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

THE SUN, LONDON, WEDNESDAY EVENING, MAY 25, 1864.

MR. JEAFFERSON'6 NEW NOVEL.
Now ready at al, the Libraries, in 3 vols.,
N ° DE AD YE T.
By J. C. JEArrEnsoN.

Author of "Live it Down," erc.
Hurst and Blackett, Publishers, 13, Great Marlborough-
street.

Now ready, at all the Libraries, in Three Vols.,

SECOND EDIT] ON of BARBARA'S
HISTORY. By AMELIA B. EDWARDS,

From the Times.—"lt is not often that we light upon
a new novel of so much merit and interest as 'Barbara's
History.' It is a very graceful and charming book, which
the world will like."

Hurst and Blackett, 13, Great Marlborough-street.

At all Libraries, in Three Vols., post Bvo.,
THE DANES, SKETCHED BY THEM-
SELVES. A Series of popular Stories by the best
Danish Novelists.

Translated by Mrs. BUSHBY.
Richard Bentley. New Burlington-s(re2t.

SECOND EDITION.

Now Ready, with Frontispiece by F. Gilbert, toned paper,
crown Bvo., price 65.,
BEAUTIES OF TROPICAL SCENERY ;
LYRICAL SKETCHES, and LOVE SONGS. With
Notes.

By R. N. DUNBAR.
" The glow, the grace, the colour of those glorious scenes
amongst which they were written, have been caught by the
author of these pleasant poems. . . The amatory passages
are worthy of Thomas Moore."—Critic.

" The present volume is enriched with five additional
I yrical poems, and a charming design."—John Bull.
London: Robert Hardwicke, 192, Piccadtily,

REVIVAL OF ENGLISH MONASTERIES.

Now ready (may be had at all Libraries), 65., with Portrait
of Brother IGNATIUS,

THREE MONTHS is an ENGLISH
MONASTERY. A Personal Narrative. By CHARLES
WALKER,

Murray and Co., 13, Paternceter-row, E.C.

THE RAINBOW, No. 6, for JUNE, price 6d.,
contains t —The Golden Age of Isaiah—The Odour of the
Ointment —The Second Advent Premillennial Will the
Rapture be Visible or Secret - The Beginning of the Crea-
tion of God "—The Mothering of Israel—The Voice Inter-
preted— Correspondence and Reviews.

* Some of the first Christian scholars of the day contri-
bute to the " RaiLbow," which is recommended as "unique
and precious, and just the kind of magazine needed by the
Church at the present time."

London : S. W. Partridge; Paternoster-row, E.C.

Forwarded free on rrceipt of 12 stamps,
AFEW OBSERVATIONS on GOUT and
RHEUMATISM, by one who has never failed to cure
the same whenever it has fallen in his way. A ssmple bottle
of the medicine forwarded free to all parts on receipt of 40
stamps. Address R. Cameron, 40, Tayistoek-street, Covent-
garden, London.

MR. and Mrs. GERMAN REED. with Mr.
JOHN PARRY, will Appear THIS AFTER 4::101kT
at Three, in their New Anglo-Egyptian Ent rtainment,
THE PYRAMID. To be followed by THE BARD AND
HIS BIRTHDAY. a new musical tercentennial seance, by
ZVllliam Brougn, Esq., sustained by Mr. and Mrs. German
steed; and MRS. ROSELEArS LITTLE EVENING
PARTY. for a few times, by Mr. John Parry. Every
Evening (except Saturday) at Eight. Thursday and Satur-
day Mornings at Three.—ROYAL GALLERY of ILLUS-
TRATION, t 4, Regent-street. Unreserved seats, is., 25.;
stalls, 35.; stall (spring) chairs, ss.

MR„ W. S. WOODIN'S
ELOPEMENT EXTRAORDINARY,
and
BACHELOR'S BOX,

an Entirely New Entertainment, at the Polygraphic Hall,
King William-street, Coaring-cross, EVERY EVENING,
at eight (except Saturday); Saturday Mornings at three.—
Stalls, and box stalls, 38. ; area, 2s. ; amphitheatre, ls. A
Plan of the Stalls may be seen, and Seats secured at the Hall
from e ?even to five.

Next Morning Performance, Saturday, May 7, at three.

T " OXFO R D,
6, OXFORD STREET, W.

THIS EVENING, the MERRY WIVES OF WINDSOR,
by Otto Nicolai ; and UN BALLO IN MASCHERA ; sup-
ported by the whole of the Talented Company.
Director, Mr. F. Jonghmans.
Comedy by UNSWORT II and EUGENE, Mr. T. Maclagan,
W. Randall, G. Hutchenson, G. W. Jester, Miss Nelly Power
(the juvenile comedienne), &c., &c.

