The Sun.
London, England, 1848-12-25 00:00:00

IIE SUN, LONDON', MOSTDAY

"fortunate for the country if all currency reformers
would array themselves under the banners of the
Association, and adopt their principle. It is owing
to the minor differences that exist among the
opponents of the present monetary code that
the iniquitous 'system has so long prevailed.
" Union is strength," and if all those conscientiously
opposed to the Acts of 1819 and 1844 co-operated
together cordially and efficiently in supp•rt of the
plan which should receive the greatest number of
suffrages, there would be a speedy alteration in the
law, and the country would obtain a circulating me-
dium or currency adequate to its wants and ex-

Agencies.
The Act of 1844, which has been described by its
authors, and we believe justly, to be a necessary con-
sequence and corollary of the Act of 1819, has had
the effect predicted by the merchants, bankers, and
traders of the city of London in 1819, and set forth
in their petition against that unwise and impolitic
measure. In that petition they submitted
that the resumption of cash payments by
the Bank of England would " tend to a
forced, precipate, and highly injurious contraction
of the circulating medium of the country ;" and that
" the consequence of that contraction would be to add
to the burden of the public debt, greatly to increase
the pressure of taxes, to lower the ;value of all landed
and commercial property, seriously to affect both
public and private credit, to embarrass and reduce all
the operations of agriculture, manufactures, and
commerce, and to throw out of employment (as in
the calamitous year 1816) a great proportion of the
industrious and labouring classes of the community."
How faithfully hare these predictions been verified,
_hew singularly have those prophetic forebodings been
realised. Has there not been a forced and precipitate
contraction of the currency, and who can have the
hardihood to deny the injurious results thereof? Has
not the burden of the public debt been increased,
almost to the extent of double what it was, owing to
the increased value of money, and the large amount
of goods or labour that must now. be given in pay
went thereof? Has not the pressure of the taxes
been increased for the same reason ; hare not proper-
ties, whether landed or commercial, been fearfully
depreciated in value, and the operations of agriculture,
manufactures, and commerce been embarrassed and
Induced ; and, finally, have not thousands of our
industrious classes been thrown out Of employment
Alas 1 these facts are but too notorious. The nation
has passed through an ordeal of the most trying
character. All classes (save the usurers and money-
brokers) have suffered in common. These persons
have, indeed, doubled their wealth, but it has been
torn from the vitals of their unhappy country. The
active circulation of bank paper; which, even in the
calamitous month of October, 1847, stood at
20,832,7504 has been reduced to 16,735,7151., as ap-
pears by the return- from the Bank of England for
the week ending. the 16th Deeember instant: Thus
we find, within little more - than twelve months, a
falling off in the actual currency of 4,097,035/., or
nearly 20 per cent. on the. entire. Again, the
private securities which in the same month of
October stood at' 21,431,4431., are now -10,669,6171.
The accommodation afforded to the manufacturing
and commercial- community is less than one-half of
that which was granted in 1347, although the notes
unemployed now amount to
_11,246,410/., and the
stock of bullion lying uselessly in the 'coffers of the
Bank is no less than 14,789,8?21: If such a system-
of management should be continued much longer we
suspect that the dividends on Bank Stock will become
" small by degrees and beautifully less," and that the
proprietors will share the common lot, and behold
their accustomed profits vanish into thin air.
By making Consols tike measure of value, as
proposed by the Liverpool Association, the
ruinous fluctuations that have taken place of late
years will be completely averted—and these fluctua-
tions have been stated by Mr. COMMIN (in his evi-
dence before the Committee of the House of Com-
moni on banks of issue, in 1840) to have occasioned
" greater evils—pecuniary, social, and moral—than
the direct failure of all the banks of issue since they
were first established in this country." It is manifest
that but little variation could take place in the rate of
interest, or, in other words, in the value of money,
Whenever it fell to three per cent. the notes would be
funded, because that rate could always be obtained on
the best security—that of the nation ; when it in-
creased much beyond it, Consols would again be con-
verted into the circulating medium, and a
currency exactly proportioned to the wants
of the community would be obtained.
The pound of account, as it may be termed would, at
all at times, preserve nearly the same purchasing
power, or the same command over the necessaries and

comforts of life, that would be given by a sovereign,
or 5 dwts. 3 grs. of gold, on ordinary occasions—it
would, therefore, serve as a better measure of value,
being more equable and less subject to fluctuations.
This is the true solution to the bullionist problem,
" What is a pound ?" that has been put forward with
so much apparent triumph by the advocates of bank
restriction.

