The Sun.
London, England, 1857-02-03 00:00:00

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T.EA-fitE DR Rik lAA and the prospects of Sanitary Improvement, and the
• Lessee, Mr. E. T. Smith. .
schemes of comprehensive amendment entertained
Act n M tnager, Mr. C. Mathews. Stage Manager, Mr. R I
Bnxby, Scenic Artist, Mr. W. Beverley. •in regard to the great problem of Criminal
Legis-
The eminent Comedian, Mr. Charles Mathews, every evening. ..1 lation. It cannot, of course, be surprising to note
Great Snc,:ess of the Grand Christmas Pantomime, the
most magnificent ever produced on the English stage. i• some degree of satisfaction expressed at the signal
TV IS. EVENING, her Majesty's Servants will perform an 1 evidence of our internal prosperity, in the magni-
entirely new three-act Drama entitled
THE BLACK' BOOK. ficent advance in the value of our exports, within
After which will be produced an entirely new and original the brief period of the last twelve months, by no
symbolical, hyperbolical, parabolical, and extra-physiog-
!
nomical grotesque, statuesque, and picturesque Grand Comic less an amount ( f increase than some 30,000,000/.
Christmas Pantomime, which for some time past has employed Any more than it can be deemed matter of asto-
the unrivalled resources of this extensive establishment, and
which will be called or entitled, as, it is entitled to be called, nishment that Ministers should, indirectly, by the
SEE, SAW, MARGERY DAW ; lips of the SOVEREIGN, through the medium
Or, Harlequin Holiday, and the Island of Ups and Downs.
of Her MAJESTY'S Commissioners bid the
Lords and Commons of the Realm to their
annual task of legislation, with words of good
omen, and of happy encouragement. Monarchi-
cal snavities of this kind are, after ally no more
than the merest Ministerial commonplaces. The
SOVEREIGN being constrained, for the most part,
to talk simply in the old official language of
compliment. For—a solecism, and something
more than a solecism, it would be most assuredly
where the Legislature commended to the annual
banquet of the Session, with the cynical grace of

ROYAL PRINCESS'S THEATRE.
THIS EVENING will be performed
A MIDSUMMER NIGHT'S DP,EAII.
After which, a new grand Christmas Pantomime, called
ALADDIN AND THE WONDERFUL LAMP;
or, Harlequin and the Genii of the Ring. Harlequin, Mr.
Cormack ; Clown, Mr. Huline ; Pantaloon, Mr. Paulo ; Co.
lumbine, Miss C. Adams.

ROYAL LYCEUM THEATRE.
Lessee, Mr. C. Dillon.
THIS EVENING will I,e produced an entirely new and
original combination of burlesque and pantomime, entitled
CONRAD AND MEDORA;

or, Harlequin Corsair and the Little Fairy at the Bottom of
the Sea. The burlesque opening by W. Brough, Fsq.,
fonnded upon the ballet of Le Corsair, as produced at Her
Majesty's Theatre. The harlequinade upon things in gene-
ral. The new and magnificent scenery painted by Mr. F.
Fenton.

an APESIANTHUS.

The feverish excitement displayed by "Merca-
tor" and his disciples sufficiently indicates their
serious apprehensions that the present Session
will be signalised by the complete revision, or
total abolition of the Bank Charter Act of 1844.

To be preceded by THE KING'S MUSKETEERS. D'Ar•
tagnan, Mr. C. Dillon.
The box-office open daily, from 11 to 5, under the super.
ntendence of Mr. Cbatterton, jun.
Carriages conveying parties to the Private Boxes to se
dswn at the State entrance in Burleigb-street.

Week after week the putative parent of that most.
impolitic and calamitous measure rushes into print
in defence of his pet theory. In his eager defence
of theimpugned principle, he not only ignores the
evidence given by men far more competent than
himself to form a correct opinion, but also facts
within the experience of every unprejudiced per-
son of ordinary capacity. He even contradicts his
own testimony, given before the Lords' Committee
on the causes of the mercantile distress in 1847,
and the able and well-considered Report, which
still remains on record, and which, we hope and
believe, is still destined to produce very import-
ant results, notwithstanding the protracted period
during which it was shelved, through the arts and
influence of the moneyocracy. He harps inces-
santly on one'string. The dearth of capital—i.e.,
of gold—is still the cuckoo cry. On that he rings
the changes, endeavouring to perplex and mystify
those who will not take the trouble of thinking for
themselves, and who fancy that, because a man
has accumulated an immense fortune by the use
of paper money, or "worthless rags," according to
the cant of the bullioniats—which he now seeks to
double, by imposing difficulties in the way of
others in the pursuit of competence—he must
necessarily be an unexceptionable authority in all
matters relating to currency and the circulating
Medium.

