The Sun.
London, England, 1857-10-09 00:00:00

LONDON, FRIDAY, OCT. 9, 1857.

The minimum rate of discount at the Bank of
England was yesterday advanced to Six per ;en'.
This may appear trifling to those who have ample
funds at command, and who are seldom obliged to
ask for pecuniary accommodation from their
bankers. It is, however, a matt ,r a serious im-
poi tance to the middle classes, whose small margin
of profit will be materially diminished by the
change. There are many perfectly solvent firms
who receive the bills of well-known customers in
payment, and who are compelled to discount
these bills in order to carry on their ope-
rations. It is accommodation of a per-
fectly legitimate character, representing money
due to the drawer for work actually performed,
and the acceptor has received bona fide value in
commodities, which he hopes to dispose of before
his acceptance is presented for payment, and thus
to obtain the means of meeting his liability. It
is a complicated system—a series of wheels within
wheels—without which the business of the coun-
try would be brought to a stand still. The mer-
chant who imports the raw material, generally
speaking, pays the first cost, and all collateral
expenses, such as freight, insurances, die., by his
acceptance, and on his credit, and the facility-
for converting his promise to pay at a future
time into money, depends the supply, and,
to a certain extant, the price of the arti-
cle. He disposes of it to wholesale dealers who
also pay by bi 11.4, which he must discount in
order to provide for his own paper. They in
turn sell to the manufacturer who pays in a simi-
lar manner. His bill must be cashed, and it is
met by his discounting the acceptance of the
wholesale warehouseman, who in turn supplies
his customers, and so on until it comes to the
Consumer.

Thus, every article imported and manufactured
in this country occasions many pecuniary trans-
actions, in all of which accommodation is required.
The stoppage of any wheel will derange the entire
machine, and lead to confusion and difficulty.
Let any person who may doubt our state-
ment trace the progress of a bale of cot-
ton or of wool, from the time of its ship-
ment till it is worn as an article of dress, and the
manner of payment in all it 3 various stages, and
he will admit that we have faithfully representel
the entire proceeding, and that our trade and
manufactures are virtually dependent on fair and
legitimate credit.

Now, every one of these parties seeks a profit,
not merely on the cost price, but on the expense
and difficulty of converting his customer's bill into
ready money. The merchant demands more from
the wholesale dealer, who in turn puts an extra
per centage on the manufacturer, and thus the
ball moves on, increasing as it progresses, until a

trifling addition to the rate of discount, makes a
very serious increase of price to the consumer.
It is not, however, merely the additional rate
charged by the Bank, swelled as it is to seven or
eight times its original amount in the course of
transactions, that shows the full extent of the evil.
It is intended to produce stringency and inconve-
nience, to check the demand for pecuniary assist-
ance—otherwise it would not accomplish the object
aimed at by the Directors. It is only men of high
standing that are permitted to open discount ac-
counts at the Bank of Fngland. Others
of equal solvency, but of less prestige,
must be contented to pay, not merely
the rate of interest, but a commission which
enhances the discount to 10, 12, or possibly 1.5
per cent., all of which, increased as we have
already pointed out, must be defrayed by the con-
sumer. The lower class of paper, although per-
fectly safe, is very frequently rejected' altogether.
A. stoppage then takes place ; the small fry are
ruined, others sustain serious losses—all but the
money lender, who gloats over exorbitant profits,
heedless of the misery and suffering entailed on
the industrious classes by his operations. Well
might Mr. COBDEN say that " greater evils, pecu-
niary, social, and moral, had been occasioned to
the trade and manufactures of the country, by
fluctuations in the currency, than by the direct
failures of all the banks of issue since they were
first established in the country."
Since the passing of the Act of 1844, which
professed to give us a stable currency, with
a uniformity of value to the Bank note, and a
circulating medium, in which the business of the
nation could be at all times conducted with
perfect safety, we have witnessed the most extra-
! ordinary fluctuations ic prices, in the rate of dis-
count, and the value of every description of pro- ;
perty and security, public or private. Never has
there been so many derangements of trade, so many
wild speculations and disastrous depressions. For a
century and a quar+er the rate vibrated between 4
and 5 per cent., with we believe a single exception,
when it was advanced to 6 per cent. Since that
time we have had at least 50 changes, varying at
the Bank itself from 2 to 8 per cent., and in
other quarters from 1 to 15 or 16 per cent.
This is the result of the legisl ttion so strenuously
advocated by Lord OVERSTONE and his disciples,
and still maintained, despite the bitter experience
of a number of years.
We pointed out yesterday the nature of the
change required. We now ask whether the in-
terposition is to take place at the first stage cf
ruin or the last ? Whether the misery and pri-
vations are to be averted, which will otherwise
wring many an English hearth with anguish, and
expose many respectable families to distress and
penury ? This is a point which Lord PALMEr,-
STON should closely consider, and he should do so
without permitting himself to be influenced by
the narrow-minded precepts of Sir G. C. LEWIS.
He may be assured that it is infinitely the most
important question now before the country, and
on the course adopted, his future fame and cha-
racter will greatly depend. He is a man of
ability and decision. Let there be no procrasti-
nation, or the matter will be forced on his notice,
and that in the most unplesant manner.

