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

v beien*t •._7 Ant

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_Minister with respect to the
monetary code. True it is he has moved for a Com-
mittee to inquire into the causes of the recent corn-
,a!ercial distress, and how far it has been affected by
tile laws for regulating tbe 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 superfl sous, and that the labours which the
Gentlemen selected for that important duty will have
to taidemo may be regarded as mere acts of super-
rogation, That 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 1844 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 cot:union with the out-and-out bullionists, Sir
CHARLBS 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 cone ur in any measure which the wisdom
of Parliament may suggest, there being some diffi
unity in inducing persons to undertake the heavy
and responsible office of Governor of the Bank of
England. We are not surprised at this announce-
ment, or that the directors should desire to be re-
ed from their onerous, thankless, and ill-requited
duties. They have been deprived of by far the
greater Portion of the power once possessed by their
b°dsr—th,y are
no longer permitted the free exercise
of their disere
'-I They are degraded from the posi-
tion they once occupied3ret as regulators of the national
currency, and,
the calamiti.esw ich owe
unsparingly censured for
w
their origin to causes
wholly bey and their cont
roetln-zr
n for consequences which
no degree of foresight on
part would have en-
abled them to avert. 't
are
England;
ttile defenders or
the spologi3ts of the Bank of
many and. grave errors of judgment we think that
have been at
various tiroes committed, and we rejoice
roadinesa t 0 submit to the decision of Parliament, their
nt
not to set: up their peculiar privileges as a bar to' andth
e
immediate adoption of such measures as the wisdom
of the Li li+jslattyre may deem to be most expedient
for the co antry. But we also believe that many un-
founded accusations have been preferred against
them, that any have been subjebted to much unde-
served reproach, and that it is now the intention, if
possible„ to ra,ake then tht, scapegoats on whose heads
shall be. -visited the sins of our monetary code. Better
that asiyucrifiae should be made than that much loved
and verterAted.sys tem ihould be exposed to the slightest
danger, or th at there should be any risk of an alteration
therein beiryg•demanded by the irresistible voice of pub-
lic opinion. A, :tcordingly, the national emergency—the
fearful evils w 'e have sustained—the universal de-
pression---the n ayriads of unemployed artizans and
°Perative"a;--the 'depreciation of property—the failure
of confidence 'and cessation of credit, may be