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

ROYAL PRINCESS'S THEATRE.
Undo. tho Mstno.gement of Mr. Charles Kean,

THIS EVENING will be presented ihaksperJs-Ray of TUE
MERCHANT OF VENICE: Shylock, by Mr. C. Kean; Portia, by
llr.t. C. Kean. Preceded by the Farce of DYING FOR LOVE.

lIDYAL t TLEATRE.
Lessees .ILssr4 F. Robs-u end W. S. Emden

TATS EVENING, A DOUBTFUL Trfuiciif7ciTaracters by
Messrs. C. Yipin;., W. Gordon, 3losdames Stirling and Hughes.
After which, HUSH MONEY: characters by Messrs. F. Robson,
Lewis Ball, G. Cooke, 0. Murray, Mesdames Stevens, Bromley, and
Mrs. "linden. To conclude with BOOTS AT THE SWAN, in which
Mr. F. Robson will app ar.

ROYAL STRAND THEATRE.
'Lessee and Directress. Miss Swanborough.
THIS EVT—NING, the Comedy of 'COURT FAVOUR: supported .)
Messrs. Emery, Belford , Poy nter, 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 LVELY EVENING.—The following company of Vo
ralists are engaged for the perfoimanre of Selections from all the
popular OPEP.A3, MADRIGALS, CHORUSES, GLEES, DUETS, &e.,
P.!' =ell, Mrs. Balsey, Miss Brunell, Miss Ray, Madame
Partoletti, Miss Montague, Mrs. Lawrence, and Mrs. Anderson;
Herr F. Jonglimans, Mr. Henshaw, S. Jones, J. Barker, W. Melling.
enor ntonio, 1,. Mule, Mr. Badzey, Senor Tiroli, Mr. Cozens,
Mr. Bell, Mr. Barnard, and Mr. St. Albyn. Mr. John G. Forde,
and B. W. ma,kney. Pianoforte, Mr. Cecil Hicks ; harmonium,
Mr. Courtnay ; Director, Herr P. Jonghmans. Commence at seven
o'ctoC precisely. Suppers, &c., until twelve o'clock.

ma-a
-WATER AT LONDON-I.IIIIDGE THIS DAY.
Morning 91 min. past 9 Afternoon

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
memPt3t 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
be 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 25th 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, I
and the report agreed on was by no means so decisive
as had been anticipated. The bullioniat 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,
and leaves us to conclude that the Committee know
a great deal, but are going to tell us nothing.
In fact, packed although they were, the Committee
could not "go the whole hog" with Lord OVERSTONE
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-bulliouists.
It may, therefore, be thrown 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 respects
to the opinions which 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 prcduce 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, is " a long pull, astrong
pull, and a pull altogether." 'Will they not give it at
the prcper time ?

Tl.e advances made towards the_completion of the
arrkingements of the Grand Submarine Telegraph,
are, to say, the least of them, singularly encourag-
ing god 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 Newfoundland. It is
the benediction of the enterprise. It is an inatigu-
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
Ch,-istmas. Gloria in excelsis Deo, et in terra (et .sub
mare)pa:t korninibus bona voluntatis. Peace and good
will at.lcl'36* men, and glory to GOD in the highest.
The wore
are as befittingly and
s
as grandly there
inscribed a
t the head of the records of the sub-atlantic
telegraph, fi 'rst among all the many future telegrams
to be fltrAhed ,
'D and fro between England and Ame-
Sea—a 9 those ,Iper and kindred words emblazoned

- 9t
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4

THE SUN.
THURSDAY, AUGUST 19, 1858.