The Sun.
London, England, 1855-10-19 00:00:00

TO THE EDITOR OF THE SUN.

SIR,—Fully aware of the value of your columns, I
shall be glad if you can find room to insert, for the con-
sideration of the public, the annexed draft of a petition,
which, if granted, would effectually counteract the drain
of gold, prevent a monetary crisis from becoming a mone-
tary panic, and benefit the exchequer without oppressing
the nation. Were it necessary to issue one pound notes
(already in use in Scotland and Ireland) to the extent of
30,000,0001. on the plan suggested, sovereigns would
be set at liberty for exportation to the amount of
20,000,0001., and a revenue derived of 800,0001. per an-
num, so long as the notes remained in circulation.
This suggestion, made by me in a pamphlet some time
ago, is not intended as merely a temporary remedy for the
present monetary crisis, but as a means of counteracting all
future drains, and enabling our domestic currency to ap.
portion its supply and:dencand,s.ndependently of the influx
and efflux of bullion. It is founded on the plan proposed
in the Economist in 1847, for a secure and economical
currency, which was republished in a pamphlet, enti-
tled " Capital, Currency, and Banking, along with its
Articles, or the Bank Charter Act of 1844," declaring
"that the principles upon which it is founded are not
only not true, but are, in every instance, nearly the re-
verse of truth," a work which at this crisis ought to be
studied by every one desirous of understanding our
monetary system.—l am, sir, your obedient servant,
HAMER STANSFELD.
The Grange, Burley, near Otley, Oct., 1855.

We, EXCELLENTTthOeTiluEndQeurEsiiNgn'eadmObaaTnkers, merchants, MAI C 8
andT i r.
liege subjects of the realm, considering that the present
foreign drain of gold most seriously deranges the do-
mestic currency of the country, thereby paralysing trade,
throwing the industrious classes out of employment,
depreciating property, and increasing unnecessarily the
Ma-
burden of the war, most humbly pray that your
jesty will be graciously pleased, with a view to counter-
act these evils, by Order in Council to empower the
Bank of England, until the sense of Parliament can be
taken, to issue one pound notes to serve as substitutes
fer sovereigns, whenever the Bank minimum rate of (Us_
count shall exceed 6 per the on depositing Gover-
nment
other
stocks for two-thirde, and gold for the r• • aini
one-third of the amount of such issues as a guarantee
for the convertibility of the notes, and on
paying
.
at the rate of 4 per cent. to the Exchequer for 1 interest
of the State on the two-thirds, of which they e benefit
have the beneficial use, or nn suct, ey would
'esty shall seem fit. u other terms as to
your
3412.nd your petitioners will ever pray, &o.

, E
7 MwiAllTl:eillajcelTeYb.ra—tTedhewi
election
Salomona as Lord Mayor for the year en-
dour, far exceeding that of late years ; no expense is to
ecutnunstud of e
p Mlenr:
be spared to give cc/at to this the advent of an entire
release of the Jews from all restrictions placed upon
them, as also to make the Lord Mayor's Day of the 9th
of 11,1: ovember, 1855, celebrated as the precursor of the
sAuliidneggr,laTsNeatualtNedG,
entire emancipation of the Jews.
RAISING THE RATE OF DISCOUNT.—LnIzarooL, Oct.
18.—The announcement that the directors of the Bank
of England have again raised the rate of discount
created considerable uneasiness on 'Change to-day, and
a memorial was immediately prepared, calling upon the_r
the temporary suspension o
local Chamber of Commerce to petition Parliament f
of Peel's Bank .Act, with .the
..
' intention of relieving the existing
.pressure by
the co
culation of paper money. The petition is being name-
rowdy signed.

A report was brought up from the Improvement Com-
mittee, and ordered to be received, setting forth that the
endeavours of the committee to obtain a larger share of
influence under the Bill for the Local Management of
the Metropolis than was conferred by the Corporation
by that act had failed, the amendments introduced in the
House of Lords having been objected to in the Com-
mons as important alterations in rate clauses, which it
was not competent for the Upper House to make. The
proposed alterations were therefore waived by their lord-
ship, which was to be regretted, as the City paid a tenth
of the whole sum collected in rates.
Mr. ABRAHAM complained that hardly a suggestion of
the Corporation had been adopted by the Government.
This would show them in weat state they would be when
the question of Corporate Reform was brought forward
by the Government, unless they were a little more united
in their ilea, on that subject. (Hear.)
IMPROVEMENTS IN CLERKENWELL.
Mr. T. H. HALL also brought up a report, which
stated that the committee for improvements, to whom,
in 1851, it was referred to carry into execution the act
completing the improvements authorised to be made by
the Clerkenwell Improvement Commissioners, &c., had
had their attention drawn to the state of the funs for
carrying into effect the provisions of the said act, and
found that the account has been overdrawn by the sum
of 6,701. 3s. Sd. To repay the above, to defray other
charges, and continue the progress of the works, would
require a sum of 50,0001., and the committee recom-
mended that they should be authorised to take steps for
obtaining the said sum, upon the most reasonable and
advantageous terms that could be arranged.
Mr. Cox and one or two other members of the court
thought that it was not fitting to go into the money mar.
ket for so large a sum at the present high rate of interest,
the corporationrevenuei being already so largely charged.
Deputy HARRISON said the Government had consented
to advance 80,0001. upon the coal tax, on condition that
the corporation carried out the great improvement under
consideration. When the new street was opened, the
value of the adjacent land would be largely increased.
The motion for the adoption of the report was put,
and carried unanimously.