The Sun.
London, England, 1857-11-13 00:00:00

THE MONETARY CRISIS.

" WHO IS TO BLAME THIS TIME l"
TO THE EDITOR OF THE SUN.
SlR,—Since my letter to you of the Bth inst., the
subject of which has frequently been commended
to me by parties little cognisant of the fact of my
being the writer, I have had hourly experience of
the necessity of some step being taken to insure
the ability of Bankers to discount paper represented
by undoubted names, and full security in addition.
The Times and Globe would endeavour to persuade
their readers that no difficulty is experienced in the
negotiation of such paper • but the Public are the
best judges upon such points, and the events of the
first two days should be evidence enough that the
PANIC is spreading, and that if it increases in in-
tensity during the next few days, Lombard-street,
land Banks, bothprivateand joint-stock, throughout
the United Kingdom of Great Britain and Ireland,
will be found shaking in their shoes, with securities,
previously considered undoubted, worth, in many
instances, little more than the original value of the
Stamps, impressed upon them. This climax at-
tained, ministers will probably send for the " He-
brew Millionaire" and Lord Overstone, and a few
of the Cormorants of the Industry of the Millions,
and ask them whether the suffering patients are
not so far reduced (in number alive, or in a dying
or dangerous condition) as to render it advisable
forthwith to call in a physician, in fear that the
plague may become universal, and past the aid of
Medicine. Further, in the course of a very brief
period, the "hard-fisted million" may, finding
that their employers calmly and sensibly inform
them of the reason why they are obliged to throw
them and their families upon the parish for daily
bread, meet, discuss, and act, in a manner which
may make even the Prime Minister's salary unsafe
from one quarter's day to another.
I am intending to argue calmly and dispassion-
ately. The subject of my argument is not an irri-
tation of a day, a week, or a month. lam known
to have held opinion that, under the Bank Act of
1844, this crisis was due, and I have said why and
how it would arise, and the banks and eminent firms
who have unfortunatelyi succumbed, are known
to have been held in suspicion by me. For since
the American crisis assumed a severe form, and the
requirements of the _But India Company, (no
secret to me and my friends), were evidenced by
their first borrowing one million of money. But
when one joint-stock bank lent them nearly the
same sum, " for two years fixed," I saw that our
gold was fated to leaveus, and the Bank of England's
position, and the consequent discredit, hoarding,
and panic, was no longer a suspicion, but a fact in
prospectu, and that very near at hand.
I care not how relief is afforded. The "Cur-
rency Question" I have battled and studied
in vain. No man yet born could solve it satisfac-
torily to his neighbour ; but this I do say, that if
such relief is not afforded to the commercial classes
quickly, we shall see such distress throughout our
lately happy and contented population, as will
cause many a pang and feeling of regret in the
bosoms of the very highest in the land. I shall not
enter into the particulars of what I have to-day
heard from various parts of the country ; if I did
so your columns would be too much entrenched
upon.

But " Who is to blame this time?" The plot
thickens, and the healthy and robust, at the funeral
of a friend, who died last week of a sudden and un-
expected " disease of the chest," may exclaim with
propriety to-day, "This may be my fate next weekr
God alone is my refuge and strength."—l am, sir,
your most obedient servant,
" CIVIS BRITANNIC tj S."