The Sun.
London, England, 1856-11-19 00:00:00

ITER MAJESTY'S TIIEATRE.—
M. jULLIDN'S CONCERTS. —M.
Jullien has the gratification to announce that Miss DOLBY
and Signor MILLARDI will make their first appearance this
evening. Tenth time of the new grand French Quadrille,
and first time of the grand selection from La Traviata.
Programme for THIS EVENING (Wednesday, Nov. 19) :
Part I. Overture, Euryanthe—Weber ; Quadrille, from
Meyerbeer's opera. L'Etoile du Nord—Jullien; Symphony,
Andante in E flat, from the Symphony in C—Mendelssohn ;
Aria, Mile volte sul campo d'onor (Pia del Tolimei)--Doni-
zetti—Miss Dolby; Duo, Violin and Violoncello (Lee Hugue-
nots), Vieuxtemps and Servais), MM. Camille Demunck and
Ernest Derannek, Jun. ; Polka, My Mary Anne (ninth time),
Jullien (dedicated to Mrs. Barney Williams); Symphony,
Larghetto from the Symphony in D—Beethoven ; Caba-
letta, La Donna e Mobile (Rigoletto)—Verdi—Signor Mil-
lardi ; the French Quadrille, tenth
cl ti
arme
in (J
etullien), with
de , and
varia-
tions for flute, flageolet, oboe, , ophiclei
cornet, performed by MM. De Folley, Young, Collinet,
Lavigne, Sonnenberg, Hughes, and Kcenig. Finale :
"Partant pour la Syrie." " Viva l' "
Empereur.
Part 2.—Opera, Grand Operatic Selection from Verdi's
of " La Traviata," with solos for violin, oboe, flute, clarinet,
trumpet, ophicleide, and cornet, by Messrs. Le Hon, Lavigne,
De Folley, Sonnenberg, Duhem, Hughes, and Eceuig, being
the first time of performance. Scotch song, " Over the
Sea" (Mrs. Uroome) Miss Dolby ; Valsc, Paul et Virginie—
Jullien (3d time this season) ; Fantasia, "Violo d'Amore,"
an ancient instrument, Sonvenir d'Ecosse—(Schreurs), Herr
Schrenrs ; Valse, Peri—D'Albert ; Galop,
Conductor—M. Jullien. To commence at 8 o'clock. Prices of
admission :—Promenade, ls. ; Dress circle, 2s. 641. ; private
boxes, 10s. 6d., El ls., and upwards. Private boxes to be
secured of Mr. Nugent, at the box-office of the theatre ;
at all the principal libraries and musicsellers'; and at Jullien
and Co.'s, 214, Regent-street.

HEATRE ROYAL, DRURY LANE.—
' Lessee, Mr. E. T. Smith.
Acting Mmager, Mr. C; Mathews. Stage Manager, Mr. R.
Roxby. Scenic Artist, Mr. W. Beverley.
ITALIAN OPERAS, COMEDY, and BALLET, every Evening
during the Week, at Old Play-house Prices.
Upper Gallery, ls. ; Gallery, ls. 6d. ; Pit, 3s. ; Upper
Boxes, 3s. 6d. ; First Circle, ss. ; Dress Circle, 78.; Stalls,
10s. 6d. ; Private Boxes, one, two, three, and four guineas.
Li consequence of the extraordinary and unprecedented
success that has attended the introduction of ITALIAN
OPERAS at Drury-lane, the Lessee begs to announce that
he has re-entered into arrangements with Messrs. Cramer,
Beale, and Co., who have succeeded in prevailing upon the
eminent Italian Artistes to forego their Continental engage-
ments, in order to appear for a Few Nights Longer in
the
the
most celebrated operas of the great composers
Grisi, Madame Rudersdorff, Madame Amadei, Madame Sed-
lazek, and Madame Gassier ; Herr Reichardt, Signor Valpini,
Mons. Gassier, Signor Lorini, Signor Albicini, Signor Rovere,
Mr. Tennant, and Herr Formes. Powerful band and corn.
plete chorus, under the direction of Signor Li Calzi.
THIS EVENING, her Majesty's Servants will perform
(by particular desire) Rossini's popular Opera Comique, IL
BARBIERE DI SIVIGLIA. Supported by Madame Gassier,
Madame Clerici, M. Gassier, Herr Formes, Signor Rovere,
Signor Mattoni, and qignor Lorini.
After which, COOL AS A CUCUMBER. Plumper (his
original character), Mr. Charles Mathews. Other characters
by Mr. A. Youuge, Mr. Templeton, Miss Balmer, and Miss
E. Wadham.
To conclude with a Ballet, in which Mdlles. Osmont will

