The Sun.
London, England, 1858-12-08 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, DECEMBER 8, 1858.

meet every possible domestic requirement, and at
least forty million ounces of gold could be econo-
mised, and the wear and tear thereof, which comes to
no inconsiderable amount in the long run, altogether
averted. Paper has many advantages as a cur-
rency. It is lighter and more portable than gold,
can be more easily transmitted by post, and, if
lost, may be more clearly identified, and the plun-
derer brought to justice. If destroyed there is no
actual loss to the nation, and the owner, if he
adopts simple and easy precautions—keeping the
numbers correctly—may recover the full amount.
These are important matters. The small notes in
Ireland and Scotland are universally preferred to
gold, which is paid into the bank or exchanged for
paper on the earliest opportunity, and a similar
result would follow in this country, when the
superior convenience of the paper issues became
palpable to the people.
This issue of £1 notes would not necessarily clash
with the principle of convertibility. Mr. JAS. WIL-
SON, a strenuous bullionist, an unflinching advocate
for convertibility, has pointed out clearly and dis-
tinctly that no more danger can exist with one-
pound notes than those of five pounds, while at
least twenty millions of capital would be liberated
immediately from an unproductive use, and ren-
dered available for the purchase of food and raw
material for the employment of the population, and
for all the purposes to which such an increase of
capital could be applied. The only objection to
£1 notes is, as Mr. WILSON truly declared, " a mere
prejudice grounded upon the adoption of false princi-
ples half a century ago." And yet that prejudice
led to the abolition of this convenient instrument,
the use whereof saved the Bank of England from
suspending payments in 1825, and proved as effi-
cacious in enabling the nation to pass through the
monetary crisis of that year as the suspension of
the Bank Charter Act did in 1847 and 1857.

Mr. WILSON pertinently inquired, " who could
doubt the safety of paper to the extent of
£50,000,000 guaranteed by English Consols to the
extent of £34,000,000, and gold to the extent of
£16,000,000 ?" emphatically adding, " while, there-
fore, at present we economise the capital of the
country by the use of £5 notes and upwards to the
extent of £14,000,000, we would accomplish the
same to the extent of £34,000,000 or £20,000,000
in addition, by the use of £1 notes, and with the
most perfect safety. We should thus immediately
add to the effective capital of the country, to our
stock of commodities, or, which is the same thing,
our command over them, just as much as if we dug
that amount of bullion out of the centre of Eng-
land—in the same way as France will add to the
amount of her capital by extending her issues from
notes of the denonomination of £2O to those of £5;
and in the same way as Russia has, by the law of
1839, accumulated in the fortresses of St. Peter
and St. Paul bullion capital to the extent of
£19,000,000."
We have referred to these views of Mr. WILSON,
perhaps the most able advocate of the bullionist
theory, to show that there would not be the
slightest danger to the principle of conver-
tibility involved in a large issue of £1
notes. We need not say that we are
totally opposed to that principle which has occa-
sioned so much misery and suffering since 1819,
or we may say since 1816, when the preparations
for a return to a metallic standard were com-
menced by the Bank of England. We have ever
since endured many serious evils from the suppres-
sion of small notes, and the spasmodic efforts to
bring back gold when it had been taken from us
by ether countries, in whose hands we placed the
power of doing so whenever they thought proper.
For this purpose discounts have been advanced to
ruinous rates, which no person could pay out of the
legitimate profits of business. Merchants, manu-
facturers, and traders have been compelled to sell
their stock at much less than cost price. Mills and
factories have been closed, and the working popu-
lation thrown out of employment, and compelled
either to expend the savings which they had pro-
vidently accumulated for old age, or to resort to
the tender mercies of the Union Workhouse. The
aura sacra fames has produced all the mischief. We
have sacrificed many victims at the shrine of the
idol, and yet there are myriads who hug their
chains, and will not be contented to accept any
benefit that would get rid of the convertibility of
the bank note. To such persons we commend the
views and arguments, of Mr. WILSON, proving the
perfect safety of the issue of £1 notes to their
darling system ! We should, however, greatly
prefer taxation paper, which should be a legal ten-
der in every domestic transaction. Gold should
then be treated as a commodity, which would bring
1 a fair price in accor !lance with the laws of supply
and demand ; and. which any foreigners de-
sirous of obtaining, or any nation wishing to
hoard, should pay for at the fair valne. The
variation in price would be comparatively trifling,
and far less disturbit ig to our foreign trade than
the changes in the rate of discount, and the difficulty

