The Sun.
London, England, 1864-05-25 00:00:00

IMPORTANT INFORMATION.

DR. ROBERTS' POOR MAN'S FRIEND
is confidently recommended to the Public as an unfail-
ing remedy for wounds of every description, burns, scalds,
chilblains, scorbutic eruptions, sore and inflamed eyes, &c.
Sold in rots. is. lid., 2s. 9d., 1 Is., and 225. each. Also his
PILULE ANTISCROPHULA, confirmed by sixty years'
experience to be one of the best alterative medicines ever
offered to the public. They form a mild and superior Family
Aperient, that may be taken at all times without confine-
ment or change of diet. Sold in boxes, ls. lid., 2s. 9d., 4s. ad.,
is., and 225. each.
Sold wholesale by the proprietors, Beach and Barnicott,
Bridport, by thy, London houses, and retail by all respectable
medicine vendors in the -United Kingdom and Colonies.

PHEASANTcmBERLIN,
S
ARKER RICE, PELLET D. S.
MEAT
REARING
AROMATIC
MEAL,B64HA
M EiAs
the
ttmEostVeffiEeSa,cpier;is-
pared with CAYCAR EXCELSIOR,
food for rearing and feeding Game, preventing gapes, snarls,
and death.
BOOKS on Feeding and the proper Management of Game,
from hatching to m.
turity, with over 200 testiaion'als from
the nobility and gamekeepers, with prices, posted free on re-
ceipt of two stamps, byllir. James Chamberlin, Spanish Wine
Merchant, opposite the Exchange, Norwich.
CHAMBER LIN'S CANADIAN POULTRY MEAL fbr
all the year round 16s. per cwt., including ha;*. The use of
this food keeps the chickens in perfect health ; and the in-
crease of eggs, of the richest colour and flavour, is marvellous.
Dog Greaves, 10s. per cwt. Please state price when ordering.
N.B.—Advices received daily of the efficacy of the Spanish
Meal and Caycars. One gentleman writes, " All my young
pheasants last season were sickly, and several died ; those
that were strong enough to eat your Spanish Meal recovered
in two days, and became fine and beautiful birds."

DR. SCOTT'S BILIOUS AND LIVER
PILLS.—A NEVER FAILING REMEDY.—Pre-
pared without any mercurial ingredient, from the recipe of Dr.
Scott, of Bromley, Kent, will be found invaluable to all who
suffer from bilious and dyer "omplaints, indigestion, wind,
-Tams, giddiness, dizzinciA of the eyes, &o. For habitual
costiveness, as a family aperient medicine, and as a purifier
of the blood, they ure truly excellent ; mild in their opera-
tion and tzratetul to the stomach, they create appetite, pro-
mote digestion, and strengthen the whole nervous system.
Sold by W. Lambert, 8, King William-street, Charing-cross.
London, and by most druggists, in boxes,ls. lid., and three
times the quantity in one, 2s. lid. Be sure to ask for Dr.
Scott's Bilious and Liver Pills. The genuine are a square
green paokage, with " William Lambert," engraved on the
stam.

MESSRS. BOTT, JACKSON, AND CO.
execute COMMISSIONS on all races throughout the
year. Market price guaranteed. Remittances. London and
Westminster Bank. Post-office Orders payable at Camber-
well-park.
Address—Bow and JACKSON, "Man of the World" Wine
Stores, George-street, Camberwell-park, London.

pRIZE ME D A L.-INTERNATIONAL
EXHIBITION, 1862.
FRANCIS TUCKER & CO., Wax Chandlers, &c., &0.,
To the Queen and the Prince of Wales.
(Established 1720.)
The Jurors' Report on Wax and Church Candles, in 1862,
testifies to ,he excellence of the quality of Messrs. Tuckers'
manufacture.
A distinguished Dignitary, in a letter addressed to Francis
Tucker and Co., on the subject of
WAX CANDLES with PLATTED WICKS,
says :
" I have found them fully equal to the recommendation
which you gave them, and can sincerely, in my tutu,
_I com-
mend them to the clergy for the use of the altar."
Finest quality, with latted Wicks, patented.. is. 2d. per lb.
Ordinary quality .. .. • • • • .. Od. per lb.
VEGETABLE CANDLES, with a Mixture of Wax.
Best quality .. • • • . Is. sd. per lb.
Second quality • • .. is. 3d. per lb.
Third quality • • .. Is. id. per lb.
Carriage paid in London on Orders of Five Pounds in value.
FRANCIS TUCKER AND CO.,
S, South Molton-street, Grosvenor-square. Manufactory--
Kensington (Established 1730).
The largest Establishment in England for the Manufacture
of Wax Candles for the use of the Altar