appear.
Boxes, stalls, and places can be secured of Messrs.
Cramer, Beak, and Co., Regent-street, and at the box.office
of the theatre, from 10 till 6. To prevent disappointment
an early application is solicited. The Free List will
be entirely suspended.
Doors open at half-past 7, commence at 8.

THEAT-RE ROYAL, H AYMARKET.
THIS EVENING (WEDNESDAY), and
every evening during the week, THE SCHOOL
FOR SCANDAL, in which Mr. Murdoch will appear as
Charles Surface ; Sir Peter Teazle, Mr. Chippendale; Sir
Benjamin Backbite, Mr. Buckstone ; Crabtree, Mr. Compton;
Joseph Surface, Mr. Howe; Sir Oliver Surface, Mr. Rogers;
Moses, Mr. Clark; Sir Harry (with a sang), Mr. W. Farren ;
Lady Teazle, Miss Reynolds ; Mrs. CandoureMiss Talbot ;
Lady Sneerwell, Mrs. Poynter ; Maria, Miss I.l,:pabine. After
which Perea ..Nena and the Spanish Dancers. With (2d
time) an entirely new farce, entitled A FAMILY FAILING,
in which Mr. Buckstone, Mr. Howe, Mr. Chippendale, and
Miss Blanche Fane will appear. To be followed by Peres.
Nena and her unrivalled Company of Spanish Dancers, in
THE STAR OF ANDALFSIA. To conclude with THE
POSTMAN'S KNOCK.

THEATRE ROYAL, ADELPHI.
Return of Mdme. Celeste.—Third Night of
a Grand New Fairy Ballet Extravaganza. Third week this
season of Madame Celeste. The successful new comic drama
of A Border Marriage, with Mr. Wright and Mr. Leigh Mur-
ray every evening.—Good Night, Sig. Pants.lon.—THlS
EVENING, the comic opera of GOOD NIGH I', SIG. PAN-
TALON : by Messrs. P. Bedford and J. Bland, Misses Mary
Keeley, Kate Kelly, Arden, &c. After which, with new sce-
nery, dresses, machinery, and appointments, a new grand
fairy ballet extravaganza, called THE ELVES, or the Statue
Bride, founded on the grand ballet spectacle, now perform-
ing with unexampled success at the Theatre Imperiale de
l'Opera at Paris, under the title of Les Elfes. Principal cha-
racters by Madame Celeste, Misses Wyndham, Mary Keeley,
Kate Kelly, Chatterly, Arden, Messrs. Wright, Paul Bedford,
C. Selby, Le Barr, &c. Concluding with A BORDER MAR.
RIAGE. Sir Walter Raebnrn, Mr. Leigh Murray ; Dandle,
Mr. Wright; Mistress Willoughby, Miss Wyndham

ROYAL PRINCESS'S THEATRE.
THIS EVENING and dnrine: the week
will he presented Shakspeare's play of A MIDSUMNIER
NIGHT'S DREAM.
After which will be produced a new petite comedy, in two
acts, Mlle ci OUR WIFE ; or, The Rose of Amiens. Princi-
pal characters by , Messrs. Ryder, Harley, Fisher ; Misses
Murray and C. Lcclercq.
Mendelssolm's celebrated overture to A Midsummer
Night's Dream will Commence at 5 minutes before 7.

LYCEIIM THEATRE ROYA G.
Lessee, Mr. C. Dillon.
FABIAN, or " La Mesailiance," every Evening.
Burlesque every Evening.
THIS EVENING (Wednesday, Nov. 19), a Romantic. Play,
in four acts, entitled, FABIAN, or " La Mesalliance," with
new scenic and mechanical effects, &c. Fabian, Mr. Chas.-
Dillon ; Pauline, Mrs. C. Dillon.

Concluding with the Burlesque of THE WINTER'S
TALL Misses Woolgar, Wilton, Mrs. B. White, Messrs.
Toole, calhaem, Barrett, Enough, &c., Miss Rosina Wright,
and the Ballet.

