The Sun.
London, England, 1866-08-18 00:00:00

England's Financial Position.

The severe commercial crisis under which Eng-
land has been labouring during the present year has
drawn somewhat more than ordinary attention to
her position in regard to monetary affairs, and also
to the alarming power which can be exercised over
British commerce by the few individuals who con-
stitute the Boards of the great English banks. By
simply following out the plans which to them ap-
pear the most desirable for their own purposes,
these gentlemen are enabled to interrupt, nay,
quickly annihilate, all the commercial prosperity of
England ; and they can lock and board-up all the
metallic currency of the country without bringing
themselves within reach of the trade laws, or in any
degree exceeding the regular power placed in their
hands under the monstrous legislation by which
they are entitled to rule the financial world of
Threadneedle-street. No one, even if wilfully and
studiously blind to the action of the protective laws
for the bankers, can fail to have observed to what a
position England has just been brought by these same
financial monarchs. Her commerce has been most
seriously interrupted, her traders have suffered
injuries which will take a 'considerable time to
amend, and her relations with foreign Powers have
had to be conducted with the consideration due to
that enviableposition incident to entire impecuniosity.
When England has " got no cash" she is in a very
peculiar position ; from her comparatively small size,
and dense population, it must follow that all her pros-
perity and influence in the scale of nations depends on
her commercial relations with foreign countries. The
commerce of England is maintained by manufac-
ture, and manufacture by money ; hence there is no
escape from the ugly fact that if a few old fogies
and scheming speculators, in solemn conclave as-
sembled in a dingy bank parlour, are to lock up all
the cash, or lend it out at such a rate of interest as
entirely precludes all possibility of employing the
advances in legitimate speculations, then the trade
of Great Britain must be confined to manufactures
on so small a scale as to at once remove the coun-
try from the list of important nations, and to send
her able-bodied and intelligent sons to seek a wider
and more promising field for the employment of
their talents. It is, moreover, a matter of great
interest and some importance to other countries
that England should be able to continue her trade
with success, as all legitimate commerce is calcu-
lated to better all parties concerned therein ; and if
the Britishers cannot pay for all the corn and tim-
ber imported into their country, why it is just
about time that their friends on the opposite side of
the Atlantic should persuade them to make the
reduction of two per cent., just announced, followed
by a speedy reduction of something like ninety
per cent. from the ruling powers of the Bank
Directors.—Anglo-American Times.

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