The Sun.
London, England, 1856-04-03 00:00:00

LONDON, THURSDAY, APRIL 3, 1856.

Notwithstanding the Treaty, so hastily and im-
providently concluded, there is more work for the
British Plenipotentiaries at Paris. On Tuesday
evening the Marquis of LANSDOWNE was unable
to state " on what daffy the noble Secretary for
Foreign Affairs would ba in England !" There
are, we believe, many arrangements of paramount
importance standing over, which may not finally
be disposed of for a very considerable time. At
present, and until the signatures of the contract-
ing parties had been definitively attached to the
all-important document, the representatives of
Russia were all concession and amiability. Any
reasonable request was promptly and gracefully
acceded to, and they could confidently appeal to
their conciliatory demeanour as the best guarantee
for their future conduce.

BO the motive is now removed. They may feel
assured that, whatever quibbles or prevarications
may be resorted to, war will not again be pro-
claimed, and we may therefore expect that every
vexatious impediment will be opposed to the fair
and legitimate results of the bases agreed on being
ever obtained from the unwilling hands of Russia.
It was, to say the least of it, an act of singular
imprudence to surrender the hold we had on Rus-
sia until every matter had been finally concluded
—more especially until the frontier questions
both in Europe and Asia had been settled beyond
the possibility of dispute or doubt.
There were, however, reasons for this unseemly
and injudicious haste. The people of England
might become impatient, and insist on some very
inconvenient explanations. The armistice was to
expire on the 31st March. That,however, might
easily be extended. But, still worse, the Easter
recess would terminate on that clay, and the re-
presentatives of the people might possibly exhibit
some very untoward and perplexing interrogatories
to Ministers. It is true that up to
.this time-
there . have not been any demonstrations of
insubordination. Mtny Honourable Gentlemen,
of whom better things rhig:a have been antici-
pated, were contented to hug their collars under
the Ministerial manger, and to let the negotiations
proceed as if they had no interest whatsoever in
the result. But such extraordinary forbearance
could not always be anticipated. The charm
might be dissolved at any moment, and with very
unpleasant consequences to the occupants of the
Treasury Benches. Besides, according to the
new-fangled German system, which is (if possible)
to be substituted for the old British constitutional
practice, every shadow of power was to be trans-
ferred from the Legislative branches to the Execu-
tive. It could scarcely be supposed that the chosen
representatives of the peOple would have acquiesced
without resistance in this abnegation of their
functions, and even the hereditary Legislators had
lately afforded a striking proof of their unflinch-
ing determination to support their own privileges
against any invasion. It Was, therefore, desirable
to avoid the possibility of a conflict in which
Germanism might receive a heavy blow and great
discouragement, and from which it could scarcely
hope to (lecaPe unscathed. We should not, there-
Prep feel Barpritied if instructions l been

'

'4ed to Paris to hurry on the conclusion,
even At the cost of leaving many points standing
over for future consideration. We trust, how-
evei c, that full explanations will be demanded,
ayo, and firmly enforced, that neither House of
Parliament will submit patiently to the contu-
melious treatment to which it has been subjected.
The magnificent Fleet now, assembled at Spit
head, complete in every respect, would have acted
as a perpetual memento to the People, and have
kept the irritating sore open. There are
.now no
less than sixteen sail of ,the line, seven steam-
frigates, eight steam-stoops, eight steam gun-
vessels, and seventy steam gun-boats, lying in the
vicinity of Portsmouth, all ready for immediate
action, exelusive of the formidable squadron at
Plymouth. Had these gun-boats been available in
1854, or even in 1855, what might not have
been effected ! CHA.R.I,IE POT would then have
have bad no excuan for his inaction. A good ac-
count should have been rendered not merely of
Bomarsund, but also of Sweaborg, and Helsing-
fors, of Revel, and Hango. Even the quasi
impregnable Cronstadt might not have afforded
adequate protection to the skulking cowards who
had their blood-stained buntings under its bat-
teries. But so long as JAMIE. KETTLE presided
over the Admiralty, and the Philo-Muscovite
GLADSTONE held the seals of the Exchequer,
there was but little chance of obtaining what was
essential for the vigorous and energetic conduct of
the War. But now that they have been obtained,
cui bond ? The expense has been incurred
properly, and wisely incurred, but for whose
advantage ? Not that of the British People ?
They see with regret and indignation the
terms which they were in a condition to
enforce frittered away until they have no-
thing but their victories and undiminished re-
sources as their own reward—while they have
the satisfaction (?) of knowing that Russia has
suffered neither loss nor humilation beyond the
severe and decisive defeats which her troops have
sustained on every occasion when they were op-
posed to the gallant soldiers of France or England.
This was not what the British People bargained
for. It is not a fair equivalent for the lives of
their brethren so uselessly sacrificed or for the
tens of millions lavishly squandered in obtaining
a result in every respect so paltry and so con-
temptible.

