The Sun.
London, England, 1861-08-27 00:00:00

1 rather than any other commodity, in exchange. If
gold be drained out of the eountry, the paper cur-
' rency of the country is immediately contracted,
discounts are raised, prices are lowered, trade is
depressed, panic arises, and then succeed " re-
stricted employment, suffering among the masses,
discontent, disaffection, agitation." These effects
arose in 1819, 1825, 1847, and 1857. Why, Lord
Liverpool affirmed at one time when the distress
of the country from a dearth of money was exces-
sive, that the distress arose from the harvests
being too good. Over-production of food, he said,
was ruining the country. Again, at the beginning
of this century the harvests were much worse than
they have been since. In 1800 the scarcity of
wheat was extreme. We had then paper money
and no gold. We bought bread for our people with
our commodities, there was no commercial depres-
sion, and the speech from the throne, in the follow-
ing year, refers to "the continued prosperity of the
country."
It is not the loss of a few days' sunshine that half
ruins England. It is the action of bullionist moon-
shine, of the ridiculous, contemptible currency
crotchets of Peel andOverstone which have been, for
forty years, a greater curse to this country than
plague, pestilence, or famine.
The self-condemned fallacies of Peel—condemned
by panic after panic, and one order in council after
another—would long since have been thrown to the
winds had not the gold discoveries of California and
Australia bolstered up their decrepitude. Let us
tell our sunshiny and bucolic friend of the limes
another thing. We have learned a good deal from
the Americans. They may probably after all give
us a lesson in paper money. They are now about
to issue Treasury notes, of small amount, made a
legal tender, and receivable for taxes. If properly
managed, these notes will be of great use to the
Federal States. And with them—come bad har-
vests or good—they may, as England did from
1797 to 1815, carry on a great war.—Derbyshire
Courier.

STATE OF HUNGARY.

(From the Times•)

PESTH, AUG. 22.

This has been the day of the greatest political
excitement 1 have as yet witnessed in Pesth. Ge-
neral Count Haller arrived here at 4 o'clock this
morning, armed with the Rescript. The Chamber
was summoned for noon, and long before that hour
crowds were streaming towards it. So crowded
within and so besieged without I never yet saw it.
The galleries were filled with spectators of a higher
class than has been during this latter part of the
session. A number of foreigners were present, and
among them, in the front row, were the Duke and
Duchess of Sutherland, who arrived hereyesterday,
just in time for the decease of the Diet. The pro-
ceedings commenced by a secretary reading the
introduction of Count Haller to the Chambers, and
his authorisation as Royal Commissioner. It was
signed by the Emperor and by Count Forgach,
and said that the Diet should submit itself to
the commands of the Count Haller aforesaid, the
enumeration of whose title, offices, and decora-
tions, comprised in the document, excited some
merriment. President Ghyczy then said that
his Excellency the Royal Commissioner bad
requested the Presidents of both Chambers to call
upon him early this morning at the Palace at Buda,
to receive communication of the Royal Rescript, and
that he had then given them to understand that,
unless the Diet submitted and obeyed he should be
compelled to employ military force. At this there
were murmurs in the Chamber. The President then
produced the Rescript and gave it to a Secretary to
read. It so happens that the gentleman in question
has, in reading anload as is necessary for him to be
heard all through the Chamber, a voice both hard
and harsh, and it seemed to grate upon the ears
of the audience as it enounced the dry and by no
means conciliatory sentences of the Rescript, which
was repeatedly interrupted, as had been the reading
of Count Haller's introduction, by deep and angry
murmurs on the part of the Deputies. The follow-
ing are the terms of the Rescript :
" Francis Joseph I.,by the grace of God Emperor
of Austria, King of ungary, Bohemia, &c.
" To the faithful Magnates and Representatives
of Hungary and its annexed States, who, on the 2d
of April, 1861, were by us convoked in Diet, health
and greeting.
" Dear and loyal Subjects,—Forasmuch as the
Hungarian Diet, nowfor the last five months assem-
bled, has not corresponded to the invitations ad-
dressed to it, and as we, to our heartfelt regret, can-
not await, from such a Diet, useful activity in the
interests of our Kingdom of Hungary—from a Diet
which, in these extraordinary times, and to its own
greatest injury,, has so greatly mistaken its high
vocation ; forasmuch as the said Diet has itself de-
clared broken asunder the threads which might
have led to a settlement of affairs—and that merely
because demands have not been complied with, the
extent and import of which rendered them wholly
inadmissible ; we, therefore, feel ourselves compelled
to dissolve the Diet called together on the 2d of
April, and hereby do accordingly dissolve it, and
reserve to ourselves to call together a new Diet,
according to circumstances, in the course of six
months.

