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

S U N,

T ti_E

period of twenty-three years was not a golden pound,
it was the " one pound note" of the B3nk of Eng-
land, and the value of it was such, that tnougb no
corn-law existed, wheat sold in this currency, on au
average of the whole period, for 803. per quarter, or
105. 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
pri❑ciple 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 'nim at least 31 bushels of
wheat for his pound, supposing wheat to have
averaged 48s. or 50s. a quarter. There is no question
then but that the fundholder has been enormously
overpaid if you adopt, without qualification, the corn -
rent principle now contended for by Colonel
Thompson.

And this overpayment will also strongly appear if,
instead of taking the single article wheat as the
standard, you take a general average of all commodi-
ties. I have before the 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 ; oils, tallow, timber,
tea, sugar, hemp, flax, cotton, &c., &c.,—in fact,
almost everything that can be mentioned, and I find
that the value of the "pound" now received by the
fundholder in dividends compared with that which he
lent to the nation is as 156 to 100 in its power of
purchasing these commodities. This increased pur-
chasing power of the pound is, 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, bas
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 1001. 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 79i 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 550,000,000/. of stock worth 99 per
cent. at least, this makes 544,500,0001. Secondly,
each of these pounds, with wheat at 425. per quarter,
being worth 3* bushels, it follows that the
544,500,0001. is equal to 2,041,875,000 bushels of
wheat, or upward, of 255 millions of quarters, in-
stead of 79* millions of quarters. How, then, the
Metnber can make out that the fundbolders,
who can this day at their pleasure command 255
million quarters of wheat, or its equivalent, for the
79i million quarters lent, have been underpaid sur-
passes my utmost stretch of imagination to conceive.
But, perhaps, it may be cotreuded 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 (.quivalent 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 years is equal to the payment of the
dividends on 550 millions for 32 years, we take leave
to affirm that the payment of interest in the pound of
diminished value was no underpayment at 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 1501. for 1001. on an average of all
other commodities ? There was no diminution in
the value of the pound other than that it purchased
less commodities, because it permitted prices to rise
high enough to embrace the taxes which were placed
on them. The fundholder, then, had no more reason
than any one else to complain that his "pound" of
dividend would not realise him as much of com-
modities as before. It was right that it should be so.
Let the bullionists refer, on this point, to their own
pet economist, Mr. M‘dulloch, and he will tell them
" that when taxes are laid upon commodities the prices
of them must rise in a corresponding proportion."
This mode, then, of balancing a monstrous and
palpable overpayment by an imaginary underpayment
will not stand the test of a fair investigation ; and I
must again confess myself fairly at a loss to imagine
how the Honourable Member will make good his sth
resolution.

I find, Sir, that this letter is extending to so great
a length, that, though the subject is far from ex-
hausted, I must refrain from pursuing it any further,
at least for the present. If Colonel Thompson has
the interests of the fundholders much at heart, I would
very respectfully suggest that it would be politic not
to open up at too great a length the questions in-
volved in the first half dozen of his resolutions, but
Confine himself to those latter ones, which would tend
to promote a system of currency which would dojos
tice to all classes, both creditors 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
h4s 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
thii right, and- that we should, at length, be blessed
with a currency:which would properly develop,
fOstei, 'and mature our industrial capabil►ties, 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.,
ED WARD CAPPS.

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

THE GREAT NATIONAL EXHIBITION

AT CORK.

The committee of thia great national undertaking
met again on Tuesday, at their rooms, Stephen's-green,
Dublin; Lord Talbot de Malahido occupying the chair.
The meeting was a numerous and highly influential one.
After the transaction of some routine business,

