The Sun.
London, England, 1857-10-19 00:00:00

WEA.TITER -SON OFFICE, OCTOBER 18.

THERMOMETER, IN THE SHADE.
65—highest sines noon yesterday.
55—lowest this morning and during the night
60 —this day at noon.
BAROMBTER, 29.67—falling rapidly.
WIND. E.S.E. ; rather fresh, with dull weather. Rain
in the night.

OCTOBER 19.
61—highest since noon yesterday.
55--lowest this morning and during the night.
61—this day at noon.
BAROMETER, down to 29.52- now up to 29.67.
W i rr, , E. S.E.. ; light, with dull weather, but improving.
More heavy rain in the night and this morning.

e

LONDON, MONDAY, OCT. 19, 1857.

The Bank returns are again unfavourable.
There has been a decrease of bullion of 552,749/,
(.f notes unemployed of 581,6401., and an in-
crease of " other securities" of 563,0341. This is
of course very agreeable to the Bank, although
the community at large may think very differently
on the subject. The Directors know that under
any circumstances they will be saved, and conse•
quently regard the emergency with comparative
indifference. Government interposition will pre-
vent any act of bankruptcy on their part. A letter
similar to that of the 25th October, 1847, will
prove effectual at any moment. The knowledge
that the Bank has power to advance any amount
of notes without limit will produce the effect with'
out the possibility of doubt or difficulty.
The American intelligence is of a very gloomy
e'iaractar. The Exchange is greatly against Erg-
land, and there is no prospect of any decided im-
provement for a considerable time. The Banks
of Philadelphia and Baltimore have with one con-
sent suspended cash payments, and the people are
acting as currency reformers on their own account,
and by their general agreement to accept the notes,
although temporarily inconvertible, as cash, they
will get through the cri*is, which might otherwise
be very formidable.

There must, however, be considerable exports
of bullion for some time to come, and as we have
already explained, there is no way by which the
formidable consequenem of such an opera-
tion can be averted. It is true thIA the
bAreity of money is in;rely artificial, pro-
'heed "by the mischievous and whimsical
provisions of the Bank Charter Act of 1844."
nut still it Will very prejudicially affi2ct the iudtri-
t:ious classes, and occasion great privation aid
suffering. Seven per cent. is bad enough, but it
in still worse not to be enabled to obtain the ne-
t ossary monetary facilities at any cost. The know-
ledge that an unlimited supply of Bank-nuns could
be obtained at oven a higher rate, on unobject;:on-
able security, would produce the eact so urgently
required.

To effect the desired objcf-, the people must set
their own shoulders to the wheel. The press
etu do much, but there must be a founda-
tion to work on. There must be " the pres-
sure from without," and that of a staa.dy
and resolute character. It is well worth the
trouble ; and a tenth part of the energy and de-
termination exhibited in reference to the bead
tax will enable the nation to purchase bread, and
that of the best description.
The use of gold should be economised. There
i 4 from fifty to sixty millions of sovereigns in
general use, which could be 11.
replaced by
notes. In Scotland and Ireland. these ;auto

are used in the transactions of everyday life.
Gold coin is very unpopular, and when
received from some wandering tourist, it is ex-
changed for notes on the first favourable opportu-
nity. The small notes would be willingly accepted.
They saved the nation in 1825, and would do so
again in 1857 if resorted to. An Order in Coun-
cil, or even a Ministerial Letter, would be all that
could be required. If the Act is to be suspended,
it may as well be to the full extent required. A
step involving such extraordinary responsibility,
and so undisguised a departure from the law, can
only be justified on the ground of absolute
necessity, and when adopted should be fully
adequate to the emergency. There is no
law that fixes the extent and denomination
of the Exchequer-bills issued for the public ser-
vice. They may be delivered for 11. as well as
for 1,0001. It was only the laziness of a former
Comptroller of the Exchequer that led to the
issue of the larger denominations of bills. Now
the small bills would test the efficacy of the
system that we advocate. Being receivable in
p tyment of taxation, and duties of every de-
scription, they would be readily accepted for any
payment that could be required. The agricul-
turist, the manufacturer, the butcher, or baker,
would rejoice at receiving what possessed
a purchasing power, and could readily be disposed
of in* satisfaction of any liability. They might
not be hoarded, but that would be a great ad-
vantage. Hoarding is one of the inevitable re-
sults of the bullionist system. Mr. JAMES WIL-
SON, the best financier connectel with the Govern-
ment, has proved that the issue of twenty millions
of one pound notes would be equivalent to the
digging up of an equal amount of gold in the
centre of England. We know the excitement that
would be produced by such a discovery. Why
may we not produce a similar result by different
and far easier means ?

Almost simultaneously, Lord CANNING and
Lord ELLENBOROUGH appear in the papers to-
gether ; they both appear also by written docu-
ments, and we have not therefore to judge their
acts by the statement of others. Lord ELLEN-
BOROUGH has, we acknowledge, one advantage, he
writes entirely uncontrolled by any advisers what-
ever ; poor Lord CANNING writes as the ama-
nuensis of a Council who would dictate to
him wrong, if his unacclimated English
sense would otherwise have dictated to him
aright. It is a great mercy not to be pestered
with a self-sufficient Supreme Council, still,
as Lord CANNING has the right to toss to the
winds the advice of those whom he is bound to
hear, he must be held responsible for accepting
the bills on his credulity or weakness, drawn by
them iia4avour of the " covenanted " Civil Ser-
vice. We rather fancy that Lord ELLENBOROUGH,
or Sir CHARLES NAPIER, if living, or Sir COLIN
CAMPBELL, or any of the really great men who
have held for us the North-west Provinces, would,
in the post of Governor-General, have listened
to the incompetents, and, having made them
a polite bow, would have retired to his closet
and have dictated his own despatch with hardly