The Sun.
London, England, 1858-10-11 00:00:00

the history of the world we should, of all things,

like to have written for us by the pen of the founder
of British Columbia, himself—the famous author,
now Her MAJESTY'S Colonial Secretary.

For lack of higher game the Times has fallen

!oul of one of its own correspondents.

The full

measure of its wrath is expended on the devoted
head of " A Country Banker," to whose very clear
and able communication it gave insertion on Friday
last. Nor is it satisfied with simply scalping its

victim—it deems it essential to execute a war

dance over his Prostrate remains, and expends its
indignation on the senseless corpse—and yet
the " Country Banker" is clearly a bul-

lionist, nay, more, a " hard calculator,"
which ought to have induced immediate
fraternisation with the organ of the body. He

does not seem to calculate the possibility of money

being too dear. I-s cheapness is all that he com-
plains of. He does not advocate " the interference
of any Chancellor of the Exchequer, should the

rate of discount be advanced to 10 or even 20 per
cent." That is perfectly legitimate, " a consumma-

tion devoutly to be wished." But he regards
the phases of the matter through a banker's, not
a merchant's, manufacturer's, or working man's
spectacles ; and only perceives the hardship
of having the " rate of usancc " diminished,
of discount being forced down below 3 per cent.,
and he consequently impeaches the act in one par-

titular without discerning that the awkward
admission, the " coup matsque," is calculated to
prove fatal to the entire system.
The Times, which at first gave admission to the
letter without, perhaps, fully comprehending its

meaning, has at length ascertained the grave mis-
take it committed, and now strives to retrace its

`ootsteps by assailing that which it deemed

worthy of publication. And it took three entire

days, from Friday to Monday, to satisfy it of its
error. It is more than probable that an article in
The Sun of Friday evening may have had some-
thing to do with its conversion, and that a solemn
conclave of " hard calculators" had been convened
to sit in judgment on the document that, horribile
dicta, appeared in the Times, the very Times itself.
The full effect of the novel doctrine had to be dis-

cussed in all its bearings. It was discovered
that if discount could not be permitted to
fall below three per cent., it could not possibly
go up to ten per cent., while, on the other hand, the
transition from one to twenty per cent. might easily
be effected. "The sharp edge of the wedge" would
be admitted, and the enactments of 1844 would be
ruthlessly rent asunder.
If discount should not be permitted to fall below
three per cent. it ought not to be permitted to rise
beyond six or seven. There should be some
species of reciprocity. The " Country Banker"
argues that, if it be right on principle to pre-
scribe a minimum for our note issues, surely it
cannot be wrong on principle to provide a
maximum as well, seeing that there is as much
danger in excess as in scarcity, the one, indeed, being
the parent of the other. May not this doctrine
be extended also to this point, "if it be right
on principle to prescribe a minimum rate of dis-
count, surely it cannot be wrong, on principle, to
provide a maximum as well ?" We may add, seeing
that there is even greater danger in too high
than in too low a discount, the one being indeed
the parent of the other. This is a bold para-
phrase, but it is the necessary consequence of the
other.

But there is another and, if possible, a stronger.
point in' the " Country Banker's" letter, which
aims even a more powerful blow and inflicts a
heavier discouragement. He desires that the
directors should be empowered to exercise their
" discretion " whether they should purchase more
bullion or not, whenever the bullion reached
£14,000,000 ; and, " in the exercise of that discretion,
should issue bullion receipts at £3 17s. 9d. per
ounce, payable to order, in exchange for all
bullion brought to them in deposit thereafter, until
the bullion in hand should sink below £14,000,000,
or until any other contingency should arise which,
in the opinion of the directors, would render it de-
sirable for them to resume the purchase of bullion."
This would partially render gold subject to the
ordinary laws of supply and demand, like any
other commodity—which is all that monetary
reformers have ever required, and this the " Coun-
try Banker" perceives, for he judiciously adds—
"By such an arrangement bullion arriving in this
country at any time when the Bank is already suf-
ficiently supplied, instead of being instantly con-
verted into bank-notes, no matter what abundance
of money may already exist, would take its natural
place with silver, copper, or other ores as a com-
modity, and cease to be the fruitful source of
monetary derangement, which it now is, while the
bullion receipts, instead of adding to the circulation,
would tend rather to give increased employment to
the circulation already in existence."
But it also follows, as a necessary consequence
that when gold was in a deficiency, the directors
might, in their discretion, be permitted to issue
notes on a deposit of securities, to be redeemed
when the bullion should rise above £14,000,000,
and in the meantime to be received by Government
in payment of taxes and duties of every description.
This would, indeed, render the monetary system
" tolerably equable in its movement," and prevent
that " which at present confessedly is one of periodic
convulsion, its machinery having to be suspended
and the law to be violated once in every ten years,
to save the country from general dislocation."
No wonder that the Times sneers at the doctrine
which so powerfully; although unintentionally;
assails the craft by which its friends, the "hard
calculators," get their living.

COURT CIRCULAR.

BALMORAL, OCT. 7.
Her Majety the QUeen walked in the neighbourhood of
the Castle.

His Royal Highness the Prince Consort went out deer•
stalking.

His Royal Highness the Count of Flanders went out
deer-stalking.
The Count and Countess Persigny have arrived on a
visit to her Majesty

OCT. 8.
Tier Majesty the Queen drove with her Royal Highness
Princess Helena and his Royal Highness Prince Arthur.
His Royal Highness the Prince Consort, his Royal
Highness Prince Alfred, and his Royal Highness the Count
of Flanders went out shooting, accompanied by Count Per-
signy, Captain Burnell, and Lieutenant-Colonel Ponsonby.
Her Majesty the Queen gave a ball in the evening to the
servants and gillies of the Castle and neighbourhood.

Despatches were sent on Saturday from the Colon

office to the Governors of Ceylon and Hong Kong.

THE PRINCE OF WALEs.—We understand that after
the 9th of November next, the Prince of Wales's 17th birth-
day, Mr. F. W. Gibbs, C. 8., will retire from the office of
tutor to his Royal Highness, which he has held since
February, 1852, and that Colonel the lion. Robert Bruce
will be appointed Governor to his Royal Highness. The
Rev. C. Tarver will act as chaplain and director of the
Prince's studies. The future Equerries to his Royal
Highness will probably be appointed at the same time. We
understand that they are Major Lindsay, Scots Fusilier
Guards; Major Teesdale, C. 8., Royal Artillery; and Capt.
G. Grey, Rifle Brigade; and, as Extra Equerry, Lord
Valletort.

MR, BRIGHT AT BIRMINGHAM.—A requisition
is in course of signature inviting the Mayor of Birmingham
urpo
to call a public meeting at Birmingham on the 27th mat.,
for the pse of giving Mr. Bright an opportunity of
addressing his constituents.