The Sun.
London, England, 1857-10-08 00:00:00

rrtE S NDON, THU RS ryA

he opinion with which they sent home Lord
DALHOUSIE—that their whole system was perfect
—that of the sepoys absolutely so i—refused to
believe the possibility of a mutiny, pooh-poohed
the plain indications of it—allowed arms to be
sold to the number of ten thousand, while they
gagged the press, and slighted the remonstrances
of Calcutta Europeans—refused for long a volun-
teer corps in the city—sent back the Nepaulese
regiments whom their own Civil Servant had
proper,ly enough accepted, and who might at that
time almost have changed the aspect of affairs in
Oude, auxiliaries whom they were but teo glad
afterwards to recall—who kept HEWETT at
Meerut, and LLOYD at Dinapore—and who,
though they acted vigorously in secretly recalling
H.M.'s 84th from Rangoon, yet acted again with
fat 11 leniency in merely disbanding the mutinous
34th Native Infantry.

Now we maintain that a clean sweep must be
made of all the Calcutta incapables. All parties
in India but the Civil Service are disgusted with
them, indeed live in alarm through them, and
are almost ready to assume the responsibility
of superseding, them by a vigilance committee.
Europeans and natives, merchants and bankers,
planters and editors of friendly journals, soldiers
and hon-military men, all classes, in short, even
missionaries of long standing, high character, well
acquainted with the natives, and but too prone t-)
lean to the Government, all denounce equally the
miserable and dangerously incapable and selfish
Government under which they live. They know
of no parallel but that of VERNON SMITH and the
East India Directors here. Let Lord PALMER-
STON call Parliament together, and the country
will hear the truth.

, There seems to be a very general impression
that there will be a speedy, if not an immediate
advance in the minim' m rate of discount by the
Bank of England. There is consequently gloom
in the Money Market. The prices of every class

of security are greatly depressed, and there is but
too much reason to fear that we have not as yet
by any means seen the worst of it—that a
financial crisis is impending which may bear com-
parison with that of 1847, and which can only be
relieved by another virtual suspension of the Bank
Charter Act. There is already a panic in
the United States. Several important banks
have stopped payment in Philadelphia, and Balti-
more, and others may be compelled to follow a simi-
lar course. The rate of interest is now 18 to 24
per cent., and the Exchange has turned decidedly
against England, so that, most probably, in place
of receiving, we shall be compelled to transmit
specie across the Atlantic.

We are, in consequence of the provisions of
the monetary code, the mark to bo aimed at by
every person in temporary want of cash. We
must not only supply the entire Continent—
France, Austria, Germany, even Russia, the East
Indies, and China, but the Western Hemisphere.
We may exclaim with the wearied Trojan—
" Qucz regio in terris non nostri plena laborisil

Whenever an object is to be gained it is sccom-

plished at our expense, and the trade, and corn

merce, and production of the United Kingdom is
paralysed, and our poor people compelled to sub-
mit to the greatest inconvenience and privation
in order that large capitalists may further increase
their overgrown stores.
Under the existing system we have no
defence against these demands, nor any means
of averting the domestic suffering that ine-
vitably attends a foreign drain. We may see
bullion purchased in our own markets by any
foreigner who pleases to offer a small premium.
No amount of patriotism can withstand six per
mille premium, or 12s. in the 1001., which the
Bank of France was recently offering, and may
again speedily tender ; while the British nation
loses ten times the amount in consequence of the
"tightness of money," as it is termed, in our own
circles. And yet we insanely enough persevere
in the course that exposes us to a periodical re-
currence of these terrible losses—a disastrous
monetary cycle that renders legitimate trade almost
a gambling speculation.
A powerful writer—Sir AROuIBALD ALISON
—has so clearly depicted this untoward state
of affairs that we cannot abstain from quoting
his very words. "So perilous," saith he, "has

mercantile adventure in consequence become,
so numerous aro the risks with which the path
of the merchant is beset, that .it has become
next to impossible to pursue a sober, steadfast,
prudent course. So immense have been the ad-
ditions which the mutations of the currency, and
periodical contractions of credit, have made to the
ordinary perils of the winds and the waves, that
the most-cautious trader is now exposed to nearly
as great risks as the moat reckless. A bad. ha,r-
vest —three weeks rain in autumn--a blight in
the corn—a rot in.the potatoes—a murrain in the
cattle, is at any time sufficient, by occasioning an
export of a few millions of sovereigns, to blast the
most prudent undertakings, and ruin the wisest
mer. A considerable importation of grain—such
an importation as it is the great object of the free-
trade system to introduce and render permanent,

