The Sun.
London, England, 1866-11-01 00:00:00

ME SUN, LONL ON, THURSDAY EVENING, NOVEMBER 1, 1866.

of oar Chancellor of the Exchequer, backed up by
the proiluce of our trade and commerce, and to the
gifted .representatives of these we commend the state
of our national credit, with a certain means of
greatly improving it, vast though it seems at the
present time. And for this purpose we commend
to the united Cabinet, that next to the consi-
deration of our debt is the best, because the safest,
way of paying it. That is, by relieving those who
pay it from all arbitrary shackles which impede their
labour by cramping their credit. Enable the people
to get clear of panics in the money market by grant-
ing them the use of the symbol founded on the
faith of the nation and the good credit of the people
themselves, who have the greatest interest in sup-
porting their own credit and the good faith of
the nation, which is alike their own. Instead
of tantalising them with gold, which they cannot
get withoutpaying double its value to the foreigner,
give them paper money for local circulation
among themselves, and it will pass freely from hand
to band, save the waste of gold and silver, and be
received in payment of taxes by the Exchequer, and
so restore confidence and comfort among the people
at large—doing away with panics, for there will be
no more runs, as the nation will not run away from
herself, and the people remain at home prospering
and happy in their national independence. Surely
that is a topic for Cabinet consideration, " and
worthy kings !" We trust Lord DERBY will take
take the matter to heart, for, if " money is power,"
no power can be greater and safer than that which
blesseth the greatest number, by diffusing wealth
and comfort, in the name of Justice, over a smiling
land.
We believe that had the late Sir ROBERT PEEL
lived a little longer he would have changed his
opinion on our Currency, as he had done on the
Corn Laws, and given the people free trade in
money as he had done in other matters of com-
merce, and abolished the Bank Charter amidst
the national rejoicing. Even the Iron Duke,
who was used to look danger in the face,
was fain to avoid the gathering storm, and seek
shelter from his own conscience by granting
Catholic Emancipation. And what emancipation
can be greater and more universally beneficial than
freeing our people from the grinding thraldom of
money usurers, with their merciless shackles of
gold and silver, clanging in our path to the very
portals of the shuddering grave.

A paper currency has changed the face of Scot-
land from a shaggy wilderness to a garden teem-
ing with grain, and the fruits of the earth in abun-
dance, and why should not the same fortune await
the labours and confidence of the people of England ?
What virtue can there be in a ten or a hundred
pound note to the rich man, that a one, two, or
three pound note would not in proportion afford the
poor man ? It is idle to talk of granting too much
power to the Minister of the day by allowing him
the issue of money. Why he has the power now.
He has the power of granting credit—which is
money where there is confidence—and he has the
power of withholding it, and wrecking the credit of
the country.
If the late First Lord of the Treasury and the
Chancellor of the Exchequer had not suspended the
fatal operation of the Bank Charter for the third
time, the Bank of England and all the grand joint-
stock banks would have " smashed together, and
public confidence be cast to the winds." But com-
mon prudence dictated, common safety and the
national credit stept in to keep the public faith in-
tact, and so the panic blew over—for the third, and,
let us hope, the last time.
How is it that the Bank of England has been able
to lend the nation money ? The Bank proprietors
are only a company of merchants, speculating on
the national credit for their own profit. If the
Minister of other days wanted money be had only
to go to the Bank, but for every pound he obtained
he had to pay "in meal or in malt." It
was not enough that he paid interest, but he paid
insurance for the same in the shape of privilege by
granting the lender a commission, which cost the
Minister nothing, but was of passing value to the
Bank, which was not satisfied with enough for the
present, but exacted a sort of post-obit for a number
of years to come, well knowing that the nation
never dies. This security was ever kept alive to
frighten JOHN BULL'S grandchildren with the nem--
say of keeping up the national credit.

We feel certain that if the Minister Of the day
took good heart, and resolved to pay off the debt of
twelve or fourteen millions which the Bank claims,
and laid on a tax for that special object, the nation
would leap for joy, and almost pay such a tax in
advance, so that our currency were rescued from the
hard grip of the money changers, and the national
credit be released from such contemptible bondage.
A national bank-note, based on the annual taxes,
and its issue checked by a parliamentary commis-
sion, would repay the Bank debt in full, and set the
nation free in a very short period. The annual loss
by wear and tear in our monetary circulation is esti-
mated at three millions sterling. This amount of
itself would nearly repay the Bank loan before the
great bell of St. Paul's ushers in the year of grace
1870. What a chance for honest legislation ! We
say, Be just, and fear not.

