The Sun.
London, England, 1858-01-22 00:00:00

LONDON. FRIDAY, JAN. 22, 1858.

There are already indications of an approach-
ing storm. The tempest will be directed against
the right of sanctuary which Great Britain has,
and we hope and believe, ever will maintain in-
violate. The atrocious attempt at assassination
which fortunately failed, so far as the intended
victim was concerned, although many innocent
persons were seriously injured,
has afforded a
pretext for the onslaught. Bat it is a well
known legal maxim that " hard cases make bad
precedents." It is not therefore because a few
criminals have abused the privileges afforded to
them, that Great Britain should abandon the
hospitality invariably displayed to every fugi.
tive. We are not to punish thousands
of innocent, and we may add estimable persons,
because a few have disgraced thernselvel, and
thereby afforded a pretext for casting discredit on
the place where they found shelter and protection
in their utmost need.

We want no new law. Those already in force
are quite sufficient for any probably, or even pos-
sible emergency. If there be crime, it can and
will be punished, on due proof before our consti-
tutional tribunals. A conspiracy to commit a
crime in France will be dealt with as severely as
if it took place in this country. The offence
I.as been perpetrated here, and here it should
be expiated. If there be evidence to
inculpate any parties in England, they will
be arrested and committed for trial, convicted,
and Finished. tut we will not act on the
stopicioili doubts of persons who believe that they
can sustain .untainted positions by harshness and I

' despotism, if the French EMPEROR, or the
French Courts, have not adequate grounds against
any refugee for improper acts committed in this
country. We shall not bestow the slightest consi-
deration on mere unsupported " charges." Let
the witnesses be sent over ; the expense
will not be very great, nor will there
be any sacrifice of dignity. It is in
the American Courts that we should wish
to see the Filibusters prosecuted ; and in those of
. France, any French offenders (if there are such,
which we doubt) against the safety of England.
Then let our tribunals dispose of the indictment.
The principle is fully appreciated. There neither
is, nor can be, any doubt on the subject. To re-
fer to an ancient but antiquated platitude—" the
matter lies in a nutshell." If there be sufficient
evidence, the matter can be proved as easily in
England as in France. If not, the parties whom
—according to our constitutional theory—we are
bound to consider innocent until they are proved
to be guilty, must be guarded from any unfounded
or improper accusations.
An influential morning contemporary, one who
speaks not save on sufficient ground, has ventilated
the subject. The clear-headed Editor did not do
so without an inkling of that which was looming
in the future. He had ample grounds whereon
to found his observations, and where we find
certain principles dogmatically laid down, it is not
difficult to conceive that there is something in
the background which will be brought under
operation whenever the proper time arrives.
Now it may be well that Lord PALMERSTON
and all his coadjutors, and also every advocate of
" Germanism," no matter what may be his or her
position, should thoroughly understand the state
of public opinion on this interesting subject. R e
shall neither tolerate misconduct on the part of
the refugees, nor lend ourselves to unfounded sus-
picions on the part of any other Government. If
there be guilt it can or ought to be proved before the
party is punished. The verdict must be pronounced
in this country by an English jury before an
English judge. We shall never consent to act
without adequate proof. M. LEDRIT ROLLIN
claimed such a trial, and was not merely willing,
but anxious to meet the test. But his accusers
were not equally willing. They could prefer
charges—could bolster them up on evidence that
no experienced advocate would think worth an
observation. No such things could influence Eng-
lishmen. We repeat what we have repeatedly
put forward, the English law is quite sufficien.
to meet any case of criminality that may arise.
Even the parties accused will be satisfied that they
have had a fair trial, and their accusers cannot
complain of any deficiency on the part of the
tribunals. It is their part to prove their case ;
and when that is done our national courts will not '
be wanting in the performance of their duty.

