The Sun.
London, England, 1861-05-27 00:00:00

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• By the return of the Bank up to ee.lsth
it appeared that a diminution of the bullien
extent of £491,173 had taken place sindthe
mer return, leaving the stock of bullion £12,382,446.
The unemployed notes in the banking department
had decreased by £387,820, leaving the amount in
hand £5,978,195.
In May, 1859, the stock of bullion was larger by
about £5,000,000, and the notes in hand £3,000,000
more. Discounts were then 4-1 per cent.
The rise of the rate to 6 per cent. was, under all
oteuirrecsu national
hstances, generally anticipated. Government
is making remittances of silver to Indic, and a
considerable amount of gold has been sent to the
United States. Should these remittances to Ame-
rica continue a further rise in the rate is certain,
and the effects will become speedily apparent in an
increase in the number of failures, and a further de-
pression in trade.
A system entirely opposite to that which Peel's
Bills force on the Bank, would be the one which.
h
vear. rvesTthe interests
wamsdefective,ore labourpresentatin a
is engaged
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ad a
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irrigation
o works,
s tlndia,
he
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tionaltbecom currency
becomes
that
ms yosntevem adopted a
o,pt e
small
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eb
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more
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wo
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and selling, more small change is-required.
plan
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grr-
calls out more wages einea
Charles Wood interferes with Mr. Wilson's
to make the proposed paper money of a larger
denomination ! Why, we repeat, should not notes
circulate in India for one, two, and three rupees I'
This would diminish the drain of silver, have
_a
tendency to keep down the rate of discount, and
prevent many a failure in Manchester, and the
misery of the family of many an unemployed ope-
rative.
But in-addition to the causes for anxiety referred
to, the contest in America is raising the price of
cotton, depressing trade, and draining away gold.
Now, under such circumstances the wise finan-
, cial policy of a Government would be, not to dimi-
nish the circulating medium of the country, but td
increase it by prudent and judicious advances to
all merchants and traders holding goods, real pro-
perty, or good bills of exchange. This should be
done at a fair, moderate rate of interest. And this
would be done did not Peel's bills of 1819 and 1844
interfere most injuriously to diminish the circulat-
ing medium, and to raise the rate of discount when-
ever a time comes at which, from a drain of bullion,
the paper money currency becomes more useful and
necessary than usual for domestic circulation.
The reformation of the monetary system of a
country is not to be undertaken lightly or inconsi-
derately, but the experience of the panics of 1847
and 1857 has proved to the mind of every impartial
observer that Peel's system is a disgraceful failure..
Australian gold, it is true, enables the country to
endure it for the present. But it will not be always
so, and let the supply of gold be what it may, there
must under the existing monetary laws be times of
great depression of trade, and monetary panics.
Compared with the currency reform so urgently
demanded, the disputes about the paper duty and
the tea duty, which have engaged so much of the
attention of the legislature, appear to us frivolous
and trivial as the sports of children. Mr. Gladstone
may depend upon it that the country cannot, and
will not, bear the enormous load of taxation, with
a high rate of interest, and a contracted circulating
medium. For the present the disgraceful display
made by the United States is disgusting all think-
ing men with democratic misgovernment, but dis-
tress, privation, and ruin make men dissatified with
the Government under which they live, be its form
what it may.
The people will begin to doubt the excellence of
the British Constitution when they are reduced to
beggary under its enactments.—Derbyshire Courier.

PRICE 4D. STAMPED, 51).

ahrer ihveel.d
ai Anda
rteh e
herebym one moneys
pledgedarising h
y therefromth e Go!
Insvheaarynilment of the Confederate States as a fund for
the support and maintenance of the widows and
orphans of such persons as may be slain, and for
the support and maintenance of such persons as
may be wounded and disabled on board of the pri-
vate armed vessels commissioned as aforesaid, in
assigned
andan y
distributed
yengagementawi
n.
swithsuch
h the
manner
aenemy,s shall t o
hereafter
be
provided b e
In reference to the surrender of Confederate
troops to a Federal force at Camp Jackson a tele-
gram from St. Louis says :--
" Ginnet 111‘Donald, Captain of the Mounted
Rifles belonging to the South-west expedition,
who refused to swear allegiance to the United
States, or to accept of his release on parole, is still
confined in the arsenal as a prisoner of war. Judge
Treat, of the United States Circuit Court, was
petitioned yesterday for a writ of habeas corpus,
and his decision is anxiously looked for, as it will
involve the constitutional question which has been
raised relative to the capture of Camp Jackson,
with three 32-pounders, a large quantity of bills,
bombs, several pieces of artillery in boxes, 1,200
rifles of a late model, six brass field-pieces, six brass
mortars, one 10-inch iron cannon, several iron
cannon, several chests of muskets, five boxes of
cannister shot, 96 10-inch and 306 6-inch shells, 25
kegs of powder, a large number of musket stocks
and barrels, between 30 and 40 horses, and a con-
siderable quantity of camp tools. The number of
prisoners taken to the arsenal was 639 and 50
officers."

A statement had been published by General Frost
and his staff, explaining why Camp Jackson was
surrendered. They say there were only five rounds
of ammunition in the camp, and neither arms nor
provisions enough to supply the force-600 men—
under their command. To attempt resistance, sur-
rounded as they were by 6,000 to 8,000 troops well
armed, with every appliance of war, would have
been mere suicide, and retreat was impossible, they
being without means of transport or provisions,
and no credit to procure either. They censure the
State authorities for not paying its just military
debts, say proper supplies could be procured, and
pronounce Captain Lyon's demand illegal, unconsti-
tutional, and wanton, trampling under foot the
laws of their common country. Respecting the dis
turbance in St. Louis, an official statement says,—

" The first firing at Camp Jackson Friday even-
ing was some half-dozen shots near the head of the
column of the Ist Regiment, headed by a volley of
stones and a pistol-shot from the crowd. No one
was hurt at this point. The second firing occurred
from the rear of the column guarding the prison.
ers. , The crowd here was large and very
abusive, and one man discharged three
barrels of a revolver at Lieutenant Faxon,
of the regular service, many of the mob
cheering him, and drawing revolvers and firing at
the troops. The man who c)mmenced the attack
then laid his pistol across his arm, and was taking
deliberate aim at Lieut. Faxon, when he was thrust
throdgh with a bayonet, and fired upon at the same
time, and instantly killed. The column then moved
on, having received orders to march, and the Com-
pany, being assaulted by the crowd, and several of
them shot, halted and fired, causing the deaths
already reported. The order was then given by
Captain Lyon to cease firing, which was promptly
obeyed."
A vessel is reported to have arrived at New
Orleans with 250,000 stand of arms.
•

The reported negro insurrection in Owen county,
Kentucky, is contradicted.
Alivices from California report that a number of
vessls were loading grain for England.