The Sun.
London, England, 1858-01-19 00:00:00

-7 11 r
=-74
LONDON,

the same point ; and it is more than probable that
the Absolutist doctrine would not have been quite
so strongly developed but for that deplorable and
infamous attempt. It is only natural that consi-
derable political capital should be made there-
from—capital that will be readily accepted by
many of those who call themselves " friends of
order," but who do not take the trouble to inves-
tigate the true state of the case, or to take any
but a merely superficial view of the subject.
Louis NAPOLEON has done so. The shrewd tact
which he has frequently displayed was never more
clearly perceptible. He has thus been enabled,
without evoking a spirit of opposition amongst
his more enlighteued subjects, to declare that
" danger does not exist so much in the excessive
prerogatives of power as in the ahsence of repres-
sive laws ;" or that he could speak of the "liberty
which, in place of enlightening, of controlling,
and ameliorating, becomes in the hands of
partisans a weapon to overturn."

_
The doctrines of autocracy are breathed in
every sentence. " Opposition" is to be suppressed
in any form, and at any cost. The sic solo, sic jubeo
principle must be fully established. There is but
one dominant will that can be permitted
to have scope, or to obtain expression. All others
must yield. Even the tacit protest of an elected
candidate refusing to take his seat can no longer
be tolerated, and the memory of the illustrious
CATAI*NAO is assailed by the allusion to " perms
who proudly boasted that they were enemies of
national institutions (that is to say, of despotic
authority), deceiving the electors by false promises,
and, after having fraudulently obtained their
suffrages, repelling them with disdain." This is
made the pretext to demand that the Chambers
should not permit such a scandal to be repeated,
and that they should " 'compel every eligible person
to swear to the Constitution before he becomes a
, candidate."

This is following the Kansas precedent, where a
solemn declaration in favour of ." the domestic
institution" was required as an indispensable
qualification for a seat in the Legislature. These
oaths or declarations may be regarded chiefly as
the most convincing evidence of weakness. Any
Government based on public opinion could not
require them, and would allow the most perfect
freedom of action to the electors and to their
chosen representatives. It need not ask for aid
in seeking means " to reduoe extreme and factious
opposition to silence."

It is said that another attempt is to be made to
establish a stringent alien law in the United King-
dom, and an Extradition Act, which will prevent
our country from affording hospitality to political
refugees from other lands. It may be made, but
it will not be successful. We shall gladly punish
the guilty, no matter whether English or Foreign-
ers ; but we will not destroy the sanctuary that
has been so long a place of refuge for the destitute
and afflicted of all nations. While in this coun-
try, there must be obedience to our laws and in-
stitutions ; but we shall not accept suspicion as
proof of guilt, or drive from our shores those
who seek it in good faith and honour. No
one should respect the principle more than the
EMPEROR himself, who owes his present high
and palmy position to the firm and unyielding
adhesion of Great Britain, aye, and of Switzer-
land, to that sacred and glorious principle. All
the vigilance of his own police proved inadequate
to prevent the foul and dastardly attempt against
his person. Why then should we lend ourselves
to a fruitless onslaught, by which thousands of
P.m). ...Id,' 'Esvouslv inured in
the vain atom Lo preventcogormies, - j ,
criminals by undue means. The EMPEROR himself
is too well acquainted with the constitutional laws
of England to suppose that such a project could
be carried out. The mere proposition would hurl
from office the strongest and most popular Minister
that ever directed the National Councils, and
whatever the toadies of the EMPEROR may say in
depreciation of our English law, we tell them
fearlessly that we shall be prepared to defend them
to the last man, and the last shilling. On this
point we re-echo the cry raised by the Barons at
Runnymede—nolumus leges A nglice mutari.

The position of the Bank of England is still
improving. The returns show vast additions to
the stock of bullion and reserve of notes, and
Government Securities, combined with a large
reduction in the " other," or private secu-
rities. This is the more remarkable as it com-
prises, the first week after the payment of the
January dividends commenced, a period when
the demands on the Old Lady are generally
very heavy.

