The Sun.
London, England, 1856-01-23 00:00:00

fessions.

There should, therefore, under any circum-
stances, be no formal armistice. It is, as we
stated yesterday, " the unholy thing that should
be avoided with intense horror," which would,
indeed, afford presumptive evidence that the inte-
rests of the Western Powers would be unhesi-
tatingly sacrificed to the secret and sinister influ-
ences that were enlisted in the Muscovite cause.
A diplomatic armistice is, then, impossible, it the
Allied Powers are fairly represented ; and, if so,
the second and third divisions of the First Point
no longer require discussion.
But where are the conferences to be held ? In
what locality are these all-important discussions
to be conducted ? There is an insuperable objec-
tion to Vienna. We have already witnessed with
shame and indignation the changes produced in
the mind of one of whom England once was proud
—who failed in the trial to which he was sub-
jected ; and, by an act of political felo de se, vir-
tually destroyed his existence as a statesman.
We should, not expose any new plenipotentiary to
the ordeal under which Lord JOHN RUSSELL so
signally failed. Some other less trying locality
should be selected as the scene for future diplo-
matic, tournaments.

We should also take care that Prussia shall
take no part:in the controversy. She has already
cautiously abstained from anything calculated to
identify herself with the Allied Powers, and, in
so doing, has unequivocally abdicated her posi-
tion as one of the leading Powers of Europe. In
so doing she has clearly foregone any possible
claim to be represented at the conferences. Her
sympathies and leanings are so notoriously in fa-
vour of the AUTOCRAT that her admittance could
only operate in favour of her good friend and
ally, the nephew of " the Angel of Peace, the
exemplary Clicquot," who might be au ex-
cellent co-operator in a convivial symposium, in
which, as in the olden time, a man with whom
" You could drink in the dark," and who was
certain never to shirk the' bottle, would be an
acceptable companion. But too weighty matters
are now at stake, and FREDERICK WILLIAM must
abide by his first determination, and keep him-
self in every degree aloof from the contest—either
in the field or the Council chamber.
The chief thing to be avoided is procrastination.
We have already suffered too much from wilful
delays and " waiting for orders" when the
acceptance by Russia of Austrian Proposi-
tions was even more decisive than at present,
and when there were fewer points for discussion,
and, consequently, less loop-holes for evasion
than at present. Parliament will meet in little
more than a week, and Government should, be-
yond all things, avoid committing itself until the
opinions of both Houses, and of the leading mem-
bers of the hereditary and representative
branches of the Legislature, can be obtained.
Then it may negotiate on the most satisfactory
and constitutional grounds, with the approval of
those authorised to a great degree, if not abso-
lutely, to give expression to popular feeling.

If the security of a camp or fortress had been
achieved under circumstances of peculiar difficulty
by the use of a military weapon, what would be
thought of the commander who, when the ewer •
gency had passed away for a time, wantonly de-
prived his followers of the well-tried instrument
whose utility had been so clearly established, and
that without providing any adequate substitute ?
The natural conclusion would be that be had
formed a treasonable plan for delivering over his
troops into the bands of the enemy. No rational
excuse could be offered for so grave a mistake—
madness or treachery would be the only alter-

native.

But those who have controlled the monetary
affairs of the nation have exhibited a similar act
of insanity, or something still worse. A. national
bankruptcy was averted in 1825 by the acciden-
tal discovery of a box of 1/. notes ; about
1,500,0001. whereof were put into circulation,
and which at once allayed the panic that pre-
viously prevailed. " The gold of the Bank was
drained to within a very few thousand pounds.
* * * A certain Saturday night closed with
nothing worth mentioning." Such was the state-
ment of an unexceptio9able witness, the late
Lord ASHBURTON, who also describes the almost
miraculous effect of the remedy so judiciously
adopted—" The relief was immediate," said his
Lordship; " the country received a circulating me-
dium in which everybody had entire confidence,
and the useless gold was returned to the Bank ! "
The formidable difficulty was surmounted by a
liberal issue of paper not based on bullion, and
chiefly of 1/. notes. And can not it be credited
that one of the earliest acts of those thus provi-
dentially rescued was entirely to prohibit all
notes for less than 51. ; and subsequently to im-
p•se very stringent restrictions on the circulation
of notes of any denomination beyond a certain
specified amount, unless based on specie locked
up and deposited in the cellars at Threadneedle-
street ?

