The Sun.
London, England, 1855-12-21 00:00:00

TRIESEMAR, No. 1,

- - -
is a remedy for Relaxation. Spermatorrhcea. anti Exhaustion or t,r,
ly,tein, whether arising from excesses, accident, or climate.
To those persons who are prevented enterinc the married state b
he consequences of early errors it is invaluable.
TRIESEMAR, No. 2,
effectually, in the short space of three days, completely and entirely
eradicates all traces ot those Disorders which Capivi and Cubebb
lave so long been thought an antidote for, to the min of the health
a vast portion of the population.
TRIESEMAR, No. 3,

is the great Continental Remedy for that class of Disorders, whit,
unfortunately the English physician treats with Mercury, to the in-
evitable destruction of the patient's constitution, and which all the
sarsaparilla in the world cannot remove.
TRIESEMAR, No. 1,2, and 3, are alike devoid of taste or smell,
tnd of all nauseating qualities. They may lie on the toilet tael-
,vithout their use being suspected.
Mold in tin cases at Its. each, free by post, 2s. extra, divided into
eparate doses, as administered y Valpenu,. LaDemand, Roux,
tee., St.e,—To be had Wholesale and Retail in London of Johnston, 68
Oornhill; Hannay and Co., 63, Oxford-street; and Sanger, 150, Ox-
wd-street ; R. H. Ingham, druggist, 46. Market-street, Manchester;
,l. Bradbury, bookseller, Deansgate, Bolton; J. Priestly, chemist, 52,
,orti-street, Liverpool; Powell, bookseller, 15, Westmoreland-street,
'inblin ; Winnall, bookseller, High-street, Birmingham.

GREAT WESTERN RAILWAY.—The
Directors hereby Give Notice that they will receive M oney
Lo in, to nay off Debentures falling due, and are prepared to accept
Tenders for the same for a period of 3,5, or 7 years. at 5 per cent.
per annum. Appllcation may he made to the undersigned.
Ey order of the Directors.
CHAS. A. SAUNDERS, Secretary.
Paddington Station, 2d November, 1855.

GREAT WESTERN RAILWAY.-
CHRIST If AS HOLIDAYS —On MONDAY, 24th December,
a Cheap Excursion Train will leave Paddington at 6.30 p m., for
Bristol and Bath, returning on Wednesday, 26th December, from
Bristol, at 7 a.m., and Bath at 730 a.m. Fares there and b ,ck :
Bristol, 10s. and Os , and Bath, 94. and ss. No luggage beyond a
carpet bag allowed. Tickets not transferable.

GREAT WESTERN RAILWAY.-
CHRISTMAS HOLIDAYS. Return Tickets issued on
Saturday, Dec. 22d, and three following days, will be available up to
Wedneseny, the 25th, inclusive. On the Bristol and Exeter and
South Devon Lines Return Tickets are not available on Sundays.
The Trains on Christmas Day will run as on 'undays, with the
addition of the down day mail from Paddington to Bri tol at 10 a.m.,
and the up day Mail from Bristol to Padd ngton at 10 a.m., which
will run as on week days, with the exception of the branch trains
between 'Maidenhead and Wycombe, fielding and Basingstoke,
Chippenbam, From, and Warminster, Gloucester and Hereford, and
over the South Wales Line.

VONDON and NORTH-WESTERN
1..4 RAILWAY. —CEIRIATMAS 110LIDAYS.—Dav Tzcarrs
issued on Saturday, December 22, and intervening days, will be
available until Wednesday, December 26.

By order,
General Manager's Office, Euston-
Station, Dec., 1855.

MARE

NORTH-WESTERN and MID-
WAY S.—CHRIS Of AS HO .IDATS.—Entsx
,r TICKS'S will be issued from the Euston-

LONDON an,
\ND h AILV
and •,ECOND CLASS DA'
station, London, to
Limoln owdharn • Norm Anton
Collingbam Nottingham Oak enshaw
Newark York Doncaster
FlOterton Bradford Sheffield, and
Thurgarton Leeds Mashoro',
fly the ordinary trains on Saturday, Dec. 22, Sunday, 23, Monday,
24, and Tuesday, 25, availabl.. for return with by the ordinary trains
up to and Including Wednesday, Dec. 26.
Express day tickets will alsa he ipsled on the same days, available
to return by.any train no to ;ad including the 26th.
Day tickets will also be isentsdlrom the above stations to London.
General Manager's Office, Ruston-station, 1855.

