The Sun.
London, England, 1855-11-02 00:00:00

THE SUN, LONDON, FRIDAY EN/ENING, NOVEMBER 2, 1855.

Ijl j 1) 40 X KI) N

LAW INTELLIGENCE—(This Day.)

of thundering sophistry to gull the public for the unright-
eous gain of the Old Lady's private friends and public
supporters. .

BAUM- it -14,,

1.4!4141R,
Compare,

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NVednes'ay.

,usniess
,his day.

E
(11
.tacvkeer
ry honest y
and
abomination trader
are
t rooted
otaieds e
übpi voice
and
such
banking system as the following substituted :-
1. Her Majesty's Mint to manufacture Queen's notes to
the extent of 50 millions sterling, or such other amount as
Parliament may deem sufficient to meet the currency wants
of the 'United Kingdom.
2 To guard against forgery the Queen's note paper to be
silk threaded, with the Queen's head stamped in the four
corners of the note—red stamps for 11. notes, blue for 21.,
green for 51., and black for 101. and larger sums.
3. Government to issue the 50 millions to any bankers
or banking companies who will permanently deposit 3 per
cent. Consols for such amounts as may be respectively issued
to them—(of course, the bankers are to receive the divi-
dends on the Consols.)
4. The Bank of England not to obtain more than 10
millions, and no other bank to obtain more than one mil-
lion.

93 -- 95
95 - 300

.131. -- 135

26 7 is

IC3 - 105

123/4 13—
d
115

5. No portion of the Queen's notes to be issued to any
existing banks of issue until they agree to call in all their
own bank notes.

21 -- 24

6. To cover the expense of manufacturing the Queen's
notes, the bankers to pay a half penny for every note.
7. The Queen's notes to be a legal tender throughout the
United Kingdom.
8. Gold to continue a legal tender at 31. 17s. lOid. per
ounce.

- 41

- iP
56 - 58

9. No bank to enjoy any exclusive privilege.
Were the above plan adopted financial convulsions could
rarely, if ever, exist ; directors of the Bank of England
would not so often avail themselves of prior information,
and dabble in the funds; and the Times would cease to
propagate such monstrous fallacies as appeared in that
journal of Friday last, the 26th ultimo.
During my experience, and it has not been trifling, in
the foreign commerce of the empire, the most loquacious
chatterers about the foreign exchanges and balance of trade
have almost invariably proved to be the least informed,
and consequently the worst guides upon those subjects.
It may be laid down as an incontrovertible axiom that
a certain quantity of legal tender money is absolutely
necessary, and that that quantity should be always re-
tained in circulation within the United Kingdom, and,
therefore, that it ought to be of such a quality as to re-
main wholly unaffected by whatever may transpire com-
mercially or politically in foreign countries.
If, then, the quality of money were such as to be re-
jected by foreigners, would it not be a great advantage,
instead of being a disadvantage? Would it not in some
degree compel foreigners to take British manufactures in
payment for our imports, and enable us, by the sweat of
our brow and the oil of our machinery, to pay for what
we can afford to consume without the slightest derangement
of our currency ? And here allow me to ask the spotless
Old Lady, whether the expensive and hazardous process of
sending and re-sending gold and silver, to and fro across
the ocean, is not rather a barbarous mode of balancing
trade accounts, and whether it would not often be "more
honoured in the breach than the observance ?" Whether,
in short, the exchange and re-exchange between foreign
traders and ourselves of what are commonly called the
precious metals, which are neither of British growth, pro-
duce, nor manufacture, are not occasionally a great bar
to traffic in more really useful commodities ?
In discussing our monetary system, let every one recol-
lect that the oft-asserted convertibility of our present
Paper Currency into Gold is an unadulterated fiction.—
Yours, &c.,
Tuesday, 30th Oct., 1855.

fir)

8 - 8i
3 -

29t - BO
83 - 85

DEVONIAN.

MARKET NEWS.—(This Day).

CORN EXCHANGE.

The quantity of English wheat received fresh up to our
market to-day was limited, and the show of samples was
trifling. Most kinds were in but moderate request, yet
Monday's prices were supported.
The imports of foreign whea, have been only 2,570 qrs.
The trade ruled dull, yet importers generally were firm. In
the quotations, no change took place.
Floating cargoes were firm, but not dearer.
Malting barley moved off steadily, at extreme rates, but
low qualities met a dull inquiry.
There was a moderate inquiry for malt, at full quota-
tions.

Old oats sold steadily—new qualities slowly, at Mon-
day's currency.
Beans, peas, and flour were rather dull, but not cheaper.
ARRIVALS THIS WERE..

Wheat.
3,39 0

Barley. ( Malt. Oats. A Flour
2,130 1 1,490 10 I 1,350
_ • 5,430
11,390 1610sks.
I I I —brls.