The Sun.
London, England, 1856-02-11 00:00:00

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LONDON, MONDAY, FEBRUARY 11, 1856.

Nothing can be more injurious to the trade and
commerce of the country than the present un-
settled state of the Bank of England, and the
doubts respecting the future monetary legislation.
In business matters any uncertainty is especially
to be deprecated. All the calculations on either
side may be completely deranged by the introduc-
tion of a new element, entirely beyond the control
of the contracting parties. Each side endeavours
to make ample allowance for a state of the money
market adverse to his interests, and if that be
not possible, is compelled either to decline what
might be a favourable adventure, or to enter
into a gambling speculation. Lot us know
the worst, is the general demand. Any-
thing would be better than protracted doubt
and uncertainty. The bullionist organ declares
that " a re-discussion of the whole subject can-
not be arranged too soon ;" and the Monetary Re-
formers are equally anxious for a settlement of
the all-important question.
The Bank Charter Act, as we have repeatedly
explained, has virtually expired. At any time
since August, 1855, the notice which will termi-
nate the connection ntight have been given. It
nay be directed any day, a simple nets or resolu-
tion of the House of Commons being all that is
required to give validity to the act. How, then,
Gan men enter into heavy engagements without
knowing whether the present law will be main-
tained in all its stringency ; or, if not, what will
be the nature and extent of the alterations, and
the probable operation of the substitute
The Chancellor of the Exchequer has announced
that it is not the intention of the Government, at
present, to take any step to put an end to the
exclusive privilege, nor do they intend to submit
any motion for the appointment of a committee of
ifolui ry.
They are neither prepared with any mea-
sure of their own to bring tbia disreputable and
impolitic state of affairs to an end, nor will they do
anything calculated to throw additional light on
the subject, so as to enable independent members
to take the initiative. An inquiry by a packed
committee, like that of 1848, a majority of whom
were strongly prejudiced in favour of the bill, and
calling witnesses of congenial view, so that the
nature of theßeport might be considered "a fore.
gone conclusion," would be but of little practical
utility. But such au investigation as that before
the Lords' Committee, which led to the admirable
Report to which we have frequently had occasion
to refer, would, indeed, be highly beneficial to
the country.

In the Committee Mr. JAMES WILSON voted in
favour of Mr. Hu E's motion, that "the Act of
1844 had aggravated the distress," and against
that portion of the Report which declared that
"it was noz e4:pediant to raZo any alteration in
the Act" Has alqthin ijace occur to citazgo

tb AY 30 opinions, or to induce that gentleman
to assent to the continuance of that injurious and
injudicious law. He proved beyond the possibility
of doubt that "no more danger can exist with
r.e ipect to one-pound notes than those of five
pounds," and that the objection thereto was " a
mere prejudice, founded upon the adoption of false
principles half a century ago ;" and that by the
use of one-pound notes to the extent of twenty
1 millions, " Phich could be issued with the most
perfect safety," we should "immediately add to
' the effective capital of the country, to our stock
of commodities—or, which is the same thing, our
command over them—just as much as if we dug
that amount of bullion out of the centre of Eng-
and."

How, then, can the Hon. Gentleman, holding
such opinions, and so clearly perceiving the vast
importance to the welfare and prosperity of the
nation, of an extensive issue of the smaller deno-
minations of notes—than which " no better se-
curity could be offered— no• mere absolute
representative of real capital, or a command
over it," acquiesce under the existing circum-
stances of the country, in shelving this all-impor-
tant topic. It is au imperative duty which he
owes to his fellow-citizens, to give them, if pos-
sible, what would be equivalent to " Twenty
millions of gold dug out of the centre of Eng-
land." Since he gave expression to these en-
lightened views, the necessity for a change has
been even more strongly manifested than at any
previous time. The fluctuations in the rate of interest,
and value of money, which Mr. COBDEN declared to
be more injurious to the industrious classes than
the failures of all the banks of issue that ever
suspended payment, have been more violent than
ever. Within less than six months the Bank of
England raised its minimum rate of discount
from 3k to 7 per cent. What effect had that
doubling of the price of money on those who had
heavy engagements to meet ? There was no
undue speculation or excitement to be checked.
Traders were by no means rash or reckless
in their proceedings. On the contrary, the fault
lay in another direction, and " over-caution"
was in many instances justly complained of. What,
then, will be the course of Mr. WILSON ? He can-
not support the Government in resisting inquiry,
and maintaining the Act which only exists on suf-
ferance, in unabated stringency. The Government
only require a little gentle persuasion. Let a
general wish be expressed and they will not feel
themselves justified in opposing it. Let the Mone-
tary Reformers exert themselves vigorously and
energetically at the present crisis, and they will
succeed in obtaining that great desideratum—" a
circulating medium adequate to the wants and
exigencies of the nation."

