The Sun.
London, England, 1857-01-27 00:00:00

authority of the Government the Bank could not

have produced that confidence, and yet MERCATOR
and his satellite X now denounce a power of again
suspending the Act. A similar fatuity to the prohi-
bition of the 1/. notes which, in 1825, alone saved
the Bank from a suspension of cash payments,
and caused " the useless gold to be returned to the
Bank." These thick-and-thin advocates then
manifestly prove too much, and, like injudicious
and over anxious witnesses in a court of law,
completely destroy the value of their own testi-
mony !
But it may be said that the Government would
still have the power of interposing. They could,
as in 1848, come to Parliament for an indemnity!
It is, however, needless to point out the extreme
impolicy, nay, more, the danger to the best inte-
rests of the country of rendering the Government
habitual violaters of the law. A coup d'etat may
once be resorted to, but it cannot be sustained a
second time. It is the duty of every Government
to provide against an emergency involving such
extraordinary and so undisguised a departure from
the law, of which the absolute necessity was
the sole justification. Being forewarned
they should be forearmed, and could have no pos-
sible excuse for omitting the legislative precau-
tions essential to avert a similar necessity on
another occasion.

On the other hand, Mr. J. SEED declares that
"the convertibility of the Bank note should be
retained as it is now, a fundamental principle ;"
but he advocates the establishment of " a Na-
tional Bank, subject to the control of Parliament,
which should be one of issue and deposit alone,
with the liberty of lending, which their immense
receipts, in lieu of notes, would enable them to do
most profitably, and the large and increasing
profits whereof should be devoted either to
paying off the national debt or lightening
the public expenditure." Mr. J. WILSON also
insists on " maintaining and securing the value of
our currency unimpaired in relation to the ki tan
dard, and therefore of securing in the most perfect
way the convertibility of notes, which form part
of it ;" but at the same time strongly recom-
mends the issue of 20,000,000/. of 11. notes,
which he declares may be made with " the
most perfect safety," and which would
"add to the effective capital of the noun•
try, to our stock of commodities, or what
is the sane thing, our command over them to the
extent of 20,000,0001., just as much as if we
dug that amount of bullion out of the centre of
England." Which, then, of these authorities are
entitled to the greatest weight even in the ey- s
of disinterested bullionists, who do not desire to
swell their enormous stores at the expenss of
the groans and sufferings of the industrial cowl-
munity ?

To the masterly exposition of the enormous im-
position cmtained in the admirable letter of Mr.
SHED we refer our readers. It will be found
eminently worthy of calm and mature considera-
tion, and must convince any unprejwlical per-
son of the calamitous operation of the monster
incubus that has so long paralysed the energies of
the country awl fattened on " the very lifeblood
of industry," until it has left it weak and ex-
hausted, faiating under a dialiniihecl and languid
circulation, absolutely inadequate to its wants
and exigencies.

'THE LONDON, BARIVICH, AND CONTINENTAL

STEAM PACKET COMPANY.

With a system of railway communication in
Great Britain and others on the Continent, the
problem arises, how may we best bridge the inter-
vening water, so as to connect them, and put us in
possession of advantages obviously to be derived
therefrom. To the solution of this problem the
above company have addressed themselves, and in
the agency of a well-appointed steam service, iu
harmonious co-operation with the managers of
the various continental lines, have discovered
it. Confining their enterprise, however, go
a particular direction, they have selected Harwich
asthe
ug-p
aeiest and the great seaports in Hol-
land and Belgiumrti their points of disembarkation.
e
ta
Harwich, as furnishing a safe and commodious liar.
bour accessible at all periods, and Hamburg, Rot-
terdam, and Antwerp, as opening out profitable
ports for traffic, and communicating by rail with
the northern and central ports of the continent of
Europe. By this selection a great saving of time
will be effected—Harwich being on the direct line,
and its natural advantages obviating present
stoppages, The saving of time in the
passage between this country and the above-
mentioned ports is calculated at between 10 and
11 hours, while the route to Oberhausen, and
thence to the northern ports of Earope, is 3i hours
less by Harwich and Rotterdam than that by
Dover and Ostend. Nor is this all--passengers
proceeding to India via Trieste, by Harwich, Rot-
terdam, and the Dutch Rhenish Rail way—from
which and other lines the
.company have promise
of every facility being afflded them—will effect
a saving of forty-eight hours as compared
with the route via Marseilles. In the
first instance, it is intended to cAnfine operations
to the direct communication from London (by the
Eastern Counties line), via Harwich to Rotterdam;
but we are quite sure, before long, the company will
extend its operations to the other ports. A more
desirable scheme has rarely been brought before
the public, and there can be no doubt, from all we
can learn, little time will elapse before it is
in full operation. The advantages to be derived
from it are so palpable as to need no comment.

