The Sun.
London, England, 1850-03-22 00:00:00

community in general, and with considerable profit tolhe
holders of stock. The directors, however, thought
proper to keep on " the screw" long after every nee( s-
sity for such a proceeding had terminated. For
that purpose they had kept the " notes in circulation"
far below the amount required for the general busi-
ness of the country. Experience
~;has' shown that
about 20,000,000/, of Back-:of England notes, in
addition to the *eft6'2l.6n of the private and joints
stock banks, is the amount necessary to carry on com-
mercial transactions with eatte,and security. When such
a sum is in the hands of t'herpublic every legiti-
mate degree of credit and confidence is perceptilN.,
and really solvent honks find no difficulty in procur-
ing adequate funds for every bona fide operatior.
The result is full and ample employment for the
labouring population, and fair and remunerative
wages to every man able and willing to work, and, as
a natural consequence, universal content and happi-
ness. A busy people will not easily be induced to
enter upon a course of political agitation,
or to take part in an -.insurrectionary moll--
tnent. Although there may be serious evils
requiring correction, and many acknowledged
grievances to be redressed, the people will remain
quiet so long as their chief wants are supplied.
While a sufficiency of food, comfortable lodgings, and
decent clothing are attainable there will be no danger
from Chartists or Socialists, or any other malcontents
Even the enormous burden of taxation will be bone
without complaint or remonstrance, and the laisser
faire policy, to which Sir CHARLES WOOD is so (le-
'rotedly attached, may be adopted with impunity ; the
Chancellorship of the Exchequer will become
a practical sinecure. It may seem strange to
ascribe such vast political importance to the
operations of a few elderly gentlemen assem-
bled in a snug parlour in Threadneedle-street ; but
those who have inquired into the currency question
will easily understand the vast influence which they
exercise on the political condition of the nation.
These gentlemen, then, have not only deprived the
proprietors of an additional one- half per cent. profit
on the half-year (as was clearly shown by Mr. DF
WINTON), but what was of infinitely greater con-
sequence, they have retarded to the utmost extent of
their power the national prosperity. They
have depressed prices, and prevented the com-
mercial activity that would otherwise have
been already perceptible. The " other securities"
have been kept under 10,000,0001. sterling, although
accommodation to the banking and commercial jute.
rests might easily have been afforded to nearly double
that amount. It should not be forgotten, in relation
to this topic, that for several years previous to Oc-
tober, 1847, the " other securities" had averaged from
sixteen to twenty millions, and that when the Go
vernment thought proper to issue the celebrated letter
of the 21.ith of that month, by which the Bank
Charter Act was virtually suspended, that extra-
ordinary step was taken to enable the B )ard,
in accordance with the Ministerial recommendation,
to enlarge the amount of their discounts and advances
upon approved security." On that very day no lea s
than 19,467,1281. was so employed. But how did the
directors perform their part of the contract P—for a
contract it undoubtedly was. If they were not pre-
pared to accept the above condition, on which alone
the boon was conceded, they should have spoken out
and repudiated the proposition, but in place of so
doing, and notwithstanding their implied, although
tacit assent, within a single week they commenced re-
ducing " the amount of their discounts and advances
on approved security," until they brought the other
securities below 10,000,0001. sterling, or about one-
half the former amount. Under such circumstances,
they could not have maintained their dividend, were
it not fur the usurious and exorbitant rate of interest
established in pursuance of the letter above alluded
to. To that recommendation they yielded a prompt
and willing obedience, although they acted in diame •
trical opposition to the more important one that was
contained in the very same document.
It now remains to be seen what attention will be be-
stowed'on the valuable suggestion of Mr. DE WlNTON—
whether they will still continue deaf to the entreaties of
the mercantilesand manufacturing community, or whe-
ther they will, although tardily, adopt a wise and more
liberal policy. Should they continue obstinate the
results may be more serious than they themselves an-
ticipate, and some future Chancellor of the Exchequer
may, when the renewal of the Charter is in question,
compel them to render a heavy measure of retribution
to the public. If, however, they should act in a more
becoming manner they will secure for themselves the
esteem and approbation of the proprietors, and the
blessings and heartfelt thanks of the community. It
is for themselves to say which branch of the alterna-
tive will be most consistent with their own interests
and those of all classes and grades in society.

