The Sun.
London, England, 1860-12-20 00:00:00

FRENCH.

Dubut, Intendant of the French Expedition, one
of his Aides-de-Camp, and a Colonel of Artillery.
These are the only names cited by General Tgna-
tieff, but the total number of victims is 19.

Mr. GLADSTONE enjoys the reputation of being—
as he unquestionably is—one of the very foremost
men of his age. He is regarded by many as not
only one of the greatest living Orators, but as also,
and according to those more ardent admirers of his,
one of the very greatest of living Financiers. For
ourselves we are scarcely disposed to look upon his
undoubtedly considerable financial capacities as in
any way equivalent to his oratorical gifts. As a
Parliamentary speaker the right hon. gentleman
can hardly enhance his fame by any new rhetorical
achievement. As an innovator in and a remodeller
of our financial system, however, we believe his
position—already no doubt in that capacity also
very remarkable—to be altogether different. He
has yet to make good his claim to be borne in
grateful remembrance by his fellow-countrymen
as one of the most memorable among all our Eng-
lish Chancellors of the Exchequer. That claim
we do honestly and firmly believe he may yet make
good if he please in spite of his many extraordinary
fiscal and financial antecedents. Towards effecting
this, he has one immense qualification—a qualifica-
tion that, to this end, is absolutely requisite. Mr.
GLADSTONE has Daring as a Financier—a Daring
that even DANTON might have admired. The clear
sweep he made (only as recently as last session) of
all the remaining " shreds and patches" of the Old
Protective System proves this very strikingly. It
is observable, however, throughout every phase of
his career as Chancellor of the Exchequer, and
it is the application of this audacity of his to
the remodelling of our whole monetary
system that we regard in our conscience
as—in reference to Mr. GLADSTONE'S future—the
one golden and enviable opportunity.

It is an opportunity, moreover, that is just
now pressed urgently by circumstances upon the
attention of the Chancellor of the Exchequer.
How urgently will be found clearly enough
explained in an article reproduced by us in
another column of The Sun of this evening
—an article that originally appeared in these
columns about a fortnight since (it was on the
Bth of this present month), and which we are
induced to reprint thus in our impression of to-
day in consequence of the numerous applications
since then made for copies of the paper in which
it originally appeared. Within the narrow compass
of that article, and of a communication addressed
to us about the same time by Mr. HAMER STANS-
FELD, a very able letter that we also reproduce in
our journal this evening, one aspect of the really
momentous subject here referred to will be found
(in a manner) to have been exhausted.

Would that Mr. GLADSTONE would recog-
nize with a glance of his better judgment the

opportunity that is actually and directly before
him ! There is that new bronze coinage as a veri-
table case-in-point immediately before him and
before us all. There is the new penny—of the
value of a very little more than one farthing
that is now declared by the fiat of
the SOVEREIGN in Council to be worth about four
times its intrinsic value to be worth not one
farthing, but to be worth four farthings !
What has been done in regard to the " half-
pence" may surely, in reason, be done quite as
well in regard to the silver and gold, in regard
to threepenny bits, fourpenny bits, sixpences,
shillings, florins, half-crowns, crown-pieces, half-
sovereigns, and sovereigns. Common sense tells
us that not only may this be done, but that it
ought to be done. We have "tokens" in bronze
—let us have tokens in silver alloyed—let us have
tokens in
gold alloyed ! Let us have one pound
notes let
us have two pound notes—just as we
already have five
and notes re
—.
told of a Bank of
pound notes and ten pound notes,
presenting property of yet greater
and greater value
fabulous
i
in some rare instances to
an amount almost
as . For there are tales
England note for £lOO,OOO
having been, once upon a time, framed and glazed
and hung up in the drawing-reotelof a millionaire.
Now that the bronze coin has absolutely violated
the principle involved in the enactments of 1819 and
1844, the rest should follow—the rest must sooner
or later follow by necessity. When the happy day
does dawn at last upon our revived and remodelled
system of Finance—we may be rid, at a single

stroke of the pen as it were, of the neces-
sity for the continuation of the detested In-
come-tax, while the rivets will be broken and the
shackles thrown away that now oppress and weigh
down both the national Credit and the national
Currency, and, as a consequence, the national
Prosperity.

