The Sun.
London, England, 1866-12-11 00:00:00

LONDON, TUESDAY, DEC. 11, 1866.

It is always a pity when people are discussing
public questions for them to exaggerate or to un-
derstate things, and it is a fault which is of very
frequent. occurrence at the present day. In a recent
speech upon Reform Lord AMBEIILEY committed
the error of going to extremes in his representation
of the events of last summer, and we are not sur-
prised that he should have been reminded of it by
some who prefer plain statements to more figurative
ones. Mr. Mußc DisoN has published a correspon-
dence that has taken place between him and the
noble lord on the subject of the latter's speech at
Stroud, and he calls attention to two remarks in
particular, one to the effect that the present Go-
vernment took office upon the ground of denying
the extension of the franchise, and the other was
relative to the meeting in Hyde Park," on which
Lord AMBERLEY commented rather severely. He
said that the meeting " was prevented by the
Government, in pursuance of a policy which
appeared as ungenerous as it was unwise." Allud-
ing to this last sentence, Mr. MURCIIISON
very truly observes, that, in the absence
of any explanation, the working classes might very
naturally conclude that this policy so stigmatised
belonged exclusively to Lord DERBY'S Government,
whereas Earl ItussELL's Government had resolved
to prevent the meeting which had been talked of
before they resigned their places. Lord Au-
BERLEY has made a very lame explanation of
these statements, and more particularly of the
latter remark ; for while he cannot deny
that the course pursued by Mr. WALPOLE
was supported by Sir G. GREY. He says that he
was not considering what the late Government did
or what they might have done, but what the pre-
sent Government actually did. Now we do not
consider this at all a fair way of treating the ques-
tion, and such a means of gaining popularity by
misrepresentation is not to be admired. In fact, it
is no credit to. the Liberal party that they should
be so fond of resorting to such tactics. Mr. BRIGHT
has set the style, but it is not a very desir-
able one to follow. We agree with Mr.
MURCHISON'S observations in his second letter,
when he says that he cannot " help thinking that
politicians of the so-called Liberal school are too
apt to make use of language which tends to mis-
lead the people for the sake of gaining their own
popularity." The fact is that the noble lord tried
to damage his opponents, but we think that his at-
tempt failed, for he cannot substantiate the charges
he preferred against them, and his own impressions
and inferences should not have been put forward
as facts which were well accredited.

It seems that the Americans are already suffering
from the unsettled condition of affairs, and the
commercial ciicles have the opportunity of realising
the effect of the political and social disorganisation
which the Radicals seem anxious to bring about. A
financial panic, traceable to no particular cause but
damaging reports, has prevailed in New York, and
a sudden fall of 8 per cent. in the premium on gold
has startled all ranks and professions from their
tranquillity. Variations in the premium from 146
to 148 had been going on for some time, but the
last week in November opened at 138 and 139.
After the fashion of the Americans, who never do
anything by halves, one of the large operators
failed for something like four million dollars, and it
is said, with what truth we are uncertain, that in
forty-eight hours the gold speculators and stock-
brokers lost $20,000,000. At any rate, it is certain
that there has been a very great and damaging panic,
every sort of security being affected by the fall in
gold ; but happily the worst seems to be over, and
New York seems to be rallying from the blow. Of
course there are not wanting those who trace the
whole mischief to the employment of a paper cur-
rency, forgetting what that paper currency has
enabled the Americans to do. If the principles
so rigidly upheld by our bullionists had been
current in America the result of the last five years
would have been very different. The rapid reduc-
tion of the National Debt is certainly as achieve-
ment not yet accomplished by European Govern-
ments, and it is not fair to attribute the tricks and
devices of unprincipled speculators to any particular
system. Notwithstanding our Bank Charter Act
We are by no means insensible to such manoeuvres
in this country, but excessive speculation and panics
alternate pretty regularly. The system may be car-
ried to extremes like all other systems, and Mr.
AP C ta,Locu
using every effort to contract the
Currency. Congress, however, on this as on most
other matters, opposes
We have not yet viewsheardthtehe
ofl s theo f Gthoeveornpemneinntg.
det
of Congress, but the
conduct of the prevailing sec-
tion is not likely to be very
different,
commercially
or politically, from what it was last year. Unfor-
tunately the Protectionist interest is very stroll.. in
Congress, and there is already a talk of a higher
tariff. The Now England dealers are lamenting the
condition of their trades, and their complaints are
echoed from other parts of the country. All the
evils resulting from the general depression of busi-
ness, the reaction of the war, and the unsettled
condition of the country they attribute to foreign
for their cure to an increase
competition, and look
of the duties on imports. It is a pity that America,
who boasts of setting the Old World an example
of progressand freedom, does not learn a little from
much-abused England in this. A restrictive policy
is foreign to her national character and policy, and
altogether opposed to her interests. With the
natural illimitable capacities of the country,
and the energy and talent of the people, surely
America need not fear competition with any
country in the world. The anomalies of adminis-
tration are, not a little singular. England,
with her free trade in commerce, tries protection in
finance ; America, with her free trade in money,
can think of no better way of fostering her trade
than by keeping out foreign competition.
The panic, disastrous as it has no doubt been in
some quarters, may yet be productive of much good
if it brings men to consider seriously what must be
the result of the present condition of affairs. how
can they reasonably exper..tt trade and commerce to
flourish—how can they look for that confidence and
security in the money market which is indispensable
to national progress, so long as it is on the cirds that
the divisions between Congress and PRESIDENT, be-
tween Northern States and Southern States, between
white man and I
negro, between Democrat and
Radical, may any day produce riot, rebellion, or
civil war? The R •
adicals, intoxicated by their suc-
cess, are busy maturing
plans which shall make the
PRESIDENT little more than a political nonentity,
and which will be simply
intolerable to the Southern
States. If it were possible that
they should be en-
forced the result would be that industry and enter-
prise would be virtually craled in the wide
and fertile States of the ex-Confed‘racy. The
, value and importance of the Southern plantations is