The Sun.
London, England, 1860-12-15 00:00:00

Clause 13—Limitation of bank issues to a fixed! ft E
amount. o

Sections 14, 15, and 1G regulate the union of
bank partnerships.
Section 17—Penalty on banks issuing in excess.
Section 18—Issuing banks to render in excess.
Section 19—Mode of ascertaining the average
amount of bank notes of each banker in circulation
during the first four weeks after the 10th October,
1844.

There is no doubt that some kind of bank was
rendered necessary to the State by the conduct of
the Stuarts—by the recklessness and wasteful extra-
vagance of Princes and Governments ; but great
corporate bodies held a power over Government
which they knew well how to retain. The Bank
Charters therefore are peculiarly beneficial to the
bodies corporate that originally made the State
become their dependent. That day which caused
the State to become the debtor to the nation might
so long ago be overlooked but for the fact and
retention of the indebtedness to the public.
I conceive the wholesome pretext of convertibility,
which in itself is cautious and safe for the Bank,
and to that extent equally cautious for the country
at large ; but convertibility should not stop where
it does, because the Bank only, not the country, is
benefited by it. The use the Bank and the money
power are making of the opportunities that so
frequently present themselves out of the distress of
foreign nations requiring loans to prop up their
indebtedness to the public, is now proving itself to
be an abuse of the privilege of convertibility at the
expense of the many. Money is lent abroad in such
large sums that it distresses the home trade fright-
fully. It is no use saying it comes back again,
because I have before proved it only returns to
undergo the same exportation, and large sums
are held only till foreign loans take them up,
so that English commerce is only prejudiced
by the withholding of the great bulk of the circu-
lating medium which is now systematically put
aside for foreign demand; loaned upon Government
security, and often at the high rate of 6 per cent.
interest, much more than commercial men can afford
to give on the average. Some say that the ex-
changes put sail to rights; so soon as money is more
abundant abroad than it is at home, it returns by
the exchanges that make it profitable to receive it
back ; but when these loans are made they are
absolutely required by the state that borrows, and
quickly enter into such wide circulation where
countries' are so much more extensive than is our
own that the exchanges are not so much affected ;
and when they are, who benefits by it ? Not the
hard working man, not commerce, but speculators
—money men that accumulate only to lend
abroad.

It is now a frightful fact that the honest hard
plodding man of business has no respectable facili-
ties by way of a circulating medium ; true, if his
credit remains good with his banker he can get his
bills discounted by keeping a heavy balance at his
banker's, but the difficulty of keeping up his credit
is increased by the want of a circulating medium.
The vast transactions of mercantile and monetary
balances of trade amounting to £8,000,000,000 can
no longer be carried on with the £50,000,000 of con-
vertibility, extended as it is by different issues to
£300,000,000. It is an entire impossibility. Men's
minds in business are racked to death, worse than
death ; anxiety is absolutely maddening. Year
after year is the plodding man toiling on, only to
experience the great money lord riding rough shod
over him, only to experience that glaring fact that
forces itself upon his mind, that there is no chance
for honest straightforward industry to succeed; the
speculatef only, the gambler, the money jobber,
are the men that survive the miseries of anxiety
by making fortune enough•to Tetire upon.
Hundreds of thousands are experiencing the
torture of pressure upon the brain, that
have honestly struggled and worked against
the tight pressure of money till life has destroyed
every feeling of happiness even at home with their
families. With a few thousands they would
gladly retire upon in their old age, but no
such thing can they realise after a life of
toil and anxiety, because no money is afloat for
commerce ; it is only for speculation and monetary
operations. No money is in circulation by which
the oppressed can sell their business to enable them
to withdraw from anxiety, though their pressure
of difficulties increase till life is insupportable, and
death would be a boon beyond description. The
same honest man, loving his family, can not afford
to think of death in honesty to them ; he must live
on or die a coward to his family that depends upon
him.

