The Sun.
London, England, 1848-12-28 00:00:00

Now ready at all, the ilbriirles, the German Caesars has taught them to re-
THE NEW NOVEL, LUCILLE BELMONT, dof erstitious awe the
3 vols. post Svo. gar with a kind sup
Henry Colburn, Publisher, 13, Great Marlborough-street. soldiers fighting under the banners of Hapsburg ;
but, strengthened by the contagion of democratic
ideas, they are awaking again to the appreciation of
their own capacities, and are losing in the dawn of
their independence all traces of the darkness of their
political superstitions. Under a captain so enter-
prising and incorruptible as KOSSUTH, they will, if
they only remain true to themselves, find it by no
means an impossibility to_ withstand the assaults of
the barbarian mercenaries of JELLACHICH. Were the
Hungarians, indeed, only assailed by the Croatian ma •
rauders they would have but little to fear. The danger
of their present position is this, that before their tactics
can be properly preconcerted they are simultaneously
attacked by JELLACHICH, by SIMONICH, and by
WINDISCHGRATZ. The peril of this triple onslaught
is doubtless of a formidable character. Only that the
entire community is prepared for a general rising, all
hope would have to be at once abandoned. As it
however, the Magyars are resolved to struggle on to
the goal of their emancipation. They are surrounded,
moreover, by a number of different races who cor-
dially sympathise in their endeavours, and who in the
event of any serious portents of retrogression would
be prepared to coalesce with the Hungarians, and to
carry out the project of a very numerous class of po-
liticians, by the consolidation of a vast Panelavic
Republic.
The Emperor FRANCIS JOSEPH will have reaped
little advantage from the experiences of his prede-
cessor, if, in direct opposition to the age, be deems
his Administration strong enough to bludgeon whole
nations into slavery. Hungary henceforth is not to
be held in this way, neither is ,Bohemia, neither is
Gallicia, neither is Lombardy. The sword of Des-
potism has been measured with the sword
of Democracy, and. those must be san-
guine indeed who can predicate anything
but discomfiture and destruction to the former. As
yet the revolutionary movement has only made a few
preparatory steps towards the end ambitioned by the
people of Europe. Gigantic as those steps are, they
.are, comparatively speaking, few in number, and of a
very preliminary nature. Let the Absolutist party,
the reactionnaires, the counter-revolutionists, or by
whatsoever name they may please to designate them-
selv,s, take warning from what has already trans
pired. Let them rest satisfied of this, that by endea-
vouring to weigh down upon the national springs of
the multitude, they are only rendering the recoil of
those springs more and more irresistible. By striving
to retard the progress of the revolution, they are in
reality only the more effectually accelerating the
advances of Democracy.

