The Sun.
London, England, 1860-12-15 00:00:00

DISTRESS IN TRADE.

One would imagine the Editors of Great Britain
were well paid for the talent they display in their
editorial leaders ; but facts prove this not to be the
case. To see, week after week, year after year,
the heart-rending distress the trade of Eng-
land is experiencing, one would be inclined to think
they were well paid for their persevering silence
on the topic of commercial disaster. Yet, I believe,
that is not the case. Another policy is pursued by
Government, answering a better purpose than
would the extra pay, by driving talent and indus-
try jointly into penury ; both are made to subserve
the requirements of a monetary power now centring
itself into a government. The literary man that
must write a long editorial column for 10s, cannot
find time to write up his own interest, much less
take any care of his own independence. Compelled
to work incessantly, no time permits an editor to
pause and reflect upon what he is directed to write,
nor whose interests he ought to advocate, save
that of his employer, to whom he must go
again and again for the receipt of his
earnings, so meagrely dealt out, so scru-
tinously exacted as to the topic to be avoided.
No mention dare they make of their own obse-
quious dependence upon their directing dictator.
Like the manufacturer of goods, he must make up
literary wares for show and display; quality
of sentiment is studiously avoided. Well spiced
with the classics and the dead languages, which
they seem ever to be resuscitating for some com-
pliment to their readers, if peradventure it be not
to themselves, they toil on, showily dazzling the
public eye with their talent—but, alas ! talent only.
A few good and startling truths, such as the policy
of Ministerialists ever driving the industrious on
to more work and less pay, by which Government
is allowed to tax and squander till all the money
has ceased to circulate, and mankind, goaded by
over-wrought brain and body, groans for the relief
which the over-wrought goo3e-quill dares not ad-
vocate. For these last 50 years all things are getting
cheaper that are the produce of men's minds and
hands. Books, printing, periodicals, journals, and
papers, leaders, manufactures of all kinds, are
cheaper—sold for less money—and all this writers
in journals will not see, or dare not say, that
reductions, barring what steam and machinery
do, reductions in prices, reduce the pro-
fits of industry, and increase pro rata
the profits of money. Who better than the man
of letters should become the man of figures ? How
inevitably must the industry of this and all coun-
tries become worse requited every day if the writers
in journals do not become men of figures—calcula-
tors upon, first, their own profits, if they so prefer;
after that, calculators upon profits generally ? The
earth and the body and mind will be found to be
increasing in supply of fruits and results, but the
numbers increase also partaking of this produce,
till only exceptional producers are benefited, while
the great mass toil on in vain to see only the specu-
lator take away the hard-earned result of his
brains or hands. Money scarce, causes money to
increase in the rate of discounts. The great money
holders have only to take care and lend enough
money abroad, and by that act and deed do they
render it scarce at home, and since the home price
regulates all countries, money is thus raised con-
stantly and everywhere on the face of the globe.
Unless this great fact be mere clearly illustrated
and more generally explained by the writers of
the day, evils will grow upon all creation till life
becomes a burden and an unendurable torture.

Money is not like produce or manufactures. The
former in the course of 'time spoil, and the latter
depreciate because of fashions and styles changing
so frequently, but money never spoils by decay nor
by fashion, so that holders of money are never
forced to crowd the market by causes similar to
that of this ephemeral produce. Money, there-
fore, enjoys wondrous advantages over all things
else. By withholding money from any particular
locality or class of interests, that locality or•class
must inevitably suffer; money having been withheld
from commerce by acts of Parliament purposely
framed by a banker, now a Lord Overstone, in
order to keep money scarce, moneyists can at any
time raise the rate to a ruinous price for commerce ;
hence the general commercial distress, men fail-
ing and ruined that are not only solvent but doing
good trades, that would be self•sustaining were
fair play extended to them by having just money
laws.

£30,000,000 and over is locked up in Chancery ;
so much iu bankruptcy, in taxes, in tithes, in
poor rates, and national debts.
If foreign loans were contracted in 1821 to
1825 by Spain, Prussia, Russia, Colombia, Portugal,
Austria, Naples, Greece, Brazil, Buenos Ayres,

Mexico, Peru, Denmark, Guatemala, and Gunada-
laxaria, to the sum total of £18,480,571, what is
locked up and sent out of England now by foreign
countries ?

Late statistics required—Which perhaps you
can supply.
What writer will tell me that the Bank Charter
Act of 1814, 7 and 8 Victoria, cap. 32, is an act for
the public good? It is an act to regulate the issue
of bank notes, and for giving to the GOVERNOR
and COMPANY certain PRIVILEGES then said to be
for a limited period, but behold how long has it
lasted !

Why has the Bank Charter lasted so long?' Be
sure 'tis because 'tis kind so to help those that have
always proved themselves quite able to help them-
selves! Poor millionaires so much need the help
of laws to enable them to add to their stores, at the
expense of the Producers, whose anxieties have
become so great by the well working of the Bank
Charter that, verily, it has crushed him to the
monied men's hard heart's content. Now having
framed a charter altogether worthy of the selfish-
ness of its promoters, finding the torture and the
wheal of mental anxiety bring the brave and the
timid alike to the shrine of their precious golden
idolatrous Dona Maria, it must last long. So good
a patron saint as a Bank Charterist must ever last;
but the worthy sons of toil fail not to want
money at high prices. So the goodly lady of
Threadneedle-street gets, 2, the separation of, the
issue from the banking denartment—no small boon-.
3. The proportion of silver bullion to gold not
to exceed one fourth boon No. 2. , All persons
may demand gold bullion at £3 17s. 9d. Boon
No. 3 is that by which money is made scarce by
being convertible. No one better than this bank-
ing lord
,knows the great boon that is thus con-
ferred, but for which money would be sufficiently
abundant for all demands, and the misery avoided
that now amounts to torture.

•
Little as was enjoyed before when one half of
the issue was permitted, money, is made more
scarce and worth more, by allowing in boon No.
4, in the Act No. 4 " The Bank may increase
securities in the issue department, and issue ad-
ditional notes equal to one-third of country notes
ceased to be issued."
But boon No. 5 in the Act No. 7, exceeds all
things for a daring immunity that is a disgrace
to so respectable a body corporate. Of all insti-
tutions, " The Bank can better afford to pay their
rightful quota to the taxation of the country."
It never ought to have been allowed, then, that
in Act No. 7, the Bank, be exempted from stamp
duty, or composition on their notes. What for ?
I should like to know, since in clause No. 8—
another boon No. 6 The Bank is allowed to
deduct £lBO,OOO per annum on the charge for the
public debt. Is this not enough, in all conscience,
without.exempting them from stamp duty ? But
we must know that the Bank makes its own Charter,
and the Charter issues forth to the innocent people,,
a hopeful child of their own creation. One clause is
worthy the chivalrous knights of old, so unselfish
and exemplary it is to all seeming • views. Behold
in clause 9 the Bank to allow the profits on in-
creased circulation to Government.
But as this increased circulation was only on
one occasion permitted to take place to any extent,
this semblance of the magnanimous must also fall
to the ground.

Boon 8, in clause 10, conveys its own meaning_
New banks of issue prohibited.
Boon 9, in clause 11—Restrictions uron banks of
issue.

Clause 12—Backers ceasilig to issue can not re-
issue their notes.