The Sun.
London, England, 1857-04-04 00:00:00

meet represented in the person of the Diplomatist,
cf the acts, of the conduct, of the policy of that

Representativo.

Viewed in this

light the on dit of au Earldom, the public
gazAting of a K.C.8., becomes an event in its
way important enough, we conceive, to be brought
thus directly under popular consideration.

"The country " has nobly responded to the
" appeal." It is now certain that Lord PAL-
MERSTON will have in the new Paliament not
merely a "good working majority," but such de-
cided support as will enable him to carry every
judicious and well-regulated measure of reform !
But ho must not therefore repose on his laurels !
He must not think that he is placed in so envi-
able a position merely that he may enjoy the
otium cum dignitate. He must respond to the
spirit of the Age, as fully and completely as the
nation has replied to his demand. The great
majority are Palmerstonians, but they are also
something more ! They are at least professing
Liberals, and may reasonably demand that the
voice of public opinion shall be duly respected,
and that they themselves may be permitted to
verify their hustings' pledges, and thus to prove
themselves worthy of the confidence reposed in
them by their constituents. The time-honoured
proverb tells us that " a new broom sweeps clean."
May not the same be asserted of a new Parlia-
ment ? The new Members will naturally be
anxious to show of what stuff they are
made. One or two sessions must elapse
before they can subside into that comfortable
indifference too frequently exhibited by those
who have become acclimatised in the legislative
atmosphere. The nevus home has laurels to
acquire, and many energetic efforts will be made
before each man finds his level in the arena on
which he has so recently, entered.

There are sundry important questions standing
over which there will be no possible cxcuse for
disregarding. There is no longer that " finely-
balanced state of parties " to which Lord JOHN
RUSSELL so pointedly alluded when returning
thanks from the hustings as one of the
Metropolitan representatives. The Minister can
carry adequate measures if he desire to do so, and
any backsliding, or shortcoming, may occasion
very serious re-action in the popular mind. The
people can no longer be gammoned by vague
declamation. Acta non rerbo, deeds not words,
are required. And should there be any failure
the fall will be great in proportion to the magni-
tude of the present triumph.
A large and comprehensive measure of Parlia-
mentary Reform is imperatively demanded during
the approaching session. Should Lord PALMER-
STON neglect his duty in that respect, he
will find others ready and willing to take
possession of the ground which he May leave
unprotected. Lord JOHN RUSSELL will be only
too happy to find so good an opportunity of
regaining his forfeited position. And whichever
Noble Lord may undertake the task may rest as-
sured that " the Ballot" is an indispensable
condition. Without it no proposition will be accep-
table to the people. Mr. LowE's experience at
Kidderminster may serve as a beacon light to his
colleagues, to warn them from the shoals and
quicksands on which they may otherwise be
wrecked.

The great, the all-important question of mone-
tary reform must also be fully discussed. The
Bank Charter Act has long since virtually expired,
and it is full time that all uncertainty should be
removed on the subject. The nation has been
kept entirely in the dark respecting the proceed-
ings before the late Secret Select Committee. But
it will not be contented to have the impolitic and
iniquitaus Act of 1844 renewed for a prolonged
term without change or modification. Many of
the recently-appointed committee no longer have
seats in the Legislature. The body must be re-
constituted, and its proceedings carried on in
the face of day. It is intolerable that the
nominal rate of interest should be from 6 to
8 per cent. Our merchants cannot carry
on their business under such disadvantageous cir-
cumstances, and our manufacturers can no longer
hope to be the creators and_ producers of national
wealth, while all their profits, or at least the lion's
share thereof, are abstracted from the legitimate
owners by greedy and extortionate money-lenders.
During this very week, when the " Old Lady"
advanced the minimum rate of discount from 6
to 6 per cent., the Bank of Belgium reduced its
scale from 4 to 3 per cent. ! How can the
English manufacturers compete with their
rivals under such a state of affairs. It
was the monetary facilities afforded in this
country that advanced Great Britain to its
proud position amongst the producers of the
world. If these facilities be not merely with-
drawn, but if money be rendered twico as dear in
England as in Belgium in consequence of artificial
restrictions, we must make up our minds to wit-
ness the decadence of Great Britain as a manufac-
turing nation. The interesting problem requires
nat only a complete, but also a speedy solution ;
and we may anticipate very beneficial results
from the " new blood" infused into the Legisla-
ture !

