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

THE ARRIVAL IN LIVERPOOL.

LIVERPOOL, Tuesday Evening.—This morning the
long-looked-for visit of the Duke of Cambridge to Liver-
pool took place. His Royal Highness, who had been
staying at Knowsley, was accompanied into town by the
Earl of Derby, the Earl of Hardwicke, Col. Tyrwhitt,
and Mr. Walpole. The streets through which he passed
in reaching the Town Hall exhibited the enthusiasm of
the inhabitants at the fall of Sebastopol and the victories
in the Crimea. Banners streamed from every window,
and tastefal designs commemorative of the French alli-
ance were to be seen in all the principal thoroughfares.
Mingled with these were the preparations for the illu-
minations this evening, which will be on a scale hitherto
unprecedented in Liverpool. As the carriages rolled
along the streets, a respectful, rather than a vociferous
expression of gratification was manifested. The shops
were all closed, and the day was observed as a general
holiday.

To do honour to his. Royal Highness the members of
the corporation were summoned fir 11 o'clock, and
shortly after that hour the cortege was seen proceeding
up Castle-street.
His Royal Highness and party were received at the
entrance of the Town Hall by the Mayor, J. A. Tobin,
Esq., who led the illustrious stranger up the grarcdessstalori
case to the eastern drawing-room, where thebadrau
of
the
the corporation was presented. The
town council followed,
The Mayor proceeded to say it afforded
. n
and when all werenlrisemsepeinablemd,uch
pleasure, as the representative
to receive and Wel-
.lntilic! of people,
inhabitants of the borough of °i
Liverpool,h3lf-a a
visitor. The
come se illustrious and distinguished ,
pleasure was, in a great degree, e his Royal ll' b
d connection than by sntin.
w Thhbe receivingAwnpacl see
aan'souwtr when
eellB4
ah 8; (the.al glesuro:
mayor) remembered that in
ness, he was welcoming
occurring on the t
gEounisahiedinberyiti.llus(Ltroiouudsbchiretehrnpae.n)
enhanced by the opportunityi of Liverpool for • • day "-
apart by the people
-it had pleased
rejoicing On ac-
count of the great
Divine Providence tvoicbless the arms of the allies. This
e ra r idnnou white hf Li irst
sß,o)fy
was also doubly a pleastlre, when he recalled to mind
al Highness led his
the Crimean cam-
paign, arid more especially the gallant and distinguished
dthiveisnioobnleininatohne
manner in which he had led his brave comrades in arms
At the great victories in which he had lx•rne so noble a
part. The people of Liverpool felt proud of the honour
Of welcoming so gallant and distinguished an officer ;
and he might assure his It.y.d 111,Imess, that, all bengh
they were deeply interested in a desire for a return of the
b'essings of peace, still they were one and all united
in the sentiment which proclaimed that there should
be no peace till the objects for which the war hail been
undert..ken should be fully attained. He (the mayor)
would now call upon the Recorder to read the address
which it was the wish of the corporation should be pre-
sented to his Royal Highness.
The Recorder then read the following address :
"TO HIS ROYAL HIGHNESS THE DUKE OF CA3IBBIDGIC,
K.G., K P., K.C.8., &c.
" May it please your Royal Highness,
•
" We, the mayor, aldermen, and burgesses of the bo
of _
opportunity rough of Liverpool, avail ourselves of this
offering to your Royal Highness our earnest congratul
a-
tions. sn
upon your visit to this town, together with
attachment as-
surance of the respectful esteem and ...
this borough
enter-
tained towards yourself by the inhabitants of
generally.
"Pis tribute 'is due not only to y
our tia u,*d rtitio
3