"My son, you have ruined the country,
but you have doubled your own fortune," said the
first Sir ROBERT PEEL, when the fatal Act of 1819
received the legislative sanction. "Mercator"
experienced a similar benefit at the like cost, and
he still aims at a further enhancement of inordi-
nate wealth that might content the most grasping
cupidity, heedless of the consequences to millions
of his countrymen. Like DIONYSOS, the silver-
smith, he feels that his craft is endangered, and is
ready to raise the shout, " Great is DIANA of the
Ephesians," in order to arrest the progress of truth
and justice.
"Gold," then, is the only capital. It is money,
and not money's worth, that is required. No mat-
ter that we possess untold millions, and thousands
of millions of real property, that we have count-
less flocks and herds, live stock of every descrip-
tion, agricultural implements, the most elaborate
and costly machinery, statelji buildings, conve-
nient residences, widespread and fertile acres,
immense stores of cereal products, objects of art
and utility, and, above and beyond all, the thews
and sinews of millions of free men, the real crea-
tors and producers of national wealth. With all
these, according to ";Mercator," we want " capi-
tal," because " gold" is scarce and dear. We must

see our brethren enduring the greatest privations,
must abstain from feeding the hungry and cloth-
ing the nake,l, because " Mercator" and his
flunkeys choose to maintain interest at an exor-
bitant rate, and to check what they are pleased to
consider "over production," as if there could be
such a thing while any were wanting not
merely the ordinary comforts, but the common
necessaries of life.

Away with the impious cant and the puerile
theories on which it is founded ! Gold is
at best but one and a very insignificant
species of capital. Even if there were not a single
ounce of it in the kingdom we should be rich in
all that constitutes true wealth. It has to a cer-
tain extent been used as a measure and reprwen-
tative thereof, but it by no means follows that it
should be the only measure resorted to. Any-
thing that carries with it a commani over the
necessaries and comforts of life, that possesses
what is termed a " purchasing power," will
answer the purpose equally well, and some far
better than bullion. The Lysian Monarch,
starved in the midst of his golden treasure, and
we should deserve a similar fate if guilty of
similar folly. Gold may be a very useful servant
if judiciously used, but it would be a most tyran-
nical and despotic master under the conditions
insisted on by " Mercator."

In ono of Ms latest effusions he says—" More
currency is the demand of short-sighted cla-
mour. Not more absurd would it be in a pe-
riod of dearth to clamour for more mills to
grind, and more carts to distribute the corn which
does not exist, or in a period of drought to seek
relief by multiplying pumps lichen the springs are
dry. But supposing that there were abundance
of corn, but that by some absurd regulations none
could be converted into flour save at the old worn-
out manorial mill, or distributed but through old
fashioned carts, while the people were starving in
the sight of abundance ; would it not be the duty
of every man to demand earnestly and emphati-
cally the abolition of the iniquitpus monopoly that
occasioned tho misery of himself and his family ?

the of ect of the new law," occasioned all the
mischief. These " apprehensions," in fact, pro-
duced the panic. The moment that they were
alleviated by its suspension, the evil at once ter-
minated. "All harm appeared to have ceased on
the issue of the letter" (of 25th October, 1847),

said the Governor of thn Bank. "We did not so
much want the money, but we wanted a certainty
that if we did want it we should get it." On

"Mercator's" own showing, therefore, the panic

was, as declared by the Lords' Committee, " mate-
rially aggravated by the statute ;" and provided
the result was produced in consequence of its

operation, it signifies little what might be the
particular mode in which it was effected. Besides,
if "Mercator" is now correct, what becomes of
the assertion that the Act prevented the possibi-
lity of any mismanagement on the part of the
Bank from endangering the convertibility of the
Bank note ?

