The Sun.
London, England, 1858-03-30 00:00:00

TO THE EDITOR OF THE SUN.

SIR,-e-We having accepted the principles of,Free
Trade, don't let us do it by halves ; don't give pro-
tection to one class more than to another, far less
to a class who have least need of protection, the
capitalists, alias the Hard Calculators.
As we have accepted, as a sine qua non, the abo-
lition of the Corn Laws, we must also make up our
minds to forego that rather expensive t.iy, the
Bank Charter Act, as all the objects for which this
was framed have entirely failed—viz. :
Ist. It has failed to prevent the sudden contrac-
tion of the currency, by which a commercial crisis
is brought on, but aggravated it tenfold, as we
found to our cost, in the calamities of 1847 and
last year.
2d. It has failed to insure the convertibility of
the Beek of England note, for, most assuredly, it
the act had not been suspended, the Bank of Eng-
land must have stopped payment. On the 12th
Nov., 1857, the day the act was suspended, the
bullion in the Bauk was only 7,170,0u0/., whereas
its liabilities were 40,875,0001. ; these figures at
once showing the inability of the act to secure the
convertibility of a Bank of England note.
3d. It is said it checks speculation ; it does the
very reverse, it encourages speculation. When
gold flows into the Bank it immediately issues notes
to the value of the gold, thus, when there is a
great influx of gold into the country, which, by
the way, the Bank is obliged to buy, it forces its
notes out when they are not required, seducing the
rate of discount to something like 2 per cent., thus
giving at once the greatest possible encourage-
ment to speculation by the cheapness of money.
There is not a more dangerous currency than
that based on the retention of gold in this country.
It is impossible to retain gold in the country suffi-
cient for its wants. However, it is not gold, but
notes that we want. Why limit the Bank of
England for the issue of notes and securities to
14,000,0001. Look at the consequences of such a
measure. Suppose two bad harvests in succession,
a large excess of imports over exports, or any other
cause that would drain the gold out of the country,
the Bank, instead of extending its issues to the
amount of the gold so withdrawn, contracts them,
causing at once a double pressure on the Bank
itself ; creating at once a stagnation in all business
transaction, a general feeling of distrust, a panic,
the most respectable houses suspend; this continues,
say for three weeks, every day adding larger and
more numerous failures, till at last comes the
Old Lady's turn in Threadneedle-street, and there
are just two alternatives—national bankruptcy, or
suspension of the Bank Charter Act.
Ministers who have previously turned a deaf ear
to all petitions to suspend the Act, answering that
they will see the country ruined (or to the same
effect) merely to secure the convertibility of a bank-
note. At last they are coerced, the Act is sus-
pended ; it is enough, the panic is over ; the people
don't want the notes, they only want to know teat
they can get them, and confidence is again restored.
But what has it cost the country. It has ruined
thousands, stopped factories and works in every
part of the country, thrown millions out of employ-
ment or on half time, and the loss by the deprecia-
tion in the value of shares and all other property
incredible. It is a iaJld assertion, but I believe
nevertheless true, that half the farmers in the
United Kingdom are at this moment all but in a
state of bankruptcy.
, Who benefit by the Bank Charter Act ? It is the
capitalists, they who have lately pocketed the
usurious rate of 10 per cent. for their money.
Their own organ boasted same time ago that it
had made one sovereign worth two, which is equl
valent to reducing every otaer species of properly
cent. per cent., showing at once who alone are
the benefited by the act. Before the act was
paSsed the rate charged by the Bank of England
for discounting bills was never above 5 per cent.
except on one occasion, when it rose to 6 per cent.,
but only for little more than a year. This is a
fact worthy of notice. Are we again to be
subjected to all the horrors of an 1847 or an
1857 ? if we are it will be our own fault.
I say again, let us have Froa Trade, and no Pro-
tection to the monied aristocracy, I say let us 11%Vei
the abolition, the whole abolition, and nothing bat
the whole abolition of the Bank Oftener Act of
1844.

A SCOTCHNIAN.

Leith, March 20, 1858.

THEATRE IiOYAL, DEURY-LANE.

