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

period of twenty-three years was not a golden pound,
it was the "one poun ot the Birk of Eng.
land, and the value cf it was such, that th,:tigh no
corn-law existed, wheat sold in this currency, on au
average of the whole period, for 80a. per quarter, or..
10s. per bushel. The " one pound note" then was
worth exactly two bushels of wheat, and this, if you
abolish the present gold pound and substitute the
princip • le of a corn pound, is the value to which the,
fundholder is entitled for each of the pounds lent by
him to the nation;_ But 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 483. or 503. a quarter. There is no question
then but that the fundiaolder has been enormously
overpaid if you adopt, without qualification, the corn-
rent principle now contended for by ..Colonel
Thompson. --
_

r

SPORTING NOTES.

No. CC.a.
ANALYSIS 'OF THE T TEN TY-NINTH CHESTER
Q_UP, &e.

TO THE EDITOR OF THE SUN.
rernarks. 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 run Ibut 44 very unlikely.. Father Thames being
also a doebtful starter, Fifius 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
Hobbie I feel inclined to consider it a very even affair
between DANIEL O'ROURKE and Punts; one or other,
to my thinking, being the certain winner of the great
race of Tuesday Deja.-
TRE CHESTER CUP
is now in its twenty-ninth year, having been established
in 1824, when the six years old Doge of Venice carried
9st 21b 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 home an easy winner with 6st
upon her back. From that period to the present time,
with the exception of Corranna's Bst 91b in 1846, and
St. Laurerice'sfist 101 b in 1847, the light weights have
bad it all their own way, and are likely to be in the as
again this year.
This Handicap, decidedly the first one in importance
of 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 any note to
knock their class over.

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 coinmodi-
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, silks, fruits, and spices ; oil°, tallow, timber,
tea, sugar, hemp, flax, cotton, &c., 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, lam 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, but
as some part of the debt has been paid off since the
war terminated, I think it probable that not more
than 550 millions of the present debt was contracted
since 1793. Taking it at that sum, as each 173/. of
the debt only realized the nation 100/. in money, it
follows that 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 sum borrowed was 636,000,000 bushels
of wheat, or 79f million quarters. This 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 hand; 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 544,500,000/. Secondly,
each of these pnundq, with wheat 'at 42i. per quarter,
being worth 31 bushels, it follows that the
544,500,0001. is equal to 2,041,875 000 bushels of
wheat, or upwards of 255 millions cat quavers, in-
stead of 793- millions at quarters. H ,w, then, the
Hon. Member can make out that the fandholders,
who can this- day at their pleasure command 255
million quarters of wheat, or its equivalent, for the
79f million quarters lent, have been underpaid sur-
passes my utmost stretch of imagination to conceive.
But, perhaps, it may be corvended 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 aquivalent 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
and 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 yearsie equal to the payment of the
dividends on 550 millions for,32years,- tvelake leave
to affirm that the payment of interest in the pound of
diminished value was no underpayment at all, 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 this 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 150/. 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 any one else to complain that his " pound " of
dividend would not realieo him as much of com-
modities as before. It was right that it should be so.
Let the bullionists 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, tben, 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.

A. TAYLOR
has four animals in the acceptances—Clincher, Con=
Lessor, Storyteller, and. Water Lily. The first•named, at
9st 31b, is completely out of the race; Confessor, at a
stone less, is no better off; Storyteller is a wretched
brute; and Water Lily, at the feather of 4st, would
seem to be the pick of the basket. The winner, how•
ever, will not be found in this lot.
JOB MARSON

has a trio—Nancy, Eliza Middleton, and the High She-
riff. Eliza Middleton will stop at home; the other two
will run. The mare, at 9st lib, though strongly fancied
by the public and the owner, is not at all attractivo to
me. I consider her winning to be pretty nearly an im-
possibility, although I expect that her well-known game
and speedy qualities will enable her to finish in the front
—prrhaps in the third or fourth place—no nearer. The
High Sheriff at sit 6lb is ,more dangerous in my opinion
than Nancy, if in first rate fettle on the day; his weight
is a few pounds too_ much, or I should take him at
,once as a likely winner. He will run very forward.
MURPHY'S

trio, RUssborough, brother, and the Earl of War.
wick, will he represented, I believe, by the first named;
his weight, however (Bst 71b), will stand somewhat in the
way of victory, yet more apparently impossible things
have taken place in this world than his winning,
- -E. PARR
has hal f-a-doz in Cup nags in his stable. namely :—Monn-
lain Deer, Black aictor, Jahn of Berwick, filly by Pan-
taloon, Richard Primer,_ and the Old EDgliell Oak. Of
course,. RaintathDer or the. Black D -ctor be the
,
repi.es6ntative of the stable; which, I wall not attempt to
say; but this much Ivan state, that neither will win.
-JOHN DAY

