The Sun.
London, England, 1850-12-31 00:00:00

:44

• -;-1..-7--,w•-• s: 11.
so many pounds of gold." At the time of t - ''En. . i -" ;-
Restriction ta
Restriction Act, in 1797, neither tile people 4rEn. -ill )"
land, nor the Minister, nor the Parliament un Thskie; , '''ee.,:7N frifjt
what the effects of that measure would be. nu -. . ii- -;',sy-,::-%:.
no conception of the results of that mighty tnii:ql7mB-=.-. i......--
which he was putting in motion. He never imagirieief \. . --
t I 4
r51t„.....
a debt of eight hundred millions. In December, 1803,
the Parliament, in total ignorance of what they were
doing, enacted that the Bank restriction should con-
tinue till six months after the establishment of peace,
no precaution whatever being taken to secure the
paper money of the nation from depreciation, as it is
called. In 1811 a solemn resolution of the House of
Commons declared that a one pound note and a
shilling were equivalent to a golden guinea—
guineas at that time selling openly for 249.
In 1819 it was stated that a return to cash
payments would alzer prices only to the extent
of four or perhaps five Le r cent, ; and nineyears after-
wards Mr. Bard:es i.tated in his pkce in the House
of Cornmons, that he, as a member of the Committee
of 1819, was entirely misled, that every member of
that Committee was misled, by wing-45es totally un-
ji.firined, who talhed of a I,AI of prices of 4, or 5, or
6 i,cr cent , when expericnce h,.,1 shown that prices
had been affected 20, 30, or 40 per cent. This was
4talcd in the: presence of Sir Robert Peel, and he did
not, because he could not, contradict it. Parliament
act, d throughout in entire ignorance of what they
wi re doing.. Neither the Parliament nor the people
of E, land ever understood, either in 1797, or during
else war, or at the peace, or in 1819, that for every
paper pound which they had borrowed they were
to pay a gold pound worth in corn, or iron, or
cloth, or other commodities 30 or 40 per cent.
more than the money's worth of what was lent
to them. Aud now when the laws which were
intended by the Legislature to keep up the price
of corn and support the great trade of the country
have been abolished " for the good of the people," are
the laws which were not intended to enhance the
value of money, but which have had that effect, to be
retained for the good of the fundholder, the mortgagee,
and the capitalist ? The great interest of the Eng-
lish people is a debtor interest. The large and small
landholder, the farmer, the manufacturer, all the in-
dustrial classes, the labourer and the operative, have
to pay with their produce, or with the labour of their
hands, the interest of the enormous public and pri-
vate indebtedness which their fathers incurred. It is
just that they should pay what was borrowed ; it is
not just that they should pay much more than was
borrowed. All the vituperative epithets hurled by the
Times at Mr. Muntz might with justice be applied to
that paper. It is the Times which stands forward in
the character of the Jew money lender, to demand
from the productive classes of England that the sums
advanced by him, the lender, in the shape of cannon
balls, broadcloth, revolving pistols, paving stones, or
his own paper articles on every possible side of every
possible question during the last 50 years—neatly
bound in folio volumes—should be paid by the un-
wary borrower in hard cash. It is the Times which,
taking advantage of the mistake of the pound makers,
insists on a heavy pound.being paid for a light pound,
and seizing the " unfortunate" creditor by the throat,
exclaims, "Pay me that thou owest."
But there is another consideration respecting our
Monetary Laws. Not only are the people of England
obliged to pay more than they borrowed, but the exist-
ing monetary system fetters their indu'stry and cramps
the, energies of the elation. :The law by which, our
circulatiug medium is made to depend on a basis of
gold fixed in price, produces every few years a mone-
tary crisis. Gold is withdrawn, the Bank contracts
its issues, prices are forced down, ruin follows, and
the accumulation of years of industry is sacrificed.
And all this without any good object. The converti-
bility of the bank note into gold at a fixed price is a
mere political fiction. The Bank never can so con-
vert its notes when there is a demand for gold. The
depreciation of the currency is also a subject of
groundless alarm. When Peel's Bill ceases for a
time to act, and the currency expands, prices rise,
and the purchasing power of the pound falls; this is
called the depreciation of the pound. But who com-
plains ? In the general prosperity of the country
the fundholder and annuitant participate, and find a
compensation which amply repays them for the rise
in price of the commodities which they consume. We
write for no class. We believe that the interests of
the rich capitalist—of the moneyocracy—are involved
in this question. For let another panic come,
and means will be found of reaching them. Mr.
Samuel Gurney is not a revolutionist, but a
sober, steady, successful money dealer, and he
tells us that unless a better monetary system be
adopted, " the revenue will not be maintained, nor the
dividends paid." We have cheap food. We want
cheap money. Gold, as well as corn, at " the price
of the world." We want small notes (11.) made as
safe as gold, in abundance but not in excess, and free
trade in money as well as in the commodities for
which money exchanges. We sincerely hope that
the monied interest will see, before it is too late, the
importance of consulting the general welfare. We
warn them to be wise in time. Let them not, as Sir
James Graham told another powerful body, pursue
their class interests "at the expense or, and in oppo-
sition to, the entire community. Let them be on their
guard."

