The Express.
London, England, 1847-10-12 00:00:00

THE EXPRESS, TUESDAY EVENING, OCTOBER 12, 1847.

been totally destroyed in the flames, he found the body of a
ferule most shockingly burned, so much so that none of the
features could be recognised. She lived in one portion of
the second floor, and when the alarm was given she was in
her sitting -room. The poor creature was told by one of the
females that a fire was raging below, and that she must make
the beat of her way down. As Mn.Hambleton's family were
leaving, they met the deceased on the staircase, sad told her
not to ascend, or she would be burnt; she, however, made
her way to the upper Soto, where she was discovered.
INQUEST, YESTERDAT.—DEATII FROM IMPURE
AlL—Before Mr. W. Baker : At the Doek-house, But India-
road, Bromley, on the body of Martha Jones, aged, five
months, whose death was accelerated by impure air, arising
from an undrained ditch. The deceased had been suffering
from hooping.cough, and had partially recovered. She had
several fits, and her health was impeded by an obnoxious
effluvium arising from two undrained ditches on each side of
the road in Quay-lane, Bromley. They were full of decom-
posed matter, and all aorta of filth was thrown into them.
the stench was meat dreadful, and the inhabitant, could
scarcely live in the houses. Mr. Blew, a surgeon who at-
tended, was of opinion that her death was accelerated by the
impure atmosphere. The Coroner said he had held several
inquests during the last month on the bodies of children who
had died in a similar manner, and he should write to the
board of guardians, who, he hoped, would adopt some mea-
sures to prevent the nuisance. The jury returned a verdict
of natural death," and added that the death of the deceased
had been accelerated by the obnoxious state of the atmo-
sphere, arising from an offensive drainage, which is calculated
to do serious injury."

THE CURRENCY.
TO THE EDITOR OP THE MANCHEATEROL'ARDTAN.

•
Sir,—ln your paper,which I have just received, you
say with great justice as well u good sense, that we have
heard enough of the badness of Sir R. Peel's cumnr7 mea-
sures, and that it is now far the currency reformerl to pro-
duce a practicable plan, which the public will prefer to that
of Sir R. Peel. And, in soliciting the favour of your laying
my views before the free-traders of Lancashire, I would have
you to remember that I also am a free-trader, and that my
opposition to what you call free trade was principally canned
by the nature of our national currency. I objected to what
you call free trade, not because it is free trade, but because
it is not free trade, until we abolish the gold standard ; or, in
other words, Sir Robert Peel's bill of 1819. I believe that
the bill alluded to has been the sole cause of the degradation
of our working alum in the past, and must be so, in a ten-
' fold degree, under our new system of free imports.
ELAN OP A NATIONAI CURRENCY.
. _

