The Sun.
London, England, 1857-12-02 00:00:00

LONDON, WEDNESDAY, DEC. 2, 1857.

To-morrow Parliament will assemble for the
despatch of business, and the C )mmunity look
with intense anxiety to the indications that may
be afforded in the Royal Speech respecting Minis-
terial intentions for the approaching Session. One
question must necessarily take precedence of all
others. There has been a direct violation of the
law of the land—a financial coup d'etat—the im-
perative necessity whereof was its sole justifica-
tion. We do not blame Ministers for averting a
Scene of general confusion and dismay ; on the
contrary, their mistake was in the other direction.
They held out too long, and occasioned a vast
amount of distress and suffering to the commer-
cial and manufacturing interests, by their obsti-
nate adherence to an obnoxious and most im-
politic enactment. It was only to save the Bank
of England itself, that they at length interposed,
and that fact must be borne in mind by every
the
monetary reformer. If suspension of the
restriction were at all justifiablq, a relaxing ow
should be placed somewhere, and the supporters
Of the Act of 1844 are placed in this dilemma,
that either there should be no indemnity, in which
case the Charter would be forfeited, or every pos-
sibility of a similar occurrence should be rendered
impossible, by the abrogation of the_law that has
twice occasioned wide-spread ruin and distress ;
and been twice suspended, on the authority of Her
MAJESTY'S Ministers, for the time being. It is
neither constitutional nor judicioui ti create tco
many precedents for the habitual violation of the
existing statute law by the Executive Government.
Such examples may be turned, at a future tim•,

to purposes not very agreeable to the free people

of this free country.
In Mr. TWELLS'S brilliant oration, at Rut Ret-
ford, he explained, in a single sentence, the
whcle question at issue between the "hard calcu-

lators" (we shall never againterm them bullionists)
and the monetary reformers. The whole tenor
of their writing—the sole principle by which they
are actuated—is, "Perish the People of Eng-
land, but let the hard calculator grasp his 15
per cent." That is the point that is now to be
decided, on which the nation should declare its
views and wishes clearly and intelligibly, and on
which the Legislature must re-echo the voice of
public opinion. It is not cheapness only that is
required.- Undue cheapness may be the destruc-
tion of the productive classes, as well of the
manufacturing as of the agricultural population.
" The labourer is worthy of his hire," and he
should receive it. What he requires is the pur-
chasing power, that he should be enabled to ob-
tain that great desideratum—" a fair day's wages
for a fair day's work," so that he may procure
the absolute necessaries and the very moderate
comforts which he alone requires, and which are
suitable to his position. Cheapness is of compara_
tively trivial importance, if it is accompanied by
the absence of means to purchase goods, oven at
depreciated prices. It is better to have prices
enhanced 10 per cent. with full and ample em-
ployment, than to have them reduced 20 per cent.
and be placed in the condition of an unprofitable
consumer, a miserable pauper, dependant on the
tender mercies of the Union Workhouse ?

The industrious classes produce, as Mr. TWELLS
so clearly explained, far more than they consume,
the drones (or, as they were properly designated,
the fridges consumere nati), consume fa; more
than they produce. It is manifest then that the
former, that is to say, the great body of the people
—the toiling millions—must be benefited by
high prices rather than low. The advocates
of the Bank:Charter Act, " the hard calculators,"
look only to 15—aye, by our Lady, to 20 or 30
per cent.—the state of affairs which the Times
admitted must have arisen, but for the
suspension of the Bank Charter Act, for
which it was so exceedingly indignant. There is
not, according to the tenor of Mr. TWELL'S
address, one word of heartfelt regret, nit any re-
lenting for all the anguish, and privations, the
broken fortunes and the broken hearts, which this
Bank Charter Act is at this moment causing.
There is nothing said of the distress and poverty
of the people thrown by thousands, and tens
of thousands, out of work, without any

fault of their own. No commiseration for the
working men, by whose humble firesides suffering,
poverty, destitution, and starvation, are taking up
their winter's abode. Nothing of these matters
is specified in the bond—the pound of flesh must
be given to the utmost scruple.