Our heavy friend the British Quarterly, avowedly
edited bya distinguished Dissenter, Dr. VAUGHAN,
has just put forth its notions on Representative
Reform. What the writer aims at we can hardly
understand, unless it be to discredit every kind of
Reform to which tho really Liberal party attach
any importance. He denies the right of suffrage
to citizens as such, and asserts or assumes that
class representation is the basis of the English
constitution ; ho thinks freehold land societies a
great evil, notwithstanding that even a Tory
judge pretty distinctly commended them ; he
warmly opposed to Mr, LOCKE KING'S proposal to
give votes to ten pound householders in counties,
and shrinks with horror from any plan which
threatens to swamp the tenants at will; even a
lower qualification for the suffrage in Boroughs he
opposes, as " but the demand of a patty, and
that, tee, not a very numerous party." Lord
BROUGHAM'S proposal to adopt the rule, "once a
voter, always a voter," and to do away with the
annual scrutiny of each voter's qualification he
rejects as almost a manifest absurdity. It is, in-
deed, a thoroughly Conservative article. Free-
hold Land Societies are to be suppressed, or their
objects treated as penal. The freehold qualifica-
tion to be raised from two to five pound, and
the tenants at will qualification to be reduced to
twenty-five pound,. The article might well have
been written by some Lerd or Squire's land agent,
and certainly expresses the views of but the
smallest section of Dissenters ; the section which
forms a kind of aristocracy of its own, or aff,c,s
to hang on the skirts of the old one.
But what of the Ballot Oh ! that is put oo
of the question by the vote of the New House of
Commons in the late Anti-Reform session ; it
therefore need not be discussed.' Indeed ! and
the writer complacently remarks, too, that the
coming Reform Bsll is so to perfect the Act of
1832, and that no more tinkering will be neede I
for a century or so ! Where the writer can have
lived, not to know what is going on in our own
colonies, or not to understand its reflex influence
on the mother country, or how he can suppo-e
that, when the ascertained friends of the Ballot
number 232 in the House of Commons, and con-
situte a majority of one hundred and four of the
Liberal party, that fundamental question can be
long suppressed, we cannot possibly imagine. The
struggle for the Ballot is the great politic .1
struggle of the day ; it is the struggle for the in-
dependence of the voters, be they who they m• y
—the struggle against the domination of those
who may beggar or starve a voter if he does nc t
vote as their serf. It is the struggle, indeed, f
compelling our rulers to govern according to the
sense of the country-3f the constituencies at lea 't
—and not according to the selfish interests of the
monied and titular aristocracy.
Whatever the Reviewer may think, the Ballet
cannot be burked in this way. It will be fought
for, and fought for strenuously, next session. It
may be refused, and will be, until retention of
office by the Minister for the day depends upon i r ;
but, when it has by the last division secured the
largest number of votes it ever obtained, and
when it must soon come to this, that the majority
of the Liberals will demand to have their views
carried out, or join in expelling an obstinate Pre-

THE " TELEGRAM."

TO THE EDITOR OF THE SUN.

LONDON AND SOUTH-WESTERN RAILWAY.