brit to your personal exertions in the public serr;ce. We
have seen with no common ire crest a Prince of tl e Blood
.yal an n01(10115 cazup a=1(1 share i the
toils awl perils of our soldiers, and with them at Alma,
Bal,:kleva, and Tukerna.tu nobly sustaining the honour of
our common country.
" H 'pp:ly, it is now our privilege to nrldresm your Royal
Bighnets soon after another signal triumph has been granted
to the arms of the allies in the fall of Sebastopol, and at a
time when everything seems to promise a favourable issue to
the war undertaken by France and England, with no ob-
ject of personal aggrandisement, but solely to curb the
aggressive ambition of a great empire, and to secure the
independence of surrounding nations.
We Lope that your Royed Highness will, in inspecting
the shipping, docks, and maritime arrangements of the
port of Liverpool, not fail to perceive that industry and
enterprise on the banks of the Mersey are still widely ex-
tending themselves, and contributing largely to the general
prosperity of the British empire.
" Given under the Common Seal of the Borough of
Liverpool, this 9th day of October, 1855.
(Signed) " J. A. Toms."
The Recorder having finished reading the address, the
Mayor presented it to the Royal visitor.
His Royal Highness, in reply, raid—lt is with feel-
ings of the deepest satisfaction that at your invitation I
visit this great and important and loyal borough. The
honour is still more gratifying to me from the circum-
stance that you have associated my name with that of
the gallant army which has, by its deeds of bravery and
daring, rendered itself worthy cf all the honour we can
bestow on it. If in my connection with that army I
have been so fortunate as to obtain yoar approbation, I
am on that account also much gratified, That is an
honour of which a soldier may be justly proud. (Cheers.)
It affords me very great satisfaction to have visited this
great and important mercantile borough ; and once more
I must express my gratitude for the very flattering
mark of your consideration which you have just bestowed
on me.

The address was enclosed in a handsome cylindrical
box, made of ebony, elegantly mounted with silver. It
was embellished with engraved representations of the
landing stage, the Custom•house, the Town Hall, and
St. George's Hall ; and on it was also engraved the fol-
lowing inscription :
"This box, containing the address to his Royal Highness
George Duke of Cambridge, K.G., K.?., and G.C.8., was
presented by the mayor, aldermen, and burgesses of the
borough of Liverpool, in the county palatine of Lancaster.
October IX., MDCCCLV."

This very elegant box was made by Mr. Mayor, Lord-
street ; by whom also was prepared the illuminated oopy
of the address which was enclosed in the box, and pre-
sented to his Royal Highness.
When the ceremowy of the presentation bad been
completed, the mayor led his Royal Highness through
the small into the great ball room, and there introduced
him to a number of ladies ; after which his Royal High-
ness stepped out upon the balcony, which commands a
fine view of the Exchange area. At this time there
were at least 5,000 Ferocity; assembled, and his appear-
ance gave rise to a simultaneous burst of cheering.
This balcony was first erected for the reception of the
Queen when she was here four years ago, and, strange
enough, her visit to Liverpool occurred on the
same day in October. U I.ke, however, that visit
of royalty, when it rained ineessant.y, to-day, although
a little cloudy, has been fine, and there is every appear-
ance of the weather keeping up for the dinner and the
grand ball this evening at the Town Hall.
_ _

The docks throughout their great extent on no former
occasion ever presented to the eye a spectacle so pleasing
or magnificent. The nide, aloe the hanks of the Mer-
sey over which these vast r-•et-pt,cles for the shipping
representing the trade of all conotriei of the world ex-
tend, was one vast line of var4gated buss. Along the
hole extent fluttered in the breeze the flags of all na-
ions, with the sole sac, ption of the double-headed

Towering over dock wale and warehouscs the gay
.ereateers, as seen from the river, formed the base of a
huge brea-twork of brit-VA tints, rising with the high
eround of the town, and teradnating with the tower
and spires of the churches in the back ground.
In the openings from the river, and looking north
and south through the docks, the eye was dazz ed with
the mass cf brilliant colours that left little of masts
or ringing visible. The great landing stage and every
structure on the margin of the river was made the most
of, with emblems of the unity of the countries in league
to stay the tide of northern barbarism from engulfing
civilised Europe. Supporting, and intermingled with
each other, floated the standards of England, France,
Sardinia, and Turkey.
As a whole there is no doubt whatever that the dis
play in and along the dock to-day far exceeded any for-
mer demonstration. Nor was the river itself unattrac-
tive. Fine as at all times is the broad Mersey, with the
many large ships reposing upon its bosom, or departing
for a foreign port, or returning from a long voyage,
to-day there was superadded a display of dressing that
much increased the beauty of the scene, and attracted
large numbers of admiring spectators from the busy
tbrongs that Sllvd the gay streets of Liverpool, and
crowded the ferry-boats to Birkenhead, which, in
sympathy with the borough it hopes soon to become
more closely connected with, put f.e.th all its energies
to look as gay and be as joyous. The display was ex-
cellent, and the ornaments in many instances elegant.
Not the least striking in the evening, when the illumi-
nations begin, will be the river face of Woodside Ferry.
A colossal crown in gas, with a star underneath, will
throw a luminous halo across the river towards Liverpool,
that will be of the most attractive character.
The town of Liverpool itself was most beautifully and
picturesquely decorated, there was not a street but what
had its numerous flags of all nations, gaily floating in the
breeze; there were streamers arranged on the house tops,
which waved majestically, and banners stretching across a
whole street, giving the whole a most interesting and
beauteous effect. The Town Hall and the Exchange-build-
ings had numerous flags, and the Custom-house, Post-
office, &c., were similarly attired. The houses in the dif-
ferent streets had multifarious mottoes, and devices on
their front., such as "Honour to the Brave," " Wel-
come H. R. H.,' "Sebastopol," "Sicope is avenged,"
" The Allies for ever," and similar other expressions
of national feeling. Bands of music paraded the