ESKELL'S INVENTION in
the construction of ARTIFICIAL TEETH has the
following advantages :—A set of teeth, of excellent work-
manship and mechanism, can be made and fitted with the
most perfect accuracy and success, in a few hours, without
pain or extraction of stumps, and to answer all the purposes
of mastication and articulation. They are fitted without
wires or fastenings, and adapt themselves so perfectly to the
gums, that they are quite immoveable, except at the option
of the wearer. Invalids or residents in the country can ad-
just these teeth to many changes of the mmath without the
are always
guaranteed. uaisclefoufl,aadnednwtisiltl.
laTstheayliaferetimnoet socliomabfloertto injury,
Trea-
tise explaining Mr. Eskell's Patent, &e., free for 7 stamps.
Inspection of specimens and consultations iree.-B,Grosvenor-
street, Bond-street, W, Pi 39, Bennett's-hill, Bir-
mingham.

THE . CREDIT MOBILIER (Limited),
89, Lombard-street, E.C.
Capital, £1,000,000, in 20,009 Shares of £5O each.
Subs.ribed Capital, .£500,000, in 10,000 Shares.
DIRECTORS.
Chairman—The Right Hon. James Stuart Wort'ey.
The Hon. T. C. Ha iburton, John Westmorland, EQq.
11. P. I Edward Warner, Esq., M.P.
Alexander Dunbar, Esq. chm.,es Ellis, Esq.
Ado phe Hakim, 1 sq Ja re, Levick, Esq.
Charles E. Newbon, Esq. Henry Pownall, Esq.
MANAGER.
Albert Grant, Esq.
BANKERS.
Mes-rs. Masterman, Peters, Mildred. and Co. London.
Messrs. Smith, Payne, and Smiths, London.
This Company is prepared to negotiate Government and
Municipal Loans, and to aid in carrying out Concessions.
To make advances on approved securities.
To effect the purchase and sale of Shares, Stocks, itc and
to transact financial business generally.
Also to receive money on deposit, for periods and terms to
be agreed upon.
Communications to be made to the Manager.
THOMAS SHORT, Secretary.
Temporary Offices, 80, Lombard-street, London. E.C.

THE CREDIT FONCIER (Limited),
60, Lombard-street, E.C.
Capital, £1,000,000, in 20,0-0 Shares of £5O each.
subscribed Capital, £500,000, in 10,000 Shares.
DlRECTORS.Chairman—The Right Hon. James Stuart Wortley.
Deputy Chairman—James Levick, Esq.
The lion. T. C. Haliburton, I Alexander Dunbar, Esq.
M.P. John Westmorland, Esq.
Adolphe Hakim, Esq. Charles Ellie, Esq.
Edward Warner, Esq., M.P. Charles E. Newbon, Esq.
Henry Pownall, Esq., J.P.

MANAGER.
Albert Grant, Esq.
BANKERS,
moronLeeyasehold Property in Great
Messrs. Masterman, Peters, Mildred, and Co.
Bank of London.
on the deposit of Title
DeedsT h is
ofC oamp
ppraonvye
dadv Freeholdances
Britain, with or without regular Mortgage.
Guarantees Titles or Securities, and, as Agent, negotiates
Loan = on Mortgage, for long or short periods ; also,
Receives Money on Deposit for fixed periods only, at rates
to be agreed upon.
Communications to be addressed to the Manager.
ALFRED LOWE, Secretary.
Temporary Office, 80, Lombard-street, E.C.

THE CURRENCY QUESTION,

TO THE EDITOR OF TUE SUN;