has a couple only this year—Pitsford and Hothorpe,
the latter the representative of the stable, and a very
dangerous one withal. His running last year was, to use
a vulgar phrase, " all my eye;" on this ccoasion, it
not the absolute A"1, he will be in close contiguity to
whatever may be • the winner. He is in first-rate form
and mischief is meant with him.
W. SCOTT
has Truth and Koh-i-noor in preparation, but which will
run it is impossible to-tell; I have but a very small opi-
nion of either fur this bout.
WADLOW'S
string consists of Alonzo, Candlewick, My Fancy, Lady
Amyott, and Barley Sugar. This is quite out of
Alonzo's distance; Candlewick is too stale; My Fancy
carries some eight pounds too much; Lady Amyott is in
the same pickle, and, though knowing nothing of Barley
Sugar, am not by any means sweet upon her.
ESKRETT'S
batch, though not very crack, is strong in number, and
consists of Aphrodite, Payment, Harp, Heriot, Ingrati-
tude, and Surprise. Ido not expect that we shall be
surprised by .seeing a winner spring from this lot; the
top weight, Aphrodite not being quite the thing, and the
rest too trashy to accomplish aught.
JOHN SCO FT'S

-
Backbiter, at 7st 121 b, won't do here Mr. Ferguson.
PECK
_ _ _

stands but little chance this time, as he will have only a
nibble with La Fiancée, Cossack having been scratched
yesterday.

- . - TOM DAWSON'S
lot comprises Mark Tapley. Raby, Consolation, Cyclops,
Stilton, Galvanism, and Burndale. It is expected that
Stilton will be the only runner, end at sst 81b, looking
at his performance at Epsom, his chance would seem
to be a very good one; but when it is taken into con-
sideration of what little service his raking stride will be
to him on the round-about course of the Roodee, I am
inclined to give the preference to one of his small com-
pact rivals, who are sure to be more at home on a course
of this nature than a long-strided animal; but as the
stable are remarkably confident of pulling through with
him, and as he will probably finish forward, I should
advise his beius 1.1.1
DILLY'S

hopes are centered in Scarecrow, Ariosto being a non-
starter. The former at 4st 71b is a remarkably dan-
gerous looking aLimal, and, in my opinion, if up to ill 2
mark on the day, which he is said not to be now, will
probably polish off most of his juvenile rivals.
"(To be continued.)
I am, Sir, yours, c,,
TUE&c., SPIRIT OF TEE TURF.
April 22, 1852.

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 too great a length the questions in-
volved in the first half-dozen of his resolutions, but
confine hitnself to tho,,e latter ones, which would tend
to promote a system of currency which would dojos
Lice to all CLIS,E.S, both cieditors and debtors. These
latter resolutions are an approximation to such a sys-
tem, and though we are startled at the idea of a
completely incontrovertible currency, and one which
his 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.—l am, Sir, &c.,
EDWARD CAPPS.

SPORTING iIsITELLIGENCE.

