The Sun.
London, England, 1857-10-21 00:00:00

SIR GOLLY CAMPBELL.

When the Bank of England was unrestricted in
the issue of paper, or legal tender money, the rate At length an EAST INDIA DIRECTOR has spot eu ;
of interest was almost uniform. For 134 years, of course we know something now about why the
from 1704 until 1838, it was never lower than 4 mutiny began, and what its results will be. We
per cent., and never more than 5 per cent. It could not withhold such an important speech from
was not until the rash experiment of 1844, that our readers, and we doubt not many of them road
the extraordinary fluctuations in the value of every line of it carefully, looking, as we do in a
money, from 2to 8 per cent., were heard of, and QuEeei's speech, for some sentence to tell us Rome-
thing we did not know before. Mr. WILLOUGHBY
yet Mr. COBDEN, who described these very flue-
w
tuations as occasioning greeter evils, pecuniary, was installed in the Directorate under the Act of
social, and moral, to the trade and manufactures 1853, by the Crown, or rather by the All Talents
of the country, than the direct failure of all the Ministry, as possessing, presumably, " ell the
banks of issue, since their first establishment, was talent;" for a Director—for one of the six to be
the man who gave his casting vote in favour of the ultimately nominated by the Crown. He ought,
objectionable system, that produced all the 'nig- of all persons in this country, to be able to tel es
chief. something of India. For more than thirty years
It is not capital, but currency, that is now he was in the Company's civil service there, eery-
required. As a nation, England possesses ample ing it, too, in varied capacities—Assisting Res:-
means---not only for her own purpose, but to ze- dent and Acting Resident at Baroda for ten years,
lieve the exigencies of all legitimate claimants. Secretary and Chief Secretary, and then Member
But, by the ridiculous enactments sanctioned iu of the Government at Bombay, till 1851, when
1844, we have hampered and fettered ourselves, he consideeed his Indian education to be complete,
so that we are now perfectly helpless. The panic and also that he had completed certain other qua-
is produced that occasions the distress. Notes lifications for a seat in the British Parliament.
can never be in excess. Unless there is a healthy He therefore tried for a seat in the House of
and beneficial demand, they will remain uncalled Commons for Leominster, in 1852, and failed ;
for in the strong boxes of the EetabliAhment. A but, after four or five years' discipline in the peli-
man who knows that he can always convert un. tics of his native land, he may have found that
exceptionable securities into the circulating me-
Don's account of that borough is correct, which
dium will not rush wildly to do so, or pay large runneth thus : " INFLUENCE -- chiefly pee-
sums for retaining idle money in his possession. messed by Mr. Joule ARICWRIGHT, of Ramp-
It is the apprehension of deficiency that is the stead ; but the electors are said to appreciate mssi
cause, of the panic. The moment that is removed, highly a candidate vith good pecuniary resources."
the terror ceases, and money is again restored to Anyhow, J. P. WILLOUGHBY E , eq., is .VI. P. for
its proper function. Leominster, and we are glad that he is. We shell
The demand of the banking and trading corn- want all he does know of India next session, and
munity, in 1847, was for a circulating medium at we shall yet have a little of it.
any price. Comparatively, they did not care for But how much have we of it in this speech ?
the rate of discount, but they severely felt the We must own that we began it expecting, when
Want of an adequate measure and representative of we had finished it, to understand some points
y of cur
value* As Mr. HAMER STANSFELD, the eminent better than hitherto ; but, like too man
readers, we had to exclaim,
monetary reformer, explained, " legal tender was " Well, and now
the one thing needful." It was not capital in its we're as wise as we were before." Not a single
general sense, but currency, that was required. idea, statement, or fact could we find with which
The Bank of England was quite willinr, to lend Ivo were not quite familiar ; not a single opinion
Console, bat it could not
give notes. Bat evn on the opinions of others, which we had not rad Consols or Exchequer Bills
were not at all convee - before. Most of the retuened Anglo-Indians in
table into money. Another week
would have ore- their letters to the journal , es, have given us some
casioned a national bankruptcy, in October, fresh phase of the matter to consider, even when
1847. The efficacy of the remedy showed the we were compelled to differ from their views. Mr.
real nature of the malady. Fair and reasonable WILLOUGHBY, however, has given us nothing,
" credit"
was all that was desired. The moment liter •
-ally nothing, diverse—not to say nothing new.
the act was suspended, the panic ceased. The With all his actual experience of India, and with
bullion stored in the vaults of Threadneedle_ . all the resources of official information pigeon-
street was practically as use.ess, as if it had boon holed in the East India House, it must be owned
cast into the sea. Properly used, it would have that any sensible Eegliehinan who had never
prevented the grievous catastrophe that ship- crossed the Channel, mach less the line,
wrecked the hopes, and but had only read the
destroyed the happiness,
papers for tie
of many last six months, could have d •
We cannot doubt that there is knowledge appro.-
respectable families.
one quite as we J;
exettsAiven:sftaeirie
" Gold is not required for the internal com-
merce of thecountry"—so said the bullionist organ 1 priate to the occasion in Mr. Wmeonciney, know- ,
. declined 4 per cent.
ianmt the yesterdaypricesotfhere securities.w as a
scme two years since, and the matter is so easily ledge which qualifies him to representgeneral,Austria tibusttoseekt
. . At Hamburg the rate of discount remains at 9 per
one-sixth cent.

