The Sun.
London, England, 1856-12-08 00:00:00

14"1)()N, MONDAY, DECEMBER 8, 1856.

The Bank Returks for the week ending the 28th
ultimo complete the accounts of the Leviathan
for-the month of November, and clearly exhibit
the results of the stringent application of the
screw which has taken place within that period.
Last week we explained the operations of the old
Ladto the 21st, and those during the last
week, of which we have an authentic statement,
are- of a limilar character. There is a further
addition to the reserve of notes of no less than
in round terms. Toe Stock of bullion has
567,125/., making the whole increase in that im-
been
portant iitem,within the four weeks, 1,840,0001.

enhanced by more than half a► million sterling
(513,7611.)—nearly 900,000/. within the last
three weeks, while the active circulation has again
been diminished by 58,2201. within the week.
Making a reduction in the month of about
1,050,0001. in the measure and representative of
value. We also find that, within the week, the

. _
other securities which represent the amount of
accommodation afforded to the commercial and
manufacturing interests have decreased 69 4, 697 /.

And yet, with all these important changes in its
favour, the Bank has only returned to the mini-
mum rate charged at the beginning of the month,

before the drain of the precious metals had been

completely arrested, and the tide had manifestly
_. _

,urned in our favour. The charge at Threadneedle-

street is still 6i per cent., which implies 8,

10, or even 12 per cent. to those who are not so

fortunate as to have discount accounts at head-

quarters, and also to be pets with their high
mightinesses the Directors.
Now this state of affairs is highly lauded by
the moneyoeracy—the bullionists and usurers who

trade in money—and obtain gigantic profits for
themselves at the expense of the trading and
manufacturing classes. But it is ruinous to the
latter, who could scarcely be induced to devote
their time and labour to such unremunerative

occupations but for the hope of better times, when
they can retrieve their losses and lay by some-
thing as a provision for a rainy day. It renders
their transactions, in place of being legitimate
operations, neither more nor less than gambling
speculations, in which men of unquestionable
probity and solvency may be ♦ictimised by cir-
cumstances wholly beyond their own control, and
for which they should not be held in any degree
responsible. It adds to the cost of production or
trading, by rendering an insurance fund indis-
pensable to those who wish to act with prudence.