Lord PALMERSTON is not to have it all his *own
way in his India Bill ; nor is the Company itself.
The Company is endeavouring, very skilfully in
Leadenhall-street, but not quite so adroitly at the
London Tavern, to have a word with Parliament
and the people, before either can commit them-
selves to an expression of opinion on the forth-
coming Government proposals. The notable Mr.
CRAWSHAY, he of foreign policy notoriety, has
been put forward to rant and declaim much in the
style in which he talked so big amongst the coal-
pits about impeaching Lord PALMERSTON ; but
finding his indictment respecting the Russian war
ignored by the nation, he hopes he has now got a
fling at his enemy, and that he may just vex and
harass him a little. It is somewhat. singular that
Lord PALMERSTON'S natal year coincides with that,
1784, the year of " Fox's Martyrs," in which
, PITT triumphed over Fox completely, and substi-
tuted his own India Bid for that of the great Whig
orator and statesman ;—Mr. CRAWSMAT and the
Hon. Directors may have some little faith in
astrology; greater men than they have had it
pretty strongly; they may think the present Pre-
mier horn with the birth of a Board of Control,
and of a scheme designed to give perpetual
existence to the Honourable East India Company ;
and they may imagine that the stars will forbid
Lord PAIXERSTOI.7 at last to overthrow PITT'S

ingenious device.
Things, however, are in a very different position
to what they were in the good old days, when
GEORGE 111. was King. There is no Lord
. TRURLOW irritated by exclusion from the Cabinet,
having back-stairs access to the SOVEREIGN, and
imposing upon a narrow-minded and thoroughly
arbitrary ruler the belief that Ministers wanted
to master the Throne—that they intended so
to strengthen themselves by the new patronage,
as that they, not he, would reign—and the fore-
most of those Ministers, too, a man whom he
hated with the relentless animosity which the
Opposition knew full well bow to use. Lord
PALMERSTON, though not so acceptable as a MEL-
BOURNE or a RUSSELL, has yet, considering his
previous misdemeanours, done very dutifully
the behests of Germany, and he must, we should
think, be on very comfortable terms with his
SOVEREIGN j net now. The Royal marriage, and the
splendid marriage portion alone, must have done
much for him. The East India Cimpany,
besides, is not so great a corporate personage as
it was seventy-three years ago. It has been
clipped and trimmed so many times that, in
1853 it had to fight hard to retain a name
and status at all. It has become an object
almost of contempt, perhaps unjustly so ; be that
as it may, it is looked upon, at least the Directors
are, as lucky men for getting hold of 5001. or
1,0001. a year for doing next to nothing, and for
possessing the privilege of a large patronage.
Even the latter is, however, now much curtailed
by the institution of competitive examinations.

The three great dangers for Mr. Fox, an arbitrary
Monarch, an intriguing Court slanderer, and a
Company in the plenitude of all its power, are all

wanting in PALMERSTON'S case.
What we suspect to be almost as little to Lord
PALMERSTON'S taste as to that of the Company, is
the spread of the opinion embodied in the amend-
ment carried by such an overwhelming majority
at the London Tavern last Tuesday. If the
Company were uulucky in seeing their. noisy
advocate, CRAWSIIAY, so completely beaten, Lord
PeureasTorr will wish his India Bill further if the
People everywhere combine Reform for England
with Reform
amendment on Mr. L for India. Here is the popular
EWIN S motion that the cure
for India's ills was to increase the powers of the
East India Company and its Directors That
meeting it is desirable to
in the opinion of the
obtain a responsible form of administration for
India, instead of the present double government ;
and also such a reform of the representative system
as will ensure an effectual Parliamentary
control over the Indian authority." Our friends
cf the daily and weekly press, whose creed is
PALMERSTON and PALMERSTON only, will find it