The Chairman and Board of Directors of the East
India Company have presented It w. W. Simpson,M.A.,
T.C.D., lately curate of Quidenham, Norfolk, with a
chaplaircy in the Bengal Pre-ide .cy..
Mr. ReLee Stephenson, M P., and Mr. Bidder, who
was associated with Fairbairn and Stephenson in the
construction of the Menai-bridge, arrived at Inverness
on Monday in Mr. S:ephenson's yacht.
Mr. MACREADY.—At the quarterly meeting of the
Literary Institute it was announced that Mr. Alacready-
had manifested his continued interest in the institution
by presenting to it the very handsome gift of the Ency-
clopasla Britannica, 26 volumes, full bound.--AS'lterborae
Journal.
MonE FORTIFICATIONS.—We underetand that the Go-
verement have just purchased the N the, at Weymouth,
far the purpose of erecting fortifications. The White
Nothe also has been, we learn, purchased for the same
purpose. If this is correct, and we have every reason to
believe it is, surely our coast will eventually become im-
pregnable.
MARRIAGE OF MISS CATHERINE HAYES.—A. small
circle of intimate friends witnessed yestorday morning,
at St. George's, Hanover-square, the marriage of the
accomplished prima donna, Miss Catherine Hayes, to
William Avery Bushnell, Esq., a distinguished citizen of
New York.
THE INDIAN MUTINY RELIEF FUND.—The Lerd
Mayor has received a telegraphic communication from.
Prince Vogerides, the Caimacan, or temporary hospodar
of Moldavia, of which the following is a translation :
" I send you 500 ducats (about 2351. sterling) in favour.
of the victims of the mutiny in India. This sum will be.
remitted to you by Messre. Heine, Lemon, and Co., of
Londe n. It is but a feeble testimony of my deep ?yin-
pathy with the English people, and my interest in every-.
thing which affects your great nation."
THE DOUBLING OF THE LINE TO SOUTHAMPTON. --
The &Wile line of rails has now been laid down eeteeen:
Ringwood and Southampton, and a few days since an.
engine- passed over the same, when it Was pronounced to
be in excellent condition. The portion between Ring.-
wool and Christchurch-road is also in a fora and state,.
and in a short time it is expected that the whol' will be,
ready for traffic from Wimb-irne to Southamptln.
THE LATE WORCESTER. FESTIVAL.—Tbe Worcester
Chronicle announces, with regard to the late musical!
festival, that no portion of the guarantee fund is re-•
quired, and that a call of 11/. 15s. from each steward will:
meet the deficiency. The amount already collected for
the charity now reaches the handsome sum of 1,0201..
17s. 6 I.
EARTHQUAKE IN PERTHSHIRE.—A. corespondent in-
forms us that on Monday morning a slight shock of
earthquake was felt at Connie, preceded by brilliant,
dishes of lightning, with thunder and heavy rain.--
Edinburgh, Courant.
CEESTER RACES.—On the grand race day (Tuesday}
up wards of 30,000 passengers passed through the Ches-
ter station without accident or delay, owing to the able
arrangements of Mr. Kelly, on the Great Western line,
and Mr. Mills, at Chester station. The town resumed
its wonted quiet and order soon after dark, and Wed-
nesday (the Humiliation-day) presented a contrast cf. .
quietness and devotion, by crowds to the Cathedral,
from all parts of the district.
The Bank of Holland have raised their rate of discount,
to 5i per cent, an unusually high point for that estab-
lishment. It is only three weeks since the previous
ii
alteration was made, from 4i to 5 per cent. 1,
THE PRINCESS ROYAL'S LAARRIAGE.—In the course ll
of January, says a letter from Berlin, the Prince and
Princess of Prussia will repair to England to be present
at the nuptials of their son with the Princess Rayal,
which is fixed to take place on the 18th of that month,
the anniversary of the coronation. of the first King in
Prussia A.D. 1701. The Princess of Pressia will then
return t) Coblentz to await there the arrival of the
young married couple on their journey hither. The
solemn entry of the brideand bridegroom into Berlin has
been fixed for Feb 3. Plans and preparations for sump
tuou3 entertainments at the 'palaces of the King and the
Prince of Prussia, as well as in the town itself, are
already being [nide, and the municipal authorities have
already informed the elders of the various trade
unions that permission has been obtained for them to
take parr;, in the bridal procession at its entry into the
c tpital.

