The Sun.
London, England, 1858-01-14 00:00:00

LONDON, THURSDAY, JAN. 14, 1858

A very important and interesting meeting took
place yesterday at the East India House, Leaden-
hall-street, in reference to the contemplated abo•
lition of the Company's charter, and the assump-
tion, of the Government by Her MAJESTY, through
her responsible Ministers. Of course, the
Directors and proprietors were opposed to the
project 1 It was scarcely to be anticipated that
any body of men would willingly surrender the
power and patronage which they enjoyed under
the existing system, or that they would not make
every exertion to retain that which was very bene-
ficial to themselves and their friends, although it
might be quite the reverse to the countless mil-
lions who were placed under their rale, and to an
overwhelming majority of the inhabitants of
the United Kingdom. No monopoly was
ever surrendered without loud protests on the
part of those who fancied that they -*ore person-
ally interested in its continuance Sueh person.
have always endeavoured to cover their own
wishes under the mask of patriotism Without

their interference public matters could not be
properly carried on, and while they were really
looking only to themselves and their private in-
terests, it was something to be enabled to chatter
about the vast benefits they were conferring on
the community at large. It has been from the

beginning, and will be so to the end of the

chapter—from the Alpha to the Omega.
Parliament has, however, to look not merely to
the East India Company, but to the general wel-
fare of the native population of India, and also to

- .
the interest of the British community. Neither

have been promoted under the existing system,

and it is full time that we adopted a different

one, under which better prospects for the future
might be ensured. The anomaly of the double
Government has long been painfully notorious.

It led to the mutiny of the Bengal army, and the
rebellion which has not yet been suppressed.
There was no responsibility in any quarter, and
complaints were bandied about so that there was
but little chance of obtaining redress for any

grievance, however flagrant. India was virtually
held for the benefit of the Civil Service, and the
Civil Service only ; and, unless a candidate for
employment in that country had interest with
some Director, he might abandon the expectation,
without wasting his time or resources in the use•

less pursuit. Indeed, a person who had only
merit to recommend him, would have a far better
chance of obtaining a clerkship in the Treasury,
or the Customs, or a commission in the British
army, than a writership or cadetship.
Nor is the system for the benefit of the pro-
prietors, save so far as they can procure a return
for votes given at the elections of Directors.

They receive a certain rate of dividend on their
steck which will be paid, whether the affairs of
India be prosperous or otherwise. For every
1001. invested they receive, and must until 1874
receive 101. 10s. per annum, and the charge can
only then be redeemed by the payment of 2001.
Their pecuniary interests have thus been well
attended to, and any others do not merit a
moment's consideration by the Legislature.
It was the policy of annexation, inaugurated
by Lord DALHOUSIE, that mainly produced the
present crisis. No doubt inefficient administration
of justice by persons who, being bad diplomatists,
or collectors, were pitchforked into the judicial
bench, contributed to that deplorable result.
Great expectations were entertained as to what
the Noble Marquis might effect for India ; but
unfortunately for that country, and for the
United Kingdom, he lent himself to the Company,
and strained every nerve to carry out their views.
He might have rendered his name illustrious by
the creation of great public works, and facilities
for communication with this country. But now
we can chiefly speak of his sins of omission—of
what he might have done, but did not do, and
other acts of positive injustice. He also set aside
the former mode of conveying troops, which, if
continued, would have been highly advantageous
during the existing crisis.
What, we ask, can be said of the gross negli-
gence manifested with respect to telegraphic com-
munications with India 4 the ezistenca of which
would not only have relieved many anxious hearts,
but would, even within the late year, have saved
to the country more than ten times its cost.
Twu r•niects were put forward, either of
which might nay. bean properly accepted,
and would have been of imumnge service.
Both ought to have been advanced, for we ought
not to have been dependent on a single line where
there might have been a possible interruption.
The Times, in its City Article, -which we have
inserted in another part of our impression, argues
so justly on this part of the case that there is no
necessity for putting forward additional reasons in
support of its views, It is manifest that the
Government will do nothing itself, nor
will it afford the requisite encouragement
to private enterprise. The mere fact
that HAVELOCK surrendered his noble soul with-
out knowing the public feeling of England,
to say nothing of the possibility of his life being
sacrificed, the slowness of communication would
alone condemn the course of apathy and inaction
that has been pursued. We cannot, however,
place the burden on the right shoulders, or say
who is the delinquent under the present regime.
The sooner it is abolished the better for all parties
concerned, even for the East India Company, and
incomparably so for the people of the united
Kingdom and of Hindostan.

There is every reason to hope that the rate of
discount at the Bank of England will be forthwith
reduced to more reasonable dimensions. The
store of bullion, and with it the reserve of notes,
are rapidly improving, and the quasi national
establishment is underbid in Lombard-street, and
by all the discounting houses. The London and
Westminster Bank has reduced the rate for
money deposited at call to 3 per cent. for
*oo7_ and upwards, and 2 per cent. for
less sums. wh.n unexceptionable bills are
readily discounted at 4 rot- cent. out of
doors, it cannot be supposed that the Old
Lady can still exact 6 per cent. from her cus-
tomers. The payment of so exorbitant a rate
would show that they could not be in a sound or
healthy position. It is probable that a change
may be made even this day, but if not, it is cer-
tain that it cannot be long deferred.
The second suspension of the Bank Charter
Act has thus again proved an effectual remedy
against the terrible evils produced by that inequit-
able and impolitic law. It has been virtually
abrogated, and the country was thereby saved
from calamities, of which an adequate estimate
can scarcely be made. The :Times, the organ of
the hard calculators, admitted that but for the
tardy movement of the Government, the rate of
interest raust have advanced to 20 or 30 per
cent., and that an immense amount of property
must have changed hands at a heavy sacrifice by its
present proprietors. Why, then, should a system
be perpetuated that has produced or even aggra-
vated the mischief f The monetary code has been
weighed in the balance and found wanting. It
is opposed to the industrial community, and should
be forthwith repealed. Free trade in currency is
required even more than in commodities. It would
be far better to pay higher prices with increased
means than to bA tantalised by want in the sight
Everything of abundance. We had a magnificent harvest.
ondwoounl,d have been in the most satis-
factory condition, but for the drain of bullion,
and still more from its being hoarded by " hard
calculators." It is clear that all the money cuuld
not have simultaneously vanished from the
earth, and again been miraculously restored when
the emergency had passed away. It was
at the same time wanting in every part of the old
and the new world. It was not that any nation
had obtained more than its due proportion, for all
were equally embarrassed. It follows, therefore,
as a natural consequence that there must " have
been a general conspiracy of hard calculators" in
all parts of the globe to plunder their softer corn-
.

panions.
Surely then the time has arrived,
when
''''-^ British people ought to shake off the
apathy into yriz.-7... +hey have so long been sunk,
to arouse themselves to a ' lA, —"go of their