The Sun.
London, England, 1858-11-04 00:00:00

owner. If really nitional'notei of small and con-
venient denominations were issued, this useless
gold could be stored up in the public Treasury,
available for any emergency that couli possibly
occur. Mr. JAMES WILSON, an uncompromising
bullionist, has declared that the issue of twenty
million of £1 notes would be equivalent to the dis-
covery of twenty millions worth of gold in the
heart of England. There can be no question as to
the accuracy of his statement ; but still the boon is
denied, simply to please the "hard calculators," and
permit them to obtain advantages over their less
cunning neighbours.

The only 'use of gold is to adjust our foreign
balances. A very small sum only is required for
this purpose. Indeed, generally speaking, the
balance is in our favour, and we are to receive, not
to pay, bullion. The supply might safely be left
to bullion dealers, who would charge according to
the inevitable laws of supply and demand. If gold
were treated like any other article of commerce,
it would seldom or ever be either at a considerable
premium or discount, and our foreign merchants, for
whose convenience the principle of " convertibility "
is maintained, would be far better off in having to
pay a trifling premium for specie than in witnessing
the rate of discount quadrupled, and in being prac-
tically unable to obtain money for these securities
or goods, save at the most alarming sacrifices. The
only parties who could complain would be those
anxious to invest their money in foreign securities,
or to hoard it, or the " hard calculators" - who
desire to dip their fingers into their neighbours'
pockets, without being liable to a criminal indict-
ment. None of these parties are entitled to any
great amount of sympathy. The two former would
be seldom affected, save when, the evil had attained
extraordinary magnitude ; and, surely, any trifling
inconvenience that they might sustain would be
more than compensated by the welfare, happiness,
and comfort of the rest of the community, who
would enjoy that inexpressible blessing—a circu-
lating medium adequate to the wants and exigencies
of the country.

It is thoughtless to confound moderation with
indifference. There is an unusual moderation just
now in the political temper and demands of the
country, but, we believe, anything but indifference.
Our present rulers and our leading politicians will
make a fatal mistake if they overlook this distinc-
tion. There is no disposition to press what are
called extreme opinions, however strongly they may
be held, if likely to interfere with the unanimity
necessary to gain the most important points. Re-
formers almost everywhere are disposed to meet
each other. They will join to obtain what they can
agree to insist on, but this has nothing kindred
with indifference either to Parliamentary Reform,
or to an honest and truly liberal measure.
Look at all the elections, at all the meetings—
even agiiculturalmeetings—it is taken for granted
everywhere that a more just representation is

THE SUN.

THURSDAY. NOVEMBER 4, 1858.

needed, and that even Tories will propose one. The
subject is broached everywhere and under all forms.
Every public speaker seems to regard it as an essen-
tial part of his speech. Could this be if the subject
had not laid hold of the public mind? Speakers do
not select topics on which no one feels any interest,
and the presumption is that both speakers and
hearers knew beforehand that each were interested
in the subject. At the few elections which have
taken place since the close of • the session,
with Otte exception, all have witnessed that
the electors were not only expecting a Reform
Bill, but one which should comprise all the great
points of the Liberal programme, and the sons of
Peers have had to announce themselves advocates
of the Ballot and of the Church-rate Abolition. It

"What is a pound ?" That was the question by
which Sir ROBERT PEEL mystified Parliament and
procured its sanction to a code, which has twice
produced the most fearful distress and misery
throughout the entire country, and brought it to
the verge of bankruptcy and ruin; which occasioned
within a few months greater loss and pecuniary
trouble than the whole of the British outlay on the
Russian war. Sir ROBERT PEEL thought that he
solved the problem by producing a yellow coin
weighing 123 grains of gold of 22 carats. That
was unquestionably " a pound" according to the
present law, but the fallacy was in representing it
as the only possible pound that could be produced,
and in which every promise and liability must
eventually be liquidated. This was a grave mis-
take, and one that has been productive of very
injurious consequences to the nation. It is one
that led to the ill-considered law of 1819, and
to the still more mischievous supplement thereof
in 1844. It produced the panic of 1847,
when many of our merchant princes, whose firms
had taken generations to build up and
consolidate, were compelled to suspend pay-
ment when £60,000,000 to £70,000,000 worth
of property was brought within the juris-
diction of Ba,singhall-street, and virtually
sacrificed—when production ceased, mills and fac-
tories were closed, and the labouring classes were
converted from the creators and producers of
national wealth into unprofitable consumers—
when the provident persons who had saved a por-
tion of their earnings were compelled to expend
their cherished stores to sustain existence, and less
prudent labourers to cast themselves and their
families on the tender mercies of the union work-
houses—when, finally, the Bank of England was
only saved from stopping payment by a promised
indemnity for the violation of the law that had
produced, or at all events greatly aggravated, the
evils.