A new coinage is an event that always
excites considerable public attention, and calls forth
a great diversity of opinion as to its merits, The
new copper coinage is an exception to the rule.
All the details of its size, appearance, " image, and
superscription," have been minutely criticised. As
far as our own opinion goes, we think the head too
large, and the reverse excellent. It is altogether
a pretty coin, and for lightness, freedom from
unpleasant odour, richness of colour, infinitely
preferable to the old copper coinage.
But these are trifling advantages compared with
the recognition which this coinage affords of the
complete absurdity of the principle that the in-
trinsic and nominal value of money should go
together.
Lord LIVERPOOL, the founder of the bullionist
currency school, laid it down as a principle that
all money is not only a medium for the exchange '
of commodities, but " itself at the same time the
value or equivalent for which goods are exchanged."
Acting on the principle of Lord LIVERPOOL, the
Government, in 1798, employed Mr. BOULTON to
coin copper pennies, halfpence, and farthings
of intrinsic value. A pound of copper was coined
into 18 pence, 36 halfpence, or 72 farthings. The
Soho Mint poured into circulation not less than
1,200 tons of copper. But this copper money being
of intrinsic value, it became worth the while of
dealers in copper to melt it down. This was ac-
cordingly done ; the expense of the coinage was
thrown away, and the country was again
subjected to the inconvenience of a deficiency
of copper money. In 1805 another issue of
copper money took place, and the principle of
intrinsic value was tampered with-24 pennies,
instead of 18, being then formed out of a pound
of copper. On the same relative scale of value 48
half-pence, or 96 farthings, were coined from a
pound of copper. These coins not being absolutely
of intrinsic value, were found to remain in circula-
-1 tion ; they answered the purposes of money much
better than the coins of really intrinsic value had
done. They were neither melted nor exported.
As time passed on these coins, however, became
much worn and defaced. That did not prevent
them from discharging the functions of money;
they passed for the exchange of commodities. But
the bad condition of the coinage afforded facilities
for putting fictitious coins into circulation. In the
Session of 1859, therefore, Mr. GLADSTONE intro-
duced a bill for making anew copper coinage. This
coinage has just been issued. The metal is a kind
of bronze, containing copper, 65 parts ; tin, 4 ; zinc,
1. And whereas in 1798 a pound of copper was
coined into 18 pennies, and in 1805 into 24 pennies,
a pound of bronze is now coined into 48 pennies.
A penny of 1860 is half the weight of a penny of
1805, and three-eighths of the weight of one of
1798. The new bronze coinage is, to all intents
and purposes, a mere token. The intrinsic value
of a penny of this coinage is less than a halfpenny ;
i.e., with a halfpenny's worth of copper bearing
the Mint stamp, a penny's worth of debt can be
legally discharged, or a penny's worth of taxes
paid.

This money can be useful only for domestic cir-
culation; to the foreigner one bronze penny is only
a piece of metal worth less than a halfpenny. But
what renders it comparatively valueless as a com-
modity is its excellence as money. The bronze
penny will discharge perfectly its functions of
money, for it is not liable to be hoarded, melted,
or exported.