In following up his argument "Mercator"
makes other very damaging admissions. Ho de-
clares that " danger from undue exhaustion of
the bullion is the evil against which the Act under-
takes to protect the community, against an im-
proper exhaustion of the Banking Reserve, and the
consequent inconvenience it is the duty of the
Bank of England to take timely and effectual mea-
sures of precaution I" But if the Reserve be ex-
hausted through any mismanagement, how can
the convertibility of the note be maintained. The
Bank has not merely to pay its notes on demand,
but also to answer all cheques drawn against
bone fide depositors. The payment of the latter
is as sacred a duty as of the former. Let us,
then, see what this, bullion must answer in cases
of emergency. Let us suppose, for argument
sake, that there is ten millions of specie in both
departments,which is more than we have recently
had, and very nearly the present amount, accord-
ing to the latest returns—against this the Bank
issues notes to the amount of 24,475,0001., and
its deposits, public and private, average some
15,000,0001. or 16,000,0001. more. Here there
are forty millions in round terms to be paid
with ten, or little better than 51. in the pound
for its creditors, or supposing that the bullion was
exhausted to eight millions before the exhaustion
of the Reserve, there would be thirty-eight to
be paid with eight, or little more than 21 per
cent., or some 4s. 2-1;(1. in the pound. We need
scarcely remind our readers that, in rise of stop-
page, all the creditors, whether note holders or
depositors should be paid pro rata. What, then,
would become of the boasted convertibility of the
Bank note, when a beggarly dividend of 4s. 2Ad.
—less than that already paid to the creditors of
the Royal British Bank—could alone be obtained?
It is obvious, then, that the Act is totally ina-
dequate to accomplish that which professes to be
its sole object ; for " Mercator " declares that its
" framers and supporters never undertook to regu-
late the rate of interest." Why, then, when it
confessedly fails in toto, should the nation submit
to the most. painful calamities for the purpose of
depriving the industrial population of their legiti-
mate profits for the benefit of the usurers and
extortioners, who are not contented to obtain less
than 8 or 10 per cent. interest for the pecuniary
accommodation required for carrying on the trade
and commerce of the country ?

" That is not according to Cocir.za." Such is
the expression by which a straightforward Eng-
lishman indicates his perception of some palpable
trick—sour unfair advantage attempted to be
taken. " The facts and figures" of the hard-
headed arithmetician foil the most ingenious de-
vices of those who attempt to live by their wits
rather than by honest industry. In business
places—" Where merchants most do congregate"
—such an appeal is invariably successful. The
"dodge" is at once disposed of, and the parties
deal on more equitable terms, or not at all. It
would be fortunate, indeed, for the country if the
legislative "Jeremy Diddlers'' could be dealt with
in a similar manner. The gross inequalities of
the iniquitous Income Tax would, in such case,
speedily be rectified—we should not long witness
the anomaly of changing the same amount on the
precarious and transitory profits of industry—and
the certain and permanent incomes arising from
the possession of a sum in the public funds, a
well circumstanced real estate, an eligible mort-
gage, or the stocks and shares in public com-

panien—all of which have an immediate tangible
value, and may be converted into money without
trouble or difficulty. Should any financial
minister attempt to justify the manifest absurdity
—the " pettifogging quibble''--for there are
"pettifogging quibbles" in relation to the assess-
ment as well as to the duration of the tax, would
be summarily condemned by energetic shouts
from the Opposition and independent benches of
" That's not according to COCKER," and the cry
would reverberate loudly from every district
throughout the length and breadth of the land.
The 'appeal to " COCKER" must ultimately pre-
vail, but unfortunately the matter has to be
decided, in the first instance, by the privileged
classes, whose prejudices and interests
are alike opposed to anything approxi-
mating to an equitable adjustment of
the impost Quod volumits facile crediirnus.
Men of large fortune are easily induced to believe
that they are acting fairly in charging their strug-

gling neighbours at a rate tenfold that which they
are themselves required to pay. The specious
fallacies of the Minister are listened to with ear-
nest attention. "The still small voice" is
silenced for the time being—although it will even-
tually speak trumpet-tongued—and a vote is
triumphantly carried continuing the impost accord-
ing to the existing system, because some Minis-
terial special pleader can show that there is some
trifling inequality between earnings of a similar
class, and that the thousands of the loaders of the
learned profession, or the • merchant princes of
England, afford as great a contrast with the petty
receipts of struggling practitioners or small trades-
men, as that between income derived from pro-
perty and from the earnings of industry.

