The Sun.
London, England, 1858-10-20 00:00:00

ROYAL LYCEUM THEATRE.'
Manager, Mr. Edmund Falconer.
THIS EVENING, EXTREMES; or, Men of the Day.
supported by Messrs. H. Vandenhoff, Emery, .1. Rogers, J.
G. Shore, and Barrett ; Miss iroolgar, Mrs. Weston, Miss
Kate Saxon.
After which the Lauri Family.
To conclude with TOO MUCH FOR GOOD NATURE :
Messrs. Emery, Rogers, Sic.
Doors open at half-past 6, to commence at 7. Box-office
open from 11 to 5 daily.

ROYAL STRAND THEATRE
Lessee and Directress, Miss Swanborough.
THIS EVENING, THE LAST OF THE PIGTAILS;
Messra.C. Selby, J. Bland, J. Clarke, &c.
After which THE MAID AND THE MAGPIE.
Followed by THE BONNIE FISH WIFE.
And MT AUNT'S HUSBAND ; Mr. Swanborongh, Mrs
Selby, Miss Tertian.
Commence at 7 o'clock.

ASTLEY'S ROYAL AMPHITHEATRE,
Westminster-road.
Sole Lessee, Mr. William Cooke.
The New Tariff :
Dress Circle, 3s. ; Upper Boxes, 2s. ; Pit, ls. ; Galleries, 6d.
Great and Extraordinary Sensation produced by the new and
brilliant Decorations—Splendid Act Drop—Magnificent
Chandelier—Appropriate Scenery.
During the week the new and successful drama of
THE BATTLE OF BOTHWELL BRIG.
With THE SCENES IN THE CIRCLE, comprising, the
evolutions and equitations of the first Professors in the world
and their unequalled Stud of Horses.
To conclude with THE POST OF HONOUR.
No fee for booking.
Stage Manager, Mr. R. Phillips.

CANTERBURY HALL, Westminster-road.---
OPEN EVERY EVENING.—The following. Company
st Vocalists are engaged for the performance of-Selections
from all the popular OPERAS, MADRIGALS, CHORUSES,
GLEES, DWETS, &c., viz. :—Miss Russell, Mrs. Badsey,
Hiss Brunel!, Miss Ray, Madame Bartoletti, Miss Montague,
Mrs. Lawrence, and Mrs. Anderson ; Herr F. Jonghmans,
Mr. Itenshaw, S Jones, J. Barker, W. Melling, Senor Antonio,
E. L Hime, Mr. Badsey, Senor Tiroli, Mr. Cozens, Mr. Bell,
Mr. Barnard, and Mr. St. Albyn. Mr. John 0. Forde, Mr. E.
Taylor, and E. W. Mackney. Pianoforte, Mr. Cecil Hicks
—Harmonium, Mr. Courtnay—Director, Herr F. Jonghmans.
Commence at 7 precisely. Suppers, &e., until 12 o'clock.
NOTICE.—The Proprietor begs respectfully to announce
that

THE FINE ARTS GALLERY,
now in course of construction, will be thrown open on
Wednesday next.

I THE WEATHER.—SUN OFFICE, OCT. 20.
THERMOMETER, IN THE SHADE.
57—highest since noon yesterday.
55—lowest this morning and during the night.
59—this day at noon.

BAROMETER-29.68.
Wm', North-Westerly ; light,with dull mild weather.

THE SUN.

WEDNESDAY. OCTOBER 20, 1858.

The objects of the " hard calculators" in support-
ing the Bank Charter Act of 1844, and stripping
the Directors of any direction in the regulation of
the issues, if not previously ascertained, would be
rendered manifest by the vituperative articles which
the Times has recently fulminated against the autho-
rities of Threadneedle-street, for refusing to reduce
the rate of discount below 3 per cent. The more the
better, perhaps, because it is compelled to admit
that, in so doing, it has "the hearty concurrence of
a large portion of our leading financiers." Because
the Bank parlour cannot be led in any direction by
the Printing-house-square coterie, and because they
have " the hearty concurrence of a large portion of
our leading financiers," there is no censure too
severe, no sarcasm too pointed, to be hurled at their
'devoted heads ! It is an impeachment of the would-
be autocracy of the Times which can never be for-
gotten, nor scarcely forgiven, unless after the most
abject submission, and adequate pledges to follow
the course indicated by " the leading journal" on all
future occasions. In fact, the Governor and Direc-
tors would have mere sinecure appointments, all
trouble being taken off their hands by the editor
find staff of the Thunderer.
It is not often, however, that there are such
complaints against prudence. They have never
been preferred against a refusal to follow the
market rate from 10 to 8,7, or even 6 per cent.
" The hard calculators" have not, while discount
remains high, squeezed the last shilling from the
hard hands of the industrial population. Then
prudence on the part of the Directors was the virtue
most highly to be lauded. There were no elabo-
rate arguments to prove that if they did not reduce
their prices in accordance with the current rates,
they would also be deprived of the power of rais-
ing them when it might be considered desirable to
check undue speculation. " Phrases of this de-
scription," uttered on behalf of prudence, are not,
under such circumstances, " the perfection of com-
monplace." Even the Times itself gives its adhe-
rence to the principle.
It is, however, exactly at a time like the present
that the Bank should resist to the utmost extent
of its power, the inflation of the money market, and
with it the creation and temporary success of a
number of bubble schemes.

In fact, as we have repeatedly stated, a mania
is as essential to the attainment of the " hard cal-
culators" objects as a panic. Without some such
event, the goods or securities purchased at really
" alarming sacrifices" could not be disposed of on
extravagant terms, or preparations completed for
taking due advantage of the inevitable mania that
must follow in due course, when the money invested
by those who have not the advantage of being
"hard calculators" in the dearest market must again
be realised in the cheapest. The sooner the Bank
follows the lead the sooner will the smash come—
too " cheap money" produces too dear money. If
money were not reduced to 1 per cent, out-of-
doors, it would never go up to 20 ; if kept above
2 per cent. in Threadneedle-street, it could not at
any tine reach 10, and perhaps the highest
variations would be between 3 and 7, as
for a century and a quarter they were between 4
and 5.

Suppose, exempli gratia, that the Bank could be
bullied or Cajolled into following every alleged
change in the rate of discount out.of-doors, is it
possible that the quotations could not be cooked
just as easily as they were respecting the sliding-
scale during the days of the Corn-laws ? Are there
not persons who would be ready and willing to do
so, if they could thereby " put money in their
purse ?" And is it not rather unreasonable to
insist on the Bank lending its own money
at a lower rate than it is pleased to set upon it,

more especially as it finds customers for all it is
-willing to advance at the higher price ? There are
still according to the last return £14,817,709, the
reduction within the week being only £304,372 ;
while to assimilate the profits between 2-i and 3
per cent., there should be an adaition of at 194 st

.!•; -. i t. • -.......‘ , r
-, vtnu i•... - -,
i, ' ~'. • • •::`''' i.k ~. or .,,
' 'O, f, ' • , ,
ir401c6414„c4:4-7S,
, 4,„, '4 ' 1 • ..,.• , AS , rieci.
#^." I, • 1. i E r '''
r , , c.'',,i,N, ''
q'' " '1 40.21 at t,A
• ....*.....-,--; ~.- •\..%., ..---,_,.