It is expected that a considerable sum of money
will be saved to the country by the issue of this
cheap and convenient copper coinage. The silver
coinage is at present also not of intrinsic value.
But why should its nominal value approximate so
nearly as it does to its intrinsic value ? If you
have a little penny why not have a little shilling P
It may be said that the crime of coining would
increase. Experience has shown that if we have
a well executed coin, and the Mint does its duty
in discovering and punishing the coiners of base
money, the crime may be kept within the average
limits of delinquency.
But the most important consideration remains.
Why, if we have copper tokens for a penny, and
silver tokens for a shilling, should we not have gold
tokens for a pound ? Why should we not have
the cheapest and the most convenient token for a
pound—namely, a one-pound note ? The disad-
vantages of such paper money are entirely phan-
toms of the bullionist imagination. The advan-
tages are many and great. Were an amount,
demonstrated by long experience to be perfectly
safe—such as 20 millions—of bank notes issued,
under the sanction of Parliament, receivable for
taxes, these notes would maintain their value.
Government, which issued them for a pound each,
would receive them for a pound. They would, in
fact, be less liable to fluctuate in value than a gold
sovereign is. Foreign trade would be carried on,
as it has ever in reality been, by barter. A
foreign merchant who brought commodities to sell
in this country would receive bank notes and ex-
change them for the commodities which he wished
to carry back. If he wished to carry back gold
he would exchange the bank notes at a bullion
merchant's for gold at the market price of the
day. The advantages of bank notes, from £1 and
upwards, for domestic circulation would be
many and great. Unlike gold sovereigns
of intrinsic value, they would not be hoarded
or exported, but would remain in circula-
tion, discharging the functions of money. The
effect would be that the country would suffer no
more from the exportation of a ton of gold than it
*does from a ton of iron. The pernicious system of
raising the rate of discount, and contracting the
currency, in order to force down the price of all
commodities, and bring back gold to the country,
would be at an end. Trade and commerce at pre-
sent exist•in this country under the constant
dread of a monetary crisis and a panic. Such
would no longer be the case. A short time since
the exportation of a few millions of bullion to
France caused the rate of discount to be raised to
six per cent. If political events in the United
States cause a drain of gold from England, or
should the large corn importations cause a few
more sovereigns than usual to be temporarily with-
drawn from the Bank, a monetary pressure will
recur. Anything which causes a drain of gold
immediately disarranges our whole commercial
system.

This monster evil of modern times is owing
entirely to the currency crotchets of the PEEL and
OVERSTONE school of philosophical quacks. An
end can be put to the evil any day by making the
gold sovereign as completely a token as the copper
coin now is, or as the silver coin, with a little alte-
ration, would become. We defy the whole race of
bullionists to prove that any serious evil conse-
quence would follow.

We find comparatively little from which we need
express dissent in the latter part of the PRESIDENT'S
Message• It is occupied chiefly with the foreign

policy of his administration, and financial matters.
Great Britain has the honour of occupying the Brat
place in his mention of foreign States, and of
course we cannot dispute our claim to such a mark
of respect. Our international relations are declared
to be of the most friendly character, and so they
ought to be, since, though the San Juan affair
remains a subject of negotiation, we have conceded
all that Americans chose to ask. We had rejected
a treaty because the Senate intro duced amend-
ments after the two Governments had agreed on
its terms—but we had to repent, t o swallow all
that the Senate, as well as the Cabinet of Washing-
ton demanded, and to sacrifice the Bay Islands—
so of the right of search, and of everything. If
we will but let the Americans absorb San Juan
also, the friendly relations will doubtless continue.
Finally, our PRINCE in his 'teens hae the honour
of a place in the PRESIDENT'S Message, as a pro-
moter of " the kindred and kindly feelings which
Mr. BUCHANAN trusts may ever actuate the Go-
vernment and people of both countries and their
political and social intercourse with each other."
France comes next ; she, too, has done homage
to the determination of our cousins to have it all
their own way—she has agreed to consider French-
men who have become naturalised in the States as
exempt from conscription ; and, considering how
strict the conscription law is, and how easy it is to
be naturalised under the law of the States, this is
very obliging on the part of the French judges and
EMPEROR. With Russia, the States are now, as
always, on terms of most affectionate friendship.
Spain does not afford quite so much cause of con-
gratulation ; unless "relations of a less dangerous
character" may be so viewed. As with us on the
Central American question, the Government had
arranged what seemed a very fair scheme for settling
certain claims on the Spanish Government, but the
Senate would not ratify the convention. Au irre-
sponsible Senate, whose members no one out of
America knows, are a more convenient instrument
for bullying foreign Governments than a President
and his Cabinet, who have some regard for
their reputation with foreign Governments and
nations. Spain had better give in at once ;
she may be sure that no compromise
will ever suit an American Senate except one to
compromise something more of a poor negro's
chances of liberty. " Give and take," with any
European Power, except perhaps dear Russia, is
out of the question. Cuba, Mr. BUCHANAN still
hankers for with unabated appetite. He does not,
indeed, as he did at the Ostend Conference, recom-
mend taking it if Spain would not sell it, but he is
quite sure Spain might as honourably sell it, as
NAPOLEON sold Louisiana to the States. He can-
, (
not forget, but he does not say, that NAPOLEON
sold it, when if he had not done so, England would
have relieved him of any dishonour in the matter,
by taking possession of it without giving him a
penny. Hence the United States got it dirt cheap
—but Spain does not relish eating dirt.
Austria, Turkey, China, and Japan follow—the
association being probably that of old unchanging
Governments breaking down under the upheaving
forces of a new order of things. With Turks and
Austrians the States are onus happy tents as could
be wished, and as Mr. BUCHANAN is quite satisfied
with the honour done to his envoy by being carted
in a prison van to Pekin, while Englishmen made
a vain attempt at the same time to force the
Taku forts, far be it from us to disturb his com•
placency with HIEN-FUNG and his Boards. The
honour of receiving a deputation from Japan our
English sight-seers must envy. We hope next
time the TYCOON will think of us. We have aome-
thing,to show if the envoys could be made to under-
, stand what they see, which was not found easy in
the States.