This reckless and indefensible policy has on
many occasions produced the utmost misery to
the industrious classes ; has converted those who
ought to be the creators and producers of national
wealth into unprofitable consumers—has over-
thrown many solvent houses, and consigned whole
families to tie tender mercies of the union work-
houses ! What reasonable or valid objection can
even the most inveterate bullionist offer against
the use of the smaller denomination of notes ?
Why are not five 1/. notes as good to all intents
and Purposes as a single 5/. note ? They will
be far more convenient for all the purposes of
every-day life, and, if based on the same securi-
ties, will be just as valuable as what "Mercator "
might consider the more orthodox currency.
An eminent Loudon ‘
Banker once told us that
their chief objection to 11. notes was, that in case
of a run one hundred people with 1/. each would
be as bad in the lump as if they represented one
or two hundred thousand pounds,for the crowd
was all I We replied, that may be all very well
for a company, but there can be no run upon a
National Bank note, for which the country is
responsible. Else why trust it with upwards of
eight hundred millions ? His answer was a
shrug of the shoulders I
In Scotland and Ireland they have continued
in use, and are fully appreciated by the people.
Our sagacious and clear-headed brethren beyond
the Tweed seldom see a sovereign in their business
transactions. If received from some wandering
tourist it is speedily paid into the nearest bank,
or exchanged, on the first favourable opportunity,
for the despised one-pound notes. The more ix-

pulsive inhabitants of the Emerald Isle are equally
decided in their predilection for small notes ; and
if the tendered sovereign be at all worn a discount
is generally demanded. The superior convenience
of paper is thoroughly recognised in both the
sister kingdoms, and so it would be in this country
but for the senseless and ridiculous prohibition of
that which would prove a very convenient me-
dium of exchange—the best possible measure and
representative of bona fide value.
On Monday we pointed out the extraordinary
effect produced on the Money Market by even the ru-
mour that it was in the contemplation of Govern-
ment, on the suggestion of the Hon. Gentleman the
member for Westbury, to issue twenty millions of
national one-pound notes, which should be
received in liquidation of all taxes and duties
payable to the Exchequer. The mere whisper of
a project in every respect so beneficial to the
country, led to an immediate improvement in all
the quotations, and probably exercised no incon-
siderable effect in maintaining the buoyancy of
the Money Market. It is no recent suggestion of
Mr. WILSON'S. While desirous of maintaining
the convertibility of the Bank note he clearly ex-
hibited the absurdity and injurious consequence
of the groundless prejudice entertained against
the use of one-pound notes. Long before he
became connected with the Ministry, before even
the commercial crisis of 1847, he declared " that
no more danger can exist with respect to one-
pound notes than those of five pounds, by the
system which he advocated, while at least twenty
millions of capital would be liberated immedi-
ately from an unproductive use, and rendered
available for the purchase of food and raw mate-
rials for the employment of our population, and
for all the purposes to which such an increase of
capital could be applied," and expressed a firm
conviction that, in the then difficulties in which
the country was placed, " a mere prejudice,
founded upon the adoption of false principles, half
a century ago, would not be suffered long to remain
between the country and such a boon."
These are the opinions of one of the ablest bnl-
lionist writers. A man of much sounder judg-
ment than " Mercator," or any of the preju-
diced or interested advocates of the Act of 1844.
He did not seek unduly to extend the circulation
by the issue of inconvertible notes, but, as he
declared, "to substitute paper, payable on de-
mand—the instant and immediate convertibility of
which should be secured by a sufficient reserve of
gold coin, and the remainder in Government Secu-
rities—for the gold now performing the purpose,
which such paper would do equally well."

