Northern Times.
Liverpool, Merseyside, England, 1859-02-09 00:00:00

THE BANK ACTS

TO THE EDITOR OF THE NORTIIERN TIMES

Sir,—l beg your insertion of the following pro-
blem, and its solution, which appeared first in
Cassell's Illustrated Family Paper, of May 15th
and June 19th, 1858, and afterwards in the Family
Herald of June 26th and July 17th. " Two bars
of standard gold bullion, weighing 40 lbs. troy
each, are purchased with Bearer notes, promising
to pay the Bearer, on demand, £3,730. Three
similar bars are purchased with Exchequer notes,
promising to pay the • Exchequer, on demand,
£5,607. A bar in each lot is at the same price,
and four of them at an advance, one upon the other,
of twopence per ounce. What is the price per
ounce of each of the Bars ?" Answer :

1 bar 40 p 4 12 = 480 ozs., at £3 17s. 100. per 0uncc..21,869
1 bar 40 ot 12..480 ozs., at £3.175. 60. per onuce.. £1,861

1 bar, 40 lbs. or 480 oz,
1 bar, 40 lbs. or 480 oz,

at £3 17s. Bd. per ounce .. £1,865
at £3 17s, 10. d. per ounce ..L1,869
at £3 18s. ' 0 d. per ounce .. £1,873

sold for

This problem exhibits the respective.purchaSing
powers of the bearer notes and exchequer notes,
proposed in your paper of the 2nd instant. The
bearer notes, with their power of purchasing
standard gold bullion at two prices, viz., at a price
equal to, or less than _ its par price ; and the

exchequer notes, with their power of purchasing
the same and similar bullion at three prices, viz., at
'a price equal to, greater, or less, than its par price,
which, as before explained, is £3175.10d. per ounce.
The object of embodying two values in the pound
sterling being, that its intrinsic value as standard
gold bullion, should,prevent its current value as a
legal tender coin from suffering any undue depre-
ciation, which would not be the case if the current
unit of? our monetary value were founded upon the
national debt, and not as at present upon standard
gold ; because, if this debt of eight' hundred
million pounds were paid off in paper pound notes,
it would take ten or twenty of them to purchase a
pound sterling.—l am, sir, yours, &c. T. F.
Liverpool, February 9, 18359.

AMERICAN FEELING TOWARDS ENGLAND

TO TIIE EDITOR OF THE NORTHERN TIMES

Sir,—As a set-off to the abuse lavished so indis-
criminately on the United States, please insert
in your valuable paper the following extract of
a letter I received by yesterday's steamer, from
one well qualified to form correct opinions ,

WASIUNGTON, Jan. 22, 1859

I do not think that, absurd -as the views of our
American people sometimes are, any number of them
can be found sufficiently insane to attempt (or dream
of) an invasion of Ireland. Nor do I conceive -that
President Buchanan has any serious idea of obtaining
Cuba by purAase or otrertoise, but he no doubt agitates
the subject with the \ie w of acquiring popularity. with
the largo portion of our citizens, who are deficient in
that useful quality, common sense,
I am glad to hear the Indian war is nearly concluded,
and only hope that the atrocious Nana Sahib may be
caught and receive his reward.
It would really seem that some serious trouble is brew-
ing between France and Austria ; all on this side sympa-
thise with Italy, and trust that every Austrian will be
driven out of the classic land. Nothing in Europe, but
an attempt to make war against England (the only
asylum of free thought), can disturb us; any attack on
her would rouse this country, and spite of all received
doctrines of non-intervention, the people would insist on
making common cause with her against tyranny. I am
certain I speak the sentiments of nine-tenths of our
people. VERAS.