Dukeelij
. .
I naier, we cannot think that the Poll-book system mAViIISIT OF THE COMMANDER-IN-CHIEF TO THE
SoTaEnEIbEr.XIMEITCION. —His Royal Highness the
lof voting has a perennial life. The battle for the
forin oa
tahned edrrsitn-tCi
mil in-Chief, f, viiilt,ei,l,,otyhaei Ballot will be renewed each session, practical eni. iiniibition nn Togeesday'
roonkesaseeaorrived. from Heaton Park shortly before 1
deuce of its admirable working in our cmstitii- o'c
Beaufort, thLeord..
the Laspeahne7slboyfher Royal Highness the Princess
Mary,
tional colonies will accumulate and be dna d
amongst the electors, subordinate matters will l:e of Wilton, Ladies
smut aent:htehseteEr,artlhaeuDd uccohueussteossf
Zinei:pßoroty..47l Viscount Valletodrt,t
hCeolo(nies!
Mae I onald, &e.
adjusted, and it will become the line of demarc -
remaining
there
entered the reception-room, and after
tion between those whom constituencies will regard
ball. , 1..
reil,aeffewLlcoucToutes passed up the central
as Stand-still Men and Men of Progress. Inde‘ed,
and its sirnplicitv
its obvious honesty of principle,
Aupoat. the, orpn ; and his ,commencingwastthettuiemeizitaiyoineagl
as a remedy for bribery, and, above all, for int:-
naidation, may compel its acceptance sooner
than Conservative reviewers could bring them-
(
wast,h,eenairteirlye we be
eernpciti on tieit.ii, JRCO
Oriental
Hertford gallery, 11101 Commander-in-Chief, whi•!
waLyralcoHlo
of
menodaelrucoaurrtti,stasn.d the sa,/ .eons containing ,the
the works
selves to believe. It will not b© easy to resist i
, through
where he har° lue%diiiencgu• thence
ll e
bat oft the
arredcse reception
masters;
the saloons con,;ainin Highness ngesasl l
eries inspected
the paintings by ancient
the demand for an extended suffrage, and if elec- ! r and at 4 o'clock he and the other Royal and
toral dependence, so generally destroyed evert'
foils vi,itars left the palace to return to Heaton Park.
nowslightest chance of existence in
,is to have the slightde t
ure...-11ancite.5102* Quad Vian.
par Royal Highness was again loudly cheered at his

a lower stratum, it must be with the safety lamp
of the Ballot in its hands.

We hardly think it worth while to advert to the
other points at present, but we should like to
know whether we are to accept a review of this
kind as an indication of the temper and views of
dissenters in regard to reform, and in regard to
the Ballot especially. We trust not ; our old and
vigorous friend the Eclectic has never written in
this county-member-style. The dissenting jour-
nals of real ability, such as the Nonconformist, and
the Freeman, are very firm in their adherence to
the Ballot, and to all the points of advanced Li-
b-ralism, almost to Radicalism ; this assures us
that the large, active, and intelligent class who
read their Monthly Review, the Eclectic, and their
own First Class weekly papers, are still as firmly
as ever attached to real Liberalism : and that the
very few amongst dissenters who can afford or
have time for a six shilling Quarterly are the sec-
tion who would read with approval the article on
which we have just commented. Wealth makes
even dissenters, especially in old age, conservative,
and we imagine that it is but a dilettante, or timid
few among the wealthy Dissenters who are repre-
sented in the lucabraticmsof the British Quarterly.
We have always freely conceded to Dis-
senters--to that portion at least ecclesiasti-
cally descended from the old Puritans, from
the school of RICHARD BAXTER and JOHN
BUNYAN, that with their puritan creed they
have retained the puritan intense love of liberty :
and as their creed is no business of ours, and
as we could respect their sincerity for it, and
zeal for it, just as much as the same things in the
church or in any sect, we have always prayed
their political aid on all questions of political
liberty. To do them justice, we believe the great
mass of Nonconformists make a conscience of sup-
porting every liberal object ; and are, therefore,
surely a body to be relied on. In single instances,
where their votes at elections indicate something
approaching to the contrary, we believe the rea-
son will be found to be just in their need of the
protection of the Ballot. They have felt, as the
late Sir C. NAPIER has put, " that starvation for
themselves and their families was not to be argued
with."

hope you will join the crusade against the use
of the new word " telegram." It comes to us from the
Foreign. Office, I believe. Certainly, no Englishman at
all aware of the mode in which English words aro de-
rived from the Greek language could have invented such
a word. If it should be adopted, half of our language
will have to be changed. We shall have to say—
Paragram... instead of paragraph.
Hologram „ holograph.
Photogram
Autogram
Geogrammy „ geography.
Laxicograrnmy „ lexicography.
Astrogrammy „ astrography.
Lt.,xicogrammer „ lexicographer.
Pulygrammy „ polygraphy.
Stenogram©y „ stenography.
Stereogramtny „ stereography.
Horogrammy „ horography.
lethyogrammy „ icthyography.
Microgramniy „ micrography.
Metallogramtny „ metalligrapby.
&c., &c.
In short, we shall have to retrace our steps, and en-
tirely alter our manner of forming English words from
the Greek. Hare all our lexicographers been wrong ?
And is the author of " tel'grarn" the only person who
is right ?—Your obedieet servant,
SAMUEL JOHNSON.

TO THE EDITOR OF THE SUN.
SIB,—I am desired by my directors to express their
regret that Excursion Trains were run on this line on
the day of humiliation ; and beg to state that they wero
so run through a misapprehension of the orders given.
—I am, Sir, your obedient servant,
L. CROMBIE, Secretary.
Secretary's Office, Waterloo-bridge Station,
London, Oct. 8, 1857.