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

WATER AT LONDON BRIDGE.

Thus DAr—Morn. 9 min. aft. 3—Evening 31 min. aft. 3
11, ...AOBROW—Morn. 51 min. aft. 3—Evening 11 min. aft. 4

TFLE WEATHER—SUN Ormuz, JANUARY 11.
THERMOMETER, IN THZ SHADE.
51 - highest sines noon yesterday.
46 -• lowest this morning and during the night.
45 -this day at noon.
BAROMETER, 29'08—a fall of nearly half an inch since
yesterday.
WIND, N.W. to W.N.W.—Rather fresh, with rainy
weather.

JANUARY 12.
46 --highest since noon yesterday.
37—lowost thin morning and during the night.
42—this day at noon.
BAROMETER, 29'19.
WiND—S. to S.E.—Light, with fine weather. Thor.,
was some slight frost early this morning.

,
1141
• -
'

1111.

L'):IDON, MONDAY, JANUARY 12, 18457.

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 tile renewal of the Bank Charter, involv-
ing, 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 seen 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
public department, answerable to Parliament
for the manner in which its functions are
exercised, desirous of having the unwise
and impolitic provisions of the Bank Char-
ter Act, or as it terms " the principle
of 1844," 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 Times 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 !"
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, throug,h 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
glad in one respect to observe that it is again
" playing on the same string," for vee 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'
1
Bank are completely and permanently annihi-
lated—an act that will conduce as greatly to the
benefit of the proprietors of Bank Stock as of the
commercial and industrial population of the
coun try.

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 Slav 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
tie 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
commerce had been greatly stimulated by the bene-
ficial action of free trade. TO say nothing of the in-
crease of population, which would necessarily require
a much larger circulation for internal use, our
Iforeign trade has been more than doubled within
Ithe last 12 years. In 1848 we exported manu-
factured produce to the ♦alue 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 20,040,000/. 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. PEBL
and Lord OTERSTONE 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
equal c asio. If, on the other band, a pound
would purchase twice as much at one period as
another, th 3 pound paid to the tax collector
shares the same rule, and is of only half the
value, and therefore the demand is practi:ally
only 50 per cent. of what it was at the former
period. This is a view of the subject that should
not be lost sight of is a tax-ridc:en nation, and
induce it to reject the theories which would double
the 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 establishuent, issuing
truly naional 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 faMiliee
that great desideratum—" a fair day's wages for
a fair day's work," when every man able and
j willing to labour in his trade or calling may have
a reasonable prospect of obtaining constant em-
ployment at remunerative rates.

Our senators, perhaps, forget, as the people are
but too prone also to forget, the indirect good
they do us. According to PAL.EY, if we remem-
ber rightly, their oratory furnishes one of our
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 oompensated fur 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 enjoy much of
the dozen 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
time to have become old ; 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 Paths-
, 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 wbo has to learn over his wine, from
some one of more leisure than he has, what the
leading spelkers 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 am! loud hissing urn
Throws up a steamy column, and the cups,
Which cheer but not inebriate, wait on each,
So let us welcome peaceful evening in ******.
This folio of four pages, happy work !
Which not e'en critics criticise ; that holds
Inquisitive attention while I read ******.
What is it, but a map of busy life,
Its fluctuations and its vast concerns ?”

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
we are Benthamites o n this subject. We believe
in the "greatest happiness of the greatest number"
or, for they aft,3rwards thought they could
shorten their creed, in " the greatest happiness"
principle ; and, like the rest of our benevolent
compeers, shall do all we can during the ap-
proaching Parlia .mentary entertainment to put in
the hands of ev 'ening readers the entertainment
which PALEY t' bought preferable to any other. We
can hardly tell, our readers the genial pleasure
with which we anticipate placing in their hands,
on the 3d of F ebruary, the real QUEEN'S Speech.
Some essayist descants on the blessed position of
the draper's assistant, privileged to place his
hands oil tho• counter—to assume the appropriate

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.
BETxELL, are all of great value. We shall have
to watch the chicanery of interested parties, who
will ail, 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 baffle 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 JOHN'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, mid the little
Paris Conference of the new year will not be for-
gotten. Cn the whole, PALEY, 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 RJ.ILWAY COMPAIVY.

This company- has issued a handbook of Bye-
laws, Rules, and Regulations, for the use of their
offi,ers 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,
angineman, 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 syno •
nym for disobedience. The instructions with re-
garrl to signals are of the simplest description, but
I;roviding 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, &c., 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 the 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.