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

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
the purposes to which such an increase of
capital could be applied." °Me 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
we 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
been swept away. But why should we relinquish
all 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—
Bengal Civil Service
1 Mr. Mangles.
Madras Civil Service
Bombay Civil Service Mr. Willoughby.
Bengal Army Sir P. Cautley.
Madras Army
Bombay Army Captain Eastwick.
The Punjaub
The Affghan Frontier and Persia Sir 11. Rawlinson.
Native State . Sir F. Currie.
f Sir J. Hogg.
Law
1 Mr. Macnaghten.
Shipping Interests
Fivance
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 7e abstain from ill omens,
and trust that with the new council all things will
be new.—Homeward Mail.