The Sun.
London, England, 1858-11-23 00:00:00

Where does the gold go to ? In what secret
vaults or hiding-places is it ( :oncealed ? It cannot
easily be destroyed, and few would be tempted to
cast so valuable a commodity, giving the possessor
so great a command over the necessaries, comforts,
and luxuries of life, into the .sea, or otherwise per-
manently deprive themselves thereof, without ob-
taining a satisfactory equivalent. There might be
an ebb and flow thereof from one country to an-
other, but the general stock could not be materially
diminished. Indeed, considering the vast quanti-
ties collected in Australia and California, and other
auriferous regions, there must be a steady addition
in every year, which would speedily produce a sum
of no ordinary magnitude. It would follow, there-
fore, as a natural consequence, that when there had
been a heavy drain on the metallic wealth of one
nation, there should be a corresponding increase in
that of some commercial rival. But such was cer-
tainly not the case during the commercial crisis of
last year. It was at the same time low water in
the banks of England, France, America, and every
leading nation of Europe. Credit was practically
annihilated, production was arrested, commerce
paralysed, and every working man who could be
spared thrown out of employment. The money
had vanished, no one knew how or where; and,
inasmuch as the paper issues were reduced by an
equal amount, the Bank of England was obliged
to increase its minimum rate of discount to 10 per
cent.—to restrict its accommodation far below the
wants of the community, even at that extravagant
price; and eventually to obtain the authority of
Government for a direct infringement of the pro-
visions of the Act ! And yet at this very time
there was a dearth of specie in Paris, Amsterdam,
Hamburg, and throughout the entire continent of
Europe, and in all parts of the United States. No
one would acknowledge its possession, although
many " hard calculators" were enabled to find
means for availing themselves of some alarming
sacrifices that were tendered for their acceptance.
The sudden accession of bullion was scarcely less
astonishing than its departure. The moment that
the money market became comparatively easy the
private hoards were produced. The rate of discount
rapidly fell. The stock of bullion and the amount
of notes unemployed were greatly augmented, and,
'nirabile dictu, specie made its appearance simul-
taneously in other leading cities. It was, in fact,
as if it had been swallowed up in an earthquake,
and again cast to the surface in every direction and
in every quarter. This proves beyond the possi-
bility of doubt that the results must have been
produced from hoarding, either- through gross
ignorance or deliberate intention. The former
might be excused. We may pity and despise the
dense stupidity that led to such untoward events,
but those who designedly assisted have no more
justification than wreckers who hang out false
beacons to lure ships to their destruction, and who,
provided they gain something for themselves, are
utterly indifferent to the ruin they may inflict
upon others. They may be designated sharp men
of business, hard calculators, or otherwise, but no
name will sanction such unwarrantable pro

ceedings.
This hoarding is inseparable from a metallic
currency possessing intrinsic value, which may
either be concealed or melted down at any moment.
If men wish to indulge in the luxury, they should
be prepared to pay for it, by giving a pre-
mium when gold is scarce and dear,
the only time when the disposition will
be indulged—save by some few misers. Others
may be disposed to send it out of the country as a
matter of speculation, and surely they, of all others,
should be compelled to pay a handsome price for
the privilege, which would abate, if it could not
altogether abolish, these unpatriotic gains.
A morning contemporary, in a very able article,
has recently pointed out the great increase, both

in trade and revenue, of other nations, and con

ciders that these indisputable facts may accoun

for the absorption of gold. That it was, in fact,
required as fast as it was provided; and, by stimu-

lating trade, had created such a demand for it to

carry on the enlarged business, that, to the surprise
of those who expected a great monetary revolution,
its `•alue was lessened, and in many articles there
was a fall rather than a rise of prices. There has,

unquestionably, been a vast increase of commerce

throughout the civilised world, and, doubtless, a

demand was thereby occasioned fora portion of

the gold, just as the discoveries of COLUMBUS and
his followers not only found the metal treasure, but

also a mode for its employment. But -when money
was scarce and dear, commerce also languished.

The circulating medium. was diminished in every
kingdom. It was neither in the hands of the cora-

munities, nor of the public banks or treasuries.

Trade and commerce were starved for want of the very

ifc-blood of industry, and we were gravely assured
" hard calculators" of the highest weight and

position, that it was " capital," not " currency,"

hat was wanting, and that the nation could not

hope to recover from its prostrate condition until

the capital was again forthcoming, that is to say,
until the gold was again restored to light from the

various places in which it was concealed.

A sound domestic currency for domestic use
should be the great desideratum. That, as we have
repeatedly pointed out, could be obtained by issuing

national notes of small and convenient dcnomina-

tions, which would be receivable in payment of
rates, taxes, customs duties, and every domestic
demand, and which would, like Exchequer Bills or
Consols, be secured not only on all the property,
but all the labour of the nation. There would be
no temptation to hoard money of this description,
nor to purchase it for exportation. The amount
being regulated by Parliament in proportion to the
taxation which it would be required to defray, would
remain nearly equable, and interest would not
vary more than it did for the 140 years pre-
ceding the Bank Charter Act, Gold would be

but hesitates ; not to give them, unasked,
an extremely iv. holesome bit of his mind—
quite a tidbit. Ite abominates them_—he con-
fesses as much frankly. —he cannot for the
life of him Abide the ,'n. Nevertheles if they do so
and so—he will support them cord lly. It is al-
most the same with the ex -Minister for the Colo-
nies, the veteran politician who is still reluctant to
be called veteran—reluctant as a dim-sighted dandy
might be to take to spectacles, or a bald-headed
buck to assume a Nvig, however ambrosial—to wit,
the Right Hon. HENRY LABOUCHERE. Listening
to those s• peeches about reform, reading them, musing
over thei n—one can't help thinking (as applied to
them in t lie Ministerial view) of the old classic adage
" _Rs est ab hosti douri." Yet, at the same time,
one remembers also the wisdom latent in that
equally classic apologue of the ancient fabulist, in
which the old man and his piss figure so amusingly.
The advisers of the Crown are doubtless all this
while—or they are going counter to their antece-
dents as men of prudence—quietly, silently, delibe-
rately 'preparing for the session before them--
looking less, let us hope, to the spurious, and, in
some particulars, it may be, insidious recommenda-
tions of their numerous advisers, than to the neces-
sity of the times, the dictates of their own con-
sciences, and the general interests of the entire
community.