The Sun.
London, England, 1858-08-20 00:00:00

4

cation than direct argument. They give all
that was put forward in its favour, but suppress
what was uttered against it, although in so doing
they withhold the views of such men as Messrs.
NEWMARCII, JOHN MILL, WEGUELIN, and others,
who expressed opinions unfavourable to the restric-
tive provisions of the ace. Even the Times itself is
indignant at this manifest partiality. It is unwilling
even to win by such means, knowing the great
power given to the opponents of the law by such
questionable and partial proceedings.
The Times, after explaining how the Committee
had " broken down their own rule," declared that
it expected, and not unreasonably, that the Com-
mittee would have done even-handed justice,
and, as they have stated the arguments in
in favour of the present law, that they would have
given the views of Mr. NEWMARCII, Mr. JOHN MILL,
and Mr. IVEGuELIN in the contrary direction ;" empha-
tically adding, " This, however, is not done, and we
profess ourselves utterly unable to understand for
what purpose this partial view of the evidence is
introduced."

We fully agree with the Times on ,this part of the
subject. It is manifest that there was unfair play,
with the object of bolstering up and sustaining the
objectionable system, and that the members of the
Committee favourable thereto shrink from openly
avowing their convictions. They know, as the Times
declares, that the mischievous theory is not carried
out by the Act, and never will be, until the issue of
any amount of notes against securities is altogether
abolished ; while in the Act the issue department
of the Bank of England remains in existence,
and private and joint-stock banks are per-
mitted to issue notes to a certain amount
without any guarantee whatsoever for their liquida-
tion, we concur with our contemporary in saying,
" if the theory is right, the act is right—if the theory
is wrong, the act is wrong." Therefore the Com-
mittee, who, being appointed to inquire into the
operation of the 1 tw, evaded the consideration of the
theory, clearly disregarded their paramount duty.

Their report must be set aside as completely value-
less, and Mr. DISRAELI will be compelled to legislate
without reference thereto.
All parties seem to have agreed on one point, viz.,
that the issue department should be withdrawn from
the Bank of England, and that it should de-
volve on a really National Bank. The making
of money, or, more properly speaking, the consti-
tuting a legal tender, is one of the most unquestion-
able of the Royal prerogatives. It should not be
given away without a full and fair equivalent, and
it seems too absurd that the national exchequer
should be called on to pay large sums for the
advance of notes issued by their authority, and
which they might just as well issue on their own
account.
If the abolition of the issue department of the
Old Lady, and the substitution of one by the State,
were the only amelioration that could be obtained, it
would be well worth having. The issue of
£20,000,000 of Exchequer notes of small and con-
venient denominations, as advanced by Mr. TwELLs

in his admirable evidence, would ensure the happi-
ness and prosperity of the working classes, by giving
that great desideratum, " a fair day's wages for a fair
day's work." These notes should not be convertible
into bullion, but by being made receivable in
taxation they would always be acceptable,
and possess the purchasing power which gives
value to every instrument of exchange. There
could be no fluctuation in their value, for they would
not, under any circumstance, be exported. No matter
what might be the foreign demand, they would
answer every domestic purpose, and save the great
body of the people from suffering severely

in consequence of matters wholly beyond
their own control. The hard calculators, who
expect to realise exorbitant profits in a crisis, will be
dissatisfied at being deprived of their unholy gains ;
but the people will bless those who have endea-
voured, to the best of their power, to promote the
interest of the industrial community, by giving them
a circulating medium adequate to their wants and

exigencies.

THE QUEEN IN GERMANY.

Her Majesty continues in excellent health at
Potsdam. There was no further telegraphic news
yesterday referring to the movements of the royal
party.