The Sun.
London, England, 1839-07-29 00:00:00

THE NEW

MENT,

ttiry; may be mentioned as affording an instance of a
magnesio-calciferous sandstone, resembling that of
Mansfield, generally in good condition, after long eta
posure to the influences of the atmosphere.
Of buildings constructed of magnesian limestone we
may mention the Norman portions of Southwell Church.
built of stone similar to that of Bolsover, and which are
throughout in a perfect state, the mouldings and carved
enrichments being as sharp as when first executed.
The keep of Koningsburgh Castle, built of a magne-
sian limestone from the vicinity, is also in a perfect
state, though the Joints of the masonry are open in con-
sequence of the decomposition and disappearance of the
mortar formerly within them. The Church at Hem-
mingborough,
of the fifteenth century, constructed of a
material resembling the stone from Huddlestone, does
not exhibit any appearance of decay. Tickhill Church,
of the fifteenth century, built of a similar material, is in
a fair state of preservation. Huddlestone Hall, of the
sixteenth century, constructed of the stone of the im-
mediate vicinity, is also in good condition. Roche Ab-
bey, of the thirteenth century, in which stone from the
immediate neighbourhood has been employed, exhibits
generally a fair state of preservation, although some
portions have yielded to the of ects of the atmosphere.
As examples of magnesian limestone buildings in a
more advanced state of decay, we may notice the
churches at York, and a large portion of the Minster;
Howden Church, Doncaster old Church, and others in
that part of the country, many of which arc so much de-
composed that the mouldings, carvings, and other archi-
tectural decorations, are often entirely effaced.
We may here remark that, ss far as our observations
extend, in proportion as the stone employed in magne•
sian limestone buildings is crystaline, so does it appear
to have resisted the decomposing effects of the atmos-
phere ; a conclusion in accordance with the opinion of
Professor Daniell, who has stated to us that from the
results of experiments he is of opinion that " the nearer
the magnesian limestones approach to equivalent pro-
portions of carbonate of lime and carbonate of magnesia,
the more crystalline and better they are in every
respect."
Of buildings constructed of oolitic and other limestones
we may notice the Church of Byland Abbey, of the
twelfth century, especially the west front, built of stone
from the immediate vicinity, as being in an almost per-
fect state of preservation. Sandysfoot Castle, near
Weymouth, constructed of Portland oolite in the time
of Henry the Eight, is an example of that material in
excellent condition ; a few decomposed stones used
in the interior, and which are exceptions to this fact,
being from another oolite in the immediate vicinity of
the castle. Bow and Arrow Castle, and the neighbour-
ing ruins of a church of the fourteenth century, in the
island of Portland, also afford instances of the Portland
oolite in perfect condition. The new Church in the
island, built in 1766 of a variety of the Portland stone
termed roach, is in an excellent state throughout, even
to the preservation of the marks of the chisel.
Many buildings constructed of a material similar to
the oolite of Ancaster, such as Newark and Grantham
Churches, and other edifices in various parts of Lincoln-
shire, have scarcely yielded to the effects of atmospheric
influences. Windrush Church, built of an oolite from
the neighbouring quarry, is in excellent condition ;
whilst the Abbey Church of Bath, constructed of the
oolite in the vicinity of that city, has suffered much from
decomposition ; as is also the case with the Cathedral,
St. Nicholas and St. Michael's Churches in Gloucester,
erected of a stone from the oolitic rocks of the neigh-
bourhood.
The churches of Stamford, Ketton, Colley Weston,
Kettering, and other places in that part of the country,
attest the durability of the shelly oolite termed Barnack
Rag, with the exception of those portions of some of
them for which the stone has been ill selected. The
excellent condition of those parts which remain of Glas-
tonbury Abbey, show the value of a shelly limestone
similar to that of Doulting ; whilst the stone employed
in Wells Cathedral, apparently of the same kind, and
not selected with equal care, is in parts decomposed.
The Mansion, the Church, and the remains of the Ab-
bey at Montacute, as also many other buildings in that
vicinity, constructed of the limestone of Ham Hill, are
in excellent condition. In Salisbury Cathedral, built of
stone from Chilmark, we have evidence of the general
durability of silicifero us limestone ; for, although the
west front has somewhat yielded to the effects of the
atmosphere, the excellent condition of the building gen-
erally is most striking.
In the public buildings of Oxford we have a marked
instance both of decomposition and durability in the ma-
terials employed ; for whilst a shelly oolite similar to
that of Taynton, which is employed in the more ancient
parts of the Cathedral, in Merton College, Chapel,
&c., and commonly from the plinths, string courses,
and exposed portions of the other edifices in that city,
is generally in a good state of preservation, a calcareous
stone from Heddington, employed in nearly the whole of
the colleges, churches, and other public buildings, is in
such a deplorable state of decay, that in many instances
all traces of architectural decoration have disappeared,
and the ashler itself is in many places deeply disinte•
grated.