Never was a more ridiculous fallacy gravely put
forward than "that the proposed currency would be
founded on a debt, and not upon a capital." It is
undoubtedly capital, and capital of a very satin-
- factory description to the fundholders. It is the
capital on which 14,000,000/. of the present Bank
issue is based. It is capital secured on all the
resources of this mighty empire. Not merely the
existing and realised property of the country, but
even the labour of the people—of thousands yet
unborn—are mortgaged for its security.
There is no other description of property that
possesses so many guarantees. All that is intended is
that the holder thereof should be enabled at pleasure
to convert a certain portion thereof into notes, of
denomieations suitable for general circulation, the in-
terest being suspended so long as it may be circulating
from hand to hand, and those notes which would be made
a legal tender, and receivable in payment of taxes
and-all other imports, can at any moment be again
converted into Consols, when the interest would again

revive.

It is equally absurd to assert " that the holders of
Consols would wish promiscuously for notes." It is
sufficient to say that they must be perfectly insane to
adopt a course so truly- ridiculous. When satisfied
that at any moment they can obtain notes they will
not rush so precipitately therefor, in order to keep
notes lying idle, mere particularly whia they forfeit
three per cent. interest during the time they indulge
in the hobby, which will be rather too expensive to be
generally adopted. Nothing is more certain than
that a greater amount of currency cannot be forced
into circulation than is required by the wants of the
community.

THE FRENCH REPUBLIC.

We have received the Paris papers of Saturday
and yesterday.
There was a grand review yesterday of all the
troops and National Guards stationed in Paris. ' The
Prtsident BONAPARM who was dressed" in the uniform
of la General of the National' Guards, and who was
!•,90rnpanied by a brilliant stiff, reviewed the troops.
I.l:3rhp -apureecdiaubutitonusp taken for
nfoar-ilt_wheaspreservation of the
pdiu,lblritni,ttranq:usitt7 were very strict, and the greatest
he app,„intm ..,..
yin
_o_rthe: peoPle.- Great excitement
peaceable.
ent or Marshal-Buozsun to the cons-
mar of the Army °tow Alps has -rendered the Pre-
at and his new Ministry
unPopularity 'which- watbee -very unpopular, an
General, c:l3reatlyincreased by the
appointment of
fection to the Republic is lielifrialginii' whose disaf-
:lt, to the command
--the hands terms on the
of the troops in Pada and the
:It,
tuadei hGisardordeser.a.' more
The Siecle remarks in the following
immense Pisozzgee:_ruerpallawcehdu u
ands of General
. . . C f!,AZAellirts
than 100,000 troops of the line, 15,000
and from 140,000 to 150,000 National Guards.
,23,1'i1e,
tre, according to the opinion of every one, -L Thy
most exor-
-sitant powers, and unheard-of attributions, if they emu
be exercised with perfect independence, even within the
limits traced out by the decree of the Executive Go.
verrisaent. But it is said he is under the orders of the
Minister of War, as regards the line, and of the Minister
of the Interior as regards the National Guard. This
makes it the greater anomaly, and increases the strang_
ness of such a command. When it was first made we
asked, ' If such a concentration of power is considered
indiipensable, why was it.not placed in the hands of the
Minister of War?' The Constitutionnel considers itself
very cunning and answers, ' It is, Apparently, because
the Minister had confidence in General Changarnier.'
Vdry well; but, apparently, he has not less confidence in
himself. And here comes another of our questions.
6 Why, instead of lessening the ttOthority of the Minister
of War, did not General Changarnier take the portfolio
with all this power? Was it that General Rulhieres was

..1 .