4R. GORDON CLIMMING has the honour
to announce that TWO NEW PICTURES will be added
to his AFRICAN ENTERTAINMENT, on the 26th. The subjects
will be, Ist, The Hunter's Troop of Sixteen Horses attacked by Flve
Lions, painted by Harrison Weir ; 2d, A View of the River Limpopo,
with large Herd of Hippopotami, by Richard Leitch.-222, Piccadilly.
—Children half price in the reserved scats and stalls. An Extra
Morning Entertainment at Three o'clock on Boxing Day.

lit R. HOWARD, Surgeon-Dentist, 52, Fleet-
' v street, has introduced an entirely new description of ARTI-
ICIAL T E F....N1, fixed without springs, wires, or ligatures. They so
erfectly resemble the natural teeth as not to he distinguished from
he original b' the closest observer; they will never change colour or
ecay, and will be found very superior to, any teeth ever before used.
'his method does not require the extraction of rosts, or any painful
aeration, and will support and preserve teeth that are loose, and is
uaranteed to restore articulation and mastication. Decayed teeth
-ndered sound and useful in mastication.-52, Fleet-street. At
ome from ten till five.

fhe Third Edition.—Just published, price 51., by post, tree, 15s. 6d.
() N
w'rit?Utiitie]
VAZiewP ofLdSistEinguSisPhiEng thei‘ ImTag°inlatrlyt
from the
4ulTerers under this disease, and Correcting of wide-spread
ezrore in relation to their Treatment and Cure. From be °omen
4 Dr. PICKFORI i. With an Introduction by the Editor, containing
• complete exposure of the system of terrorism and extortion pursued
ty the advertising quacks of the metropolis towards those who are
credulous enough to seek their aid.
" Dr. Fickford 's known to frequent practi-
English readers by his
;al contributions to German medical literature. This is the first
me, he informs us, that he has addressed himself to the nos-medi-
-1 reader. We trust this may not be the last, if he shall letect any
thee equally flagrant evil which it may be in his p iwer to °or-
,•ect."—London Medical Gazette. " The tribe of Quiet Sympathisers,'
md ' Medical Friends,' aro mercilessly exposed; and if this book
find its way into the hands of those who stiffer from the corn-
'taint of which it treats, we aro satisfied that many hundreds would
le saved much needless suffering of body and mind, and what is of
tis importance, though it is that which the quacks most prize—
nuch money.... —This volume is well qoalified to put an end to the
ntpirlcal sync= of treating Spermatorrho3a, and to placo:the treat-
nent upon a more rational and physiological basis. It is, therefore,
ikely to do much good."
immion: li. Balliere, 219, Regent-street.

VIE CURRENCY QUESTION.

The following are the three letters addressed by Mr,

Salt to the editor of the Times, with the reply of the
Timm thereto :

Sir,-1 think your comments on my sayings at
the meeting ou the Bank Charter Act give me a
claim for a space in your columns for explanation.
You say that I " tantalise you with a promise of
safe but inexhaustible riches," and yon assume that
a regulated issue of paper money would not give
the honest labourer full employment at remunera-

tion prices.
Thereon your imagination indulges in an amus-
ing picture of a Chancellor of the Exchequer bunted
borne by packs of countless thousands of Mall-
chester spinners, Dorsetshire labourers, Spitalsfield
weavers, distressed needlewomen,
Witty if you will, but pray keep in mind that a
spice of wisdom would not mar your wit, and that
all decent feeling of humanity !Joist for a moinent
have slumbered, when you could enumerate so
lightly classes whose very names call up recollec-
ions of suffering, neglect, and social crime too
strong for words.
But to return to your Chancellor hunt. What
are the facts ?
A diminished issue of money has invariably re-
-luced employment and multiplied deputations,—
set all the packs in full cry ; while an increased
issue of money has invariably increased the em-
ployment of labour, put an end to deputations,
dispersed the packs, and left the Chancellor sleep-
ing undisturbed in his form. During these re-
laxations of the mousy laws the deadly discords
between the Government and the people have
ceased ; even Chartism has been voiceless, and the
governing and the governed seem to have forgotten
each other's mutual existence.
But you appear to doubt that such will be the
result of an increased issue of legal tender. Let u
see what will become of it.
It will Lot be locked up, because, while it is so,
interest is forfeited and capital also, as much so as
if it did not exist. Therefore it will be made some
use of. Now, the ingenuity of man cannot devise
a mode of employing money without employing
labour to that extent ; and if the issue of money
be maintained, the power that creates wealth will
always effect its distriliution, ministering equally
to national wealth and individual happiness, and
what you call one of my " delicious moments" will
be so far perpetuated.
But a fear crosses your mind. " Who," say you,
" is to stop the floodgates r' I ask, who stops
them now ? The law ! Have we not 14 millions
of legal tender paper issued on debt-14 millions
of paper convertible into gold, without an ounce of
gold to satisfy the promise ? You see, sir, that the
system you uphold is not a pure and perfect chry-
solite. It is the law and not the gold that limits
this issue, and closes your floodgates.
Then comes the question—Why was ibis amount
of inconvertible paper fixed at 14 millions ? Be-
cause
it was needful for an indebted Government.
But shall there be no honey for the_ people, and
would it not be more creditable that the necessities
of the governed should be considered as well as
those of the governing ? Is it the end for which
Government was created that it should take care of
itself, and utterly neglect and damage the interests
of the people ?
You say " there is a force and simplicity in the
words, I promise to pay on demand. „
Now. I
will grapple with you on that point, and show that,
taking these words in the sense used in the Bank
of England note, they contain more of fraud, folly,
and mystification than any words in human lan-

