The Sun.
London, England, 1858-09-03 00:00:00

Law

the resources of the Empire as a security. There
could not by any possibility be a failure, so long as
England retained its power, or consols could find
purchasers at any price in the market. The con-
stant demand for rates and taxes requiring more
than £200,000 per diem, would alone give
validity to paper which could liquidate such
incessant and pressing demands. There
could be no necessity for " convertibility " in
respect thereto, but even if it were insisted on, in
deference to the prejudices of the bullionists, the
transfer of the issue department of the Bank to a
Government-office would be attended with the
greatest benefit to the people and the Govern-
ment.

There could be no objection to the Government
notes being issued of small and convenient deno-
minations—say £l, £2, and £3—together with
fractional sums, as in Ireland. The effect of this
would be greatly to economise the use of
both gold and silver bullion, and to al-
low the accumulation of large amounts thereof
in the Government stores, so that there would
always be ample funds on hand to meet any de-
mands that might be made, and to prevent the
depreciation of the notes in any possible manner.
A strong prejudice unquestionably prevails against
the use of £1 notes, which saved the Bank in
1825, and would be willingly received at present ;
but really there can be no greater objection to their
use than to those of £5 and upwards. And if we
take the amount of sovereigns in the hands of the
public at £45,000,000—by no means an extravagant
estimate—and allow, according to the usual custom
of bankers, a bullion reserve of one-third of the
amount, there would at once be £30,000,000 of gold
" liberated from unproductive use, and rendered
available for the purchase of food and raw materials
for the employment of our population, and for all
th e purposes' to which such an increase of
capital could be applied." The mere pecu-
niary saving in the way of interest and
wear and tear, at the low rate of 4 per
cent., would be £1,200,000, a very appre-
ciable item in the new Budget ; but still a
mere trifle in comparison to the advantages that
would arise from an equable supply of currency,
and the cessation of the " fluctuations" that have
created more evils than the failure of all the banks
of issue that ever suspended payment. Hitherto
w•e have only been enabled to carry on by the
vast amounts received from California and Australia.
But for them the Act of 1844 would long since have
b een swept away. But why should we relinquish
a.ll the benefits that otherwise would be obtained
therefrom, to enable the currency quacks to retain
their crotchets, and point with triumph to the
misery and suffering of the great body of the
people, which, however, puts money in their purses,
and enables them to live in luxury at the expense
of the industrial community ?

COMPLETION OF THE COUNCIL OF
INDIA.

We believe we may state that the four vacant
seats in the Council of India have now been filled
up, and by men whose appointment will be hailed
without a dissentient voice. One is held at the dis-
posal of Sir John Lawrence, and the other three are
allotted to Sir Proby Cautley, Sir Henry Mont-
gomery, and Mr. William Arbuthnot. The first of
these three gentlemen, the most distinguished
officer of the Bengal Artillery, and constructor of
the Ganges Canal, represents the Bengal army, and
also the department of Public Works ; the second,
the Madras Civil Service ; and the third, twenty
years in the Madras Civil Service, and then a mem-
ber of the leading commercial house at that Presi-
dency, Indian commerce. It will be seen, there-
fore, that all the important interests are now
worthily represented in the new Council. Thus-----.
B Mr. Print;ep.engal Civil Sezvic©
Madras Civil Service
Bombay Civil Service Mr. Willoughby.
Bengal Army Sir P. Cautley.
Madras Army

Bombay Army Captain Eastwick.
The Punjaub Sir J. Lawrence.
The Affghan Frontier and Persia Sir H. Rawlinson
Native State . Sir F. Currie.
f Sir J. Hogg.
1 Mr. 3laenaghten,

Law.

Shipping Interests
Finance
Indian Commerce Mr. Arbuthnot.
Püblic Works

Several of these gentlemen have claims to repre-
sent other departments, as Sir J. Lawrence, Mr.
Willoughby, Sir H. Rawlinson, and Captain East-
wick, have all been politically employed, and may
therefore be said to represent the native princes ;
but on the whole, the scheme above drawn out will
probably appear to be the proper one. Certainly,
if there is any interest which requires a plurality of
representatives, it is that of the princes of India,
which has hitherto been the worst treated and most
neglected of all. But we abstain from ill omens,
and trust that with the new council all things will
be new.—Homeward 2lail.