ROY AL SURREY THEATRE.
Lqßsees, Nifwtrs. Shepherd and Creawiek..

THIS EVENING, THE FLOWER GIRL; or, Convict
Marquis. Cranon, gr. Creswick ; Louis Barennes, Mr. Cal-
vert ; Launay, Mr. Charles ; Baptiste, Mr. Widdicomb ; Le
Beau, Mr, Vollaire ; Madeline, Miss Biddies.
To conclude with DRED. Tom Gordon, Mr. Shep-
herd ; Drcd, Mr. Creswick ; Harry, Mr. Potter ; -Cringe
Tiff, Mr. Widdicomh ; Clayton, Mr. F. Charles ; Nina Gor-
don, Miss A. Biddies ; Cora Gordon, Miss Jackson; Lisette,
Miss Ellis.

ROYAL OLYMPIC THEATRE.
Lessee, Mr. Alfred Wigan.
THIS EVENING, STAY AT HOME.
MEDEA. Creon, Mr. Addison ; Jason, Miss Thirlwall ;
Orpheus. M!ss 31askell ; Creusa, Miss M. Stanley ; Medea,
lir. F. Robson.
A CONJUGAL LESSON. Lullaby, Mr. F. Robson ; Mrs.
Lullaby, Mrs. Stirling.
Commence at half-past Seven.

ASTLEY'S ROYAL AMPHITHEATRE.
Lessee And Manager, Mr. W. Cooke.
THIS EVENING an entirely new Equestrian Spestacle,
founded upon Mrs. Beecher Stowe's popular work, called
DRED, in which will be developed its graphic Equestrian
Sketches of Negro Life, by Mr. W. Cooke's Horses, expressly
trained by him.
After which, Miss Kate Cooke in the SCENES of the
CIRCLE. Also Mr. James Cooke.
To conclude with OTHER ENTERTAINMENTS.
Doors open at half-past six ; commence at seven o'clock.
Box-office open from Eleven till Four. Stage Manager, Mr.
W. West. Equestrian Director, Mr. W. Cooke, inn-

CA.NTERBIIRY HALL, Westminster-road.—
k../ OPEN EVERY EVENING.—The follow-
ing company of Vocalists are engaged for the performance of
Selections from all the popular Operas, Madrigals, Choruses,
Glees, Duets, &c.' viz. : —Miss E. Pearce, Mrs. J. Caulfield,
Miss Bruncll, and Miss Summers ; Mr. J. Caulfield, Herr F.
Jong hmans, R. Grover, T. Rain°, T. Farrant, S. Jones, J.
Barker, W. Melling, and P. Currie ; Masters Austin, Ben-
nett, and Cerri ; Mr. Sam Cowell and E. Mackney. Piano-
forte, J. Harroway, R.A. ; harmonium, J. Caulfield, jun. ;
director, Mr. J. Caulfield. Commence at Seven o'clock pre-
cisely. Suppers, &c., until twelve o'clock. In addition to
the usual Vocal Entertainment, the celebrated SPANISH
MINSTRELS will appear in costume at Nine and Eleven
o'clock Every Evening, and sing some of their favourite selee-
Vow!.

IIGa WATER. AT LONDON
—Evening 13 rain. aft 7
Tine DAT--MOTTI• 41 Mill. aft. 6
Tn.moup.ow—Morn.26 min. aft. 7—Evening 26 min. aft. 8

---
n'HE WEATHEIt—SDN OFFICE., NOVEHEER 19.
THEEMOMETF,E, IN 'MR SHADE.
50—highest sinee noon yesterday.
44 to-weer this morning and dnring the night.
50 —this de) noon.
BAROMETER, 30 10.
WIND, N.W.—Light, with fine, sunshiny weathee.
Heavy rain in the morning.