of obtaining money at almost any price .= even un
exceptionable securitie s.

THE FIRST B. RITIS.H. MINISTER

TO CHINA.

We believe we may announce that Mr; Horace
Rumbold is appointed her Majesty's Minister at

Pekin.

THE C,4111P, AIGN IN O UDE.

The following is Lois 1 Clyde's Proclamation on
.aking the field :

" OCTORER 26.

" The Commander-in-C 'hief proclaims to the people
of Oude that, under the orders of the Right Hon.
the Governor-General, la comes to enforce the law.
"To enable him to effE et this without damage to
life and property, resista] ice must cease on the part
of the people.
" The most exact discipline will be preserved in
the camps and on the ma: rch ; and when there is no
resistance houses and en Jps will be spared, and no
plundering allowed in a -e towns and villages.

" But wherever them is resistance, or even a
single shot fired against the troops, the inhabitants
must expect to incur ik ,e fate they have brought
upon themselves.
" Their houses will IJe burnt and their villages
plundered.

" This Proclamatic includes all ranks of the
people, from the Talc plzdars to the poorest Ryots.

" The Commander -in-Chief invites all the well•
disposed to remain in their towns and villages
where they will bet lure of his protection against
all violence.

" CLYDE."

The Prince Sehaba taf has left the Clarendon for
he Continent.

The Earl and Coun to ss of Darnley have arrived
at Claridge's Hotel, from L 1 )bham Hall, near Gravesend.

Lord Stanley left toy
Park.

:n yesterday for Osterley

The Bishop of Durh:o i has arrived at Claridge's
:otel, from Auckland II ,e, Durham.

The Hon. Mr. and ' :s. Sydney Pierrepont have
arrived at Claridge's He %Al , from Evenly Hall, Brackley.

Sir Brook and La( 1.1 ;Bridges have left the Clar
endon, for their seat in Sent.

Sir George and L ady Dashwood have arrived at
Claridge's Hotel, from West Wycombe Park, Bucks.
Chevalier Miniat( ) has taken his departure from
the Brunswick Hotel, I 'or Paris.
Far, uquphi ;•
Nanodrwfoaomd.ily have arrived at
the Queen's
T
Qiueex: N.
otel,eH . -

LATEST NEWS.

AUSTRALIA.
(BY ELECTRIC TELEGRAPH.)

LIVERPOOL, WEDNESDAY MORNING.
The Marco Polo arrived in the Mersey this
morning, with gold equal to £187,000 sterling.•
She left Melbourne on the 10th of September.

COUNT DE MONTALEMBERT.
The Times' Paris correspondent (second edition)

says :

" I hear that the decision come to yesterday at

the Cabinet Council was, that M. do Montalem-
bert's appeal should be allowed to come before the
Court, and argued, but that the answer to it will
simply be the Emperor's pardon, which, it will be
pleaded, covers everything—the penalty imposed
by the Police Court, as also the possible effect
of the new Penal Law, popularly known as the
Loi des Suspects. If such be the pleading, it will,
I suppose, be so ruled by the Court. I have no
doubt whatever that the Government are most
anxious to get out of their unpleasant position as
best they may."

The following telegrams have been received at

Mr. Reuter's office :

MARSEILLES, TUESDAY.