ASTLEY'S AMPHITHEATRE.

"The War Trail, or the White Home of the Prairie,"
is the title of an equestrian spectacle jest presented to
the patrons of that favourite Metropolitan arena where
the wonderful docility and dramatic powers of the equine
race, when properly trained thereto, have from time ircs
memorial been exhibited. Capt. Mayne Reid's romantic
tale, bearing the same name, is the base upon which the
author has built up a structure that calls into requisition
the whole resources of the tranTontine circa . The
story tells of a gallant American captain of rangers,
who having introduced himself to a Mexican heiress,
whom he at first mistakes for a spy, by shooting hsrl
"beloved steed" and bringing her to the grouud, makes
love to her and is accepted, but is thwarted bya Spanish
renegade, who steals the lady, binds her to " the white
horse," which the gallant captain had, at her request
and to prove his affection, captured for her at immense
personal risk, and sends her upon her travels across the
prairie is la Mazeppa—while, probably to render her re-
grets fer home lees aoute, he sets fire to her father's
house and burns all the inmates. But the captair,
thanks to a couple of trappers, is set upon the track •'
the white steed ; and after innumerable difficulties and
no end of hairbreadth escapes from all kinds of enemies
and all sorts of dangers, the lady is rescued, and all ends
happily and as it should do. Mr. James Holloway and
MissDo wton, as the hero and heroine, played effectively.
In the undramatised equestrianism, which, after all,
forms the chief attraction at Ast(ey's, Mr. James Robin-
son, an American celebrity, and who comes to us with
the high-sounding title of the " Great Star Rider of
America," executed corns daring and unprecedented
feats. From the bare back of a horse going at full speed,
and without the flat buff leather saddle which usually
forms the platform for the rider's feet, he caste no end
of amazing somersaults, always descending with safely,
and never " missing his cue." Miss Emily Cooke per-
formed some graceful pas, and Mr. William Cooke, with
three beautiful zebras and a lidiPutian pony—which ;n
the ring bears the name of Flying Childers—exhibia d
some iatersiaing proofs of the Kish traioiug of this new
addition to the " .Astlay's stud."

It is positively asserted in official quarters in
Paris that Sir Colin Campbell left Calcutta on the
11th Sept., to place himself at the head of a
European force, which the Government had pro-
visioned with every description of marching mate-
rial for a campaign which would last eight months.
At some appointed spot, it is calculated near Cal-
cutta, these exensive stores were rapidly collect-
ing, and the advance guard would set out imme-
diately. Of course no one pretends to know
Sir Colin's plans, but he is said to have commu-
nicated with the heroic bands who are holding
their ground at Delhi and elsewhere, and
that combined movements have been decided
upon. Delhi is 90 miles from Calcutta,
and as the season is not favourable for marching,
the immediate effect of Sir Colin's plans will only
tell in a moral point of view on the enemy. It is
bAieved here that the insurgents have already
made overtures, but entirely failed, it being the
intention of the Commander-in-Chief not to accept
any negotiations whatever with the King cf Delhi.
It is also the opinion of foreign spectators that
the sepoys have certainly been assisted by Eurc-
peans i❑ their movements, but as they fail to make
any impression when opposed to us, a mill-consi-
dered attack fails for want of pluck. Repeated
failure has produced much discouragement, and I
am told it, is said in a late despatch from Calcutta
that an opinion is gaining ground to the effect
that, as Sir Colin's army advances, the insurgents
will disperse and abandon Delhi for the moun-
tains.—Paris Correspondent of the Morning Post
(second edition).