The Sun.
London, England, 1857-11-17 00:00:00

assign a new ground, no scruples would prevent
the parties from putting forward a new version
of the main object of the Act of 1844.
This suspicion has been converted into certainty
by the money article of the Times of this day.
According to the bullionist organ, it is virtually
and practically to annihilate " credit," so that
although the convertibility of the note be still
maintained, no relaxation should take place, that
" prudent " (read " over-reaching ") creditors
should be enabled to ruin their unfortunate
debtors, or, to use the very words of the bullionist
organ, "toforce one portion of the community, who
allow themselves to be drawn into a panic, to part
with their property, at a sacrifice, to another and
more clear-headed portion, who find themselves
in a condition to buy it." The cloven foot thus
peeps out in all its naked enormity. Hence.
forward there can be no mistake. The people
understand the true nature of the issue. It is
whether money, or its representative, is to be
rendered scarce and dear, and commerce
and manufactures annihilated, in order that
" prudent creditors"—(usurious bloodsuckers
might have been the term)—should, with
SHYLocK-like avidity, enforce the very "pound
of flesh " for which they had contracted
The Times confesses the extent to which the prin-
ciple might be carried. It says :—" No doubt,
if the Government letter had not appeared on
Thursday, money would have been worth 20 or
30 per cent., owing to the general panic that
would have bean created." And it considers it
much better that such a convulsion should have
occurred than that the arbitrary limits for the
issues on securities should have been exceeded.
It is well to understand the true nature of the
question about to be submitted to the collective
wisdom of the nation. It may be impossible to
fix such Protean antagonists. but for very shame
sake they may be unwilling to go further.
Now, then, the Times itself in the prelimi-
nary part of the same article states that " in
England every contract is made in gold," •that
"any man who comes under an engagement to pay
a certain sum on a certain day, pledges himself to
deliver so many sovereigns."l Now, although
we totally dissent from this assertion, and are
prepared to prove its utter falsity, let us, for

all, another Toll-bridge. Another petty " stric-
ture " of copper like that strangling the
traffic across the river at Battersea, at Hun-
gerford, at Vauxhall, at Southwark, and at
Waterloo ! Another cluster of wretched little
toll-gates where the myrmidons of the CHARON of
our Styx levy the miserable dole of a " brown"
upon the living—until one is fain to wish that
the Charons, whether of the Quick or of the Dead,
would cut their Styx henceforth altogether ! Nei-
ther, then, wilily° open our catalogue of recent suc-
cesses, in the shape of metropolitan improvements,
by boasting about the new Chelsea Bridge ; any
more than by bragging about Big Ban. At any
rate, we may surely refer, with some degree of
complacency, to the clear sweep made in one
direction by the inauguration of Victoria Street,
connecting Pimlico with Westminster and in
another by the opening of New Oxford Street,
running the old thoroughfare of that name
directly onwards into Holborn. A grander
improvement, howbeit, than any (such as these) of
a simply local and, therefore, restricted character,
is such an one as the benificent change for which,
if we are indebted to any one man among the
whole concourse of our practical philanthropists
more than another, we are most assuredly bound
in gratitude to Mr. GEORGE ALFRED WALKER.
Need we add, after the significant mention of his
name, that we allude, of course, to the virtual
close of the filthy and obnoxious system of intra-
mural interments, and the substitution for our old
London Graveyards of our new and picturesquely
beautiful suburban cemeteries? Enough if we
content ourselves at this moment with a reference
to that one comprehensive innovation. If in
nothing else—in that, at any rate, we may find
encouragement.

LATEST NEWS.

FRANCE.
PARIS, MONDAY EVENING.
A private telegram has been received i❑ Paris,
announcing that the elections in Piedmont have
been favourable to the Government. Five out of
seven of the Ministerial candidates for Turin had
been elected, and there was a scrutiny pending for
the two others. Throughout the kingdom, except
at Genoa, which is the focus of the opposition, it
was believed that the Government would command
an imposing majority. It was remarked that the
greater number of the upper classes had voted for
the Government.

The Ministerial crisis, if indeed the choice of a
person for the office of Minister of Justice deserves
the name, is over. M. de Royer, Procuraur-
General at the Court of Caseation, is the person
the Emperor has selected to take the place of the
Me M. Abbatucci.

