The Sun.
London, England, 1852-04-22 00:00:00

SUN,

THE

period of twenty-three years was not a golden pound,
it was the " one pound note" of the Bank of-Eng-
land, and the value of it was such, that tlanngh no
corn-law existed, wheat sold in this currenoy,"On
average of the whole period, for 803. perlararterior-
10s. per bushel. The " one pound note' then 'was
worth exactly two bushels of wheat, and tbiseif-you
abolish the present gold pound and substitilte the
principle of a corn pound, is the value to which the
fundholder is entitled for each of th© pounds lent by
him to the nation. Bat the fundhOlder has, for the
last thirty years, been receiving a golden pound,
which has on average given him at least 31 bushels of
wheat for his pound, supposing wheat to have
averaged 48s. or 50e. a quarter. There is no question
then but that the fundholder has „been enormously
overpaid if you adopt, without qualification, the corn
rent principle now contended for by Colonel
Thompson.
And this overpayment will also strongly appear if,
instead of taking the single article wheat as the
standard, you take a general average of _all commodi-
ties. I have before me a list of 88 of the principal
articles of commerce including all the cereals, wheat,
rye, barley, and oats, with malt, hops, wool,, beef,
pork—all the metals except gold and silver—foreign
wines, alike, fruits, and spices ; oile tallow, timber,
tea, sugar, hemp, flax, cotton, &c., &c.,—in fact,
almost everything that can be mentioned„ and I find
that the value of the "pound" now received by the
fundholder in dividends compared with that which he
lent to the nation is as 156 to 100 in its power of
purchasing these commodities. This increased pur-
chasing power of the pound is, I am convinced, very
moderately stated at 156 to 100, and I think I read
a short time ago in the Times a candid acknowledg-
ment that the purchasing power of a pound is now
double what it was some 40 years ago, when the
loans were contracted.
Now, Sir, let us put these two financial operations
together. First, the mode of contracting the loans,
and, secondly, the alteration in the value of the pound
itself, and I think we shall have no difficulty whatever
in making out the assertion with which we started—
that the principal part of the national debt, namely,
all that part contracted during the last great war, has
been more than doubled.
I have not the tables now at hand to refer to, bu

as some part of the debt has been paid off since the
war terminated, I think it probable that not more
than 550 willtons of the present debt was contracted
since 1793. Taking it at that sum, as each 173/. of
the debt only realized the nation 1001. in money, it
followiihat the sum received was only 318,000,0001.,
and as each of these pounds was worth two bushels of
wheat, it also follows, upon the principle of a corn.
rent, that the gum borrowed was 636,000,000 bushels
of wheat, or 79i million quarters. Tbis was the pre-
cise sum lent by the fundnolder, and is that which is
now fairly due to him.

Let us now, on the other band, see what has been
made due to him by the alterations before mentioned.
First, there are 550,000,0001. of stock worth 99 per
cent. at least, this makes 544,500,0001. Secondly,
each of these pounds, with wheat at 425. per quarter,
being worth 3i bushels, it follows that the
544,500,000/. is equal to 2,041,875,000 bushels of
wheat, or upwards of 255 millions of quarters, in-
' stead of 79} millions of quarters. How, then, the
Hon. Member can make out that the fundholders,C
who can this day at their pleasure command 255
million quarters of wheat, or its equivalent, for the
79i million quarters lent, have been underpaid sur-
passes my utmost stretch of imagination to conceive.
But, perhaps, it may be contended that we have for-
gotten altogether that 238 millions of the present debt
were contracted prior to the period we have been
speaking of—that this portion of the debt was con-
tracted in a gold equivalent currency ; and that from
that time down to 1819, the dividends accruing from
it were paid in the " one pound note" of the Bank of
England, diminished in value as we have described,
and that the underpayment on the one hand forms a
fair set-off against the overpayment on the other.
But not referring to the fact that the currency of
that day, when there was a double standard of gold
sod silver, was vastly different to the present cur-
rency, and not noticing the obvious fallacy that
the payment •of the dividends on , 238 millions
for twenty-three years is equal to the payment of the
dividends'on 550 millions for 32 years, we take leave
to affirm that the payment of interest in the pound of
diminished value was no underpayment at at), and
that the holders of the 238 millions of stock received
as much as they had a right to receive. What was
it that caused the pound to be of diminished value ?
What lessened its purchasing power? Was it not the
rise in the price of all commodities ? And what
caused' tkis rise ? Was it not the great expenses of
the war and the heavy taxes necessarily levied upon
commodities to meet these expenses ? Was not
everybody else compelled to pay 80s. for the quarter
of wheat, and 1501. for 1001. on an average of all
other commodities ? There was no diminution in
the value of the pound other than that it purchased
less commodities, because it permitted prices to rise
high enough to embrace the taxes which were placed
on them. The fundholder, then, had no more reason
than atier one else to complain that his " pound " of
dividend would not realise him as much of com-
modities as before. It was right that it should be so.
Let the bullionies refer, on this point, to their own
pet economist, Mr. M'Culloch, and he will tell them
" that when taxes are laid upon commodities the prices
of them must rise in a corresponding proportion."
This mode, then, of balancing a monstrous and
palpable overpayment by- an imaginary underpayment
will not stand the test of a fair investigation ; and I
must again confess myself fairly at a loss to imagine
how the. Honourable Member will make good his sth
resolution.
I find, Sir, that this letter is extending to so great
a length, that, though the subject is far from ex-
hausted, I must refrain from pursuing it any further,
at least for the present. If Colonel Thompson has
the interests of the fundholders much at heart, I would
very respectfully suggest that it would be politic not
to open up at to great a length the questions in-
volved in the first half-dozen of his resolutions, but
confine himself to those latter ones, which would tend
to promote a system of currency which would do jus-
tice to all classes, both creditors and debtors. These
latter resolutions are an approximation to such a sys-
tem, and theugh we are startled at the idea of a
completely incontrovertible currency, and one which
has no other principle for its issues than the arbitrary
dictum of Parliament upon evidence of the price of
wheat, yet we doubt not that discussion would set all
this right, and that we should, at length, be blessed
with a currency which would properly develop,
foster, and mature our industrial capabilities, and
give full play to the mighty energies and resources of
our country, which have hitherto been so lamentably
depressed by a cramped, a fitful, and a precarious
monetary system.--I am, Sir, &c.,
EDWARD CAPPS.

