The Sun.
London, England, 1844-10-29 00:00:00

ebetnins un

LONDON, TUESDAY, OCTOBER 29, 1844,

So far as we can gather from the Irish jqurnals, the Bank ought to command about 22,000,0001. in gold
cause of Federalism does not appear to be making so alone (which it never possessed yet, and in all probe-
much headway in the sister country as Mr. O'Com- bility never will) and 5,000,0001. in silver. I Suppose
NELL, and those who think with him on this subject, the actual stock of gold bullion to he some of these
seem to have anticipated. The more enthusiastic days drained to the fearfully low ebb at which it has
and determined among the Repealers, who may be actually stood within these seven years, by any one
said to be represented by that high-spirited but some- of the causes that certainly and inevitably produce
what. Quixotic paper, the Nation, stand coldly and such a result—as Ist., a commercial panic like that
sullenly aloof, if they do not meditate an active oppo- which ensued within this period, on the acts of insol-
sition to the new crotchet ; while the more moderate vency announced by the United States banking and
and timid party content themselves for the present private establishments ; 2d., the efflux occasioned
with being mere lookers-on, watching the progress of by loans to foreign states ; 3d., a great disturb-
events, and biding their time to act as circumstances ante of the balance of trade from any other
shall seem to warrant. Just now there is a complete causes ; 4th., a failing harvest :—in either of these cases
lull in Ireland. The spirit of agitation has gone we should be fain to learn from the- supporters of Sir
fairly to sleep. One body of the Repealers is discou- ROBERT PEEL'S Bank Charter Bill how its mis-
raged ; another is doubtful and hesitating; and a third chievously-empirical operation can be controlled !
—the Triennial ParliaMent men—wouldappear to have Where is the gold necessary for that purpose to come
no sooner entered the field of political controversy than from, unless you are to cut down the dimensions of
to have retired from it, disappointed at the arrant your trade, at no longer notice than intervenes be-
failure of the motion in the Dublin Court of Alder- tween the weekly advertisement of the Bank in the
men, of their Corypheus, Dr. MAUNSELL. But to re- Gazette, to the contracted corresponding dimensions
turn to the question of Federalism, the most prepos- of the Premier's financial capacity and of the Bank of
terous of all the preposterous crotchets of the day. England's bullion resources. Any one of the four
Here is the language in which it is spoken of by a causes we have just recapitulated, excepting only
Liberal journal in the north of Ireland :—"lt requires thanks to a beneficent Providence, the danger of a
no great stretch of imagination to picture a set of failing harvest, we may be called on to encounter to-
Repealers practising the goose-step, a sort of Repeal morrow. We see no great encouragement, yet, for
Polka; but it would require a vast effort of fancy to renewed confidence in American good faith, honesty,
imagine them practising anything else. We have no or stability. We have great fears that the experience
difficulty, however, in understanding how the worthy of the past will be lost on the present generation
Repealers are ready to admire the performance of when certain European Powers are calling for
the fresh piece ;
but we are not, at present, loans on terms so much more advantageous (osten-
able to comprehend the folly of those who sibly at least) for investments than the reduced
are captivated, or are likely to be captivated, by interest of our own public securities at present
the humbug of Federalism. We are very willing offers. And the effects of the Zollverein confederacy
to make allowance for human fancies and vanities, against British trade, and of the tariffs of Belgium,
but that a set of brave and sensible men should set America, France, Portugal, and other States are not
about advocating. Federalism, would appear to be yet so far developed, that any man shall undertake to
pretty nearly an impossibility, if we had not large predict their ultimate effect on the balance of trade.
'experience of human roily. We have heard of new But are there no superadded or instant causes of panic,
political combinations. The Federalists threaten us and disorganisation to be apprehended ? The Minis-
with their nostrum ; and we are very anxious to see ter purposes next spring to apply his "gold equiva-
their prescription, though we do not anticipate much lent" screw to the monetary affairs of Scotland. By
benefit from it." We doubt much whether there is the very last gazetted account of the Bank of Eng-
the human being in existence—unless, indeed, he be land's assets, liabilities, &c., the far-famed sixteen mil-
hopelessly blinded by his prejudices—who anticipates lionsof gold, have dwindled down to twelve millions and
any benefit to Ireland from the Federal principle. forty thousand pounds. Coincidently with all this, we
So far as we can ascertain it is nothing more than a see these announcements of new railway companies,
proposition for a Parliament which shall have calling for a capital of forty millions ! Say that from
neither influence
nor authority,
of the
horityiexcept to dis- lines abandoned, and schemes reduced, their actual
enes and carry
niasu.emerest retail demand shall he for only half the amount—what is to
..hlrneter. A total and unconditional
Repeal of the become of the accommodation required for general
gepudiate the idea ;it is ft bold, as we commerce, domestic trade, and the dealings of society,
straight- \• with the enormous additional demand for wages,
crotchet, but Federalism ie a petty sneaking \ which these projects suppose, and the efflux of gold
ocosirtepi ion, with this additional disqualification, name- \ coofnitmingoentt on dealings founded on the seventy millions
)3,, that it is just as impracticable as the former
wrhsi,cdalrl one hundred and fifty millions of ex-
7sprteosenhteddtheir value for last year?
How is it to work ? In what spirit is it to portsP
i£ commercial
if those demands
work ? What are to be the exact limits of its legisla- If this trade
eracniadl enterpriselr is
cannot he responded to,
itive powers ? These are questions more easily asked
%ban answered, and the originators of the project seem ; to be discouraged and abandoned,
to be in no hurry to enlighten us on this head. In his culations in home schemes and foreigngumloLitingarTZO