The Sun.
London, England, 1857-06-01 00:00:00

LONDON, MONDAY, JUNE 1, 1857.

The flagrant grievance is at length likely to
work its own cure. The social evil par excellence of
the industrious classes is even at the eleventh
hour provoking 'resistance. A meeting is to be
held on Wednesday next, at the London Tavern,
for the purpose, of devising the best means for
impressing on the public mind " the inconsisten-
cies, the injustice, and the anomalies of our mone-
tary system." This, at least, is a step is the
right direction. If duly followed up it will pre-
vent the renewal of the Bank monopoly for a term
of ten years without change or modification of
any kind. As we have repeatedly stated, the
public only want authentic information as to the
full effect of this, the mostanwise and impolitic law
that ever received the legislative sanction, to
strike off the unaccountable apathy that has so
long tolerated its continuance. If the immea-
surable importance of the subject were even par-
tially understood—if those who earn their daily
bread by their daily labour and all engaged in trade
and commerce, could conceive the effect of the
Bank Charter Act on their comforts, their happiness,
and their prosperity, we should witness demon-
strations in every part of the kingdom, that would
speedily place matters on a sound foundation, and
ensure the repeal of the obnoxious law. It is their
ignorance alone that has produced indifference,
and the manner in which they have been mysti-
fied by interested parties. The bullionists have
treated the question as an abstract science—have
involved it in a mass of jargon unintelligible
to the OL TOXXOL, and thus contrived to render it
one of the most disagreeable subjects that could
be ventilated for general 'discussion. Even men
aspiring to seats in Parliament profess not to have
bestowed much attention on the point, and suffer
themselves to be hoodwinked by a few men, who
seek their own aggrandisement rather than the
good of the nation.
We recently pointed out the inevitable conse-
quences of the drain of the precious metals, which
must continue so long as the Banks of France, of
Vienna, and of other nations find it worth their
while to attract bullion to their own shores by
.he payment of . a small premium. It has been
well remarked that " capital has no country." It
mill invariably find its way to the place where
there is the greatest demand, and where the best
price can be obtained. Gold is of all others the
' lescription of capital which follows most closely
the natural law ; and so long as the Bank of
France pays 6f. premium per mille, or 6,0001. on
a million sterling, we must, under the existing
laws, be forestalled in our own markets, and
4ubrnit to all the evils arising from a dearth of
currency of the only recognised measure and re-
presentative
of value. We must see production
suspended, milli and factories closed, or working
but half time, the real creators of national wealth
enduring the most serious privations, and wit-
nessing the lion's share of the profits transferred
to the pockets of greedy money-lenders and un-
scrupulous usurers. Why, as we have already ex-
plained, for 120,0001. a national bankruptcy, or,
at all events, a crisis of far greater intensity than
that of October, 1847, might be produced, and
every description of property, public and private
securities, and even the land itself deteriorated in
value to an extent far exceeding our pecuniary
losses by the late Russian war. And yet by this
inequitable and impolitic law our hands are tied,
and we are prevented from fairly opposing our
competitors with their own weapons.
The great necessity of the age is that the proper
distinction between a purely domestic currency
and one suited for foreign trade should be recog-
nised. Why should the industry of the country
be paralysed because a few wealthy capitalists
choose to enter into contracts for a foreign
loan or, e.g., for the construction of a
line of Russian Railways. Why must the work-
ing man be kept idle because A. B. and C. seek to
increase their overgrown wealth at the expense of
the multitude ? Away with the ridiculous fallacies
of over production, and over population ! There
cannot be over production of food, or of clothing,
so long as there are any hungry or naked persons
amongst us. As a consistent and indefatigable
monetary reformer, Mr. JONATHAN Durrcesr, has
truly remarked, " hunger invades the dwellings
of the poor, while granaries are filled with corn,
and millions are insufficiently clothed, while the
warehouses of manufacturers are stocked with rai-
ment to repletion; if the natural law had free
play, both the granaries apd warehouses would be .
emptied. The case is clearly one not of over pro-
duction or over population, but of obstructed
distribution."

An apparent over-production of the necessaries
of life are confounded with a real under produc-
tion of the medium of exchange, the evil is occa-
sioned by the narrowness of the conduit pipe,
through which the transfers must flow. We hear
of " stagnant trade,' because remunerative
prices cannot be obtsined. Wages naturally fall,
the working clas3os are discontented, their
employers cannot continue to make both
ends meet, and all the mischief arises
from a deficiency of a circulating medium adequate
to the wants and exigencies of the nation. There
is, as has been well remaiked, a battle between
" the profits of traders and the profits of the
usurer," and, with the existing laws, the latter is
Mr. Augustus Brabam, sure to come off the conqueror.
Mr. Brookhouse The concession of reall national notes of
Mr. Francis Kirby, y
Mr. J. A. Leffler, and small and convenient demonstrations, say
Mr. Borrani.
Conductor and Composer—Herr Meyer Lutz, 1/., 21., and to 31., issued by a really National
Bank, and receivable in payment of taxes
With a powerful Band and Chorus.
ny—Mr. Augustus and duties of every description, is the
Managor and Director of the Opera Compa
Brabanl• i only adequate remedy. Other matters may alle-
viate the distress for a time, but that alone can
After which, Mr. Wm. Cooke's Holiday pr gramme of ,
novel and peerless SCENES in the ARENA.
To conclude with the farce of SILLY SMART ; or, The , afford permanent and lasting relief, and to that
Clockmaker's Hat.
upper should the attention of monetary ()formers be
Commence at seven o'clock. Dress PD:res, 4s. •
Boxes, 3s. ; Private Boxes, from 215., no charge for'booking; especially directed. In France it is intended to
Pit, 2a. ; Gallery, ls. ; Upper Gallery, 6d,
Notice— During the Opera Season Half-price will take place confer the privilege on the Bank of France of
at 9 o'clock. issuing notes for 50f., or 2/. each. That will
Th).t-otlico open from F.14-ron till Four. Stage Manager,
.w. Arcst, Ey:Le-444n Director, Mr. W. Cooke, lull, afford very considerable relief, and there is no

ROYAL OLYMPIC THEATRE.
Lessee, Mr, Alfred Wigan.
TIEVENING, will bo performed A SHEEP
IN WOLF'S CLO MING
After which a new Mrdrama, called DADDY HARD-A.M.
. Robson,
To concludec.
with THE W '%NDER,ING MINSTREL,
Corame4ce at half-past Seven.

itSTLEY'S ROYAL • AMPHITHEATRE
AND OPERA
HOITSE•
Lesme and Manager, Mr. W. Cooke.
Under the patronage of Her Majesty and Hi •
s Royal Highness
Prince Albert.
Continued and increasing success of the Grand Opera.
E ormous attraction for the Whitsun Holidays.
THIS EVENING (Monday, June 1), Verdi's *far-famed
°pert of IL TROVATORE ; or, The Gipsy's Vengeance.
The who?e of the Music as performed at the Italian Opera,
and Eqncstrian Illustrations.
Miss Rebecca Isaacs,
Miss M. Somers,
and
Miss Fanny Hucidart.