The fete day of the Empress taking place on
Sunday, the bands of the National Guard of Com-
piegne, of the 2d regiment of Voltigeurs, and of
the 2d Cuirassiers of the Imperial Guard assem-
bled at an early hour in the morning, and played
a salute under the windows of her Majesty. At one
o'clock the Emperor, followed by General Rollin,
adjutant-general of the palace ; General Count de
Montebello, one of his aides-de camp ; Captain de
Cadore, one of his orderly officers ; and Baron
Bourgoing, equerry, mounted on horseback and
reviewed the troops of the garrison in the park of
the palace. The Empress and the Prince Impe-
rial, surrounded by the officers and ladies of their
household, and all the persons now on a visit
at the palace, were at the windows of the state
apartments during the review and the filing off
of the troops, which took place amidst loud cries
of " Vive l'Empsreur !" " Vivo l'lmperatrice !"
" Viva le Prince Imperial !" At 9 o'clock in the
evening a display of fireworks, organised by the
authorities the expense of the town, took
place and at
in th the
park .
In the course of the afternoon
her Majesty sent 2,000 f. to the mayor to be distri-
buted to the poor. Other douations had previously
been sent by the Emperor to the different hospitals
and charitable institutions of the town.
BOURSE, Nov. 16.—The following were the last
quotations :
Cash. fr. End of Month.
44 per Cents
3 per Cents 63 45 63 50
Bank Shares 2915 Credit Fancier 502:1—
Credit Mobilier 730 -- Roman -
Do. Accouat 727 50 Austrian
Belgian 41 (xd)...... 95i— Spanish Threes —
riedinoutese (5) — Home Debt —

STOPPAGE OF THE TrOLTERHAMPTON
AND STAFFORDSHIRE BANK.

Or BLUM' TELEGRAPH.)

WOLVERHAMPTON, TUESDAY MORNING.

The Wolverhampton and Staffordshire Banking
Company has stopped. The definite course to be
stated on Monday. The town is panic-stricken.

THE MONETARY CRISIS IN SCOTLAND.

RAILWAYS—FOR CA.813.
tr. e.
Orleans .
Northern
New Ditto ........... 705 Strasburg
Lyons and Med ...... 787 i— Grand Central
New Ditto... ....... 785 Sardinian
Geneva 570 Austrian Com. ...... 636 i

the sake of argument, suppose it to be well
founded. Even if the certain sum were to be
paid in gold, why should the debtor be placed
under undue restrictions ? Why should a certain
portion be uselessly locked up iu the cellars at
Threadneedle Street, in order to produce an arti-
ficial scarcity, and thus enhance the price of the
circulating medium in which the liability is to be
discharged ? If " gold was to be left to its natural
osurse," why should there be an obligation on the
bank to withdraw a large portion thereof from
general use t There should be perfect freedom of
action. The argument •f the Times, however
applicable it may be to the Act of 1819, is fatal
to that of 1844 and the regulations thereby
establish ed.

GLASGOW, MONDAY.
A private meeting of the shareholders of the
Western Bank waa held here to-day. There was
a unanimous expression of feeling to go on with the
bank, and for this purpose upwards of 600,0001.
were subscribed by the more wealthy share-
holders, for which they were to receive 7 per
cent. the first year, and 5 per cent. afterwards.
The deficiency of the funds of the bank has not as
yet been ascertained, but it is thought that a
million sterling will suffice to meet the loss and
enable the business of the bank to be carried on
as usual. This sum, it is confidently expected,
will be made up in a few days. Many of the de-
positors have expressed their confidence in the
new management, and will continue to transact
business with the Western. The public has every
confidence now in the notes of all the banks.

THE PRINCIPALITIES.
A letter from Bucharest states that the Walla-
chian Divan had not held any new sitting since its
vote in favour of the national programme. The
committee elected by the Divan was, however,
occupying itself in drawing up a memoir in support
of that vote which the assembly is to present to the
commissioners of the European powers. The
Divan was to meet on the Stu to hear that docu-
ment read and to deliberate on it. The corpora-
tion of traders of Bucharest gave a grand banquet
to the deputies of the Divan ; and of those depu-
ties only three, Bibedco, Stirbey, and Oteleicheano,
absented themselves.

