The Sun.
London, England, 1858-01-09 00:00:00

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authorised to make to the extent of 3,000,0001. by
Lord Liverpool, the Premier, and Mr. Robinson,
the Chancellor of the Exchequer.
In 1847 and 1857 the panics were ended by the
Act being suspended, which diminished instead of
increasing the quantity of ready money during an
efflux of gold, and (its natural accompaniment) a
state of general discredit.
Can stronger evidence be given of the impolicy
of the great principle of the Act of 1844 of dimi-
nishing the issue of ready money in times of panic ?
Bank notes are, then, wanted not as currency, for
trade being pat alysed less currency is required, but
as a means of satisfying debts already incurred.
Ten years ago we placed in the title-page of a
pamphlet, entitled " A Remedy for Monetary
Panics," this significant sentence :—" A deficiency
of the legal tender, to meet the credit liabilities of
the country in times of general disorder, and not a
deficiency of the currency, the cause of monetary
panics ; and an increase of the legal tender, but
not of the currency, the remedy,"---and all subse-
quent experience has confirmed the correctness of
the opinion. _

In Prance, where truly they manage these things
better, the proper remedy of au expansion of sound
paper money, instead of a contraction has bebn
acted upon ; in ordinary times the Bank of France
is unlimited in its issue of notes of 201. and up-
wards, and by a recent enactment they are em-
powered to issue notes of 2 . and 41. In America,
the Government has been compelled, from having
no specie to pay its servants, to follow the same
course a expansion by using Treasury notes to the
amount of 4,000,000/. The rate of discount in
France and America has returned to what it was
before the panic, whilst Great Britain is still strug-
gling under the pressure of the Act of 1844. The
minimum rate of the Bank of England being yet 6
per cent. This state of monetary affairs, acting on
a stagnant trade, will cause the gold set at liberty
in France and America to flow here, and lead to
the most violent fluctuation and reaction in the
value of money ever known. Merchants should
open their eyes, and no longer be bamboozled and
outwitted by the Lord of Moneyocracy ou a subject
so vital to their interests as money.
(To be continued.)

THE LATE GENARAL HAVELOCK.

In no part of the empire has the sad news of the
death of the gallant Havelock caused more regret
than at Windsor Castle ; and the Queen's regret
has been increased by the reflection that the hero
was carried off before he could become aware of her
Majesty's generous intentions in his regard, and of
the honours and rewards which a gracious Sovereign
and a grateful country designed to bestow upon
him, in recognition of his transcendent zeal,
activity, and services. We may now state what we
have more than once hinted—that it was the Queen's
determination to raise him to the peerage ; and we
understand that, on hearing of his death, her
Majesty at once expressed her intention to take his
family under her especial protection. Parliament
has already declared its wish to provide for the
eldest son by making the pension of 1,0001. a-year,
proposed for his father, inheritable by him ;
and we have reason to believe that apartments
in Hampton Court Palace will, as soon as pos-
sible, be granted to Lady Havelock and her
daughters, together with a pension of 5001. a year.
—Court Circular.
One of the first notices in the order-book of the
House of Commons on the re-opening of Parlia-
ment is the proposed annuity of 1,0001. Perhaps
it will now be granted to his widow, and afterwards
to the present baronet. It was to commence from
the 7th December last.
SUNDERLAND, Thursday Evening. The news of
General Havelock's death reached this, his native
town (of which Bishop Wearmouth forms the
southern part), this morning, and caused a very
wide spread feeling of sorrow. The minute bell of
the parish church was tolled throughout the fore-
noon, and the union-jack was hoisted half-mast
high on the tower. A proposal has already been
publicly mooted for erecting, by subscription, a
monument to the deceased hero, on Building-hill, a
picturesque eminence overlooking the publie park
of the borough.