The Sun.
London, England, 1858-01-29 00:00:00

bill of indemnity for any violation Of the law.
Their organ babbled a great deal about the neces-
imared by the debts being
sity of preserving faith with creditors, as if that
in any wai pi
farthing. It might as well
paid
coatboetue
stepped between the
rail
against the man who
uttermost
usurer
frsoumobtain;2z
and his yictim, and prevented' the former
the
he had not hargaint,:
might enforce if his intenae—
:d poun
of flesh" for which
a. but which he thought he
. 1-1 victim were left to
Ile tliought
his tender mercies, to deal with as.
proper. Much valuable property was undaibted!:,7
sacrified, and many houses of unquestionable
solvency obliged to suspend payment, but this
was not sufficient. What they were pleased to
designate as " the vicious system of holding depo-
sits, paying interest, which interfered with their
profits was nob abolished by " the crumbling to
atoms of the institutions by which it was fostered."
lino ince lacirrynice. Hence the source of their
direful wrath—the escape of the mercantile and
joint-stock banking community from their toils,
defeated if not all, a large portion of their selfish
schemes.

It was on the sth of November that the Bank
raised its rate of interest t 3 the then unprecedented
sum of 9 per cent. This, however, did not suffice,
and on the 9th another increase to 10 per cent.
was adopted. All this time the Leviathan and
its servile imitators were encouraging the victims
to bear each fresh turn of the screw with equani-
mity, telling them what fine fellows they were,
and that the rate of interest could not affect any
really solvent house. The gammon was, however,
too transparent, and neither the bullying or cajol-
ing of " hard calculating" journalists could satisfy
the sufferers of the propriety of having their sub-
stance devoured, and themselves and their fami-
lies ruined, in order that usurious money-lenders
may build up enormous fortunes on the dberrs.
On the 12th November, as we have already
stated, the Government interfered, and only just
in time to save the Bank, which was forthwith
obliged to avail itself of the permission
thus obtained, and to issue a further sum
of 2,000,0001. on securities. The relief was
instantaneous, or would have been so, but
for the impolitic condition with which the boon
was clogged. "The interest should still be main-
ttined at 10 per cent." Even when the Act of
Indemnity was introduced, that was made a sine
qua non, and an amendment proposed by Mr.
MALINS, authorising the Bank to reduce the rate
of interest without the act being thereby annulled,
was rejected by a considerable majority.
It was on this account, probably, that the exor-
bitant rate of 10 per cent. was retained for more
than six weeks, namely, until the 24th December,
when there was a fall to 8 per cent. This, how-
ever, did not go far enough, and on the 7th
January there was another tumble to 6 per cent.,
the variation within a single fortnight being thus
no less than 41. per 100/. in the rate of interest,
a change greater than the wildest imagination
ever conceived. In another week, on the 14th
inst., there was a further reduction to 5 per cent.,
and yesterday the rate was fixed at 4 per cent.,
from whence there must be a further reduction
within a brief period.
Never at any time were there such fluctuations
within five weeks, the fall being from 10 to 4
per cent. Even as yet commerce has not
revived from the terrible blows it encountered,
and those who, a few months since, were hoarding
their superfluous wealth, are now eagerly looking
oat. for eligible investments on far less favourable
terms than they could then have obtained.
Before the passing of the Bank Charter Act, the
rate for a century and a quarter never varied
beyond the limits of 4 and 5 per cent., with the
exception of a few months is 1838-9, when
it was raised to the then exorbitant rate
of 6 per cent. Merchants, traders, and
manufacturers could then make their calculations
with safety. But now legitimate speculations
are converted into gambling transactions that will
give enormous profits or enormous losses. No
wonder, then, that we see adventurers springing
up, and by their reckless dealing casting discredit
on commerce. All these evils may be directly
traced to the hateful effects of the monetary codes
of 1819 and 1844. The latter has greatly
aggravated the mischief produced by the former.
This will appear beyond the possibility of doubt
in the discussions that must speedily take place ;
and we earnestly hope that the people may be
sufficiently awake to their own interests, so as to
insist on the immediate repeal of this obnoxious
law, and the introduction of a better and more
equable circulating medium adequate to the wants
and exigencies of the country.

We have at last something which may be called i
new on Church-Rates ! something which really
will repay a perusal by all parties who feel inte-
rested in that question. Some facts clearly as-
certained, and put in an admirably clear light ;
and, will our readers believe it--=-some, really not
many, figures so arranged that the most per-
functory reader will feel their force at once. We
refer to the lucid and unanswerable statement
laid before Lord PALMERSTON on Wednesday, by
Dr. FOSTER, when an Anti-Church-Rate deputa-
tion from all parts of the country waited on his
lordship to counteract the misrepresentations of
Lord SHAFTESBURY and the committee of laymen,
made not long ago to the Premier.
Whatever Lord SHAFTESBURY and the Premier
may think, Church. Rates though an old subject
are not a worn-out one. People are often impa-
tient of discussion about them, for the very good
reason that they think no discussion can be
needed. The great majority of laymen look upon
Church-Rates as a parson's crotchet ; they know
that if the Rev. Rector or vicar would but let them
alone, they could just put their hands in their
pockets and raise without more ado all that is
wanted ; but the Rev. Rector is ex officio chairman
of the vestry, and the Rer. Rector likes the usual
assertion of his right to " take tribute of the
Philistines," and the Churchwardens—well, they
must even be good Churchmen and do what the
Rev. Rector tells them ; so, a vestry is called, and
a rate is proposed, and if none of the Philistines
interfere all is done as good Churchmen ought to
do the thing. Dissenters, if there are any in
\
Parson
the
sthorp or Squireham, grumble and pay, or
Perhaps pay without grumbling because shop cus-
tom
or tenancy of a farm depend on meek
subjection.

But all Dissenters are not so meek. A great
many of them cannot get rid of an Englishman's
characteristic resentment of an overcharge, or an
unfair charge. A fee, where no service is rendered,
or a disproportionate
:t evenne,
a
not
thought have
ave to put
'toll over a
bridge doeswherehfeact,
a get
of somethingextra palpable for
gall him
his money, in
charges where he thinks he should petty
his hands in his pockei-, vex and
all proportion to their money value. Arand this of
no doubt the secret of Dissenters' irritation s'h
i 8
Church-Rates, and most thoroughly do we sympta ,
thise with them. Had our reighbonrs of Exeter
Hall, and all the con venticles of London the power
to levy conventicle rates on us, while we repaired
uur own churches and paid for our services, we
know that we should be but too ready to show
even if he returned
the collector the door,