The Sun.
London, England, 1857-04-08 00:00:00

the hustings and the polling-booth, but the final
and harder victory at St. Stephen's has still to
be won. If Lord JOHN RUSSELL see that the
people will have a real Reform Bill, he will soon
have one on the anvil ; and if Lord PALMERSTON
hears the sound of Lord JOHN'S hammer, he will
set his own forge to work at once and anticipate
him, or else join in partnership with his rival.
At the election, reform has fared infinitely better
than we expected, seeing that the couittry was
so suddenly appealed to on another question.
Surely the great gun at the election will not be
lost by remissness after it. We shall have oppor-
tunities. Mr. LOCKE KING must soon renew his
motion. Mr. BERKELEY will give early notice of
a motion on the Ballot ; and Lord JOHN is in un-
easy non-employment. Let Liberals be awake,
I and this Parliament will do something for them.

The rate of interest has increased, is increasing,
and is likely still further to increase, until the
entire profits of producers and traders are trans-
ferred to the pockets of the money-lenders. Not
contented with the addition to the minimum, rate
of discount announced after the meeting of Direc-
tors on Thursday last, " a further slight restric-
tion," as it is termed by the bullionist organ,
was decided on yesterday. In ordinary times
they discount bills not having more than three
months to run for the bill-brokers in the same
manner and on the same terms as for the
public. They have, however, given notice
that the accommodation will be limited to bills
not having more than a month to rune and
that on bills of longer date they would only
make advances for a fortnight.
This change followed rapidly on the alteration
as to the terms respecting advances on Stock 1
At a late hour on Monday afternoon it was de-
clared that no advances would be made at less
than seven per cent., or for more than seven days
on Government securities. Thus, then, we find
that the facilities for obtaining pecuniary accom-
modation on the very best securities have been
withdrawn by the Bank. Three such changes
within a single week augur badly for the
state of the money market. They prove,
beyond the possibility of doubt, either that
the Directors feel that they are themselves
placed in circumstances of peculiar difficulty, and
must adopt these stringent and unpopular mea-
sures for their own security, or that they are
seeking to obtain exorbitant profits at the expense
of the trading and manufacturing interests of the
country ! Utrum horum, muftis accipe. It signi-
fies but little on v: hich horn of the dilemma they
may be tossed. In either case they are not quali-
fied for the position into which they have been
pitchforked as controllers and regulators of the
national currency. It is quite clear that, not-
withstanding their large capital and the monopoly
which they enjoy, they are unable to contend
against the necessity of being obliged always to
buy or sell the precious metals at a fixed price with-
out any reference to the supply or demand there-
-11 for. trader this most unwise and impolitic system
every European nation can supply its wants at
our expense. The bullion that flows in from
Australia is taken for the Continent, and we are
tantalised by being starved in the sight of plenty.
It is not the increase of 1 or 2 per cent. in the
rate of discount that can stop this demand. Under
the existing law England must be victimised, and
her industrial population are ruined in the pro-
cess. It requires a total change—something
must be done, and that speedily to prevent the
ruin of those whom it should be the first duty of
the nation to encourage and support. We have
heard many " flattering tales" respecting the
temporary nature of the exigency. The prospect
of "a partial retention of some of the Australian
gold arrivals" is hinted at as offering some slight
alleviation. And has it come to this with Eng-
land, that the hopes and aspirations of her people
are already directed to the early arrivals of vessels
bearing specie to the extent of a few hundred
thousand pounds ? That adverse winds or a break
down of machinery, or any of the various acci-
dents to which sea-going ships are exposed, should
derange the commerce and production of the
Empire?

Unless some decisive measure be adopted within
' the approaching session, we may be exposed to
direful calamities, far exceeding the ;nest formid-
able crises that have hitherto occurred. Sir G. C.
LEWIS has declared his intention of renewing
the Bank Charter Act without change or modi-
fication, for a further period of ten years.
It is impossible to estimate the results.
Surely the experience of 1847 should not
be altogether disregarded, nor should the
painful lesson be thrown away. The Select Com-
mittee of the House of Lords clearly and distinctly
traced the deplorable events then witnessed to the
Bank Charter Act, and the same causes must produce
similar effects. The case is much stronger at the
present time, inasmuch as it is universally ad-
mitted that there is now no undue speculation, and
that the undue pressure cannot be in any degree
ascribed to domestic affairs. As we have
repeatedly stated, the monetary legislation is
even of greater importance than the fis-
cal. We may feel ourselves very unfairly
treated, so far as the unequal tax on
incomes are concerned ; but it is, if possible,
more urgent that we should be allowed to earn
the means of satisfying the inequitable and
impolitic charges that we should be ena-
bled to provide for all classes of demands,
than that they should be diminished in number
or amount. The moneyocracy are virtually
"killing the goose that laid the golden eggs."
They may themselves be the first to suffer by the
consequences, and if wise would seek to inaugurate a
sounder policy, which wouldgive them greater secu-
rity, although their profits might be smaller ! We
trust at all events that the matter may not be slurred
°Ter, but that before any renewal of the Bank
Charter Act be decided on it, may receive
the calm and attentive consideration whiah its
vast importance and its influence on the welfare
and prosperity of the industrial community so
eminently merits, so imperatively demands.