The Hon. Gentleman, then estimated the sove-
reigns iu daily use at fully thirty millions, of
which he calculated that at least twenty millions
could be liberated by the issue of one-pound
notes ; and he inquired, " Who could doubt the
safety of paper to the extent of 50,000,0001.,
guaranteed by English Consols to the extent of
34,000,0001. and gold to the extent of
16,000,0001. ?" Adding, " While, therefore, at
present we economise the capital of the country
by the use of five-pound notes and upwards to
the extent of 14,000,0001., we would accomplish
the same to the extent of 34,000,0001., or
20,000,0001. in addition, by the use of one-pound
notes, and with the most perfect safety. We should
thus immediately add to the effective capital of
the country, to our stock of commodities, or,
which is the same thing, our command over them,
to the extent of 20,000,0001., just as much as if
we dug that amount of bullion out of the centre of
England, in the same way as France will add to
the-amount of her capital by extending her issues
from notes of the amount of 201. to thoiA of 51. ;
and in the same way as Russia has,
by the law of 1839, accumulated in the
fortress of St. Peter's and St. Paul's bullion or
capital to the extent of 19,000,0001."
As to the proposed one-pound note he said—
"No better security could be offered. No more
absolute representative of real capital, or a command
over it, could be found in this country. No one
doubts the security of Cousol warrants or bars of
gold, and surely no credit, based upon such un-
deniable representatives of value, could be con-
sidered as undeserved or subject to abuse."
We have thus pointed out the views of Mr.
WILSON, clearly and distinctly exhibited nearly
nine years ago (in May, 1847), when unbiassed
by any party predilections or Ministerial exigen-
cies. The relief which be so ably advocated is
far more urgently required at the present time,
when we are engaged in a fierce contest, and the
national demands on the tax-payers are so greatly
enhanced. By maturing, extending, and carry-
ing into practical execution his sagacious project,
he will enable England to maintain the struggle
in which she is engaged until it can be brought
to a satisfactory conclusion, and to curb the pride
of Russia without occasioning unnecessary suffer-
ing to her industrious children.

The " domestic institution" of the United
States, or to give its branded appellation,
" Slavery," rankles like an envenomed shaft in
the body politic, and threatens, if not dissolu-
tion, a speedy and dangerous crisis. It is to this
cause the strange spectacle of a legislative assem-
bly, after weeks of debate, being unable to com-
plete its introductory business, viz., the election
of a President or Speaker, is ascribable. Accord-
ing to the rules and regulations of the House an
absolute majority of votes is necessary to the
appointment, and, so far as we know, no candi-
date, to this hour, has been able to command such
majority. Already the patience of President
PlERCE—though that is not saying much—has
been exhausted, and, contrary to all pre-
cedent, his Message has been thrust on
a Congress without a head, and the
problem now is how much longer the patience of
the majority of the American public will bear
the infliction.

The circumstances which have given rise to this
remarkable political conflict may be briefly stated.
Some thirty years ago it was resolved that a per-
manent geographical boundary line should be
drawn between the Slave and Free States, Cali-
fornia and other States being classed by the
operation of that measure among the latter, and
Oregon, New Mexico, -Utah, and Minesota as "terri-
tories"—an intermediate and probationary condi-
tion. The design of this resolution was to effect a
final settlement of the slavery question—a question
even then pregnant with serious danger to the
well-being and stability of the Union. How far
the measure failed to produce this result the sub-
sequent history of the United States sufficiently
shows. A fierce conflict of opinion, increased by.
the slave States obtaining the power of recapturing
runaway slaves upon free soil, has been waged,
until at length the latter infamous enactment was
openly resisted, and the Nebraska Act came to
bring the question to an issue. By a provision
of that act it was left to the citizens of Nebraska,
a new " territory," to decide for themselves
whether their soil should be a free one or not.
To prevent the institution of so detestable a sys-
tem as slavery on an unpolluted soil, and restore
as far as might be the lost balance of power between
the two descriptions of States, became a paramount
duty, in the estimation of the outraged lovers of
freedom ill the Northern States Societies were