually use them for
making payments. If bills are much less active
and powerful as currency than are bank notes, so
also, in general, are coins and checks much more
active than either. The best account that can be had
will confessedly ho bad, but it must be b;td indeed if net
better than none. And now we ask the public one
plain question. Can a currency such as that abovc-
mentioned, consisting of elements so various, so inter-
changeable, so different in character and power ; some
so steady in their motions, sonic so slow ; some so rapid,
some so fitful ; the greater part so much depending on pri-
vate credit, on civil tranquillity, on political and commer-
cial prospects—can such a currency, by all the art and
power of man, be so managed as that prices shall not
be unsteady ? as that convertibility shall not be fre-
quently in danger ? as that con m r .c shall nut be a
speculation, and speculation a game at hazard ? Men
of sense may rack their brains, and men without brains
may rage and be confident! but if ever there come help
from this disorder it must be by other means than a
mere regulation.