The publication of Prince Gortschakoff's and
Aali Pacha's notes, and the declaration of the
Prussian Correspondence, lead the Debats to re-
vert to the subject of the principalities. Replying
to the imputation made against the Divans by
Turkey that their demands are revolutionary, this
journal says :
"What do these demands amount to ? Is there
in them anything else than the eternal programme
of those legitimate demands made by all badly-or-
ganised and badly-governed peoples—equality in
the eye of the law, equality of tazation, a better
administration of justice, and other such things ?
We can well conceive that such demands must be
considered highly revolutionary in Turkey, for to
act upon them there would be to accomplish the
most radical, and at the same time the most salu-
tary revolution that could be conceived in that
country. But to make the members of the Divans
pass for revolutionists in the eyes of the West,
which recognises the institutions they ask for, will
be a little more difficult. In France, for example,
the declaration cf such principles will seem
rather matter of course than revolutionary. If
these are revolutionary demands, then the admi-
ral commanding our Mediterranean fleet must be
an agent of the revolution, for it is pretty much
this unfortunate programme—a programme des-
tined to make the round of the world—which
he has been suggesting to the Boy of Tunis, and
which we are doing our best to make acceptable
to all the barbarians both of the East and West.
If, therefore, the cause of the principalities be
destined to perish, it will not be because it is a
revolutionary one. Those who give it that name
are not the dupes of the fears with which they
would inspire others ; and they know better than
any one that it is not upon the debates of the
Divans, but upon the decisions of cabinets, that
the destiny of the principalities now depends."

Here we might stop ; but as Parliament should
legislate for the great body of the people, wo
assert that the Times has proved, beyond the
possibility of doubt, the total inadequacy of a
purely metallic currency. If it is to send up the
interest of money to 20 or 30 per cent. under
any circumstances, it is absolutely unsuited to
the nation, and a better system must be devised,
in which fair play will be given to debtors as
well as creditors, or, in other words, to the
industrious classes as well as to the money lenders.
Equity has repeatedly interposed to prevent un-
conscientious forfeitures, and mortgagees are not
permitted to enforce a foreclosure at a tenth part
of the real value, because the stipulated day of
payment had elapsed. A. fair and equitable
arrangement, in accordance with the spirit of the
contract, will be readily granted by monetary re-
formers. They require no undue advantage for
themselves, and they will strain all their energies
to prevent those who, if the doctrines of the Times
be correct, would be natural enemies, in place of

beneficial auxiliaries, from obtaining such at their

expense.

Although the disprorortion between Talking and
Acting, between Words and Deeds in reference
to the progress of Public Works in the Capital
still continues to be something deplorable—we are
nevertheless making steady but slow advance in
the multiplication cf our Metropolitan Improve-
ments. The Drainage of London, and with it the
Purification of the Thames, still remaining a pro-
blem to all appearance as difficult of solution as a
riddle of the Sphinx—a nut hardly to be cracked
even by the portentous Jaw of a BAZALGETTE !
Tf, however, we set that question aside indefinitely
for-future consideration—doing this with as much
equanimity as we can possibly muster under the
circumstances—it will be admitted by the more
discerning, we opine, that really we are somehow
getting on pretty fairly altogether. The river,
it is true, is still without even the prospect of an
embankment. An opening from that Silent
Highway right up to the south front of St. Paul's
Cathedral has yet to be commenced. Something in
the shape of an advantage remains to this very day
to be taken of the void site of the vanished Fleet
Prison in Farringdon-street—a site in its way
about as unsightly as the gap where a front-tooth
has been suddenly knocked out in a skrimmage—
or rather where it has slowly decayed away some
curious grinder ! The Fountains (so called) still
squirt from their two burst bottles, the ginger-pop
overflowing the twin dumb-waiters in Trafalgar-
square. NELSON, yet, continues forlornly mast.
headed on the top of his Pillar in the centre of
that Finest Site in Europe without the guardian-
ship of those Four granite Lions, which Britannia
has with niggardly and grudging parsimony failed
to eke out, though aided to that end by a douceur
of 5001. from the coffers of the late Russian Cz ir,
NICHOLAS. All this is, no doubt, quite true, and
a great deal more of the like kind : but---0 we
are getting famously on with our Metropolitan
Improvements, nevertheless ! Are we not? Why
just let us for a few moments enumerate.