witheut the suffering and humiliation of vast in-
solvency ; to watch with sleepless vigilance the
condition of the gold in the Bank coffers, to be
racked by hope and fear if the arrivals from Aus-
tralia be delayed a week ; to be agonised by au
east wied. All because we persist in staking our
existence on the possession of gold, and at the same
time in supporting a law that renders it impossible
we should permanently retain it.
I say the law prevents the possibility of our
keeping possession of the gold.
Gold money and paper money will not for any
length of time circulate together at equal values.
There are two distinct values in the coin—the
legal tender value and the metallic value, and these
do not coinci le, but vary inversely to each other.
Thus, supposing a large quantity of metal -to be
taken up by the Mint to be coined and issued, the
bullion would become scarcer and rise in value,
while the legal tender would become more abun-
dant, and fall in value.
At Melbourne, when coin had become very
scarce, an ounce of coined gold actually commanded
an ounce and a third of uncoined gold of equal
ffaeness.
While the monopoly we have assigned to gold
raises its value as metal, the issue of legal tender
paper, making legal tender more abundant, lowers
the value of the legal tender. The price of the
gold being fixed by the law which binds the Bank
to take all the gold offered at 31. 17s. 9d., and to
pay it out at 31.175. lOid., this alternation in value
of money is, for a time, only indicated by the rise
in value of all other articles. This rise stimulates
large exports. The importer looks around for his
returns, all commodities have risen. We are under
no engagement to supply iron, lead, tin, or any
other article at a fixed price, except gold. We
thus bribe the foreigner to take our gold instead
bf our goods. The gold being gone the Bank is
compelled to reduce her issues of paper. Eight
hundred private and joint-stock banks are instantly
afflicted with the cramp, and seek to lock up the
remaining —money by increasing their.- reaerVea. ,
Now, as unreduced debts cannot be paid by re-
duced money, this phasis of our system Is equiva-
i lent to a general decree of loss or insolvency against
all who by commercial enterprise have been con-
tributing to the welfare of the country.
Just at this moment the watchful Times advises
caution, recommends all to limit their transactions,
which means limiting employment, which is
limiting the life of the labourer. It is equivalent
to a proclamation through the land, " Now get ye
to the workhouse or to your graves." No other
resource is left to the labourer thrown out of em-
ployment by this fatal system.
Even the press, the tardigrade press generally,
is beginning to inquire into a system which becomes
daily more incompatible with the advances of com-
mercial civilisation.

IF. SECRET -INFIRMITIES OF YOUTH AND MATURITY .
lust published, price 25., illustrated with cases; free by post for 26
s,
V Ste
'ERVOUDEBILITY;
Its Causes, Symptoms, and Cure.—An Essay on Spar-
.:.terrhcea, with Practical Observations on a safer and more
mode of treatment of the diseases of the Generative
em, obtained by the use- of the. Microscope in detecting and
oguisleing, by urinary examination, the real cause and effect of
v. ry variety of complaint, whether arising from solitary habits,
.'asses, accident, or climate, followed by practical remarks, founded
wenty years' exlerience in the treatment of Impuissance,
ons Debility, Local Weakness, Spermatorrhora. &c. To which
„Med, Commentaries on the Physiology of Marriage, with pre-
...wary hints on the evils emanating from empirical prrctice,
i on the dangerous remedies advocated by carious writers on
-sae important disorderi.
By SAMUEL LA'MrltT M.D.
cl, IthDFORD-SQUA }E, LONDON,
D ,e tor of .16edicine, Matriculated Member of the University of Edit,-
!,lnotilit,ia Honorary Member
, aottahi,
elLLnnddoonnh,lo&c.,
spitalte.Medical tiocietY.
i
'tae es*ential oldest 01 this treatise is to point out the fearful
con-
:ancee resulting from certain habits, irregularities, and excesses,
o have produced more misery in Youth, degradation in Man-
.oi, and premature decay at all stages of Life, than, perhaps, any
Lt,a chat of disease known to modern pathologists. Its perusal le
,eularly recommended to persons entertaining secret doubts of
poysical condition, and who are conscious of having hazardet
happiness, and privileges to wt oh every human being it
hi tlec3.

is absolntely necessary- that ail men should know, that there at,
,nelpies of personal management which cannot be violated without
..:—.rring grievous penalties, and when wisdom and regret succeed
heyday M inconsiderate self-indulgence, how these penaltim
mitigated, 11,,w the sting of their bitterness may be removed
iv:ir; the evil and its consequences may se avoided, and above all
n, there is scarcely any degree of physical infirmity or functions",
aiigement whicl, the timely aid of rcience cannot apply a cure
A.nthor ha. for a series of years been engaged in an extensive
dice in the treatment of these delicate complaints, which have
,n'tunatel) teen too generally confided to the care of ignorx_.l
dim. Hies, who indict groat injury on those wLo are induced to place
faith in their pretensions.