has all been pretty quietly done, but still it has
been done. With the solitary exception of Leo-
minster, which nothing but the Ballot can really
enfranchise, all the elected, and all the candidates
have been obliged, and most have been willing
enough, to hang out the popular flag.
It is yet three months before her MAJESTY'S
Speech is to announce that Lord DERBY means to
do something or nothing. We can hardly expect
that organisation should yet be very common. Still
we have had occasion to notice a flourishing and
active union at Newcastle, and another at that for-
midable lever of democracy, Birmingham, besides
Ballot and other Reform Societies. It is not cora-

mon with Englishmen to make great politica]

efforts till near the time for action ; the excitemennt
about the Bill of 1832 was nothing till after the
Duke's celebrated declaration, and the rejection of
the first Bill, and then even the stiffest old Tories
feared to play Dame Partington. Now, we be-
lieve that so general is the feeling that something

fair ought to be done, that should the Govern

ment either ignore that feeling, or should
they even attempt to impose upon it by some
delusive measure, they would raise a per-
fect storm in the country. Men are quiet
because they know something must be done.
For a long time it has been held to be the business
of the Cabinet to initiate and to carry through great
national measures, and there is, in consequence, too
general a tendency to leave agitation " till we see
what Ministers will do." Hence, in great part, the
moderate temper and language of leading Reformers.
They do not threaten, do not even combine, but
simply, on every suitable occasion, utter or cheer
advanced Reform opinions.
Now, we do not much care at present to urge a
more excited tone, and to kindle anything like wild-
fire ; it is not needed. Since the Reform Bill—and
it is one of its blessings—we can do our work with-
out Peterloos and Bull-rings. Quiet yet firm com-
bination is now omnipotent, and we can, if we
choose, have a first-rate Reform Bill. Why not take
the steps-forthwith to secure it ? Thee best of Mr.
BRIGHT'S recommendations, because the most prac-
tical, was that the towns of the country should
petition largely, and that Reformers should combine
and bring in their own bill, leaving Government
and the ‘Vhig Opposition to take their own course.
The first of these proposals is easily enough accom-
plished, and it would have considerable weight.
Few are the towns in which a large number of the
inhabitants would not unite to petition for further
enfranchisement, for the protection of the Ballot,
and for their fair share of representatives. Peti•
tions for these objects would be signed by millions,
and great numbers in the counties would also ask
the same thing. But we are not dogmatic. Let
all classes petition for what they think desirable,
but let them petition.

These were the terrible consequences of the
erroneous answer to the interrogatory, " What is a
pound ?" Had there been a more philosophical
inquiry, it would at once have been discovered that
" a pound" was anything which conveyed to the
possessor such a command over the necessaries and
comforts of life as the sovereign, or " pound of
amount," gave on the average of transactions.
Every Paterfamilias well knows that no inconsi-
derable portion of his income is required to satisfy
the claims of the tax-collectors and rate-collectors.
Whatever will content these inexorable creditors
will be gladly received, no matter of what mate-
rial it may be made, whether of coined gold, stamped
leather, or engraved paper. But it may be said
that he may receive a larger portion of these notes,
or tokens, than would be required to liquidate his
proportion of the public burdens. If so, the issue
of these notes or tokens, being scrupulously re-
strained within proper limits, under the authority
of a department responsible to Parliament, some of
his neighbours will require that 'which he has to
spare, and it will be freely accepted by landlord
and tradesman. The butcher and baker will gladly
exchange meat or bread for that which will satisfy
the salesman or miller. And the hatter, tailor,
hosier, and bootmaker would rejoice at being asked
to exchange their commodities for the "rags,"
which, although intrinsically "worthless," would
still possess the purchasing power.
Indeed, as the Times itself admitted two years.
since, the whole of the internal commerce of the
country might be carried on -without a single ounce
of gold ! A deposit of Conseis,:or the fact that the
notes would be received in payment of taxation,
would render them universally acceptable. This
doctrine cannot be impeached ; and yet, to the
lasting disgrace of our Legislature, it has not been
acted on. We do not economise the precious
metals. There are at least fifty millions of sove-
reigns passing from hand to hand, the purpose
whereof would be far bettor answered by £1
notes. In Ireland etr Scotland sovereigns are
scarcely ever seen, save in the hands of
some wandering tourist, and, when received
in course 'of business, are paid away as speedily
as possible. The notes for £l, £1 55., £1 10s.,
and £1 15s. are greatly preferred, and if lost or
PlAudered the value can be more easily recovered
than the sovereign, which cannot be identified after
it has once passed float the hands of the lawful