is, at any time, sufficient to render half the traders
in the kingdom, with the exception of the great
capitalists, bankrupt. No amount of pru-
dence and circumspection on the part of the mer-
chant or manufacturer can guard against the
effects of the sudden stoppage of credit, and re-
fusal of accommodation, which arises from an
exportation trifling in amount, but ruinous in iti
consequences, of the precious met sls. A nation
possessing two hundred millions a-year of solid
realised income, independent of professional in-
come—whose capital exceeds five thousand mi!-
lions sterling, finds itself reduced to the verge of
bankruptcy by the exportation of five millions of
sovereigns in exchange Tor food This, too,
takes place at a time when the Bank has
10,000,0001. of sovereigns still in its coffers,
when trade• is in an uncommonly healthy condi-
tion, imports great, exports above fifty millions,
and nothing exists to derange commerce but the
artificial perils with which erroneous human laws
have environed the currency."
Afid th's is they state into which we are now
rapidly drifting. Nothing can arrest our down•
ward course so long as the present monetary code
is maintained without alteration or modification.
What the nation requires is a domestic currency
that will be freely received in all the transactions
of internal commerce and everyday life. So long
as it is issued in convenient denominations, say
for 11., 21., and 31., and that it be kept within
sufficient limits, and receivable in payment of
taxation, and every national demand, so long will
it circulate freely from hand, and possess the
purchasing power, which is all that is required.
The credit of the Government, and even of the
Bank of England is unimpeaohed and unimpeach-
able, and the mere fact that the so-called incon-
vertible paper currency will not bo available for
protracted hoarding or exportation, will be the
strongest feature in its favour.

It will be just as easy to maintain the valno of
such an instrument of exchange as it now is to
regulate the foreign exchanges, and there will be no
necessity for entailing any extraordinary amount
of suffering on the industrious classes in the

attempt. But is a grievous mistake to suppose
that it would be inconvertible. It will be readily
convertible into beef and mutton, bread, beer, or
groceries, wines, or agricultural produce. It will
pay the rent of lands or houses, and provide the
happy possessor not only with all the necessaries
and comforts, but even the luxuries of life ; and
the man who possesses it wilt not want the means
of making foreign payments or travelling in any
part of the world. The worst that could
possibly happen would be that we would
have to pay a small premium under cer-
tain untoward circumstances. But that would
rarely be the case. It would merely represent the
premium which the demand placed on, bullion in the
different money markets of the world." It is use-
less to attempt resisting that natural law. As well
might Mrs. PARTINGTON strive to keep back the
advancing tide with a broom. It is better to de-
vise at once adequate means to resist its encroach-
ments, and this can only be by enabling English-
men to bid against foreigners for gold in English
markets.

At present there are from forty to fifty millions
of sovereigns in circulation, two-thirds whereof
might be beneficially replaced with notes for 11.,
it. 55., 1/. 10s., and /. 15s. The greatest con-
venience would be found from issuing for the
fractional parts of a pound, as is the custom in
the North of Ireland. Even if the principle of
convertibility were retained, and that these
notes should all be redeemed on demand in
specie, they would still exercise a very
beneficial influence. Mr. JAMES WILSON, one
of the highest authorities on the subject,
considered that the issue of twenty millions of 11.
notes would give us a command over commodities
of all descriptions—i.e., a purchasing power just
as great -as if twenty millions' worth of gold were
dug up in the centre of England. Surely, then,
it is worth trying an experiment that may be pro-
ductive of such extraordinary results. Is it not
stultifying ourselves to persevere perversely in a
course that has occasioned such terrible calamities,
and so frequently reduced the nation to the verge
of bankruptcy ?

Since writing the above we find that the mini-
mum rate of discount has been advanced at the
Bank Parlour thi; day from five-and-a-half to
six per cent. This is another of the fruits of the
vicious system in operation, and under which the
nation has so long been groaning.

ALTERATION IN THE MINIMUM
RATE OF DISCOUNT—(This Day).

The Bank Directors, at their meeting to-day,
have put up the rate of discount from 51 to 6
per cent. This variation was generally expected,
and no surprise was therefore occasioned. Mone-
tary affairs are certainly assuming an unsatisfac-
tory appearance, and we are threatened with a
repetition of the stringency and inconvenience
Which have characterised the concluding months of
the two previous years. Trade must suffer, and
many weak firms will inevitably succumb. If
first-class houses are compelled to pay 6
per cent. for accommodation, what onerous
quotations must be exacted from those
of a second or third rate character ! These
may be highly respectable and in every respect sol-
vent, but not having the prestige of their more pow-
erful rivals, their position under such circumstances
is exceedingly disadvantageous. The strain upon
the establishment both for notes and gold is believed
to have been excessive, and as a measure of precau-
tion a restrictive policy was dictated. The allow-
ance fur deposits on call, and for fixed periods
will be proportionately advanced, and thus
large sums that might otherwise be invested
in the funds, shares, dm, will be attracted to the
discount market, where the supply will conse-
quently continue very large.