Mr. DEANE, the honorary secretary, read a letter from
Mr. C. P. Roney, enclosing a cheque from Messrs.
Briggs and Co., of Primrose-street, London, the largest
oil merchants in the empire, and the contractors for the
supply of oil to many of the lighthouses, &c., both in
England and Ireland; and a subscription of 51. from Mr.
Charles, Geach, M.P. He had received (as honorary
secretary to the Dublin committee) free passes upon the
Great Southern and Western, Dublin and Drogheda,
Belfast Junction, and Ulster Railways. Availing him-
self of this privilege, so liberally conceded, ho had
.ramiliar
pro-
ceeded to Cork, so as to be present at the meeting of
the sub-committee at Cork on Monday. On his arrival
he had immediately inspected the Exhibition building,
..accompanied by Mr. Beason and Sir Thomas Deane.
as he was with the building, he had no con-
ception of the extent of the works already completed,
and of the magnificence of the building. It presented
an uninterrupted
by roof
the
all, of 251 feet, independent of the
ii view, from the entrance to the end of .
southern !tall,
gallery'of.32o feet long. Both halls to be lit
-lights
proceedings of the lie then gave an account. of the
pressed himself highly
sub-committee at Cork, and ax--
intelligence displaye satisfied with the , zeal and
the statistics of the a all the members. He produced
which he had received, Bce, afforded by then building,
from e
° fro
active chairman of the arrangementin Mr. Thomas Hewitt, the
atatiliable area was 14,27 fee committee. The
12,341 feet; of this space no more
and the wall space
remained for disposal, so numerous tililadn 3,000 feet noir-
Cations for space. Mr. Deane then toallntellthe aPPIi.
amount of subscriptions that had been red the largly
every quarter; and said that it Was evideenetiled- fieru
and the number of applicaiona for wouldoMr°,lxt this, II
parts of Ireland, that the exhibition be,• various
in every
sense of the word, a Great Nacional Exhibition of
Irish
arts, manufacture, and materials.
It was proposed by THeMAS GRESHAM, Esq. , and
seconded by CREYNE BRADY, Esq., " That the name of.
Mr. Roney be added to the committee; which wasilo:
cordingly done.
Many interesting topics were stated to ihe meeting,
illu-ti stove of the resources of Ireland, and of our
manufacturing enterprise, in which discussions ihe
Nuble Chaismsn, the Hon. J. P. Vereker, Messrs. Len-
taigne, Deane, Brady, Gresham. &c., took part.

VALVE OF LAND AND HOUSE PROPERTY IN
CITY or LONDON.—The three very ancient freehold dwell-
ing-houses and premises, Nos. 11, 12, and 13, in Cornbill,
were absolutely sold by. Messrs. Shuttleworth and Sons, on
the 16th inst., at the Auction Mart, for the sum of 32,000/.
—equivalent (with reference to the site of ground occupied)
to 400,000/. per acre.

THE

It bas been announced that the new iron screw
ship Chusan, which has been built for the service between
Singapore and Sydney on the bi,monthly Australian route
of the Peninsular and Oriental Company, will be despatched
from Southampton for Sydney the 15th of May, calling at:!
the Cape of Good Hope, Adelaide, ai.d Melbourne. Iler
pacity is 700 tons, and sh© is intended to carry About 35 first.
and 15 mond cabin pagengem

LON DON,

SPORTING NOTES.
No. CCX.
ANALYSIS OF THE T ff.-NINTH CHESTER
OUP, &o.

TO THE EDITOR OF THE SUN.
—ln my remarks on the pro,:able 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, but it is very unlikely. Father Thames being
also a doubtful starter, Filius will be the great gun of
the stable, as several persons connected with it sent out
yesterday a communication to support him, which soon
elevated him from eights to fours. In the absence of
Hobble I feel inclined to consider it a very even affair
between. DANIEL O'ROURKE and Fllatrs; one or other,
to my thinking, being the certain winner of the great
rape of Tuesday next.
THE CHESTER CUP _ _

is now in its twenty-ninth year, )iaving 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 foot 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. Laurence's 7st 10lb in 1847, the light weights have
had it all their own way, and are likely to be in the as-
cendant again this year.
This Handicap, decidedly the first one in importance
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 nets to
knock their class over.
A. TAYLOR

has four animals in the acceptances—Clincher, Con-
fessor, Storyteller, and Water Lily. The first-named, at
9st alb, 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.