—should he abstain from seeking the pure ele- -
1,-(2, do not deny the distinction between the
1 ment that lies close beneath the surface, because receipts of Sir FREDERICK TRESIGER and Mr.
the worn-out parish pump cannot produce an , Durcur—of Messrs. BARCLAY and PERIM, and
adequate supply ? Let MERCATOR answer these the retailer of beer. But there is one invariable
simple interrogations, and say whether the case ,test—What can be obtained at the nearest Auc-
-,ve have supposed does not furnish a closer analogy t ion Mart for the good-will and stock in trade ?
to the existing state of affairs than that which he 'l he library of the Eminent Advocate commands a
- has put forward ? x aoney value, although few could wield the wand
Let us examine some of the other statements of the Enchanter. But a trifling accident, a dis-
of MnacAToß, all springing from his false estimate ease occasioned by unremitting study, may, at any
of real " capital."
He says—" The true character -moment, prostrate that gigantic intellect, and
of that crisis (that of 1847) has not been ana- j i render him perfectly helpless—altogether depen-
lysed with sufficient .are, and therefore has not I i lent on what he had laid aside as a provision for
been correctly understood by the public. It was the evening of his life, or for his family when
not monetary derangement, or a failure of the deprived of his protecting care. But these accu-
Act of 1844 to accomplish its legitimate purpose. mutations would, in every instance, be reached by
It was a case of banking mismanagement on the .the tax-collector. The fortunatepractitioner should
part of the Bank of England, acting upon the I pay on his savings, and that is all that could fairly
community, at that moment peculiarly susceptible lys required. The case of the great Brewers would
of alarm, under vague and ignorant apprehensions lie even more simple. Immense capital is in-
of the erect of the new law !" Supposing for the vested. The goodwill of the business has a tan-
sake of argument that this statement were cor- Bible value that could easily be ascertained, and
rest—still, according to his own
,admission; I, we have no hesitation in expressing our conviction
the combination of banking mismanagement, I that the eminent firm could make a just return
with " vague and ignorant apprehensions 4)f if the tax were levied on the capitalised value of

their leviathan establishment as easily as they
can now do on their average profits.

The chief argument against this capitalisation
of income for fi:cal purposes is, that it would
drive capital out of the country—and thus ope-
rate injuriously for the common weal. But this
is only "capital" in the Mercator sense. Gold—if
it could be caught under auy circumstances—
might be affected. But in either case, whether
it remained at home, or ware sent abroad, the
conscience of the possessor would be the sole wit-
, ness—his own return the only mode of arriving

at the truth. But the broad and fertile acres—

.he dwelling-houses and offices—the mines and

minerals—the agricultural or trading stock—the
railways or machinery—could not be transferred.
They would still be available objects of taxation,
and the dreaded danger that now " frights the

isle from its propriety," would prove the veriest

bugbear that ever scared a timid child—and cer-
tainly calculated to terrify a reasoning man.
In another part of this day's impression we have
reprinted the admirable brochure which has already
appeared in our columns. We earnestly commend

the "Dialogue on the Income Tax" to the atten-
tive consideration of every independent Member
of Parliament. It must convince him of the

utterly unjustifiable character of the present sys-
tem, and how easy it would be, if not to render
it perfectly equal in every instance, at least to
approximate closely thereto. "The Spirit of

COCKER" takes the property values of 1501. per
annum for different terms of years, and for a per-

petuity, the interest of money being estimated at
four per cent., and it appears that the actual
worth of one description, say Long Annuities,
terminating in 1860, is but 4161., while that of
the other is 3,7501., the one being charged at the
rate of 21. 81. per cent., the other at ss. 4d., or
one-ninth of the rate—nine parts in ten of the
former being capital, while the whole of the latter

is interest 1.
The disparity in this case is sufficiently glaring.
but how much more so in the case of a man who
lives on transitory profits, who has not a single
pound laid by as a provision for a rainy day. Let
us, for example sake, contrast the position of a
city clerk or a small tradesman, whose income on
profits amount to 1501. per annum, and the owner
of 5,0001. 3 per Cent. Consols. The one lives
"from hand to month." His only possible in-
vestment is in. the shape of education for his
children ; and he may consider himself fortunate
if he can qualify them to earn their own liveli-
hood at some future time. The other has a "stake
in the country." Nothing can disturb the even
tenour of his way. If disabled by sickness or acci-
dent, he still receives his dividend, while his neigh-
bour Mr. LEDGER, has to appeal to the tender
mercies of the union workhouse. The clerk has,
perhaps, a year's income in hand, which we be-
lieve to be beyond the average. His assets are,
therefore, 1501. The fundholder has 1501. +
4,6501. dz., 4,8001. (estimating Consols at 93),
or, in other words, the one pays the 1-15th part
of his entire substance, the other the 1-480th part
—or in the proportion of Ito 32. This is taxing
men according to their means with a vengeance.
The most striking difference which the ingenuity
of Mr. GLADSTONE could imagine would not
amount to anything so monstrous as this.
Let the name of " CocKzu" then become a
household word—the answer to every application
for the voter's suffrage. The votes of the present
members, the opinions of candidates, may be
subjected to that test, and if the people only
contimue as they have begun until the opening
of the Budget, we may venture to promise them
that Sir G. C. LEWIS will not venture to resort
to his pettifogging quibbles, with respect either
to the duration or the assessment of the impost.

OPEN,ING

POLITICAL ENTERTAINMENTS.

TIE PRENIEIt.