town, and several effigies.. of the departed Nicholas
travelled about, representing him with two faces, and
accompanied by numerous chimney-sweeps.
His Royal Highness at the Collegiate Institution was
presented with an address, and in responding to it did
not alight from his carriage. He film, visited the public
baths, Cornwallis-street, and subsequently tLe Derby
Museum, passing on to the Bloc-coat Hospital, where
wa4 received by the band of the hospital (composed
f the boys of the school) with the National Anthem.
His Royal Htribness went tbrough the school, and next
visited the Sailors' Home, sfter which he proceeded to
the Albert Dick and warehouses, and afterwards the
line of docks. Ti,rou.diout the whole of this route the
demonstrations in honour of the visit of our Sovereign's
cou-in were most unbounded. Goes and pi•tols were
fired ince.satttly, avid as the cheers of the multitude rose
above the din, his Highness removed his hat and
cordially bowed to the peoplo.
. _

Hi:, Royal HizhneAs will dine with th© Mayor this
evening, and attend a ball.

HEALTH 01? DiNDoN DURING THE

WEEK.

( From the Registrar-General's Report.)

- -
London is healthier than it was in September. No
death from cholera ::as been registered in the week that
ended on Saturday, the 6th of October, but the deaths
from diarrhcel were 51. The deaths from all canses
were 951—namely, 260 from zymotic diseases, 210 from
cancer, consumption, and other constitutional diseases,
320 from diseases of the brain, lungs, and other organs,
113 from infantile diseases and old age, and 24 from va-
rious kinds of violence. Of 5 sudden deaths the causes
were unascertained, and of 19 other deaths the causes
neb. one Work-
whole week,
were nut
coachman,specified.holAu,shee.baHrois m
and the reading was, on the average, 29.343 inches. The
dete
ea rt death go
i esn dt
ns6cusr
db edl doi ewtdo
during idne s lt
au
thert
Yi
ol
dew point was 511 deg. ; the mean temperature of the
mean temperature of the air was 56 2 deg. ; the maul
Thames was 59.9 deg. The temperature of the air was
3.4 deg. above the average. T'ne wind blew from the
south-west, at velocities varying from 50 to 190 miles a
day. 1.38 inch of rain. fell in the seven days. The week
was windy, warm, and rainy.
13,042 persons died. in London during the 13 weeks
' that ended on the 29th of September, a.) that the deaths
during the quarter at the rate of 1,003 a-week. This
presents a favourable contrast to the state of the publia
health in the corresponding quarter of last year, when
24,870 deaths, or 1,913 weekly, on an average, were re-
gistered in London.
The decrease has been chiefly in the diseases of the
zymotic class, which were fatal in 14,633 oases, includ-
ing 9,703 of cholera, 2,069 diarrhoea, in the 13 summer
weeks of 1854 ; and in 3,661 cases in the 13 summer
weeks of the present year, when 106 deaths were by
cholera, 1,258 by diarrhoea.
196 persons, chiefly children, died of small-poz, 107
of measles, 534 of scarlatina, 389 of hooping-cough, 677
of typhus and other fevers.
192 deaths were referred to dropsy, 287 to cancer,
1,645 to consumption. _

