The Sun.
London, England, 1858-08-19 00:00:00

ROYAL PRLNCESS'S THEATRE.
Under tho Management of Mr. Charles Kean.

THIS EVENING will be presented Shakspere's Play of THE
MERCUANT OF VENICE: Shylceli, by Mr. C. Kean; Portia, by
Mrs. C. Kean. Preceded by the Farce of DYING FOR LOVE.

ROYAL °Li 1, TBEATEE.
Lessees, Messrs. F. Robson and W. S. Emden.
THIS EVENING, A DOUBTFUL VICTORY : characters by
Messrs. (i. Vining, W. Gordon, Mesdames Stirling and Hughes.
After which, HUSH MONEY: characters by Messrs. F. Robson,
Lewis Ball, G. Cooke, G. Murray, Mesdames Stevens, Bromley, and
Mrs. Emden. To conclude with BOOTS AT THE SWAN, in which
Mr. F. Robson will appear.

ROYAL STRAM) THEATRE.
Lessee and Directress, Miss Swauborough.
THIS EVENING, the Comedy of COURT FAVOUR: supported by
Messrs. Emery, Belford, Poynter, Turner, Mi,ses M. Wilton, Hughes,
and Mrs. C. Melville. After which, HUNTING A TURTLE: by
Messrs. Belford, Burt, Turner, J. Clarke, and Miss M. Wilton. To
conclude with RAISING THE WIND: by Messrs. Belford, Turner,
J. Clarke, Mrs. C. Melville, and Miss E. Wilton.

CANTERBURY HALL, Westminster-road.
OPEN EVERY EVENING.—The following company of Vo-
calists are engaged for the performance of Selections from all the
popular OPERAS, MADRIGALS , CHORUSES, GLEES, DUETS, &c.,
viz.:—Miss Russell, Mrs. Badsey, Miss Brunell, Miss Ray, Madame
Bartoletti, Miss Montague, Mrs. Lawrence, and Mrs. Anderson;
Herr F. Jonghmans, Mr. Henshaw, S. Jones, J. Barker, W. Melling,
enor Antonio, E. L. Mole, Mr. Badzey, Senor Tiroli, Mr. Cozers,
Mr. ?bell, Mr. Barnard, and Mr. St. Albyn. Mr. John G. Forde,
and E. W. Mackney. Pianoforte, Mr. Cecil Hicks ; harmonium,
Mr. Courtly; Director, Herr F. Jonghmans. Commence at seven
o'clock precisely. Suppers, &c., until twelve o'clock.

HIGH-WATER AT LONDON-BRIDGE THIS Dlr.
Morning 41, min. past 9 I Afternoon 8 min. past 10

The revision of the monetary code will be one of
the most urgent, as well as the most important duties
devolving on the Government during the next session.
The Bank of England now only continues as the
National Bank on sufferance. It is subject at any
moment to twelve months' notice to terminate the
connection, and will become to all intents and pur-
poses a private establishment ; a consummation de-
voutly to be wished for, not only by the community
at large, but also by the proprietors of Bank Stock,
who would receive much larger dividends if the Old
Lady were allowed to enter into active competition
with the young and thriving establishments that have
sprung up on every side of late years.
The report of the Select Committee, to which we
have already referred, will not materially assist the
Legislature in the conclusions that must be arrived
at. That Report might, from the constitution of the
Committee, have been deemed a foregone conclusion.
Indeed it was notorious that few of the members
opposed to the Act of 1844 thought it worth while
attending. Sir CHARLES WOOD and Sir G. C. LEWIS
had it all their own way with the carefully-selected
Committee.
Before its appointment Mr. DISRAELI had called
for immediate legislation, justly insisting that there
were ample materials therefor—the masterly report
of the Lords' Committee in 1848 was conclusive on
the subject. It showed beyond the possibility of
doubt that the terrible crisis of 1847 had been greatly
aggravated, if it had not been altogether produced, by
the existing law. Ten years later there was a still
more formidable crisis. Credit was virtually anni-
hilated. Houses of undoubted solvency, and with
large balances in their favour, were compelled to
suspend payments ; all parties were hoarding, be-
cause they knew not whether they could obtain
legal tender money to defray the claims that might
bo preferred against them. Dismay and apprehen-
sion prevailed on every side. There was a monetary
panic throughout the length and breadth of the
land.