forty 4.r

On Tuesday night the Chancellor of the Exche-
quer obtained leave to bring in a bill to continue
certain compositions payable to bankers, who had
ceased to issue bank notes. This power would
cease and determine on the Ist of August next,
thus clearly indicating the intention of Parlia-
ment that the Bank Charter Act of 1844 should
not continue in operation• beyond the time therein
fixed, viz., 12 months from the Ist of August,
1855. Sir G. C. LEWIS has asked for an exten-
sion of time, until the Ist of August, 1857. He
has thus virtually bound himself to legislate
within the present session, so as to be prepared to
give the necessary notice of that to the Bank of
England before the Ist of August next. And,
indeed, as we last week pointed out, he has no
possible excuse, now that the treaty of Peace (!)
has been signed, for delaying that full and
complete discussion which, according even to
the bullionist organ, " cannot be arranged too
soon." It is, therefore, high time for the Mone-
tary Reformers to bestir themselves zealously and
efficiently. They have energetic and 'wily oppo,:
nents to encounter, men who have realised im-
mense profits from the existing state of affiirs,
and who will not, without a determined contest,
relinquish the hold which they have, and the
control which they exercise over the trade, corn=
merce, and manufacture of the country. A con:
filet is inevitable, and if they let slip the golden
opportunity, many years must elapse before such
another can possibly arise.
It is by no means improbable that Sir G. C.
LEwrs may introduce a distinct measure, without
any preliminary inquiry. He has, in fact, all
the materials for legislation, and, with the assist-
ance of Mr. JAMES WILSON, may be enabled to
deal with the all-important question in a liberal
and comprehensive spirit. But the latter Gentle-
man has, since his accession to the Treasury
Benches, maintained an ominous silence on this
interesting question, and even the Economist has
cautiously avoided allusion to what was once, par
excellence, its favourite topic. We cannot there-
fore judge to what extent the views of the Hon.
Gentleman may have been modified by the as-
sumption of Ministerial glasses ; and oven if
rightly disposed, as we hope and believe may be
the case, it is of paramount importance that his
hands should be strengthened by a distinct and
unequivocal expression of public opinion.
The great points to be enforced are, the,
establishment of a really National Bank of Tame,
and concurrently therewith, so far as practicable,
" free trade in money." There is no possible
reason why one of the chief prerogatives of the-
Crown should be delegated to a trading and irre-
sponsible" corporation, however wealthy or re-
spectable. Experience has proved beyond the
possibility of doubt that its interests are frequently
conflicting with those of the working population
of the country; and it follows that the directors
will look rather to the benefit of their immediate
constituents :than of the community at large.
Such extraordinary power with respect to the re-
gulation of the currency,'" the life-blood of na-
tional industry," should only be entrusted to
parties appointed by or responsible to the Govern

ment or the Parliament, and the issues of notes
should be regularly decided in the House of Com-
mons as that of Exchequer B ills is under the
existing system.