SIR,—In venturing an opinion on so important a subject
as that of the course which cught to be pursued in respect
to a monetary system for India, I do so in ignorance of
the customs and habits of the natives of that populous, rich,
and extensive dependency of the British empire, but with
an understanding that the silver which finds an entrance
into that country, either in the form of bullion or coin, is
sought after to be hoarded, or converted into ornaments.
Now, there is no possible means of staying or preventing
an extension of such a course, so long as the people of that
country continue to improve their condition. Whatever
may be tho amount of silver coined, it will be melted down
and disappear, so long as we continue our present system
of currency.
1 base all my argument on money on one broad principle,
and cannot understand that a sound and wholesome system
in one country can be insufficient in another.
I have ever been satisfied that the monetary system of
England is fearfully defective, and if evidence is required we
have only to suppose the same causes in force in England as
now exist in India to establish the fret: Let us suppose there
to be no Savings Banks in England, and no funded debt
where savings can be invested to afford art interest, is it not
reasonable to suppose that if the operative classes are in a
thriving condition they will hoard gold and silver ? and if
they were to do so, would it not effectually defeat our
present system of currency? If so, it follows that a
national debt savings bank or other securities affording an
interest, are absolutely necessary to prevent persons hoard-
ing the precious metals.
If a currency be based on a gold or silver rAawlartl, sus
the prices of these metals be fixed, there cannot be any
great demand for them without its causing a scarcity of
money, which we know from experience will depress the
price of all descriptions of wealth and throw labourers out
of work and cause great distress, and until the people are
reduced in circumstances they will not trench upon their
savings, or bring forth their hoarded gold and silver.
If measures were passed, giving to coin a higher nominal
value than the metals possess, and if they wore convertible,
the coin would be exchanged for bullion which would disap-
pear, and thus effectually destroy the whole system on
which our monetary system is based.

A stamp gives to a coin a perfectly distinct value from
that of the metal. So long as the stamp is respected a coin
will pass for its full denominated value as a piece of money,
although the intrinsic value of the metal may be little or
nothing.

The founder of Sparta made it a fundamental principle
that its money should not possess intrinsic value; and it is
notorious that whilst its coin was made of worthless iron—
iron purposely rendered worthless by being deprived of its
malleability—for which it was the scoff of surrounding
nations, the people of Sparta were the admiration of the
whole world, and so they continued for nearly 500 years;
but so soon as Lysander began to break through the severe
prohibition of Lycui gas against the use of gold and silver
money, from that time historians date the commencement
of her decline.

In respect to our silver
and copper
little or no respect has for very coins in circulation,y mayears been paid to
the intrinsic value of the metals. Many of the silver coins
in circulation are so worn that they are not worth so much
as when issued by 10 or 12 per cent,, it therefore admits
of their being greatly sweated, leving the knaves and
swindlers a large profit. And in respect to our copper or
bronze coins there are many
of theftnot worth so much
in metal, as the sum they represent by 60 per cant, pieces
are punched oat of them, and slices cut off, without in any
respect taking from them their character as pieces of
money, or as of an altered medium of exchange.
It is well understood in this country that by our present
laws a pound currency is 123 1-274 grains of gold of stan-
dard quantity (that is to say, it contains about the 1- 12th
part
g and a penny are fractional
partsalloy), and that a shilling
of such gold pound, the silver and copper (or bronze)
coins
Why (if the coins before mentioned are mere tokens,
representing a value that does not respectively belong to
them) should not the Government take measures for check-
ing dishonest practices with the silver and copper tokens,
by issuing them so depreciated in intrinsic value as not to
expressed.
Why s beingre nothing more than tokens representing the
ssed.
admit of their being sweated with any great advantage,leav-
ing the silver ones, however, of such worth as no to make
it a source of profit to forge or coin them.
We learn than in China or Japan there exists a paper
currency with notes for a less sum than a farthing. Where
would have been the real
f value
ethe
giving
e
giving
ffisuc dih
noteserence a nominal value had been
ff if instead of paper the
leather, worthless iron (as in Sparta),
iinntErinnagi;
advantage hi. having a small
value of the materials, whilst all of them would equally re-
present the sums expressed•
ac; Eng-
land) stampn
tdxo affixed,
os copperritonficpgeaur orrcee hhhn ibereoennftz,
them
h oe f
m little
e would
d intrinsic
circulate
metallic coin as compared with an equally small paper cur-
rency, since it is not liable in a like degree to wear and tear,
There is undoubtedly an
or to be lost.
All trade was originally conducted on a principle of barter,
and there can be no departure from it so long as credit is
not afforded, and one product of intrinsic value is exchanged
for another—no measure of legislation can change a trans-
action of barter into moneyA stamp attached to a piece
of gold only guarantees the purity of the metal. There is no
universal law which constitutes the precious metals money ;
therefore it follows that the acts of one nation are not
an act of Parliament has no more
binding on another, and
control over the currencies of the world than an ant of
the natives of Australia would have over the currency of
England.
An English gold coin of full weight, called a sovereign,
circulates as a piece of money for a pound, the stamp con-
stitutes the piece of money a pound, and the gold on which
the stamp is impressed is of the value assigned to it by the
stamp. There are not two values attached to a sovereign—
the stamp attached to a Ikea of gold does not add one
farthing to the value of the metal. It is true, an act of
Parliament renders the stamp on a gold coin inoperative
when it has lost a given weight, but it takes nothing from
the intrinsic value of the gold remaining ; .the stamp is
cancelled, but the gold, like silver or anything else, is left
as a oor.modity to find its Value in the market ; its price,
however, which measures the value of the gold, and which
belong to the stamp, is fixed.
In the case of a Bank of England note for £5, it retains
an unaltered nominal value so lent; as it continues in circu-
lation, however much it may be torn or soiled; if, however,
it were possible to give to the material of the note an intrin-
sic value, either to the full amount of £5, or only to a part
of that sum, questions would certainly arise (if a note were
torn) whether persons should adhere to the nominal or intrin-
sic value. If an English coin called a
sovereign be used in
payment of a debt for the sum of a pound, the debt is dis-
charged in substance; or if it be exchanged for something