The bullion now amounts to 13,357,1071., and
the notes unemployed to 7,540,6751., while the
other securities have fallen to 23,849,6621., a
decrease within the week of 1,811,4041., or nearly
ten millions sterling since the suspension of the
Bank Charter Act little more than two months since.
Nor is this so remarkable, as the addition to the
private deposits, which now amount to 19,124,733/,
is an increase of 4,278,8561. since the last return.
Nor is it in England only that the change is per-
ceptible. Money is becoming abundant in every
quarter. The hard calculators see that their
iniquitous game is up. They can no longer gra-
tify their cupidity by gaining possession of their
neighbour's property at less than its actual value,
and therefore their secret hoards are brought forth.
The bullion concealed, and which was no longer
discharging its functions as a circulating medium,
is at length permitted to see the light, and money
promises, ere long, to become a drug in the
market.

It was the suspension and virtual abrogation
of the Act of 1844 that produced this salutary
(thane. So long as its baleful operation was
continued the panic increased in intensity, and
matters went from bad to worse. Terrible were
the losses sustained by all but the hard calcula-
tors, who kept tight hold of their money, and
would not part with it except on the most
stringent terms. The tardy movement of the Go-
vernment, which effected a beneficial change, even
at the eleventh hour, excited their indignation. But
it proved the mischievous effects of the law, and the
almost miraculous results of its practical abolition.
Surely no persons of ordinary intellect would
continue to lay themselves open to similar injury
in future times, when by energetic action they
could destroy the teterrima cause mall at a single
blow.

Another matter is established beyond the possi-
bility of doubt. It
the
~at a conspiracy
have existed amongst is
gsthardcal must
calculators
to ruin, or at least seriously
injure, the trade and
manufacture of the country. It was impassible
that the money could have been destroyed, that
it should have been simultaneously •
wanting in
every country. According to the ordinary course
it may be taken from one place to another, but
while the stream of bullion was ebbing
from one quarter, it should be flowing
into another. But recently h seemed to
have vanished from the face of the earth. Surely,
then, this would alone be sufficient, if no other
proof existed, to show the inevitable evils of a
purely metallic currency. Gold is an excellent
servant, but a most despotic and tyrannical mas-
ter. It is exceedingly valuable for the purpose of

adjusting balances between the different nations,
but for that very reason it is altogether out of
place as a domestic medium of exchange ; and
this great truth should be enforced on the people,
who have the greatest miseries inflicted on them
for the sake of having gold in their pockets.
Never was the auri sacra fames more powerfully
illustrated. But unless a complete alter-
ation take place in the monetary code,
we shall witness a crisis even more
terrible than that through which the country has
so recently passed. This is the time for action,
land bitter will be the retribution if the golden
opportunity should be wasted or misapplied.
The organ of the hard calculators discerns that
we are about to go through another phase in the
inevitable cycle. It shows that the change
between the present quotations' and those which
prevailed in October makes an aggregate advan-
tage of nearly 80,000,000/. This, be it remem-
bered, was merely so far as the fund-holders were
concerned, and if we look to all other descrip-
tions of property, we may assume that
the depreciation amounted to fully 300,000,0001.
sterling. And thus enormous evil was produced
by the temporary concealment of some five or six
millions of bullion ! It is time that the altera-
tion may be regarded, in one point of view, as
merely nominca, for the same interest will still be
paid. The dividends and annual produce will
be virtually the same to those who could afford to
retain their investments. But it was by no means
nominal to the numerous parties who were driven
to a compulsory realisation of assets, and who saw
a large proportion of their property transferred,
without any equivalent, into the hands of the hard
calculators. It was virtually as great an
act of plunder as if the conspirators had
stopped their victims on the public highways, and
levied contributions on all who had not adequate
means of resistance. As our esteemed contempo-
rary, the Derbyshire Courier, declares, " hundreds
of persons of respectability and unimpeachable
honour, who have conducted their business
on the strictest principles of integrity and
prudence, have been ruined by the vio-
lent and sudden contraction of the currency,
which deprived them as completely of their hardly
earned property as if Government had sent a gang
of burglars into their warehouses and counting-
houses, and seized one-half their goods 1" Will
the nation suffer this system of looting to be con-
tinued ? The game is completely in their own
hands—and on the energy and activity displayed
during the remainder of the Session will depend
the result of the most momentous and interesting
question that could possibly occupy the attention
of a free people.

THE BRAZILIAN MAILS.

(BY ELECTRIC TEIEGRA2II.

SOUTHAMPTON, TUESDAY MORNING.

The Medway, steamer, with the mails from the
Brazils, River Plate, kc., is telegraphed from
Hurst. She is expected here between 11 and 12