Let the present debt of the public to the Bank be made
the general limit of a government issue, to constitute equally
with gold and silver a legal tender, viz., fourteen millions;
the act, however, also providing that the government may,
on an emergency, or when the circulation gets down to
twenty-one millions, grant a temporary loan to the Bank of
England, not exceeding seven millions more, in order to
secure the public always getting the security of government
in the worst times, and always having a circulation, by the
Bank of England, of never less than twenty-one millions.
The Bank of England would be guarantee for the notes of
the government, and rice terse.
The Bank of England would also he permitted to issue its
own notes to the amount of its paid-up capital (which may
COME to be increased), say, fourteen millions, than giving the
Bank the power to issue, in all, twenty-eight millions; but
when the circulation should arrive (if ever it could arrive)
at this most extended point, the Bank would have seven
millions of specie in its vaults; for the plan I am recommend-
, ing lays down that the Bank shall at no time part with over
one-half, or seven millions, of the fourteen millions of go-
vernment paper constituted a legal tender, without holding
specie to an equivalent amount.
Here we have propounded, for the first time, the principle
of compelling the Bank to hold specie, while the foreigner is
prevented forcing specie out of its vaults, seeing that the
Bank could at all times get hack sufficientof the government
notes for its specie, and also the premium or appreciation.
Two great practical points will be attained by this reform,
or rather revolution, in the currency. 1. The export of gold
will only cause a rise in the price of gold, instead of, as at
present, a rise in the price of money or interest, and a fall in
the price of all ether descriptions of property and commodi-
ties, coupled with a most cruel diminution of Bank facilities,
at the very moment they are most wanted. 2. The restric-
tions on the Bank issues will not only prevent depreciation,
hut by preventing the banks making credit too cheap for
business purposes, will secure a fair proportion of the busi-
' peas being carried on by real capital.
REMARKS ON Till ABOVE PLAN.
The foregoing is the least that I think we should ask the
present parliament to agree to ; but I go on to show how the
principle may be afterwards developed for the advantage of
the public, as securing it at once a gradually enlarging cit..
culation, and at the same time saving to the public exche-
quer one-half the profits of the Bank of England. Let me
remark, that what the London petition goes for ie neither
more nor less than an extended issue of paper, which, by
making money more plentiful, would just be cheapening the
price of money, and thus precipitating the increased exporta-
tion of gold.
My position, on the contrary, is, that as we cannot avert
the export of gold, we should not lose a moment in arrang-
ing that, in going out of the country,lt shall go at its market
price, the same so any other commodity, which can only be
effected by the repeal of the law of 1819. I wish to be
guarded in my currency revolution, for I desire to retain the
wholesome principle of restriction, as embodied in Sir H.
Peel's laws of 1844 and 1845. I think that an intelligent
community, in receiving our bank paper, when it is avowedly
redeemable at no particular standard (being only a tender in
the purchase of gold at the price indicated by the state of
the foreign exchanges), will insist on some guarantee against
its depreciation hom over issue, or from the fear on the pub-
lic mind of its over bane. That depreciation of the bank-
note, as compared with gold, which arises from the exporta-
tion of Fold, I call only an appreciation of gold. The bank-
note being depreciated is only an indication that all other
commodities are depreciated as compared with gold, i. a.,
that gold is scarcest and most in demand.
I may, however, explain that it ie a reasonable and just
limit, and not an irrational restriction, that I advocate ; in-
deed, I would go the length of at once arranging (in order
to meet the increased and increasing demands of the trade,
and to prepare for the, at least, partial disappearance of gold
from circulation in the country), that a gradual increase be
permitted of the circulation of the joint-stock and private
banks to double the present amount by their being allowed each
year for the next five years, to issue 20 per cent. additional,
if they could. And I wish to see the Bank of England's
circulation also gradually enlarged. In fact, my idea would
be that we should sell fourteen millions of government funds,
and put the amount into the Bank of England, as an increase
to the capital stock ; the public thus being interested to the
extent of one-belt in the advantages given to the Bank,
while individual noteholders and depositors would have
the guarantee, not only of the public, but of the Bank of
England.
Thin, I think, would do away with the public's jealousy
of the bank profiting entirely by the circulation, and pre-
vent the objection to the public being bound for the even.
Wad payment of all the Bank of England's circulation,
which I think of the last importance to create and retain
the public confidence in the entire circulation throughout
the country. I would provide, however, that the entire
management of the Bank should remain, as at present, with
the merchants or private stockholders.
The foregoing propoeition is, that the Bank be allowed to
issue notes to the amount of its paid-up capital. And the
Bank of England, under my ultimate measure, would be
entitled to issue twenty-eight millions, besides half of the
fourteen millions of government notes, based on the amount
due by the public to the Bank, and, therefore, made a legal
tender, if ever the general wants of trade should-come to
require, or its occasional necessities to demand, so great an
issue.