.
Admission—Area, 6d. ; stalls and balcony, ls. ; private
boxes, 10s. 6d.
Open every Evening.

CANTERBURY HALL,
Westminster-Toot London.

Tins EVENING,
Will be produced, with alterations and improvements
in production, the New Illusion, surpassing anything yet
attempted. entitled THE THHICEN t'ENARY ; or,a
WITH SHAKSPERE, written express'y by W. F. Vander-
yell, Esq., in which Mr. W. Randall will re-appear.

ALso, PRINCE BLOSSOM;
OR, THE FAIRIES OF THE MAGIC FOUNTAIN AND THE

FOREST OF SHADOWS!

"The figure of Fame, winged and trumpeted, psssine and
repassing through the Magic Fountain, is so complete an
Illusion that it wellnigh ceases to be illusory."--Morning
Star, Feb. 19.

Prince Blossom. ➢iiss Townley.

In addition to the usual Entertainments of the establish.
ment, supported by the whole of the talented company, in-
cluding Arthur Lloyd, Miss Nelly Powzr, air. T. Mulligan
G. W. Jester, &c. &o

A fission—Area, ed. ; Stalls and Balcony, ls.

MADAME TUSSAUD'S HISTORICAL
GALLERY; established 28 years at the Bazaar,
Baker-street.
NEW ADDITION.—A fall length model of ARTHUR
JOHN DEVINE, who recently suffered the extreme penalty
of the law in front of New„ ate for the murder of Mr. Duck,
in Little Chesterfleld-street, Naryl,bone. is now to be seen
in the Chamber of Physiognomy at Madame Tassaud's His-
torical Gallery, Baker street.
Open from 11 in the morning till 10 at night.
Admittance, ls. ; extra rooms, Od.

AG YL L ROO M S, Windmill•street,
R Piccadilly,
IS OPEN EVERY EVENING.
During the evening an unparalleled repertoire of Dance
Music, Selections and Overtures, is performed by the cele-
brated Argyll Band, forty in number.
Doors Open ct Half-past 8, commence at 9.
Admission is.
Manager, M. GRENET.

29, GEORGE-STREET, lIANOVER-SQUARE, W.
THE LONDON ANATOMICAL MUSEUM.
Open daily from 10 till 10. Where may be seen the
Astecs ; Bushman and Wife ; Julia Pastrana and Infant ;
Eng and Shang, the Siamese Twins; and upwards of 3,000
Models, Natural Preparations, &c. Egyptian Mummies,
unwrapped, 4,000 years old. Admission, One Shilling (tor
Gentlemen only).

PIGS ! PIGS! PIGS!-INDIAN PIG MEAL,
without husks, supplied to the Royal farms, Windsor,
and In every county in England, 10s 6d per cwt. ; one cwt.
equal to 1.1 cwt. barley or any meal. Delivered free in Lon-
don. Established ISSB.—THOMAS PEARCE, Manager, 66,
Lant-street, Southwark.

MERCHANTS, MANUFACTURERS,
TRADERS, AND EXECUTORS.

ACCOUNTS arranged and adjusted, and Balance Sheets
prepared.—Financial operations organised and Banking fa-
cilities arranged.—Cash Advances made on Trade Stock,
Dock Warrants, and other Securities, and Sales effected.—
The Agency of Provincial and Foreign Firms undertaken. _

._. . ...
Address, Messrs. BANKES and Co., Accountants, 20,
Devereux-court, Strand, London, W.C.

F' THIS SHOULD MEET THE EYE of any
one troubled with Wind in the Stomach, Indigestion, or
Biliousness, take PAGE WOODCOCK'S WIND PILLS.
Thcir world-wide celebrity proves them of sterling merit.
Of all medicine vendors at is. lid. 9nd 2s. 9d. ; or free by
Lost for 14 or 33 stamps from Page D. Woodcock, Chemist.
incoln.

3/ESSRS. BOTT, JACKSON, AND CO.
execute COMMISSIONS on all races throughout the
year. Market price guaranteed. Remittances, London and
'Westminster Bank. Post-of:lke Orders payable at Camber-
well-park.