possibly like Fox, Lord PALMERSTON may carry
, I his Bill through the Commons by about the same
large majorities—a hundred or more—which the
great orator also commanded. The Lords and
I the people will be his trouble, though in very
I different ways. His recent appointments seem
intended to conciliate the aristocracy—to show
them that such antecedents as morals or capacity
have nothing to do with appointments for India,
whether military or political, in the case of the
order; they ought to see, on the eve of this India
Bill, that, if they pass it, the electric telegraph
will frequently carry through the ocean-depths the
all-important message, " Take care of Down."
The Lords are told by what speak proverbially
"louder than words," that the government of
India by the Crown direct, means, its govern-
ment by the Ministry direct ; that the Ministry
means the aristocracy ; and that the fat places of
the Indian Administration, civil and military,
will be the reward of the hereditarily great.
The country, however, fear just this question
of patronage. There maybe, and there are, other
important considerations, and difficult ones too ;
but the bugbear in Fox's day is the bugbear still.
It is made also a little more frightful by the
representation that not only are the aristocracy
to gain, but that the middle classes are to lose in
proportion. Much cannot be said for a system
which hitherto has placed the Indian patronage
in the bands of men as thorough nepotists in
their way as the aristocracy would be ; but a
good deal may be said against a system which
can hazard Crimean mismanagement by wholesale
in India; and which, by placing incompetency in the
highest, 'because the best paid posts, can jeopardise
the lives and the property of thousands. Much,
too, may be justly said againstaenabling a Minis-
ter to purchase electoral support by offering
Indian appointments to the sons of active men in
the smaller boroughs.
We think, therefore, it may be laid down as
an axiom, that the transfer of Indian patronage
to the Crown ought to be accompanied by an
equal transfer of effective power to the people.
Representative Reform is the only safe condition
of increasing Government patronage. If the India
House check is to be withdrawn, the popular
check must be made more efficient. If the power
of the Government is increased, that of the people
ought to be increased too. Lord PALMERSTON
probably never thought of the connection between
the abolition of the East India Company and vote
by ballet, triennial Parliaments, and enlarged con-
stituencies. They have, however, the closest
connection, and we trust it will be fully appre-
ciated ere long. Indeed, we know of no adequate
answer to the objection of increasing the Crown
patronage, but that the power of the people is
capable of equal extension. A thorough Reform
measure would trim the balance even, and would
do much to prevent the reign of favouritism and
incompetency in India.

LATEST NEWS.

INDIA AND CHINA.

THE CALCUTTA MAIL.

The following telegram was received at the

Foreign Office, through Corfu, this morning,
January 22, 7.30 A.M.

ALEXANDRIA, JAN. M

"The Candia arrived at Suez on the 14th
instant, bringing dates from Calcutta to the 25th
December, Madras, 29th December, Galle, 9th
January, and Hong Kong, IGth December, but
no news of importance. The East India Com-
pany's steamer Punjaub also arrived at Suez on
the 13th instant, with Bombay dates to 29th
December; she left the Geroze at Aden, coaling.
A small force from Delhi, under Colonel Seaton,

encountered a body of rebels at Guingeree, on the
15th December, took the guns, killed 150 men ;
we lost few men, and three officers. Again, on
the 11th December, the same column attacked a
strong force of the enemy entrenched at Putalem,
near Futieghur, killed about 600 of them, in-
cluding many chiefs ; took eleven guns with their
camp, and parted [pursuing 7] the routed enemy
seven miles. Our loss was trifling, including one
officer killed.

"Communication by post between Bombay and
Calcutta had been re-established, letters and papers
having been received.

not very easy,to pooh, pooh, the latter half of this
resolution. They feel there is something in it.
It is best perhaps at present to let it alone, to
bind Mr. CRAWSHAY over to provoke no more

"The Southampton and Prince Albert, with
troops, had reached Bombay, 12th.

"Lord Elgin's Ultimatum was delivered to
- [Some-

Yeb, who shows no disposition to

thing omitted.]
" The island of &man was occupied without

resistance on the 15th."

GREEN,
Acting Consul-General.

Wo (Times) have received the following tele-
gram from our Malta correspondent, dated Malta,
January 21, 7.30 a.m. :

" I hasten to communicate the following
telegram, just received from CJrfu in advance of
the Indian mail.

" The Australian outward mails have arrived

and gone on :

" ' ALEXANDRIA, JAN. 17.

" 'The ludia mails have arrived, with dates
from Calcutta to the 24th of December, and

Hong Kong to the 16th.

" The Putij tub has brought the mail faun
Bombay, with iutelhgeuee to the 29th.

" The Furukabad rebels have been defeated
in two engagements, in the latter of which, on
the 18th, the di,persion of the enemy was

Popular conteats, and to refrain from arguing

complete. Their guns were captured ; our loss

is trifling.

" No further intelligence from Oude.
" The 11th Cavalry mutiniel on the Ist of
December. They were overtaken near Purneah.
Eleven were killed, but the remainder escaped.
" The 17th Native Infantry are under orders
for China.

" ' Exchange at Bombay, 2i. 2 2-3 d.

" ' At Cahutt3, 2.. 20., for credit@.

" The French Admiral has proclaimed the
blockade of Canton river on the part of France.
The island of &Alan, opposite Canton, was
occupied on the 15th of December by the
English and French forces.