Such was the state of affairs when the Government

issued the celebrated letter of the 12th Nov., 1857.

The remedy, which was of a similar character
to that adopted on the 23th October, 1847, eventually
suppressed the disease, although, from being longer
withheld, and the conditions being more stringent,
the Bank was compelled to transgress the limits
assigned by law, and to extend its issue on securities
two millions sterling beyond the authorised amount.
Had the Government remained indifferent, the Bank
would unquestionably have suspended payment ;
and, as in 1847, so in 1857, the Ministerial interfer-
ence was solely for the sake of the Bank, and not for
that of the public.

These extraordinary circumstances naturally pro-
duced some change in the opinions of the committee,
and the report agreed on was by no means so decisive
as had been anticipated. The bullionist organ is
savage at its indecisive character. After referring
to the leading points at issue, it says—" We look for
a solution in vain." Every one of these topics is, in
a manner, treated of, but in a tantalising and
disappointing method, which glides away from
the subject just as we fancy we are going to grasp it,
aad leaves us to conclude that the Committee know
a great dial, but are going to tell us nothing.
In fact, packed although they were, the Committee
could not "go the whole hog " with Lord OvEasToNE
and the Times. They had some little regard for their
own character. They could not commit themselves
to the Act of 1844, and they would not go against it.
Thus the Report, which is neither one thing nor the
other, carries with it no authority, and is not satis-
factory to any, whether bullionists or anti-bullionists.
It may, therefore, be throw overboard, and Mr.
DISRAELI will be fully justified in legislating
on his own views, which will, we believe, give
a circulating medium adequate to the wants and
exigencies of the country, and not subject to those
numerous and violent fluctuations which have been
more injurious to the trade and commerce of the
country than the failures of all the banks of issue
that have ever suspended payment.

The Times itself has come round in some respect 3
to the opinions whicii we have so long advocated. It
sees the propriety of separating the issue from the
banking department. It is really the duty of the
State to issue that which should be a legal tender,
and it seems absurd to pay money for the use of
paper that could be more properly issued from
the State National Exchequer. It is, indeed, one of
those gross jobs which will excite the astonishment
of posterity.

Our esteemed contemporary and collaborateur the
Derbyshire Courier, as usual, offers sound and ad-

mirable suggestions on this interesting topic. It ably
reviews the constitution of the Committee, and the

character of the witnesses, so far as the point at

issue was concerned ; it shows that the reform which
would produce welfare and prosperity throughout
the entire working population of the country is only
delayed through the culpable apathy of the commer-
cial body. We regret that there should be divisions of
opinion amongst monetary reformers. Such divisions
arc, under existing circumstances, inevitable, but if
those who cannot concur with the existing code
should enter heart and hand into its abrogation, and
smooth their differences by mutual concessions, the
iniquitous system would speedily be abrogated. All
that is required from monetary reformers, to ensure
the national prosperity, i;. " a long pull, a strong
pull, and a pull altogether." Will they not give it at
the proper time ?

The advances made towards the .completion of the
arrangements of the Grand Submarine Telegraph,
arc, to say, the least of them, singularly encourag-
ing and satisfactory. " Glory be to GOD in the
highest" is the first complete salutation that has
thrilled under the awful depths of the Atlantic
Ocean between Valentia and New;bundland. It is
the benediction of the enterprise. It is an inaugu-
rative signal between the Old World and the New
World, befitting two great Christian Communities.
It is the most impressive echo there has yet been of
the angelic canticle sung under the stars upon the
hill-tops of Judea upon the eve of the first
Christmas. Gloria in excelsis Deo, et in terra (et sub
mare) pax hanzinibus bona voluntatis. Peace and good
will among men, and glory to GOD in the highest.
The words are as befittingly and as grandly there
inscribed at the head of the records of the sub-atlantic
telegraph, first among all the many future telegrams
to be flashed to and fro between England and Ame-
rics-.14, time other And kindredrucio
en:o44mnd

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THE SUN.
THURSDAY, AUGUST 19, 1858.