Letters received from Naples assert that the
King has offered to the Western Powers to re-
establish diplomatic relations by sending Ambassar
dors mutually. England has replied that every-
thing would be subordinate to a satisfactory regu-
lation of amnesty.

Lord Stratford de Redcliffe has remained a
Naples, and has visited several Princes.

MADRID, DEC. G.

It is not true that General Sanz has proposed in
the Senate a vote of censure against the Govern-
ment. The fractions of the Opposition in the
Senate have formed a coalition, and will vote to-
gether.

A commission of the Senate disputes that the
speech is in conformity with the unanimous opinion
of the Government.

Three per Cents. closed 43 50.
Ditto Deferred, ,31" 40.

FRANCE.

PARIS, TUESDAY.
It is generally understood that the French Chain
bers will meet about the sth of February.

The Emperor has received a letter from the Duke
of Saxe Meiningen, announcing the marriage of
the hereditary prince, his son, to the Princess Feo-
dora of Hohenlohe-Langenburg.
The Journal de r Aisne publishes the following
letter addressed to the editor by the widow of the
late Marshal Loban, who was Aide-de-Camp of the
late King Louis Philippe. It is dated Paris,
December 4 :

" I learned this morning only, and with extreme
surprise, the error committed with respect to me
in the number of your journal, of the 29th of
November last, where my name is inserted in
the list of persons invited to Compiegne. However
improbable such an announcement may appear in
the position so exceptional in which I am placed,
I desire, sir, that you will rectify the article as
quickly as possible.

" The Marechale Countess of LOBAII."

The Count de Paris leaves Claremont to-morrow
for Seville, in Spain, where he intends spending
the winter months with the Duke and Duchess of
Montpensier.
BOURSE, Dec. 7.-:-Threes have 'been quoted to-
day ex dividend, and improved -rapidly. There
was also a general rise on other speculative securi-
ties. Threes, after having been done at 72f. 70e.
ex div., are now at 73f. ; Mobilier varied from
905 f. to 982 f. 50e. ; Austrian, 645 f. (to 647 f. 50c.;
Orleans, 1,392 f. 50c. to 1,397 f. 50e. ; Northern,
992 f. 50c. to 997 f. 50e. ; Southern, 577 f. 50c. to
582 f. 50c.; and Lyons, 880 f. to 812 f. 50c. The
upward movement continued until the close, when
the following were the quotations :

ti per Cents. 97
Do. end montk
3 per Cents 73 10
Do. end month 73 20
Bank Shares 3lBO
Credit Mobilier 987 50
Do. Account 990 —.

Credit Fonder 675
Belgian 41
Piedmontese (5)
Roman .
Austrian —
Spanish Threes
Home Debt

RAILWAYS.

Cash. Account.
Orleans ' 1395 .. 1400
Northern
New ditto. B4O .. 840
Lyons and Mediterranean ......
New ditto —

Geneva .. 625
Midi —
Southern
Western 612 50 .. 610
Eastern
Grand Central
Sardiniaa
Austrian

Exchange on London, at sight, paper, 25f. 121 c. ; money,
25f. 10c. ; three month a, paper, 24f. 95c. ; money, 24f.
90c.

CANDIA.

The Journal de Constantinople publishes an
article on the subject of the affairs of Candia
which has all the appearance of being a " commu-
*nicated" note After. stating that the Porte has
done everything in its power to pacify the public
mind by granting the just requests of the Christian
inhabitants, it says
We nevertheless see with regret that the feel-
ings of the people are not in such a state as they
ought to be. An active propagandism has been
carried on, tending to withdraw them from their
duties ; arms and ammunition have been landed
in the country ; and agitations have taken place
which cannot but be attended with the most disas-
trous consequences for the inhabitants of the'
island. The Turks who are dispersed in different
parts of the country, being alarmed at those indi-
cations, are again thinking of taking refuge in the
towns and fortresses. We hope that if those pro-
jects exist, notwithstanding all the solicitude
evinced by the Sultan's Government, the good
sense of the mass of the people will know how to
repulse them. Under any circumstances, the Go-
vernment keeps a careful watch and is well pre-
pared to meet in Crete, as on all other points of;the
territory, every state of things which bad passions
and ideas of disturbance may give birth to."

with the conditions imposed on responsible editors,
will'allow certain offences to be tried by juries, and
will not render the signature of articles obligatory.
The arrival of the Grand Duke Constantine at
Madrid was expected.