ment was to be made at a future time, would place himself
in a position to lose that payment, either from death or
other causes, if, however, a document were framed which
was intelligible to the generality of persons either in
heroglyphics, words, or figures (possessing in itself no
intrinsic value), such document (as a medium of exchange)
would be money; it would express something of value
which any one would be at liberty to interpret as he thought
fit; if in gold, the sum or quantity would be equal at the
moment to so much corn or cloth, and if in corn or cloth, to
so much gold, silver, or anything else. A document such
as this is money, and it might be used over and over again
in transfers of wealth, increased security being given to it
on every occasion of a transfer, by an endorsement of the
party parting with it. It is quite possible a document such
as described might be so placed as not to command a tenth
of its expressed value; in such case he who parted with it
would lose nine• tenths of its value, whilst he who obtained
the bill would, on presenting it for payment, reap the whole
advantage.

The object of all persons in a commercial country must
be to insure a currency which will not be open to great
changes, and of a nature to admit of its being generally re-
ceived. If then credit notes be the foundation on which
all monetary transactions are based, it will naturally follow
that such credit notes should be rendered as secure as pos-
sible, so as to make them readily negotiable.
A very large number of bills or documents such as de-
scribed, intended to afford credit to debtors, may be held
by parties whose necessities do not compel them to discount
them—they are therefore kept in their possession until they
arrive at maturity, when they are discharged without their
having ever appeared in circulation.
In cases, however, where a creditor cannot conveniently
wait until a bill becomes due, he will part with it in pay-
ment of a debt, or in the purchase of commodities. A very

large amount of business is transacted in this country
through the medium of this description of money, to which
no limit has as yet been attempted, and, by a return of
stamp duties (some years since), it was estimated they ave •
raged during the year the enormous sum of £500,000,000.
Although a person making payment of a debt by means of
such bills of exchange, transacts as much business as if he
had held Bank of England notes or gold, yet he may occa-
sionally experience a difficulty in getting a creditor to ac-
cept payment in bills, which (apart from the trouble itmight
give him to search out parties on whom the bills are drawn)
may appear to him of a questionable character. Under these
circumstances of doubt, a creditor might first require a
debtor to affix his signature by way of an endorsement, and
as an additional security to such bill by such a proceeding,
not only the acceptors, but the drawers of the bill become
liable for the fulfilment of the engagement entered into and
expressed therein ; and if the bill be again parted with in
conducting mercantile affairs, they obtain further security
from having attached to them other endorsements, since
every person so endorsing a bill senders himself personally
liable for the sum expressed as much so as if he had given
his own acceptance for the amount. As, however, bills of
exchange are of uncertain amounts and not readily nego-
tiable at a distance from the place where they may be pay-
able, much inconvenience is experienced in using them, not-
withstanding the whole system of money is based on such
credit notes or documents.

I now propc,Q.> holy- ouch bill,' S c., miSl t 120
dealt with in India so as to afford to the whole of that ex-
tensive and populous empire a currency equ'll to all the re-
quirements of the Government and necessities of the people.

There is no great novelty in part of my scheme if viewed
in connection with the mode 3f conducting business by the
Bank of England, unless it be that the Bank of England is
compelled to pay all its notes in gold at a fixed price, whilst I
propose that the Bank should not deal in gold which should
be suffered to find its price in the market, and whilst I
contend that an issuing bank should have its rate of inte-
rest or discount fixed, the Bank of England is not restricted
to any fixed rate of discount; the discount therefore alters
as much as five hundred per cent., making money at one
time too abundant and at other times scarcely attainable.