Now ready,

WITH A PORTRAIT. OF -Hlf3t-EXCELLENCY SIR JAMES
BROOKE, RAJA OF SARAWAK, FROM THE PAJNTING OF
FRANCIS GRANT, A.R.A., AND
' WITH AN ILLUSTRATION BY LEECH
: •. THR JANUARY NITMBER,e!prIca Half-a-Crown, of
RN TLE Y's '/WIS,CELLA.NY.
CONTENTS' ' • •
1. The Coroner's Clerk. By the Author of "Experiences of a
Gaol Chaplain," with an Illustration by Leech.
2. Coquet Side ; a Sketch from the North Cottntrie. By Mrs. Ward,
Author of " Five Years in Kafirland."
3. Hans Michel; or a Few Old German Proverbs applied to New
German Politics, By " The Flaneur."
4. The Young Widow : Queen's Bench Sketches. (No. IV., • con-
clusion.) By W. H. Maxwell, Author of " Stories of Waterloo."
3. Langton Wold—White Wall Corner- Our Household Gods :
The Bye-lanes and Downs of England, with Turf Scenes and
Characters. By Sylvanus, Author of " Rambles in Sweden."
0. A Holiday at Berlin in Ancient Times. By Mrs. Percy Sinnett.
7. The Rambles of Death. •
I. Life ; a Gossip. By Alfred Crowqulll.
11. Good Night, from the German.
10. Wayside Pictures in France, Belgium, and Germany : XIPII
The Rance. XVIII. Bertrand Dnesclin. XIX. The Ruins of
La Garaye and the Priory of Lehon.
11. Memoirs of Chateaubriand. Written by Himself.
12. Literary Career of William Ellery Channing. By the Author
of" Richard Savage."
13. Reception of Sir James Brooke in the Indian Archipelago, and
subsequent proceedings. By all Officer in his Suite. With a
Portrait of Sir James Brooke.
14. The Philosophy of History—Macaulay's James the Second.
lb. A Winter's Night with my Old Books, chiefly concerning Ghosts
and Prodigies. By Albert. Smith.
16. Old Music and Pictures.
17. The Cellinl Cup. By Samzel James Arnold.
le. Popular •Books of •th e Month :—Forty Days in the Desert—
Itasology ; or Hints towards- a Classification of Noses—tier=
rifield's Art of Painting—Barnard's Cruize in the Mozambique
Channel—Shaw's Outlines of English Literature—Miss Cos-
tello's Clara Fare—Harrison Ainsworth's Lancashire Witches
—Drummond's Memoir of Montague Stanley--Martin Ton-
trend : a Frenchman in London—Craik's Romance of the
Peerage—Maxwell's Czar, his Court, and People—Sir Gard-
ner Wilkinson's Dalmatia and Montenegre—Tyndale's Island
of Sardinia—Geale's Italy.
Richard Bentley, New Burlington-street.

THEATRE ROTA.L, HAYILLRKET.
Mr. B. Webster, Sele Lessee and Manager, Old Brornpton.
The public is respectfully informed that this Theatre has, during
the recess, undergone very extensive repairs and alterations aid the
whole re-decorated.
This The.ttre will be Closed This Evening for the Royal Performance
at Windsor Castle.
TO-MORROW EVENING,
WIII be performed THE TWO GENTLEMEN OF VERONA.
Valentine, Mr. Charles Kean ; Julia, Mrs. Charles Kean.
After which, an Arabian Night's Entertainment, entitled
CA.MA.RA.LZAMAN AND BADOLTRA. ; or, The Pert who Loved
the Prince. Characters by Messrs. Bland, Keeley, Mrs. Keeleyr Miss
Horton, and Miss Reynolds.

' We yesterday alluded shortly to the suggestion
made by Mr. Maccasooa, that the Exchequer-bill-
office should isiue paper, not bearing interest, but
being at all times a legal tender, as much so as Bank of
England notes are now. There is no doubt that if such
bills were distributed in convenient amounts, suited
to the wants of the people, that they would constitute
as good a circulating medium, and be as freely and
willingly received, as any other description of cur-
rency that could be produced, even as coined golo
i.self. . Exchequer-bills may always be received
-in payment of every national -impost, and,
unhappily, the visits of tax-gatherers are not so. few
or so far between as to render it probable that any-
thing which would satisfy their demands could long
remain uncalled for, or become materially depreciated
in value. If we take into account the local taxation
of every description, including poor-rates, county
cars, &c., and the expenses of collecting the various
branches of revenue, it will be found that no less
than 70,000,0001. sterling per annum is extracted
in one way or another from the pockets of
the people. Full provision must be made for that
enormous drain, and Exchequer-bills of small deno-
• minations would answer the purpose in every respect.
At present the amounts for which they are issued are-
so large as to render them practically useless, save
as an investment. Few, indeed, have transactions of
such magnitude as to require a single payment of
1,0001., or even 5001 , into the Exchequer, when
thousands could make bills for 51., 101., or
even 20/., available. There is, we believe, _
no general rule as to the amount for which
bills are issued from the office. The Legislature
merely authorises the creation of bills to a certain
amount for the national service, and that amount is
distributed accordirg to the mere caprice or fancy of
those employed in the office ; and the larger deno-
minations are selected solely because they occasion
less trouble to the parties. If a great national object
were to be attained—if a considerable saving co uld be
effected, amounting at least to 100,000/. per annum
by a change in the system, the employinent of many
additional clerks in the department would be fully
justified

