The Sun.
London, England, 1850-12-20 00:00:00

(15birning

LONDON, FRIDAY, DECEIIBER 20, 1850.

Several evenings since we recorded in these
Columns, perhaps, the most splendid instance of mu-
nificence recorded in the annals of our national lite-
rature. Attention having been subsequently directed
to this circumstance, we cannot but regard ourselves
as justified in commenting thus publicly upon it our-
selve'3, viewing it, indeed, as something more than a
mere evidence of private generosity or of individual
benevolence. When the announcement was first
made by Sir EDWARD BULWER LYTTON to the dis-
tinguished guests, recently assembled under his roof-
tree at Knebworth—when that illustrious man pro-
; posed to write a play, to be acted by Mr. CHARLES
DICKENS and his histrionic company of amateurs, the
proceeds of the representation and the copyright of the
drama to he dedicated to the foundation of a fund for the
estr.blishment of a literary retreat for unfortunate
bookmen —when, moreover, it was added by Sir
EDWARD that certain lands on his estate should be
granted in fee for ever for the support of the projected
bounty—it must have been difficult to decide whether
his suggestion could be regarded as more noble, or
its
splendour beautiful, as more worthy of admiration for
splendour or its magnanimity. Under every aspect
It appears to us peculiarlytadmirable. As an attempt
• made by a successful author to alleviate the sufferings
of his disappointed and impoverished competitors, the
Proposal is one eminently genial and generous
in its character. As a tribute of sympathy
for misfortune coming to the obscure and aupe-

rannuated from a writer basking in the lap of wealth
and in the sunshine of popularity, it is singularly and I
especially entitled to some tribute of recognition.
That recognition, we are satisfied, from the very
nature of the suggestion thrown out by Sir BULWER
LITTON, will be yielded unstintingly, not merely by
his contemporaries, but by his posterity in like
manner, constituting the most pure, and perhaps
the most resplendent phase in his reputation.
The commemoration of this particular incident
in the career of our author will, in fact, be
the most welcome theme that can fall under the
hand of his future biographer, for a biographer he
will as:assuredly have as JOHNSON had in BOSWELL, or
SCOTT in LOCKHART. It will be something more
than satisfactory for his memorialist to recount this
among the prominent features of his history, while re-
cording his many brilliant triumphs in the various
departments of literature, that literature whose luckless
votaries will thus receive from his hands the most true
and practical benefactions. As a novelist he will
command admiration, as a poet applause, as a drama-
tist lasting popularity—he will maintain likewise a
position of importance among the catalogue of our es •
sayists and historians, but, beyond all, his many titles to
approbation from succeeding ages, there will stand forth
conspicuously this exquisite token of his munificence,
of a munificence commanding the homage of a gentle
and loving recollection.
While according to Sir EDWARD IiIILWER LITTON
the glory of having originated this very admirable
enterprise, we should remember, moreover, that its
cordial acceptance at the first instant of it announce-
ment confers upon his illustrious contemporary, Mr.
CHARLES DICKENS, and upon the company of
amateur actors pretided over by that incomparable
genius, a reflex of the credit devolving immediately
upon the master of Knebworth. As might
have been confidently predicated, the mention
of the munificent scheme in question was hailed with
the most earnest and unanimous enthusiasm. Inso-
much was the proposal responded to with a fervour
befitting its character, that we may at once count
upon the successful issue of a proceeding commenced
under such eneouraging auspices. The Literary
Retreat, in fact, may even now be looked upon as
established. To its creation are dedicated the energies
and the possessions of Sir BULWER LITTON, his
lands and his intellect, the talisman of his patronage,
and the vitality of his indomitable genius. Added
to which, the dramatic masterpiece, which
we anticipate as the produce of the suggestion,
will be aided in establishing the desired fund by the
fame of the most popular writer of the age and by
the celebrity of his histrionic associates. A drama
by BULWER LITTON, acted by CHARLES DICKENS
and his company, originated under such striking cir-
cumstances, called into being in furtherance of a cause
so benevolent and magnanimous, must inevitably se-
cure to itself an almost unexampled triumph, and be
invested, in addition to this, with a peculiar and un-
fading popularity. Upon this there cannot be any
difference of opinion whatever. The purpose and the
men interested in its promotion are a sufficient
guarantee that the consequence will be accordant
with our most glowing anticipations. For the de-
velopment of a scheme thus sketched out by the
master hand of Sir BULWER LITTON, We shall look
with eager culiosity, but with unflinching confi-
dence. The interest of letters is involved in its
advancement. The attention of the people at large is
concentrated upon it and its originator. Every de-
sirable incitement will attend it at each successive
step, cheering on those gallant hearts embarked in
its prosecution. Commenced in generosity, it will
terminate in success the most triumphant. Of this
we are assured for many reasons, not the least sig-
nificant among which is that the project will be sus-
tained throughout by the renown of the two most ac-
complished and most popular writers of our generation,
by that of BULWER LITTON and CHARLES DICKENS. The
admirers, we may say the lovers, of their brilliant
and inimitable genius might be counted by the
thousand, we might almost say by the million, and
those innumerable enthusiasts about the authors of
" Zanoni" and "David Copperfield" will be bound up
heart and soul in the promotion of success to a yet
more bewitching work than either—the work of
beneficence and magnanimity, in the creation of which
these distinguished names will be associated.