The Derby Trial Plate of 100 says., added to a Sweep-
stakeYOßK SPRING -ME& riNG.—WEDNESDAY.
of 10 sovs. eisch, for tbreo yrs old; colts, Bst 71b;
fillies, Bst 21b. One Mile and a half. (12 Subs.)
Sir C. Monck's Gossamer (J. Marston) 1
Mr. J. Oanorne's Lady Agnes ..•••• (J. Osborne) 2
Mr. Nentlorth's Hsfed (Bucaby) 3
Mr. Hide's Maid of Lincoln ..................(Charlton) 0
Mr. Eedley'e Conrad (F• Marion) 0
Mr. Siegleton'e Dalton (Templeman) 0
Betting-6 to 4 apt Gossamer and 7to 2 agat Conrad.
second and third, the others beaten off. Run in. 2 min.
Won in a canter by two lengths, half a length between
46 sec.
The York Spring Cup, of 100/., added to a Handicap of
10 soya.; each, h ft- One mile end a quarter.
Mr. Morris's Vatican, 6 _yrs, Sat 121 b ...... (F. Butler) 1
Mr. Pedley's Paquette, 4 yrs, Est 121 b ...(Charlton) 2
Mr. Barton's Calculator, 4 yrs, 7st 51b...(G. Oates) 3
Lord Zetland's Radulphus, aged, Bst 71b (J. Mason) 0
Lard Derby's Iris, 4 yrs, Sat 31b . . .......... (Holmes) 0
Mr. Allen's Saxon, '4 yrs, fist 121 b (E. Harrison) 0
Mr. H. Walter's Agnes Wickfield, sst 81b (Carroll) 0
Betting-5 to 4 agst Paquette, 7to 2 apt Radolphus
and Calculator, 4 to 1 eget Agnes Wickfield, and 7 to 1
agst Vatican.
--_______
Won by a length, the same between second and third,
THE GREAT NATIONAL _EXHIBITION
the others beaten off. Run in 2 min. 16 sec.
_ AT CORK.
the
The committee of this great national undertakin e Tyro Handicap of 5 soya. each, and 40 added, for
two yrs old.
g Mr. H. Brown's Rettlecap, Bst 31b (T. Dodd) 1
met again on Tuesday, at their rooms, Stephen's green, (Skeene) 2
Mr. Meiklam's Ada, Bat Mr. Bell's Anna Eliza, Set 71b
Dublin; Lord Talbot de Malahide occupying the chair.(Lye) 3
The meeting was a numerous and highly influential one. Betting-7 to 4on Anna Elizs. Won by a length.
After the transaction of some routine business, Run in 52 secs.
Mr. DEANE, the honorary secretary, read a letter from
Mr. C. P. Roney, enclosing a cneque from Messrs. The Eglinton Stakes of 10 soya each, and 50 added for
two yrs old; three quarters of a mile. (14 Subs.)
Briggs and Co., of Primrose-street, London, the largest Lord Derby's Longbow, 3 yrs (F. Butler) 1
oil merchants in the empire, and the contractors for the Mr. John Osborne's Lady. Agnes, 3 yrs (J. Osborne) 2
Mr. John Osborne's Lambton, 2 yrs
supply of oil to many of the lighthouses, &c., both in (Wells) 3
England and Ireland; and a subscription of 51. from Mr. Betting-410 lon Longbow. Woa easy, Lambton a
Charles, Geach, M.P. He had received (es honorary bad third. Not timed.
secretary to the Dublin committee) free passes upon the The Consolation e Scramble of 50 sore, added to a
Great Southern and Western, Dublin and Drogheda, Handicap Sweepstakes of 5 soya. each. T. Y. C.
Belfast Junction, and Ulster Railways. Availing him- (4 Subs.)
self of this privilege, so liberally conceded, he had pro-
ceeded to Cork, so as to be present at the meeting of Mr. J. Osborne's The Puritan, 3 yrs, bat 71b (Wells) 1
Familiar as he
the snb-committee at Cork on Monday. On his arrival. Mr. H.Walter's Agnes Wickfiold, fistl2lb (J.Osborne) 2
Mr. Martinson's View Halloo, 6 yrs, 9st...(Simpson) 3
he had immediately inspected the Exhibition building,
accompanied by Mr. Benson and Sir Thomas Deane. Mr. Cook's The Red Lion, 3 yrs, Est ...... (Aldcreft) 4
Betting-6 to 4 agst View Halloo, 2to 1 agat Pa-
souther
ception of the extent of the works already completed,
was with the building, he had no con- ;
Titan, and S to 1 agst Agnes Wickfield.
and of the magnificence of the building. It presented Won by two lengths ; a head between the second
an uninterrupted ♦•
view, from the entrance to the end of and third.
the. The York Hotel Plate of 50 sous., added to a Sweep-
the southern
glebrall, of 251 feet, independent of the stakes of 5 sovs. each, for three yrs old, 7st 121 b ;
by roof-lighte 0fY,1320 feet long. Both halls to be lit. .
four, 9st 2113; five, 9at 91b; six and aged, 9st 131 b ;