NERVOUS- DEBILITY may be had price 2s. of Messrs. Sher-
wood and Co., 13, Paterhei3Ler-rove Hannay, 63, Oxtord-street ;
adr,,0,19, Leicester-square; Mann 39, Cornhill; or free by poet for
:6 441.1,4)1 an'
~ddres, from the Author's residence, 37, Bed,
tuare.

It is impossible much longer to bind industry and
its complicated divisions of labour down to barter
—nay, what is worse, to a monopoly of bartar for
gold. Free trade will not tolerate this bondage.
The paper system, which the instincts and neces-
sities of the people have continually enlarged, can-
not longer be permitted to rest on the narrow basis
of gold, rendered unstable both by the law and by
the increased rapidity of communication with
foreign States. A foreign loan or speculation, a
short harvest, a telegraphic despatch, anything, in
short, may, by causing a sudden exportation of
gold, derange our whole commercial system. I
scarcely need recall to your mind how
frequent and fatal such panics have been,
how fertile of insolvency, misery and crimes,
and that in the depth of our ruin and the
triumph of our prosperity the amount of our wealth
was exactly the same, but disorganised by the failure
of our monetary system. It will be well for the
Times seriously to consider whether it wili be be-
coming its rank and character to be the first to err,
the last to learn, in a matter so deeply involving
the interests of civilisation and humanity.
It is a vulgar error, that the value of legal tender
money depends on the obligation of the issuer to
redeem it in gold, or to redeem it at all, or to give
any security whatever.
The value of wheat depends on the fact that it
ministers to the great human necessity of satisfying
hunger. The value of legal tender depends on its
legal power of ministering to the equal human
necessity of satisfying debt, and in both cases those
values will vary exactly in proportion to their abun-
dance and scarcity relatively to the wants of man-
kind. To satisfy debt is the sole function of money
and the sole clement of its value. Money ought
not to he merchandise which can be melted and
robbed of its vital function as the canceller of debt.
Instead of " the promise to pay," which appears so
simple and definite to the 9 Imes, it is payment
which is more simple and definite still. The only
problem to solve is to maintain it in such quanti-
ties as shall be in harmony with the just require-
ments of industry.
What are the conditions we seek! The first and
most sacred right we have to protect is that of the
labourer to full employment. I have shown that
increased money of necessity increases employment
and sustains prices. A sufficient issue of legal tdn-
der money will give full employment to labour,
producing the greatest amount of national wealth,
and the money that produces the wealth will al-
ways be able to effect its distribution, securing the
greatest amount of national happiness.

In 1853, with abundance of legal tender money,
labour was fully employed in every branch through-
out the kingdom ; all the classes you have enume-
rated were happy, prosperous, and contented. Every
man was his own Chancellor of the Exchequer.
The air was everywhere resonant with the music
of gipsey parties of the labouring classes, there was
joy and contentment throughout the land, anti the
workhouses were empty. The Bank of England,
uMdor the compulsion of the law, reduced its issues,
and at the present moment the workhouses and
gaols aro altogether insufficient to contain the
paupers and criminals ; our wealth and means o
wealth being identically the same, the derange-
ment of our monetary system alone disorganises
every interest.

The Times has fulfilled many a mission of
humanity and justice ; I still hope it will look
more deeply than it has hitherto done into this
all-important question, and that it will enter its
powerful protest against the happiness of the
people being longer made the sport of an obsolete
theory.—l am, Sir, your obedient servant,
T. C. SALT.

