The Sun.
London, England, 1857-01-20 00:00:00

the possible price of gold, from his calculations.
But in place of that he has another of even greater
magnitude, and subject to more extensive varia-
tions even than the price of bullion. The rate
of discount may, and has, ranged between 2 and
10 or 12 per cent. We use the term " discount"
advisedly, inasmuch as when it was at the most
extravagant rate scarcely 3i per cent. could be
obtained on Government security. Indeed,
even during the Irish famine, the Chancellor of
the Exechequer was enabled to borrow
8,000,0001. at 3/. 7s. 6d. per cent., and even
during the panic of 1847 but little more could
be obtained on permanent investments of an
unexceptionable character, while advances for
temporary purposes were charged 10, 12, or
even 15 per cent. A clear proof that it was
currency, not capital, that was wanting.
This, then, is a more serious difficulty in
the way of the foreign merchant even than
a possible, but by no means probable, premium on
bullion. As an article of merchandise it may
safely be left to the enterprise of our traders.
Besides, large amounts of specie would naturally
come into the hands of the Government depart.
ment charged with the regulation of the currency,
which, would support and sus-
tain in
the
hanyemergency,
eMoney
ay iark
et:
It is absurd to say
that without absolute and immediate converti-
bility on demand there would be no means of ex-
changing the national currency into gold or silver.
The utmost that could be anticipated would be a
trifling premium for gold that would measure the
full extent of the loss, and under the most adverse
circumstances would be far less than would be
endured from the consequences of an extravagant
rate of discount, and the total want of pecuniary
accommodation oven to the most solvent firms.

It is notorious that the foreign trade of the
country was seldom, if ever, in a more satisfac-
tory condition than during the time that the
entire domestic circulation consisted of what have
been facetiously denominated " worthless rags."
The foreign traders were certain of obtaining a
speedy and satisfactory market for their goods or
consignments. They were not compelled to sub-
mit to " alarming" sacrifices to sell for whatever
the articles might fetch, in order to meet their
liabilities. If a remunerative price could not be
obtained at one time they could afford to wait,
and they were certain of obtaining advances pro-
portioned to the value for any reasonable period.
So far, then, as even the foreign traders are con-
cerned, a sound domestic currency that would
prevent the ruinous altercations in the rate of dis-
count would be exceedingly beneficial—while it
would be an incalculable boon to the rest of the
community, insuring the welfare and prosperity
of the nation, and the comfort and happiness of
the labouring population.

Mr. C. PEARSON, the City Solicitor, is one of
those men who, whatever be the subject on which
they treat, are entitled to a hearing. Never chal-
lenging public attention when he has nothing to
say, and bringing to every subject a more than
ordinary intelligence, backed by conscientiousness,
and an industry which no amount of labour can
overcome, he pursues his way until he arrives at
some definite conclusion, which he advances in a
manner at once forcible, and involving the mini-
mum possibility of misapprehension. To one
subject he has long devoted his special attention,
and on it he has bestowed more conscientious
labour and deliberate thought than on any
other, and this despite much discouragement
from quarters to which he had a right
to look for countenance and support. The
subject referred to is that of Penal Punishments,
which is now engaging the attention of the best
and wisest among us. Mr. PEARSON may be
assured of a respectful hearing, all the informa-
tion and collision of thought that can be brought
to bear"on it being required to insure a satisfac-
tory result. For our own part we have great
pleasure in inviting the attention of our readers
to the very able communication he has just made
to the Lord MAYOR, which will be found else-
where under the head of "Mr. C. PEARSON on
Penal Punishments." The learned gentleman,
it will be seen, classes :them under three heads,
viz., the system of past days, the present system,
and the future system—or that which should
obtain among us. The first he describes as the
cheap and cruel system ; the second as the expen-
sive and effeminate syst; -n—generally known as
the separate or solitary system. Both of these
it is his endeavour to show as utter failures ; the
first being eonde,aimnudnteidtlhe ybpsentchToehdevetrhd by
iircedtxpooferrineenfluicgteuh of
future
humanity, n
its worse than inutility.
system is his panacea ; the system which, ib his
opinion, ought to be adopted, and to its exposi-
tion he earnestly addresses himself. The costli-
ness of the present system is forcibly pointed out.
our
prisons,ventytho and the annualusandcriminals maintenance
satnennuaanlelye
ofthrough
ueach
gaol bird costs something between 301. and 401.
A heavy burden this on the community. Mr.
PEAESON proposes that the amount of " confis-
cated labour" thus represented shall be turned
to useful account, and he sees no reason
why the industry of the criminal in prison
should not approximate closely in value to
his industry out of it. He would have a
large area, walled in, and containing a number
of prisons, in which the work of classification,
tire., could be properly carried out. This being
done the general aim of his scheme is, "that the
right hand of his industry shall be the instru-
ment by which the reforming criminal shall ap-
pease his bodily wants and minister to his bodily
enjoyments," and that " the same right hand of
industry shall also be the instrument of his resto-
ration to freedom, not by being put forth by fits
and starts of exciting activity, but by constant
and continuous exertion, cancelling hour by hour
the sentence under which he is confined. It is
proposed, instead of a Judge condemning the
criminal to so many years or months of impri-
sonment, that the sentence shall be a labour sen-
tence of so many thousand hours of labour as
the character of the criminal and the crime shall
appear to warrant." A reference to Mr. PEAR-
SON'S letter will supply the rest. In conclusion,
without committing ourselves to absolute ap -
proval, we may say if transportation, as we would
have it, be impossible, there is much in Mr.
PEA.RSON'S scheme to ponder over and subject to
rmigeourt. Theous,bu necessarilyptnuonishtmentsho w
ould inflict,unfavourable,
aj t alludg
events, are not without hope, and his scheme may
be supplemented.

We are enabled to announce that a project is on foot
for constructing a railway from Durham direct to Lon-
don.—Mining Journal.
Very nearly 10,000 invalided French soldiers obtained
pensions in the course of the year 1850,
most of them
from regiments which have been in the Crimea.
Upwards of 1,500 applications Wive been made to
M. De'angle, the president, for places at the trial of
Verger.
CONSECRATION.—YeAerday the Right Hon. and Right
Rev. the Lerd Bishop of London consecrated the church
of St. Philip the Evangelist, Arlington-square, Islington.
The attendance was very numerous.
NEW CORONER FOR THE DIJOHY OF LANCASTER.--Tbe
Right Hon. M. T. Baines, Chancellor of the Duchy of
Lancaster, has appointed W. J. Payne, Esq.,
deputy-
coroner for the City of London, to be coronet for the
Duchy of Lancaster, in the room of the late unfortunate
Mr. Thomas Higgs, who committed suicide a few days
ago.