The Sun.
London, England, 1857-05-04 00:00:00

LONDON, A.IONDAV MAY 4, 187.

The absurdity of a " penny-wise and pound-
foolish policy" has become so notorious, as to have
passed into a proverb. The man who sacrifices
important matters in order to effect a compara-
tively trifling saving is regarded with contempt,
and would be laughed to scorn by any of his more
experienced neighbours ; but, as 'a nation, we set
aside the many painful lessons so frequently re-
ceived, and fall into the palpable error which in
others we should be the first to condemn. It is
a general mistake, which has been sanctioned by
the a wisdom" (?) of Parliament, and that is quite
sufficient to satisfy the sufferers, and to persuade
them that the evil is beyond remedy; or at least'
that it is not ascribable to any 'fault ou their part,
and therefore they grumble, but submit ; or,
according to the vulgar but expressive phrase,
make up their minds " to grin and bear it."

Our monetary code furnishes, perhaps, the
most striking illustration of this ridiculous policy.
The internal trade and commerce of the country
are made to depend altogether on the possession
of a certain quantity of metals—:not prOduced in
this country, and which no degree of active in-
dustry can procure for us at' home. Mills are
closed, artizans andoPeratives thrown out of em.
ployment. Those who should be the creators and
producersnf national wealth become unprofitable
consumers, credit is annihilated, and perfectly sol-
vent houses are subjected. to serious losses be-
cause bona fide securities cease to be convertible,
orders for the manufacturers of theCeuntry cannot
previously sent or about
be executed—and those
to be sent, are countermanded or kept back, and
all this is occasioned by the scarcity of a proper
measure and representative of value—the want
of a circulating medium adequate to the wants
and exigencies of the country
" They punka these things better in France."
By paying a trifling premium for-gold, 6 fr. per
which necessarily attracts it to the quarter
where it is most valuable, they supply themselves
witkall they require at our expense. There are
frequent arrivals of the precious metals, but we
is abstracted, and wo aro helpless because there is
areforestalled in our own market. Cargo after cargo
no one to pay the trifling sum necessary to ensure
ease. The Bank of England is bound to sell at a
fixed price' to all applicants. It has, therefore,
no inducement to buy, is virtually prollibited from
buying at any sum, however trifling, beyond the

stipulated rate. The Bank of France, with far
inferior resources, whose entire capital 3,, 114

little beyond the " rest," or reserved fiend: of
" The Old Lady," is enabled to relax tyq,

gency of its rules, merely from being at liberfi

to plirchase specie at a higher rate than can be

given by its English rival, and hence they can
maintain comparative ease in their country, and
pay more than twice the dividend of the London

establishment.

An intelligent and respected correspondent,
whose letter will be found in another part of our

impression, has clearly explained the nature of
this anomaly. On the 20th -ultimo we ourselves
pointed out the trifling cost by which it was
eflected, and the only adequate remedy for the
flagrant grievance. By the payment of 6,000/.
the French Bank can draw gold worth a million
from, England, and. the withdrawal of that amount

not only occasions great " tightness," as it is
termed in the money malice% but, increases_the
minimum rate of diseount from to 1 per tent.

to the immediate customers, of. the Bank, and to
at least double the rate, to those who aro not
so fortunate as, to possess similar facilities
for obtaining discounts. Sixty thousand pounds
thus applied, would. produce another commercial

crisis in England, exceeding in interest that of
October, 1847, when the unwise, and we May
add, iniquitous enactment, was suspended, and
virtually' abrogated. Now, what is such a sum,

ten times told, when compared to the annoyance
and inconvenience sustained. by the industrial
community ? It is notorious that -there are alsvays
commercial bills worth from fifty to one
hundred million of pounds sterling in circulation.
We believe, that considering the extraordinary
increase indirected by our enhanced export=, that

the larger amount may be fairly taken as that
discounted. The addition of only 1 per cent.

therein, would, amount to One Million Sterling,
and this, be it remembered, from four to six times
in the year. Sixty thousand pounds, spent, by
the Bank of France, would, quadruple that loss,
and make it at least TWENTY-FOUR MILLIONS
Sterling per annum. This being the amount
sacrificed, by what may be designatod as "the
penny wise and pound foolish" policy of Great
Britain.