`" The Chinese were allowed ten days to

accept an ultimatum.

" Exchange at Hong Kong, 43, 11d. ;
Shanghai, 6.. 4-id. to 63. 6d.
" At 3 P.m, a steamer, with London mails,
has been signalled.' "

against what only is far the better for his attacks.
Opposition there will most certainly be, but

HAMBURG, JAN. 20.
. .
Six deputies of Holstein, the only reprekenta-
tires of the Duchy who are present in the Su-

THE SCN LONDON, FRIDAY EVENING, SANITARY 22, 1858

preme Council of Denmark, have proposed to the
Assembly to vote an address to the King, pray-
ing his Majesty to confine the propositions laid
down in his Royal Speech to mere administrative
affairs, and not to extend them to constitutional
questions.

Bar.scodit MONUMENT.

The Committee appointed to receive subscriptions for
the erection of a suitable memorial to the late General
Havelock and his brave companions in arms held their
first meeting on Wednesday, when it was decided to in-
vite the co-operation of the municipalities of all the chief
provincial towns in carrying out the object in view.
It is understood that the Government have been
applied to to grant a site in Trafalgar-square fora statute
to be erected corresponding with that of Sir C. Napier
on the west side of the square.
The amount of the subscriptions has been purposely
left unlimited, with a view to afford to all classes the
opportunity of doing honour to the memory of that
great man, whose words after the battle at Bithoor most
appropriately heal the advertisement of the committee—
" England shall sweep through the land. Soldiers !
in that moment your labours, your privations, your
sufferings, and your valour will not be forgotten by a
grateful country. You will be acknowledged to be the
stay and prop of British India in the time of her severest
trial."

TIIE SECO, D ESTATE VISIT TO HER MAJESTY'S
THEATRE.

The second of the festival performances " in honour ( f
the nuptials of Her R iyal Highness the Princess Royal
with His Royal Highness the Prince Frederick William
of Prussia" took place last night, and was a far more
brilliant affair than the first. The amusements com-
prised an opera and a farce, and the manner in which
Mr. Balfe's " Rose of Castilla," performed by the
Lyceum artists, was received, not merely bythe audience
at large, but by the Queen and her it ustrious guests,
confirmed what was suggested in our review of Tuesday's
representation—viz., that music is the legitimate source
of entertainment at Her Majesty's Theatre.
The following was the programme of the evening :
THE ROSE OF CASTILLE.
Music by Mr. M. W. Bala.
Words by Messrs. Falconer and A. Harris;
The Scenery arranged by Mr. Charles Marshall.
The Opera produced by Mr. Edward Stirling.
The Costumes by Mr. S. May.
Characters :
Don Pedro
Don Sall ist Mr. A. St. Albyn.
Don Florio de Santa Cruz .....
Pablo
An Usher Mr. Edmonds.
Manuel (a Muleteer)
Elvira (the Rose of Castille)
Donna Carmen
Beatrice (Duchess of Calatrava) Mias M. Prescott.
Conductor

To conclude with Mr. Charles Selby's farce of
THE BOOTS AT THE SWAN.
Characters.