There is the new palace at Westminster, for
instance, with its last bran new glory--. Big Ben !
To be sure, there is Big Ben—the Monster Bell
that " bears off the belle" from all the other bells
—the grand, booming Bourdon of Parliament. A
bell that SCHILLER, alone could adequately sing the
founding of—a giant labour worthy of the smithy
of the CYCLOPS, or of the metil-workers of Brob-
dignag. To begin with then ; there is Big Ban
—but no ! literally, in regard to this matter,
" the least said the soonest mended !" Big Ben,
we all know by this time, but too well, is fit
merely to hang in the Bell-Tower of Bedlam ; or
toibe used, let us say, as an appropriate signal
for the meeting (whenever they do meet) of the

Commissioners de Lunatico Inquirendo ! For—.
Big Ben, unhappily, turns out after all to be--

cracked Wherefore, we won't begin our list of
metropolitan triumphs with this one : it were but
a. questionable commencement. Setting Big Ben
aside, therefore, we will venture to observe—.
there is the New Bridge at Chelsea! Good :
there is, we repeat, the New Bridge at Chelsea.
But—unfortunately here, again, we are some-
how at fault, for this grand new bridge, when
the very best has been said of it, only, after

IHE SUN, LONDON, TUESDAY EVENING NOVEMBER 17, 1857

one of the most precious liberties of man—that of
conscience."

SPAIN.
The Madrid journals of the 12th mention a
rumour that Admiral Armero is about to resign
the Ministry of War, and to take that of Ma-
rine, retaining the Presidency of the Council ;
and that one or two of the Vicalvarist (O'Don-
nell's) party were to be introduced into the Ca-
binet. The Espana says that Mr. Dodge, the
United States Minister at Madrid, has sent in
his re3ignation, but that he has done so en-
tirely from the state of health of his family, and
other private considerations. Rumours of forged
notes of 200 reals of the Bank of Spain being cur-
rent are declared by the Espana to be unfounded.
A. royal decree supersedes the general direction of
the marine, and makes some changes in the consti-
tution of that department. The Gazette notifies
that the Ministers of Finance, Interior, and Public
Works have ceased to act as directors of credit com-
panies. All the troops of the garrison had ma-
noeuvred in presence of the King and the Due de
Montpensier. The directors of the Bank of Spain
had deliberated on the propriety of raising the rate
of discount, but had come to the resolution to
maintain it at its present figure of 5 per cent. Some
foreigners are stated to be trying to create disturb-
ances at Barcelona and in other parts of Catalonia ;
but the authorities were aware of their movements,
and were on their guard.

The Staffetta of Turin of the 12th states front
Naples that upwards of 400 persons implicated in
a conspiracy have been arrested there in a single
night. It adds that the Neapolitan police has
bee❑ led to the discovery of this conspiracy, licit by
any revelations of Capt. Piscane, of the Cagliari,
but by Mazzini's articles in the Italiane Popoto of
Genoa.

"The pretended dispute," says a letter from
Frankfort, " between this city and the United
States is now reduced to this, that the American
Coueul had some inquiries made respecting Frobel,
who hag, in fact, been ordered to leave Frankfort."

The Second Chamber of Denmark has just adopted
the second reading of the bill lately brought before
it to ensure liberty in trade and manufactures, and
has agreed to the proposition of the Government
fixing the let of January next as the time for its
coming into operation.

A letter from the Hague of the 13th says—" The
Minister of Finance has presented to the Second
Chamber a bill enacting that the sum of 10,515,000
florins, arising from the excess of receipts over ex-
penditure for some years past, and from the sale of
colonial productions kb 1857, shall be paid into the
sinking fund of the national debt."

THB MONEY CRISIS.

TO MB EDITOR ON THE SUN.