Let us suppose a large number of persons in India with
great wealth (based on Government or other national
securities), composed partly of Europeans and partly
of natives, to combine and establish a bank (a com-
pany for guaranteeing the security and payment of bills
of exchange) and let there be a board of direc-
tors chosen, composed of persons supposed to be most con-
versant with mercantile affairs, and best qualified to
determine the nature and quality of bills of exchange in
different parts of the country, such as may be presented at
the bank for discount, confining the business of such bank,
or company, to the discounting such bills as the directors
may approve, having no more than two months to run at
the rate of 5 per cent per annum, leaving the rate of in-
terest or discount open to fluctuation with other banks and
on the money market. A bank, such as deciibed, would do
nothing more than substitute one sort of paper money for
another. Such a measure would effectually prevent the
rate of discount rising above 5 per cent, on good security,
and consequently there could never be a scarcity of money,
whilst on the other hand, if there happened at any time to
be but a trifling excess of money in the market, it would be
exhibited by banks and others finding a difficulty in ob-
taining for it 5 per cent., and any abatement in the rate of
discount out of doors would have the effect of stopping any
further extension of a paper circulation by the issuing bank ;
and as the bills becoming due, would probably be at the
rate of £5,000,000 weekly, the amount would, in a few days,
be so diminished as again to raise the rate of discount to 5
per cent.

- There should be but one bank of issue in India, and i.
the Government required an advance of money the ban
should give it on the deposit of Exchequer Bills, at the rate
of discount above stated, unless it could be obtained from
the public at a lower rate, and that these bills should not
have more than two months to run, be limited in amount
by legislative measures, and be paid off as the revenue was

collected. Assuming the director to act with equal pru-
dence and judgment, as the Director of the Bank of Eng-
land, there is every reason to suppose (as every note in cir-
culation in India would be affording an interest of 5 per
cent. per annum) that the shareholders would be returned
the ;2terest on the stack transferred into the names of the
director or the bank, and, in addition, be paid 5 per cent.
per annum, mere
for the risk incurred in guaranteeing mere,'the
payment of mercantile ; they would thus be entitled to
8 per cent, in lieu of 3, with very little risk of loss. As a
proof how little is the risk of los: in England, it is only
necessary to remark that £lOO bank stock is worth £240,
because it affords an interest of 8 per cent.
It has been suggested to me that if such a
Ink had the
power of issuing, I have now to point out what inat:cement
could be held out for persons with great wealth to coni;Jne
to form such a bank. e

As there will not be required any advance of money, ex,
cept for the construction of a banking house, the original
capital of the shareholders would be introduced, being in-
verted as a reserved fund.
There might be 20 or 50 millions of Government secu-
rities affording an interest of only 3 per cent. to proprietors
transferred into the names of the director of the bank, as a
security against any losses the bank might sustain from mis-
mangement, and issuing an unlimited amount of paper
money on discounting bills at 5 per cent., it might lead to
such an extension of trade, and such an advance in the
rates of wages and in the prices of commodities, as would
generate a further and an indefinite requirement for money
at that rate.
This suggestion is worthy of consideration, as there can
be no doubt but that if the operative classes of this country
were fully employed, so that needle women were afforded
sufficient means of earning a living, by taking the places of
men in shops, and in some cases following agricultural pur-
suits, as they did in France during the war with this coun-
try, and that the workhouses were relieved of ablc•bodied
paupers, it could not possibly be effected without causing a
general rise in the wages of labour, and consequently in
the cost and price of the commodities producz d. Thus,
then, more money would be required, not only to pay an
additional number of labourers and a higher rate of wages,
but as commodities would be in increased quantities, and
command higher prices, a very great increase would take
place in the amount of bills of excnange, for a sum of
£l,OOO would possibly rt:Tresent, in a time of great pros-
perity, but half as much pk:oduce as in a time of great ad-
versity and depression.
But the question here arises, are we to keep down the
wages of labour, prevent needlewo:len obtaining
other
occupations which will afford them more
than a bare exist-
ence, and limit the quantity of riches which ~..-gight pro-