The Income Tax also must receive due conside-
ration. It has only been renewed at 7d. in the
pound for a single year, and therefore the subject
must come under legislative consideration during
next Session, or at all events early in 1858. The
People have already gained an unquestionable vic •
t)ry on the point. The demurrer to " the pet-
tifogging quibble " was crowned with complete
success. They have thus ascertained their own
strength, and will not fail to avail themselves of
the discovery. But they were just as intent en
the modification as on the reduction of the im-
post. Its equitable apportionment was an almost
universal demand, and it will be well for the ad-
ministration if they take the initiative on the
point, and not permit so valuable an instru-
ment to fall into the hands of their avowed
If they take the "Spirit of COCKER"
opponents.
aS their guide—if they act in accordance with the
true fiscal
meevaenrsy
and
dn should.the
position betaxed
e
in proportion to
pi 1 li e
da cbhyi e
tvhee r pporsei
ye—they
toicocnupsitersoninntrhtehacnonanntyr
docessors. As we have already repeatedly proved
industry should be as leniently dealt with as
possible, while the owners of accumulated and
realised property should be required to contribute
fairly to the liquidation of liabilities incurred for
the protection and improvement of that propertyl
alike for the past, the present, and for future timer.
The first demands will be " fair" representation,
free trade in money, and equal taxation ; and
along with them, for judicious economy and wise
retrenchment, and thorough purification of the
Augean stables of the law. The new Parliament
has ample work cut out, and it must not show
itself slothful or apathetic in the performance of
the arduous and important tasks for which it
will be convened within a few weeks.

SEVENTY-SEVEN out of the number of the
" Majority" on Mr. COBDEN'S motion have, by
their vote upon that occasion, lost their seats in
Parliament ! Twenty resigned ---, knowing per-
fectly well that they had no choice of re-election,

Fifty-se,ven, have been totally defeated, signally
and ignominiously defeated, upon going to the
Poll. In the majority cf in..t Incos the more suc-
ccssful candidate being an avowed Palmerstonian !
Altogether, as we have said, SEVENTY-SEVEN of
the Yehites have been denied re-admission to the
House of Commons—purely because of their being
Yehites ! Seven-seven of the "fortuitous concur-
rence of atoms " have been bundled out of the
Legislature by a fortuitous concurrence of circum-
stances ! A very notable act of retribution.
This, moreover—when the list of the new
M.P.'s still continues 100 short of the required
aggregate. The catalogue of Members already re-
turned numbering exactly 558 in all—just (as we
have remarked) one hundred short of the Parlia-
mentary total of 658—shows, nevertheless, already
" seventy-seven" of the Chinese Majority dis-
carded !

There can hardly be any doubt as to what is
really the opinion of the Country, just now, after
THAT !

It is a notable fact, moreover, nowadays—how
many of the aristocracy have been rejected, among
the number of that obnoxious seventy-seven, by
the constituencies. To say nothing of scions of it
such as the Ron. Mr. DuNcomm, and the Hon.
C. HANBURY, or of men with the smallest of all
" handles" to their names, such as Sir S. BIGNOLD,
and Sir J. Ducxwonm, and Sir J. FERGUSON,
and Sir H. HALFORD, and Sir T. HERBERT,
and Sir E. Llcoic, and Sir H. MADDOCK, he.,
there may be enumerated—the Earl of ANNESLEY,
and Viscount BARRINGTON, and Lord H. BEN-
TINCK, and the Marquess of CHANDOS, and Viscount
CHELSEA, and Lord W. GRAHAM, and Lord
GUERNSEY, and Lord A. HEnvEY, and Lord G.
MANNERS, and Lord NAA.S. Every one of whom
—with the single exception of Lord CHELSEA (and
it may be his turn next in Middlesex)—has been
defeated : has not resigned—but has been defeated !
Significant all this—to say the least of it, rather
significant !

The case of Mr. APSLEY PELLATT and the
Royal British Bank is one worthy of the more
attention, because it has less of the marvellous in
it, and, we are sorry to say, is but of too com-
mon a kind. Perhaps scores of respectable gentle-
men who would scorn to participate, knowingly,
in a fraudulent transaction, are, through mere
remissness, or over confidence in their coadjutors,
the most effective instruments of middle and upper
class frauds. A gentleman, and man of business,
his hands being already too full, is applied to by
some friend to give " the New Company" the
benefit cf his name. He replies that the project
seems fair and promising, that it seems likely to
be advantageous to the public, and to its mana-
gers and shareholders too, but that he could not
possibly give to the business the requisite atten-
tion ; that, in fact, ho could be of little service.
"Oh I" the reply is, "if we could have your
practical attention to it, that would no doubt be
of great service, but your very name would be a
tower of strength—you are known to, and much
trusted by, a large class, and:we want persons on
the Direction whom men of different classes look up
to." Probably in some such way Mr. MACGREGOR
appealed to Mr. PELLATT—but whether he did
or not, half the gentlemen in the City who have
acquired any position in business or society know
what it is to be appealed to in this way.