The festivities attending the triumphant com-
pletion of the Atlantic Telegraph are not yet at an
end, for our public-spirited Lord Mayor thought
that it would not be fitting the commercial impor-
tance of the enterprise if the good city of London
failed to do honour to its successful promoters.
Accordingly on Tuesday evening the Mansion
House was the scene of a brilliant entertainment,
at which almost all those gentlemen connected
with the expedition were welcomed with
true civic hospitality, and with a magnificence
worthy of the occasion. Unfortunately the Lord
Mayor himself was prevented by indisposition from
being present, but he must have been fully satisfied
by the brilliant manner in which the entertainment
passed off. Lord CRANBORNE, who was present,
paid a well-merited tribute to the manner in which
the Lord Mayor had discharged the duties of his
position during his tenure of office, referring more
especially to his charitable exertions during the
epidemic, and to the good sense he had shown with
regard to the Indian famine.

The Right Hon. J. STUART WORTLEY, as chair-
man of the Atlantic Telegrah Company, made an
interesting speech on the history of that company,
which was, as he justly observed, not a little re-
markable. It manifests in a striking degree the
perseverance and reso!ution charrcteristic of the
nation, for, on one occasion, after nearly a mil-
lion and a half had been spent, the company was so
penniless that the directors were forced to subscribe
£250 a piece to pay the clerks and keep the offices
open. However, all's well that ends well, and the
exertions of all concerned have been amply repaid
by the scientific triumph of their enterprise, as also,
we hope, by its financial success.

TOTAL LOSS OF TIIE SHIP TlCKLER.—lntelligence
was received in Liverpool yesterday of the total loss of the
Liverpool ship Tickler, while on a voyage to Havana.
The Tickler was owned in Liverpool by Messrs. Friend
and Co., and was commanded by Captain Friend, the owner
of the ship. The wreck took place on the Bahamas, on
Eleuthera, and as far as is at present known the crew es-
caped. In addition to the loss of the Tickler it is reported
that no less than nine ships went ashore at the same time
and place, and became total wrecks. ,

CORRESPONDENCE FROM PARIS.

( FRO 31 OUR OWN CORRESPONDENT.)
PARIS, Wednesday Evening.

The illoniteur says it has received a private de-
spatch, which announces that the Saxon Chambers
will meet at Dresden towards the middle of
December.
Accounts from Vera Cruz to the 13th inst. state
that General Castleman had arrived there, and had
left immediately for Mexico. A deputation of
merchants of Matamoras had left Mexico to intreat
the Emperor Maximilian to reoccupy Matamoras.
The deputation assert that the whole population
would rise against the bands who are now in pos-
session of the town, and would receive the Impe-
rialists as liberators.

The committee charged to distribute the money
raised by subscription for the relief of the sufferers
by the inundations met yesterday for the second
time. They decided that the sum of 280,000 f.
should be immediately placed at the disposal of the
Prefect, to relieve the most urgent and necessitous
cases.

The Mexican mail has brought news to the Mi-
nister of War respecting the expeditionary army to
the 28th of September from Mexico, but the date
from Vera Cruz is a fortnight earlier than the de-
spatch above mentioned. Nothing important has
taken place in regard to the general position of the
empire and the concentration of the troops was pro-
ceeding satisfactorily. The discontented at Jalisco
had made several demonstrations, but their move-
ments had been frustrated either by the French or
the Mexican troops. The evacuation of Mayatcan
had not commenced on the 3d September. Great
fermentation prevailed in the departments of Aguas,
Calientes, and Zacatecas, in consequence of which
the Mexican colonel, Randa, had received orders to
be prepared with both cavalry and infantry to re-
press any movement. An important victory had
been obtained over the united bands of Zepeda and
Martinez. The city of Vera Cruz was tranquil,
and commercial affairs were active.
It is stated from Venice that the result of the
plebiscitum will be announced to the King by a
Venetian deputation, at the head of which will be
the first President Techio. It was stated that the
King would make his formal entry into Venice on
the 7th November.

The Moniteur says it has received a despatch
from Alexandria which announces the melancholy
news of the sudden death of M. liecquard, Consul
of France at Damascus. lie was seized with
apoplexy during a visit which he made with his
family to the orphan establishment. M. llecquard
was interred with funeral honours.