STAMPED EDITION OF "THE SUET '
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time for Post, may al (.v.lys ba had from half-

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•

L'ESTDON, WEDNESDAY, NOVEMBER 19, 1856

---~-_-

now appears to be
The position of affairs just
anything but satisfactory. The position of affairs,
we mean, iu a diplomatic point of view—con-
sidered, that is to say, in regard to the grand
problem of the maiiii,eilaut,e of interuational trau-

quillity. How much, for example, that is un-
questio4ably of a warlike character is there not
steadily' looming in sight upon the political field
of vision at this moment—at this moment when
we are all crying "Peace, peace," according to the
old parrot wont of communities threatened with
some grand explosion of internecine and inter-
national conflict--probable WAR to the East with
Persia—possible WAR to the West with America !
Yonder a hostile Shah—yonder an inimical Pre-
sident ! Besides this—a variety of vexed ques-
tions, breeding and ill-blood among the na-
-1 dons of Europe. Questions such as those involved

in the affairs of Naples—in those of the Isle of Ser-

pents—in those of the Straits of Yenikale ! Miser-
able little bones of contention over which the "dogs
of war" may very soon wrangle themselves into
fresh struggles—fierce and sanguinary. And all
this while—with a rupture threatened at the Court
of Teheran, and another talked of in the couneil
chambers of King DOMBA, and gloom, and doubt,
and terrors of all kinds settling heavily down

upon the newly inaugurated Presidency of

BUCHANAN—the gay old Barnacle, the spark-
ling old Barnacle, the light in hand old
Barnacle (meaning, of course, my Lord
Viscount PALNERSTON) is babbling at Manchester
with a sort of a jaunty superciliousness about the
haughty and supreme resolve of England, of the
Allies, to preserve this bran-new Peace—the Peace
of Paris—the Precious Peace—inviolate ! Words !
words ! That is all we have had yet—that is all

we are likely at this rate ever to obtain from our
present policy as the fruits of our magniloquent

diplomacy, as the results of our sanguinary cam.

paigns, as the climax and glory of all our ostenta.
tioasiy conducted negotiations. Russia, for ex
ample, at the same time, retaining to the last the
battle-field of the Crimea, having Sebastopol re-
stored to her to reconstruct again at her leisure in all
its vast and formidable scheme or system of fortifica-
cations, having her former rank admitted anew at
the councils of the aggregated powers of Christen-
dom, having "to indgmnity extorted from her in
expiation of her wanton, and shameless, and
ruinous, and infamous aggressions ! Austria hold-
ing, month - after month, within her grasp the
" material guarantee"—filched from the chief
contenders at 4he very outset of the conflict,
and retained in spite of them all long after
the date of its ultimate conclusion—the " ma-
terial guarantee" of the Danubian Princi-
palities ! Naples still to the last outraging
uninterruptedly the conscience of the Civilised
West by her judicial atrocities and the flagrantly
despotic ferocity constituting the secret motive
power of her abhorred Government ! Nothing,
in fact, anywhere discoverable in the condition
of the European family of nations calculated in
any way to console or to encourage—beyond the
happy reconsolidation of late of what appeared
very recently to have been rather seriously jeopar-
dised, namely, the one great pledge of the ulterior
triumph of Right over Might in Christendom, the
glorious and, please GOD, solid and permanent
Alliance, Aggressive and Defensive, cemented
between the two leading Powers of the world,
those of the French and English Governments !
That is the mainstay—that is the chief solace—that
is the sole good, as it seems to us, born out of all
this mass of incalculable and complicated evils.
The Anglo-French Alliance ! It may yet prove,
with the blessing of DIVINE PROVIDENCE it will
yet prove, the talisman of good to Christendom !
That is to say, of course, upon the one condition of
the sincerity of the two Cabinets, of the identity of
their views upon all the principal questions at issue,
upon thecordial recognition by each of what ought in
reason to be the common aim of both, the blending
together of the interests, and hopes, and aspira-
tions -at once of the twin peoples and of their
Sovereigns. The Anglo-French Alliance once
absolutely consolidated—and the two countries
may laugh to sera the simultaneous apparition
of the Auguries of evil—advancing upon them both,
or upon either of them, from the East and from
the West, from Persia or from the United States,
from any one or all of the surrounding nations of
the European Continent, from the old or from the
new hemisphere. Binding their rods of empire
together about the weapons o► their blended
Power, the Axe of Battle must porfoice become
and remain in their grasp, the Fasces of an irre-
'sistible domination.

