The Sun.
London, England, 1857-01-12 00:00:00

L < DON, MONDAY, JANUARY 12, 14f7.

In the first leading article of the Times for the
new year, it says, when speaking of the "occupa-
tion for a busy and useful lesson"—.," The ques-
tion of the renewal of the Bank Charter, involy-

iug, as it does, the twofold consideration—the

maintenance in all its integrity of our present
standard of value, and the remuneration received

by the Bank of England for performing duties
which the Government could very well perform
for itself, will also claim attention ; and the session
ought not to pass 'without carrying out the principle
of 1844 much further than has ken done by the
mere separation of the banking and issue depart.
ments." This is cutting out sharp work for the
Legislature. It is opening up the whole currency
question—dividing the bullionists by totally ex-
tinguishing the privileges of the Bank of England

respecting its issue of notes. But, on the other

hand, while advocating the just and salutary mea-
sure which would restore the Bank to its true

position as a private trading corporation, and
remove the control of the national currency and
the rate of interest from irresponsible parties to a

lnblie department, answerable to Parliament

for the manner iu which its functions are
exercised, desirous of having the unwise
and impolitic provisions of the Bink Char-
ter Act, or as it terms " the principle
of 1344," carried much further than has hitherto
been done by the reformation of the banking and
issue department. This is flinging the apple of
discord with a vengeance. The Timex is mani-
festly trying to establish a party of its own. Like
HARRY Gow, " it fights for its own hand," and is
sure of getting up a "pretty quarrel" in one shape
or another. Like Mercator, it " sniffs from afar"
the coming contests, and is already whetting its
beak and sharpening its talons for the encounter.
It is true that, in the elaborate City Article of
the same day, it summarily dismisses the subject
by declaring that " upon the Currency Act of
1844 no serious conflict need be apprehended 1"
This may seem to be " blowing hot and cold."
But a little inconsistency even in the same num-
ber of the Times will excite no great astonishment.
It only shows that the writer of the Money
Article had not received the latest wrinkle from
head- quarters.

But, seriously, there is quite enough to induce
monetary reformers to be up and doing in the
significant hint above referred to, through recall-
ing to mind the mysterious intimations thrown
out in April and May, 1854, when Mr. GLAD-
STONE ruled the financial department, and the
Directors turned restive at the heavy demands
for deficiency bills to meet the consequences of
his abortive effort at converting a portion of the
national debt. Then the Times read many im-
pressive lectures to the subordinates, and we are
g'ad in one respect to obsdrve that it is again
" playing on the same string," for we are con-
vinced that the monetary affairs of the country
can never be placed on a satisfactory foundation
until the domestic relations between the State and
Bank are completely and permanently annihi-
-1 Ited—an act that will conduce as greatly to the
benefit of the proprietors of Bank Stock as of the
comwercial and industrial population of the
country.

There is a legal maxim of sound wisdom—
" The law abhors a perpetuity." It is, in fact,
impossible to legislate for future times. Excep.
tional circumstances may, and inevitably will,

arise requiring very different treatment. We
may as well look for a "panacea," or universal
medicine, as " a self-acting regulator of the
currency," that will be applicable to every pos-
sible state of affairs. The diseases to which the
human frame is liable are not more varied or con-
flicting in their nature than the changes in that
mysterious and potent agent denominated
" money," which, like the Slave of the Lamp, is the
best servant while properly treated, but the most
tyrannical master when injudiciously dealt with.
Let us for a moment, for argument, suppose that
the twenty-two millions issued in England, partly
on securities and partly by existing banks, and
which may be regarded as purely a paper circu-
lation, without an ounce of bullion to represent
it, was amply sufficient for foreign commerce and
domestic trade in 1844. It by no means follows
that such would be the case in 1856, when there had
been a great increase of population, and English
enamerce had been greatly stimulated by the bene-
ficial action of free trade. To say nothing of the in-
crease o f population, which would necessarily require
a much larger circulation for internal use, our
foreign trade has been more than doubled within
the last 12 years. In 1848 we exported mann-
' factured produce to the value of 51,000,0001.
In 1855 the official value was 95,000,0001., and
when the returns for 1856 are published " they
will probably (we take the estimate of the Times)
exhibit an increase of more than 20,000,0001. for
the year. Here, then, is an export trade in the
former year, when the currency was regulated, of
fifty-one millions now enhanced to one hundred
and fifteen millions, and yet in the latter period
the manufacturers who create, and the merchants
who trade in our real wealth, are reduced to a
lower amount of circulating medium. In fact,
in proportion to the extent of their operations,
they have little more than 40 per cent., or Bs. in
the 11., of what was available in 1844.