But as the comparatively few who would fee
disposed to adopt such precautions must encounter
the competition of reckless speculators at the
periods when money ' is " a drug in the market,"
they must submit to participate in the general
excitement and to take their chances with the
general body. Fair traders cannot compete
with smugglers, nor under the existing mone-
tary system can prudent men encounter those
who, to use a vulgar but expressive metaphor,
are determined to "make a spoon or spoil a horn,"
on anything like equal terms. In vain may the
learned Commissioners deliver sound instruction
in Basinghall- street, in vain may they make
examples of the delinquents, when the practice is
stimulated by the existing monetary laws. Under
their operation there must be at one period a
hollow and delusive prosperity, while the produc-
tive and industrial classes will be periodically ex--
posed to the most frightful adversities. As a very
eminent writer* has declared—" So perilous has
mercantile adventure in consequence become, so
numerous are the risks with which the path of
the merchant is beset, that it has become next to
impossible to pursue a sober, steadfast, prudent
course. So immense have been the additions
which the mutations of the currency and periodi-
cal contractions of credit have made to the ordi-
nary perils of the winds and the waves, that the
most cautious trader is now exposed to nearly as
great risks as the most reckless. A bad harvest,
three weeks' rain in autumn, a blight in the corn,
a rot in the potatoes, a murrain in the cattle, is
at any time sufficient, by occasioning an export of
a few millions of sovereigns, to blast the most
prudent undertakings and ruin the wisest men.
* * * No amount of prudence and circum-
spection on the part of the merchant or manufac-
turer can guard against the effects of a sudden
stoppage of credit and refusal of accommodation,
which arises from an exportation, trifling in
amount, but ruinous in its consequences, of the
precious metals. A nation possessing two hundred
millions a year of solid realised income, indepen-
dent oflarofessional income, whose capital exceeds
five thousand millions sterling, finds itself reduced
to the verge of bankruptcy by the exportation of
five millions of sovereigns in exchange for food."
This beautifully graphic description clearly
explained the state of affairs some nine years
since, when, in consequence of the departure of
gold from our shores, we were obliged to decline
the purchase of food, although our Scotch and
Irish brethren were perishing from starvation or
enduring the most bitter peivations. They were
sacrificed, wilfully and deliberately sacrificed, at
the shrine of Mammon. Thousands of hecatombs
of victims attested the fearful devotion with which
the nation xvershipped the hullionists' idol and
sacrificed the welfare and prosperity of the coun-
try and the lives of our brethren in order to
maintain " the integrity of the standard.' The
issue of an adequate supply of 11. National Notes
would have liberated gold sufficient to have pur-
chased corn enough to have saved the starving
1 Irish, and averted the destitution from the
Western Highlands and Islands of Scotland.
But the more recent calamities, although not
of so awful and heartrending a character, have
been more purely gratuitoue. They cannot be
ascribed to a bad harvest, corn blight, or potato
rot. There is no lack of food for the maintenance
of the People. It is solely owing to the operation
of the monetary system which deprives the Bank
of its discretion, and prevents any allowance from
being made for the ordinary rules of supply and
demand. The Bank must, at all times and under
all circumstances, purchase gold at 3/. 17s. 9d.
and sell it at 31. 17a. 101 d. per oz. It is thus
prevented from competing with foreigners in our
own markets. No advaico of 2or 3 per cent. in the
rate of interest can be sufficient to counteract this
evil. What is required is a purely domestic cur-
rency for internal trade. A National 1/. Note that
will at all times retain its value by being limited io
the amount of taxation, and receivable in pay-
ment of every impost. As we have repeatedly
stated, the visits of the tax collector o,re not so
few or so far between that anythinca which can
satisfy his demands will be looked on as worth-
less rags, at which the butcher 'or baker would
look with. contempt. We do not consider what
the sovereign is made of, or whether it contains
123 grains of standard gold, all that it is re-
quired will
be tiie assurance that its possession
1 confers
I en us r. purchasing power to a certain
extent, and tyae
V. note will be just as accept-
able,even more so, in consequence of its superior
convenience
, when certain of a similar result.
We have now
the opportunity of achieving this
m; the Bank Charter has virtually
eixi,poirieds:o
aIo., ti will be
that costs the country so extra
easy to pay off the debt of
vagant a price, and then the gold may be
tpre-
served by raising its price, in place
the prices of all other commodities, and, heaping
ofung
losses on the productive classes of he reducing
country.

-* Sir A-rehibaltl Alison, Bart. :
a Fettered. Currency," p. 174.

"Free Trade and

The Presiderat, in esse, of the United States still
keeps hinisel'i secluded and makes no sign.
Doubtless the precious interval allowed him is
carefully husbanded and, it is to be hoped, judi-
ciously employed. A heavy responsibility rests
on his shoulders, and from his reticence, it may
fairly be inferred, he is aware of it and prepared
to bear himself accordingly. Most probably he.

has by this time chalked out the line of policy he

means to pursue. If so, the selection of his Cabinet
will be his pressing business. Whether he has com-
municated with any of the leading statesmen or not

does not yet appear. If he has.he has managed

to imbue the parties with his own spirit, for

rumour itself is silent as to who has
been thus honoured. Were the parties

known a fair guess might be hazarded as to his
intentions, for in the nomination of his Ministers
the key to his policy is to be looked for. It is

quite possible, however, he has not come to a de-
cision. Any way, reticence or vacillation, his
silence must be ?egarded as of hopeful significance
by the American patriot, awl the best friends of
liberty, tranquillity, and order.