Mr. COBDEN, if wo remember rightly, has
taunted the Allies with wishing to. supersede the I
single protectorate of Russia over Tarco-Greek
Christians by a triple or quadruple one of
their own ; and has, with some point, dilated on
the greater danger to Turkish indepeidence of a
confederation of protectors. 'We have not, for
our part, felt any predilection for such an arrange-
ment, and still hope it will not become a formal
part of any treaty. It might be again the pre-
text for mischievous claims to intervention. It
would, however, be simply dishonest to represent
the combined protectorate of France and Eng-
land, even if Russia, or still worse, Austria, were
allowed to join, to be as dangerous as that of
Russia alone. Russia and Austria only have
treacherous designs on Turkey. The former
having filched from her province after province,
and the latter doing all she dares, especially in
connection with the Adriatic coast. England and
France have but the honest intention of strength-
enieg Turkey, by urging upon her a policy which
shall consolidate her population and strength into
a lasting bulwark against Russia.• It is needless
to repeat that a Russian protectorate had but one
object, that of employing the Greek Christians
for the subjugation of Turkey to her sway.
Everything depends on the mode of action.
So far as accounts have reached us yet, it is grati-
fying to notice the document presented by the
Allied raspresentatives. Whatever Mr. COBDEN
may say, the very preamble of it is in marked
contrast to the bullying of MENSCHIKOFF, and the
passage of the Pruth. It is most courteous to
the Turkish Government, and the military deeds
of the Allies are not made the ground for threats
of coercion, but are referred to as services, with
a suggestion of the acknowledgment which will
be acceptable. There is, surely, all the difference
in the world between threatening Turkey with
invasion if she did not accept a foreign protector
of her subjects against herself, and first saving
her from the fatal gripe of the aggressor, then
asking her to listen to our representations on be
half of those in her dominions who profess our
faith. As Mr. COBDEN is fond of appealing to
" his reading of the New Testament," we may cer-
tainly ask him whether it be not more Christian to
gain the goodwill of Mussulmen by doing them
justice and kindness than to coerce by marching
soldiers into their territory ? The founders of the
Christian faith gained over opponents and despisers
by miracles of mercy, and the Allies have first
nobly served their religious enemies, and then
solicited their goo 1 offices for the Christiana
subject to their yoke.
The details may be matter of some difficulty ;
not, however, so much more than they would be
in a parallel case with Russia or Austria itself. In
either country intolerance and persecution—and
against fellow-Christians, too-..is infinitely more
rife than in Turkey. How much is there to
choose between Austria's binding herself to the
POPE of Rome and the SuuraN's fanatical faith
in M.AHOMET ? To us the Pore and MAROMET
are about equal impostors ; and the assumptiona
of the pretended successors of PETER are no less
opposed to Christianity than those of the amines-
tionable successors of the .Prophet. It is cer-
tainly with a bad grace that the Monarch of the
Concordat undertakes to teach ABDUL-EL-MEDJID
religious liberalty. As to Russia, only imagine
political and religious reform pressed upon her
serfs, or the attempt made to teach her judges
justice ! Why, Pachas themselves are not more
corrupt and more relentless for gain's sake than
Russian administrators of every grade. This
is the testimony of every traveller and of almost
every native too.

The grand Principle of the equality of Mussul-
man and non-Mussulman subjects, before the law,
is now fairly introduced into Turkey. Of course,
it will take a long time to bear full fruit ; but
where, in Europe, is there such a thing as legal
religious equality ? Is it at St. Petersburg% or
at Rome, or at Naples, or at 'Madrid, or i,l Aug.
tria, above all ? Is it to be found is Protes-
tant States of Germany! or, to come nearer
home, are Catholics iu Ireland and Dissenters in
fEnglaid on the same legal footing ? Bel3idsm tc//
the national wealth being devoted to tlle aggrau.
disement of one creed, and its Bishops being Peers
what session of Parliament
poafstshese
over without one-sided religious legisiltiin,
or what week is free from accounts of Ert)iscopal
brawls with burial boards, and Rectorial 8.4...-
for Church Rates To must then ' • tiabbles
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.
the disciples of ladzOLLEr or' ot. patient,
..ortain bigoted
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selfish notions about Christians, when the disciples
of our common Master cannot refrain from oppres-
sing their fellow-disciples.