" Whereupon we remain, with our Imperial and
Royal Grace, &c., " FRANCIS JOSEPH.
" Done in our mperial capital of Vienna, in Aus-
tria, Aug. 21, 1861."
M. Bernath, the old and respected Deputy of the
Left, who proposed the unanimous adoption of
Deak's Address on the Bth inst., rose when the read-
ing of the Rescript and the noises which greeted its
conclusion had terminated, and remarked that what
before had been but an accredited report had now
become a dismal fact, and the Diet was dissolved
without any practical result having been derived
from the session. He should have to invent words to
express the grief of the nation, but, as it was, they
they could but submit to the command. M. Bernath
having inadvertently used a word which expresses
more than mere submission, and may be better
translated as a bowing of the knee, this, in the
excited state of the Chamber, led to an indignant
outcry, with exclamations of " No, no! Never !"
"We do it only by compulsion !" and the
like. M. Bernath explained ; and Deak, who
had been received, as well as President Ghyczy
and Baron Vay, on their entrance into the
Chamber with loud applause, now rose amid en-
thusiastic shouts of " _Eljen Deak!" He said that,
after the reading of the Imperial Rescript, and after
what had been heard from the respected Presi-
dent concerning the dissolution of the Chamber
(this referred to the menace of employing force),
further discussion was out of the question. They
could not oppose resistance to military force. " Let
us hold fast by the Protest," he concluded, " which
both Houses adopted yesterday." Whereupon the
whole Chamber rose in a perfect tumult of excite-
ment, and, as if inspired by the bold and fearless
tone in which Deak had spoken, Eljen Beak !
_Eljen a haza ! " Hurrah for Beak ! Hurrah for
our native land !" were shouted by both Deputies
and galleries with loud accompaniment of clapping
of hands. The President rose to speak, ringing his
bell—to which I must say, to the credit of this
very young Parliament, I have never yet witnessed
even a brief disobedience. While the minutes of
the sittin g were being drawn up by the secretaries
the President made a few valedictory remarks, in
the good taste and tone which at all times secure
respectful attention and the sympathy of his audi-
ence. No Hungarian Parliament, he said, had ever
laboured under such difficulties as the present one.
The demand of the nation for its rights is loud and
general. Passing to personal affairs, he thanked
the Chamber, in his own name and in the names of
the vice-presidents and secretaries for the support
it had afforded them, and expressed his conviction
that each and all of them had fulfilled their duties
to the best of their abilities. The minutes of the
proceedings were then read and approved, and the
House rose for the last time. Beak was one of the
first to go out, and as he passed through the midst
of his brother Deputies he was greeted and cheered,
and everyone was eager to get a word from his
mouth or a grasp of his hand. Through the
outer halls and down the wide staircase, and through
the garden in front of the building, he was still
pursued by the applause and good wishes and
greatful expressions of his countrymen. Any
man might be proud of such a triumph, of such
heartfelt praise and general sympathy, so pure and
genuine, and so completely spontaneous, unsolicited
by any meretricious glitter of accomplishments, and
offered as a tribute to worth, patriotism, ability,
and integrity. Deak's admirers love to speak of
him as the Hungarian Cavour, with whom he cer-
tainly has some points of similarity ; and to-day's
scene forcibly reminded me of similar triumphs of
the great Piedmontese statesman, witnessed in days