There could be no ,possible question as to the
security and efficiency of a Government note for
all domestic purposes. They would possess the same

guarantee for their redemption that Consols now
have, with the additional point in their favour.
that they would be receivable in payment of all

duties and taxes, and every claim that
,could be
Put forward on bohalf of the Government. It

scarcely be necessary to exact that
! they should
wouldnone would dream of refusing
would carry with it
.cc a
constitute a legal tender, for
that which
purchasing power," and
which any merchant or tradesra an would gladly
receive in exchange
for
he dealt, simply because h
any commodity in which
e would feel a perfect
assurance that he could at. any moment pay it
away at the very rate or price at 'which he had
received it. Indeed the organ
of the bullionists
has conceded this undoubted fact. The Times of
,
the 26th October last contains this reMarkable
passage : " Supposing this," (i.e., the paper cir
culation of the country), to be required solely-
for internal commerce, no necessity could exist for
gold being held against any po'rtion of it. A de-
posit of Government Stock, or the fact of its being
receivable for duties, would at all times keep it
from fluctuations in value." After this unequi-
vocal admission cadit questio. There can be no

necessity for arguing a point that has been dis-
tinctly conceded by the adversary. For all

domestic purposes, then, the national notes of

convenient denominations from V. upwards,

would be all that could be required, aud

all the distreses: e44.ioßsi #.44 sutl'erizig::994.l4.olo4

•

to the people has been for a very problematical
advantage to our foreign trade.

The Times declares that, "as we require gold
to meet balances of debt to foreign nations at
periods when our exports have not been fully suf-
ficient to pay for our imports, -we must have some
means of converting our circulation into this
material." And this is, in fact, the sole argument
that can be urged for our complicated and ruinous
monetary system—a foundation that will by no
means sustain the elaborate superstructure that
has been erected thereon. We contend that this
provision would be adequately made by leaving
the supply to private enterprise, and rendering
gold, as it ought to be, purely an article of mer-
chandise. Of course, the National Bank, for the
purpose of sustaining the value of its notes,
would, although not required to do so
by law, keep a certain supply of the pre-
cious Metal in its coffers, or, possibly, what
would answer the purposeof keeping the exchange
'falrourable to England just as well, might hold a
certairi amount of securities easily convertible at
the principal foreign exchanges. But in addition,
there would be capitalists always ready to deal in
a matter that offered a reasonable prospect of
gain. The contracts for the purchase of foreign
co'fnmoditieimight, if necessary, be made payable
sq maty ounces of gold or silver bullion, or in
money coined for the expreSs purpose of foreign
trade, and the purchaser would have no greater-
risk in calculating the premium, if any, which he
might be compelled to pay, than he would at pre-
sent, -to estimate the possible increase in the mi-
nimunt rate of discount, on the enhanced difficulty
of obtaining money on any terms whatever.
The fact is the foreign trade is a mere " raw-
head and bloody bones," a bugbear raised for
the mere purpose of " frightening the isle
from its propriety," and inducing the people,
who will not take the trouble to think for them-
selves to commit their interests into the hands'
of the currently quacks, who reap golden harvests
from their credulity and apathy. --
It is time that a stop should be put to this
system, and that a National Bank, with National
Notes of 11., 21., and 31., should prevent that
fluctuation in the value of money, and in the rate
of interest, which has been " more injurious to
the nation (teste RICHARD COBDEN) than the
failure of all the Banks of Issue that have ever
yet stopped payment." Let the Monetary Re-
formers give for this all-important point " a long
pull, a strong pull, and a pull altogether," and
they may be assured of speedy and complete suc-
cess, that will place the welfare and prosperity of
the nation on A firm and enduring basis.

The French'Fire Insurance invasion, to which
we so early called attention, 'has compelled the
defenders of the national revenue to appeal at
last to the House of Commons'. The Chancellor
of the Exchequer was very confident at first that
Englishmen would not rely on a French guarantee
against ." loss or damage by fire." Experience
has taught him better. The War and the Alli-
ance have at least . given us increased confidence
in ourneighbour ; and, with reasonable reliance
on her business associations, it is not in human
nature to pay 125 per cent. morn, for the same
advantage, to an English than to a French com-
pany. Amongst our own circle this, at least, is
not the case, for we have known of Lady-day poll-
;
cies being taken in LA FRANCE. 'We cannot doubt
that, if the present duty were continued, and the
French companies' operations in England not ren-
dered 'illegal, it must issue in our largest insur-
ance companies dissolving themselves, and be.
coming reconstituted as French offices.