This alone is quite sufficient to explode the
dangerous theories of " Mercator " and the Times,
both striving to bring round what they term a
purely metallic circulation, by which the creditor
class will be largely benefited, not merely at the
expense of the debtors, but of the entire indus-
trial population. The value of existing property
will be greatly enhanced, but it will become im-
possible for any man to acquire new property, or
to elevate himself as the fathers of Sir R. PEEL
and Lord OVERSTONE were enabled to do, or to
leave not merely fortune, but independence to his
family. The effect of this enhancement of the
value of money will be to increase the burden of
taxation when the purchasing power of the pound
is greatly increased, the pressure of our various
imposts, which are fixed, are increased in an
-.qual ?ago. If, on the other hand, a pound
would purchase twice as much at one period as
another, the pound paid to the tax collector
shares the same rule, and is of only half the
value, and therefore the demand is practically
only 50 per cent. of what it was at the former
period. This is a view of the subject that should
(lot be lost sight of ii a tax-ridden nation, and
induce it to reject the theories which would double
,he value of existing property and the existing

taxation.
The first thing to be accomplished is the com-
plete separation of State and Bank. The next, the
creation of a really national establishment, issuing
truly national notes of small and convenient de-
nominations, receivable in taxation, and secured
not only on all the existing property, but all the
labour and industry of the country. These, if
judicially managed, can never be depreciated,
while their use will liberate a large amount of
bullion, and render it available for foreign trade.
This comprehensive reform the people can obtain
if they only demand it with sufficient energy, and
thereby secure for themselves and their families
that great desideratum—" a fair day's wages for
t fair day's work," when every man able and
Tilling to labour in his trade or calling may have
1 reasonable prospect of obtaining constant em-
ployment at remunerative rates.

smile of mingled respect and blandness—and to
put the question to the fair occupant of the shop
chair—" Any flannel ?" It is nothing, however,
to our more dignified happiness of presenting to
readers of both sexes—the Speech of the QUEEN.
We are politicians, we are gentlemen, and our
public spirit and our gallantry are alike gratified.
What the entertainment is to be throughout
the session of 1857 it is difficult to predict. The
Chancellor of the Exchequer has probably already
lowered his Income-tax flag to the " majesty of
the people." Yet, in anticipation of 1860, and of
the dissolution of a Parliament which must expire
before the tax expires, it were worth while to
know what our present members think of a Pro-
perty Tax as distinguished from an Income Tax,
and of the necessity of due regard to the different
value of precarious and permanent incomes. We
hope some motions will be framed which shall
compel members to vote on these questions. Then,
the Law Reforms, those promised us by Sir R.
BETRELL, are all of great value. We shall have
to watch the chicanery of interested parties, who
*ll all, most certainly, do their best to keep law
costly and troublesome to understand. Educa-
tion, probably, will be only talked of. Maynooth
will, of course, not be forgotten ; we shall be
plagued with a bigoted debate on withholding a
paltry grant to one Irish sect, while another
rejoices in well towards a million per annum of
the nation's funds, and a third in Regium Donum.
A rational Partnership Bill and a Shipping Dues
Bill will probably arouse the fury of two classes of
monopolists, and a London Corporation Bill that
of a third, and the three will unite to base all
they can any attempt to deal honestly with the
corruptions and abuses of the wealthy.
Purely political reforms can hardly be expected.
They may, however, be advanced a stage. The
Ballot must, we should think, make progress. An
election is at hand. It is the only popular reform
on the tapis. The rumour of Lord Joix's Reform
Bill No. 111. is, we should think, but rumour.
He is more likely, we fear, to look to Buckingham
Palace and Windsor Castle for a second lease of
Premiership than to the people. Indeed he can-
not now propose any reform which would arouse
the enthusiasm of the people. He has completely
used up his whole stock of aristocratic liberalism.
Neuchatel, Naples, Persia, and China will all, no
doubt, furnish topics for questions and explana-
tions. America will furnish others, and the little
Paris Conference of the new year will not be for-
gotten. On the whole, PA.LEY, we are sure, would
have thought this a promising bill of fare, and
would, looking forwards through the session, have
wished his fellow debate-readers a happy new
year.