St. Mary's-road, Peckham,
April 20, 1862.

THE GREAT NATIONAL EXHIBITION

AT CORK.

The committee of this great national undertaking
met again on Tuesday, at their rooms, Stephen's-green,
Dublin; Lord Talbot do Ma!abide occupying the chair.
The meeting was a numerous and highly influential one.
After the transaction of some routine business,
Mr. DEANS, the honorary secretary, read a letter from
Mr.,C. P. Roney, enclosing a cbtque from Messrs.
Briggs and Co., of Primrose-street, London, the largest
oil merchants in the empire, and the contractors for the
supply of oil to many of the lighthouses, &c., both in
Eugland and Ireland; and a subscription of 5/ from Mr.
'Cherie's, Geach, M.P. He had received (es honorary
secretary to the Dublin committee) free passes upon the
Great Southern and Western, Dublin and Drogheda,
Belfast Junction, and Ulster Railways. Availing him-
tisauls:cono mi
relefdof this privilege, so liberally conceded, he bad pro-
d to Cork, so as to be present at the meeting of
and of the meettee at Cork on Monday. On his arrival
__!irnef
altn.mediately inspected the Exhibition building,
an uninterre
iteutherill eharew'
Z,7°
,1)::-silhby Mr. Beason and Sir Thomas Deane.
c7plutiloilti
of ill e Was with the builoing, he had no con-
extent of the woiks already completed,
tgdnifi.eenee of the building. It presented
the from the entrance. to the end of
transvereieg,ikry.,l,32o 251 ftet,- independent of the
by roof-lights- of=' feet hing. Both- halls to. be'lit
proceedings of the ...._, He then gave an account of the-
pressed himself hi;4ll°-coiximittee at Cork, and ex-
intelligence displ
ayed bitaaitiftified with the zeal and
the statistics of the space e‘te e member& lie produced
which he had received- from' tlyfifrorded by the building,
active chairman of the .arras e Thomas Hewitt, the
availiable• area was 14,272 fel•ttneant committee. !rho
► rat the
12,341 feet; of this space nn more than 3,000 all
specie
remained for disposal, so numerous had been feet eew
cations for space. bar:Deane then alludedntoththeelPPli"
amount of subscriptions that had 'been received firge
every quarter; and said that it was evidentlrem rbe-im
. t is,
and 'the number of applications. for space from 'aria -
par exhibition would '• us
parts of Ireland, that the . be, in eyery
National Exhibition of
sense of the word, a Great
arts, manufacture, and materials.
ewes GRESHAM, Esq. and
It w,ia proposed by TH .
BRADY,Es q., "That the name of
seconded by CHEYNE cl )
Mr. Roney be added h. ‘ll
to the committee;" w u. was ac-
cordingly done.
Many interesting topics were stated to the meeting,
illustrative of the resources of Ireland, and 'of our
the
manufacturing enterprise, in which discussions _
N, thie Chairman, the Hon. J. P. Vereker, Messrs. Len-
Wive, Deane, Brady, Gresham. &c., took part.

LONDON;

SPORTING NOTES.
No. CC.X.
ANALYSIS OF THE T WEN £Y-NINTH CHESTER

CUP, Sze.

TO THE EDITOR OF THE SUN.

pia,--fo—my remarks ou the probable result of the
race for the Two Thousand Guinea Stakes, Published
yesterday, I- observed that Vortex would probably be
the representative of Day's stable: that horse certainly
may ruo, but-it is very unlikely. Father Thames being
also a doubtful starter, Filius will be the great gun of
the stable, as several persons connected with it sent out
yesterday a communication to support him, which soon
elevated him from eights to fours. In the absence of
Hobble 'I feel inclined to consider it a very even affair
between DANIEL O'RounsE and Fuaus; one or other,
to my thinking, being the, certain winner of the great
race of Tuesday next.
- THE CHESTER CUP

is now in its twenty-ninth year, having been ettabliabed
in t 824, when the six years old Doge of Venice carried
9stl2lb and won cleverly. One of the curious circum-
stances attending this Handicap is the fact of its never
having been won in more than two instances by a three
years old', the heavy weighted class carrying it off year
after year in Wonderful regularity up to 1842, when
Alice Hawthorn cantered borne an easy, winner with 6st
upon her back. From tbat period to the present time,
with the exception of Corranna's Bst 91b in 1846, and
St. Laurenee's 7st 101 b in 1847, the light weights have
had it all their own way, and are likely to be in the as-
cendant again this year.
`:This Handicap, decidedly the first one in importance
nf, the year, has this time obtained the unprecedented
number of one hundred and thirty acceptances, seven of
:whom are•aged, four six years old, nineteen five years
old, forty-eight four years old, and the remaining fifty-
two three years old. The last-named division are in
immense force, and have but one rival of oily note to
knock their class over. •