On Monday we traced the causes of the leading
monetary crises from the commencement of the
war in 1793 to the restoration of cash pay-
ments under the Act of 1819. In every
instance the distress was created by an undue
reduction of the paper cireulation, and altogether
removed, or greatly alleviated, by an increased
issue. We shall now show that, notwithstanding
the necessity for exchanging the bank note for
gold on demand, similar events took place under
the new regime, and that the only thing which
ever endangered the convertibility of the bank
note was, at first, the timidity of the Directors,
which occasioned the panics ; and subsequently
the mischievous operation of the so-called " self-
acting regulator of the currency," which invari-
ably moved in the wrong direetion, making
money, when plentiful, a mere "drug in the
market," and when scarce increasing the pressure,
and occasioning the wildest excitement and most
abject terror, by a very impolitic contraction of
the issues at the critical moment.

The very preparations for carrying the Act of
1819 into effect brought back all the calamities
of 1816. The Bank had been steadily importing
gold in 1819, 20, 21. The natural results fol.
lowed,,so that Government was compelled to come
forward with measures for the relief of the exist-
ing distress at the commencement of the session
of 1822. The general object of the various bills
introduced was to force four millions of bank
notes into the hands of the public, or, as the
then Premier, Lord LITERPOOL, declared, " to
extend and quicken the circulation." He con-
fessed that the means adopted might be in some
degree inconsistent with the security of the
recently adopted standard, but they were obliged
to brave the danger. The exigencies of the time
admitted of no alternative, and loans of bank
piper were made to the Government, to public
w°llo, to parishes, to landed proprietors—in fact,
in any quarter where adequate security could be
offered fur repay went.
It is
needless to say that the addition of so
large a proportion to the active circulation of the
Batik of England speedily led to an addition to
provincial circulation—the private banks being
then subject to no restrictions—and, as a matter
i
of course, to the discount ofn bills e
and advances on all legitiat of
e 'instrumentsxchan go ef
credit. 'We have it on the authority of Lord
OvExsTONE, that, on any contraction
of the circu-
tion of the country, bills of exchange would be
contracted in a much greater degree—or, to use
his own words, "in a very increased ratio." The
converse of the proposition is also true and
any
expansion of the currency is followed by a greatly
increased expansion of bills of exchange. The
energetic means adopted speedily restored credit.
The nation recovered from its depression.
Everything was couleur de rose, and the then
Chancellor of the Exchequer (now Earl RIPON)
was enabled to spark so confidently of the geuelal

welfare that he acquired the soubriquet of " Mr.

PROSPERITY ROBINSON."

The wiseacres of the day did not, however, dis-
cover the fact that if a considerable expansion of

,he circulating medium produced activity and

comfort to the people an opposite course must be
attended with very different results. In the be-
ginning of 1825 the acrew was stringently ap-
plied, and by the middle of March no less than
1,300,000/. of the paper issues had been re-

called by the Bank. Between the 15th Mareh
and 15th May, a further reduction of 700,0001.
took place, and by November, in that year, no

less than 3,500,0001. had been cut off from the
amount of bank notes in the hands of the public.
The results will not speedily be forgotten. A
terrible panic ensued. The Bank was nearly

drained of its gold. Only a few hundred thou-
sands remained in its coffers. An application

was made to the Government to authorise what

seemed the only available course—a suspension
of cash payments. Fortunately, a wiser policy
prevailed. As Lord ASHBURTON, who conferred
with Lord LIVERPOOL, Mr. HUSKISSON, and the
then Governor of the Bank, stated, " The neces-

sity and pressure was purely domestic. The credit
of the Bank, for all domestic purposes, was
perfect. There was no man in the coun-
try who was not ready to take its paper
as a means of circulation, and to give even his gold

