The Sun.
London, England, 1856-12-23 00:00:00

vents was increased by 206,328/. ; within a

month by 1,008,369/., fckr on the 14th of No-

vember it amounted to 9,6'.54':,157/., and on the
13th December to 10,692,.52'6/. The notes un-

employed were increased within the week by
671,8051. They now stand. at 5,823,1851., on

,he ith November they were, under 3,000,0001.,
hus showing an increase to -the banking reserve

of nearly 1,855,0001. The -motes in the hands of
the public have been reduced. within the week by
neatly half a million sterling (492,3301.), stand•
ing at 18,702,8101., while can the 7th November
they were 20,239,0001. The private or "other"

securities have been decreased within tie week

560,9871., leaving on the 13th only 16,828,7281.,

while on the 14th November they were

19,054,0001. These simple facts and figures
prove, beyond the possibility of doubt, the

violent action produced on the commercial popula-
tion by the withdrawal, in a single establishment,
of nearly 2,300,0001. of accommodation within
four weeks, and the reduction of the active circu-
lation by more than a million and a half, which,

according to Lord OVERSTONE himself, must
" narrow the amount of bills of exchange in a

very increased ratio."
Is it joist or fair that such important alterations
should be produced, within so short a period, at
the mere will and pleasure of an irresponsible
body, whose private interests are conflicting with

those of the people ? It is greatly to their ad-
♦antage to enhance the rate of interest, or rather
discount, for there is an extraordinary difference

between the returns obtainable on permanent in

vestments and temporary advances, and they
spare no exertions to do so with Out reference to
the welfare and prosperity of the general body of
the people. They must make the largest amount
of profits possible for their constituents, the pro-
prietors of Bank Stocks, and it is alike unfair to
the Directors and to the community to subject
them to such extraordinary temptation. The
aividends paid by other judiciously-managed
Joint-stock Banks clearly show that they would
not suffer any pecuniary loss by the abolition of
the anomalous and impolitic privileges so long

conceded.
England requires a really National Bank, the
control and management whereof shall be ♦ested
in a public department, responsible to Parliament
for the manner in which the monetary affairs of
the empire and the national currency shall be
administered. A golden opportunity exists for
placing these all-important matters on a satisfac-
tory foundation. The Bank Charter Act has
virtually expired. It only exists on sufferance,
and at the termination of twelvemonths' notice
the connection between the " Old Lady" and the
State may be finally severed. This notice
should be given as speedily as possible after
the meeting of Parliament. There is no occa-
sion whatsoever for a Select Committee to
inquire and report on matters that have long
since been accurately investigated. A. domestic
currency is required that will be exempted from
inevitable fluctuations incidental to the existing
oode--fluctuations which, according to Mr. Con-
DEN, have occasioned to the trade and manufac-
ture of the country " greater evils—pecuniary,
social, and moral—than the direct failures of all
the basks of issue since they were first esta-
blished." We have the admissions of the bul-
lionists themselves that such a currency would
answer every possible requirement of internal
trade. A deposit of stoek—or the fact that they
were receivable in payment of taxes—would
insure their willing acceptance at all tines. They
would, in fact, be guaranteed not only by all the
accumulated and realised property of the nation,
but by the thews and sinews of its citizens.
They could never be deemed worthless rags, re-
pudiated by butchers and bakers, while they
would satisfy the claims of taxgatherers, whose
visits, like those of angels, are unfortunately by
no means few or far between. As Mr. JAMES
WILSON, now Secretary of the Treasury, and
unquestionably the best authority oo mone-
tary concerns connected with the Ministry,
declared "no Letter security could be offered.
No more absolute representative of real capital,
•r a command over it could be found in this
country." The issue of notes of small and con-
venient denominations, say 11., 21., and 3/. ; it
would be still better if, as in Ireland, fractional sums
such as 1/. 55., 1/. 10s., and 11. res., were repre-
sented, to the extent of twenty millions, would
liberate almost an equal amount of sovereigns,
and we should immediately, as Mr. WILSON' de-
clares, " add to the effective capital of the
country, to our stock of commodities, or, what 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 gold out of the centre of England!"
Why, then, should we refrain from achieving this
great desideratum, from conferring this inesti-
mable boon on the nation ? Nothing prevents
us from obtaining it but what our esteemed cor-
respondent, that faithful and consistent monetary
reformer, Mr. HAMER STAffSFELD, justly describes
as " the marvellous apathy of the commercial
community on the subject of the currency."
" Nothing," as he truly states, " but severe
monetary pressure, approaching to a panic, will
open their eyes to the absurdity and injustice of
our system." Should the active circulation be
much further diminished that panic must ensue.
" The coverlet" is too scanty to cover all the
family, and each will try to obtain more than his
due proportion. There will be a scramble, and
the natural results must follow. The temporary
relaxation of the Threadneedle•street screw should
not lead to a cessation of the agitation. Let the
people only make a decisive effort, give " a long
pull, a strong pull, and a pull all together," and
they will insure the permanent welfare and pro-
sperity of the nation, and the independence and
happiness of themselves and their respective
families.
tain

Is the port made at last ? Are the wretched
sufferers, the creditors of th• Royal British
Bank, about .to be put out of suspense by
the declaration of a dividend ? We sincerely
hope so. They have been tossed to and fro,
and made the sport of circumstances, in all
conscience, long enough. Their case, in fact, is
one of such hardship that even the judicial bench
waxes wroth in dealing with it, and gives utter-
ance to much virtuous indignation at the state of
the law. It is monstrous—no language can be
too strong to designate it ; it is a blot on the
national escutcheon of which every honest man
should be ashamed, that there should have been
such delay and grounds afforded for the calcula-
tion that the law expenses, from first to last, in
connection with the administration of the effects,
will amount to far on to 100,0001. It cannot be
recorded without a blush.
It was bad enough to find the unseaworthy
vessel, freighted with the earnings of so many
industrious citizens, tura out a wreck, in which,
in many cases, their all was hazarded. To find the
law, which ought to have been available for their
protection, letting loose upon them lawyers and
officials, like so many Cornish wreckers, to pounce
upon the vessel and appropriate its contents,
which the shareholders must make good, as a
prize is almost enough to disturb a man's alle-