COURT CIRCULAR.

OSBORNE, SEPT. 2

The Queen held a Privy Council this day at Osborne,
which was attended byhis Royal Highness the Prince Con-
sort, the Marquis of Salisbury, K.G., the Lord Chancellor,
the Earl of Hardwicke, Mr. Secretary Walpole, Sir E.
Bulwer Lytton, Major-General Peel, the Chancellor of the
Exchequer, Lord Stanley, the Right Hon. J. W. Henley,
the Marquis of Exeter, K.G., Earl de la Warr, and the
Duke of Beaufort.

At the Council Parliament was ordered to be further
prortlgued from the 19th of October to Thursday, the 18th
of NoveZ`'lber•

Lord Staley was sworn in Secretary of State for India.
The new Seb.ls of Office for the Secretary of State for
India were approves-I by the Queen in Council.
Mr. C. Greville was the Clerk of the Council in Waiting.
Her Majesty and the .P.rinee Consort drove out yesterday
afternoon.

The dinner party in the evening included his Serene
Highness Prince Leiningen anci Lady C. Barrington.

The Marquis of Salisbury, Lord Chelmsford, the Chan-
cellor of the Exchequer, Lord Stanley, General Peel, Mr.
tecretary Walpole, the Right Hon. J. W. Henley, Earl De
La Warr, and the Duke of Beaufort, with Mr. Greville,
the Clerk of the Council, left the Waterloo station of the
South-Western Railway at a quarter past 9 o'clock yester-
day morning, and proceeded by special train to Gosport on
their way to attend the Privy Council at Osborne. The
Ministers crossed from Gosport in the Fire Queen, and
reached Osborne about 1 o'clock.

The. Earl of Hardwicke, Sir E. Bulwer Lytton, and the
Marquis of Exeter joined their colleagues at the Isle of
Wight. _ _ _

After the Council the same Ministers who left town, with
the exceptions of the Marquis of Salisbury and General
Peel, returned to London by special train, leaving Gosport
about 5 o'clock and arriving in town about half-past 7.
Upon the evening of the 29th of August the town of
Cologne, with its magnificent Cathedral, was beautifully
illuminated in honour of the visit of Her Majesty the Queen
to that City. This compliment, which was carried out with
the greatest taste and splendour, was the spontaneous act of
the inhabitants.

The Earl of Malmesbury left town yesterday for Scotland
The Earl of Donoughmore left town for Dublin yesterday.

with his tutor, Lieutenant J. C.
rhq Royal Highness Prince Alfred has for some
R. -3,...-:. Alverbank (the residence of the late Right
months ~.I'esn staying
Cowell,
Eon. J. W. cm...l,er), near Gosport pursuing the prepara-
tory studies for the .naval service under the instruction of
the Rev. W. R. Solly. His Royal Highness underwent a
special examination befell>
fessorpreson
coat
otfh
Admiral
the Rev. Thomas Main, Pro-
Portsmouth, in the
Admiral the Hdollinno.i3;GaalleoBrlae Seymour, K.C.8., Rear-
Captain II S. Hew-
lett, of her Majesty's ship Excellent, 1.., aptam-Superinten-
dent of the Royal Naval College. The urination lasted
during Friday, Saturday,Monday,
ex,.
morning of
Tuesday last, and comptisedlonhday, and the
al jthmetic,
algebra, plane trigonometry, the subjects of
history of England, Geography, Latin,
history, and
having
navinalgl
and English dictation. His
NG'Gateroeryge7alint7 , .
torinelsaysval
Royal 'nil:hunch' Genohl.,
been declared to have passed satisfactorily
these several branches, has been appointed a
and joined her Majesty's ship Euryalus, Capt. J. W. Tarle-
ton,adet,
C. 8., on Tuesday afternoon, the 31st ult. After aleave of absence for two months, his Royal Highness will
rejoin the frigate for permanent service, and will mess and
live with the midshipmen on board. Her Majesty has been
pleased to appoint Lieut. Cowell, R.E., Governor to the
Prince, who will accompany him in his voyage.
Major-General Sir James Outram, G.C.8., re-
turned to Calcutta on the 11th July, by the steamer
Nemesis, from Galle, whither he had gone a sea trip, in
search of health.