proceedin- geaBB. He then gave an account of the , . mares and geldings allowed 3lbs. A winner this
pressed himself
wedeeb-committee at Cork, and ex-- ---yeat of 50 sown to carry 31b extra ; of two 50's or
intelligence displtiyalsatisfied with the zeal and 100 (exclusive of stake) 5113 extra. The winner to
the statistics of the apze, 18,the members. He produced be sold for '2OO soya.-if demanded; and allowances
which he had, received from, afforded by the building, if to be sold for less. One mile. (5 Subs.)
active chairman of the area: Mr. Thomas Hewitt, the Mr. MAklam'e Cleveland Est 21b (301) ...(Alderoft) 1
availiable area was 14,272 Iflegtetment committee. The Mr.J o,berne'sPriam theThird,6stl2ll4Boo (Osborne) 2
12,341 feet; of this space no mo;e nod't the wall space MreSoilth's The Shadow,3yrs, 55t131b(301.) (Carroll) , 3
remained for disposal, ao numerous hade7 3,0e0
feet
stow 6s;2lb (301) (Wells) 4
Mr. Lancaster's Killarney, 3yrs,
cations for space. Mr. Deane then alludeer the
aPPIi"
Betting-7 to 4 agst Killarney, sto 2 each agst Priam
amount of subscriptions that had. been to the large the Third and the Shadow.
every quarter; and said that it was. evident from
from Won by half a length.
and the number of applications for. space,fronrin this, _ .
' : DERBY.
various
of Ireland, that the exhibition would be in
parts' 6to 1 agat Robbie Noble
National ever
sense of the word, a Great Exhibition of Irish l4 to 1 Nest Augur—taken
nulaeture, and materials. .
arts, Ma ... OAKS.
It was proposed by Tnexas GRE,SHAM, Esq., and ; 'Bto 1 agst Gossamer-10 to 1 taken
ateondtd by CHETNE BRADY, DA., " r!iat the name.of ' I : CHESTER CUP.
Mr. itoney be added ;.0 the committee; which was sac- , ...::. ' ~. Cossack is scratched.
cordingly done. TheatOYAL LEAMINGTON RACES.—TUESDAY.
.Many interesting top .
ics %rev stated to the meeting, Racing Stakes 01 3 soya, each, and 15 added, for
Leland,dof
of an our
three yrs old and - • sold f
illn-ti alive, of the resources d-upwardb • winner to be fur 501.,
.ash ch..cussions t 0
V
~, . Two milan. (5 Subs.)'
rnenufacturing enterprise, in Mr. B. Laud's Prospect,
wVt tiler Mess Le -
ra. n
N.,ble Onairwan, the Hon. J. P. -r , Mr. Oldha, ' aged (15/ ), Tat 121 b (Lowe) 1
e s Briin •
. ' Cr, ..hum &r!., took part. Mr. D. 'Owen i - ette, 4 yrs (301.), 7st, llib (Crouch) 2
t4isti,e, Deane, 1.i....;.................._7____.Hard d IiaTUM '
_ ---
Mr. S. y's Little St,arure, 5 yrs (201), Bst lib 0
6 yrs (301) Sat 91b
VALUE op LAND AND HoUSE PE,PEETY IN THE Mr. E. S. Deeee ,John, ~ s - ~......0
freehold dwell- pon s Cigar, 5 yrs (301.) Bst 51b ... 0
Ciro of LoNDON.—The three very ancient vourite wonb '
13,
in Cornbill,easy y two lengths.
ing-houses and premises, Nos. 11, 12, and The Leamington Handicap,- f
Weworth and Sons, on
were absolutely sold by Messrs. _Shu „ , added. Two m'
95T 0 5 soya. each, 2 ft., and
Iles
the t6th inst., at the Auction Mart, for the sum of 32a00t.
stared.) - (10. Subs., 4 of whom de-
--equivalent (with reference to the site of ground occupied) .
Mr. G. Drove's Castellon 4
to 400,0091. per acre. , _ , , yrs, gat 41b (Knight) 1
Mr. B. Laud s uerito, 3 yrs, 76
It bait- been announced that the new iron screw , ,-., t (H.. May) 2
as W. Gulliver sr az ley, 8
ship Chusan, which has been built for the service between , .e.r.aged, st (Archer) 3
d's eh in (lateKe
Singapore and Sydney on the bi. monthly Australian route , Ddr.Goddnr
Little _
ue nspede), 4 yrs, 7st (Smith) 0
of the Peninsular and Oriental Company, will be despatched Mr. Fe elk' s's
412 en, 6 are, 4at (040, jun.) 0
from Southampton for Sydney the 15th of May, calling at ',Mr. Rose's Salop.-6,yrs, 7st . ... ...... (Johnston) bolted
the Cape ,of Good Hope, Adelaide, and Melbourne. Her ea- ' ' t,t'tieg-6 to 4-agst Ceritot_2 to 1 agat Eazeley, and
parity is 700 tons, and she is intended to carry 3to I' age A .
about
35 fir ' t C ate.lo. Won by s head.
'
and 15 second cA.041 Pa 5.10111011.

St. Mary's•road, Peckham,
April 20. 1852.