" Come, expound your riddle, Mr. Salt. What is the
matter with the bank note ?" See the Times, Dec. 13.
Sir, —I will answer your question, and solve the rid-
dle. In return, I claim of you the solution of a greater
riddle than mine.
What would have been the matter with the bank-note
if the gold in California and Australia had not been dis-
covered ? What would have been the matter with the
country under the effects of a law compelling the pay-
ment of all debts, public and private, in gold absolutely
unequal to their discharge ? What would have been the
condition of the editor of the Times, even now agonised
by the delay of a single vessel bringing a supply of gold,
if none of them had arrived at all ?
To these questions I want a clear, fair, and specific
answer, and not merely wit and literary banter.
Sir Robert Peel's bill is universally acknowledged to
have been a gigantic error, from which accident has only
imperfectly rescued us. Shall we correct or cling to the.
error and /ts consequences, and depend on future chances?
I say the discovery of gold has only partially saved us ;
even now we are suffering from intolerable usury, and
from the contraction of our monetary system. Under
this double effect our workhouses and gaols, which were
empty, are overflowing. Is not that fact enough ?
But what is the matter with the hank-note /—that is
the question. Why, it is gone ! That is the matter,
and a pretty considerable matter too, seeing our debts
are not gone with it.
It is will of you, Sir, talking of my taking a Han-
som cab, going to the bank of England, and getting five
sovereigns. I have not got the note ; hence my grief.
A vast quantity of gold money has left the country ' •
the Bank of England has reduced its issues of notes from
lin9,oEonog,
ol 701
tBOO 0
increase b a nks—t
25,000,0001. to 19,000,0001.
haheijr sr ee
sceurrveeds a;
poErtioen7ofb tahnek
the Government is exacting 100,000,0001. instead of
50,000,000/. of taxation, and yon
coolly tell me to take
A Hansom and present my 51. note at the Bank. I tell
you I have not got the note ; it is withdrawn ; destroyed.
Why is it destroyed I—for a goodly reason, forsooth,—
because we have no gold money,—ergo we shall have no
paper money ; and you ask what is the matter with
the note ? Why it is dead—not sick, but dead. That
is the matter.
Now, I pray you, solve me the riddle bow, with this
remnant of stagnant money, wages and debts are to be
paid I Solve me that riddle and you shall be immor-
talised.
I will not waste your time nor the time of your rea-
ders by disputing whether the price of gold is fixed ; the
Bank of England, we know, is obliged to supply it at a
fixed price, which is a sufficient' fact for all but the most
refined understanding,.
Sir, in the coming session this subject must be dis-
cussed, and the Times cannot afford to be behind all its
contemporaries, and almost alone to support errors so
glaring as those of our monetary system. I know that
editorial etiquette forbids the confession of error, but

to the promise to pay
gualeeThe law assumes assigning
a definite quantity of gold, it fixes the value of the
note. It does no such thing as fix that value.
Abundance and scarcity are the only regulators of
value.
By the issue of paper money, in addition to gold
money, money is made more abundant ; abundant
money creates confidence, investments are multi.
Plied) a vast quantity of bills at a date are created,
this increased quantity of money and the increased
rapidity of its circulation lower its value, till the
exportation of gold and the withdrawal of the
paper again lower the prices, and so all trade is
made an alternative of speculation and ruin ; honest
industry is sacrificed, and the watchers of the turn
of the market alone thrive, and this is the plain
and simple meaning of " I promise to pay."
From an inherent necessity the use of paper
money has grown in proportion to the progress of
commercial civilisation, till it bears a dominant
proportion to the use of metallic money, that the
metallic money, though it can disarrange, is power-
less to regulate.
The fixing the price of gold by Sir Robert Peel's
bill is pure Jack Cadeism. If fixing the price
fixes the value, why not fix the price of every-
thing! Why not fix the price of bread at ld. the
quartern loaf g Simply because fixing the price
does not fix, but merely disguises, the fluctuations
in the value of our legal tender—fluctuations which
arbitrarily disturb and alter all other values.
Hence the frequent ruin that has broken up our
prosperity, disorganised ail its elements, and made
our wealth, our insolvency, and our pauperism
alternately the wonder of the world.
IHence it is that the Times, awakened from its
" delicious dream," has to guess and wonder
whether we shall get over the 4th of each month