It will be, however, matter of regret if the
affair does not bring the subject of Fire Insur•
ance Duty fully under consideration. The pre-
sent rate of the,tax is absurdly exorbitant ; fully
200 per cent. on the first-class risks !-1 rate of
duty wholly at variance with our present com-
mercial and fiscal principles. We do not, deny
that •equal taxation for insurance on English
property, whether the insurance be granted by
an English or ,a French Company, is a fair
free-trade arrangement, since it specially
favours neither, country ; but the other-
great principle of oommercial taxes that of
moderate duties, as distinguished from duties
which seriously check consumption, is fligrantly
contravened by such an anomalous Govern-
ment charge. The only. Secretary of a Fire
Company, so far as we remember, who has a seat
in the House of Commons, denied, indeed, the
probability of a large increase of insurance busi-

ness by a reduction of 'the duty from three shil-
lings to one shilling per cont. Insurers in his
office will probably think the worthy Secretary
had an eye rather to the five per cent, received by
his office from Government for collecting the duty
than to ihe interests of the assured. A worthy'
Tory of the last generation, a kind of Insur
ante ELDON, his experience of byegono time:
bears but little upon the views and habits of the
present day. The two facts that in France,
where there is no duty, seven-eighths of the pro-
perty is insured, and in England only one-third,
are clear evidence. of the effect of the duty, for it
will never be, asserted, we presume, that English-
men are less provident than their volatile neigh-
bours.

The injurious working of the duty is very
much due to the -fact that Fire Insurance is
a dead charge ; in the vast majority of

cases, not a penny of what is paid comes
back to the insurer in any shape. If he lays
out his money in life insurance he receives it

again in the reversion .he secures for those most
dear, t 9 him ; if he invests it in articles of com-

coerce which pay duty he still gets a profit upon
then). But Fire Insurance is simply provision
against a loss—a loss which, it is true, if it oc-
curr,ed, might beggar him—but a loss which it is,
say; thirteen hundred to one whether it will occur
in a first-class risk, and perhaps a hundred to, one
even -in the most hazardous risks. Home thou-
sands
will not pay 'an exorbitant Oovernment
duty, for mere protection against, a possible loss.
The office charge is so small that' any one would
rather incur that than hazard the possibility of a
serious loss. It is the provoking- extortion ofthe
Chancellor of the Exchequer which persons resent,
and too frequently -to their own embarrassthent
or even ruin..-

As we observed very recently, the unfairness
of the tax, as a class tax, ought also to be insisted

on. Laud and landed produce wholly escape it.

Owners of combustible property, farmers excepted,
pay the whole of the insurance duty. The lords

of the soil, as such, enjoy either natural nr legal

immunity for the soil and its produce. The en-
tire idcidence of the tax falls where it is hardest to

b 0 borne, Landlords save by this a sum more than
equal to the entire fire insurance duty. We
would call the attention of Mr. HADFIELD, Mr.
Wflacnisorr, Mr. HANKEY, and all the members
who represented the interests of the non-agricul-
tural community on Tuesday night, to, this im-
portant consideration. 'They should ask that
landed property be subject 'to an annual charge
of 3s. per cent. 'on its.valne;if the fire insurance
duty be retained,' anct"of course that farming pro-
perty ohould pay tho clutypid by an othox pro-

perty. We believe fully as much inc;.ndiarism, on
the whole, occurs in regard to other property as in
regard to fanning stock, and there is not, there-
fore, any excuse for permanent exemption of
landed produce on that score.

Now, therefore, is the time to petition. Every
one who has a hundred pounds' worth of property
is interested in doing it. MI who are actually
insured, constituting as they do the great body of
the electors, are of course directly concerned in
the repeal, or large reduction of, this semi-bar-
barous duty. Insurers in other countries are not
disgraced and punished for prudence in this way.
Were insurance here, as it ought to be, duty free,
and were it heavily taxed in France or Russia, we
may imagine the self-complacent -censures our
Hon. Members and Chancellors of the Exchequer
would deliver on the rude fiscal devices of those
countries. As it is, even Mr. GLADSTONE and Sir
C. LEwrs must own that their compeers in Paris
and St. Petersburg can still teach them something.