duced by additional labour, for the object of insuring to
annuitants, landlords, and others, an unchanged or an in-
creasing means of living? or shall we admit of an increased
production of riches, and legislate to afford to annuitants,
landlords, &c., such an increase of interest or rental as
would keep pace with any increase in the nominal prices of
products ?
Why should any class of persons be prejudiced when the
actual products of the nation are being increased ? If a
standard of value of any sort is adopted for the purpose of
insuring to annuitants, &c., an unchanged means of living,
it is immaterial what that product or standard may be ; the
intention in the selection of a standard of value is to insure
an unchanged price, not only of the product selected for a
standard, but an unchanged price for other things (so far
as seasons and improved means of producing them were
concerned) which cannot possibly be effected without its
controlling the wages of labour, which are the means of pro-
ducing those things.
Why are we now to pursue a different course from that
which has been in operation throughout the world from the
earliest periods of history. We are told there was a stand-
dard of value in the time of William the Conqueror, and that
a " pound" meant a pound weight of pure silver. A pound
weight of silver, like a pound weight of gold, or a pound
weight of lead, is not an expression' of value ; the value of
one may alter as much as the value of the other, and if a
promise be made by oneTerson to another to pay or deliver
to him a pound• weight of silver or a bushel of wheat, the
payment is determined by the article named—it is for the
time being a standard; but the pound of silver no more de-
termines what shall be given to a labourer as wages for a
day's work than does a bushel of wheat; it is only when
money in circulation is controlled by the quantity of gold
or silver in deposit in the Bank that the price (not the
weight) operates beneficially or injuriously on trade.
Had there been a standard of value in the time of Wil-
liam the Conqueror, as there doubtless was a standard for
number, one could not have become three—a pound
weight of silver, "a pound," could not have become three
pounds, two ounces, or three pounds, four shillings. There
was no standard of value in the time of William the Con-
queror either in this or in any other country; there was
none in 1717 when Sir Isaac Newton was Master of the
Mint, as is proved by a letter of his to the Lords of the
Treasury stating that the price of silver altered as much as
fourpence an ounce, not measured in gold, but in the ideal
unit, the pound of account.
In reviewing the foregoing lines I would observe that a
bank such as proposed would not create money, it would do
nothing more than substitute one sort of paper money, a
paper credit, for another.
_ . _

The Bank of England does not create bills of exchange
(which are uncontrolled in amount, and are instruments
of credit, and by credit nine-tenths of the transactions of
the country are carried on) it only operates by alteration in
the rates of discount, to throw more or less discredit on
such bibs. If the Bank of England were to discount
every bill of exchange said to amount at all times to
£500,000,000, there would be a less amount of money (paper
credit) in circulation by five per cent. than !f the bills were
not discounted; and if there were no Bank of England and
a banking system were unknown to us, bills such as de-
scribed would become common instruments for the transfer
of riches where credit was afforded.
A bank note is well known to every one ; it is received
in payment of taxes by the Government in all parts of the
country, and by landlords, &c., in discharge of rents,
tithes, &c. If, then, such notes were issued by a company
possessing enormous wealth, in exchange for bills by indi-
viduals whose names were unknown except to the di-
rectors of the company, where could such an injury be
inflicted ?

The public, in a case such as described, would have no-
thing whatever to do with the affairs of the Bank, except being
at liberty to change large notes for small ones, or vice versa,
and such as might be much worn or soiled, The business
of the Bank would be strictly confined to discounting bills
such as the directors approved, and receiving payment for
them in notes itsued when they became due, in which
case the bills and the notes exchanged would be cancelled.
There should doubtless be in India a small metallic cur-
rency of coins below the intrinsic value of the metal for
small sums inconvertible into gold or silver except at the
market price.
If under these circumstances there should be an excessive
demand for silver, the price would continue to rise until
checked, when a reaction would take place, and the hoarded
silver would be brought forth, for those who had bought
it at a low price would be willir g to realise a profit.

CHAS. ENDERBY.

4S, Devonshire-street, Queen-square,

SPORTING INTELLIGENCE.

EPSOM RACES,-TUESDAY.

The approach of the great Epsom event suggests but
few remarks. Last night the situation appeared to be un-
changol. The report from " the Corner" gave the favour-
ites as firm, but mentioned an apathy and want of spirit
in the betting somewhat singular. Blair Athol, that mys-
terious dark one, added another chapter to his history by
being in demand at 10, and soon after dropping rapidly
away to 14 to 1. This and the advance of Mr Hodgman's
outsider Valiant were the only noticeable features, But
this morning on arriving on the Downs a filip was given to
the proceedings by a sudden jump made by Mr Merry's
horse, who soon after the commencement of business dis-
possessed General Peel, and was installed first favourite at
sto 1. His party were very sanguine, and indeed, if half
of what is said about his performances be true, we must
consider the Derby as a foregone conclusion. The other
leading favourites of course suffered from the Chief's sudden
elevation. Ely after the race for the Trial Stakes, in which
old Fairwater cut down her horses as she liked, and Isoline,
we are sorry to say, broke down so badly that he racing
career is likely to be terminated,. came into favour at 16 to 1,
but speedily retreated to his old price. Umpire happening
to be in good temper did not shut up when collared by Jane
Shore in the Brighton Stakes, but won, after a clever race,
by a head, the others placed making a good finish. There
was some interest attached to the I,Voodcote, though a com-
paratively small field came to the post for it, one of the best
looking ones being a North Lincoln filly of Baron Roths-
child, with some of the points of her sire about her. She
ran, however, rather raw, Gardevisure repeating her victory
here in the spring rather easily,
The Derby betting had been very brisk during the after-
noon. The Scottish Chief, after the sudden rush above-'
mentioned, towards the middle of the day declined, and
General Peel again assumed the lead. There was little al-
teration in the others, Of the outside division Valiant was
most in request, while the Danebury hero has received his
coup de grace.
The course presented that business appearance always
characteristic of off days at Epsom. The Hill was bare,
awaiting the crowds that will cover it to-morrow. It is
undoubted hard going, but not so bad as some anniversaries
have seen.
The Craven Stakes of 10 soya each, with 50 soya added,
for 3-yr-olds and upwards ; weight for age. The last
mile and a quarter of the new Derby Course. 7 subs.