Pressed by others he himself presses others, till
difficulties increase all around, and rich England
becomes a pandemonium unendurable.
That which the Bank Charter has not pro-
vided, but which the country silently but unmis-
takably requires, is a circulating medium that can
not be exported, such as some £20,000,000 of Ex-
chequer notes payable to Government, on taxation
demand. Nothing can be adopted that is more
absolutely necessary to relieve the present dis-
tress.

I am sure, were the members of Parliament pro-
perly acquainted with the distress among the
honest industrious deserving people of England,
which after all are the muscle and sinew of Great
Britain, they would not fail to bring in a bill to
relieve the commercial class of people.
Nothing can better illustrate the necessity of
members of Parliament being composed - of all
denominations of interests in the community than
the great fact of all the members ignoring the
condition of the needy and industrious men of
business of England.
Mr. J. Bright, M.P., does not represent the
class of interests that I allude to. Manchester men
are making large profits, or have been making
them. Wrapped up still in that class of interest
as Mr. J. Bright is, he has by some oversight
omitted to notice the general distress that evi-
dently exists in the other branches of trade.
There seems to be no one taking up the deplorable
and overwhelming state of things so afflicting to
the hundreds of thousands. Where are the
writers in journals that once dared to advocate

the public good ? Where are they ? They do
not, cannot know the fearful distress that exists,
or no money could buy their silence. With this
conviction I venture to send you these important,
though plainly written remarks.

MERCATOR.

ANECDOTES OF THE CHINA CAMPAIGN. —At
Tien-tsin some little difficulty occurred about getting carts
for the conveyance of stores to the van. The city prefect
knew nothing about any ; it was quite impossible, according
to him, for such things to exist in the city. So it was de-
termined to bring a little pressure to bear on his Excellency,
who was put in durance vile until such time as the carts
were forthcoming. Not liking his confinement, the prefect,
in a great rage, sent a request for a bottle of samshu and a
knife. Gen. Napier sent him the first of these articles in
the shape of a bottle of sherry, but declined to send the
knife. After a week's confinement the carts were supplied
by his Excellency's orders, and that gentleman was liberated
He was loud in his thanks that the knife had been refused
saying that the English understood Taoli, and that our-
sherry and conduct were both excellent. A. certain mendi:
cant friar had been obliged to leave his monastery on account
of his partiality for the softer side of hiimanity.'. He ar-
rived at Tien-tsin, and was allowed to live in a_ monastery,
which became afterwards the abode of generals, colonels,
and other men of scarlet. When the foreign occupation
took place, the proper head of the monastery was absent,
and the mendicant having overcome the scruples of his
fellow monks, passed himself off as the superior. He pleased
the English immensely by giving them every room they
requirid, and, having no strict idea of ;noon and teum,
'began distributing the clothing, &c., of the priests among
the barbarians. He took to his liquor very kindly, more-
over, and always retired to his couch in a greater or less
degree of serenity. 'When the proper superior returned our
friend would not admit him, called him improper names,
and ran after him withh, a knife. This led to a complaint to
the prefect, and the mendicant was unmasked, received
several blows on the face, and was banished to the south
of China for two years.—North China Herald.

A violent gale which prevailed 'lately at Toulon
caused some alarm lest the whale might be driven away
from the place where the fishermen had fastened it near
the beach, but fortunately the hawsers were strong enough
to retain it firmly in its position. According to orders re-
ceived from Pars, the operation of cutting off the flesh
from On carcase is to be commenced itnraediately in order
that it may net become offensive, The skeleton will be
preserved for the Museum of NP-tural History, in return
for which the Administration will furnish all the materiel,
tuld the werlitheu for compleling the operation.

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N E

V'/V ZN •

VIENNA, SATURDAY.

The Wiener Zeitung contains four Imperial let-
ters, dated the 13th inst. The first relieves Count
Goluchowski of his functions as Minister of the