Mr. Henry Higgins
Frank Friskly
Peter Pippin
Jacob Earwig (the Boots at the Swan) Mr. F. Robson.
Miss Cecelia Moonshine
Emily Trevor Miss Cotterell.
Sally Smith Mrs. W. S. Emden,
Betty Jenkins Miss Evans.
There was no interruption to the opera on her
Majesty' arrival. The whole distinguished company
were permitted to take their places just like any ordinary
individuals, and, moreover, allowed the privilege (se
seldom granted to persons in their elevated position) of
enjoying the perforosanee unmolested to the very end.
The good taste tbue exhibited by the audience cannot
be too highly commended.
The execution of the "Rose of Castille" was, on the
whole, highly efficient. A capital orchestra, under
the direction of Mr. Alfred Mellon, gave full effect
to the overture and all the instrumental accom-
paniments, while a well-selected chorus proved of
equal advantage to the finale,' and other concerted
pieces. It will be seen from the above that the cast,
with one exception—Mr. Ferdinand Glover assuming
the part of D.in Pedro, in lien of Mr. Weiss—was tLe
same as at the Lyceum Theatre. The wonderfully
finished singing of MISS Louisa Pyne appeared to be
thoroughly appreciated by the Royal party, no less thee
by the house generally ; and this was not surprising.
since atticeig the former were several musical connois-
seurs of acknowledged eminence—at the head of whom
might be cited without any impropriety the Queen of
Euglard herself. In the rapturous encore bestowed
upon the ballad of " the Convent Cell "—which Miss L.
Pyne sang more exvisitely than ever—her Majesty, if
we may judge by appearances, heartily concurred ; and
many other points of the opera—the laughing trio, so
characteristically Spanish, and the scene in which Miss
Pyne alternately puts on the simplicity of a pea,ant
and the regal demeanour of a queen, among the rest—
seemed to win her hearty approval and that of her
whole party. A second encore was awarded to Mr.
Harrison in the sentimental ballad, " Since love dwells
not in thee." The other ladies and gentlemen exerted
themselves strenuously to do honour to the oce,sion ;
and we may single out Mr. Honey's quaint D
and Miss Susan Pyne's lively impersonation. of Donna
Carmen, the Qeeen's confidant, as having elicited
particular satisfaction. The reception thus accorded
to the " Rose of Castille " by so exceptional an audience
augurs favourably for the success of another work by
the same composer (the "B .hemian Girt"), which is
about to be produced in an Italian dress, for Madlle
Piccolonaini and Signor Giuglini.
At the end of the opera Her Majesty gave the signal
for retiring, and the Royal nox was dearly empty when
the curtain rose again, and the familiar strains of the
national hymn announced the especially 193 al demon-
' stration of the night. The national hymn, with the
cherished object it apostrophises so close at band, and yet
not visible, would have been' robbed of half its signifi-
cance and charm. But the Queen would not check the
devotion of ber liege subjects, and her speedy return
to the fruit of the box, almost unaccompanied, testified
to the fact that some misunderstanding must have 113,1 to
the threatened, but, happily, unaccomplished disappoint-
ment. The re-appearance of her Majesty acted like
electricity on the house; bursts of tumultuous cheering
rose from every side' and were acknowledged by the
illustrious lady with graceful and repeated salutations.
Mr. Harrison gave the solo verses of the anthem with
energetic expression, vow after vow being echoed and re-
echoed by the audience with spontaneous enthusiasm. A
more magnificent scene was never witnessed, nor was
ever an ebullition of loyalty more genuine, unanimous,
and impOsing.
The Royal party then retired, and eter a short interval
the band commenced playing Herold's brilliant overture
to "Zarnpa." The Queen and her guests returning,
however, sooner than anticipated, the overture was in-
terrupted, the air of the national anthem substituted,
and the curtain roe() for the farce.

The impression produced upon the occupants of the
Queen's box, including her Majesty h.-rrplf, by the
inimitable drollery of Mr. Robson, as Jacob Earwig, the
deaf " boote," baffles description. The roars of laughter
that proceeded from the house, at each diverting stroke
of humour, could hardly have been more cheericg to the
actor than the less ve'nem-,ntly expressed but not a bit
less genial and unconstrained hilarity of her Majesty and
her diatinguisbed circle of relatives anti friend,. The
whole party remained until the curtain fell, an I, on
rising to depart, the Queen was once mere 1 .ndly cheered
by the audience—one of the moat brilliant ever assem,
bl,,d within the walls of her Majesty's Theatre.

EXCHEQUER J.VOTES.

(PROM A CORRESPONDENT.)