:i:..,: .._.

first thought of ? Was not his nomination when- first
spoken of heard with surprise?'
"General Oudinot, who had for some time been on
intimate relations with M. 0. Barrot, was spoken of, in
the first place, bat he refused, because he would not con-
sent to have the authority of his situation lessened for
the benefit of General Changarnier, and this was a still
further reason why the latter should have had the port-
folio. There is evidently something very inexplicable in all
this. What gives us uneasiness, and what we shall re-
peat, although it may displease the ConstitutionneL
that there exists men whose purpose it suits to have a
great power vested in the hands of General Changer-
nier and Marshal Bugeaud, without their being in the
Ministry. Is it from pure modesty, and to have the
honour of supporting the Government with more moral
authority, that these men appear to keep themselves
back? It is positively said so. We shall be glad to be
mistaken and we shall be the first to acknowledge our
error. We seek for guarantees of stability; we shall
not refuse to encourage those who' set themselves cou-
rageously to the work, and devote all their energies and
devotedness to the service of the country."
M. Tams has refused to represent France at the
conference at Brussels.
The Assembler Nationale has the following com-
municated note :
" Last evening the Council of Ministers was occupied
with the Italian question. It is stated positively that a
diplomatic intervention altogether favourable to the tem-
poral sovereignty of the Pope has been resolved upon.
A note drawn up in this sense will be addressed to the
Government of Rome. It is desired that this step should
be taken in common with Austria, which would give a
sense and legality to the conference of Brussels, since
they would spricg from a certain basis, the maintenance
of the treaties of 1815."
NAPOLEON BONAPARTE, the son of JEROME, who
has been appointed Ambassador Extraordinary to
London, bears it is said, a striking likeness to the
EMPEROR. He is to visit the Hague and Brussels on
his way to London.
In one of the Committee-rooms of the National
Assembly, on Saturday, M. MARTIN, of Strasburg,
was asked to give some explanation respecting a con-
versation which be had bad with General CHAN-.
GARNIER. The General, it appears, when asked
whether he was not afraid of some outbreak at the
review to-morrow, replied, "Mon Dieu I it would be
just as easy to proclaim the Emperor as to buy a box
of bonbons ; but we have _sworn to keep to the Constis
tution, and we will' stand to our bond. We shall
know how to ;defend it and to respect the Republic."
M. MARTIN confessed that :the General had Made
use of those expressions, and every one knows that
General CHANGARNIER is a man who never makes
statements lightly.
The Meniteur contains the following :
" FRENCH REPUBLIC.
"LIBERTY—ESUALITE—FRATERNITY.
" Paris, Dec. 28.
" Monsieur le President,—The Cabinet you have
honoured with your confidence submits to you a measure
that it regards as the expression of the universal senti-
ment of France. If our country has traversed' with such
calm and dignity the greatest---the most difficult—trials
to which could be exposed& free people, it must be at-
tributed, without doubt, to the 'progress of our political
manners;. but the honour may also be attributed to the
happy influence of this name, which has left in the hearts
of our fellow-citizens a Bouvesir ao precious and so glori-
ous. It is a glorious homage rendered to the memory of
the Emperor Napoleon, this re-union in one sentiment
of all parties—this reconciliation of opinions, lately so
divided. It was given Co this great man to render even
after his death such a service as this to his country. Could
we forget at such a moment that the last brother of Napo-
leon, that General:Jerome Bonaparte, lives in the midst
of us, a stranger to human agitations? General Jerome
Bonaparte, charged in 1806 with the command of a corps
d'arinie, has since been associated with all oar glories;
he commanded, after the cruel day of Waterloo, the
heroic remains of the armies. He was the last to despair
of the safety of France. Could the entire French people
be consulted, we are assured that with a unanimous voice
they would proclaim that the place of Napoleon's brother
ought to be near the sacred deposit of that brothers's
remains, and a t the head of this noble phalanx of veterans
where come to unite and melt away the successive gene-
rations of our brave soldiers. We are therefore but the
interpreters of public opinion in submitting-to your sanc-
tion the following decree:—
".Article 1. The General of Division, Jerome Bona-
parte; is named Governor of the Hotel of the Invalides,
in place of Marshal Molitor.
" Article 2.- Marshal Molitor is named Grand Chan
cellor of the Legion of Honour, in place of General
Subervie."
A committee has been appointed to prepare the
project of the electoral law, consisting of the follow-
ing members :—MM: DB TOCQUETILLE, FATOLLE,
REONARD, DOUESNIL, CHART(); VESIN, BILLAUT,
LUGNER, DURAND (DE ROMORANTIN), CHARLE2dAGNE,
ST. Robotic. A great-number of the representatives
have spoken on the subject in the bureaux. The
chief questions debated were, what offices or functions
would render a candidate ineligible, and where the
polling places should be fixed. The majority seem
disposed to extend very much the number of offices
incompatible with the character of a representative.
It was also generally agreed that the polling places
should be the chief places of the canton, and not o
the commune.