SlR,—Your remarks and those of your corre-
spondents upen the currency question have con-
veyed so much instruction to myself and other
readers, that I venture to ask for information re-
lative to some terms, which will often be used in
the coming discussion.
The terms to which I refer are " standard,"
" measure," " value," and " price," and I am the
more anxious to know the truth, because in some
of the London journals these terms are employed
in such a manner as to produce confusion in the
minds of tho,3e who study the complicated questions
involved in the currency. We read, for instance,
that "gold is a measure of value," that " gold is
the standard of value," Sic., &c. ; while others say
that " corn is the standard of value," and " gold is
the measure of value."
First with regard to standards and measures ; it
is laid down by mathematicians that a measure
must be some definite magnitude or quantity,
having reference to a fixed standard. For ex-
ample, that a yard, a furlong, or a mile, are all
" measures" of length, but that they have all a
certain ratio to the " standard " yard, which used
to be kept in the Exchequer or the Tower. For
scientific purposes the " standard " is a certain
length calculated by means of the Seconds' Pendu-
lum at Greenwich ; but for commercial purposes
the "standard" yard of the Exchequer is deemed
sufficient.

Thus in measuring length we have one fixed
standard, and several measures—as yard, furlong,
he., which are all in a certain proportion to the
original standard, which serves as the point of de-
parture, or " basis of measurement."
May we apply the same mathematical principle
to the question of value ? That is to say, must the
standard be some fixed quantity, and must the
measure or measures all have some ratio to the
standard ? If so, it is the height of absurdity to
say that gold, corn, or auy other commodity, can
be either a standard or a measure of anything. It
seems to me that a shilling, a crown, or a pound,
may bo measures, and that a pound sterling may
be a standard of measurement ; but to say that
"gold is a measure," seems as reasonable as to say
that "a mountain is a measure," or that "a forest
of trees is a measure." Gold may be the com-
modity in which the measure is calculated, hut that
is quite another thing. But assuming that the
Government pound sterling, of a certain weight
and fineness, is the "standard," and that the shil-
ling, the crown, and the pound in common use aro
"measures," of what are they the measures ?
It can hardly be denied that they are measures
of price : for if you ask a tradesman what is the
price of a hat or coat, be will immediately answer
"one pound," or "two pounds," as the case may
be ; and by this he means that you must give one
or two pounds, which are each equal to the Go-
vernment pound sterling, and which bear a cer-
tain ratio to the same.

Therefore the price of commodities is measured
by definite sums of money, which sums have refer-
ence to a standard fixed and determined by the
Government.

But value would exist even if there did not oxisl
a single coin in the kingdom ; the exchange of coin•
modities, bearing value, is the fundamental princi.
pie of barter.

What, then, is the "standard of value ?" and
what are the measures having a ratio to that stan-
dard ? If the pound sterling is the " standard of
value," then it coincides with the " standard of
pric.," and we have no check or any means of
comparing the one with the other. And yet as
price and value are not the same thing, it must be
desirable to have such means of comparison. If
any one says that gold is the standard of value, I
ask what gold ? Is it the gold at present in Eng-
land, or in Europe, or in the whole world ?
want some definite answer, and not a vagus gene-
ralisation.

If it be answered that the corn bushel is the
standard of value, I can understand that, and can
clearly see how it may be compared with the pound
sterling as the standard of price. But then the
corn bushel is not recognised, and it might be
asked, why should corn be chosen ?
The difficulty seems this—to know whether there
be a standard of value as distinguished from the
standard of price. For it seems that as value is the
ratio of commodities compared with each other, so
price is the ratio of commodities as compared with
money.

In ordinary conversation, we often speak of
value when we ought to talk about price ; but such
confusion of terms is not pardonable in the case
of writers who teach the people.
Above all things, the difficulty is great enough
without introducing any confusion in the terms
" standard" and " measure" ; for if there be any
meaning in words, the standard or "standard
measure" is the " basis of measurement," and the
various measures are nothing else than calculations
made upon the basis, according to a certain ratio.
Any information upon this matter will be very
acceptable.—l aw, Sir, yours respectfully,
Liverpool, Nov. 16, 1857.