The Bank of England, however, favours this
system, inasmuch as it .enables it to charge 7 in
place of 3 per cent. for its advances. The Direc-
tors seem to be oblivious of the advantages of the
"nimble shilling" over the " sluggish pound,"
and to ignore altogether the devastation coda-
,
sioned by the system. Trade and manufactures
.may struggle on for a time but they cannot
permanent)}' stand against such repeated
blow,s. No men will remain, satisfied, at
the continued transfer of her legitimate
17, .' C
profits to greedy money-lenders. It must, sooner
•or later, terminate in the destruction of ". the
Goose that lays the golden eggs." A private . .
,
cor-
poration cannot safely be trusted with the control
and management of the National Currency. The
duty should be transferred t 3 a department of the
Government, and then the Bank of England
might find it convenient to compete with
,
that of France, and to arrest the golden
tido now ebbing from cur shores. A. really
National Bank, and National Notes of small
and convenient denominations vfpuld, prevent all
the mischief, and if the industrial community be
wise they will strive to achieve that great deside-
ratum while there is yet time, and, before the
Bank Charter Act has bpen renewed. without
change or modification for a protracted period.

Concurrently with the meeting of the aecular
Parliament, the Spiritual Parliament has also
made its commencement. Of the two Assemblies
it has the better claim to the name of Parliament
since it meets to tali (parler) and to do nothing
else. Nor is the epithet Spiritual, or its nearly
antiquated Saxon equivalent, Ghostly, inappro-
priate, for time was when convocations of the
Clergy were formidable realities, and besides trans-
acting business, could instigate seculs,F powers to
consign to present perdition all who ventured to
dissent. " •

The Convocationists of the province of Canter-
bury make the most of the two or three days
which of late they have managed to secura for their
conversation ; those of York are still_ dealt with
after the old fashion, and dismissed as soon as
i.
they appear. If they wish to talk, they must do
so at their hotels, or anywhere hiit in tho Convo-
cation Chamber. The Canterbury represent ttives
and Spiritual Peers, by the pace of Lord DERBY,
who dared not venture, in his peculiar position,
in 1852, to offend so powerful a body, have ever
since furnished a column or two of perfectly re-
sultless motions, discussions, and speeches to the
daily papers. Some of the restless among them
are fain to represent this as a great point gained.
We cannot think so. In fact they injure rather
than aid the cause they have at heart.

The object, of the High Church Clerics, And of
'some others too, is to get a working and effective
representation of their Church. They demand
power to make laws for her, and to superinte;a7.l,
their administration. They want to be a power
in the Church, not a mere debating club. Now,
as we think, their present attempts are just of
the kind to keep them out of power. They show
•
us once or twice a year the kind of_ stuff they aro'
made of, and bitbertto it has appeared as if there
was a tolerable share of the quarrelsome and
quibbling in their composition, a special unaptne3s"
for business, a great faculty of moving resolutions
and. aniendmentS innumerable, but no faculty for
moving on, or for amending where confessedly
there is ample room for it. The plain fact is,
and COnvoeitionists will find it out, that their
annual three days' debate just serves to ko,,p
awake the attention of their Parliamentary anta-
gonists to thar objects, but so as to irritate rather
than conciliate. The attempt to steal power
makes every Liberal iu the House of Commons
only-so much the morn qetermined t) bolt 'the
door against illern. Tlie sentiment amongt
ho-
nest, businesslike laymen ist if the Church needs
a Synod of 'some kina for self-government, let her
come:op_Jenly"i4)'Cr- Wa*''r4A; andseek- it by. the means
adopted for-all other objects : but let her not at-
tempt to worth hei/solf into power *underhandedly,
through the ruins of au antiquaucd institution,
and one whose very constitution is wholly behind

the standard of the day.
•
The krutli is that the Convocationisl;s have
gained nothing beyond CO privilege enjoyed by
ull toglis\i'men, from tlio- peer tpthe peasant.
Lord JoaIRLTSS EloL or Lord. DERBY, r. 1711;9§T
and BROIitEiRE 0' BRIEN, have equally the right,
of ' •th
am use it too, getting supporters tr.-/e er,
and discussing freely all that concerns their re-
spective objects. Convocation only dbes at a dis-
adr.nia;;e What the others can do with everv'fitci-
liy?. Convocation has all the trammels of an
inEtitution fettered by law, but none of the free-
dom and vigour- of, a voluntary, or a atilt living
body.' It is obsolete, and does not know it. A
hollow oak, with a few sprigs and leaves and the
-
outward layers and bark, to indicateits former
sterce:sct
embieths,
but it is useless now except for those
e
owls and ivy. Convocation,
in short, is but a bad public meeting; it has no
"'""' than dne.• 'it can do nothing' which
more power;