The Association Dentoeratique des Antis de la
' Constitution has addressed to its correspondents a
circular, on the occasion of the election and the
proclamation of the President of the Republic. The
following are the principal passages of this publi-
cation :

" Our association, formed on the day following that
on which the fundamental compact was promulgated,
had, as you are aware, for its object the maintenance
and the defence of the Repulican Constitution. From
its commencement it knew that it would have to pro-
nounce on a solemn question—that of the President-
ship of the Republic. Now that universal suffrage
has declared its,will, what will be the attitude assumed
by the friends of the Constitution P Full of respect
for the majority—strangers to all party spirits—
placing principles above personal considerations—
but incapable of "gratitude towards citizens who
have been twice pointed out by the National
Assembly to the thanks of the country—inca-
pable of forgetfulness towards him whose heroic elo-
quence saved the flag of France, as towards those who
founded the Republic—we shall give, within legal
limits, an example of the obedience due to the
supreme magistrate, charged to carry the laws into
execution. We shall await with impartiality the acts
of the new Government, equally ready to accept and
to second the good, and to legally oppose what may
appear to us reprehensible ; but, above all, firmly re-
solved to defend the Constitution and the national re-
presentation, from whatever quarter :it may be at-
tacked. We shall, therefore, observe towards the
new Government a reserved and attentive attitude,
without any hostile intentions ; but we shall wage
an energetic and irreconcileable war against such re-
trograde factions as may prepare to overthrow the
nascent Government, which they yesterday boasted
of having raised; against those factions who may
seek to make the place of President the stepping-
stone to-a restoration. Let them well understand
that, if counter-revolutionists attempt to prevent the
National Assembly from completing its constituent
work, they will find all Republicans between them and
the representatives of the people. Let us rally round
the sacred standard of the Constitution."
This document is signed. by BUCHEZ, representa-
tive of the people, president.; and the secretaries of the
association.

The following is a return of the situation of the Bank
of France on the 21st of December, 1848: -

Cash and ingots

'ASSETS.

Ditto in bratich banks

f. 139,572,208 66
. . 113,727,815 00
881,398 11

Bills past due ••• ••• •••
Bills falling due in Paris, of which
14,761,242 f. 47c. are from the branch
banks 56,750,711 89
Bills in the branch banks ... 110,910,460 49
Advances on coins and ingots... ... 15,908,200 00
Ditto on Prench public securities 33,423,038 75
Ditto by branch banks... ... ... 1,523,337 00
Ditto to the State on Bons du Tresor... 50,000,000 00
Ditto on the loan of 150 millions ... 50,000,000 00
Rentes of the reserve fund ... 10,000,000 00
Rentes, disposable funds ... ... 34,736,288 62
Investments of the new branch bank_ sin
the public funds ... ... 12,806,741 39
Hotel and furniture of the Bank ... 4,000,000 00
Real property of tbe'branch banks ... 2,478,324 00
Loan of 10,00Q,000f. to the city of Paris 5,500,000 00
Interest in. National Discount Bank ... 200;000 00
Dit,to branch banks ... 230,000 00
les protested at Paris - 11,667;460 59

Ditto at the branches ... ... ... 6,565,952' 00
Expenses of administration of the Bank 1,081,675 57
Ditto of the branches ... ... . ... 732,857' 25
Miscellaneous ... ... ~. ... 617,308 46
CoUsolidation of _Treasury Bonds ... 7,848,032 50

f. 671,262,310 28