The adherents to the present laws upon the cur-
rency pertinaciously envelope themselves in their
own idea. Ali hough the most rank of the bullion-
ists admit that the British community in buy
ing and selling among aemselves, may use
anything as a standard of value, whether it be
" paper, g,ld, or cowries," they have notwith-
standing the same crarnp'd idea whenever they
dwell upon convertibility. They admit at the
same time that if a country select a thing for cur-
ency,rthat may be increased or diminished in quan-
tity arbitrarily, the prices of commodities bought
and sold by it will rise when it is increased,
and fall when it is diminished in quantity. They
having chosen gold nevertheless because it cannot
arbitrarily be increased, nor diminished in
quanti y from the original sources, thereby
acknowledge the necessity of a fixity of standard of
value. Notwithstanding all this, the Overatone
advocates will not see that regulating issues
upon gold in hand, destroys the very invariability
which gAd would otherwise possess, and for which
it was originally chosen as a standard. They have
selected the thing, gold, but have by the Act of
1841 perverted its iut insic character ; then
they fly off about foreign debts being paid " in
securities of land or property," which has nothing
at all to do with the present grievance.
Whether notes will be received as currency or
not iu foreign countries is not the question.. We
know that bills are received in foreign countries,
and as long as our imports have not exceeded our
exports, nor, rice versa, into any country, little
currency is required, for the exchange on paper ar-
ranges the settlement with few notes or sovereigns
possibly passing from one country to the oth:r.
Now the rhodorn.ontade of Mr. George Combo,
written for 1855, without revision, fit only for
1817, is rank toadyism, and altogether inapplicable
to this day.
If the Scotsman paid him the compliment of
inserting his remarks, I am certain that the Cham-
ber of Commerce wascomposed of wise heads enough
not to be influenced by the malversations that he
must have laboured hard to trump up.
The frequent mention made of the Pennsylvania
and PhiladelpAan paper, at a discount of 13 ,per
cent, appears to indicate such a bias in all Mr.
Geo. Combe's remarks, that heseems not capable of
understanding the distinctions chat must be made
between gold as a standard of value, and the labour
which gave value to the gold. Pennsylvania was
not in a difficulty by not having wealth, but by not
having a proper current representation of it check-
ing the purchasing power. It hest only to moderate
their purchased, iu keeping with their sales, such
as we have to do just now, and all specie parted
with, because of the deficiency of sales or exports
returned back again to them, as it will now to
us in England.
Within these last three years England has b?en
doing just that which Philadelphia did in 1839,
when their current bank notes fell to a discount of
13 per cent. -We have imported much more than
we have exported, consequently we have to pay in
specie the difference, which amounts, in round
numbers, to 150,000,0001. We having imported
during that time 450,000,0001., and have expottcd
300,000,0001., this has raised the value of money
to something like the same rate as that of Phila-
delphia, 12 to 13 per cent. Thins will be found to
have been about the average rate of di
counts during parts of the months of Novernbyr
and December, 1857. New we need not go
so far away to find lluvratiou of evils arising out
of over-speculation. We can stay at home and see
the same thing acted over again in 1857. The
play and the farce are analagous here to that which
was played in Pennsylvania and other states 18
years ago, but with totally different monetary laws.
There it was the result of the suspension of cash
payment, or inconvertibility ; here the panic is
the result of cash payment, or • convertibility.
Nothing can be more inopportune than Mr. Combe's
allusions to America at this particular time, when
convertibility is found to fail so completely, that
its act of Parliament is again suspended the second

time.
Instead of notes filling to a discount of 12 to 13
per cent. here, which was the case with Philadel-
phia notes, bills are here, at that discount, ranging
even higher—from 12 to 20 per cent. I presume
the paper of the Western Bank of Scotland would
be found to be far worse than were the bank notes
of Missouri, which were at 30 per cent. • discount.
There is this grand variation in the play and the
farce of this day, that then it was bankers' notes,
now it is bank speculators' and merchants' bills
that are at the woeful discount. So much the worse
is it then for trade.
'This only proves that something:, must be at a
discount when excessive credit is the result of ex-
cessive money wealth remaining in too few hands ;
for the larger the owner of capital, the larger are
the speculations which they will enter upon, and
are at all, times endeavouring to superinduce.
Now, our exports of bullion have consequently
been larder. The end of 1857 will show upwards
of 50 millions for that year, so that now more than
the 84 millions which Lord Derby mg2ntioned in
the House of Lords had been exported during the
three years—nearer 100 millions by this time must
have beers sent away. That will still leave some-
thing like 50 millions that we either owe to other
countries, or that other countries were indebted to
us prior to 1854.
Now, the proofs are before us that an extension
of some kind will take place wherever business is
done to an increasing amount ; if not an extension
of notes, there must be an extension of bills, one
or other of which will always be brought to a dis-
count when our imports exceed our exports. The
Act of 1844 does not alter the international relation
of indebtedness, nor does it cheek speculation ; but
it does one great thing, for which it was designed
by the subtle money-law makers—it has the effect
of lessening the fall of notes to a discount, but in-
evitably brings trading bills and bills of exchange
to a great discount for which the traders have to
pay and run the risk instead of the bankers, while
the bankers and usurious money lenders are the
parties benefitted entirely at the expense of com-
merce.