With regard to Reformers bringing in their own
bill, we should say it must do good. It would be
prepared and well canvassed some time before Par-
liament met. The thing could not be done in a
corner, nor need it be—it would be every man's busi-
ness, and let everyone that pleased have a hand in it.
Let it be subjected to the sneers of the " Leading
Journal," to the nonchalance of the Whig journals,
and to the onslaughts of the Tory journals. When
all had been heard, a great meeting of delegates
might assemble in London, and decide upon its
final clauses, one by one. The Government would

then know at least what to do. They could accept
or reject it; they could, in the latter case, send their
own bill and the country's bill to try the result of
a general election. In the latter case the course
recommended would be invaluable. A mere nega-
tive issue is a bad one to go with to the hustings,

It might eject Lord DERBY and yet decidenoihing
for the future. When the country had pronounced
that it would not have Lord DERBY'S bill, it would
not have pronoun Ced definitely what it would have.
A year would probably be saved in the passing of
the Bill, if two were sent down to the electors for
their approbation. We find fault with continen-
tals for looking to Government for everything ; but
our folly is equally great if we look to one Cabinet,
necessarily aristocratic, for a Reform Bill which
shall do full justice to the people. The people
must do their own work if it is to be well done.

LATEST NEWS.

DISMISSAL OF THE PRUSSIAN_
MINISTRY.
BERLIN, WEDNESDA .

The following members of a new Prussian Minis-
try have been appointed :
Prince Hohenzollern, President of the Council.
M. Schleinitz, Foreign Affairs.
M. Bethman-Hollweg, Public Instruction.
General Bonin, War.

The rest of the present Ministers are to be dis-
missed as soon as the arrangements for supplying
their places are completed.

THE VIENNA BANK.
We have reeeived the following telegram from

Vienna :

VIENNA, Nov. 3.

The National Bank of Austria has resumed
payments in silver according to the new currency,
105 fl. new (Waehrunq) for 100 A. old. ( Cone.
Muenze).
Five per Cent. Metalliques closed yester-
day
National Loan 86.90
Exchange on London 10.25

LORD STRATFORD DE RED-
' CLIFFE.

It appears that the vessel having Lord Stratford
de Redcliffe on board, which ran aground near

Smyrna, was not the Caradoc, but the frigate

Curacoa.

The Caradoc only conveyed his lordship to the

Curacoa.

EURYALUS AT FERROL.
MADRID, WEDNESDAY.
The Euryalus, having on board Prince Alfred,
has arrived at Ferrol.
The Epoca, an Opposition organ, states that 40
members of the Opposition have been elected.

' THE SUN, LONDON, THURSDAY EVENING, NOVEMBER 4, 1858.

the birthdayfete-of the Queen, by order., it was said,
of Concha.

The Quebec timber-market was less animated,
owing to the fall fleet not having been large.
Vessels were scarce, and freights rather better.
The following is a report of the New York
market up to the 22d :
" Cotton dull and unchanged. Sales 1,000 bales.
Midling uplands at 121 e. Flour without striking
change. Superfine state, 4 dols. 25c. to 4 dols. 35e. ;
round hoop Ohio, 5 dols. 25c. to 5 dols. 40c. ; mixed
to good southern, 5 dols. to 5 dols. 40e. Wheat
heavy, and lc. to 2c. lower. Chicago spring, un-
sound, 70. Western red, 1 dol. 2c. to 1 dol. 6c.
Southern nominal. Corn lower. Mixed western,
661 c. ; trifling lots at 67c. to 71c. Beef unchanged.
Pork firm. Mess, 16 dots. 40c. to 16 dols, 50c. ;
prime, 14 dols. 12e. to 14 dols. 50c. New bacon
quiet. Lard heavy, at 10c. to 101 e. Sugars quiet
and unchanged. Coffee ditto. Spirits of turpen-
tine dull at 45e. to 50e. from 3 dols. 75c. Crude
turpentine 3 dols. 931 c. Linseed oil heavy at 68c.
to 70c, Hides and tallow unchanged.

Freights firmer. Cotton to London, 3-16 ; flour,
171 ; grain, 52 to 6.

NEW ORLEANS, OCT. 21.
Cotton easier, but quotably unchanged. Sales
11,000 bales.