NOTTINGHAMSHIRE COUNTY
FRIENDLY SOCIETY.
On Friday evening, December 20+, a meeting, in
furtherance of the above society, was held in the boys'
National School-room, °Berton, which was nume-
rously attended. Amongst those present we noticed
Rev. J. B. Cobham, Rev. R. Pocklington, Rev. J.
Twells, Rev. J. C. M. Aynsley, W. J. Pickin, Esq.,
W. J. Gregory, Esq., W. Clutton, EEq., J. Doncas-
ter, Esq., &c.

The liev. J. B. COBHAM occupied the chair on the
occasion, and, in a brief speech, opened the business
of the meeting ; after which,
The Rev. A. 0. FITZGERALD, honorary secretary
to the society, in a very able manner explained the
objects of the society, showing the advantages
to be derived by being members, and the supe-
riority sad security of this over any of the ex-
isting or old societies, in consequence of their
being unable to support the promised benefits,
arising partly from the unequal rates of pay-
ments ; stating that, in this proposed society, each
member subscribes according to age. He also ex-
plained many of the rules and tables, which have been
carefully drawn up—the former in conformity with
the provision of the Friendly Society Act passed
during the late session of Parliament—the latter, pre-
pared by Mr. Neilson, the eminent actuary, with espe-
cial reference to the average rate of sickness and
mortality in this county, which comprise allowance
in sickness, deferred annuities, provision at death,
endowments on attaining various ages, &c. The
Rev. Gentleman stated he would be glad to answer
any questions any one might think proper to put.
In consequence of this offer, several present proposed
various questions, which gave rise to much conversa-
tion and discussion upon the subject.
The Rev. J. TWELLS then addressed the meeting in
his usual energetic manner, showing the great secu-
rity this society gave to its members, having the no-
bility, &c., of the county as supporters and managers,
as also the protection of Government, in whose hands
the monies are invested in the names of six gentlemen
of the county, who have engaged to be trustees ; and
endeavoured also to inculcate in the minds of those
present, especially the labouring classes, the duty of
being provident whilst in health to ensure that as-
sistance required when in sickness. He rejoiced in
the improvement that society was making, and con-
sidered the objects of the proposed club as one fea-
ture to bring about that improvement—but that reli-
gious education was the only thing to produce that
reformation which he desired to see.
W. 1). PICYIIs, Esq , then read a resolution to the
following effect :—" That an adjourned meeting be
held in the same room on the first Monday in Ja-
nuary, for the purpose of receiving the names and
subscriptions of those persons willing to become mem-
bers, and to form a branch society for 011erton and
neighbouring villages ;" and in doing so made a few
remarks expressing the high opinion he entertained of
the principles of the proposed society, end that
nothing less than a great anxiety to benefit the poor
man urged him to take any part in the movement,
which should have his support and sanction.
W. CLUTTON, Esq., seconded the resolution, and
expressed his satisfaction at seeing so many assembled
on the occasion, and also his willingness to assist in
any way that lay in hie power to advance the in-
terests of the working classes.
The resolution was put and carried.
The Rev. J. TWELLS proposed, and W. J. GRE-
GORY, Esq., seconded, a vote of thanks to the Rev.
A. 0. Fitzgerald for his kindness in attending the
meeting, and explaining the matter in so clear and
lucid a manner.

After a vote of thanks to the Chairman, the bene-
diction was pronounced, and the meeting seParat''d
highly pleased.

.Many prospectuses and copies of the rules were
given away.—Derbyshire Courier.

- - - ----„
THE MINISTERS AND TH r E oprsrx QUESTION.-
We understand that there is still a considerable diversity of
opinion in the Cabinet, relative to the course which ought to
be adopted with regard to the aggressions of the Pope. The
Premier, Lord Palmerston, and the Marquis of Lansdowne,
are said to be in favour of resorting to energetic measures, so
as to prevent the possibility of any similar presumption, on
the part of the Pope, on afuture occasion ; while the Earl
of Clarendon, Earl Grey, Sir Charles Wood, and Sir George
Grey are said to be in favour of non-interference. It is
right, however, to add, that the differences existing in the
Cabinet on the question are understood to be partly patched
up for the present. A tacit understanding has been come to,
that no member of the Ministry will take any step which
could endanger this existence of the Cabinet until after the
meeting of Parliament. The rumour, therefore, is ground-
less, which has had some currency and credit in the clubs, to
the effect that a break up of the Ministry was on the eve of
occurring.—Advertiser.

The latest accounts from Killarney are that Mr.
Daniel O'Connell is progressing favourably, under the lc
of his two lingers and thumb.