The Sun.
London, England, 1847-10-26 00:00:00

THE MONETARY CRISIS.

The following letter has been addressed to the
editor of the Morning Chronicle :
Sir,—The crisis is over. Lord John Russell has
" stood between the :dead and the living, and the
plague is stayed." The country will not soon forget
his determination, and he will reap a rich reward in
the general confidence which will be awarded to him.
Henceforth we shall no longer present to surrounding
nations the monstrous spectacle of a community
richer beyond comparison than any other in the habit-
able world—advanced in the same proportion in arts,
sciences, manufactures, and commerce, launching
without reserve into free trade, and at the same time
restricting its monetary operations by a law worthy
of the middle ages. No longer can we be taunted
with the absurdity of falling down upon our knees to
render thanks to Heaven for an abundant harvest,
and at the same time frustrating, as far as in us lies,
the beneficent designs of Providence—" Magnas
inter opes inops." The Ministerial plan is perhaps
the best, which, under all circumstances, could have
been devised to meet the present evil. It is at once
liberal and safe. The destruction of the principle of
the Bill is complete, and the high rate of interest
which the Bank of England must charge for extra
accommodation secures the country against any drain
of gold for external purposes. In the midst, however,
of general rejoicings, it is impossible to abstain from
asking the humiliating question—For what purpose
has the country been brought to the verge of ruin and
exposed to such dire suffering ? Was there no one
who could foresee the operation of this Bill, and,
foreseeing, could provide against it. Alas ! Sir, all
this was foreseen, and a provision against th
cala-
mitywasof
earnestly
banking,s b
o g hut t f obr y , nt ohte b
Nyih
ele ya n yb
in the artendoycoef
London bankers, with one solitary important ex-
ception.
The memorial to Sir Robert Peel foretelling the
contingency, and asking for a safety valve, at one
time included among its signatures the eminent
firm of Messrs. Jones Lloyd and Co.; but Mr.
Samuel Jones Lloyd having written a pamphlet,
which served in a great measure as the foundation
of the Bill, induced his father to withdraw the sig-
nature of their firm, and it is to be feared that the
weight which was then attached to his opinion led Sir
Robert Peel to disregard the collective opinion of the
whole body of bankers. Was this wise—was it
seemly ? However, we have seen the result. The
measure has been exposed to the experirnentum crucis.
It has broken down, and the relief granted is far more
ample than was humbly but earnestly sought for by
the bankers in 1844. It is to be hoped that the les-
sons of experience will not now be lost upon us—that
in the construction of the new Bill which must super-
sede the condemned Act of 1844, some consideration
will be given to the opinions of men whose whole We-
-1 time has been spent in the pursuit of legitimate
banking.
This remark is applicable no less to the nature of
the measure which the Government may bring for-
ward for the regulation of the currency, than to the
constitution of the executive of the Bank of England
itself.

Let the public bear this in mind—that whereas in
France three fourths of the board of directors of the
National Bank are themselves able and experienced
bankers. The Bank of England admits no private
bankers into their board ; vacancies are filled up by
the nominees of the existing board, who no doubt
value highly this patronage. But would not the
confidence of the public in the administration of the
law which reposes such power in their hands, be
much increased if a portion at least of the board con-
sisted of men who had previously distinguished
themselves in the management of their own banking
business, and who had won the respect of their fellow
citizens by a long career of usefulness? Is it pro-
bable that under such an administration we should
have witnessed such vacillating conduct as has cha-
racterised the proceedings of the Bank of England
during the last few years—at one time encouraging
speculation by forcing out their notes at a very low
price, and then suddenly pulling up, and spreading
panic throughout the country ?
These are serious questions for the consideration of
thinking men, and are respectfully submitted to you,
for further elucidation, by
Your obedient servant,
A LONDON BANKER.
London, Oct. 25.

We understand that, owing to temporary pressure,
the firm of Charles Sutherland and Co., produce
brokers, have been compelled to suspend payment.
Strong efforts, it is said, however, will be made to re-
sume, and it is considered not improbable that these may
prove successful.