The Sun.
London, England, 1844-04-12 00:00:00

SPIRIT of the PUBLIC JOURNALS.
FROM TRH EVENING PAPERS OP THIS DAY.
GLOBE.—Four seats in Parliament are about to
be vacated in consequence of the change in rank, and
the appointments to offices under the Crown, which
the death of the Chief Baron, Lord Abinger, has oc-
casioned. These new electiOns impose responsi-
bilities on the Liberals which they are bound to
meet with decision of purpose, guided by sound
discretion. The duty of exertion, for the sup-
port and advancement of the principles they pro-
fess, is obvious. Encouragement to employ
every legitimate means for securing the objects
they desire to accomplish, is found in the increas-
iing probabilities of success. To convert these proba-
bilities into certainties, promptitude must be shown in
taking the field, and zealous co-operation exhibited,
from the commencement to the close of the several con-
tests. If these essentials to a successful result be dis-
played, two, at least, of the vacant seats will be
wrested from the Tories, and filled by good and true
Liberals. Divisions of opinion upon minor, and fre-
quently mere abstract questions, in the Liberal
party, have in many places given their opponents
an obvious advantage, which they have diligently
improved. These causes of dissension must be lost
sight of in the hour of action—they must be
merged in the absorbing determination to com-
bine against the part to which, in its main prin-
ciples of national government, they are, in common,
opposed. The first step to be taken is to come to an
understanding as to the candidate whom it will be
expedient to bring forward in the Liberal interest.
Though the gentleman in whose favour the majority
of Liberals may concur, may not be absolutely
approved by every individual of the party, the
minority—if they be not blinded to the obli-
gations which devolve upon them, and deter-
mined to betray the common cause into the
hands of the enemy—will forego mere personal pre-
ferences in the higher considerations of public duty.
A Liberal candidate, as such, must be more
acceptable to a Liberal elector than a Tory can be—
for this obvious reason, that if there be any value in
principle, those principles which distinguish a Liberal
from a Tory are avowed by him. A pledge is thus
given, that in performing the duties of a legis-
lator, he will regulate his course iu consistency
with Liberal policy. No differences among Re-
formers upon political questions can be so great
as those which separate them from the Tories, as a
party. The former relate to mere circumstantials—
the latter to essential, fundamental principles of go-
vernment.. If, then, the minor points be elevated into
an importance which produces division, the result is
inevitable defeat. The return of the Tory, in such
a case, is accomplished—not by a positive majority
of electors in favour of Tory principles ; but • be-
cause the Liberals were debating when they ought
to have been acting in concert—squabbling, when
'each, in his appointed sphere, ought to have em-
ployed every legitimate influence in promoting
the return of the Liberal candidate. Whatever
defeats may be sustained in the approaching con-
tests, let not disgrace be associated with defeat. If
the opposing elements prove themselves too powerful
to be counteracted, they will be weakened by fair
and honourable conflict. But if the Liberals betray
the cause they profess, the party to which they are
professedly opposed, and against the ascendancy of
which they ought to strive, might and main, will
derive encouragement from their disunion, and
triumph from their renegade abandonment of obvious
duty. The Anti-corn-law League is especially called
upon, by the great body of the Liberal paety, to ab-
stain from interference in elections, where that inter-
ference is likely to divide, and thus cause the defeat of,
the Reform candidates. This would have been the
*consequence at Hastings, had the gentleman who was
applied to by the Liberal electors of that borough con-
sented to come forward, and Mr. R. R. Moore had
net retired. By indiscreetly pressing into boroughs a
candidate of their own, the local co-operation essen-
tial to success will be diminished in energy, if not
utterly broken up. The interference of a foreign
body will be always regarded with jealousy, and in
many cases will be resented with indignation. Thus
,the Liberals will be divided ; a Tory candidate,
'who otherwise had small chances of success,
will be returned ; and the very commercial
policy which it is the object of the Anti-
Corn-law League to advance, will be retarded by
the additional strength thus given to the monopolists
in the House of Commons. Where there is a probe-
, bait), of success—a probability ascertained by pre-
vious consultation with the Liberal leaders, and a
careful investigation of the views entertained by the
Liberal electors, upon the questions on which they
make their exclusive appeal to the constituencies—let
the Anti-Corn-law League, by all means, make
the trial. But where there is no reasonable chance
of success, the obvious duty of the Corn law aboli-
tionist is to support the candidate whose views most
approximate to his own, even though no expectation
of his adopting the entire abolition of the Corn-laws
be held out. To stand aloof from such a candidate,
and thus secure the election of a Tory monopolist, is
indefensible on any known principles of action, per-
sonal or prolitical—an exhibitton of folly which would
be ridiculous, were it not fraught with mischief to the
public interests. With reference to such places as
Devises and Huntingdon, et id Benue omne, it would
be better to leave them uncontested,' than to waste ex-
ertions, and hazard reputation and influence in public
opinion, by engaging in the contests against such odds
as involve the certainty of defeat. The Tory papers
which take care to keep out of view the peculiar position
of the localities, seize on such defeats as opportunities
for parading a triumph, when, in point of fact, there
never was anything worthy of the name' of a con-
test : and where the only object of the Anti-Corn-
law League in going to the poll was to disseminate
principles, and provoke discussion by means of the
speeches delivered by their candidate and his friends to
the electors. While we admit the ultimate advantages
which may result from this policy, we are not con•
winced that it is the best. Lectures, public meetings,
and the copious distribution of the publications of the
League, would accomplish more good in such places,
at less expense, and without the disadvantages which,
under any circumstances, attend upon defeat.