The Sardinian Minister will return to town at the
latter end of next week from Germany.
The Marquis and Marchioness of Ailesbury returned
to town a few days since from Tottenham Park, Wilts.
Tne Earl and Countess of Shaftesbury are expected
home in a few days from Germany, where they have
been staying for some time past.
The Earl and Countess of Albemarle will leave Quid-
denham Hall, at the latter end of the month, for the
Continent.
The Countess of Jersey and Lady Clementina Villiers
are staying on a visit with the Earl and Countess of
Derby, at Knowsley Hall, Lancashire, but will leave iu
a few days for Middleton Park, Oxfjrd.
The Earl and Lady Const,nce Gro,venor will shortly
leave Dunrobin Castle, for Calverley Park, Cheshire.
Lord and Lady Willoughby d'Eresby will shortly
leave Drummond Castle, Perthshire, where they have
been entertaining company for some time past, fat
GI imthorpe.
Lard A shhurton has left Scotland for Ireland, where
his lordship intends to stay for someweeks.]
Lord It )i.eby arrived
in town on Tuesday from Paris.
Her ladyship is staying in Paris, and will not return
until ear.y next month.
The Rtght Hon. B. Disraeli and Mrs. Disraeli have
been on a visit to Lady Marian Alford, at Ashridge.
The right bon, gentleman has since returned to Hugh-
enden Manor. _ _ _

Mr. %TN 7171 n and Lady Mary Craven return to town
t from WitnPole Halle Cambridgeshire, where
they have been staying for some weeks past, on a visit
to the Earl and Countess of Hardwicke.
ivery
considerablefavourable
injuryr es u : tte o.
THE SILK CROP in the islands of Andros and Ti o
(Cyciade ) this year, states the An-nales du Contrnerc,e
shtaosrmiasotanpdrodruaiVd d
Ext e u
Successiveie
the worms. The crop of cocaons, which last year pro-
deiced 100,000 ocques at Andros and 24,000 at Tino,
here this year only produced 6,000 ocques in the former
island and 15,000 in the latter. The prices have con) u-
(paid), „eel, 91, 10J, and 111 per coque. The crop of
c ern hes been very abundant this year in the Cyclades,
but the hopes which were entertained in the spring
relative to the vines will not be realised. At Syra,
Pares, and Zea, the oidiurn has committed great ravages.
The vineyards of Naxos, have not, however, been
affected, and wine will be abundant in that island. A.
to the vineyards of Santorin, they will only produce half
a crop.
ATROCIOUS OUTRAGE ON THE EASTERN COUNTIES
RAILWAY. - -We aro sorry to have to record a second
instance of violence perpetrated on a passenger train on
the Eastern Counties Railway ; and we lament to add
that one of our transatlantic brethren will convey across
the ocean ietelligence of a state of barbarism in this
c.iuntry More real than those fabulous norrers which
were some time back imposed upon the Times by an ,
Eeglish visitor to America. Last Friday night the down
express train passed Wyrnoadharn Station at the usual
tires, and when a few miles beyond that town, a large
stone was flung at the train, the stone ernaihe.l one of
the windows of a first-class carriage, and struck a pas-
senger on the side of the face, breaking his jaw-bete.
On arriving at Norwich, the passenger, Professor
Rogers, of America, was e mveyed the Swan Inn, where
he wareimmediately attended by Mr, Firth, the surgeon.
Professor Rogers was on a visit to Professor Sedg wick,
now in Norwich. Several lads have been apprehended
on suspicion by the county police.—Bury and Norwich
Post,
THE GoVERNNENT OF PRINCE EDWARDS ISLAND IN
WANT OF bIONET.—We have beard it rumoured, arid
have every reason to believe the report to be tree, that
the government of this island recently deputed the Hen.
C. Young, L.L.D., President of the Legislative Council,
and the "recognised administrator of the government
of Prince Edward Island, in the absence of the Lieu-
tenant-Governor," to Nova Scotia, for the purpose of
negotiating a loan to enable them to carry on the go-
vernment of this island, and prevent its becoming totally
bankrupt. His Honour was instructed to raise 6,000/.
on the security of the Treasury warrants. Rumour fur-
ther states that oar neighbours have so little. confidence
in the government of the i-land that Nova Scotia capi-
talists refused to loan the money on the security of Tree.- •
Bury warrants, unless endorsed by the President of the
of Prince Edward Island ; and his Honour had to return
home with his finger in his mouth, The Hon. the At.
t irney-General of the island wee at Halifax at the time ;
but we cannot say whether he farmed a part of the
deputation to effect the loan or not.—Cltarlottetozon
Island.
THE SIGN OF " THE GREEN MAN AND STILL."—
In this sign we perceive a hunternan, in a green coat,
standing by the side of a still ; in allusion, it has been
facetiously conjectured, to the partiality sh )wn by that
description of gentry to a morning dram. The genuine
representation, however, should be the green man (er
man who deals in green herbs) with a bundle of pepper-
' mint or pennyroyal under his arm, whiuh he brings to be
distilled.—FromTintbs' "Popular Errors Explained."
Mates.—Seethamptoo, ‘Veduesday.—The P).u-
ieeuler and Oriental Company's new steamship Granada,
Capt. Tregear, left to-day with the Peninsular reaile, 30
passengers (among whom are Capt. and Mrs. Brows)),
37,0001. in specie, and a large cargo. The United States'
well steamship North Star, Capt. Lofebere, also sailed
t,-day with the French and English mails for New York,
43 passengers from this port, and a large number from
ilavre, and a general cargo. The Royal Mail steamship
Tyne, Capt, Langdon, leaves with the Brazil and River
Plate mails on Friday,