The Sun.
London, England, 1852-04-26 00:00:00

AUSTRALIAN GOLD.
By the Bank Return of April 10th, it appears that
the stock of Bullion in both departments of the Bank:
was 19,245,2991., being a decrease of 351,202/. This
circumstance is thus referred to in the City article or
the Times : _ _
" The amount of coin taken for shipment to Australis.
durieg the past fortnight has been very large, consequent
upon the intelligence that the price of gold-dust had
iallen to 575. per ounce at Melbourne, and to 608. per
ounce at Sydney. This circumstance, coupled with the
payment of the dividends, has led to a considerable de-
crease in the Bank bullion, which shows itself this week
to the extent of 351,2021, and which will also probably
affect the next return."
Our readers who have heard of the absurdity
of " sending coals to Newcastle," may perhaps
at the first sight of. this be surprised at hearing
of gold being just now sent to Australia. But
a little consideration will show why sovereigns
coined at the rate of 31. 17s. 100. an ounce, are
sent out to a country where gold is selling, we are
told, at from 575. to 60s. an ounce. A sovereign in
England, and in all our foreign dependencies, and in-
deed throughout the commercial world, has an artifi-
cial value given to it. Gold-dust is at its natural
value at Melbourne and Sydney. In consequence of
the increase in the quantity discovered, and therefore
in the supply, the price has declined. But a coined
ounce of gold retains its artificial price : it is legal
tender for a debt of 3/. 17s. 100. The digger will,
therefore, exchange his gold dust for a bit of gold of
considerably less intrinsic value, because that which be
obtains is not only gold but money. He will be
equally ready to part with the " precious metal" for
a bit of paper of no intrinsic value whatever, be-
cause he knows that such paper has an accredited
value, and is convertible into food, raiment, lodging,
and the necessaries and comforts of life, with the
greatest facility. Thus we read of the banks in
Melbourne and Sydney sending notes up to the dig-
gers to purchase gold dust. It would have been
well for mankind—well for this country of England
—if that very intelligible idea which the acumen of
Bishop ilerkeley enunciated long ago, when he asked
" whether the true idea of money, as such, be not
altogether that of a ticket or counter ?" had taken
possession of the national intellect. Gold mines,
copper mines, or silver mines would, without
doubt, on their discovery, increase the trading
capital of Australia and promote its wealth.
But can we fail to see that if the ." ticket or
counter " be formed of paper, or some valueless
commodity, the whole of this newly acquired capital
may be applied as an article of commerce, in foreign
trade, while the " ticket or counter" is discharging the
function of money in the colony ? And again, as the
wealth and population of Australia increase, it will of
course require more " tickets and counters" to carry
on their trade, and exchange commodities. But
if they retain gold counters, who can insure
the increase of gold in proportionate quan-
tities ? But you may insure the increase of a
paper circulation to the exact amount adequate
to the requirements of the country. Now what
(let us say it with due respect to the
national intellect)—" what is sauce for the Aus-
tralian goose, is sauce for the British gander."
Let us hope that these gold discoveries, which
Providence in commiseration of man's ignorant and
infatuated worship of the " precious metals " has
brought about, will open our eyes to the true use and
value of silver and of gold. Useful and pleasant they
are as articles for man's service, and, as the Jews

applied them, for "tinkling ornaments" for the young
and fair. But as Locke said, " gold is not fit to be
a nation's money." It is not the money of commerce,
of progress, of civilised man. It has had its day.
Let us turn to a monetary system adapted to the days
in which we live. A representative money system,
based on sound philosophy, approved by science, and
carrying with it elements conducive to the prosperity
of millions of the working classes, and to the moral
development of the nation's greatness.—Derbyshire
Courier.

THE CURRENCY.
TO THE EDITOR OF THE "DERBYSHIRE coraiurt."
Chesterfield, April 22, 1852.
Sir,—As your valuable journal has so long taken the
first rank, and with so much talent and assiduity, as an
advocate for a change in the currency-laws of this
kingdom, I beg to enclose an appeal made to both
Houses of Parliament by the father of the late la-
mented Premier, Sir Robert Peel.
The argument appears to be so plain and so convincing,
it may, perhaps, induce your numerous readers to turn
their attention more generally to the subject, which ap-
pears to be of such paramount importance to the pros-
perity of the country at large.
I remain, Sir, yours truly,

NEMO.