The Sun.
London, England, 1850-03-15 00:00:00

rulers would seem to be blindly :actuated by a very
different conviction. According to their proposed

system it would appear to be altogether apart from
their intention to cause their policy to flow current
with the wishes or opinions of the population. Hence
it is that they have waited until the whole nation,
from one extremity to another, has become clamorous
for a reduction in the expenditure, in order that
then, and not till then, they should make a
stand against the encroachments of the Finan-
cial Reformers. Blindness so perverse, obsti-
nacy so insane, lam, perhaps, never before been
witnessed on the part of any British Administration.
The project of the Cabinet stands before the world
without a parallel. Here, at this particular crisis,
when the popular thirst for economizing has become
almost insatiable, when the national desire of re-
trenchment has risen even to a passion, the Whig
Cabinet comes blundering forward with its resolve
that no further taxes should be surrendered. And
upon what plea? Upon the pretence that efforts
should at length be made for the liquidation of the
National Debt, for the payment of the capital of
800,000,000/. !

After this specious attempt to evade the popular
demands for retrenchment, we are bold to aver the,
in the estimation of the community, the star of the
Whigs has become, not merely momentarily eclipsed,
but totally and for ever extinguished. The sus-
picions of so many years have been justi-
fied ; the dread of so many generations has
been confirmed ; the aristocratic predilections, the
pretended patriotism, the truckling to authority, the
greed of place, and the lust of pension, are all exposed
to the recognition of the empire in colours the most
glaring, and in characters altogether indelible. We
believe that were an appeal now made to the country
none of these Whig sticklers for the maintenance of
the present scale of expenditure would be returned to
Parliament, saving and excepting those who happen
to command certain snug pocket•boroughs— the
cherished relics of an obsolete and lamented sys-
tem. From this time henceforth they cannot

Fail to be regardel as the arch-advocates of

the scheme which of all others has militated most
against the national happiness. By their proposed
refusal of all farther concession they have identified
themselves with the principles now the chief objects
of public detestation, they have associated themselves
with the structure now for some time past doomed to
destruction. It will require nothing short of a poli-
tical miracle to save them from sharing in that detes-
tation and from becoming involved in that destruc-
tioe, a detestation as implacable as the des-
atruction will be complete. Making no account
whatever of the thousands squandered annually upon
the bastards of an extinct dynasty; taking not at all
into consideration the moneys expended upon the
descendants of illegitimate accessions to the peerage,
and upon the diplomatic triflers who have ceased to
display their shoebuckles in the courts of foreign
potentates—overlooking as mere bonbons, which the
people ought to regard themselves as privileged in
pelting at the heads of the aristocracy, the annual
10,5981. for the Duke of GRAFTON, 2,9001. for the
heirs of the Duke of SCHOMBERG, 2,050/. to this ex-
Ambassadors 1,780/. to that ex-Envoy, and so on
throughout the whole deplorable catalogue—the
Whig Government intimates its determination
to resist all further attempts to reduce
the amount of the national taxation, and
to apply the surplus, whatever it may prove, to the
liquidation of the national debt of 776
,465,4351!
When in heaven's name, and in all sober sadness, did
these most conscientious Whigs ever attempt before
to reduce this enormous debt by one cent, one
sous, or one penny? Thb notion never entered
into their imaginations until , they found: them-
selves driven thus:into au extremity. Now, however,
the demand of reduction in the expenditure becomes
importunate—and they suddenly discover that
the National Debt must be liquidated. So !
The principles, the policy, and the patriotism of the
Whigs are at length transparent. The mask has
fallen from the Cabinet, and the scales from the eyes
of the community, The Government, consequently,
cannot remain very long doubtful as to what they
may expect from the people, now that the people
know exactly what they have to expect from the
Government.

Mr. DRUMMOND, in the course of his able speech
on Tuesday evening, fully confirmed the statement
that had been previously made by Sir JAMES
GRAHAM, that the unjtht and impolitic Act for the
restoration of cash payments was the result of an
iniquitous and fraudulent compouni between the
landccracy and the moneyocracy, by which the con-
tracting parties endeavoured to impose enormous
burdens on the community in general, to double the
weight cf taxation for their own private advan•
tage. The honourable Gentleman said, " The
landed interest got into difficulties, the cur-
rency measure of 1819 sealed the difficulty,
and they then got the corn-law as an equivalent for
that measure." This is the true explanation of th
origin of those iniquitions laws, which involved the
nation in the deepest distiess and materially increased
the pressure of the national obligations during a period
of profound peace and tranquillity.
During the war thete was a currency adequate to
the wants and exigencies of the country. There was
ample employment at fair and remunerating wages
for every man able and willing to work. The taxa-
tion was enormous,' every device was resorted to
in order to bring additional revenue to the Ex-
chequer, but the nation was able to sustain
it, and to make ample provision for every necessary
demand. Within the last three years of the war
there was no less than 510,000,000/. sterling ob-
tained from the British people,'partly by way of loan
and partly by way of taxes. All might, however,
have been obtained by taxation, for if persons had
the money to lend out of their annual accumulations,
they also had it to give, if the exigencies of the nation
required it.

A very few years since we heard a great deal of
the utter impossibility of the nation finding the means
of meeting 20,000,0001. or 30,000,0001. per annum for
the erection of the greatest monuments ofpublic industry
ever constructed in any age, or by any race, the
magnificent chain of railways by which our island
is intersected. This money was all expended a
home, the best description of capital was created, and
the expenditure of one year enabled the people to
provide, in part at least, for the subsequent outlay.
Yet we are told by the great organ of the bullionists
that 80,000,000/. per annum (including the national
expenditure and the interest of the debt) was suffi-
cient to paralyze the energies of no less thati
28,000,000 of people, and to bring on a commercial
crisis of unparalleled intensity, bringing mercantile
houses of the first class, which it had
taken ages to rear up, to the verge of
ruin and bankruptcy ; while in 1813, 14, and 151
at the close of a most sanguinary and expensive war,
carried on without intermission for more than twenty
successive years, the inhabitants of theßritish islands,
then consisting of only 18,000,000 of souls, were en-
abled to contribute no less than 170,000,000/. ster-
ling per annum to maintain the glory of England,
by being squandered away in foreign wars. "Look
on this picture, and on that," and say which mone_
tary system was the wisest, and tended most to the
national prosperity.

Unfortunately, this state of affairs were not suf-
fered to continue. The currency quacks were active
in their vocation, and the betrayed people were easily
led astray and deceived by their-specious sophisms.
Scarcely had hostilities been terminated before the
Bank directors were warned to set their house in
order, and to prepare for the restoration of cash pay-
ments, to he ready to meet liabilities contracted when
gold was worth 51. 2s. per ounce, in an appreciated
currency, when gold should be delivered at 3/. 17s.
10fd. per ounce, and when that gold would
constitute the only legal tender for sums ex-
ceeding forty shillings in amount, in place of a
mixed currency of gold and silver being available
for that purpose, as was formerly the case.
The evil consequences, the fatal results of, this
most impolitic measure, were but too plainly discern-
ible. The Bank, after the warning it had received,
had no alternative. It was necessarily obliged
to contract its issues, and at the same time
to Use every exertion to bring gold into
the country. As the gold came in prosperity de-
parted : the 'people who were before happy and con-
tented, working hard, but well paid, were reduced to
a condiion of poverty and comparative desti.