THE LONDON BRIGHTON, AND SOUTH
COAST RAILWAY COMPAIV Y.

This company has
issued a handbook of Bye-
laws, Rules, and Regulations, for the use of their
officers and servants during the present year—at
all events bearing date Jan. 1, 1857. A cursory
glance over the contents will dispose the reader to
credit the company
with business-like arrangements
and. a sincere desire to promote the safety and con-
venience of passengers to the utmost of their power.
A more minute inspection will not dissipate the
impression, but on the contrary will infallibly
deepen and confirm it. Every individual in their
employ, of whatever grade, from the station master
to the station porter, from the guard, signalman,
eugineman, and stoker, to the lowest labourer
on the line, has the rules and regulations
he is expected to observe clearly and unmis-
takeably pointed out to him, together with
the penalties following on neglect. These he is re-
quired to commit to memory, so that henceforth
ignorance of orders can only be accounted a syuo•
nym for disobedience. The instructions with re.
gird to signals are of the simplest description, but
providing against every conceivable accident, whe-
ther in clear or foggy weather. Great care is evi-
dently taken to make the special regulations for
doubled lines, junctions, single line branches, tun-
nels, Ic., as specific as possible. There is also
observable, so' far as the public are concerned, a
desire to have orderly passengers treated with every
courtesy, while an excess of zeal in dealing with
refractory passengers meets with no countenance,
moderation and firmness on the part of all officials
being inculcated. Altogether, the book is highly
creditable to tie management, and well calculated
to give the public confidence in the safety of the
line, every page bearing traces of consideration and
experience, brought to bear, not only for the bene-
fit of the company, but also of all who commit
themselves as travellers to their care. •