CABINET COUNCIL.—A Cabinet Connell was held
yesterday afternoon at the official residence of the First
Lord of the Treasury in Downing-street. The Ministers
present were Viscount Palmerston, the Lord Chancellor,
Earl Granville, t be Earl of Harrowby, Sir George Grey,
the Earl of Clarendon, Mr. Secretary Labouchere, Lord
Paumnre, the Chancellor of the Exchequer. Sir Charles
W,,od, the Right Hon. R. Vernon Smith, Lord Stanley
of Alderley, the Right Hon. M. T. Baines, and the Duke
of Argyll.

TO«Thaches Dowager of Argyll has arrived at the
St. George'm Hotel.
The Marquis of Abereorn bas taken Brockett Hall,
Herts, of Viscountess Palmerston, fur a term. The
noble marquis takes possession on the Ist of the ensuing
month.

The Earl of Eliesmere continwr, we regret to state,
in very indifferent health—his condition sti 1 occasioning
great anxiety to the members of his family. In answer
to inquiries last evening, it was stated that his lordship
was much the same,

His Royal Highness the Duke of Cvnbridge arrived
in town yesterday, from visiting her Majesty atrWiudsor
Castle.

His Excellency the Austrian Minister and the Countess
D'Appony, who have been on a visit to the Earl and
Countess of Clarendon, at the Grove, Herts, have re-
turned to Coandos House.
The Duke and Duchess of Manchester arrived at St.
Leonard' --on-Sea last week. Among the fashionablo
visitors at that favourite ma-ino resort are the Earl and
Countess of Roden, Vi-countess Jocelyn, Viscount and
Viscountess Midlam), the Hon. Miss Brodr:ck, &c.
The Duke of Leeds has left the Clarendon for Hornby
Ca- tl e, Yorkshire.
The Earl and Countess of Kintore have arrived at the
St. George's Hotel.
Viscount and Viscountess Palmerston returned to
town yesterday from Windsor Castle. The noble via-
countess leaves town to-day for Brackett Hall. Her
ladyship will go from thence to Penshanger, on a visit
to the CouotPss Cowper and fainly. The additions and
improvements which have been in progress since the
fire, which partly destroyed the mansion of Penshanger,
are now completed.

Lord John Russell, M.P., arrived in town last even-
ing, from Florence.
Lord and Lady Hunting&ld have arrived at the St.
George's Hotel.
MARRIAGE IN HIGH LIKE.—On Saturday last the
marriage of Captain the H ,n. Charles Keith Falconer,
4th Light Dragoons, brother of the Earl of Kiutore,
with Miss Diana Aldridge, third daughter of It.,btrt
Aldridge, Esq., of St. Lt.unard's Fore-t, Horsham, wik,
'solemnised at S. Jollies Lower Beeding, by the Hon.
and Rev. Robert Henley, brother-in-law of the bride.
The Great Western Dodas at Plymouth were opened
y eAterelay.
At New York a movement was on foot to establish an
hospital for inebriates.