The Sun.
London, England, 1857-11-16 00:00:00

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France and on the continent they w:
will give cheap goods for it. In .ALm'
same. The silver drain continues; to
does not appear yet that even the dap
commodities, in order to carry out the '1&. _
stone absurdity, will be effectual to stop theittrain3
and bring back bullion.
The whole thing is too bad. We want money
which may be independent of the export of bullion
—English money for the English people. Such
money is easily available. Let us litzive 20,000,0001.
of bank notes of 11. and. upwards made by Govern-
ment a legal tender money, based, not on a few
millions of gold, but on the wealth and honour of
the British nation, and the thing is done. The
reception of such money for Taxes would ensure its
safety and stability.
Every one in the country not committed to the
money-mongers unphilosophical and settled theory
would rejoice—and the poor working mau would
obtain the just reward of his labour. Dives might
still obtain 5 per cent for his capital, and Lazarus
would be fed.

(From the Derbyshire Courier of Nov. 14.)

In 1811 Lord Castlereagh described the "incon-
vertible" Bank Notes which then existed as form-
ing "a circulating medium of undoubted credit,
proportioned to the wants of the nation." This
money had, he said, " for the first time solved the
problem of reconciling national prosperity with a
state of war ; the country having risen in manu-
factures, internal improvement, revenue and com-
merce, with a velocity which had never been ex-
perienced in a year of profound peace." Budgets
are stubborn things, and vrhen the speech from the
Throne in February, 1811, announced that " the
revenue, unaided by any new taxation was greater
than was ever known in any preceding year," it
stated a great financial fact.
Legal tender Paper Money, inconvertible into
Gold at a fixed rate, based upon the integrity of
the British Government, and the wealth and hon-

our of the British nation, carried this country not
only with safety, but with every evidence of sub-
stantial prosperity, ar.d social progresi and happi-
ness, tbrougn political difficulties comparedtowhich
those of the last 40 years have been insignificant.
We are now suffering from a drain of Bullion.
This drain has come upon this country at a time
of peace—for the Indian disturbances can scarcely
be magnified into a war—at a time when we are
told, again and again, that trade and commerce
were never in a more healthy and wholesome con-
dition, and when we have had at least a fair average
harvest, at a time when science is doing more to
assist the energies of productive industry than was
ever before known to be the case, and at a time
when California and Australia have in a few years
poured upwards of 150 millions of solid gold into
the commerce of the world.
Compare the effect 3 of the present drain of
specie with those which occurred in 1810. Every-
thing was then against England, as everything
now has been in our favour.

Sir A. Alison thus narrates the circumstances :
"'The prodigious absorption of specie for the
use of the French and Austrian armies during the

campaign of ISO 9, joined tc the immense cost of
the campaign in Portugal, and the importation of
one million five hundred thousand quarters of
wheat to supply the deficiencies of a bad harvest in
1810, had occasioned so great a dearth of specie in
Go eat, Britain iu the latter year, that gold and silver
nad almost disappeared from the circulation, and a
I;ght guinea was worth 25, and sometimes 27 shillings.
But what then ? The bauks increased their issue in a
-iroilar proportion ; that of the. Bank of England was
:aisett to twenty-eight millions ; its discounts reached
t wenty millions in a single year. All other banks did
the same ; and by this mean., r of only was the crisis
surriount,d without difffmlty, but 100,000 combatants
and 40 ships k.f the line were assembled round Lisbon,
which hurled back the French from the lines of Torres
Vedras. A commercial and monetary crisis which, be-
and all question under our present system, would have
invoived the nation and all the commercial interests in a
general public and private bankruptcy, was not only sur-
mounted without distress, but toe property of the indus-
trious clas.cs was unimpaired during its whole continu-
ance : and the ration commenced in the middle of it
'hose giganti, efforts which at length turned the tide
azainst France and brought the contest to a glorious
termination.

All this mist appear to the bulliollist faction as
extraordinary, as it undoubtedly is true.
But it is nothing to what remains to be told.
" It is," says Sir. A. Alison,

" It is remarkable that this admirable system, which
nay be truly called the moving power of the nation

during the war, became, towards its close, the object of
the most determined hostility on the part both of the
great clpitalista and chief writers on political economy
in the country. Here, however, as everywhere else,
experience, t,:e great test of truth, has determined the
question. The adoption of the oppite system of con-
ractiug the paper iu proportion to the abstraction of
the metallic currency, by the Acts of 1819 and 1844,
(f,11,K,41 as it was necessarily by the monetary crises
of 1825, 1839, and 1847,) has demonstrated beyond a
doubt that it was in the system of an expansive cur-
rency that Great Britain, during the war, round the sole
means of its salvation."—Alison's History of Europe,
vol. xx., p. 79 80.

It is equally "remarkable" that the system of
Peel and Overstone has counteracted the onward
progre,s and prosperity of the British nation under
A combination of the most fa,vourablespossible cir-
corns antes.

