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

LONDON, MONDAY, FEBRUARY 11, 1356,

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 ne v 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. Let 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 might have been given. It
may be directed any day, a simple note or resolu-
tion of the Rouse of Commons being all that is
required to give validity to the act. How, then,
can 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
inquiry. They are neither prepared with any mew.
sare of their own to bring this disreputable and
impolitic state of affairs to an end, nor will they do
anything calculated to throw additional light on
the subject, ;;O a-.; 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 an 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. JAlrEs WILSON voted in
favour of Mr. Humes Motion, that " the Act of
1844 had aggravated the distress," and against
that pottier' of the Report which declared that
gi it was nut expedient to make any alteration in
the uas anything since °calmed to change

ilese opinions, or to induca 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
respect 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
millions, "which 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 more 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 3;- 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 comae 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
single protectorate of Russia over Turco-Greek
Christians by a triple or quadruple one of
their own ; and has, with some point, dilated on
the greater danger to Turkish independence 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 •nly 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-
ening 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 representatives. Whatever Mr. COBDEN
may say, the very preamhle 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 herseff, 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-
tainlyask him whether it be not more Christian to
gain the goodwill of Mussulinon 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 gool offices for the Christians
subject to their yoke.

The dehila 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 SULTAN'S fanatical faith
in MAHOMET ? To us the POPE and MAROMET
are about equal impostors ; and the assumptions
of the pretended successors of PETER are no less
opposed to Christianity than those of the unques-
tionable successors of the Prophet. It is cer-

tainly with a bad grace that the Monarch of the
Concordat undertakes to teach A EMIL-EL-11E14J ID
religious liberalty. As to Russia, only imagine
political and religious reform pressed upon her
serfs, or tha 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 Alussnl-
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 in Aus-
tria, above all ? Is it to be found in the Protes-
tant States of Germany ? or, to come nearer
home, are Catholics in Ireland and Dissenters in
England on the same legal footing ? 132 sides all
the national wealth being devoted to the aggran-
disement of one creed, and its Bishops being Peers
of the Realm for life, what session of Parliament
passes over without one-sided religious legislation,
or what week is free from accounts of Episcopal
brawls with burial boards, and Rectorial squabbles
for Church Ratcs ? We must then bo patient, if
the disciples of MAEWAIET entertain bigoted and