Among the diseases of particular organs are 300 deaths
by apoplexy, 235 by paralysis, 83 by epilepsy, 54 by
delirium tremens, 531 b• convulsions, 475 by di=eases of
the heart and great blood-vessels, 491 by bronchitis, 492
by pneumonia, 141 by teething, and 122 by di-eases of
the liver. Of the deaths by violence in London, 16 were
by poison, 33 by burns and scalds, 19 by banging, 21 by
suffocation, 101 by drowning, 15S by fractures and con.
tusions, and 17 by wound 3.
2,224 deaths, or one in six of the total number, took
place in public institutions; namely,-1,191 in work-
houses, 744 in civil bospitak, 73 in military and naval
hospitals, 78 in military and naval asyium-, 14 in hospi-
tals and asylums for fortngners, 14 in lying-in hospitals
(7 women, 7 children), 94 in innate asylums, and 16 in
14 prisons.
3,069 of the persons who died in Lc Hon were males
of the age of 20 and upwards ; and of that number 83
were in Government and local office., 191 in the army
or navy, 85 in or connected subordinately with the
38 were engaged in literature, the
Sciencesfine ; 363 were in clothing, enter-
zdt professions
annod d
serving he ;
Claf ; 167 were engaged in com-
merce, 343 in carrying, 75 in cultivating the land, 33
were occupied about animals, 523 on art and mechanic
productions, 146 worked and dealt in animal substances,
393 in vegetable substances, 214 in minerals and metals,
215 were returned as labourers, without defining the
branch of labour ; and 142 as persons of rank or pro-
perty not in any (ace or profession.

The ship-of-the-line Loud XIV. arrived so Breit oe the
Gbh mita% oomiag from lonlox3.

MR. GLADSTONE .AND THE BANK OF

ENGLAND.

The correspondence between the late Chancellor of
the Exchequer and the Bank of England, relative to the
payment of the dividends, of which some fragments ap-
peared at broken intervals, is now published in lull, and
we are enabled to form a decided opinion on the whole
controversy. The point in dispute lies in a nutshell ;
but it has been deemed advisable to obtain the legal
opinions of the Attorney and Solicitor-General on behalf
of the Crown, and those of Sir F. Belly and Mr. Roun-
dell Palmer on that of the Bank. The privileged Cor-
poration in Threadneedle-street acts as an agent to Go-
vernment in paying the Dividends ; for the performance
of which duty it receives a liberal compensation : the Exe-
cutive is bound to provide it with the means, and in case
there should be a deficiency in the Exchequer, the Legis-
lature has invested the Treasury with power to raise
money by bills, to be discounted by the Bank of England.
It has hitherto been the practice, arising from the in-
terpretation of certain acts of Parliament, for the Chief
Cashier of the Bank to receive in one payment the whole
amount of dividends on a day specified in those alts ;
and the. question submitted to counsel was, whether the
practice was strictly binding on the Treasury? Mr. Glad-
stone asserts that it may be quite reasonable when the
funds of the Exchequer are ample, but that it may be-
come very unremovable when they are low, as, in the
latter case, Government would have to borrow from toe
Bank, and pay interest on Exchequer Bills. It is an ob-
served fact that the dividends are never wholly paid on
the exact day that they become due, many landholders
not making an immediate demand ; and Mr. Gladstone
argues that, provided provision be made from day to
day, so that no public creditor is delayed in recovering
his claim, the polity of the statutes is satisfied ; and in
that view the Crown lawyers concur. On the other hand,
the advisers of the Bank have arrived at an opposite
conclusion :

To introduce (saY they) the practice of issuing and paying
to the Bank of England the amount of the half-yearly divi-
dend, not on'one day and in one sum (as appointed'by the
Acts of Parliament creating the. Stock), but at different times
after the appointed day, and in such sums from time to time
9.8 the Commissioners of the Treasury may deem sufficient
to keep the Bank of England in cash, against the probable
demands of fandholders when they actually apply for their
dividends, would be, in our opinion, more than a formai