Let us look at his position. As we all know he
seriously committed himself by the part he took
in issuing the Ostend Manifesto. Equally notori-

ous is it that to the slaveholders and Filibusters of

the South his election is mainly owing. What
won him their votes need not here be repeated.

On the other hand, he has had warm partisans
and numerous supporters in the North, who look
to him to keep down filibustering, and withhold
his countenance from the extension of slavery.
Thus he is committed to both classes of his sup-
porters, and must run counter to the wishes of one
or other of them. Which is it to be ? In con-

sidering this question, the character and the
past career of the man must be taken into
account. That he has not the reputation of being
very scrupulous may go for little ; but he is saga-
cious, ambitious, a staunch partisan, and approach-
ing the decline of life. Having a choice to make,
the presumption is he will throw over the Fili-
busters and slavery-extension mongers. To carry
out their wishes would be to sacrifice the great object
of a reasonable ambition, and to destroy his party.
No extraordinary sagacity is required to perceive
that piratical aggression would lead inevitably to
foreign war, and slavery-extension to the extinction
of his party in the North, if not to a separation
of North and South, possibly peaceful, but pro-
bably the contrary. What has the South to offer
a statesman at his time of life to induce him to
enter on a career which cannot but be attended
by consequences which the great national verdict
would pronounce disastrous ? We look in vain
southward for any temptation powerful enough to
induce a statesman like Mr. BUCHANAN to adopt a
policy which, instead of adding his name to the
list of patriotic Presidents, would consign it to
general execration and everlasting infamy.
The view, then, all things considered, we take
as to the coming President's career is, as we have
intimated, a hopeful one. We are, however, in
possession of facts which greatly fortify the con-
clusion we have arrived at from the above pre-
mises. The South itself is by no means united in
its views and wishes. The North, with the ex-
ception of the extreme Anti-Slavery party, begins
to regard the recent election with lese apprehen-
sion, indeed with some degree of favour. But,
above all, the Filibustering and Slavery-extension
party are evidently tormented with doubt, and do
not scruple to intimate they are in danger of
being "sold." Tho supposed organ of JEFFERSON
DA.TlS—the evil genius of the PIERCE Cabinet.—
comes out strongly on this head. According to
it the danger is exceedingly great, and, in har-
mony with this opinion, we find it enlivened by
appeals and menaces worthy of the party whose
organ it is ; but not likely, as the writer seems
to think, to move the President from his pur-
poses, or avert the catastrophe he and his party
deprecate. Our hope of the Kansas difficulty being
satisfactorily dealt with is thus increased, though
the obstacles in the way of this unlucky State'sbeing
made a Slave State are sufficiently formidable to
have kept us a long remove from despair. The
same hopeful view may not less reasonably be
taken so far as the interests of Europe are con-
cerned, and we may cheerfully look forward to
peace being preserved and a good understanding
arrived at between England and the -United
States. One thing we must again repeat—the
best way to preserve peue, especially with Ame-
rica, is to be prepares for war. The stronger we
are the more likely are our rights and wishes to
be respected,

CABINET COUNCIL. --Summonses were issued on
Saturday for a meeting of the members of the Cabiuet
to-morrow at Viscount Palmerston's official residence in
Downing-street. It is appointed for three o'clock.
His Imperial Highness Prince Lucien Bonaparte has
arrived in town from the continent.

The Marquis and Marchioness of Stafford arrived in
town, on Saturday, from Tarbet House, N.B.
The Earl and Countess of Jersey have left town, ac•
companied by Lady Clementine Villiers, for Middleton
Park, Bicester, where the noble Earl and Countess will
remain until February.

The Earl of Ellesmere was considered rather better
yesterday.

- The Earl of Clarendon left town, on Saturday, to join
the Counteßs and family at' the Grove, near Watford,
Herts.