Mr Cartwright'sFairwater, 6 yrs, 9st lib, (Fordham) 1
Mr Barber's Cutaway, 3 yrs, 7st 41b. .. (J. Grimshaw) 2
Mr Longueld's Blarney, 3 yrs, 7st 71b. .. (T. French) 3
Lord Glasgow's Flutter colt, 3 yrs, 7st 71b..... (Doyle) 4
Mr Naylor's 'saline, 4 yrs, Bst. 911). (Challoner) 0
Betting—Even on Blarney; 9 to 4 agst Fairwater ; and
7 to 1 agat any other.

Fairwater, despite her weight, jumped away with a clear
lead, which she increased to half a dozen lengths as they
reached the mile post, Blarney going on second, with Cut-
away next, the Flutter colt and leoline lying away until
they entered the straight, when the latter broke down so
badly that Challoner could with difficulty save her from
falling. Crossing the road, Fairwater's lead gradually
diminished, and she was joined by Blarney and Cutaway,
the three running in company to the distance, where she had
all her horses beaten, and won in a canter by half a dozen
lengths; a bad third.
The Drighton Stakes of 10 soya each, h ft, with 100 soya
added (12andicap), for all ages ; winners extra. Three-
quarters of a mile. 50 subs.
Lord Coventry's Umpire, aged, 9st 71b ..... (J. Adams) 1
Mr J . Saxon's Jane Shore, 3 yrs, sst 121 b (J. Grimshaw) '2
Mr F. Fisher's Reindeer, 6 yrs, Bst 121 b (llibberd) 3
The following also ran :--Vivid, Moulsoy, Humphrey,
Creole, Budworth, Madame Walton, Perquisite, Waterloo,
Vabalathus, Castle Hill, Lady Emma, Beadle, Templar,
Alea, and Lady Fanny.
Betting--5 to 1 agst Jane Shore, Bto 1 agst Vivid, 10 to
1 each agst Moulsey, Umpire, and Madame Walton, 12 to 1
agst Templar, 100 to 8 each agst Reindeer and Waterloo,