departure from the. course authorised and prescribed by tfie
statutes; it would be to derogate in a substantial point
from the security given by the Legislature to the fund-
holders for punctuality in the payment of their dividends;
and it would be to place the Bank in a position of great
embarrassment between the public interests intrusted to
them on the one hand, and their own private responsibili-
ties on the other. Neither the Government nor the Bank
have, under the existing statutes, any legal right or power
to give one fundholder (in the same stock) any preference
or priority whatever above another ; and the Bank are
under no legal obligation to pay any dividend, to anybody
until they have received from the Government a sum to
enable them to pay all the dividends to every body en-
titled. Money not sufficint for the payment of the whole
dividend is not legally applicable in the hands of the
Bank to the payment of any part of it ; the law does not
suppose or provide for the case of a partial payment on
Account either to the Bank or by the Bank.
This opinion concludes with advising the Bank, whens
ever the Commissioners of the Treasury fail in making
the payment of the whole amount of any half-yearly
dividend is one payment, to make a representation to
the First Minister, that he may submit the matter to
Parliament. The Crown lawyers were called upon to
reply to this opinion, and we subjoin some paragraphs,
giving their view of the subject :
The relation between the Government and the Bank is
subordinate to the relation between the Government and
the fundholder; and it seems absurd to us to hold (as is in
effect done by the opinion before us) that the statutes have
created a greater obligation or liability on the part of the
Government to the Bauk than exists between the Govern-
ment and the public creditor. But this would be the con-
sequence if, as the Bank insists, the Government is bound
to borrow money of the Bank before that money can be re- •
quired for the public creditor. The obligation of the Go-
vernment is to pay the fundholders as and when they apply
to the Bank for such payments; and it is sufficientif it provides
the Bank iu due time with the means of making such a p •
ment. The Bank, in like manner, is not bound (as a lite-
ral interpretation of the statutes would import) to find out
and pay the fundholder on the appointed day, but wait
until he comes for his dividend. That all the fundholders
should apply for and receive their' dividends on the,day
od which they become dne is a practical impossibility.
The construction contended for by the Bank is nott one
suggested by 'any public convenience, but directed solely
to its individual adsantuge. The Bank has stipulated for
and receives a•speciee remuneration for the service it 'Tar-
forms. But it is now seeking, in addition to this p7.01i,,t
- payment, to obtain, by means of a literal interpretation
of the acts of Parliament, the indirect advantage of i!oln-
pulling the Government to borrow the money of ite,e:l,
under the guise of enabling it to pay the public creditor
before such money can by possibility be required for th tit
purpOse.

Setting aside all legal quibbles and verbal technica-
, Mies this last sentence hits the nail on the head! and
clenches it. Yes, it is quite true—a joint-stock eJm-
pany, most unjustly privileged, and which has gitown
up to be what it is by enjoying the most odious nior o-
. ,pely, is seeking to extort additional gain for its ono
shareholders at the expense of the public tax-payer, 54 hat
s sirit of cupidity inspires this Corporation, which flourishes
uudcr the deceptive misnomer of the Bank of England ?
Are not its notes' which have no more intrinsic value
.than the notes of any other joint-stock company; de-
clared legal tender, in defiance of every principle of free
trade ? • And when panic has arisen, involving the pr.'s-
`tration of mit rchants, manufacturers, shipowners, and pri-
vate banks, Is it not an historical fact that, when danger
has approached the Bank of England, the law has n
siiiesended in its favour, to rescue it from the ruin in
which other establishments have been involved ? G nu-
won gratitude for innumerable favours received ought to
have dissuaded the directors froni haggling about the
legal interpretation of a statute, with no other of j, et
than to enhance their own gains.
The opportunity is convenient for making some brief
,observations on the monetary relations between the Go-
vernment and the Bank. The prerogative of making
money, that is to say, of making legal tender, has long
since been transferred from the Crown to that privileged
Corporation. When the Treasury is deficient, and com-
pelled to borrow, it calls into existence those instruments
which are called Exchequer Bills, which are not a legal
tender, neither are they convertible into gold on demand.
They are simply documents drawn in anticipation of a
future revenue to be derived from accrning receipts of
Customs, Excise, and other sources of taxation. They
possess no intrinsic value, but derive a conventional
value from the authority of the State which puts them
into circulation, and may be assimilated to long-dated
bills drawn by the Government, and impliedly accepted
lay the whole body of the people, charged upon the whole
of' their property to the last shilling and the last acre.
They are, therefore, national securities in the highest
sense of the term, but, be it well observed, they are not
legal tender; that is to say, if a debtor presented them to
his creditor in payment of a debt for which he had been
sued, and on which judgment had been entered up, such
preeentaeien or tender would not in law release hie: from
the Sheriff's warrant. Under these circumstances the
Government lodges Eschequeishiiis with the Bank of
England, which gives its notes in exchange ; these are
legal tender, so that the inferior security, the security of
the Bank,. has attached to it a far higher value in-ex-
change than the national security swhien is embodied in
the Exchequer-bill. Surely this is absurd on the face of
it ; but something more than absurdity is involved in
the system. The Batik charges interest for the ace ne-
niodation, and that interest becomes a tax on the peo-
/Serty and industry of the country, which goes into the
loselietauf the shareholders of the Bank, not into the
coffer.] of the public Treasury. This is just what the
Bank Wanted to do With Mr. Gladstone, and we viva
him credit for resisting the extortion ; but we are sur-
prised that a gentleman of his analytical and reflective
mind should swallow ..the camel while he strains at the
eons. objection is to pay interest on Excheqner•hilla
114 some few days ; but why pay at all 83me eighty
years have elapsed since Adam Smith observed of this
system of anticipating taxes, that " like an in,
wheoe pressing occasions will
provident spendthrift,
allow him to wait fir the regular payment of his reve-
nue, the State is in the Constant practice of borrowing
of its own factors and agents, and of paying interest fur
the use of its own money."
An Exchequer Bill entitles A B, or order, to one
lino-
dred or one thousand pounds, as the case may be, wita
interest, payable out •of ,tfie first aids or supplies to he
granted in the next Session of Parliament; and this
bill
Is tO be current and pass in any of the publio refenue9,
aids, taxis, or Supplies, or at the receipt of Exchequer
at Westminster, after the sth day of April next. t„-inch
is the formula. It is legally competent to any person
holding an Exchequer Bill to tender it in payment, of
taxes ; and such was the practice when .it,
were first
issued in 1696 by Mr. Montague, then Chancellor of the
Exchequer. At that time they were small in amount,
being for sums of 10/. and' upwards, and thus they
easily passed into commerce, and discharged the ordi:
nary functions' of money. At present th lowest Ex-
chequer Bill represents 1001., and they run as, highas
1000/. ; hence they do not pass into commerce, and-are
rarely, if ever, tendered in payment of taxation.--N,
we would ask Mr. Gladstone if any sound reason 6037 S
why we should not restore the practice of Mr. Montague,
. and issue small bills, even for 51. ? SuPPose ttisiva
done, and the interest upon them abolished, would not
the Chancellor of the Exchequer become independent of
the Bank; and would not the country save a large annual
amount of taxes ? No doubt about it can exist. We now
pay interest_ for receiving an inferior for a superior scea-
rity, the commercial notes of the Bank for the Imperial
bills of the nation, as if the relation of-stibject and Sov(T:'
reign were inverted, and the Bank Directors Were the
Government, the Government a body of subalterns acting
under the Dank, and by its favoUr and permission. if
any of our readers think this statement overcharged,
let them bear in mind that the Bank on various occa-
sions has threatened to refuse advances to the
Treanury—a state of humiliation positively dis-
graceful, but of which we could give Many proofs. Let
one suffice. The following reply to ah applicitton ,for
pecnniary aid was made on the 6th July, 1814 :