THE BANK AND THE CURRENCY.

To THE EDITOR OF THE SUN
Silt,---The enclosed suggestions, for an improvement
in our coinage, Vrefe etibmitted to Ministers in 1837.
Foreseeing the evils which wOtild :Dm be brought upon
the country through the mismanagement of the Bank of
England, and our present impolitic monetary system
and Mint regulations, I have frequently before en-
deavoured to call the attention of the Government and
the public to this subject, in order that by timely mea-
sures those evils which are sure to arise might, as far as
possible, be averted without departing from the old
metallic standard of the country, which it is now, at all
costs, determined to adhere to. Had the plan
here recommended been adopted, the Bank Directors
would at all times be better enabled to meet a
demand for bullion when the exchanges are momentarily
unfavourable, and at the same time preserve their proper
proportion of bullion and coin, and if now adopted, it
will diminish the pressure and prevent so great en ex-
tent of ruin and distress, which must inevitably follow
the renewed efforts, imperative upon the Bank, to re-
plenish their stock, and restore the bullion and coin again
to the due proportion compared with liabilities.
It is believed by many, and there is little doubt of
the fact, by calculation from the monthly Bank returns,
that the total quantity of bullion and coin now in possession
of the Bank is not equal to one-eighth of their liabili-
ties, or to 2s. 6d. in the pound ; whereas it ought to be
equal to one-third, or to 6s. Bd. in the pound, as con-
fessed by themselves, when their Charter was renewed
in 1833. In order again to attain that proportion, the
Bank will have to accumulate from five to six millions
of bullion and coin, in addition to their present very
limited stock. From whence this supply is to come, or
what depreciation in the value of property and produc-
tions may again be brought about, in the struggle to
obtain and retain it, or what may be the extent of
ruin, misery, and disaffection produced thereby, or for
what period of time the country must again be placed
under the ban of adversity and suffering, it is
difficult to foretell. No one who has witnessed and paid
attention to the dreadful consequences of former similar
operations on the part of the Bank, can contemplate the
probable and ultimate results without regret and alarm.
Tile measure here recommended might be sanctioned
and acted upon before the present Sc_ssion of Parliament
closes. It would be a great improvement, and would
enable the Bank to recover and maintain, its proper and
safe position, with less ruin and distress to the produc-
tive interests of the country, than by persevering in the
present system of metallic circulation.
The insertion of these suggestions and remarks in
your paper, and calling the attention of your readers and
the public to them may excite consideration and dis-
cussion upon a subject, which, at all times, and parti-
cularly at the present time, is of the most vital import-
ance to the prosperity and welfare of the country.
I remain, your obedient servant,
HENRY JAMES

London, July 20, 1839.

