The Sun.
London, England, 1868-12-30 00:00:00

LONDOiII, WEDNESDAY, DEC. 30, 1868.

Thera is a significance in- the Cabinet Council
having been held at the Foreign Office yesterday.
The Turko-Greek difficulty is naturally at this mo-
ment, among all political themes of the hour,
the one of the most urgent importance. Diplo-
matic communications flying to and fro, now-a-
days, at important crises like these, not in the
valise of a QUEEN'S messenger, but, when occa-
sion requires, on the wings of the lightning—Con-
ferences may be arranged with a rapidity that
would have astonished our forefathers. Festina lento
in one sense has become an obsolete axiom, now,when
our travelling carriages are harnessed to the fiery
dragon of the steam-engine, and when our messages
are signalled no longer across country by the un-
gainly swinging of the arms of a semaphore telegraph,
but by the instantaneous thrill of an acid and click
of an electric-needle. Wonderful as these agencies
are, however, for the hastening on of the movements
of even that most deliberate of all professions, the
profession of diplomacy—rumour anticipates occa-
sionally in a ridiculous manner the speed with which
the preliminary negotiations for the meeting of a
Congress are, as at,the present moment, being carried
on among the European Governments. It has been
thus in regard to the arrangements now making for
the assembling together of the representatives of the
Great Powers for the consideration of the latest
phase of that complex and chronic difficulty, known
but for too many years past, and but too well,
throughout Northern and Western Europe as the
Eastern Question—a phase now glaring ominously
and somewhat alarmingly upon the recognition of the
world at large, in the hostile relations at this juncture
visible between the Ottoman and the Hellenic Go-
vernments. According to the announcement of one
of the Paris newspapers—an announcement to which
we took occasion to allude yesterday —the date fixed
for t 4 meeting at Paris of the appointed Plenipo-
tentiaries was to be at as early a date as Saturday
afternoon next, the Second of January ! The fact
being, on the contrary, that the Plenipotentaries
themselves have as yet to be selected and nominated !
Immediately, or almost immediately, the Conference
will, in all human probability, be assembled together.
But its assemblage at as early adate as the 2nd prox.,
is, it may be said at once, simply au impossibility.
Meanwhile the two antagonistic races of the Turks
and the Greeks are there, at the seat of war as it
may be called, confronting each other with their
blood up, with arms in their hands and with a deter-
mination not to give in either of them spontaneously
—not to give in otherwise than if constrained
so to do by the force of the public opinion
of the civilised nations of Christendom as represented
through their respective Governments. Greece from
the outset has not only been the insensate aggres-
sor, but is, of the two Powers thus brought into
collision with each other, now that hostilities have
commenced between them, the one most eagerly
bent upon carrying on warlike measures a
l'outrance. Left to herself, the chances of
her success in this struggle latterly threatening
between her forces and those of her really
formidable antagonist are, as one might almost
say, infinitissimal. HOBART PACHA, if not inter-
fered with in so doing by European diplomacy,
might readily enough sweep the whole Greek navy
from the waters of the Archipmlego. OMAR PACIIA,
a veteran soldier at the head of an army dispropor-
tionately large when contrasted with any military
array that could be brought together under the ban-
ners of King GEORGE, might clear before him just as
easily, in his turn, whatever obstacles might be set in
his path by the Athenian Government in a futile en-
deavour on the part of that Government to prevent the
occupation of Thessaly by the Turks. Recognising all
this, satisfied of all this, it seems to us almost ab-
surd that we should have occasion to add at the same
time that such is the warlike ardour manifested by
the Greek population generally, according to all the
accounts now coming to us from that quirter, that
the Hellenic Sovereign and his Ministers profess
themselves powerless to repress the national enthu-
siasm. KING GEORGE is even stated to have eo writ-
ten himself in holograph letters addressed by him to
each of the principal Sovereigns of Europe. Whether
the warlike ardour of the Greeks be such or not, cer-
tain we may be that the Sublime Porte will never
dream of holding its hand, if driven to extremities
by a foe at once so insulting and so insigni-
ficant. The office of the Conference will be
that of a Pacificator. But, while it will be so,
it will at the same time be constrained in the jute-
rests of European order, and in vindication of the
probity of nations, to reprehend with the sternness
demanded by the occasion the extraordinary aggres-
sions adventured upon by Greece in the whole of
these recent proceedings on the part of the Hellenic
People and on the part of the Hellenic Government
in regard to the integrity of the dominions; and the
independence of the Sovereignty of the Sultan
Caliph, ABDUL Aziz.