It might appear to some that the Bank of Eng-
land is entirely exonerated friln blame, since the
over-buying merchants gave rise tnthe exports of
bullion. Up to the. ex ent of the pF.yments in
specie to rogulate exchanges at home and abroad
that might be till case, also to the extent in which
she has not herself iuduc,,d the outgoing of bul-
; hut her loans to foreign countries during the
time when panic is ravaging our country at Lo ne,
is reprehensible. The Legislature will not be doing
justice to the nation, unless there be an open inves-
tigation into the conduct of the Bank of England
prior to the crisis and during its destructive preva—
lence.

The contraction of the currency when the panic
has reached us— when we have reached the maxi-
mum of the crisis—is a clumsy and inefficient mode
of curing the disease ; it is an aggravation of it,
not a cure. The evil is done, before the thera-
peutics come to its rescue, as the law now stands.
I know you are ever stedfast in uprooting abuses,
and equally fertile in providing honest remedies.
I now propose one, but I lament that one thing is
at a greater discount than were even the bills of
November last—thet is, virtue, integrity of pur-
pose. It is almost an act of supererogation in
these dark times, to attempt to provide a panacea,
for the evils that are, for until first principles are
recognised by a government as they are beginning
to be in BAium and Sardinia, no good can come
out of a pandemonium such as the law-makers
coming from the first, hell of magnitude in England,
viz., thi Stock Exchange ; the fertile school and
initiation of all the vies that aro speculative—
gambling, betting, and gaming.
Forlorn as it at present is I will propound ano-
ther remedy for the evils extant on the currency.
All ew exchequer notes to be issued in proportion to
the departure of bullion from the Bank of England
-leaving the Bank to retire her.issue as befire,
rseably to 1844.
Starting firstof all an issue of notes or exchequer
to the 11,000,0001. or the 14,000,0001. the amount
of government debt to the Bank. Imports a,d
exports untnterfered with are one of the causes of
bullion coming in and going out of England, I
propose that upon the monthly returns of imports
end exports, shall the issue of exchequer notes be
regulated and published ; as a premonition to mer-
chants and money advancers. As follows :—ln
January 1858, as imports exceed exports by one,
two, or three millions, withdraw the exact amount
of exchequer notes from circulation, which the
monthly returns show to be the excess of imports
otter exports,. This will be a check to the two
great interests of the country, viz,, that
of the banking interest and the commercial
interest. Issuing notes of exchequer in
proportion as bullion leaves the Bank,
will prevent the Bank lending to countries foreign
to domestic in.ere 44 which will compel her t
regard home interest first. The second, that of
withdrawing the same Exchequer issue from cir-
culation if imports exceed exports, and vice versa,
adding the same, if exports exceed impede, will
be such a check to commerce at the right time,
that all mti,t be compelled to be cautious, if Low
they are not. • Since no encour...g.iment would I e
given then to incli-criminate commerce, c -roainy
A wise legislature should compel (if they cann t
Induce) all men to regard national objects.
Tnis check to excessive speculation is indispene-
dale, bat t ice present mode of doing it, as provided by
the Act 1844, is not a preventive, it (Lea not grapple
with the difficulties as they arise, but deals with them

doubly severe after the evil has been effected. The
plan I propose would avert the approach of a strug-
gle befog e it reached a crisis, which of all things is
what we require. The very existence of such a
law as mine would in all probability prevent much
use of Exchequer notes, although there they would
be, in case of need. The Bank, finding the issue
notes of Exchequer checked by commerce, would
have no need of putting on her screw, the privi-
lege of which, of late, she has abused. They might
by law be required to retain not less than
10,000,0001. of bullion in the Bank at all times; her
fluctuations above that amount would not be so
disastrous, since, according to the above arrange-
ment, it could neither be sudden nor great at one
time.

- . .
It might 'be said that the plan of withdrawing
Exchequer notes when imports are in excess, is
taking them out of circulation just when they are
about to be most required. But that is intended,
because since the arrest is very far in advance of
what we now have, when bullion becomes with-
drawn, it can be dealt with by the merchants in
time to prevent a crisis.
This plan would-also bs a great stimullnt to our
exports, for foreign countries would be more inter-
ested in taking our goods, since the more we export
the more could we import from- them, without
interfering with our circulating medium.