At home for consultation dallyfrom eleven till two. end from six

d!"‘" ler:lk
not got note." This me. 42-\7
lave nocta
neevxecnhacnreg(elitfi;r Imhoarivilereetpovltt
tog- C 771 ite:°r
le • ••••
4, -
hich
aviteryylno'rol3(nlPecarts;Ye,lwal very intelligible civet a verrciftlatuuteA
.
, 1;1!
• ;.et;
case. We have no' idea how it is to befTnekkiest;;•.:› •
"
Mr. Salt Coes not help us out of our :diflic .
sr
could name a hundred persons, each'of whom 8
be delighted to present with 1,0001. Will M s eZ
us how we could do this, unless we happen
.)04)
100 0001. to spare of our own ? i 7 •
We are quite aware that it is not a subject to be tr.
with. Few difficulties have stronger claims to our syrn
pathy than these of merchants and manufacturers who
having been induced by prasperoas times to embark in '
same ventures, suddenly find themselves stranded by he-
creasing prices 'and failing demaud. It is superfluously r
harsh to tr-- - advice when the error has been uenemite•
thatwed;
sj:tur at the advice
eeree the
ergob beyond nhavehis
gi'
depth,ven andn should
always keep a sufficient proportion of his capital in a
ready and convertible form. If it is unkind to make thig
suggestion at this time of clay, much more is it a mere-
moo ;ere, of distress to hint at impossible and inde-
scribal() remedies. When a manufacturer finds him-
self without money to pay his workmen and his cre-
ditors Mr. Salt calls on the State to make money for
him. How can it do so, except by a miracle,? Indeed
it is the State, as Mr. Salt himself notices, that wants
money most of all. The State wants twice as much as
usual, and thereby greatly aggravates, if it does not
wholly cause, the distress of the manufacturer! They
both enter the money-market, the food-market, the iron
and lead.market, the labour-market, the ship-market,
and various other markets, and the State must have
what it wants at any price, while the manufacturer goes
to the wall. The former has unlimited means—that
unlimited as against each individual trader, while the
latter has only limited capital and limited credit.
The State cannot pretend to give and take at the same
time. It only takes, and is now taking at a most
fearful rate. Vain, then, is it to expect that the State
can give the trader the capital which Mr. Salt
complains that he finds himself deprived of. Let
that gentleman look at his own figures, and he
will find that the State is now taking, he says, fifty
millions a-year more than usual, while the circulation at
the service of trade is reduced by some six or seven mil.
lions of gold, as many of notes, and doubtless a much
larger quantity of private bills. Do not these two facts
explain another It may not be an agreeable explana-
tion, but it is our business to tell truth—not to flatter ;
least of all did we ever tell the British people that the
war would conduce to their material prosperity. On
the contrary, we know full well that there are martyrs
in the Crimea and martyrs at home, and the latter are by
far the most numerous and the most suffering of the two.
Mr. SALT has sent us a second letter, which reads like
a F.S. to the first, and accordingly lets oat rather more.
Having been reminded that the bank-Dote is only a pro.
miss to pay so many pounds, and that the aot of Parlia-
ment merely prescribes the weight of a pound sterling
in gold, ha admits thak this js nejekreee but quantity.
Yet he exclaims, "Hence die mystification and the - •
fraud. The law binds us to pay our debts, not
in an equivalent value of gold, but in a fixed quan-
tity." The law very properly binds us,—that is, every
individua land the State itself, to do what they promised
to do. What, then, was the promise ? Was it to pay
an " equivalent ?" No such thing. Everybody, debtor
and creditor, throughout the whole of these transactions
was fully aware that the debts would be paid, not in an
equivalent value of gold, but in a fixed quantity. Had
the public lender heard a whisper of an " equivalent,"
or any other hoeus, he would not have advanced a six-
pence, except, perhaps, on a very much higher rate of
interest. The understanding of the whole nation was,
that the debt would be paid in what was then meant by
a pound sterling in gold. The course recommended by
Mr. Salt under the pretence of straightforwardness and
honesty would have falsified every pecuniary engage.
ment in the country. Mr. Salt has his eye chiefly to
the emelusion of the late war, and his mean-
ieg is that we ought then to have compounded
with our creditors, and compelled them to accept in full
of all demands as much gold as they might be supposed,
on calculation, to have lent to the State. Fortunately,
however, for the honour and prosperity of the nation
that was not done, and now Mr. Salt wishes to supply
the omission by the issue of a paper which shall prevent
us from incurringa debt of this literal, exact, and onerous
description. This is to be an inconvertible legal tender
paper. We have asked for some account of it again and
again, to no purpose. But Mr. Salt now intimates very
suspiciously that its purpose is, to extinguish debt.
What, then, can it be—the sponge ? Not quite that.
It is to extinguish debt on a reasonable estimate. Only
think of it being left to every debtor in this country
to pay just as much as he thinks it quite ne-
cessary to pay ! What a delightfully philosophical
not to say metaphysical interest it would impart
to all pecuniary transactions ! With what ec-
Stacy the partners in an insolvent bank would
read a resolution passed by the House of Commons,
"The value of legal tender money is not special as is a
dock warrant, but universal in its ministration to the
great human necessity of cancelling debt." " The great
human ne, essity" is felt very widely, and great would be
the rejoicing at the issue of a paper to cancel it, not to
pay it. But the rejoicing would be that which resounded
day and night in the little kingdom described by Macau-
lay in the neighbour ing Whitefriars, between us and the
Temple. It would be the rejoicing of rogues and thieves
who had escaped debt and justice, and oared neither for
prison nor for censure. Whether Mr. Salt would rejoice
er not when it came to that point we do not know, but
no hone t man would.

happily the hue of editorial thoughts can change even as
the cameleon's.
In perfect anticipation of seeing you of another colour,
and in its newest gloss,—l am very respectfully ye
T. CLIITTON

Sir,—You question me so directly through your cor-
reApondent Mr. Hill, that you bind me' to answer and
ypurself to insert the reply. So, unhappy Mr. Editor, it
is your doom that I should still be your correspondent,
and that this currency ghost, which you have so often
laid, should still haunt. your columns, making them
hideous.

Mr. Hill is right in his demonstration that if four so-
vereigns weigh an ounce, the price of gold will always
be 4/. an ounce, let the value of gold vary as it may. In
all other cases price is the index of value ; in this case it
ceases to be so, and only denotes quantity ; hence the
mystification and the fraud. The law binds us to pay
our debts, not in an equivalent value of gold, but in a
fixed quantity.
Let us see bow it operates.