The Earl of Harrowby left town, on Friday, for
Paris. The noble earl will make only a brief sojourn in
the French capital.
Viscountess Hood and family have arrived at Tor-
quay, where they intend to pass the winter.
The Right Hon. Thos. Milner Gibson, M.P., hi re-
turned to town from the Continent.
The Lancaster Bank, at Philadelphia, has closed its
doors in consequence of a run.
A correspondent suggests that a column, cast from
the guns taken at Sebastopol, be erected as a Crimean
trophy, in a central position in the metropolis.
Accounts have been received from Newfoundland,
dated November 14, announcing the loss of the brig
Emma, of Liverpool.

DEATH OF A ROMAN CATHOLIC BISHOP.—A mitre
has been placed at the disposal of the Holy See by the
death of the Right Rev.. Bishop Murphy, of Cloyne, who
expired on Thursday at Fermoy.
THE RAILWAY ACCIDENT AT DENTON.—A verdict of
accidental death has been returned by the jury empan-
uelled to inquire into the death of Esther Farrington,
who was killed by a collision two days previously.
An action was brought in the Court of Queen's Bench
an Saturday last, by executors of a person named Gos-
ling, against the New National Assurance Company, for
the ansaunt of a policy effected in that company. A
verdi.at was given in favour of the d:efendants.
THE DOUBLE MURDER NEAR .ROTHERRA3I.—An in.
spiest was held on Saturday upon the bodies of Mr.
White, the postmaster esi Bolton•upon-Dearne, and his
wife—an account of whose bretal murder appeared in
The Sun of Saturday. The inquiry was adjourned.
REPRESENTATION OF GREENWICIi.--Two meetings of
the electors of Greenwich are to be held in the course of
the current week, for the purpose of fixing upon a suit-
able candidate to supply the place of Mr. Peter Role
Mr. Sergeant Parry and Mr. Thwaites, the chairman of
the Metropolitan Bossed of Werke, are to address a meet-
ing of the elector's this (Monday) evening, and it is
thought probabfoe that one of these gentlemen may bo
invited to male forward as a candidate.
ST. P2S.'JL'S CATHEDRAL.—Tbe minor canonry in St.
I Paul's Cathedral, which became vacant by the death of
the Rev. E. G. Beckwith, M.A., has been conferred by
the Dean and Chapter upon the Rev. B. Morgan Cowie,
M.A., of St. John's College, Cambridge. The rev. gen-
tleman was the senior wrangler of his year (1839), and
afterwards became Principal of the Civil Engineers' Col-
lege at Putney. He holds at the present time the Gresh-
ham Professorship of Mathematics in the city of Lon-
Oon, and was from 1853 to 1855 Hulsean Lecturer at
Cambridge.
SATURDAY CONCERTS AT THE CRYSTAL PALACE.—
The fourth of the series of concerts now giving at the
Crystal Palace took place on Saturday, when, despite
the unfavourable character of the weather, there was
a considerable attendance of visitors. In addition to
the Orpheus Glee Union, Mr. Manus varied his pro•
gramme by two songs charminefoy sung by Miss Clara
Mackenzie, of the Royal Academy of Music. In one
of these, the famous song of. Malcolm Grahame in "La
0 Donna del Lego," the :vesting lady was highly ap-
plauded ; and in the eecoe j Linley's pleasing ballad of
"The Swiss Girl," she ersceived a hearty encore. Miss
Mackenzie's voice is a fine contralto, and she manages
it with great taste anr'A skill. The other portions of the
programme were ale o satisfactory.
REEFING TOPS...ILS FROM THE DECK.—Mr, Cunning-
ham, [t N., the inventor of reefing topsails from the
deck, has Upro Inenced a good work in establishing a
nautical echo's( for the instruction of lads in knotting,
eplici >g, re'sfing, furling, boxing the compass, &c. ; in
fact, a coeirse of instruction similar to that pursued by
lads of title Illustrious. The first meeting was held on
W ednesday last, on board Mr. Cunningham's yacht
A Sired. The object Mr. Cunningham has in view is the
,ireparatioa of bi >ys for her Majesty's navy or the riser-
, chant service. S9everal persons were present, and the
f examination was ,of a highly satisfactory character.