THE NATIONAL OBJECTS IN VIEW.
The objects which I have in view are :-1. Eventual 's-
carify to the public. 2. Such a judicious restriction of Lames
by the Bank of England, and all other banks, as will prevent
the bank-notes from being depreciated.
An excessive issue of paper is the only cause of a depre-
ciation (properly so tallest), and our object is to arrange
that the rise in the price of gold be altogether of
the nature of an appreciation, caused solely by the:
increased export demand for the precious metals.
My object is to make the bank-note (which is a legal
tender) as good as any property in the country, but not
better. At present it is better, and hence the high rates of
interest, which are neither more nor less than a deduction
from the working man's wages.
I may mention that the most intelligent view of the but-
lionista is the following, but to which (though it allows gold
to rise in the market) there is the serious objection, that
(like a dock warrant) the value of the note would rise
as at present with the value of the gold, and this would
require to be expressed, as at present, by the money
lenders getting more interest for their paper. money. This
last and bait proposition of the bullienists is that the go-
, vernment (or the government and Bank united) should
issue exchequer-bills of one pound each, payable at twelve
months, without interest, to the extent of the quarterly ex-
pentee of the government, redeemable in gold at a quarter
of an ounce for twenty shillings, hut in the mean time a
legal tender. I may have an undue or paternal fondness for
my own offspring; but, as a friend of the working classes,
never could submit to this proposition any more than to Sir
Robert Peel's plan, under which the whole currency hinges
on the Bank of England, while that institution is practically
without any real capital (as we find, to our cost, in bad
times), its whole capital having been lent to the govern-
ment?
Without any increase of the (*MAU capital of the Bank
Or England, beyond what it is allowed to lend to the:govern-
ment, no system will work. And, if any apology is required
for my thus propounding a new principle of currency, I hope
you will recognise it in the deep impression that you know
I feel, that, under the present system, no large and extended
house, depending on bank facilities, would be in existence a
year hence. You will observe that, by my plan (as ulti-
mately perfected), the holder of a note not only would have
the government security which there is to en Exchequer
Bill, but he would also have the security of the paid-up
capital, say 28,000,0001., of a government bank.
I am, sir, yours most 11=ft1117, ISAAC BUCHANAN.
No 15, America-square, don, Sept. 13.

IRELAND.
DtBLIN, OCT. 10.
The tenant-right agitation is rapidly spreading
through Ireland. The presence of the hon. member for
Rochdale in the south, seems to have operated power-
fully in quickening the energies of the farmers, habitu-
ally slow to move. There is to be a meeting to-day at
Thurles, and a monster one at Waterford on the 24th
instant. So mach for tenant-right agitation. In
'Limerick, at a place called " Jackson's Tiara," on the

I Cork side of the county, the labouring peasantry
assembled last week to represent their neceea-
ties, or, as the modern phraseology goes, "to
take counsel with each other, and represent their
wants to the " Great Manitto" in Downing-
street. Slight symptoms of a turbulent feeling have
accompanied some of these assemblages which have
never resulted in good, and often in evil. Had all
who have influence over the public mind displayed
the same prudence and patriotic firmness as the Ikv.
Mr. Fitzgerald, parish priest of Ballingarry, the
peasantry would have abstained from vague and use-
less meetings, which unsettle their minds and inspire
bad thoughts. He boldly told them to keep to their
homes and abstain from all such demonstrations. One
meeting was sufficient to acquaint the government with
their necessities. "My parishes," observed this frank
and intelligent clergyman, "have always occupied
a prominent position in the benevolent considerations
of the government, and that government, always alive
to the claims and petitions of Ballingarry, should not
now have reason to change their favourable opinions
by such ill-judged manifestations." He declared in
conclusion his solemn determination to denounce as
enemies to the cause of the poor, and unworthy the
benevolent intentions of =meters, all who would
attend at Jackson's Turret. He was obeyed. Not
one of his parishioners attended.
The spirit of excise reform has passed north-east to
Ireland. They have set up a small cauldron of excise
agitation in Belfast, and the "distillers, brewers,
maltsters, paper-makers," with all who have an in-
terest in excise revision, will keep it warm. At a
meeting of these varied interests on the Gth, at which
Mr. Tennent, M.P., presided, numerous resolutions
condemnatory of the present excise system were
adopted, and an association formed, to be called "The
Ulster Auxiliary Association for the Reform of Excise
Abuses," in connexion with the parent society in
Edinburgh, The objects of the association are thus
stated :

let. That man's:ileums of home-made articles subject to excise
survey be placed on as favourable a footing ite thaw of our colonies,
and other places; and that no more than the quantity actuallitrar:
duce! by them be chargeable with duty. god. That when
chargeable with excise duties are bonded they shall enjoy the same
privileges an foreign and colonial predate. 3rd. That thee:eine sur-
vey on the stocks of traders be abolished, and that permits for spirits
be no longer required. 4th. Thatthe present system of Excise licenses
is very objectionable, by putting traders to a great deal of ussocemary
trouble and expense, in getting annual renewals of certificates, and
otherwise, and should, then fore, be changed. sth. That in all trials
for offences against the ender laws the defeated met,. shall pey the
costs of both parties. That the whole of any penalties decreed, or of
the value of goods oonflecated, be paid into the Treasury, witbout de-
duation ; and that, generally, the practice of the excise courts be
assimilated to that of other courts of civil law In this country.