The changes in the weather arc very remarkable.
Yesterday the cold was intense. To-day it has been
warmer than it is sometimes at midsummer. The
Toulouse paper states that there was snow last week
in the department of the Ariege. The bulletin of
the Observatory says there is a heavy sea in the
Mediterranean, and that the mercury has descended
rapidly on the coast of Boulogne and other parts of
the northern coast. The barometer continues to
descend at Paris. The general indications presage
storms.

Some rather serious accidents took place at the
last steeplechases at Vincennes. The wet weather
had made the ground very slippery. In the first
race a gentleman rider was thrown from his horse,
and his right arm fractured. Several of the jockeys
were thrown during the fourth race, and received
more or less injury.
It is announced that the railway from Amiens to
Rouen will be opened for traffic on the Ist January
next.

Notwithstanding the importance of the decree
appointing a commission to inquire into the na-
tional defences, the Paris papers pass it over in
silence, contenting themselves with publishing it.
The Constitutionnel, however, says :
" The Imperial decree is merely to carry into exe-
cution what was projected a month ago. The
country will see in this measure a new and striking
proof of the great wisdom and foresight of the So-
vereign who watches over the destinies of France."

A new daily paper, Le Camarade, is to appear on
the 15th November. The editor is M. Aurelien
Scholl, who is the author of a startling feuilleton,
called " Les Nouveaux Mysteries de Paris."

The Emperor and Empress were present at the
last performance at the Italian Opera, which was
for the benefit of the sufferers by the inundations.
The Prince de la Tour d'Auvergne, the French
Ambassador at London, has left Paris to resume his
functions there.

The strike among the miners at Denain, which I
have already mentioned, is not yet terminated, but
the disturbances have not been renewed. No less
than 53 of the most turbulent have been arrested.
The town is still in a very excited state.

M. Beust, who has just been appointed Minister
for Foreign Affairs for Austria, is about 57. He
was secretary of Legation in London in 1836, and
fulfilled that office in Paris in 1838. Ile was ap-
pointed Minister Plenipotentiary at Munich in 1841.
He has occupied the post of Minister for Foreign
Affairs for Saxony since February, 1849. M. Beast
has the reputation of being a man of revolutionary
and agitation tendencies. Ile took a prominent part
in the difficulties respecting the Duchies of the
Elbe.

LATEST INTELLIGENCE.

(REUTER'S TELEGRAMS.)

AMERICA,
SOUTHAMPTON, Nov. 1.

The Hamburg and American Co.'s steamer Ba-
varia from New York, on the 20th inst., has arrived.
She brings 55 passengers for this port, Havre,
and Hamburg, pp() in specie for England, and
$5,500 for Hamburg.

On the 31st ult. she spoke the Prussian barque
Otto, off the Lizard, and the steamer Saxonia off
the Start.

NORTH GERMANY.

BERLIN, Nov. 1.

A Royal decree has been issued, dated Oct. 25,
ordering the disarmament of the fortresses of Saar-
louis, Mentz, and Coblentz. All the field artillery
regiments are to be reduced to a peace footing.

MARRIAGE OF THE PRINCESS DAGMAR.
RIGA, Nov. 1.

The Danish Crown Prince disembarked here last
night and left for St. Petersburg by a special train.

THE CANDIAN INSURRECTION.
CONSTANTINOPLE, Nov. 1.

Ten thousand Cretans were engaged in the battle
near Vrissa, where they lost 700 killed. The Turkish
losses were also large.
Deputations announcing the submission of the in-
surgents arrived from all parts of the island at the
Turkish headquarters.

Three thousand insurgents who had taken refuge
in the caves of Alelidoni, were drowned by the rising
of the tide.

Troops have been detached against three strong
united bands of brigands in Thessaly.
Joseph Karam has left for France.

LISBON, Oct. 31.

The Royal Mail Steam Packet Company's ship
Oneida, from Brazil, &c., arrived here at 8 a.m. to-
day, and will leave at 2 p.m. for Southampton with
specie, £49,749, 75 passengers, 2,200 bags of coffee,
220 barrels tapioca, and 200 packages of sundries.
The Rhone, with the outward mail of the 9th in-
stant, was at St. Vincent (Cape Verds) on the 19th
instant.