The Sun.
London, England, 1840-12-02 00:00:00

SPIRIT of the PUBLIC JOURNALS.
FROM THE MORNING PAPERS OF THIS DAY.
(From the Morning Post.)
If the view which, in a former article, we took of
paper as compared with metallic money—namely, that
the former, being more convenient, if issued in excess,
and not deficient in credit, ,instead of being teturned
for ;old, will expel it ; further, that notes, circulating
with greatcr rapidity than coins, are, as currency. of
greater power, the same numerical amount serving for
a greater amount of payments ; lastly, that ;slide this
is generally the case, any considerable change of public
feeling with respect to credit or security will produce a
striking change in the relative power and position of
notes and coins, and may produce a state of things the
very reverse of that above-mentioned—if, we say, this
view of the subject is admitted to be correct, one thing
will follow as a consequence which is now acknow-
ledged to be a fact—that between the quantity of paper
circulation and the general range of prices there is
little or no observable correspondence. The paper
portion of the currency (which, by the by, we consider
to include, besides the bank-note isortion of the circula-
tion, current checks, and bills of exchange) partakes so
largely of the instability of credit, is so subject to ex-
pansion and contraction, as currency, independent of any
alteration in numerical amount ; is so liable to have its
speed of circulation accelerated, or retarded, or arrested,
according to the bright or gloomy anticipations of our
manufacturers and merchants, that to look for an exact
accordance between bank issues and prices, or anything
approaching to it, would, in our opinion, be perfectly
absurd. In proof that what we should anticipate, in
this respect, is what, contrary to all expectation, has
been actually found, we beg to quote a few passages
from the evidence of Mr. Tooke before the Committee
on Banks of Issue. Mr. Tooke is well known as the
author of an elaborate work on prices ; and, on all
matters of fact connected with his subject, and falling
within the range of his personal observation, we presume
his testimony will meet with great respect.
" 3621. Are the Committee then to understand that, so
long as the paper is convertible into specie, you cannot
attribute any effect whatever upon prices to the variations
in the amount of the bank notes in circulation ?-1 ant per-
fectly satisfied that no alteration in the prices can be traced
in any way to the amount of the circulation.
'• 3622. It appears in the evidence given by you in the
year 1832 that you gave this answer (3821) If an en-
larged issue takes place coincidently with circumstances
favouring speculation: and general over-trading, there can
be no question but that it contributes to increase that ten-
dency, and do aggravate very considerably the consequent
revulsion.' Do you still retain that opinion ?-1 do not. I
had not then divested myself of the opinion which had
been, and I believe is, the prevailing one, that there is a
connection between the amount of bank-notes in the hands
of the pubic and the state of pricy-s."
The following extract from the answer to 3634 is
still more striking :
" The great tsilurc of credit and of prices in the parti-
cular articles enumerated in the Manchester statement
were not preceded by any diminution in the amount of the
Bahl( circulation, or of (by) any diminution worth men-
ticning in the country circulation. Eis impossible, there-
lure, that while you saw all those articles of great value
ising irh price, you could consider hank-notes as being the
cave of it or the means of continuing it, and as little can
they be considered as the cause of the subsequent fall."
This is just what, judging, a priori, we should have
expected, and we hail the testimony of Mr. Tooke. in
this respect, as strongly confirmative of our opinion.
And another consequence wilt be seen to follow front
our theory of paper money, which is, and which is
beginnjog to be acknowledged to be, a fact, namely,
that the power of the Bank of England to regulate
the currency is utterly inadequate to the task. Shall
we suppose it in the power of the Bank of England
to control the alternately bright and gloomy anti-
cipations of our manufacturers and merchants ? To
prevent an excess of confidence in speculation, or an
excessive want of confidence ? Admitting that she can
produce discredit, can she arrest it ? Can site regu-
late the public feeling with respect to hope or fear'?
The required regulation implies a power in the Bank to
control whatever, either in this or any foreign
country, whether monentary or commercial, has power
to affect the interests and prospects of our foreign and
domestic commerce ! And here again we meet with a
passage in the evidence of Mr. Tooke directly to our
purpose, and exactly according to our opinion :
" 3640. I consider that there is a very great defect in
the language which is usually employed in describing the
state of banking, and the supposed consequences of it ; in-
asmuch as exclusive attention is paid to the amount of the
circulation, without coupling it with a reference to the
extension of credit ; for the truth is, that almost all the
phenomena which are referred to the stale of the circulation
are dependent upon variations in the sta to of credit and
the inducements to make use of it."
This is unquestionably true, and deserving of remem-
brance and deep attention.

(From the Morning Chronicle.)