Address—Bow and JACKSON, " Man of the World" Wine
Stores, George-street, Camberwell-park, London.

j) RI Z E ME D A L.—INTERNATIONAL
EXHIBITION, 1862.
FRANCIS TUCKER dr CO., Wax Chandlers, &0.,
To the Queen and the Prince of Wales.
(Established 17Z0.)
The Jurors' Report on Wax and Church Candles, in 1862,
testifies to ihe 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 turn, I com-
mend them to the clergy for the use of the altar."
Finest quality, with latted Wicks, patented.. i's. 4d. per lb.
Ordinary quality .. .. • • .. Od. per lb.
VEGETABLE CINDLES, with a Mixture of Wax.
Best quality .. •• Is. 6d. per lb.
Second quality •• Is. 3d. per lb.
Third quality Is. ld. per lb.
Carriage paid in London on Orders of Five Pounds in value.
FRANCIS TUCKER AND CO.,
8, South Molton-street, Grosvenor-square. Manufactory—
Kensington (Established 1730).
The largest Establishmlnt in England for the Manufacture
of Wax Candles for the use of the Altar

TEETH.—Mr. ESK ELL'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
they are
quite immoveable, except at the option
Invalids or residents in the country can ad-
to many changes of the month without the
jogalulifdsmtth
ofhs atewhdsaecetanrtiteei hr:. etil
t. They are not so liable to injury, are always
useful, and will last a lifetime. Comfort guaranteed. Trea-
tise explaining Mr. Eskell's Patent, &c., free for 7 stamps.
Inspection of specimens and consultations tree.-B,Grosvenor-
street, Bond-street, W, P i 39, Benmett's-hill, Bir-
mingham.

INFANT ORPHAN ASYLUM,
Wan tead.
The next HALF-YEARLY ELECTION will take place
on THURSDAY, the 26th i st , at the London Tavern,
Bishop g•ate-street, when 30 Children will be elected.
The Chair will be taken by JOINT DEACON, Esq„ at
Tea o'clock precisely.
Subscriptions and donations, entitling the donors to vote
at this Election, most thankfully received at the offices of
the Charity.
Annual Subscription for one vote
• for two votes ..„ £1 ls.
Lite Subscription fo.• one vote £s ss.
for two votes .. £lo 108.
Offices, 100, Elect 'street, E. r,
HENRY W. GREEN, Secretary.

T FIE CREDIT M BIL I E R (Limited),
80, Lombard-street, E.C.
Capital. 21,600,000 in 20,000 Shares of .£5O each.
Subs.ribed
.4.:V,0,000, in .0,000 Shares.
DIRECTORS.
Chairman—The Right lion. James Stuart Wort'ey.
The Hon. T. C. Ha iburton, John Westmorland, E-q.
BI.P. I Edward Warner, Esq., al-P.
Alexander Dunbar, Esq. Char es Ellis, Esq.
Ado phe Hakim, It sq Jaq ea Levick, Esq.
Charles E. Newbon, Esq. Henry Pownall, Esq.
MANAGER.
Albert Giant, Esq.
BANKERS.
Mee rs. Masterman, Peters, Mildred, and Co. London.
Messrs. Smith, Payne, and smiths, London.
This Compiny is prepared to negotiate Government and
Municipal Loans, and to aid in carrying out Concessions.
To make advances en approved securities.
To effect the purchase and sale of Shares, Stocks, Arm, 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, 30, Lombard-street, London. B.C.

THE CREDIT FONCIER (Limited),
fO, Lo•-'"iard-street, E.C.
Capital. £1,000,0)0, in 20,0 0 Shires of £5O each.
Subscribed Capital, £500,000, in 10,003 Shares.
DIRECTORS.
Chairman—The Right Hon. James Stuart Wortley.
Deputy Chairman—James Levick. Esq.
The Hon. T. C. Halibarton, Alexander Dunbar, Esq.
M.P. I John Westmorland, Esq.
Adolphe Hakim, Esq. Charles El Esq.
Edward Warner, Esq., M.P. I Charles E. Newbon, Esq.
Henry Pownall, Esq., J.P.

MANAGER.
Albert Grant, Esq.
BANKERS.
Messrs. Masterman, Peters, Mildred, and Co.
Bank of London.
This Company advances money on the deposit of Title
Deeds of approved Freehold or Leasehold Property in Great
Britain, with or w thout regular Mortgage.
Guarantees Titles or Securities, and, as Agent, negotiates
Loan on Mortgage, for long or shored, 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.

of the value of a pound, it is bartered, Nor is the case
altered if the gold be paid in British or foreign coins, or in

bullion.

It may probably be alleged that the following observations
have but little bearing on the question of what ought to be
the currency for India; they have, however, been intro-
duced for the object of proving that if rupees possess, as
metal, intrinsic value equal to the nominal value attached
to the coinr,they will most assuredly disappear from circu-

_ ..
Lation, and that if the coins be of short weight, or the metal

be of inferior quality (if they be based, however, on metal,
either gold or silver, of standard quality), they will be pre-
sented for payment, and all the fine metal will disappear,
Under these circumstances there can be no remedy what-

ever against an abstraction of the precious metals in India,
other wise than by suffering them so to increase in price
with the growing demand for them, as to check the cone
sumption of them, and cause persons to bring out their
hoarded metal, on which they would be able to realise a
large profit, so that ultimately the supply and demand
would be equalised.