That saving, howeyer, large as it is, would be -by
no means the most important benefit resulting from
the alteration. It would afford a currency adequate
to the wants of the nation, by which a great stimulus
. _

would be applied to every branch of industry, and
general activity would prevail on every side.
Genuine national notes would be sent into circula-,

tion ; and if once the system were introduced, it
would be extended until ultimately it constituted the
_ .only medium of exchange.
, , •.
There can be no sufficient reason assigned why the
Government should delegate to any individual or
corporation the right of " raking money," which is
the exclusive prerogative .of the Crown. It is the:
stamp of the Royal Mint alone that converts 5 dwts.
3 grs. of gold into current coin of the realm. Why
should a privilege 'be given with respect to paper
that is ' withheld so far sis bullion 'is concerned ?
Public .convenience requires that there should be,
t a MOO provided for making payments without
the necessity of the transfer of bulky packages
of bullion. The Government refuses to supply the,
want, but it atithorises a large trading Corporation
(the Bank of-England) to issue 14,000,0001. of notes,
based upon nktional• securities, for which interest is
actually paid to the Bank by the country. It is
manifest that these securities constitute the only
guarantee for -the ultimate payment of those notes,
and surely that guarantee would not in any degree
be impaired, if those notes were issued directly by
the nation, Without the intervention of the Bank. We
are, therefore, practically paying most unnecessarily'
and gratuitously the interest of 14,000,0001. sterling,
which at 3 per cent. amounts to 420,0001., to a single
establishment, that might be saved to the country by
the introduction of a sounder and more judicious
system. But this is not all. The,private and joint-
stock banks" in England are authorised to issue the
sum of 8,290,3761., the Irish and Scotch banks the
sum of 9,441,903/. ; or, in other words, we find that

private establishments make paper money to the ex-
tent of nearly 30,000,0001. sterling, thus usurping
the prerogative of Royalty, and subjecting the nation

to an annual payment of 900,0001., which' might be
saved if notes to that extent were issued against
Consols, as proposed by the. Liverpool Currency
Reform Association.

Besides the above amounts, there are further issues
of notes based upon bullion, pursuant to the pro-
visions of the Act of 1844, and it is calculated thit
there is at least 50,000,0001. of gold in circula ion,
°wing to the absurd prohibition of the smaller
denominations of notes. Of this enormous amount at
least 30,000,000/. to 40,000,0001. would be replaced by
National Bank notes of 11. and 22. each. The in-
terestou 70,000,0001. sterling would, in round num-
,bers, be-saved,to•_the community by the establishment'
of a NationaV Bank ; and if we consider the wear and
tar of gold thai would also be avoided we shall find
that, at the very,lowest estimate, 3,000,000/. sterling
per annum would be made available either for theg
reduction of taxation or the promotion of objects
ad;ange
by
ta a change of system;
a' derivable from a
while
ehy
themightyempire,
national
currency at all times adequate to the national wants,
and the prevention of the various fluctuations in the
value of money and the rate of interest, would be
even of still greater magnitude.

Such is the price which the nation is actually pay,
ing for the gratification of the whims and caprices of
the currency quacks, and we think it will be pretty
generally admitted " that it pays dear enough for
its whistle."

~ Captain Bunbury, of the 331 Regiment, is to
.untied to the staff appointment of Deputy-Assistant
ildiutant.,Genvral in Dublin, 'vice Major. Draper pro:
nottd, and why 2roc2ecis to Bombay with fiia regiment,
it 1;• 4.4*

44 Loi