Wt may be told of the American panic. But let
it be remembered that in 1810, ten millions of pro-
perty, belonging to British merchants, were seized
in six weeks in the Baltic ports and confiscated.
Let it be remembered that the United States of
America at one time perfectly and entirely closed
their markets for British productions. Yet with
paper money this country surmounted all enormous
commercial difficulties, and prospered in spite of
them.
The dra;ia of bullion was exercising its pernicious
effects in April last when the discount was raised to
per cent., and again when, before the American
panic, it was, after a temporary reduction, raised
to 7 per. cent. Affairs m America might be
in a bad state, and English merchants trading
to America would undoubtedly suffer, but
this is a thing which, as the instances we have
named prove, could have been without difficulty
surmounted had not the money laws forced a con-
traction of our domestic currency. A firm like
that of Denistoun and Co., of undoubted character
and solvency, would have been assisted in their
hour of need and have been rescued. Such a house
as that of Naylor, Vickers, and Co., of Sheffield, of
whom we are told that "the entire proceedings
connected with their stoppage, instead of damaging
the future reputation of the partners will add to .
the confidence hitherto placed in them," would
have got something better than these empty words.
Sanderson and Co., with ample means, would not
have been unexpectedly and suddenly brought to a
stand.
Of course, among many failures there will be
some whose business has been speculative, some
probably whose transactions have been fradulent.
But we say that the working of Peel's monetary
system directly stimulates speculation and encou-
rages fraud.
On the 22nd of April, 1852, the Times, announc-
ing the reduction of the rate of discount to 2 per
cent., complains that, " the absence of a courage-
ous spirit of enterprise is the penalty which weighed
down the country since 1847, and the old feeling of
healthiness will not be restored except by the diffi.-
culty of obtaining any return for capital in the
routine channels (i. c., by patient, honest trading),
coupled with apprehensions of a possible further
lowering of the public debt."
It is this miserable, debasing, and demoralising
system by which money is at one time made a
" drug in the market," and speculation stimulated ;
and at another time an artificial famine of money
is created, which is destroying the high character of
British merchants and ruining the fair and honour-
able spirit of commerce.
But there is more bitter consideration for the
true patriot behind. These fluctuations and de-
pressions and panics ruin the merchant and manu-
facturer. But what becomes of the thousands and.
hundreds of thousands of industrious artisans and
operatives
What is the condition of the working classes in
Glasgow What will it be this winter What
will be the state of the operatives throughout
Lancashire i Poverty, destitution, desperation,
and crime are let loose upon our manufacturing
districts by the direct application of Peel's mone-
tary system, and by those who, for no other object
but the support of an idle currency crotchet for
which they can render no intelligent reason, sup-
port that system.
The fact is that there is more than the support of
a theory at stake. The Bank Charter Act is a rich
man's Bill. Its constant tendency is to make the
rich richer, and the poor poorer. While it enables
the wary merchant to keep his head absotvroadweart eor,f
it engulphs the honest and intelligetn
tenables the
sufficient but moderate means.
and much
more than that, as many u r—teY:os'f Peel's Bill
poor,
knowns and admits—and s
rich capitalists to get 10 paerse.epnpto.
starves the
m f
to
system the English
reduced to two classes--
seems quite inclined to let the act
Underpuesourpleer s
aret
ah ne
aptehrte. operationoirdvcat
iyo
Government
takes its course. We warn them. There will come
day of retribution. The many will not for ever
aallow themselves to be sacrificed for the few.

•
FATAL AOCIDBNT IN A COAL PlT.—Cheaterfield, Sun.
day.—Yesterday 12 men were suffocated in a coal pit
at Stavely, in attempting to extinguish a fire which
had broken out in a cabin in the opal pit.

HER MAJESTY'S THEATRE.
'TULL [EN'S CONCERTS.
MDLLE. JETTY TREFFZ,
The Last Night but Eleven.
The highly Successful INDIAN QUADRILLE, and
GENERAL HAVELOCK'S TRIUMPHAL MARCH.
THIS EVENING (MONDAY, Nov. 16), will be pro-
duced (for the 4th time) the New Grand Descriptive Composi-
tion, by M. Jullien, entitled THE INDIAN QUADRILLE,
and GENERAL HAVELOCK'S TRIUMPHAL MARCH,
performed by M. Jullien's Orchestra, assisted by the drums
and fifes of the Grenadier Guards, the Coldstream Guards,
and the Scots Fusilier Guards ; and a Grand Chorus, " Rule
Britannia," and " God Save the Queen."
rrices of Admission—Promenade, is ; Upper Boxes, Is. ;
Gallery, Is. ; Dress Circle, 2s. 6d. ; Private Boxes, 10s.
6d. and upwards.
Prospectases, with full particulars, may be had at the Box-
office of the Theatre ; of all the principal libraries ; and at
Jullien and Co.'s, 214, Regent-street.

lIER MAJESTY'S THEATRE.—The
GRAND BAL MASQUE, which will
slose M. Jallien's Nineteenth Season of Concerts (1857), will
take place on MONDAY, Nov. 30.
Applications to bomade at the Box-office of the Theatre.