SUGGESTIONS FOR AN IMPROVMENT IN
THE COINAGE, OR IN THE METALLIC
CIRCULATION OF THE COUNTRY.
SILVER COlNAGE.—Standard, 11-12 ths, fine.—To
be coined into ounces, or crown pieces, to pass current
for ss. each, or at the rate of 60s. from the pound weight
of silver. These crown pieces to be legal tenslers to any
amount. The Mint to be open to the public for the
coinage of such silver money free of expense, and the
banks to pay their promissory notes on demand in such
silver money. The price of standard silver, 11-12ths,
fine, would thus be kept steadily fixed at ss. the ounce,
or 60s. the pound weight.
GOLD COlNAGE.—Standard, 11-12ths, fine.—To be
coined into ounces, half ounces, and quarter ounces, to
pass current for 80s., 405., and 20s. each, being at the
rate of 41. the ounce, or 481. from the pound weight of
gold, and in the proportion of 1 of gold to 16 silver.
These gold coins also to be legal tenders to any amount.
Government to retain the coinage of gold. or to charge
a seigniorage, or brassage, upon its coinage.
The above regulations may be carried into effect with
advantage to the country, without injury or inconveni-
ence to any, and with little or no extra expense to the
Government.
The impolicy of our present Mint regulations become
more obvious every day. We are debarred under them
the benefits we might otherwise derive from the import
of silver bullion into the country, as in former times.
The Mint being closed against the public for the coin-
age of silver, and silver not being kept at a fixed rate
at our Mint, and having a tendency to fall in price,
measured in gold, is highly injurious to commerce and
industry ; and if an alteration should not take place, the
evil will increase every year.
It has frequently been regretted that the coins of the
several nations had not been made and continued of equal
divisions of weights. In early times this was the case
in most countries. In England, and in France, the
£ sterling, and the Livre, were originally pounds in
weight. By the sth Edward VI. (1551), and the
Ist Mary (1553), the crown, or five-shilling piece was
an ounce of silver 11-12ths fine, and 1-12th alloy,
the same in weight and fineness as here proposed to
coin it. Upon this subject, Harris in his "Essays on
Money," part ii. p. 9, says :—" It is much to be wished
that our silver and gold coins were of the same fineness,
one with the other, for then the respective values might
have been the more easily compared. This would
have been the case if the silver standard of 11 ounces
fine, had been continued as it was settled by Queen
Mary."
In France the gold and silver coins are of the same
purity, or standard, viz.: 9-10ths fine, and 1-10th
alloy.
In England our gold coins are 11-12ths fine, and our
silver coins 11 oz. 2 dwts. fine, and 18 dwts. alloy. No
good reason has ever been assigned why there should be
this trifling difference in the alloy in the gold and silver
coins, but there are many good reasons why the stand-
ard fineness of the respective coins should be the same.
With 1-12th alloy our coins will be of finer standard
than the coins of most other countries.
Silver being the great medium of exchange, and the
universal measure of value throughout the commercial
and civilized worli, it is desirable it should be restored
as the measure of value in this country also, and kept at
a fixed price by our Mint regulations, leaving gold
free as in other countries. Under the regulations here
proposed the gold coins would circulate in unison with
the silver coins, and may be also legal tenders to any
amount, giving the country the advantage of a wider
basis of metalic circulation, gold and silver together, to
meet the exigencies of the country and the views and
wishes of all.
With regard to the coinage of gold, or the seignior-
age, or brassage, to be taken upon the gold coins, or
the price to be paid by the Mint for standard gold, this
may require more particular explanation.
The predominating gold coin would be the 20s.
piece, or the sovereign, or by whatever other more ap-
propriate name it may be called, weighing new from the
Mint 120 grains, or one quarter of an ounce ; very
few of any other description of gold coins may be re-
quired.
The price of bullion, as quoted for some time past,
in the London Price Currents, has been standard gold
775. 9d., and standard silver 4s. I lid. to 4s. Hid.
the oz. At these rates the proportionate value of
fine gold to fine silver is as 1 to 15 8-10ths within a
small fraction. Standard silver 11-12ths fine being fixed
at the Mint at ss. the ounce, would, in the same propor-
tion of value, bring standard gold up to 795. the ounce.
The gold coins being made at the rate of 80s. from
the ounce, the difference between the value of gold in
the coins and gold in bullion would be Is. the ounce,
and this would indicate what should be the proper sum
to charge for the seigniorage, or brassage, upon the gold
coinage ; or, which is tantamount to the same thing,
that the Mint should pay to the public 795. the ounce
for standard gold, reserving Is. the ounce for the ex-
penses of coinage.
By the 43d Elizabeth, 10d. the ounce, or 10s. the
pound weight, was charged for the coinage of gold, and
at other periods much more has been charged.
By an Act of last Session a credit or fund has
been provided for the purchase of bullion by the Mint.
It is, on many accounts, advisable that bullion taken
there for coinage should be paid for on demand, or as
soon after demand as the same can be assayed and
valued.
With the present Mint Establishment the expenses