STANDARD.—The remarks which the arrival of
the Three per Cent. Consols at par seemed to us to
cart for, have provoked an answer, suggesting some
useful considerations, though undesignedly, but an
answer, as such, wholly unworthy of notice. The
rise of the price of the British Securities is the re-
sult of two causes co-operating, both of them, in
our opinion, affording ground for congratulation ; the
first of them—the universal conviction of, the sol-
vency and good faith of the country—affording such
ground, we suppose, by the admission of all ; the
other, the increase of the general wealth of the coun-
try. It is upon this last point that it is attempted to
raise an objection, and to this point, therefore, we
shall address our few observations. First let us,
however, explain the ground upon which we ascribe
the rise in the price of the public securities to
the increased wealth of the country. The
rise is obviously the effect of the declining rate of in-
terest. Men will give 1001. for 31. per annum only be-
cause they cannot get inoie for it upon equally good
security : this, we imagine, needs no proof. Now, the
low rate of interest, like the low price of any other
commodity, is the effect of the abundance of money
(by which it is to be understood all at once
durable and transferrable representatives of pro•
perty) in the market, and the lowering of the rate
of interest is of course the effect of the constant in-
crease of money. It is true that money mel, be
thrown into the market, not on account of an
absolute increase in its amount, but because of
the inability of employing it more profitably
eleewhere ; and, therefore, when we reason upoe
an apparent increase, we are bound first to in •
quire whether there has been a narrowing of
the channels of enterprise and industry. The
result of such an investigation in the present case
will be quite satisfactory ; it will be found that all
the channels of enterprise and industry are at
this moment more amply and more actively,
and, generally, more profitably filled (though
profit is not the immediate question) than at any
period of our history. We Lave more ships, more
colonies, more manufactories, and better culti-
vated lend than this or other country ever before
possessed ; and besides these we have in railroads,
docks, foreign loans, &c., opened new and wide chan-
nels of trade unknown to our fathers. The in-
crease in money, therefore, of which the lower-
ing of interest, and the riee in the price of the
public securities, afford an index, is a bona
fide increase, not made at the expense of coin-
nierce, but made in company with great com-
mercial impioveinent and as a consequence of it. The
rapid increase in the amount of money in a country
is, however, according to Mr. Locke, the best proof of
the prosperity of that country. It is of no con-
sequence,peo pal ec
owuhnattrym aays be he
sabsolute
elavienso unt
but
says tl.at great man, to the happiness of a
ard
roenleay.
tive amount as regards their
terotfhe 7
•,
neighbours is im-
portant, for they who have least money must
buy at the dearest and sell at the cheapest among
strangers, and the increase or cl. • . diminution of money
i n a country is a certain sign of prosperity
or the
reverse, as the case may be. Wtherefore,
'we have arrived at such proof ofana
traordinary increase, both absolute and Tele-
e (the relative is proved by the differing rates
of foreign interest) in the amount of money in the
country, as the state of the market exhibits, we have
a fair occasion to congratulate our fellow-subjects,
and we hoped that we might congratulate them
without offence. There is, indeed, a question wholly
distinct from the increase of the national wealth,
which dishonest or short-sighteed controversialists,
on both sides of the question that divides public
opinion, are apt to confound with that increase—
namely, the distribution and e plo ment of the wealth
possessed. Money is a.power, a
nd the nation which
possesses most money is questionless, other circum-