We noticed soma weeks ago, with cordial approba-
tion, the book published by Messrs. Lovett and Col-
lins, as written by them during their imprisonment in
\\ arwick gaol, under the title of " The Charter," in
which they attempted to turn the attention of the
working classes from political agitation to the esta-
blishment of schools and institutes. Similar in spirit
and to purpose is the address from Henry Vincent, who
is still in confinement, which we reprinted on Friday
last, recommending to all Chartists the adoption of the
teetotal pledge of entire abstinence from intoxicating
liquors. A document like this, so eloquent in expres-
sion, cogent in argument, and useful in tendency, throws
additional light on the mischievous absurdity of the re-
strictions to which prisoners for political libel have been
frequented subjected. We know of no good produced
by debarring that class of oienders from the use of
pen and paper that would not have been overbalanced
by the suppression of this most forcible and judi-
cious appeal to the working classes on behalf of
sobriety. The efforts of Messrs. Lovett, Collins, and
Vinzeut, with their coadjutors, may be regarded as a
very interesting experiment on the power of reason
and persuasion over the class to which they belong.
Their advice is 'c save your money by temperance, and
apply what pence you can spare to the means of in-
struction for yourselves and your families." Ile ques-
tion is, will the working classes, especially that portion
of them enrolled under the banners of Chartism, fol-
low this advice ? Do the best men of the working
clams really lead the working classes ? We hope they
will ; and with perseverance we think they must. But
certainly that has not been the case hitherto. Two
contrasted powers have been striving for supremacy.
The one is represented by such men as Vincent and
Lovett ; and originally by the Working Alen's Asso-
ciation, which put forth many excellent tracts on edu-
cation, and other topics ; the other was embodied in
such leaders as Frost and Feargus O'Connor. In-
struction and sobriety, peace and moral power, consti-
tute the watchwords of the one ; and violence and insur-
rection those of the other. The evil principle unhap-
pily prevailed. The Chartist body was led into a
position front which ensued bloodshed, fierce animosi-
ties, and the penalty of imprisonment falling indiscrimi-
nately, or perhaps in a heavier degree upon the compa-
rately innocent than upon the guilty. Results only can
show whether the Chartists generally have learned how
sorely they were misguided and betrayed. The fact is
a favourable one that counsels of peace, temperance,
and improvement, come from those of their own order,
while the demagogues who inflamed their passions,
played upon their credulity, and exposed them to the
crushing power of society, were no lalbouring men, but
belonged to other classes, and only aimed at making tools
of the class they tampered with, flattered, and betrayed.
The shortest road to political right will assuredly be
found, by the operatives, to he that now indicated
by the pleaders for instruction and sobriety. They
will never force their way to it by riot, or storm it by
pikes and bludgeons. The untouched beer-pot is a
batter pledge of the coming franchise than the loaded
musket. The advice of Henry Vincent has this fur-
, ther recommendation, that it tends to generate the qua-
lities which, all parties will allow, fit men for the pos-
session of the franchise. A sober and intelligent body
of operatives cannot possibly be long kept outside the
pale of the Constitution. At present, Vincent's own
description of too many of his class may well induce
some obstinate questioning of their fitness for the rights
they claim. The picture he draws, even of their " mo-
derate drinkers" is very far front being that of trust-
worthy and well-principled voters. The slaves of drink
are the traitors of freedom. Unwittingly has the
champion of Chartism furnished its foes with wea-
pons. They will ask, where is the wisdom or
utility of sending the victims of " their own
vicious extravagance " into the election mart of
corruption ? And should a reply be not impossible, it
is nevertheless desirable to supersede the question. In
our general expectation of good from this admirable
address, we must yet take exception to some
of its language. When Mr. Vincent urges the disuse
of intoxicating drinks, from its tendency to diminish the
revenue, he falls into the false morality of enjoining a
worthy action upon an unworthy motive. The working
clesses will get nothing by a war upon the revenue.
They cannot escape taxation., nor transfer its burden,
by diminishing the public income derived from any par-
ticular article. The shrewdness even of a drunkard
will detect the fallacy of the inducement,and experience
soon make it manifest. Short-lived will be the sobriety
sr lei thatvoer short-sighted, rests upon the principle of antagonism to the
hteSducha reasoning, if
damages
notgood icnasuinscee.re,
Mr. Vincent' giveeNor is
doesvery
good,,yco.ansel when ho says to the
all
Chartist operatives,yooture r
lt agitation, until you are
"you
politicalhave wisely resolved to dis-
countenanceinvested with
have resolved any such aof polities.' power." It they
tiling,What, u,
have resolved most un-
wisely and unjustly, the delay of one specific
improvement in polities to refrease an honest man from
all other obligation to promotdiaryhotber improvement
for instance, Is no justice to be done tor
grievous the
wrong, because one partictillar lin,juesvtiecever.
re-
dressed i Is the working man, yet
nsane countenance agitation" ai,:ainst the bread-tax,toan'tidb.e-
come an accomplice in I:he starvation of wife and
children, because he cannot obtain a vote ? Such
morality is monstrous. It is a species of i
Vin-
dictiveness, avenging the wrongs of the guilty upon the