Viscount Palmerston, as First Lord of the Treasury,
gave a Parliamentary dinner I set evening, at Cambridge-
house, to a large party of members of the House of Com.
mons—supporters of the Government. The guests in-
cluded the mover and seconder of the Address, Sir J.
Ramsden and Sir A.. Agnew ; the Earl of Mulgrave,
Viscount Duncan, the Right Hon. the Speaker, the
Right Hon. M. T. Baines, Mr. J. Ball, the Right Hon.
Sir F. Berkeley, Sir R. Bethell, the Right Hon. E. P.
Bourerie, the Hon. H. Brand, the Hon. Lord Charles
Bruce, the Right Hon. H. Fitzroy, General Buckley,
Viscount Castlerosse, the Right Hon. W. Cowper, Mr.
J. D. Fitzgerald, Right Hon. Sir George Grey, Mr.
R. W. Grey, Right Hon. Sir B. Hall, Right Hon.
W. G. Hayter, Right Hon. C. Horsinan, Right Hon.
H. Labouchere, Right Hon. Sir George C. Lewis, Mr.
W. N. Massey, Right Hon. R. Lowe, Viscount Monck,
the Lord Advocate, Right Hon. W. Monsell, Mr Ralph
Osborne, Lord Alfred Paget, Mr. F. Peel, Sir Robert
Peel, Mr. H. Danby Seymour, Right Hon. R. Vernon
Smith, Right Hon. C. Vill.er,,, Right Hon. Sir Charles
Wood, Right Hon. J. Stuart Wortley, and the Private
Secretaries of the Premier. The Queen's Speech was
read by the noble Viscount to his assembled guests
after the banquet.

OF

it

LATEST NE 7S.
vl

PER!'IA.

CONSTANTINOPLE, JAN. 23.

Efaidar Khan, at the head of a cavalry brigade,
has taken Farrah, and it advancing to attack the
Persian army under Murad Khan.
An English division, ender Sir John Lawrence,
is marching towards Candahar.
New taxes for defraying the war expenses are
imposed on Persia.

FRANCE.
PARIS, MONDAY EYMING.
The Emperor and Empress yesterday received a
number of foreigners of distinction, who had the
honour of being presented by the English, Spanish,
and Russian Ambassadors, and by tho American,
Prussian, Brazilian, and Swiss Ministers. The
following wero presented by the English Ambas-
sador :

Major-General Chesney, Lady Lee and Mine Any,
Mr. Redmont, Captain J. Smyth, Major Yonge, Lieut.
Yongo, Mr. Pensam, Captain Lynch, C 8., Lieut.-Col.
Arney, Mr. Forster, M.P., Major Wilkinson Hon.
Lieut.-Col. Maxwell, M.P., Colonel, Mrs., and Miss
Pringle, Major-General Bristowe, Captain and Mrs.
Todd, and Mr. and Mrs. Lefann.
BOURSB, Feb. 2.—The following were the last
quotations :

Cash. c.
44 per Cents
3 per Cents ' 68 15
New Loan —
Bank Shares — Roman (x d)
Credit Mobilier 1,400 Austrian
Belgian Fives — Spanish Threes..
Pied montese (5) 9O 50 Home Debt

End of Bronth.
—fr. --c.
68 10

RAILWAYS-FOR CASS.
IF. c.

Orleans 1,300 Western
5
Northern 945 Strasburg
Lyons 1,382 50 New Ditto
Mediterranean 1,770 Grand Central
Lyons Geneva !t_ Teste
Cette

TURKEY
A letter from Vienna, in the Debats, says :
" Achmed Bay, one of the Tcherkess chiefs, who
commands a large corps of irregular troops in the
mountains of the Caucasus, has arrived at Con-
stantinople, to obtain from the groat European
powers the recognition of the independence of the
Circassian countries not yet conquered by Russia,
subject to their being placed under the suzerainty
of the Ottoman Porte. It may be remembered
that a similar project existed at the time of the last
war, but that it was put an end to by the peace of
Paris. It appears that the idea of creating an
independent State in Asia Minor, to which Lord
Stratford de Radcliffe is favourable, has not only
not been abandoned, bnt that it is now on the
tapis. The Ottoman Government is of course
highly favourable to it. The success of Achmed's
mission would be of the highest importance

to all the countries of Asia Minor. It is ru-
moured that Achmed Bey is shortly expected in
the Austrian capital, on a mission from the Cir-
cassian chiefs, to obtain from our Cabinet its con-
sent to the establishment of an independent State
in the Caucasus. The Circassian diplomatist con-
siders himself certain of the co-operation and sup-
port of Eiagland. From Vienna Achmed Bey is
to go direct to London, without passing through
Paris."