The Sun.
London, England, 1850-08-21 00:00:00

wiser system of currency, the expenditure of such a
sum would not have exhausted the national resources,
or produced such wide-spread ruin and destitution,
and so many calamitous results ; and yet the country
had then sustained a sanguinary and expensive war
for many successive years. A quantity of blood and
treasure had been wasted during► each of these years,
far exceeding, on the average; the largest sum which
had been estimated to have been applied in the sacred
duty of supporting the famishing inhabitants of the
famine-stricken districts. In the former case the
wealth was expended in the destruction of human
life, in the latter in " feeding the hungry and cloth-
ing the naked ;" and yet during the last three years
of the war sums amounting to about 160,000,0001.
were raised by taxes or loans in each and every year,
and there was full employment for every man able
and willing to work_ at a fair rate of remuneration;
while during the later period there was misery and
destitution on every side, those who might bave been
the creators and producers of national wealth being
unprofitable consumers, a heavy burden on the re-
sources of the country. And what did we gain to
compensate for the change, as an equivalent for all
this fearful misery and suffering ? Let Sir CnaßLEs
WOOD answer—" the integrity of the standard was
preserved." Gold was employed in the daily transac-
tions of life in place of inconvertible paper, of " worth-
less rags," as the bullionists delight to call them. To
ourihumble judgment it seems that the nation pays
" very dear for its whistle."
Sir CUARLES WOOD was not, however, satisfied
with merely absolving the Bank Charter Act from all
blame. He could not resume his seat without
ascribing to it an imaginary virtue. It was to its
beneficial operation that the nation was indebted for
passing, although not altogether scatheless, through
the ordeal to which it was subjected. It was through
its means that the much-deprecated " over-trading,"
" railway expenditure," and " over-issues" by the
Bank were checked. Nay, the very necessity for its
suspension afforded the best evidence of its efficacy!!!
The pressure on the commercial resources that
brought so many princely houses to ruin and bank-
ruptcy was a most desirable result of this judicious
law, and it was not until that salutary pressure was
exaggerated into a panic that it became advisable to
seek a remedy in the violation of its provisions!
S Ime scapegoat was, however, necessary to bear
the indignation that had been so unjustly lavished on
the Act and those through whose influence it had
been enacted. For that purpose the board of direc-
tors of the Bank of England were freely offered up.
He more than hinted that the management of the
Bank was not conducted " soundly and wisely," that
" recent events had somewhat shaken the confidence
of the public in the direction," and intimated that
" the management of the Bank was a subject well
worthy of consideration, and might form a subject of
inquiry before the Committee." Thus clearly show-
ing that he at least conceived that body still charged
with the regulation of the national currency, and
bound to give " timely warning " of the " breakers
aheed."

If these charges were well founded, what became
of the loud vaunts respecting the "self acting regu-
lator " that would prevent the injurious consequences
of any imprudence on the part of the directors? If time
or space permitted, we might refer to the speeches of
a Mr. Ch ARLES WOOD, who, during the debates of
1844, declared, that the measure would " take away
all discretion from the directors as to the issues," and
that, "therefore, it wLis unnecessary to go further into
the past conduct of the Rink."

These opinions do not appear to be very consistent
with the subsequent accusation against the directors
for not exercising a discretion, which was " alto-
gether taken away " by the Bill. He was, however,
willing to sacrifice his own consistency and reputa.
tion to preserve his darling measure from any degree
of blame, and to immolate the Bank, even to commit
a species of moral suicide, for that purpose. Sir
ROBERT PEEL exhibited greatei candour when he ad-
mitted, in the course of the debate, that the Act bad
failed in "one of the objects contemplated," viz.,
" the prevention of the convulsions that had thereto-
fore occurred, in consequence of the -neglect by the
Bank to take early precautions against the issue of its
treasure." It was, therefore, intended to relieve the
directors from the duty, for the non-performannce
whereof• Sir CHARLES WOOD subsequently censured
them.