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
Tne truckling of the Ministers to the parti-pretre
in the matter of the Education Bill so disgusted the
citizens of Paris that they returned MU. CARNOT,
Vr.DAL, and Du FLOTTE by large majorities, thereupon
the reactionary party becomes outrageous, and
threatens the introduction of all sorts of repressive
laws in direct violation of the Constitution ; and the
consequence is, that the Assembly becomes disgusted,
and the Reds having obtained a majority in the Paris
elections, are also enabled to outvote the Ministry in
the Assembly. The Reds proposed to impose a stamp
duty of sc. on the transfer of every 100 f. of capital of
rente, and notwithstanding the opposition of M.
FOULD, the present Minister of Finance, of M. HYP
POLITE PASSY, the late Minister of Finance, of M.
BERATER, and of M. Ducos, they have succeeded in
carrying their proposition by a majority of 400 to
232. So great was the consternation produced by
this severe and unexpected check, that M. Rounua,
who had the measures of repression with regard to
public meetings and the press ready drawn up
to place in the hands of the President,
withdrew them, after a short consultation with his
colleagues. The withdrawal of these Bills is the
first symptom of returning sanity that the Ministers
have exhibited since the Paris elections, but, we fear,
that like the withdrawal of the Bills, it is only of a
temporary nature.
Six of the insurgents of June transported to Belle
Isle, who were transferred to Vannes, in the depart-
ment of the Morbihan, to be tried for rebellion and
fur setting fire to the wooden houses in which they
were confined, have been acquitted by a jury.
M. 1.4.k11iT, a barrister,.s and proprietor of the Union
Dene
Attorney-General
atiqn
article reflecting on the
judgment of the High Court of Versailles, has been
acquitted by a jury at Toulouse,
r ed e l'Afrr zeogae
n, who was prosecuted by the
The military schools of St. Omer, Grenoble, and
Toulouse, have been suppressed.
The withdrawal of the repressive Bills by the Mi-
nistry was, as we anticipated, merely a temporary
withdrawal. It will be seen from the following re-
port of the proceedings of the National Assembly
that they were presented yesterday afternoon.
The Assembly met at half-past two, when the
Chairman of the Committee on the Paris Elections
moved that MM. Carnet, Vidal, and De Flotte
should be proclaimed Members of the Assembly.
M. Denjoy here rose and observed that one of the
Members stood in a particular position
; h—e meant M.
de Flotte. He had been sentenced to transportation
by a decree of the Constituent Assembly of the 27th
of June, 1848, which declared that all the individuals
recognised as having participated in the insurrection
of that period should be transported, and',
had charged :General Cavaignac (the then Chief
of the Government) with the execution of the
decree. Until the contrary be proved, the legal
presumption existed, and M. de Flotte, who actually
took part in the insurrection, was
in his opinion an
insurgent of June. Mr. Denjoy then asked the
Minister of Justice and the reporter of the Com-
mittee if any administrative inquiry had satisfied
the Government that M. de Flotte had been re-
leased from Belle Isle as the victim of an arbitrary
measure.
M. Rouher, Minister of Justice, replied that the
Government had been pre-occupied with the legal po-
sitiea of M. de Flotte. The decree sentencing him
to transportation bore the character of a decree of
safety, and did not deprive M. de Flotte of his
public
civil or political rights, but merely of his liberty.
M. de Flotte was not tried by a court of justice, and
he had since recovered his liberty with the integrality
of his civil and political rights. The Government,
consequently had no objection to raise against the le •
gality Of his nomination.
The election of M. de Flotte was afterwards put
from the chair and sanctioned by the almost unani-
mous vote of the Assembly.
N. Rohner,: Minister of Justice, next ascended
the tribune, and deposited on the table two projects
of law relative to the re-establishment of the stamp
on newspapers and the augmentation of the security
in money required from their proprietors. The
Minister stated that the press, since the revolution of
February, had undergone a serious modification, and
attended less to political matters than to social re-

FRIDAY EVENING,