The Sun.
London, England, 1856-10-20 00:00:00

'JAE SUN, LO N DGN, MOND A OCrOBEEt 20, 185

past, and of the abatement whereof there is no
apparent prospect.

Nor does this constant " leakage" by any
meana represent the full amount of the mischief.
As we have repeatedly pointed out, hoarding is
the inseparable incident of a metallic currency,
the intrinsic value whereof is anything approach-
ing to its current or nominal value. When
apprehensions may reasonably be entertained
that the supply will be insufficient for
general use, every person endeavours to
take care of himself. He thinks little of the in-
terests of the community so long as he can make
himself safe. No. lis all he looks to. It is the
illustration of the scanty coverlid alluded to by
Ilex; of which every one strives to secure the
lion's share for his own use, heedless of the
sufferings of his shivering brethren. Thus, in
France alone, it is calculated that silver to the
amount of no less than 60,000,0001. sterling has
been withdrawn from circulation, while a large
amount has also found its way to the melting-pot
throughout the entire Continent. Intere3t has
been raised to the most exorbitant rate, but in
vain ; the old-fashioned remedy has been found
utterly inadequate to subdue the disease, and it is
obvious to every unprejudiced person that more
vigorous means must be adopted in order to meet
the rapidly approaching crisis ?
It is but justice to the Board of Commerce of
Hamburg to say that, being thoroughly convinced
of the necessity of an alteration in the existing law,
they have acted promptlyand vigorously. It is true
that as yet they have merely recommended the
substitution of a gold for a silver standard ! But
that for Hamburg, taking the long existing pre-
judices into account, is as great an alteration as
the issuing of national notes of small denomina-
tions, based on taxation in place of bullion, would
be in this country. It would be regarded with a
holy horror by the Mercators of the free Republic,
not merely for what it effected as for that to which
it might probably lead. It is, in fact, the intro-
duction of " the sharp end of the wedge," that
must be followed by important monetary reforms
throughout the entire Continent, and also in Great
Britain. Indeed we may say that the latter are
rendered indispensable by the increased de-
mand for gold which will follow its esta-
blishment as the regular standard in Hamburg
and Germany. If with such ample warning we
neglect the obvious precautionary measures we
shall only have ourselves to blame for the pecu-
niary losses and misery that must necessarily
ensue.

- The object of Hamburg is obviously to liberate
the enormous mass of silver lying idle and un-
productive is the Bank coffers. By that libera-
tion they will render many millions available for
their foreign trade, and thus alleviate the intense
pressure that has led to so many disastrous results
withinthelastfive years. A similar effect would be
produced in England by the introduction of small
notes of convenient denominations for 11,, 11. 55.,
11. 10s., U. 155., 21., and 31., such as are found
to be so beneficial in Scotland and Ireland. If
these were issued by and on behalf of the Go-
vernment, and thus secured, not merely on all
the accumulated wealth but even the industry of
the nation, there could be no panic or deprecia-
tion. Every man would willingly receive them,
because he would know that they would satisfy
the claims of the tax collector, and also that he
could readily pass them at their nominal value to
others, who would have to provide for such de-
mands. Two-thirds, at least, of the 40,000,000
to 50,000,000 sovereigns now passing from hand
to hand in the transactions of every-day life would
thus be liberated. The effect would be completely
to abolish the baleful practice of hoarding, which
only prevails during a dearth of money. Gold
and silver, as articles of commerce, would still
come in abundance to our shores, and the value
of money would be no longer subject to those
extraordinary fluctuations that derange the calcu-
lations of the most experienced merchants, and,
according to Mr. COBDEN, have -occasioned greater
mischief than the failure of all the banks of issue
that ever stopped payment. Let us then take
time by the forelock, and recollect that " if 'twere
done well, 'twere well it were done quickly."

How is it that we have no farmer orators
Ever since Parliament separated, and liberated
the Westminster performers to " star it" in the
provinces, we Dave had nothing but agricultural
meetings ; and, quality considered, at wonderful
length have we reported the bucolic talk. We
have no movement abroad ; except, perhaps, a
stolen march on the Allies by Austria at Galatz or
somewhere, a little camarilla work in Spain
since O'DONNELL'S great villany, and a move to
a bull fight, or back to Paris by the single estato
of France. At home Fitosr, BESSEMER, and
bullion matters have taken up but little room,
and the Russian Coronation is really over. So
the agriculturists have had the papers pretty
much to themselves. "Agricultural meeting at
-," has been the heading of column after co-

luwu of that uniform small print which all demand
of the papers, but so few read, except in the

locality where the speakers for the eceaion re-
side. Perhaps, indeed, the chief readers of the
speeches are the speakers,themselves. Well,
after all, it is something to keep up the habit of
public meetings, and the habit of reporting them
too. What would the intellect of Francs now
give for liberty to discuss any topic whatever, and
whenever a hundred citizens could meet together ;
and for liberty, too, to be reported as they spoke,
when even the speeches, of their senators may
only be reported in an abstract, and under the
supervision of the One man who decides what
thoughts may circulate in France. The time may
arrive when Englishmen will be thankful for a
practice become so inveterate that no future STD-
MOUTH or CASTLEREAGH would dare again to inter-
fere with it.

But what has struck us most in these meetings
of farmers is the absence of farmers' speeches.
We do not remember one of them.
,If they made
was not worth remembering,
any, either they were not worth reporting, or
what wasreported
and WO must beg to be excused the task of
looking back to refresh our memory. There were
landlords' speeches, however, without end. The
literary landlords, represented by DISRAELI and
Sir EDWARD LYTTON-the ex-Ministerial land-
lords, by Sir JAMES GRAHAM and Sir JOHN
PAKINGT*
.the in-Ministerial by Lord PAN-
NE URE, and the very Chancellor of the Exchequer
himself ; and even W. B. has gallantly done his
part, bravely denouncing once more the "Braintree
rabble," and preferring one subservient unquestion-
ing yeoman to the whol eof them. Whigs and Tories,
L )rds and Squires, and even Reverend Rectors
and Vicar; have all made their speeches on tur-
nips, drainage, statistics, &c. ; but the farmer;
though doubtless not neglecting the wine, only
lieteued in reverent silence, cr merely uttered re-
sponsive cheers, as the inspiration of the toasts or
an attack on agricultural statistics called them
forth. Indeed we have several times been dis-
posed to fancy these gatherings more like an
agricultural congregation and service than an
ordinary English meeting. Only the landlords,
Ithe ordained successors of the Normans, might
legitimately conduct the service ; many of the