The Sun.
London, England, 1839-10-08 00:00:00

THE SUN, LONDON. TUESDAY, OCTOBER 8, 1839.

merciat men. We have alreauy toKens enougn ;
we hear of no want of small change ; but if silver
ceased to be a token—if it were a real representa-
tive of venue in all payments above 1/. or 51., the
whole of the silver lately imported, and expected to
be imported, would swell the amount of our circula-
tion, and, being also the chief circulating medium
of the Continent, would tend to equalize our cur-
rency and the currency of our neighbours.
We wish to observe that in desiring to see the
Mint lie abolished, we do not wish to see
another established in its room. We do not ask that
the ounce of gold should be declared worth 865., or
any other quantity of silver ; but let both metals find
their level in the market. A good deal is said
about a standard of value. There can be no such
thing. If value were a constant quantity
like a degree on the surface of the earth, or
like the tendency of bodies to the centre
of the earth, then we might have a
standard of value, as we have a standard of
linear extension and of weight. But as the value
of all commodities, including the precious metals
and labour, continually varies, there is and can
be no such thing as a standard of value, and
the attempt to establish one, being false in
principle, leads to continual mischief in prac-
tice. We know not that Governments have
ever done the least particle of good by interfering
with money, which is the offspring of commerce,
not of political institutions, though Sovereigns claim
it as their exclusive prerogative ; but we know that
they have in an immense number of instances, al-
most as numerous as the times they have meddled
with the currency, done an incovceivable quantity
of mischief. We wish them therefore to in-
terfere with it as little as possible. Probably their
interference would be reduced to a minimum were
that scheme of a currency adopted which was sometime
ago recommended in our Journal, of merely dividing
the precious metals into convenient portions by
weight, such as ounces, half, arid quarter ounces,
of gold and silver, the Government certifying by
their stamp that these pieces were of such a weight
and a certain fineness, and then leaving, as at pre-
sent, the supply of these metals to commerce, and
the determination of the value of one and both
relatively to each other, as relatively to all other
commodities, to the higgling of the market. Such a
currency would seem to us the most simple, the most
certain, the most safe, and the most useful ; and to
contribute to bring such a currency into use, we
recommended the present adoption of silver by
weight in payments beyond a pound sterling.
We will not now go any further into this sub-
ject, having merely thrown out these hints
to stimulate investigation. We quite agree
with our Correspondent in his remarks on
the Bank of England, to the cupidity of
which shameless corporation, in great part, the
commercial prosperity of the country has been
sacrificed. Let us conclude by remarking, that
the currency will most probably be a subject
for discussion next Session, that attempts will
be made to improve it ; but that such at-
tempts never can be successful unless they
proceed on correct and true principles ; we nay
indeed say the same of almost all reforms. It is our
misfortune that the diseases of the State have been
treated by mere political quacks, who have been, we
are afraid, profoundly ignorant, or profoundly for-
getful, of the general principles of society. Unless
these be known, and unless the future of society
be appreciated, all law- making, whether it regulate
currency or corn, must be arrant bungling.

• Letters from Constantinople, of the 17th, advices
from Alexandria of the 16th, and Smyrna papers
of the 19th ult. have just been received. On the
14th, the Hydra steamer arrived at Constantinople,
with despatches for Lord PONSONBY, from the
British Government. They were conveyed to
Tenedos by the Gorgon, which there joined
the fleet as an addition to Admiral STOPFORD'S
squadron. HAFIZ PACHA, and the Pacha of
KONIAH, had both arrived at Constantinople,
so that the report of their defection turns
out to be entirely unfounded. Though the
SULTAN had not sent the late Generalissimo o
his army the usual reward of unsuccessful va—rolir
among the Osmanlis, namely the bow-string, it was
feared that maters would go hard with him unless
he could account to the Porto for a large amount

of treasure remitted to him immediately before the
unfortunate engagement at Nezib.
The Oriental question was apparently making
no progress. On the 11th REDSCHID PACHA
communicated to the Divan the result of a private
conference with Lord PONSONBY and Admiral
ROUSSIN, said to be to the effect that England
and France would maintain the integrity of the Ot-
toman Empire, and guarantee to the Porte the re-
storation of the fleet. This, in fact, is the old
story over again. The Echo de l' Orient, of the
14th ult., quotes the following as the declaration of
the British Ambassador at the Court of Austria,
which has been adopted and exchanged by the
Cabinets of Paris and Vienna :

" DECLARATION.

" I declare, in the name of my Court, that it is resolved
to maintain the integrity and independence of the Otto-
man empire under the reigning dynasty, and, as a neces-
sary consequence of this declaration, that it will not seek
to desire any advantage from the actual state of things
with the view of obtaining any acquisition of territory or of
any exclusive influence. My Government expect with
confidence that this declaration will be adopted by the
other Courts of Europe, its friends and allies, who have
already supplied on this occasion proofs of the wisdom and
disinterestedness of their views, and amongst the first (en
premiere ligne) by his Imperial and Royal Apostolical
Majesty, to whom the honour of the initiative of this propo-
sition is due."
For the news brought by these arrivals from Alex-
andria, we refer to letters which will be found in
another part of The Sun. It is clear that matters
cannot go on much longer as they are, without
producing important results. England and France
are evidently not entirely agreed as to the line of
policy which they ought to pursue, and Russia is,
we are assured, moving heaven and earth to break
up an alliance fatal to her views. Last year over-
tures were made to France ; now the advances are
a!l. towards England. How deplorable that the
French Cabinet cannot be made to perceive that
their existence, and that of the dynasty which they
serve, in a great measure depend upon the closeness
of the friendly alliance between this country and
France !

The accounts from Madrid Are of the 29th ult.,
but they are unimportant. The " Chivalrous
Count D'ESPAGNE," as the,Tory papers style that
Carlist Chief, has opened negociations with the
QUEEN'S Government for the surrender of himself
and his troops. There were 119 Deputies assem-
bled, so that three more were only wanted to com-
plete an Assembly competent fot all legisklutive
purposes. •

THE MARKETS._ THIS DAY.) i

BILLINGSGATE MARKET.
Supplies of most kinds were good, and so was trade-prices
much as before. Turbot Bs. to 20s. ; Cod 2s. to 10s. ;
Salmon Is. 6d. to 2s. per lb. ; Soles 10d. to 3s. 6d. per pair ;
Lobsters ls. to 4s. ; Whitings 6d. to Is. ; and Haddocks Is.
to 2s. 6d. ; Oysters 12s. to 40s. per bushel.
HAY MARKET.
There was a middling supply of Hay. The demand was
equal to it, and prices were somewhat lower. Hay, 50s. to
955. ; Clover, 80s. to 120 s. ; Straw,
.w 335. to 425. per load.
SPIRIT MARKET.
But very little passing, and prices much as they were be-
fore, Proof Leeward Rum, 3s. 7JI ; Good Jamaica, 4s. 4d.
to 4s. 6d. Brandy of middling quality, 3s. to 4s. 2d. Geneva,
ls. 10d. ; and British Corn Spirits, 10s. ld. to 10s. 2d. per
gallon.