The Sun.
London, England, 1850-09-27 00:00:00

I gallant captain of the Collier, to whose gene-
rous promptitude the survival of so many
of our fellow-creatures is, humanly speaking,
attributable. Previously, however, to the arrival
ef the Collier, then running between Jersey and
Shoreham, a cutter, called the Jupiter, had, after
considerable exertions, t,,ken all the survivors from the
wreck, and was herself again ultimately relieved of
her human cargo on the appearance of Captain DOKE
on board the steamer Collier. By one of those startling
reiterations of alarm which sometimes occur to our
astonishment, the Collier, in her turn, on entering the
harbour of St. Heliers, struck upon.the oyster rock,
which, it will not be forgotten, was recently the scene of
the destruction of her MAJESTY'S steam-ship Cuckoo,
All things, in short, appeared to unite in demonstrat-
ing the necessity, the absolute and imperative neces-
sity, of employ ing every care and precaution in
the midst of such a peculiarly treacherous and danger-
ous navigation. With sunken rocks sown abundantly
In that portion v f the Channel—a portion so shallow
at low water that the old lc gend of its having been at
one time fordable is scarcely bey ord tee reach of
credence—it must Fe manifest that any course Eke
that adopted by the csptain of the Superb is little
short of being absolutely suicidal. It must be re-
membered that the scene of the late catas-
trophe, the Mirquiers, is a perilous spot, well
known to all mariners aecustomed to the
Channel, and that consequently, in running
his vessel directly upon those sunken rocks, a seaman
is, with his eyes open, dedicating his charge to
inevitable destruction. Such was the danger tempted
in the instance of the Superb, and this merely for
the chance of making the passage more speedily, or,
may hap, with a view to gratify an idle and morbid
inquisitiveness. Notwithstanding that the science of
navigation has been carried, therefore, to its present
high state of perfection, it would appear that ships
may be lost, that ships are actually lost, through the
rashness of their commanders, through a shameful
neglect of those precautions which common sense
and experience alike dt monstrate to be requisite.
Until this most culpable temerity be obviated by the
rigorous punishment of all similar offenders, we shall
still be compelled at intervals to recount the recur-
rence of some such melancholy catastrophe.

It would be impossible to find a better or more un-
questionable security than would be afforded by the
"national taxation money" suggested by Mr. DUN-
CAN, and to which we directed the public attention on
Wednesday. The most cautious and fastidious capi-
talist, who is contented with a low rate of interest,
provided he incurs the least possible risk of losing or
diminishing the amount of his principal money, could
scarcely demand an additional guarantee. Such
a person will make no speculative invest-
ment. He eschews railways and shudders at
any description of real security. Bank shares have
no charms for him. Anything approaching to ape--
culation he avoids with a holy horror. Fares may be
reduced, rents may fall, or titles prove defective ; a
commercial crisis may set in, destructive to the inte-
rests of the shareholders in joint-stock undertakings,
but the Three per Cents never fail. They are safe at
all times arid all seasons, and under all circumstances.
Nothing but a revolution could affect their sta-
bility. With these he is perfectly satisfied,
and invests all his property in the public
funds. This confidence, which maintains the price of
Consols at a high rate, is fully merited ; for they are '
based on all the property in the country of every
nature and kind whatsoever, real or personal. The
broad acres of the landowner, the stock in trade of the
merchant or tradesman, the goods and chattels c f
every individual throughout the length and breadth
of the land, are reponsible for the amount of the na-
tional debt, and the security is unquestioned and un-
questionable. But the very person who thus places
his all in the public funds, and would think
it an act of heresy, even for a moment,
to doubt their perfect stability, will chatter, with a
ludicrous affectation of wisdom, of "worthless rags,"
of the absurdity of supposing that the butcher or the
baker would part with bis property in exchange for
inconvertible paper; and with profound solemnity
utter all the pompous platitudes, the glaring fallacies
of the bullionists.

Can it be possible that his perceptions are so obtuse
that he cannot perceive that the " national note"
would be based on the same security as the
national debt, that it would posstss every
guarantee, while it would have some additional
advantages not attached to the latter. Like the funds,

it woul I be founded on all the property of the king-
dom. The five or six thousand of millions of pounds
sterling at which that property has been estimated,
would be ample security not only for the 800 000,000/.
of debt, but a!so for the 50,000,000/. or 60,000,000/.
of notes. The holder of the one should be satisfied
as well as the holder of the other. If the national
faith is to be preserved intact and inviolate, each
would be equally the public creditor, and would have
a claim of equal degree r, ith the other. Their demands
would in some degree be analogous to those of the
holders of notes and depositors in a bank of issue,
who, in case of failure, would participate equally in
the dividend.
This view is the most favourable that can be taken
to the fundholder ; it even goes too far in some re-
spects, for it assumes that he could claim the amount
of his principal, which it is notorious that he cannot
do. But it sustains our argument to the fullest ex-
tent, that the "national taxation money" would be at
least as well and fully secured, and possesses every
guarantee belonging to the Consolidated Fund.
Even the bullion itself—the gold and silver—in the
country %%fluid be responsible, although in different
d-grets. It would he liable for the "interest" of the
Consuls, and for the " principal" of the national note.
One advantage possessed by the national note over
ConsolA is so obvious that it must be palpable to the
most superficial observer. In case of any commer-
cial crisis, or public emergency, by which the rate of
interest may be increased, the price or value of Con-
sols will be materially depreciated. The per-
son who bought in at 96 or 97 may have
to sell out at 88 or 9. He may lose the
entire interest he had received during two
or three years, or even more ; but the holder of the
note runs no such risk. He is certain that it must
be taken from him, at its full nominal value, not only
in satisfaction of his liabilities to the Exchequer, but
that he can liquidate every other claim, public or
private, that could by any possibility be made upon
him.

This national note would possess two qualities that
would be of the greatest importance in a circulating
medium. First, it could not by any possibility be
issued in excess. The amount would be strictly limited
to the taxation that was to be collected from the
people. There would, therefore, be a demand for every
single note that was issued, which would require to
be paid in within the year or a certain specified
period ; and, secondly, the mischievous practice of
hoarding, which so materially aggravates the pressure
during a time of emergency,•wouH in a great degree,
if not altogether, be removed. There would be no
temptationvalvalue
a n d bearing
t o
no interest.
secrete paper
On h
not
t the
intrinsicnntrary
every bolder would have a stake in the country, and
would by every means in his power be in.
support and maintain the public
thewhich h
cdireindeidt at to
the highest point, which wouldi thus be
in
sustained on foundationthebenbrocfiadeiai
scettnl system of as proved
so exceedingly
banking.
This species of note is no new or untried ex e i
ment. We have it already in existence to a certarit-i
extent. Yes, the' postege stamps in daily use are no-
thing but notes fee a penny or upwards, as the
may be, payable in one species of taxation only,
and by their means the Post-office revenue
is chiefly collected. The stamp is intrinsi-
cally without value, but as it will bear
a letter from one end of the kiegdc m to the other, it
is freely accepted fur any smell payment; and, as
Mr. DUNCAN pertinently icquires, " if we can raise
2,000,0001. a year fiscally, through these intrinsi-
cally valueless stamps, why could we not raise
4,000 0001., and if four why not forty ?" The
Learned Gentleman added—" It was clear that the
principle of symbolic money was proved experimen-
tally by these stamps, and this was nothing more
than one of the forms or modes through which such
money might he used beneficially, without the intro-
duction of bullionism."

AN ESCAPE FOR THE RHlNE.—General Baron
Hortlta ii'44 nut ducked at Cclogne.—Punch.