DETERRED bythe difficulties of a change of currency
and the sup-posed perfection of our present system,
the Royal Commission on International Coinage
decided that England ought not to join in the efforts
now being made abroad to establish auniform money
throughout the commercial world. It was feared that
the disadvantages attendant upon a great alteration in
our coinage would outweight the benefit to be derived
from uniformity. It would be necessary that we
should alter the value of our sovereign, and this
would vitiate all existing contracts. All debts and
obligations would have to be recalculated, and all
fixed rates and fares would need readjustment. The
Commissioners urged, too, that the sovereign as it
is now would answer all purposes as an international
coin ; it is already current in the vast British Colo-
nies, is freely accepted in several foreign countries,
and has gained a hold in commerce which ought not
to be disturbed. We have previously shewn that
these conclusions were not well founded, and that
the Commission has struck the balance between the
benefits and inconveniences of the change on the
wrong side. Subsequent inquiry has still further
exposed the extent of this error. An elabo-
rate examination of the state of our coinage
at the present time, and of the results
of the proposed reform, decisively proves, not
only that its ill effects have been exaggerated, but
that to a great extent they are imaginary. The
change under consideration was to affect, in the
first instance, only the sovereign. In order to secure
a uniform currency, it has been recommended that
a gold coin of the value of twenty-five francs should
become the monetary unit in all countries. This
coin would fall short of the worth of the sovereign
by about twopence, and it was this difference which
the Commission feared would affect all business
arrangements in the British Empire. It has now,
however, been established that the alteration would
be profitable in every respect, both as regards the
business of the world and our own business as a
single nation.
In a very valuable contribution to the literature of this
subject, Professor JEVONS proves that the state of our
coinage is far from satisfactory, Our gold currency

is, in fact, greatly depreciated ; a large proportion of
the sovereigns and half-sovereigns now in use is
light, and much evil and injustice is the result. In
theory the light coins are withdrawn from circula-
tion, and new ones issued in their place. The
actual effect is very different. The practice of
free coinage, of imposing no charge at the
Royal Mint for converting gold into coin, acts
as a permanent depreciating influence upon
our money. The new and heavy sovereigns
find their way out of England. In making remit-
tances to countries where the sovereign does not pass
current, it is necessary to melt down the English
money and re-coin it at its destination. For this
purpose the bullion-dealers, of course, select the
heaviest coins, and this practice is continually going
on ; the large issues from the Mint have practically
little effect upon the currency at home. Though nearly
one hundred million gold coins have been issued in
England since 1850, 311 per cent. of the currency is
below the legal weight. Long ago the free mintage
system was described by Sir DUDLEY NORTH as
4, a perpetual motion found out, whereby
to melt and coin without ceasing, and so to
feed goldsmiths and coyners at the publick
charge." It has been condemned in all foreign
countries where it has been tried. The greatest
economists and the present Master of the Mint agree
in recommending a small Mint charge. The system
now in force is a loss both to the nation and to
individuals. The English taxpayer has to bear the
cost of coinage and the wear of coin in several
foreign countries and many colonies. In ordinary
business the light coin entails considerable loss upon
certain classes. The theory that no light coin should
be accepted is almost wholly disregarded in practice;
the process of weighing is found intolerable, and
the sovereigns, therefore, pass about simply because
they are sovereigns, and not because they
accurately represent the value which is attached to
them. But where the light coins are accumulated
in large quantities, as in banks, much trouble is
experienced. The Bank of England will take nothing
below the standard weight. Bankers can thus remit
only the heavy coins, unless they will bear the loss of
the deficiency; whilst if they refuse to submit to the
charge for light coin, they lose the interest on large
accumulation of specie. During the present year one
firm has lost in this way £6,716.
The present is an excellent opportunity for
remedying these defects, and at the same time
securing to the world the boon of a universal money
which shall be to all nations a sure standard
of value and a universal medium of exchange. "By
a far sighted policy, we have promoted the most free
exchange of commodities with the world. . . . A
similar policy in regard to money is a natural and
necessary corollary." The change necessary to bring
about this reform is simply that we should join the
Monetary Convention and adopt the 25-franc piece
as our sovereign, at the same time imposing a Mint
charge equivalent to the difference between the new
sovereign and the old. In other words, the trouble
that would arise from diminishing the value of the
sovereign to the extent of twopence is to be
obviated by retaining the twopence to cover the
cost of coining. The results of this expedient may
speedily be seen. As the sovereign would thus
become the current exchange of the world, it would no
longer be necessary to have recourse to melting in
making remittances. The sovereign would not have
to be converted into some other coin, and thus one
great source of depreciation would be obviated. The
Tantalus practice of manufacturing millions of gold
coins which pass almost immediately to the melting-
pot would gradually cease. The Government would
be relieved from the cost of coinage, without loss to
any one, and might therefore take upon themselves
the withdrawal of light coins,the circulation of which
gives rise to so much loss and inconvenience at
present. This deficient money remains in use simply
because the Mint cannot bear the cost of changing it.
The Bank of England withdraws about half a
million sterling yearly, and this, which is inade-
quate to the purpose of keeping up a good currency,
is all that is done. It is thus evident that the
trifling change necessary to secure a uniform money
is really the only means of obtaining a home cur-
rency which approaches perfection. A reduction of
the sovereign is necessary, and a Mint charge is the
mode of effecting it without trouble. Nor would our
standard of value be in any respect impaired. The
values of two things merely signify the ratio in
which they exchange for each other. If 100 ounces
of gold are taken to the Mint every day and 99
ounces of coin received back in exchange, this would
actually establish the fact that 99 ounces of coin have
the same value at the time and place in question as
100 ounces of gold. At present differences
of value arise because our money is not
payable in certain other countries, and com-
parisons continually arise between bullion and
coin. But, under the international system, the
vast preponderance of gold in the world would be
held in the form of coin, because it would be payable
anywhere, the coins would all be of the same value;
the Mint charges equal, and thus the Mint ratio of
exchange would become the standard of value. The
reduction of coin into bullion would only be resorted
to for exceptional purposes. The full •effect of the
change would be gradual, but in the meantime the
inconvenience would be reduced to a minimum.