The Bill for amending the law relating to savings'
banks will unquestionably be brought before Parlia-
ment at the very commencement of the approaching
session. The vast importance of the subject to the
welfare and happiness of the labouring population of
the country, the defective state of the existing law, and
the cruel frauds that have been perpetrated, depriving
many persons of the humble provision which they be-
lieved they had secured for their declining years, would
be quite sufficient to ensure the legislative attention ;
but there is also a distinct and positive undertaking
on the part of the Government. We are already in
possession of the various details of the Ministerial
plan, on which, but for the severe indisposition of the
Chancellor of the Lichequer in the earlier part of last
session, and the great pressure of business at a later
period, the judgment of Parliament would long since
have been pronounced.
Although we felt the imperative necessity of
prompt legislation on this interesting topic, we can
scarcely regret the delay that has taken place.
There were many objectionable features in the mea-
sure brought forward by Sir CHARLES WOOD, which
may, we trust, be got rid of in the new Bill. If it
be really desirable to encourage industrious and pro-
vident habits among the humbler classes, it cannot be
considered a very wise or prudent economy to screw
down the rate of interest to the lowest point, and
thus to withdraw a portion of the inducement,
already sufficiently minute, to the working
man to practise a wise economy, and sub-
mit to some present privations, in order
to accumulate a fund for his declining
years. It is far better that the portion of his wages
not absolutely required for the actual necessaries of
life should be deposited in these valuable institutions,
than that it should be expended in the public-house
in boisterous revelry, or sottish inebriety. Unfor-
tunately, the working classes are but too much in-
clined to yield to the temptations by which they are
surrounded, and to seise upon the few opportunities
for self-indulgence afforded during their almost in-
cessant toil. They are but too well inclined
"to let the morrow take care of itself," and to look to

he union workhou,e as the home of their old age,
when they are no longer capable of obtaining their
daily subsistence by their daily labour.
It requires no ordinary inducements to make these
parties exhibit steady self-denial, resist the blandish
ments of convivial friends, and practice unceasing eco-
nomy and frugality. They must be assured of the per-
fect safety of their accumulated savings, that they will
be forthcoming at any moment when they may be
required, and, also, that they will receive a fair and
reasonable interest for their use during the interval
they remain in the hands of Government. Any feel-
ing of danger, any belief that they are unfairly
treated, will have the effect of preventing any fur-
ther visits to the poor man's bank, except, perhaps,
one visit for the purpose, of withdrawing the fund
that has already been placed there. We greatly
tear that the proposed reduction of interest to 21. 153.
per cent. will be very injurious to the interests of
these establishments, and that, like many of the
financial measures of the Whigs, it will prove to be a
" penny-wise and pound-foolish" policy. It certainly
appears not very equitable that the less wealthy
classes should receive only 21. 153. per cent. for their
portion of the public debt, while their more for-
tunate brethren, the fundholders, are paid 3/. 3s.
even at the present high price of Consols—
& difference equivalant to more than 12 per
cent. Besides ss. out of every 31., the sum
allowed as interest on 1001., or, in other words
8 1.3 per cent., appears an enormous and unconsci-
entieus charge for the expenses of management. No
wealthy man would allow such profits to his agent,
and it is calculated ti make the poor depositor believe
that be i 3 cheated, and therefore to withdraw him
from what he must think inequitable institutions.
Under these circumstances the letters which
have recently appeared in our columns from
our esteemed correspondent, Mr. RIGBY WASON,
are singularly well-timed. We only regret
that he is not (as he ought to be) in the House
of Commons, to bring forward his views, and to
ensure their consideration. Mr. WAsort, in place of
diminishing the interest heretofore allowed to depo-
sitors, would increase it. In place of 21. 154. per
cent, be would allow
3/. 1.:)e.; And this he would do

without arty loss to the revenue, or the slightest risk
being incurred by the depositors, who would find their
deposits at all times ready to be paid on de-
mand. This would be done by the application
of the principles that influence private --persons,
that are acted on by insurance companies and other
capitalists, who have money seeking for em-
ployment. In place of purchasing when the
funds are high, and selling, when they are se-
riously depreciated, Mr. Wasors recommends
that a considerable portion of it—a sufficient
margin being kept in hand proportioned to
the amount of the deposits—just as private
bankers calculate the amount that must be available,
should be lent out on mortgage or unquestionable
security, taking care that it would bring in at least
four per cent., and that the mortgaged property pro-
duced at least double the amount with which it was
charged. A double benefit would thus be obtained,
for not only would the working man receive
better interest for his deposits, and the spirit
of providence be fostered and cultivated, but
the landowner or railway proprietor would be
enabled to obtain the money he might require for the
improvement of his property on easier terms. The
debentures to be issued under the Securities for
Advances Bill might be made largely available, and
there would be a fund which, judiciously managed,
would effect the regeneration of Ireland. We heartily
commend Mr. Wesores proposition to the calm and
attentive consideration of the popular representatives ;
it will well repay perusal.