The first of the series of the Pyne and Harrison con•
carts took place at Drury-lane Theatre last evening.
Ile programme was judiciously selected, and the
orchestra, conducted by Mr. Alfred Mellon, was very
effective. The concert commenced with a symphony
by Beethoven. Madlle. Finoli then sang Rossini's
beautiful cavatina, "Una voce poco fa," in her usual
effective and brilliant style, leaving nothing to be de-
t sired, and the audience evinced their appreciation of it
by a most enthusiastic call for a repetition. Later in
the evening this accomplished artiste sang the lively
brindisi "Il Segreto" by Donizetti, and a very charming
romanza by Morlacchi, " Cara suono Lusinghier," for
which she was greetAl with the warmest demonstrations
of applause. We congratulate Miss Louisa Pyne and
Ar. W. Harrison on having..engaged so pleasing and
talented a lady, who certainly proves a very great ac-
quisition—the more particularly as we are deprived of
Miss Pyne, in consequence of a domestic aftl,ction.
Miss Arabella Goddard's performance of a concerto in
C Major, by Mozart, and Thalberg's solo on the theme
of " Home, .sweet Home," were grand, and applauded
to the echoes. Mr. W. Harrison was effective in Weber's
"Oh, 'tie a gloriou • sight to see," and Balfe's " We may
be happy yet." Miss Thirlwal, quite a young lady,
charmed her audience by the very pleasing manner in
which she sang Mozsrt's "Batti batti 1"
Indeed, the whole performances went off admirably,
and gave universal satisfaction.

MARS #.T NEVUS.—(This Day.

HAY MARKETS.

SmrnuriELD.—Meadow hay, 21 108 to 4/ ss; clover
31 lOs to 51 Os; and straw, 1/ 58 to 1/ 10a per loau
A fair average supply, and trade rather slow.
CUMBERLAND. —Meadow hay, 21 lOs to 41 ss; clover,
3/ lOs to 5/ Os ; and straw, 11 68 to 11 lss per load,
Trade less active.

WHITECHAPEL.—Meadow hay, 2/ lOs to 41 43; clover,
3/. lOs to 5/ Os ; and straw, 1/ 5i to 11 lOs per ioac.
A slow inquiry, at our quotations.

COLONIAL.

TEA.—The market is 'steady, although business is in-
active. Common Congou remains at 13,1 per
SUGAR.—A. moderate amount of business has been done
in the lower kinds for exportation, but for home consump-
tion there is little demand. In the refined market a very
limited business has been done,
_ at at about previous rates.
COFFEE —There is not much inquiry, but prices remain
steady. Plantation Ceylon continues in good demand, at
fully former quotations.
RITE.—A very limited business has been done, and only
a few lots of Bengal have been sold for export, at rather
lower rates.

Rum The business is steady, with a moderate enquiry
for good Demarara, which realised 2s 4d per gillon.
SALTPBTRE.--There is little activity to report in this
market, and the public sales announced for to-day have
been postponed. Prices may be quoted a shade lower.
TALLOW.—The market is inactive. P.Y.C. is quoted
on the spot 54s 6d ; April to June, 53s 6.1 ; and last three
months 52s 6d per cwt.

METROPOLITAN CATTLE MARKET.— ALTERATION OF
MARKET DAY.—For the future the market fur the sale
of cattle, sheep, and swine will be held on Thursday in
each week, instead of Friday as heretofore.
This South-Western Railway station at Salisbury was
totally destroyed by fire on Saturday night. The origin
of the fire is as yet unknown, but it is supposed.to hare
originated from some defect hi the gas pipes. Trains
will con.inuo to run a, usual.

TESTIMONIAL TO THE NEW BISHOP OF CALCUTTA
The masters and pupal of Alar!b ;r,.u4h College
raisin,: by subscription, amongst thenuelves, the hand-
some sum of 5001, for the purpose of presenting a tests.
minial to their highly-esteemed Ilettd-Master, Dr.
Cotton, previous to his departure for Calcutta. —Sals-
bury fourne.

DEATH Ol HoGAN, THE IRISH SCULPTOR.—We deeply
ra,;ret tue demise of this eminent artist, which took
place on Saturday inerning in Wentworth-31ace, atter a
short illness. His death is a national loss. Ile was
emphatically the Irish eculptor, and ranked in the very
first class of art—with the Gibsons, the Thorwaldsens,
and Dannekers, whose friendship he enjoyed, and whose
reputation ho would have rivalled had f rune been
more propitious.—Ritceman's Journal of yesterday,

THE CONDEMNED CONVICT AT CARMARTHEN. 7lt wil'
be lemernbered that, a: the late as-iz,s at Caz mart hen, c
man named John J,,nes was sentenced to death by Baru,
Bramwell fur a bureary, accompanied by violence upon
the inmate, who was his sister-in-law. A letter has ju_,
been received by the governor of t ;e Carmarthen gao
respiting the condemned convict during her Majesty'..
pleasure. It is expected that the sentence will be com-
muted to penal servitude for life.