Brazil is very amicable; it is h Slave State,
though a comparatively humane one. But the
central States of America are not so well behaved.
Three of the minor republics, therefore—New
Granada, Costa Rica, and Nicaragua—have to
square as well as they can, the elaims of American
citizens with the American Government. Mexico
gives most trouble to Mr. BUCHANAN, as well as
to Lord JOHN RUSSELL ; a difficulty is found in
catching a Government. What with one supplant-
ing another, and two or three chiming all of them
to be Governments, it is not easy to fix responsi-
bility, even for the most barbarous murder of
Americans engaged in acts of humanity to the
wounded and dying. What, however, Mr.
BUCHANAN thinks " most important," is that
he has so managed, even in Mexico, as
to prevent the Governments of the Old World
intervening there. It would seem that, had
we thought it necessary to deprive Mexico of a
portion of her territory—that is, of course, till
she had satisfied our claims—the MUNRO Doctrine
would have compelled him to resist us even by
force ! We certainly are little likely to attempt
what he threatens us he will not let us do; but
we as certainly should not ask his leave respecting
going to war with Mexico or any independent
State in America, any more than if it was a
European State.

Having gone quite round the globe, Mr
BUCHANAN returns to Washington, via Kansas,
but we shall not stay to expose as it deserves
his smooth and pleasant description of his par-
tisan, tyrannical, and, in their working, bloody
dealings with that long-oppressed territory.
Happily the territory has been able to baffle
his fraudulent and violent efforts to con-
vert it into a Slave State, though under the
penalty of remaining somewhat longer a territory
instead of becoming a state immediately, and also
of losing a portion of its valuable lands. With the
Mormonites he succeeded better, though he owns
that he grudged the dollars it cost to bring the
Polygamists to submission.
Arrived at Washington, finance occupies his
first attention—he wants a little more money,
but a sum which not only Mr. DISRAELI
who applies the epithet to the interest of
our National Debt, but what even Mr. GLAD-
STONE and Mr. BRIGHT would regard as " a
flea-bite." The actual expenditure for the year
ending June 30, 1860, is not so many dollars
(55,402,465) as ours has been pounds. Even if we
include the total expenses of the separate states,
and deduct our National Debt from our expenditure,
Mr. BUCHANAN'S subjects would rejoice in taxation,
considerably less than half our own ! Still he needs a
little more than he has been raising ; though he will
want but 62 million dollars next year; and proposes
therefore to revise the Tariff, introducing, as far
as possible, specific instead of ad valorem duties;
as the latter give rise to very numerous frauds.
Mr. BUCHANAN congratulates the country on his
success in two respects—he has put down the
American-African Slave-trade ; not one slave has
been imported into the country this year. Also,
he has entirely put an end to filibustering ex-
ploits from American ports--(does he forget the
last little affair of WALKER which we helped to
settle). Perhaps, however, this success of the Arch-
filibuster of Ostend, must be ascribed to the well-
known policy which finds old smugglers the best
instruments for the suppression of smuggling. Or,
may we, discarding metre, paraphrase an old motto
—Quis tulerit Gracchos, de seditione sublata, gratu-

lantes?