We borrowed the bulk of our national debt at 601.
in paper money worth about 401. in gold, or looz. of
gold to the 1001. stock. We are bound to pay 250 z.,
and to pay in value 74 per cent. interest for 3 per cent.
we agreed to pay ; and, when John Bull remonstrates
against the wrong the callous usurer audaciously ex-
claims. " Why, John, are you going to cheat your cre-
ditors ?" and stupid, simple John agrees that the thing
passes his understanding, and so the Reign of Fraud—
the Reign of Fraud and Terror, is established.
Mr. Hill says I have not pointed ou; any way of con-
ferring a definite value on mere pieces of paper.
Mr. Hill has not read my letter. The value of legal
tender paper is not special, as is a dock warrant, but uni-
versal in its ministration to the great human necessity
of cancelling debt, and therein has a value perfectly in-
dependent of the law that makes it convertible into a
fixed quantity of gold ; inconvertible legal tender minis-
tering to an equal want will have an equal *able., Its
value as legal tender will vary, like all other articles_ of
prime necessity' exactly in proportion to its "abundance
or scarcity ; and to regulate its value it is only neces-:
vary to regulate its quantity, which the present law
deranges.
How to regulate the quantity:we will see hereafter.
Conversion of.monesintc_m_grikanclise is barter. Con-
♦ersion of money int• any one partictiliFailiele* ie a
monopoly of barter, at variance with all sound principle,
and having the additional trifling objection that it is a
physical impossibility to convert all debts into one
article.

The only legitimate function of money is that it shall
cancel debt ; the only qualification we can require in it
is that it shall be of steadfast value. Legal tender money
regulated in quantity is payment of just value, and not
a promise to pay.
Forty years of alternate speculation and ruin, 40 years
of torture under the effect of the Bank screw, have
surely demonstrated beyond dispute that the issue or the
withdrawal of legal tender money increases or diminishes
the employment of labour, raises or reduces demand and
the general range of prices.
I myself am weary of what Lord Liverpool was pleased
to call the stern path of duty. Listen, most gracious
Editor, to your amiable enthusiast. Let us boil our peas
and finish our pilgrimage in comfort.
The regulation of our system by the exchange gives us
no timely warning ; the train of mischief is all laid be-
fore it is possible to detect it ; there is no escape from
the explosion ; the withdrawal of the paper money
simultaneously with the gold money is a double curse,
and it comes like remorse, that punishes, but does not
prevent our errors.
I do know a better standard than gold ; for the pre-
sent I will only c)m9ly with Mr. Hill's wish, and point
out a better applioatisn of the gold standard.
Deprive gold of its monopoly as a sole ultimate legal
tender, and thereby restore it to its natural value ; cease
to use it as a coin, and then it may serve as a point of
comparison for your legal tender paper. Its rise or fall
in price, other things equal, will instantly indicate the
rise and fall in your legal tender paper, before a general
rise in prices has stimulated general importations and
turned the balance of trade against us ; there will then
be no great premium on the exportation of gold, and if
it is exported it will not in the least degree disturb our
monetary system.
I do not now pretend to fix what prise of gold will be
a just standard.
I assume—that in any case the standard must be made
subservient to life and happiness, and that life and happi-
ness must not be sacrificed to the standard ;
That a limited issue of legal tender paper will sustain
its value, end that a sufficient issue will insure the full
employinen of labour, creating the greatest amount of
national wealth, and will also cause the greatest amount
of national happiness, by its just distribution ;
That it will sustain a regular range of prices propor-

tionato to the cost of production se-Curinghonest indus.
try from oppression, and limiting insolvency to folly and
Tice.

Happen what will the full employment of labour must
be secured ; this is at once the first duty, the first right,
and the keystone of social order.
I have assumed these things as selfevident axioms ;
if you can throw a doubt on them I am perfectly ready
to inflict on you th• tediousness of demonstration.
The public will not read a long letter, and your space
forbids one, or I could show in the regulated develop-
ment of industrial power a dawn of hope brighter than
your imagination dreams of; for the present the Bank
continues to lose its gold and withdraw its paper —usury
triutuph, and industry languishes. Can you tell me
how far 18 millions of Bank issue is from panic point,
and how near you will have the hardihood to approach

? Will the Government want a loan of 25 millions on
of this remnant of circulation ?

The re-ponsibility of the Tinier is great in proportion
to its ir,finence. It, cannot think on these matters too
deeply.—l am, Sir, very respectfully yours,
THOMAS CLUTTON SALT.

(Front the Morning herald.)

We should scarcely deem it necessary to direct the
attention of our readers to the anonymous correspon-
dence of a daily journal were it not put forth t.) the world
with great pomposity as coming from " a high financial
authority." Under the signature of " Mercator " the
TiliteB has heralded forth to the w.rld what it is pleased
to designate "a few simple truths on the currency."
We have already referred to " Mercator'e" letter, but
as the writer has put forward several of the gravest fal-
lacies, and Interwoven them with the moat ingenious
sophistry, we shall again revert to the document.
Let us first examine the point from which "Mercator"
starts, and if his position can be established in this re-
spect all further argsment would be perfectly useless.
In the first place he denies that our trade and com-
merce are carried on by means of paper m iney, or its
circuiatioi,. if this were true what utility can we assign
to the Bank of England itself ?

