The Sun.
London, England, 1856-11-05 00:00:00

Happily, we are not left to general considera-
tions only. Railways have been commenced in
India, and, not withstanding all apprehension, they
have begun to pay, and to pay well, too. In the
letter from Calcutta in The Sun of the 30th ult.,
the reader may see a statement of the revenue and
exp3nditure of the railway, which, on the most
unfavourable calculation, shows a clear profit of
4i per cent., and on a better one, of 6 per cent.
The railway, too, has been but partially recently
opened, hag by no means developed its resources
thus far, and when opened as far as Benares,
the writer has the fullest confidence that it will
easily pay 10 per cent. Here is a railway under
our own Government, guaranteed, indeed, by it,
liable to no interruptions by semi-barbarous am-
bitious projects, and which, from the population
and richness of the country, must become remu-
nerative. If we must invest our money out of
England, why not employ it in our most popu-
lous and fertile colony, a colony for which, too,
every consideration of patriotism, as well as pru-
dence, would lead us to do our best ? England
is responsible for her greatest conquest, and the
best she can do for it is to spend her money there
on civilising, and at the same time remunerative,
enterprises.

While the stock of bullion in the Banks of
England and France has been rapidly diminishing
that in the National Bank of Austria has been
largely increasing. The Times' correspondent
tells us that the specie now stored in the Bank
at Vienna amounts to no less than 8,345,0001.,
being an increase of three millions and a quarter
(3,250,0001.) sterling since the beginning of the
year ; while the deficiency of the Bank of France
within the same period has bier' only 1,330,0001.,
and of the Bank of England 900,0001. ; showing
an increase in the amount held by the three great
banks of Europe of 1,020,0001. We confess,
however, that while watching the injurious con-
sequences of the continuous drain, it affords us
but scanty satisfaction to find that Austria has
been feathering her nest at our expense. Within
ten months she has increased her store
of the precious metals some sixty per
cent. ; while, despite the extraordinary ex-
ertions made by the Western financiers, they
have witnessed their stock growing " small by
degrees, and beautifully less." The old lady of
Threadneedle-street has raised discounts to a rate
highly injurious to the comrnercialand manufactur-
ing interests, and not only does sbe charge an ex-
orbitant rate, but she has materially limited the
accommodation previously afforded. No advances
will now be made on Government Stock. A de-
posit of 3 per Cent. Consols is rejected with as
much contempt as if it were a regular " kite"
concocted by gentlemen in difficulties.; and the
Directors are busy in framing new schemes for
further restrictions.
The Bank of France has gone even further, for
they have purchased specie, which they have
forthwith disposed of at a loss—an operation that
would not elicit favourable comments from any
of the learned Commissioners in Basinghall-street,
should its affairs be brought into that agreeable
locality. But while the Western banks, with all
the advantages of the immense importations from
Australia, California, and other gold and silver
producing districts, are seeing the steady reduction
of their hoards, the Viennese managers are laugh.
ing in their sleeves, and hugging themselves at
the perverse folly of the French and English
finanders, while they are hoarding immense sums
as a provision for future calls.
There is an adage that declares that
"The children of Holland take pleasure in making
What the children of England take pleasure in breaking."
The child in this case is indeed " the father of
the man." The child of Austria is prudently
accumulating that which the child of England is
se recklessly squandering. But how does he
achieve this great desideratum. Simply by the
use of " worthless rags," an inconvertible paper
currency, which not only answers every purpose
of domestic circulation, but effectually cheeks any
protracted drain of the precious metals. Russia,
in like manner, has her paper roubles, and she,
too, is replenishing her stock of bullion at the
expense of her quondam opponents.
The monetary condition of England at this
moment is worthy of attentive consideration.
Notwithstaading the extravagant price for money,
or rate of discount, and the stringent regulations
respecting further advances, she had, according to
the last return for the week ending the 25th
October, but 9,637,5691. worth of bullion in
both departments. Should the drain continue a
few weeks longer it may be reduced as low as
it was in October, 1847, when the celebrated
letter was issued, virtually suspending the Act of
1844. Even on the 23d of the month, tho day
on which the panic reached its culminating point,
8,312,712/. sterling was still available, and yet
the distress and difficulty were perfectly unpre-
cedented. There was a wild, despairing cry for
money at any price or on any conditions. Those
who were perfectly solvent in their circumstances
made the greatest efforts. The only hope of
the comparatively weak men was to fail with
decency. Many gigantic fortunes were dispersed
to the winds, and thousands and tens of thousands
of respectable families reduced to the utmost
misery and privation.
The simple act of knowing that the Bank had
the power of getting rid of the so-called "self-
actin; regulator" of the currency, if it thought
proper so to do, forthwith alleviated the panic.
Instant relief was experienced, notwithstanding
the usurious charges—for a share in which the
Government bargained. All that was wanting
was that money could be obtained even at an ex-
travagant price. And the only surprise enter-
tained was, that a measure so obvieu•, aed so
beneficial, had not been earlier resorted to. Ter-
rible, and, in many cases, irreparable evil would
have been avoided by the adoption of a timely
remedy.

The Act of 1844 has clearly and manifestly
failed in every respect. Its Parliamentary sponsor
(Sir R. PEEL), in urging the views of its putative
parent, " Mercator," declared that its great effect
would be to insure a more equable supply of
money than at any former period. Never, how-
ever, within any similar period have there been
so many and such disastrous fluctuations. Altar-
nate contractions and expansions have taken place.