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
The PRESIDENT of the Republic arrived at Besan-
con on Sunday. His reception there was very bril-
liant. In the department of Jura the reception of
the PRESIDENT was cold, at Lons-le-Saulnier the
only cry heard was " Vive la Ripublique !"
The differences between the Bonapartists and the
Legitiwatists may now be considered as irrecon-
cilable. At the meeting of the Committee of Pro-
rogation, on Wednesday, several of the Legiti-
matist members spoke in disparaging terms
of the address of the PRESIDENT at Lyons, and ac-
cused M. BAttocuts of having been wanting in re-
spect to the Assembly in not communicating to the
Committee the telegraphic dispatches before publishing
them in the journals. , M. BAROCHE in reply taunted
his opponents with the illegality of their conduct in
going to Wiesbaden to join a manifestation which
might call for' a resolution " on the part of the PRE-
SIDENT of the Republic. M. BAza demanded to
know what that resolution might be, but M. BAROCIIE
refused to reply to the question. The Legitimists
are also divided among themselves—one party, at the
head of which is General ST. PRIEST and M. DE LA
Ro CLIEJAQUELIN, is for immediate action ; the other,
which follows the leading of M. BERRYER, is for pa-
tience and awaiting the course of events.

General CAVAIGIAC has arrived in Paris from a long
tour in the southern departments.
M. DE BALZAC, the celebrated novel writer, died
on Saturday.

PARIS BOURSE, AUtUST 20.—Latest Prices.—Five
per Cents., 971. 20c. ; Three per Cents., 58f. 55c.;
Bank Actions, 2,345 f.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE, Aua. 20.
Northern of France, J4%—Orleans and Bordeaux, 2%—
Paris and Rouen, 23% ex div.—Rouen and Havre, 9%.

SPAIN.
Madrid journals of the 15th have arrived.
Their contents are unimportant.
The Bolsa was closed on the 15th.

GERMANY.

The Prussian Minister for Foreign Affairs has a
dressed the following dispatch to the Prussian Am-
bassador at Vienna :

"You will have learnt from the public newspapers the
ext of a circular bearing date the 19th ult., which the
Austrian Government has addressed to sundry German
Courts, and in which an intention is expressed to con-
voke the secret (engeren) council of the Federal Diet.
Those. Governments which hitherto have taken part in
the conferences at Frankfort are by this dispatch in-
vited to furnish their plenipotentiaries with proper in-
structions for the purpose of deciding on a certain
proposition which the Austrian chairman of these
conferences is prepared to submit to them. We have
not, indeed, received any official information of the ex-
istence and the contents of this dispatch, burstill we
have no reason to doubt its authenticity. We are sorry
for the step which the Austrian Government.has taken,
and our grief is the more sincere since there can be no
doubt but that the goal which the Austrian Government
aims at, viz., the reconstitution of the legally.-dissolved
Federal Diet, will not only. fail to lead to a definitive
solution of the crisis which now weighs down upon the
affairs of Germany, but that it will also tend to increase
the differences and dissensions which actually exist; for
Prussia and many other German Governments, as they
are forced to oppose any attempt at a one-sided and un-
authorised reconstitution of the late Diet, will also be
compelled to declare that the resolutions of such a body
shalt be null and void, for themselves and for an mem-
bers.of the Confederation which have declined taking all
part in the Frankfort conferences.
" I do not, however, intend to anticipate, the question
of the reform of a general and central federal organ; the
object of this let:er is simply to direct your attention to
an inference of great practical import which possibly
might-be drawn from the intended installation of a secret
(engeren) federal council. There is reason to expect
that the assembly of the plenipotentiaries of Austria and
her friends will think itself justified in monopolizing the
eto dispose oasrechoifves theof fortresses,
casoensiede_
the
fleet,protection of the federal property, and,that consequently
they will
twhiellezecuhrdeqauvort7
Confede-
ration. Such a measure, as it would want our consent,
and as it refers to objects'of which we most undeniably
are co-proprietors, would call for our active opposition,
which would likewise be brought to bear upon any
attempt in that direction. The melancholy con-
se q •
tier ces which necessarily muet result from views of
so conflicting a nature, if left to their own practical de
veloprnent, cannot fail to have presented themselves to
the consideration of the Austrian Government. Hie
Majesty the King's Government would consider them as
a national misfortune, and would sincerely regret them
as the first links in a chain cf fatal events. Imnied, as
we are, with these sentiments, we have asked ourselves
what means there is to obviate these threatening dis-
sensions without detriient to the interests of tither
party; and having subjected the question to a., ion-,
scientious examination, we propose that the Austrians'