The regeneration of Turkey must, in any case,
be the work of a long time. The truth is, the
Christian population is not, morally, one whit
better than the Mahometans. Look at the Greeks,
for whom we, with BYRON, were so ready to fight
—was ever any portion of the earth cursed with
a more venal crew than the Court of Athens ?
And throughout Turkey, and the East, what tra-
veller tells us of any superiority on the part of
the Greeks, except in cunning. If Pachas will
oppress, the Greeks will cheat—if Greeks are
astute, Turks are brave—if the former are liars,
the latter are remarkable for chivalrous honour.
Both races equally need elevating ; nor is the
prospect quite hopeless. Turkey is probably safe
from foreign inroad for some little time to come.
During that time enterprising men of business
from the West will have free access to the whole
country. The Franks, and Giaours, will be,
and must be, respected by the people they
have saved ; and the effect of Western intercourse
and commerce must be to modify for good the
views and habits of the natives. Give Turkey
time, aid keep Russia and Austria at home, and
she will gradually, perhaps rapidly, change her
social character.

One thing even the Greeks themselves must
now see—that the Allies aro at least friends quite
equal to Russia. The latter never proposed any
reform so expansive in its principles as what has
just been suggested by the Allies to the Porte.
Indeed Russia could not. She would be afraid of
rendering the condition of Turkish Greeks envi-
able to Russian Greeks. It is not to be forgotten
that the liberality of the STLTAN'S reforms was
one chief cause of the War. NICHOLAS dreaded
liberty so near his despotism. He went to war,
as the Earl of SHAFTESBURY fully proved, to pre-
vent the contamination of Turkish liberalism from
infecting his own subjects.

We are gratified to perceive that the 113.ryle-
bone Vestry have appointed a committee to watch
the " Leases and Sales of Settled Estates Bill"
brought in by the Lord Chancellor, and set down
for commitment to-morrow. As most of our
readers are aware several insidious attempts have
been made to obtain powers from Parliament to
enclose that picturesque place of public recrea-
tion, Hampstead Heath—attempts which, owing
to the strenuous resistance of the public, have
hitherto proved unavailing. By the Bill in ques-
tion it would appear it is sought to confer on the
Court of Chancery the power to enable the owners
of property to " grant leases, effect rates, or do
what they please with what are technically
termed settled estates," so that if the Bill be
suffered to pass unaltered the public may be ex-
cluded at a moment's notice not only from the
above Heath, but also from every other place of
recreation coming under the same category.
This is a danger of too great magnitude
to be overlooked, and involves interests too
important not to render neglect criminal. We
therefore, trust, the example of the vestry will
be followed, and the most determined resistance
offered to the 'bill or the provisions conferring
such power. Were there more places of recrea-
tion than are called for by the exigencies of the
public health the attempt to limit them might
admit of a colourable excuse ; but the very oppo.
site of this is known by everybody to be the fact.
The half-suffocated poor of the smoky metro-
polis have far too few within reach where they
may inhale the pure invigorating breeze and re-
fresh their exhausted frames, and it were a mon-
strous outrage to rob them of any of the few
they have. Robbed, however, they are likely to
be, if the bill is suffered to pass without special
provisos to the contrary, for however well dis-
posed the present Lord Charcellor and Chan-
cery Judges may be towards the public
there is but too much sympathy extant with
the rights of property to leave much room
for any with the rights of the people. The con-
tinuance or non-continuance of no place of public
recreation should be suffered to depend on the
breath of any individual, and by no process should
the public be made to suffer. As for Hampstead
Heath, there it stands, and stand it must for the
recreation of the sickly masses, even though Go-
vernment have to purchase it. The sooner all
question about the matter is settled, the better.
We are not living in times when the alleged rights
of great people can prudently be set against the
rights of the masses, and vindicated to the
latter's wrong.