THEATRE ROYAL, HAYMARKET.
Lessee—Mr. J. B. Buckstone.
MIS EVENING, to commence at Seven o'clock. with
a new Comedy, entitled AN UNEQUAL MATCH. Princi-
pal characters by Messrs. Buckstone, Compton, Chippendale,
W. Farren, Miss Amy Sedgwick, Mrs. Buckingham White,
an Mrs. E. Fitawilliam
After which, LEND ME FIVE SHILLINGS.
To be followed by THE STAR OF ANDALUSIA.
Orchestra Stalls (which may be retained the whole of the
evening), 6s. each. (No charge for booking.)
First Price. s. el. Second price. e. d
Dress Boxes
Upper Boxes 3 0 Upper Boxes 2 0
Pit
Lower Gallery 1 0 Lower Gallery 0 6
Upper Gallery 0 6No half-price to Upper Gallery.

ROYAL PRINCESS'S THEATRE.
Proprietor, Mr. Charles Kean.
LAST WEEK BUT TWO OF THE TEMPEST.
THIS EVENING, will be performed Skakspere's Play of
THE TEMPEST.
Preceded by (first time), a new farce, in one act, entitled
A CASE OF CONSCIENCE.

THEATRE ROYAL, ADEL PHI,
Lesgee—Mr. Ben. Webster.

TIES EVENING, will be performed BETTY MARTIN.
After which, a new romar.tic drama, cared THE LEGEND
OF THE HEADLESS MAN, and In which Mr. Benjamin
Webster and Madame Celeste will perform.
Pollowed by the original Apropos Sketch, entit:ed THE
DRAPERY QUESTION ; or, Who's for India I Messrs.
Wright, P. Bedford, C. Selby; Miss M. Wilton and Miss
Mary Keeley.

ROYAL LYCEUM THEATRE.—Lessee, Mr.
Dillon.—Under the joint management of
Miss LOUISA PYNE and Mr. W. HARRISON.
THIS EVENING, will be pe• formed Balfe's new opera,
THE ROSE OF CA STILLE. Characters by Miss Louisa
Pyne, Miss Susan Pyle, Miss Marian Prescott, Mr. Weiss,
Mr. A. St. Albyn, Mr. G. Honey, %fr. Wallworth, and Mr.
W. Harrison. Conductor, Mr. Alfred Mellon.
'Io conelude with (10th time) a new Farce, entitled A
PAIR OF PIGEONS. Mr. G. Honey and Miss Cuthbert.
Private Boxes, £2 12s. 6d., £2 25., and £1 11s. 6d. ;
Atolls, 6s. ; Dress Circle, ss. ; Upper Boxes, 4s. ; Pit, 25.;
Gallery, ls.—The Box Office is now open daily, from 11 to
5, under the direction of Mr. Chatterton, jun.

ROYAL OLYMPIC THEATRE.
Lessees, Messrs. Robson and Emden.
THIS EVENING, will be performed A SHEEP IN
WOLF'S CLOTHING.
Followed by the new comedy, called LEADING STRINGS.
Messrs. Addison, G. Vining, H. Wigan ; Miss Marston and
Mrs. Emden (late Miss Somers).
To conclude with A CONJUGAL LESSON.
Commence at half-past Seven.

STRAND THEATRE. —THIS EVENING,
will be performed
THE GENTLEMAN OPPOSITE.
After which, THE CRICKET ON THE HEARTH. John
Peerybingle, Mr. Emery; Dot, Miss M. A. Victor; Bertha,
Miss Herbert.
To conclude with TAKE THAT GIRL AWAY. Mr.
Tilbury, Mr. Leicester Buckingham, and Miss Herbert
Commence at Seven. Stalls. 3s. ; Boxes, es.; Pit, ls.;
Gallery 6d. ; Private Boxes, 1/. ls.

OYAL SURREY THEATRE,
Lib Lessees, Messrs. Shepherd and Creswick.

THIS ZVENING will be performed a new and powerful
drama, entitled INbIA IN 1857. Messrs. Shepherd, Cres.
wick, W. Smith, Vollairs, B. Potter, Widdicomb, Belmore,
Tapping ; Miss M. Ebonite, Miss Webster, Miss Chalmers,
Miss Johnstone.
After which, THII BARRISTER.

Followed by OUR TRAVIATA. The Blighted One, Mr.
Widdicomb.

CANTERBURY HALL, Westminster-road.—
OPEN EVERY EVENING.—The follow-
"kg company of Vocalists are engaged for the performance of
Selections from all the popular OPERAS, MADRIGALS,
CHORUSES, GLEES, DUETS, &c., viz.:--Mies Russell,
Mrs. Badzey, Madlle. Marietta, Mrs. Palmyre, 'kiss Bru-
nell, and Madame Marietta ; Herr F. Jonghmang, Mr.
Renshaw, R. Grover, T. Farrant, S. Tones, J. Barker,
W. Melling, Senor Antonio, E. L. Rime, and Mr. St.
Albyn ; Messrs. S. Collins, W. T. Critchield, and E. Mack-
ney. Pianoforts, Mr. Cecil Hicks; harmonium, Master
Williams ; Director, Herr F. Jonghmans. Commence at
Seven o'clock precisely. Suppers, dzc., until twelve o'clock.