The Sun.
London, England, 1856-10-09 00:00:00

LONDON, THURSDAY, OCTOBER 9, 1856.

A suspension of cash payments by the Bank of
France is more than hinted at. No doubt what-
soever is entertained as to the expediency of such
a proceeding. it is said, however, that the
EMPBROR is a disciple of the "Mercator" school
of currency, and that he will endeavour to pro-
crastinate the " evil day" to the last moment.
The attempt will lead to many difficulties, and
when at last the movement becomes inevitable, it
will be attended with much greater disgrace and
inconvenience than if adopted at an earlier period,
when the Bank was really solvent, and in a posi-
tion to meet all its liabilities at a moment's
notice.

The exciting cause of the existing crisis is, un-
doubtedly, the constant drain to China and India..
The former country, according to true bullionist
principles, is endeavouring to bring back the
silver of which she had been denuded, in accord-
ance with the stipulations of the Treaty that
restored peace to "the Celestial Empire."
The progress of the rebellion created a desire
for hoarding that made every man who had the
power to do so anxious to create a secret store.
It also, by lessening the demand for European
goods, turned the balance of trade against us, and
the failure of the mulberry crop in France, and
consequent diminution of the production of silk,
greatly enhanced the amount of payments, which
could only be made in specie. This, as we have
stated, was the origin of the demand, but it was
greatly accelerated by the determination of parties
at home to make timely provision for any emer-
gency that may arise. As we have already stated,
this is the inevitable incident of a metallic cur-
rency possessing intrinsic value to the full
nominal amount. We are told that self-
preservation is the first law of nature, and
we can scarcely feel surprised if every man looks
to his own private and personal interests rather
than to the general good of the community. It
is like the rush of creditors of the Tipperary. Bank
to obtain a priority for themselves, careless of
the damage thereby inflicted on all their fellow-
sufferers.

The two evils to be averted, then, are, first,
the foreign drain, and secondly, the hoarding
system ; and the same remedy will apply in both
instances, viz., to deprive the circulating median,
necessary for the domestic and every day transac-
tions of the country of intrinsic value. There
will be no desire to export or hoard national
notes, which would be comparatively " worthlesa
rags" to the foreigner, save so far as they
could purchase specie, but which would be
really valuable to every citizen, inasmuch as they
would be based on the national taxation, and
would satisfy the demands of the taxgatherer, and
mould, therefore be acceptable to every person who
lead to anstefir his application.
The Times itself, the recognised organ of the
bullionists, hasacknowledged the efficacy of such a
note for domestic Purposes. On the 26th Octo-
ber, 1855, it said,
" Supposing this circulation
to be required solely for internal commerce, no
necessity could exist for gold being held against
any portion of it. A deposit of
Government stock
its being receivable for duties, would at
or ties fact of
all times keep it from fluctuation in vane rt
Even this very
day the Leviatalux follows
on the same tack. It says, "A a usPension of
specie payments, especially when brought
about by an internal panic, does not necessarily
involve any great disturbance or disaster. 'when
merely for hoarding,
Pectfile are rushing for gold,