X. Y.

THE MONETARY CRISIS AT HAMBURG,

ELLAIBIRG, Nov. 12.—1 n spite of the severe and
xying crisis in the United States, when each suc-
cessive post brings the news of banks st ,pping pay-
ment, commercial houses :failing, and bills being
returned with protest, it is satisfactory to be able
to state with the single exception of Messrs. Win-
terhof and Pieper, whose failure took place last
week, the merchants of this city have hitherto jus-
tified the confidence reposed in them, and
upheld the credit of the Hamburg Exchange.
The day before yesterday (Tuesday) they
were exposed to the most severe ordeal of
the whole crisis, for on that day arrived simul-
taneously the intelligence of the stoppage of the
Western Bank of Scotland, the failure of Messrs.
Naylor, Vickers, and Co., Messrs. Dennistoun and
Co., and a large Dutch house (F. Gallenkamp and
Co., of Amsterdam), by all of which our merchants
are losers to a considerable amount. In addition
to this the news came of the Bank of Englaud's"rais-
ing their rate of discount to 10 per cent., which had
the immediate effect of producing a similar rise in
our own discount market. And as if all this was not
sufficient for one day, it was further reported that
Prussia was going to prohibit the export of silver
dollars, which, however, fortunately turned out to
be a canard, put in circulation by the alarmists.
But though no failures have as yet actually taken
place, it is not unlikely that a good many may be
looked for, if the crisis in England and America
does not soon pass over, and above 20 firms are
mentioned whose bankruptcy is expected iu the
course of next week, and amongst whom are some
of our oldest and most eminent houses.
It is stated that a well-known publicist, Dr.
Wollheim de Fonseca, is about to establish a new
journal of colossal dimensions, to be a Rusdan
political organ like Le Nord at Brussels. In spite
of the sympathies felt here for everything Russian
it is rather a hazardous experiment, as Hamburg.
publishes at present a more than average number of
political, social, and local newspapers of all sorts
and sizes.

Universal satisfaction has been produced here by
the intelligence that at the solicitation of the Chain
hers of Commerce Mr. Baines has undertaken to
bring forward the question of the Stade Dues on
the meeting of Parliament.

A PROCURESS.—Madame Annie Rosenberg, who has
achieved an infamous reputation by a long course of dis-
- solute practices, was on Saturday brought before Mr.
• Mansfield, the stipendiary magistrate, having been appre-
hended early that morning, under a warrant which was
issued against her at the last sessions, for keeping a disor-
derly house. When the warrant was issued the prisoner
was in Hamburg, where she had been in the habit of visit-
ing periodically, for the purpose, it is alleged, of procur-
ing girls, whom she induces, upon various pretences, to
accompany her to Liverpool, and then accomplishes
their moral destruction. Early on Saturday morning
she arrived in Liverpool from Hamburg, having in her
charge three young Belgian girls, fer whom she had
procured temporary lodgings in Everton, but whom ulti-
mately she intended to lure into her den of infamy and
vice in Hotham-street. Fortunately, however, detective
officer Smith was " on the spot," and just as Madame
Annie was completing her arrangements, he tapped her
gently on the shoulder, and informed her that she was
" wanted." Mr. Campbell, who appeared for the psi.
soner, pleaded the great hurry of the capture and inabi-
lity of the prisoner to instruct him fully. He aekeil
she could be liberated on her own recogniearices 7 Mr.
Mansfield—l believe this woman's businese consists in
.
getting
girls from Hamburg and other places, and im-
porting them into this town for infamous purposes. She
is a must notorious woman in her business. My office
hinavtehepemrfaotrtmere,d my duty
however, is simply ministerial, and I. shall
by committing her under the
Recorder's warrant. She must enter into her own re-
cognisancem in 2001., and find two sureties in 100/. each,
to appear for trial at the next sessions. Mr. Patteson,
who was the prosecuting solicitor in the ease of the
Lime-street " hop," also appeared to prosecute upon this
occasion. The three girls, who have been thus happily
rescued from the toils of the procureas, will be taken
care of by the police authorities until they can be re-
stored to their friends. The girls themselves were not
in court, nor did their names transpire. The prisoner
is also said to have a large establishment, of a disgrace-
ful nature in London, where she is reported to occupy&
house magnificently furnished. Rumour states that at
a sale, some time ago, of tke household effects of a
Liverpool gentleman, whose state of health demanded
his removal to a more genial climate, she purchased. a
wardrobe which had not very long previously cost its
owner 400/.—Liverpool Albion.