"Resolved, that the application
ont
idler be complied. With ; but, after the remonstrancoer.
c;i in the said
contained
that have been made from time to time again" f! nthe
mons and unprecedented amount of the advances o
Bank on Ezchequer Bills, this Court entertains Such Bah-
stantial objections• to a farther increa.se, that it would
most decidedly refuse tho• present application, if it sv9i'a
not
inrassmentformed
by it. that tho public would sneer very
bar serious em- •
T
" assenting, therefore, thus reluc-
tantly to the accottmodatioujequired, tho chairs are di-
rected to acquaint the First Lord of the Treasury and'the
Chancellor of the Excheciwer, for
.their guidance, that it
'cannot grant any further, advances, and expects such r
raogernents to be made as shall toad to a very considerable
re _I ue tiottieftltheZetartrancere .

appsliot 04ga?-skateti.msecitireZto itself against the con-
fia
,4091t,y,

tTrieP

in the matter, for if Exchequer Bills are good security to
the shareholders of the Bank of England, they are pod
security to the whole body cf the people ; and, provided
they are sufficiently small in amount to pass current in
sales and purchases, the Government would never have
occasion to borrow of the privileged Corporation. Be-
sides, what right has a Minister of the Crown to demand
from the Bank notes exchangeable into gold at Mint
prices in return for large Exchequer Bills which are not
HO exchangeable ? Now that Mr. Gladstone is out of
office, and has leisure to meditate oh moketary science
more deeply than he seems hitherto to have done, lit
him turn his attention from sums of money to principles
of money ; and, instead of haggling about the interpre-
tation of an Act of Parliament, make himself master of
that system which would save every farthing of interest
on Exchequer Bills, and render the Treasury indepen-
dent of a joint-stock company.—lllustrated London
News.