The Sun.
London, England, 1868-08-13 00:00:00

people continued to import or to use foreign goods
as freely as ever. Failing p lyment in American
produce or bonds, the balance must be settled in
gold. To the vast sum required to meet the differ-
ence between their imports of goods and their
exports of goods has been added the interest
on the securities held in Europe. From the
close of the war to the present time the volume of
these has increased in European hands, and the
readiness with which the bonds were taken on this
side tended materially to check the export of gold
from New York, equalizing the exchange, and
making less apparent the burden that Americans
were in truth piling on their heads from living be-
yond their means. Perhaps the only good effect of
the recent agitation for the payment of bonds in
greenbacks has bean in arousing Americans to the
fact that they have been living too fast. Having
discredited their securities in Europe people de-
cline:to buy, Five-Twenties cease to be a medium for
equalizing the exchange, and the whole burden of
working up the balance falls upon gold.
Among the most palpable reasons is the fact that
gold, as a commodity of barter, has not maintained
its relative value in the United States. If the c)st
of living has increased 80 per cent., if all domestic
manufactures, labour, house rent, are even in excess
of this, gold ought to respond and keep that rela-
tive proportion. If not, the high protective tariff
is neutralized and Protection floored. Supposing
that gold was at par while the currency of the
United States remained irredeemable paper, and
prices retained their present level, the finest market
in the world for British manufactures, in spite of the
existing tariff, would be the United States, and the
domestic manufactures would be so weighted that
they could not maintain the competition as long
as any gold remained. When Japan was first
opened to European traders the value of silver was
out of all proportion to that of gold. The dealers
who got the first inkling of this did a very smart
and profitable business at the expense of the
Japanese, who early awoke to the fact that their
values were not in accordance with those of the
world, and that if they did not speedily make a
change, in a few months there would not be an
ounce of gold in Japan. What happened in Japan
would take place in the United States if the
law of supply and demand did not speedily rectify
the discrepancy of values. Exports to the United
States have lately been unduly favoured by the
low price of gold, which has been kept down by the
ready sale in Europe of United States Securities.
But in proportion to the success of the greenback
redemption agitation, discrediting and rendering
unsaleable these Bonds, has the pressure fallen
upon gold.
Perhaps the most obvious cause of the rise after
the difference between the values of the exports and
imports is the inflation of the currency. The
Senate has passed a bill providing for the issue
of Three per Cent. Loan Certificates to tha
amount of $25,000,000, and it has been
agreed to by the House of Representatives.
This is virtually an increase of the paper currency,
and although, as yet to no great extent, it fore-
shadows the necessities of the Treasury, and the
manner in which the Wfficulty will be met. Every
increase is seen in the rise of gold, and is felt iu a
corresponding rise of every other thing, which
simply means a fall in the value of the currency
But putting aside these special reasons, and glanc-
ing at the financial position of the United States as
a whole, enough may be perceived ou the surface to
account for the phenomenon. The mass of the
statesmen appear to be the merest financial tinkers,
not only deficient in all knowledge of political
economy, but utterly unable to appreciate that
knowledge in others. The consequence is that a
quack like THAD. STEVENS is able to produce, by a
silly and most inconsistent speech, an effect in
Wall-street and on the elections. A. large portion
of the people, deplorably ignorant of their true in-
terests, cry aloud for a measure little short of re-
pudiation, and thus damage beyond calculation the
credit of their country. They support politicians
whose idea of paying a debt is to tax it and to
finance it out of existence, who are mere children
in the science of making the most of the national
resources, and yet whose conceit is so great that
they scorn to learn by the experience of older
nations. To a bad system they have added a bad
machinery, and repelled every effort to improve it.
Thus they have a cumbrous and ill-adjusted burden
—offices regarded as mere political prizes, to be
used as the reward of the most successful, which
often means the most unscrupulous, political sup-
port—and a tariff which, added to the irredeemable
currency, tends to make the United States the most
expensive country on earth. These, together with
the unsatisfactory state of commercial affairs which
leads many to anticipate a crisis, fully account for
the rise of gold, and a large number of mercantile
men will be agreeably disappointed if the price does
not continue to ascend till it reaches a much higher
figure. All this will work its own remedy ; for
importers are checked, families retrench, the nation
feeling the pinch is aroused to find a cure, quacks
being discredited go to the wall, sound men acquire
force, corruption is stamped out, and economy and
work, backed by the prodigious national resources,
quickly obliterate all traces of the check.

Sir John Simeon, the Liberal member for the
Isle of Wight, has issued an address seeking re-
election. He heartily concurs in the proposal for
the disestablishment of the Irish Church as an act
of necessary though tardy justice, and as offering
the best hope of healing past differences and
cementing a cordial and lasting union. The
claims of the Church of England to special con-
sideration at the hands of the Legislature rest
upon a very different foundation from those used
on behalf of the Irish Church, and so long as she
maintains her present attitude as the representa-
tive of the religous feelings of the majority of the
population, and as a living institution deeply in-
terwoven with our social system, he shall feel
bound to support her as an integral part of the
constitution of the country. He would open the
universities to members of all religious denomi-
nations, support a measure of primary education
not injuriously interfering with voluntary bene-
volence, and hopes for the establishment of county
financial boards.

The Pall-Mall Gazette thus concludes an article
on preachers and preaching :—" It is, indeed,
wonderful that with all the prevailing pas-
sion for begging, borrowing, and stealing
from the dogmas and practices of the Roman
Catholic Church, the Anglican authorities have
never bethought themselves of establishing an order
of intelligent preachers. The system of employing
men to preach in different churches, and to do no-
thing else, is indeed far less in vogue in the Roman
communion than in former days, and possibly it may
be for this reason that no practical scheme for its
adoption in the English Church has been put for-
ward. It is, nevertheless, the only possible system
which can effect a reconciliation between Anglican
preaching and the cultivated generation of English-
men. Once established, moreover, it [would lead
naturally to the adoption of that practice of
leaving the church before the ordinary sermon
begins which everybody advocates, but which no-
body dares put in practice. Until then, as we have
said, there is nothing for it but to face the uplifted
eyebrows of a congregation, and depart after the
prayers, or to sit and suffer in silence, or to stay
away from church altogether."
•

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