The Sun.
London, England, 1859-03-18 00:00:00

THE WIIATHER.—SUN Orncr, MAltcH 18.

T HEILMOMETin, IN THE SHADE.
56—highe st since noon yesterday.
50—lowest this morning and during the night
53—this day at noon.

BAROMETER--29.67.
WIND, NY .S.W. ; light, with fine sunshiny weather.

FRIDAY. MARCH 18, 1859.

There is, perhaps, no one in the United Kingdom
who more completely and thoroughly understands
the currency question than Sir ARCTIIBALD ALISON.
If any doubt could have existed on this point, it
would be removed by the brilliant oration delivered
at the request of the Council of the United Trades,
in the City Hall, Glasgow, on Tuesday evening, on
the Currency Laws, and their effect on the profits
of trade and the wages of labour. The distinguished
historian manifestly felt the vast importance of the
interesting subject on which he was entering, and
which has really assumed gigantic dimensions.
Never was there a period more appropriate for its
consideration. Money is cheap, interest moderate,
and the object should be to keep it so, or, at all
events, to prevent the extraordinary fluctuations
that have caused more damage to the best interests
of society than the failure of all the banks of issue
that have stopped payment since the first issue of
paper money. The Bank Charter Act has also
virtually expired. " The Old Lady" is now
a mere tenant -at - will, subject to notice to
quit at any moment, and it is full time
that the subject should be disposed of one way or
the other, so that the industrial classes should know
what they have to anticipate—whether the mer-
chant, trader, and manufacturer may be enabled
to calculate on adequate returns for their enterprise,
and the working-man for that which is to him the
chief desideratum, viz., " a fair day's wage for a
fair day's work."
It ia, indeed, extraordinary, when the vast results
depending on the fitting solution of the great
problem are taken into consideration, that the
great body of the people have remained apathetic
and indifferent on the matter.
Sir A. ALIsoN explains the reason. The question
requires deep thought, and has been studiously
involved in mystery by hard calculators and other
interested parties. The man who indulges in the
foolish fancy of keeping gold in his pocket in place
of paper little knows the serious injury he is in-
flicting on the best interests of society, and that he
is striking a heavy blow against the dignity, inde-
pendence, and security of the British Empire.
The honourable baronet carefully examined the
events that have occurred since 1819, when
the first of the impolitic and inequitable
measures brought forward by the late Sir ROBERT
PEEL, which, to use the language of his venerable
father, " doubled his own fortune, and ruined the
people," received the legislative sanction. Then
trade was in a healthy condition. Our exports
largely exceeded the imports, and therefore there
was always a handsome balance in favour of this
country. Now we have changed all that; and
inasmuch as the imports largely exceed the exports,
there is a constant drain on our monetary re-
sources, which leads to the commercial crises, so
terrible in their results, and so conclusive as
to the folly of the law by which they have
been so materially aggravated, and the suspension
whereof on two occasions, in 1847 and 1857,
afforded immediate relief to the suffering com-
munity. Indeed, when the simple fact is stated
that five hundred millions sterling have been lost
chiefly, if not altogether, in consequence of the very
injudicious measures enacted by monetary quacks,
it is surely right that the national attention should
be directed towards an evil of such colossal magni-
tude which "devours the bowels of the common-
weal."

It is absurd to suppose that the same
amount of paper money which sufficed for a
much lower population, and a far.less amount of
business, when the imports were not much
more than one-third, and the exports one-half
of their present amount will do so now. Surely some
change in the Bank issues would be required
to provide for such extensive alterations. But
no, the hard calculators stick to " their pound of
flesh"—they will exact the penalty of the bond.
and not be satisfied with any compromise,
although it should give them far more
than their legitimate claims. The exports ex-
ceeded the imports when bullion was a mere
commodity, that could be purchased at its
fair market price. England was not always
bound to, supply the world with gold at a
fixed charge, no matter what might be
the difficulties occasioned to British merchants.
Then her exports were in excess of her imports,
because gold could not be abstracted without paying

its fair value. Now, because strangers who
have no claims on us choose to take away
that which is made the foundation of our
entire monetary system, our people must suf-
fer—our mills and factories be placed on half-
time, and the intellingent and provident
working men compelled to draw out their
hardly acquired savings, and to part with the com-
forts they have continued to accumulate.

The remedy is the issue of paper money of small
and convenient denominations—notes which would
speedily supersede the use of sovereigns, and
render a considerable portion of the forty
or fifty millions now circulating from
hand to hand for the transactions of every
day life available for our foreign trade, or rather
for adjusting the balances with other countries,
-which is all for which it is required. As
we have repeatedly stated the fact that
these notes would satisfy the claims of the
tax collectors, would render them uni-
versally acceptable, and if parties wanted
to export
should be gold as a speculation they
compelled to pay the fair market value
according to the current price of the day. Sir
A. ALIsoN is entitled to the thanks and 'gratitude
of the country for having directed public atten-
tion
several
to the matter, and if others, according to their
al gifts, would go
and do
....
likewise, we might
se
expect a speedy arrangement, v
satisfactory and
beneficial to the industrial community.

For the fourth time, and again, by a majority
which ought to be decisive, the House of Commons
has pronounced the doom of church-rates. In 1853
church-rate abolition was in a minority of forty-
eight ; in 1854, of twenty-seven ; in 1855 the mino-
rity, was changed to a majority of
twenty-eight
in 1856 the majority had increased to forty-three ;
in 1858, to seventy-four ; and this year, though in
a larger house, the same majority is repeated.
But it is not merely an increase of majorities.
Member after member rises on the hostile side of
the house and confesses that the obnoxious impost
is doomed. "Another place" is the only hope of
the immovables, and to get rid of the whole busi-
nes% the earnest wish of the practical men. It was

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THE SUN.