ARY AND NAVAL INTELLIGENCE.

The troops brought to Portsmouth from Malta
in the hired steamship Una were disembarked from
that vessel yesterday afternoon and sent on to their
destinations, the invalids to the Royal Victoria
Hospital at Netley, and the time-expired men to
their regimental depots. The Una afterwards sailed
from Spithead for Woolwich, to deliver there her
cargo of returned Government stores.
A notification was yesterday received at Chatham
from the Horse Guards announcing that the screw
steamer Helviatia had been substituted for her Ma-
jesty's troopship Crocodile, 3,700 horse power (no-
minal), Capt. G. Watson, for the conveyance of
reinforcements of attillery and other troops to
India, and that she will be in readiness to embark
her detachments on the 4th of January. Rein-
forcements from the Ist Division of the Depot
Brigade, Royal Artillery, are to be held in readi-
ness for embarkation in the Helviatia, for convey-
ance to India by the overland -route.

Her Majesty's screw Indian relief troopship
Serapis, Captain John C. Soady, sailed from Spit-
head yesterday afternoon for Queenstown and Alex-
andria, the weather in the Channel having consi-
derably moderated after noon. The Ariadne, screw
(unarmoured, wooden) frigate, 800-horse power,
Captain Colin A. Campbell, sailed from Spithead
yesterday afternoon for the Mediterranean on spe-
cial service as a yacht for the Prince and Princess
of Wales.

In January a new London weekly newspaper
will be published, under the title of The Asiatic. It will
seek to promote the interests of our Eastern possessions,
and also afford to Anglo-Indians, and others, an oppor-
tunity to discuss matters of public interest relating to those
countries.

RAILWAY COLLISION.—On Monday, a coal train
with a dozen waggons, from Blackburn, came into colli-
sion with a pilot engine at Bromley Cross, near Bolton.
The engine was thrown over the rails, and the road torn
up many yards ; both drivers and one stoker were severely
injured. The traffic was delayed for some hours.
SHIPBUILDING ON THE CLYDE. —During last year
the number of vessels built on the Clyde was 219, repre-
senting 169,056 tonnage and 15,222 horse power. In 1867
a largo number of vessels was built, but the tonnage was
about one-third less. The vessels at present in course of
tcoonnnsatranecotifo2B
n27Brcl.ontracted for are upwards of 120, with a

THE MURDER OF A POLICEMAN AT NORTHAMPTON.
—NORTHAMPTON, Dec. 29, Three p.m.—Tames Kemp, de-
tective of the Northamptonshire constabulary, died this
morning, at 11 o'clock, from the effects of the gunshot
wound inflicted by Wm. Bridgewater, who will now be
charged with murder.

Foreign game is now becoming a regular article
of consumption in Paris. For Christmas not less than
4,000 hares arrived from Germany, besides a quantity of
wild boars, deer, and chamois, with a variety of the
feathered tribe, from Transylvania.