The Sun.
London, England, 1857-12-14 00:00:00

C

opportunity, but will at the earliest moment,
prove that the public, canfidence was not mis-
placed. The same energy and promptitude which
induced him to start for the scene of action at a
few hours' notice, will carry him onwards in his
noble career, where we hope and believe he will win
another peerage for the honoured name of CAMPBELL.
It is said that he incurred considerable danger by
falling in with a party of mutineers while travel-
ling without an adequate escort. 'Fortunately, he
escaped from the rebels, and his great energies
are still available for the service of his country.
It would indeed have been deplorable if such a
man fell under such circumstances. His followers
will not, however, think the less of him on this
account. A general too chary of his own personal
safety does not inspire his troops with much con-
fidence or courage. With 10,000 men at Alum-
bagh, he will soon effect a junction with HAVE-
LOCK and OurßA➢[, and afford complete relief to
those now pent within the walls of the Residency.
There are said to be 50,000 rebels occupying the
three miles between Alumbagh and Lucknow,
headed by the areh-demon NANA SAHIB but
what of that ? 11AvELocE has shown that
British soldiers can defeat ten times their num-
ber, even of the petted Brahmins ; and
we have not any doubt that Sir COLIN
will be able to render a satisfactory account of
any force that can possibly be brought against
him.

Captain PEEL was at Alumbagh with a portion
of the Naval Brigade, and expecting the remain-
der to join him shortly. Our jolly tars will
render efficient aid in astonishing the weak minds
of the rebels, and teaching them the full effect of
English prowess and resolution. General WIND-
HAm (of the Redan, as he has properly been
termed) is in command of the reserve at Cawnpore,
and is to march onwards as soon as he receives
the reinforcements that were daily expected.
With CAMPBELL, HAVELOCK, OUTRAM, GRANT,
GREATIIED, and WINDHAM, there is nothing to
be desired in the way of Generals. And
the soldiers under their command have proved
themselves in every way worthy of such leaders.
The Dinapore mutineers received a heavy blow
and great discouragement from a party of 800,
consisting partly of a detachment of the Naval
Brigade, and of the 93d Highlanders. They
came on the rebels near the village of Rudgnee,
and, after a sharp conflict, completely routed
them. The gallant commander, Colonel PowELL,
unfortunately fell in the very hour of his triumph.
Two guns and tha ammunition waggons were cap-
tured—a poor compensation, however, for the
gallant spirit that was lost to the nation.
Nynee Tal had been relieved. The natives re-
siding in the vicinity had dashed forward to the
rescue, and that, with the demonstrations by
British troops, was quite sufficient to make its as-
sailants decamp in double quick time. A new
mutiny had taken placs at Mehidpore, but
it was speedily suppressed by the Mhow field
foroe. Major BURTON and two of his sons had
been murdered at Kotah, together with Dr.
GOLDIE and Mrs. SAVILLE. These lamentable ca-
tastrophes are the only drawbacks to what must in
other respects be considered as unusually satisfac-
tory intelligence, leading to the reasonable antici-
pation that by the next mail we shall hear of
exemplary punishment being inflicted on the
rebels ; that they have been scattered far and
near, and reduced to the condition of banditti,
unable to make head against the royal forces, by
whom they will speedily be hunted down.

The Chancellor of the Exchequer relieved the
dreary and dreamy commonplaces which the other
night furnished the excuse for his do-nothing policy,
by running a tilt against what the Bullionista call
the "inconvertibility of the bank-note." Our
readers will perfectly understand that what the
Chancellor and the OVERSTONE party call " con-
vertibility" is the power of obtaining gold at a
fixed rate for bank-notes, and, indeed, as they
now expressly say, for all debts. At times, when
nobody either at home or abroad wants gold, the
Bank is prepared to convert its notes. The mo•
ment any pressure arises, the Bank is obliged to
contract its issues, most injuriously to the interests
of the country, in order to make the attempt to
preserve the appearance of convertibility. But this
attempt universally fails. It failed when it
was first tried before the passing of the
Act in 1819. The distress produced then
merely by the preparations made for a return to
cash payments, was so frightful, that the evil day
was postponed. In 1819, the country having a
full currency, and prosperity being thereby re-
stored, the convertibility of the note at a fixed
Pate was again attempted and failed—the
country being half ruined in the trial. Lord
LONDONDERRY'S 1/. Note Act brought bank a
prosperous condition. The currency was again
made " convertible," and we had the panic of
1825 ; when the issue of an old box full of 1/.
bank notes "saved the country." Through the
distressed periods of 1830,1836, and 1839, we
came to 1844, when a grand attempt was made
to place the currency on a sound basis, and the
efflux of bullion and over-speculation prevent
panics, and above all ensure the " convertibility"
of the note at a fixed rate. This " perfect sys-
tem," as the Chancellor called it, was tested in
1840, and "signally failed." Again it has been
tested in 1857, and has more signally and more
ignominiously failed. This is the "convertibility"
on which the Chancellor of the Exchequer and a
majority of the House of Commons plumed them-
selves on Friday night.

The " inconvertibility" which the currency
Reformers advocate, is " inconvertibility" at a
fixed rate. But by it the Bank note and al en-
gagements entered into by the country, would be
really and truly convertible into gold at its
market price. This convertibility, we repeat,
would not be nominal but actual. It could be
maintained at all times, even at those of the
severest commercial pressure. It would be a
reality, not a sham and a pretence, and experience
has most amply demonstrated that this is the only
convertibility which in this country is either
desirable or practicable.
Mr. TWELLS, a gentleman whom Sir G. C. LEWIS
thought proper to assail on Friday night, is one
of the few now remaining who has a perfect
knowledge of the manner in which paper money,
convertible at a fixed rate, but convertible at the
market price of gold, worked fur the country's
good, under every circumstance of political and
financial trial from 1797 to 1815. He hm, in the
plainest and bAdest manner, given tho committee
the result of his experience during the last hall
century. Without the slightest fear of any ridi-
cule which might bo thrown on his stateraeuts
and opinions, and with an utter disregard of any
interests but those of his country, ho has
come forward to assist in the reformation of
our unjust and unwise monetary system. It was
stated in the Times, a short time since, that M..
TwELLs is the only witness examined before the
committee who recommended the adoption of legal
tender paper money, issued by Government, and
not convertible at a fixed rate into gold. This
is a very unguarded statement. It is directly
contrary to the fact. Mr. ALEXANDER, the head
of the firm of Messrs. haxxANDED and Co., re-