for it the moment he was assured his neighbour
would take it from him again. What was wanted
was something which everybody was disposed to
trust as a substitute for what everybody distrusted,
and the paper of the Bank of England answered,
in such a state of things, the purpose as well as
gold ; it may bs said to have done so even better,
as being more transmissible, and reaching more
readily and rapidly the point where it was wanted."
" In this state of things the remedy for the
difficulty was obvious, and unanimously agreed to
by us. Although the B trik had no specie left a
large additional issue of notes was made, and
about 1,500,000 of those of 11., which were
accidentally found to be in existence, were circu-
lated. The relief was immediate ! The country
received a circulating currency in which everybody
had entire confidence, and the useless gold was re-
turned to the Bank ! The notes by this proceeding
were increased from 19,748,0001., in December,
1825, to 24,479,0001. in March, 1826, and
having served to relieve the pressure they gradu-
ally subsided before the end of that year to their
ordinary amount again of 19,951,0001., while the
bullion in the Bank was successively increased by
this increase of paper in opposition to the theory
of 1844, which pressure from such cause effected
a necessary diminution !"
It would be impossible to adduce a clearer or
more unequivocal proof than the foregoing, esta-
blished on such incontrovertible testimony, of the
beneficial results arising from a course diametri-
cally opposed to the principles advocated by Mer-
cator, and subsequently adopted by Sir R. PEEL,
and embodied in the Act of 1844. An extension
of the issues by nearly four millions and three-
quarters was made within three months, at a time
when " the Bank had no specie left," and the con-
sequence was that " the useless gold returned to
the Bank." This, however, would scarcely have
been the case but for the fortunate discovery of
the condemned 11. notes, which to the full extent
replaced an equal number of sovereigns, which
had previously been circulating from hand to hand
in the transactions of every-day life. The paper
was so much more convenient than bullion
that it was eagerly sought after, and
had the Bank possessed the power of circulating
more than the 1,500,0001. of V. notes, there is
no doubt that they would joyfully have been
accepted by the people, and that the results would
be still more striking and deeisive. A national
bankruptcy was averted by their use, which, as
Mr. JEREMIAH FlAnaLtsr, a well-known and expe-
rienced Director of the Bank, in his evidence
before the Bank Charter Committee in 1832,
declared, " saved the credit of the country." The
same gentleman, on being asked whether it would
not be a proper course to " redeem the issues,
when the bullion should be. greatly drained by an
unfavourable exchange," answered " Yes ; but
then comes another question, and that is the risk
that it may occasion to the commercial world, and
the possibility that, by omitting to take that
measure, some favourable turn would take place,
and render the convulsion that might ensue from
the measure itself unnecessary." The fact that
the subsequent convulsions have all been occa-
sioned by undue panics arising from the stringent
application of the bank screw establishes the
accuracy of Mr. thatma.N's reasoning.
It might be supposed that the tried efficiency
of the 11. notes at such an emergency would have
led to their general adoption throughout the
country. But as if to prove the infatuation and
recklessness of Ministers on the currency ques-
tion, the very following year, in 1826, a letter
was addressed by the Premier and the Chancellor
of the Exchequer (Lord LIVERPOOL and Mr.
ROBINSON), suggesting the policy of altogether
abolishing all notes under 51., a recommendation
that was shortly afterwards carried into effect in
England, although it was successfully resisted in
Scotland and Ireland. The business of both
countries has ever since been conducted in the
notes, and it is notorious that sovereigns are only
seen in the hands of some wandering tourists,
and when taken by the inhabitants are either
exchauged for notes at the earliest opportunity,
or withdrawn from circulation for the purpose of

hoarding.
The crisis from 1836 to 1840 was again pm-
duced by the reduction of Bank paper, and was
protracted simply because the Directors had not
the courage to adopt in due time the course that
had always proved successful. In 1839 the cir-
culation had been contracted to 15,317,010/.
At length, when the American trade had been
completely paralysed, and many of the leading
firms either compelled to suspend payment or
brought to the verge of bankruptcy, a wiser and
more liberal policy prevailed. An addition of
more than four millions was gradually made to
the Bank issues, which in 1843 stood at
19,361,4101., and prosperity was thus restored

to the nation.
We have thus traced the hintory of monetary
crises during the second grea t epoch, from the
restoration of cash payments, under the Act of
1819, to the enactment of the impolitic code of
1844, which was directly op] nosed to all previous
experience, and which, as we shall prove on an-
other oecasion, has totally* failed to verify the
anticipations of its authors :and supporters. One-
poucd notes saved the cour ttry. They were with-
drawn. An increased issu e relieved distress, and
brought back gold to the tank, and that was ren-
dered impossible by the a .bsurd regulations which
seemed expressly framed. 'co ruin the trading and
manufacturing interests.

The issue of the strt •,ggle just terminated in the
United States, however r deplorable, has neverthe-
less a significance whic mu3t not be overlooked.
More than a strugglea of parties, it has been a
Struggle of principles, in which have been arrayed
ou the one side ttiv ij,,t unscrupulous awl graep-