But how are these evils to be averted ? Simply
by the means pointed out by Mr. DWELLS, and by
a respected correspondent, whose very able
article, headed " Money is Power," will be found
in another part of our impression. We want a
large issue of paper money, receivable in payment
of taxation and of every liability, and which might
properly be termed " Exchequer notes" for 11.,
and the fractions of a pound upwards. The tax-
gatherer absorbs more than 1,200,0001. per week,
and means should be taken to keep up an equable
supply, to provide for the hebdomadal drain,
so that from 20,000,0001. to 30,000,0001.
of national small notes should always
be in circulation. This plan would keep money
at a fair rate—say from 3 to 4 per cent—with

which industry could thrive, and those who had
property, or the proceeds of-accumulated labour,
would receive just the reward of form erproviden ee on
their own part, or on that of their anceetors. The
fluctuations in the rate of interest " more disas-
trous than the failure of all the banks of issue

that ever stepped payment would be averted, and
the only discontented person would be " the hard
calculator," who could not make 25 or 30 per
cent. for his money. Let the people consider
which state of affairs is most desirable, and give
expression to the opinions which they have
arrived at after due deliberation.

The Bank Charter Act and the future Govern-
mutt of India must be fully and dispassionately
discussed during the rapidly-approaching session
of Parliament. On these points Lord PALMER-
CTON has no option. There is an irresistible ne-
cessity urging him onward. But the main point
to be ascertained is, whether the anticipated Re-
form Bill is to be bucked—whether the
solemn pledges given during the last session are
to be deliberately violated on frivolous pretexts.
There will be ample time between this and August
to discuss its provkions. If Lord PALMERSTON
ever intended to keep his word, he must at ail
events, have the measure prepared. He can
explain its provisions—can state how far he will
cxtend the franchise—and, still more important,
what protection he is disposed to afford the voter
against undue influence. Full freedom of choice
is also required by the different constituencies, so
that they may be enabled to return the man whom
they believe to be best calculated to represent their
wants and wishes. The privilege belongs to the
constituencies, and not to the candidate or Mem-
ber, and the effect of the property qualification—
frequently as it is violated—is only to produce
class legislation. The duration of Parliaments
should also be considered, so that Right Honour-
able and Honourable Gentlemen should be com-
pelled to render accounts of their stewardships
at not too distant periods. There should also
—without demanding mathematical accuracy—be
some approximation to equalisation of electoral
districts, so that a few score of voters in a nomi-
nation borough, or, to use Parliamentary language,
a borough in which there is "a prevAiling influ-
ence," should not possess equal weight with a
constituency, where the electors were numbered by
thousands or tens of thousands. These are " five
points" to which attention must be directed, and
on which there must be reasonable, we do not
demand extreme, concession.

The constitutional theory is, that taxation must
be accompanied by representation ; that every man
who is required to contribute to the national
exigencies should have a voice, either by himself
or by some person whom he has selected to ex-
press his views and feelings. It is obvious that
this is not at present the case, and therefore an
extension—a large extension—of the franchise
is, as we have stated, indispensable. At
present there arc at least five millions of male
adults, and less than one million of voters. One
in five is certainly too small a proportion. We
should not have four•fifths of the people reduced
to the condition of political cyphers.

Bnt, without protection. to the voter, this
extension would be worse than useless !
The ballot can aline prevent bribery and
corruption, and, what is even stilt worse,
intimidation. That intimidation assumes many
distinct lorins. It may be impossible
to depict all its varied aspects. Secrecy of voting
can alone ensure conscientious voting, and that
must be secured in the only possibl.) way—the
Ballot. Without that paramount point, a Reform

Bill will be nothing but " a mockery, a delusion,

and a snare."

We shall not at present enter into details. It
is sufficient to indicate the general features. Lord
PALMERSTON and his coadjutors must be prepared
to state their plans, and when these are developed
they will be strictly scrutinised. Should he com-
ply with the national will, he will secure for him-
.3lf an indestructible monument, "cerc perennius."
His name will long live in our memories, " fami-

liar to our ears as household words." Should it
be otherwise, the magnitude of the failure will
even exceed that of his possible triumph.
Great indeed will be his fall, and deplorable the
revulsion of feeling towards one who has had so
great an opportunity, and let it pass neglected
and for ever lost.