M. de Baladine, the Russian Envoy to the Court
of Vienna, arrived in that city on the 2d. The day
after he paid a visit to Count de Buol, and was to
have a private interview of the Emperor two days
after.

WEST .COAST OF AFRICA.

PLYMOUTH, DEC. 7.

The Steam Navigation Company's mail-packet
Ethiope Capt. A. P. French, arrived this morning.
Her dates are—Cameroons, Oct. 29 ; Old Calabar,
Nov. 1; Bonny, Nov. 3 ; Lagos, Nov. 5 ; Liberia,
N0v..15 ; Sierra' Leone, Nov. 20. .

. ,
Her cargo includes a quantity of ivory and palm

A meeting was held at Sierra Leone on Nov. 12
for the organisation of a vigilance committee to
raise funds for the employment of an agent in Eng-
land to advocate the cause of the colonists at large,
in order to obtain the same rights which are en-
joyed by her Majesty's subjects in other colonies of
the British empire.
Trade is very dull in Fernando Po, and dissatis-
faction is expressed by the settlers on account of
the Spanish Government having converted the is-
land into a penal settlement. The majority of the
settlers propose migrating to a new settlement to
be called Victoria, in Ambrose Bay, on the main
land.

There is no commerce at Cameroons, OM Calabar
or Bonny. Kings Palma and Coobra occupy oppo-
site banks of the latter river, and are at war. Palma
had seven war canoes afloat ; Coobra did not ap-
pear while the Ethiope was there.
At Accra the war has ceased with the Crobbies,
who pay £lO,OOO sterling.
A French vessel has been to Liberia shipping
slaves, called emigrants. H.M. steamship Alecto
and the United States' frigate Niagara were in the
reads, and the Liberian Government had applied to
them and had received protection. It is stated that
the French vessel has since left the coast.

H.M. steamship Vesuvius sailed from Fernando
Po for Lagos on Oct. 24th. A Spanish transport
had arrived at the island with troops and con-
victs. Her Majesty's steamvessel Myrmidon had
been condemned; her machinery is removed. The
Vesuvius was at Lagos on the sth of November.
The Sharpshooter had passed to the leeward.
The Alecto was at Liberia on the 15th of Novem-
ber. The Trident and Spitfire were at Sierra Leone
on the 20th ; the Alecto had arrived from Monrovia.
The outward African mail steamship Athenian
arrived at Sierra Leone on the 24th Oct., and pro-
ceeded for the leeward coast.

vv
Merchant Shipping--At Fernando Po, the barque
Recife, discharging coal. At Cameroons, the Eliza-
beth Emily and Lotty Sleigh. The Belle, yallop,
sailed Oct. 23, for Rio Bento. At Old Calabar the
Paramatta, Roderick Dhu, Africa, Northumberland,
Eudracht, Thornhill, and Golden Age. The Decima
left Oct. 25. At Bonny, the Ferozepore, Earl
Derby, Albro', Magnolia, Mississippi, Grand Bonny,
Sunshine, Empress, and Clan-Gregor ; the brig
Seneca. sailed Nov. 2, and the ship Royal Arch Nov.
6, both for Liverpool. The screw steamer Mallacho
was sunk on the bar, her masts only were above
water. At Lagos, the Hamburg ship Lagos ; the
brig Black Prince had sailed for Benin. The
Athena was discharging coal at Sierra Leone, and
the American barque Turk of Salem was at anchor
in the river Gambia.
Dr. Inglis, R.N., is come home in the Ethiope
from Sierra Leone.