Mr. PELLATT' S conduct at the board was at
least just that of many who are inveigled in this
manner into some public company. They attend
Board meetings as often as suits their convenience;
Mr. THIS-and Mr. TWIT-are personally known to
them, and the other directors appear to be re-
spectable gentlemen ; nothing suggests a suspicion
that all is not going en, honestly at least, and no
doubt prosperously ; the documents handed to,
them for signature have been prepared by those
who understand the business thoroughly, while,
the supplementary directors, who are indeed but,
gilding to the show-Board, know little of it. They•
do not like to waste the time in asking explana-.
tions, perhaps think it might look like mistrust of
those who had been in ofice before them ; they•
sign, therefore, as a matter of course, asking nu.
questions for conscience sake. There has been.
an understanding, indeed, that they are wanted.
for show, not for work ; their names accomplish.
all they were wanted for, and they do not feel.
responsible for anything beyond routine.
If things be honestly and industriously managed
by the working Directors and the Staff of the.
Office, why all is well, and no more is heard of it.
A good name has advertised a good concern, and
the public and the concern share the advantage.
The many instances in which things have thus
worked well has probably encouraged worthy men
t) believe that companies may be left, like seed, to
grow up they know not how ; but when 'floral
and pious talkers turn out to be impious and im-
moral swindlers, then the dummy director is sus-
pected. by the sufferers of being like his comrades .
The stork among the cranes shares their fate ;
and it is well for him if, as in Mr. PELLAr? S
case, he is in a position to prove that he has nt )t
joined in the knavery, though he suffered unv►i Lt-
tingly his name to recommend it—indeed to m:al e
hundreds believe that they were dealing with ns en
of honour, when they were shovelling their mon cry
int) the tills of swindlers.

Mr. PELLATT'S unpleasant position is, we :re-
peat, a most valuable lesson to honest Int!n.
Lessons are wasted on rogues, but gentlemen w ho
have a character which they wish to keep unl le-
mished, will learn from it the error of becozai .ng
sleeping, or at least dozing, directors. We reale m-
bar a judge in a bankruptcy court once tellin g a
most worthy man, to whom, unhappily, the re-
mark was pertinent to the letter—that he recd .m-
-mended all persons to avoid sleeping partnersbi ps,
lest some morning they might wake up and find
themselves in the Gazette. With equal propriety
may we caution a respectable gentleman n ot to
become a dozing director, lest some day he find
his company shutting the office doors, and
himself under Mr. LINKLATER'S scarifier 1n a
Court of Bankruptcy.
We entirely believe in Mr. PELLATT'S fl( % mz
recordo answers. He obviously gave himself no
trouble whataver about the personelle of the office,
the cash book, the ledgers, the balances, or even
the particulars of published statements to which
his name was attached ! It may appear incredible,
now that the extent of the resulting mischief is
but too apparent, yet it' would seem that nothing
aroused him to suspect danger, except the
" unbanking-like " affair of the Welsh
mine. He himself deposited with the bank
and received nothing from it ; yet he ap
pears to have suspected nothing, though officers
and directors, at the 'time of his leaving, were
ndebted to the bank some 30,0001..1 ItirA)Enrarr
was not, however, wholly a dupe; he partly trusted
those
o whom he knew, but ho partly shut his eyes
Hence,
also.though believing and contending at
the B
at a bank had no right to work
mines, and th lock
up
money in them, he yet t
re-
signs in a letter which does not contain the cause
o
of his resignation, while it speaks p
ho efully of the
company, and sells his shares at a discount.
Was he afraid that if the letter had denounced
the mining transactions, it might have leaked out

that it did so, and have injured the clmpany ?
3.1r,.ny a man has, from such motives, concealed the
reason of his withdrawing from a company.
We trust the painful position in which Mr.
PELLATT has been plz,ced will have a salutary in-
fluence. It cannot be denied that the system of
sham-directorship is utterly wrong; and it is well
that the consequences of it should sometimes be
sufficiently penal to make others cautious. Mr.
PELLATT'S intentions and views were unquestionably
those which he stated in court; he thought he was do-
ing the public, as well as the company service ;
and he is doubtless deeply mortified to have aided,
through sins of omission, in ruining many, and
embarrassing more. It is not of course to be
pected that each Directar on a board can be inti-
mately acquainted with all the details of the busi-
ness, but it is the bounden duty of each to know
thoroughly the nature of the principal transac-
tions, the state of the balance-sheet, and the re-
gular course of the business. Directors ought
indeed to divide between them the supervision of
the respective departments of the business, and
the entire Board ought to be cognisant of the re-
sults in each department, and the bearing of those
results on each other, and on the general result.
To the public generally the lesson will be to
put no trust in mere names. The folly of wor-
shipping his Grace, or a list of M.P.'s, as the
Guardian Deities of a Company, has almost died
away; we have now to give up relying on names
of men of undoubted business capacity and integ-
rity, if we cannot be sure that they take a working
:interest in the management of the concern. Gen-
tlemen will learn not to become Directors where
they direct nothing, and the public to inquire
what part those whom they trust take in the
business.