In the next Vac() we are informed by this " high
authority" that trade and ciinnierce are carried on only
by ineims of capital, a word in which the supporters of
the Peel currency theory delight be mystify every argu-
ment they advance. If "Mercator" means tha: trade
and commerce cannot be conducted without the exist-
ence of capital, in the form of gold bullion, tlien was
there never a greater f tilacy enunciated ; for the asser-
tion is contradicted by the transactions of daily life.
Is the circulation of 38 millions of paper currency in
the United Kingdom only a myth, or a mere phantom,
existinL, only in the brain of some deluded fanatic !
Surely men who deal in bank-notes are not all dreamers, as
" Mercator" would have us believe them to be. We con-
fess ourselves to he amongst those who believe the 18tAlt23
of hank-notes to be a verital.lo fact. We take them to
be a part and parcel of the currency of the country, and
essential to our existence as a commercial, a trading, and
a tax-paying people. We maintain that the Crown
alone shoehl have the right to grant these issues,
on
terms which should be male general throughout the
country. The sovereign right of the State to control the
i'sue of notes should be exercised with as much autho-
rity as ttie right to superintend the coinage at the
Mint ; the demands of the pnb!ic being limited only by
such restrictions as the Legislature might deem necee-
eery to enforce upon all who are engaged in the business
of banking, upon the issue of such notes.
" Mercator," like all those of the same school, is hor-
rified at the supposed violation of the promise to pay,
and considers that without the Act of 1844 it wouldbe
a mere empty and unsubstantial form
n. words.of_sthe
scurit But
what is this promise, as it now
Istax,ol.B 7 1
The Bank cart
equal to the promis©?
only pay in gold by
t point for the country to con-
sufferance,Certalnayri d not on absolute me-
tallic security. The great
lted the issue 0f14,000,0001.
ghaournti lb single grain of gold to re-
deemthat " the
s,,ifdperroiam, wiseh,etthoerp,ahly'a,hveing.
remainim sel
f i
nirrtheveobcae_ll)ileef.
2,lt,hrecn.i
or,, that
consoles
a shall
prosperity and progress of a state
this doctrine
by the laws
of nature. ' But we believe that
li me but those who have placed themselves in a position
fir above nature's demands. To the working of nature's
laws he compares the circulation under the Act of 1844,
which he says is made by that act to " depend on the
free and unfettered course of the community in regard to
their trading operations. If they bring in gold, they in:
crease the circulation ; if they take out gold they dimi-
nish it. In this respect they are properly free agents ;
neither law nor authority interferes with them, and thus
the regulation of the amount of the currency is strictly
in the hands of the public. This is sound and legitimiste
free trade in currency." Having made this announce•
rent, " Mercator" inquires, with the most perfect sane'
froid, whether an apt which thus provides for the circa.
luting medium can be called " arbitrary" or " inelastic.'
Those who seek for an amendment of our currency
laws will not be carried away by such subtle and inge-
nious arguments as " Mercator" has put forth in the
columns of the Times. Their object must be to reduce
the system to something like simplicity, by sweeping
away the strange anomalies that exist. The present fa-
vourable moment lost, and the monopoly of the mousy
power will rear its head with redoubled force. Already
is it exercising a most dangerous influence in the state.
" Mercator" asserts in the most audacious manner that
the circulation is entirely
ut forward that had so little
in the hands of the con?!t
ry.
Was ever a statement p
truth to support it I Did the country deoide upon allow-
iag the Bank of England to issue
,
14 000,000/. up.* a
debt to lend out at interest, b
w_ile it received at the same
time interest upon that debt f
Was it the will of the
country that placed a limit to the circulation of all banks
of issue, and prohibited the establishment of any
country,new
hacks notes Wasthe will of the oeintry
hacks throughout the
itexcept such as should use
Bank of England
that the Bank of England should have conferred upon
:exclusive privileges, incompatible with the interests of
be ()wintry ! These are all questions that must be re-
plied to in the negative. It is true that the Bank
corporation has been successful hitherto in securing to
itself these extraordinary and exclusive privileges ;
but is the continuance of them in accordance with the
progress and spirit of the age in which we live 3 We
are amongst the moat strenuous advocates for allowing
the Bank of England to retain the high character and
position it has so long maintained as a great national
establishment; but we cannot allow ourselves to be de-
ceived by such fallacies as " Mercator"
has gilded over
with his accustomed ingenuity ; and we feel persuaded
that the Bank, as a corporate body, will find the interest s
of its proprietary rendered far more eacur! by 7i6414 to