All the trade of the market (as I have before observed),
was originally conducted on a principle of barter, and the
very first departure from it, was when credit was afforded,
and there could not have been any sort or description of
money used as a medium of exchange but that based on

credit. A person having parted with riches without an
immediate return, but with an understanding that a pay.

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

heroglyphice, words, or figures (possessing in itself no
intrinsic value), suoh 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 bo 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 endorsewent 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 wbo 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-

Bible, 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 £00,000,000.
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 (apartfrom 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 tenders 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 propose showing how such bills, &c., might be
dealt with in India so as to aff)rd to the «hole of that ex-
tensive and populous empire a currency equal 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 of 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 discouat ; the discount therefore alters
as much as five hundred per cent., making money at one
time too abundant and at other times scarcely attainable.
Lot us suppose a large nuraber 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 dectibed, 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 bank
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. par annum) that the shareholders would be returned
the interest on the stock transferred into the names of the
director of the bank, and, in addition, be paid 5 per cent.
per annum, merely for the risk incurred in guaranteeing the
payment of mercantile bills; 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 loss 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 bank had the
power of issuing, I have now to point out what inducement
could be held out for persons with great wealth to combine
to form such a bank.
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 able-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 produced. 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 represent, in a time of great pros-
perity, but half as much produce as in a time of great ad-
, varsity and depression.
But the question hero arises, are we to keep down the
wages of labour, prevent needlewomen obtaining other
occupations which will afford them more than a bare exist-
ence, and limit the quantity of riches which might be pro-

PRICE .4d.
STAMPED ....sd.

duced by additional labour, for the object of insurbg to
annuitants, landlords, and others, an unchanged or as 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 es
would keep pace with any increase in the nominal pekes of
products ?
Why should any class of persons be prejudiced when tl6
actual products of the nation arc 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 unchangod price, not only of the product selected for a
standard, but an unchanged pricy for other things (so far
as seasons and improved means of producing them were
concerned) which cannot possibly bo 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 etand-
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 one person 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 sane 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
L 500,000,000, there would be a less amount of money (paper
credit) in circulation by five per cent. than if 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 iu3ued 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 willing to realise a profit.

CHAS, ENDERBY.

48, Devonshire-street, Queen-square,

SPORTING INTELLIGENCE,

EPSOM RACES.—TUESDAY.
The approach of the great Epsom event suggests bul
few remarks. Last night the situation appeared to be un•

changed. The report from "the Corner" gave the favour,
ices 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. I his 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 sadden 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, it 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 Woodcote, 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 Danbury 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 save each, with 50 save 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's Fairwater, 6 yrs, 9st 11b, (Fordham) 1
Mr Barber's Cutaway, 3 yrs, 7st 41b. (J, Grimshaw) 2
Mr Longfield's Blarney, 3 yrs, 7st 71b. .. (T. French) 3
Lord Glasgow's Flutter colt, 3 yrs, 7st 71b . (Doyle) 4
Mr Naylor's Isoline, 4 yrs, Bst. 91b. (Challoner) 0
Betting—Even on Blarney ; 9 to 4 agst Fairwater ; and
7 to 1 agst 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 Isoline 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 Brighton Stakes of 10 sous each, h ft, with 100 soya
added (handicap), for all age.; winners extra. Three-
quarters of a mile. 50 subs.

Lord Coventry; Umpire, aged, .
d 9st 71b . (J. Adams) 1
Mr J. Saxon's Jane Shore, 3 yrs, sst 121 b Grimshaw) 2
Mr F. Fisher's Reindeer, 6 yrs, Bst 121 b (Hibberd) 3
The following also ran :—Vivid, Moulsey, 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
eget 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, Ales, and Vabalathus
ran to the bend before they could be stopped.
settled in their places Jane Shore, lying in the centre,, came
When fairly
on with a slight lead of Vivid, Umpire, Reindeer, Templar,
, the bend
Castle Hill, and Lady Emma, the next division
.being
beaded by Moulsey, Humphrey, Beadle, and Lady Clitden,
way
.to Col. 1 ownley's
Madame Walton acting as whipper-in. Rounding.
into the straight Jane Shore somewhat improvect, her posi-
tion, Vivid at the same time giving.
colt, who, in company with Umpire, Reindeer, and Moul-
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 separating
the second and .bird. Castle Hill, who was disappointed in
geteng 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 neat; then came Hum-
phrey, Creole, Waterloo, and Templar, close together, the
last being Madame Walton and Vabalathus.
he Horton Stakes of 5 soya each, with 30 soya added, for
age, and upwards; weight for .e, with selling allow-