Our senators, perhaps, forget, as the people are
but too prone also to forget, the indirect good
they do us. According to PALSY, if we remem-
ber rightly, their oratory furnishes one of oar
best pleasures, and even prevents much vice, by
offering an improving substitute for degrading
amusements and conversation. Our philosopher
tells us that some may laugh, but he, for his
part, thinks nothing trivial which conduces to the
gratification of a large number of people. Ac.
cording to him our happiness ought to rise almost
suddenly with the advent of February. Soft
roads, sloppy footpaths, full ditches-,.the miseries
of winter weeping herself into spring—are all to
be compensated for by the broad sheet fresh filled
from St. Stephen's. We, of this busy metropolis,
have, it is true, generally but little time during
the exacting hours of business to eljoy much of
the down or half-dozen columns which fill so large
a portion of our papers. If not too "done up," we
take home our morning paper, which seems by that
ime to have become eld ; or our Evening Paper,
with the "Latest News" and " House of Com-
mons (This Day)," and, dinner or tea despatched,
according to our family habits, we see if there be
any of the promised pleasure for us in the Parlia-
mentary debates.
When by ourselves, we fear most of us must,
however, own that another pleasure, one often
enjoyed by members themselves under a long
speech, is but too liable to compete successfully
with the printed debate ; and if a few friends meet
with us, who will not confess that he is generally
the one who has to learn over his wine, from
some one of more leisure than he has, what the
leading speakers did actually say. Perhaps the
greatest enjoyment of the debates is realised by the
reader and his circle, such, as COWPER pictures in
his well-known lines—
" Now stir the fire, and close the shutters fast,
Let fall the curtains, wheel the sofa round,
And while the bubbling and loud hissing urn
Throws up a steamy column, and the cups,
Which cheer but not inabriate, wait on each,
So let us welcome peaceful evening in ******,
This folio of four pages, happy work !
IWe
ghtticiehi
tniot e'
en
veattention
ncs whcriticise ; that
ilelread holds
..,
What is it, but a map of busy life,
Its fluctuations and its vast concerns 1".
The worthy Archdeacon-philosopher doubtless
spent many such an evening as that, and thou- ,
sands, perhaps ten of thousands, of such evenings
are still enjoyed, not only deep in the country, but
in the omnibus and railway suburbs of our
" overgrown metropolis."
Well—the favourite pleasure of PALEY will
soon be furnished to all who enjoy it ; and, we
can only say, most disinterestedly of course, that MARINE INSURANCIE.—The stamp duty on marine in•
we are Bentharnites on this subject. We believe snrsaun;Eess in
zit hueAyTeiaorNended March amounted
etaor3a2tt
a 3
t"thLe
oinr,thfeor"grtheeaytesatfhtearpwpainrdesas otfhtohueggrhteattehsteynumeobleield' sup‘e,rannu,at.i_on, allowanc4leswAiniwthe. year pepnded Marsh
ejlarltlihewreestcanof
douurrid,bgenevient
"the greatest happiness" were 122 811.
4VIERCIIANT StAgENIS PENsiora—As much as
cps
olrimionrpcteiepenlrest:h esaihnradll creed,
dldo all
91,415 t. was paid /Ist year in pensions.
M. Rugene Delacroix has ben elected a member of
proaching Parliamentary entertainment tothpeutaiPn. the Academie des Beaux Arts, in place of the late
celebrated painter, Paul Int h
the hands of evening readers the entertainment Among the wedding presents givene'
by M. de Morny
to his bride are the diamonds of the Queen of Oude,
which PALEY th°ll74ht preferable to an which were lately purchased for the count in London.
y other. We It is stated that he paid as much as 20,0001. sterling
can hardly tell our readers the genial pleasure for a single necklace.
with which we anticipate placing in their hands, Joh (
Wne BoWwearitnerng
QuEEN's Speech. DEATH OF MR. PELHAM THE SOLICITOR. —On
isTsietmr regret,iyiil to hear reports that Sir
on the 3d of February, the real
who had practised
Saturday mornin Mr
Some essayist descants on the blessed position of as an advocate in the police and
the draper's assistant, privileged to place his county courts of the metropolis for 27 years, died at
ohfiehrisesiadgeence in Arbour-square, in the fifty-sixth year
hands on the counter—to assume the appropriate . Jaaz Pelfiam, the solicitor

LATEST NEWS.

THE OVERLAND MAIL.

INDIA.

THE EXPEDITION TO CABUL.
TRIESTE, SUNDAY.

The steamer Calcutta arrived here this morning
(the 18th inst.) at half-past three o'clock, having
made the passage in 131 hours from Alexandria.
ALEXANDRIA, JAN. 5.

The India mails leave to-day, with advices from
Bombay, Dec. 17 ; Calcutta, 8 ; Madras, 13 ;
Ceylon, 17.

We have no news of the Persian Gulf expedi•

tion.

The force under Brigadier Chamberlayne had

nearly reached Cabul.*

At Bombay the import market was steady.
Exports were in good demand ; freights had de-
clined. The banks had again raised their rates of
interest. Exchange, 2s. 2d.
At Calcutta, the import market was dull.
Exports were in good demand, and freights less
firm. The money market was becoming more

stringent. Exchange, 2s. 2 5-6ths. to 2s. 2nd.
At Madras there was no alteration in either the
export or import markets. Money was plentiful.
Freights had risen. Exchange, 2s. 21d.

* The _Sembay Times of Dec. 3 contained the

following
"An army of 5,000 men has for some time
past been advancing by the hills of Kohat in the
direction of Cabul, so quietly that we hardly
knew anything of the proceedings till a letter from
an officer with the force made us aware that they
had got within 50 miles of the capital of the
Ameer, without knowing the object or destination
of their despatch. Sir John Lawrence was about
to proceed to meet Dost Mahomed in person."
This force, when last heard of, had marched
through the Meeranzie Valley to Thull, 60 miles
from Kohat, and 180 from Cabul. Moving on-
wards from Thull it crossed the river Koorum
and entered the valley of that name, still keeping
on the great road to Cabul.