The Sun.
London, England, 1856-11-26 00:00:00

dangered by their too eager pursuit of a rate of
interest, which, under the most favourable cir-
cumstances, must lead to very considerable diffi-
culties amongst those engaged in industrial pur-
suits ; deprive the manufacturing and commercial
interests of their. legitimate profits, and throw
thousands and tens of thousands of persons, able

and willing t• work, out of employment. Even
the Times itself has confessed the fearful conse-

quences of too high a rate of interest, which it
candidly acknowledges to be a " national dis-
aster" of no ordinary magnitude. It is only the
minor fry who dare to assert that a " high pre-
mium for the use of honoured capital" is a
symptom that " the rate of profit is high (1), that
trading is prosperous (! !), that the coun-
try is rapidly advancing in wealth" (! !!)
That " the capital necessary to its prospe-
rity is in great demand" is unfortunately
but too certain. But if those who force up their
money to a famine price can be justified, then are
the 60-per-cent. gentry the greatest national
benefactors, entitled to the thanks and gratitude
of the People.

It is, however, scarcely necessary to answer the
lucubrations of a person who puts forward such
extraordinary opinions, manifestly viewing every-
thing through a distorted medium. It is quite
sufficient to deal with the more rational supporters
of a Moneyocracy—those who admit the grievance,
but affect to deplore its necessity (?) Now, as
we pointed out on Monday, the resolutions
adopted at the Bank parlour on the 13th instant
occasioned " considerable surprise" and serious
apprehension in the money market. It was sup-
posed that the Directors, who had later and more
authentic information- than was available to the
community at large, must have had solid founda-
tion for such a change—that there must be some
generally-unforeseen danger "looming in the
future," and that, even under the most
favourable circumstances, the drain of bullion
must be continuing, and to a greater extent than
the public had any accurate knowledge of.
It now, however, appears, "on the infallible
evidence of their own accounts," that the strin-
gent measure of restriction " was wholly uncalled
for, and that all the risk and inconvenience to
the commercial world might have been averted
without the slightest danger." The Times says
that " the majority of prudent persons do not
join in that opinion." The simple fact, however,
that from returns published on the following day
it appeared that there had been within the week
an addition to the bullion in both departments of
more than 150,0001., that there had, in like
manner, been an increase to the Bank Reserve, or
" Notes Unemployed," of 456,3801., while the
" Active Circulation" within a fortnight had been
reduced by more than 600,0001., proved, beyond
the possibility of doubt, that there was no palp-
able justification for the measure. And the
fact that large importations of gold were daily
expected from Australia rendered the step the
more objectionable, proving beyond the pos-
sibility of doubt that those by whom it was
adopted cannot safely be entrusted with the
control and management of an instrument so
delicate, the operations whereof are of such
vital importance to the welfare and prosperity of
the people, as the circulating medium of the
country.

It is, perhaps, fortunate that the relations
between the nation and the quasi national Bank
were not disposed of last session. The full extent
of the grievance was not then thoroughly under-
stood. The screw had not been applied with all
its stringency, and legislation might have taken
place on insufficient data. The Bank Charter has
virtually terminated. It only requires the requi-
site notice and payment of the Government debt
to the Bank to get rid of the incubus, to remove the
"Old Lady of Threadneedle-street," worse than
" the Old Man of the Sea," celebrated in the
narrative of the veracious SINBAD, from our
shoulders. We want a really national Bank and
really national 11. notes. As a private- trading
corporation the Bank will realise large profits for
the proprietors of stock, and have no cause to
regret the cessation of a connection by no
means profitable, as will appear from a
comparison of its gains with those of other bank-
ing establishments unconnected with Govern-
ment. They could not complain, and the people
would have ample cause to rejoice at the issue of
notes of small denominations, which, being gua-
ranteed by and secured not only by all the pro-
perty of the nation, but also by its industry, and
being receivable in payment of every public bur-
den, could never be depreciated, and would
answer all domestic purposes. With an adequate
supply of such a measure and representative of
value the fluctuations in the price of money, or
rate of interest, for they are synonymous, would
be avoided, and men might engage in manufac-
turing or commercial pursuits without encounter-
ing gambling risks, which, while they may bring
gigantic fortunes to a few, must eventuate in em-
barrassment, if not ruin, to the majority of
well-meaning speculators.

The excellent "CmcouoT" is making his ap-
pearance in a new character. " The Angel of
Peace" is likely to disturb the tranquillity of
Europe i He is putting forward untenable claims
against the independence of Neuchatel, and, of
course, the integrity of the Swiss Confederation.
That such a demand can be pressed without pro-
ducing a general convulsion is utterly impossible ;
but what signifies it to FREDERICK WILLIAM if
he can derive any profit from the transaction, or
obtain a makeweight to restore the prestige
forfeited by his conduct during the late
war, and the influence that also de-
parted from his House. These are clearly
not the times to put forward obsolete claims, or
to stand upon " the Divine right," now so gene•
rally ignored by all the Peoples of the world, and
only recognised by a few despots, engaged, like
Mrs. PARTINGTON, in the vain attempt of sweep-
' ingback the sea of democracy with useless brooms.
But yet Prussia, for her own private purposes,
or what she is pleased to represent as " the
• interests of Germany" and of legitimacy, strives
to agitate the question, and to cast a fire-
brand into European society. The Swiss
will not —nor,
more, they cannot—yield ;
and their forefathers have already taught
salutary lessons
to crowned despots as to the
danger of tampering with, or striving to under-
mine, the rights of a really free people.
The real question lies
the last century the then King of Prussia con-
trived to establish a very doubtful claim to the
allegiance of the people of Neuchatel. It was,
however, " an outlying estate,"
on which no great
store was set, and during the time when the star
of the Great NAPOLEON was in the ascendant was
rea•lily surrendered by the ostensible owner, and
bestowed as a reward on a French a
—eheral. It
did not, however, long remain under the " BLS-
THIEIt" dynasty. In 1814 it was restored to
Prussia, and in 1815 became a canton of the Swiss
Confederation, certain purely nominal rights beinc,
reserved to Prussia. These rights, although
utterly valueless, were got rid of eight years ago,
and the Government of Berlin ever since ac-
quiesced in the altered state of affairs. The Neu.