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

TO THE EDITOR OF THE SEN.

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 ono pound notes
(already in use in Scotland and Irelanti) 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 remedyfor the
present monetary crisis, but as a means of counteracting all
future drains, and enabling our domestic currency to ap-
portion its supply and;demand,lindependently 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-
verie of truth," a work which at this crisis ought to be
studied by every one desirous of understanding our
monetary systoni.—l am, sir, your obedient servant,
TAME R STANSF ELD.
The Grange, Burley, near °cloy, Oct., 1855.

MAJESTY.c3ioOuSnTtrE:OthEeLrLeEbNyTpray,
si
ltibergoewsiunljetChtes oifnethuestrreioaulms,
ccloanssseidser:iun
mestic TcOurTrlienEcQ:oll:::
We, the undersigned bankers, merchants,
ganGduovtehrenr.
foreign drain of gold most seriously deranges the do.
ti interest
depreciating property, and increasing unnecessarily the
burden of the war, most humbly prNavyhitleiial tthyPelo°yuYrultwra'diue::l-ci
jest] 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
dis-
count
stocksshall
040
ril,per
two
05,30 e.
nttphtwe:
rrotdc.,ste,btehinaretdn. ,Ed:o;no;eddcie fpuooerrs itithoi:er
taken, to issue one pound notes to serve as substitutes
for sovereigns, whenever the Bank minimum rate of dis.
one-third of the amount of such issues as a remaining
for the convertibility of the notes, and on pavingu.arantee
atof theho ratesa
State
ef e benefit
have the beneficial use, or on soda other
Majestyshall seem fit
your • • fit.
terms as to
And your petitioners "
ra Will ever pray, &c.
considering
ofth that the
present

TEtz ENSUING MAYORALTY.—The election of Mr.
Alderman Salomons as Lord Mayor for the year en-
suing, it is stated, will be celebrated with unusual splen-
dour, far exceeding that of late years ; no expense is to
be spared to give eclat 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,November, 1855, celebrated as the precursor of the
entire emancipation of the Jews.
RAISING THE RATE OF DISCOUNT.—LiVERFOOL, Oct.
18.—The announcement that the directors of the Bank
of England have again raised the rate of discount
oreated considerable uneasiness on 'Change to-day, and
a memorial was immediately prepared, calling upon ther
local Chamber of Commerce to petition Parliamentf
t
the temporary suspension of Peel's Bank Act, with the
intention 0
fofparpeelirevminognetyh.e eTxhisetipn gt i
tpiroenss pressure eb
ebiyg thenu cir-
culationm
e .
rowdy signed. e