and 100 to 7 agst Creole.
Several failures preceded the actual start, in the first of
which Waterloo, Reindeer, Umpire, Alea, and Vabalathus
ran to the bend before they could be stopped. When fairly
settled in their places Jane Shore, lying in the centre, came
on with a slight lead of Vivid, Umpire, RanninddLelrdiyTee:fPdle::
Castle Bill, and Lady Emma, the next division being
headed by Moulsey, Humphrey, Beadle,
Madame Walton acting as whipper-in. Rounding the bend
into the straight Jane Shore somewhat improved her r 0;,;_
lion, Vivid at, the same time giving waY to Col. 'Fowro,,y,a
colt, who, in company with Umpire, Reindeer, and Maul.
sey, followed the leader to the enclosure, where they closed
up and ran locked to the stand, where Umpire, got up and
won a splendid race by a head, a like distance separatinc,
the second and 'lard, Castle Hill, who was disappointed in
gett'ng through in the last few strides, and had to be stopped
to avoid an accident, finished fourth, close up ; Moulsey
was fifth, Beadle sixth, and Vivid next; then came Hum.
phrey,
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Betting-6 to 4on Corinthian Tom. They Le Ain s
company to the distance, when the favourite drew away and
won very cleverly by a length. The winner was not sold.
The Woodcote Stakes of 10 soya each with 100 sovs added,
for 2-yr-old colts, Bst 101 b, and fillies, Bst 71b ; the owner
of the second horse to receive 25 COVE. New T.Y.C.
Three quarters of a mile. 48 subs.
Mr R. Sutton's Gardvisure . (Thomas) 1
Count Lagrange's La Fortune (A. Edwards) 2
Count Batthyany's Puritan (Oust ance) ;1;
The following also ran :—Doeford, Lytham,
Lovelace, Blooming Heather filly, Benancar, Pirate, Wed-
ding Peal, Juneaton, and Pilgrim.
Betting-5 to 4 agst Garth!visure, 3to 1 sgst Blooming
Heather filly, 8 to 1 agst Puritan, 100 to 8 each agst Becaa-
noar and Eltham, and 12 to 1 agst Wedding Peal.
Lovelace on the extreme right was the first away, and
came on with a clear lead, followed by Puritan.. Pilgrim,
and the Blooming Heather filly, close up with whom was
the favourite, La Fortune, ant chesterfield. They ran thus
to the road, whore Lovelace dr;,pped away beaten, leaving
Puritan, with the Blooming Heather filly cra his left, ira
possession of the lead, which they retained to the half dis-
tance, when the Baron's filly beat a retreat, and La For illy()
and the favourite cline on in attendance upon Puritan to
the stand, when the latter came out and won very cleverly
by half a length, two lengths separating the second and
third ; Pilgrim was fourth, close up, the Blooming Heather
filly fifth, Benanoar sixth, and Lovelace next, Pirate and
Wedding Peel being close in their wake. Doeford was last,
beaten off a long way.
a free handicap of 20 soya each, 10 ft, with
Th2eoOltseonva Ssatdakdeeds: for 3-yr-olds and upwards; winners ex-
tra. One mile. 22 subs.
Count Lagrange's Jarnicoton, 4 yrs, Bst 81b (A. Edwards)• 1
Mr G. Bryan's Lucky Star, 3 yrs, Get 31b...... (Carroll) 2
Mr. York's Lytham, 3 yrs, 6st 31b (Loates) 3
The following also ran :—Stockowner, Amazonian,
Amelia, Wine, Bangle, Lady Hylda, Bay Celia filly, Aunt
Judy, Danaus, and Bittern.
Betting-2 to 1 aget Amelia, 7to 1 each agst Janicoton
and Lady Hylda, 10 to 1 each ()line and Stockowner, 12 to
1 (at first 3 to 1) agst T ”ek. Star, 100 to 8 aget Denims,
and DO to 7 agst Langee.
Jarnicoton cut out the work for a few L.:Ad:a, when he
was pulled back, and the running was taken up by the Bay
Celia filly, the Frenchman going on second, Lytham third,
with Lucky Star at his girths, the rear division being
brought up, under the command of Stockowner, Amazo-
nian, and Amelia, nearly abreast. On reaching the road
the Bay Celia filly gave way, and Jarnicoton came on with
a clear lead, followed by Lytham, Stockowner, and Lucky
Star to the stand, where Mr. York's colt died away, leaving
Lucky Star in attendance upon the leader, but without a
chance of success, Jarnicoton winning with great ease by
a length, two lengths dividing the second and third; Stock-
owner was a good fourth, Lady Hylda fifth, the Bay Celia
filly sixth, with Danaus and Amelia close at their heels,
who was whipped in by Aunt Judy and Bangle.
The Heathcoto Plate of 50 Boys; weight for age; winners

extra. Half a mile.
Capt. Christie's Lady Clilden, 6 yrs, Bst 71b..(Fordham) 1
Mr Savile's La Mechante, 2 yrs, sst 121 b (J. (irrimshaw) 2
Marquis of Hasting's Attraction, 3 yrs, 7st 101 b (Judd) 3
The following also ran :—Courage filly, Loafer, Rein-
deer, Potash, St. Alexis, Vixen, Treachery, Hesper, Lady
Fanny Cavendish, and Gamma.
Betting-2 to 1 agst Attraction, 9to 2 agst La Mechante,
5 to 1 agst Lady Clifdea, 6 to 1 agst (lemma, and 8 to 1
agst Hesper.

The latter, in company with Lady Clifden and Gemma,
got away in front, closely followed by La Mechante, who
headed the ruck, the last of whom were the favourite and
the Treachery colt, who got off on very disadvantageous
terms, the latter being left at the post. On reaching the
dist ince Hesper gave way, and the two•year-old obtained
the second place, followed in a few strides after by Attrac-
tion, who, having made up her lost ground, appeared to be
catching the leaders at every stride, but dying away at the
stand, the rase was left with the two, Lady Clifden defeat.
ing the young one at last by a neck ; Attraction finished
third, a couple of lengths in their rear. The others were
widely spread, and pulling up as they passed the judge.