The Sun.
London, England, 1839-10-07 00:00:00

No Extra Charge.

THE NEW LIBRARY OF USEFUL
KNOWLEDGE, price 6d. each.
1. THE FLOWER GARDENER'S MANUAL.
2. ENGLISH COOKERY, &c.
3. THE HORSE, its Management, &e.
4. THE KITCHEN GARDENER'S MANUAL.
.5. THE MOTHER'S MEDICAL ADVISER.
6. AUSTRALIA and NEW ZEALAND—their Present
State, and the Prospects of Emigrants.
7. DOMESTIC BREWING, and BRITISH. WINES.
S. THE STEAM ENGINE, Explained and Described,
with Illustrations.

In the press,
PR SE R VING, PICKLING, CONFECTIONARY,
PASTRY, and BAKING.
EVERY SECT of the CIIRISTIAN RELIGION.
*4,5 Each contains 64 pages, handsomely printed in fools-
cap, Bvo., and the greatest care has been taken to make them
valuable HAND Boors of subjects of daily interest.
London : Brittan and Reid.
_ Sold by T. M. Cradock, 43, Paternoster-row..

FREY'S HEBREW GRAMMAR, TENTH EDITION.
On the 10th instant, will be published, in Bvo., handsomely
printed and stereotyped, by Whittingham, price Bs. 6d.,
bound in cloth extra,
A HEBREW GRAMMAR in the English
Language. By the Rev. JOSEPH SAMUEL C. F.
FREY, Editor of Vander Hooght's Hebrew Bible ; Author
of a Hebrew, Latin, and English Dictionary ; Judah and
Israel, &c. The Tenth Edition car:fully revised, and greatly
enlarged by the addition of Reading Lessons, Rules, and Ana-
lyses, from Genesis aimsthe Book of Psalms; by the Author.
London : T. M. Cradock, 48, Paternoster-row.

THE LATEST WORK ON FARM MANAGEMENT.
On the 10th instant, tx:i.l be published, in a thick Bvo. Vol., of
nearly 700 pages, illustrated with numeral, C:,ts and Plates,
the Seventh Edition, Edited and Enlarged, and nearly re-
written, by a Member of the English Agricultural Society,
price I 7s. cloth, lettered,
THE COMPLETE GRAZIER;
or Farmer's, and Cattle Breeder's, and Dealer's As-

sistant.

Containing every information useful to. the FARMER, the
COUNTRY GENTLEMAN, the LAND STEWARD, and
all interested in the management of LAND, HORSES, CAT-
TLE, SHEEP, SWINE. POULTRY, &c. In short, " A
COMPLETE BODY of BRITISH HUSBANDRY," writ-
ten and cornried by a very eminent authority.
London : Printed for T. M. Cradock, -18, Paternoster-row,
and sold by all Booksellers in Town and Country.

SPORTING INTELLIGENCE.

NEWMARKET SECOND OCTOBER MEETING, 1839,

WEDNESDAY.
The Cesarewitch Stakes, a free handicap sweepstakes of 25
sovs each, 15 ft, with 300/. added, the gift of his Imperial
Highness the Grand Duke Cesarewitch ; to start at the
starting post of tie T.M.M., and run to the end of the flat ;
the owner of the second horse to receive 50 sovs out of the
stakes ; the winner of the Doncaster St. Leger, or Cup, 51b,
of both 10lb extra ; and the winner of a handicap stakes,
value 200 sovs, including his own stake, between the 4th of
September inclusive, and time of starting, to carry 31b extra
for each time of winning.
St. Francis, 4 yrs, Oct 31b ; Lanercost, 4 yrs, 9st 21b ; Quo
Minus, 4 yrs, Bst 101 b; Abraham Newland, 5 yrs, Bst 101 b;
Hyllus, 3 yrs, 7st I llb ; Quicksilver, 5 vrs; 7st 101 b; Opera,
4 yrs, 7st sib; Merrythought, 5 yrs, 7st 71b; Easingweld,
3 yrs, 7st 41b ; Flambeau, 3 yrs, lit 31b ; Alalvolio, 3 yrs, 7st
31b; Cznis, 3 yrs, 7st 31b; Polydorus, 3 yrs, 7st 21b; Vienna, 4
yrs, 7st 21b; Joannina, 4 yrs, 7st 21b; Merganser, 3 vrs, 7st;
Epidaurus, 3 yrs, ist ; Roscius, 3 vrs, Est 101 b ; Primefit, 4
yrs, Est 91b; Mr. Forth's ch fby Merchant, 3 yrs, Gst 91b;
Bracelet, 4 yrs, 6st 41b; Antler, 3 yrs, Est 21b; Hesione, 3
yrs, bet; Cruiskeen, 5 yrs, 6st; Mickleton Maid, 3 yrs,
sst 101 b ; Science, 3 yrs, sst 81b.
Sweepstakes of 100 sovs each, h. ft. A. F.
Duke of Grafton's 'Ether, 7st 121 b ; Dukr! of Grafton's
Montreal, 7st 71b; Captain Williamson's Melbourne, 7st 71b;
Duke of Portland's Cwnis, ist ; Duke of Rutland's Flambeau,
7st; Lord Exeter's Bosphorus, Gst 101 b.
LATEST BETTING AT 'MANCHESTER—FRIDAY.
THE MOSTYN MILE.
Even on the Lord Mayor, 8 to 1 agst Cowboy

KNUTSFORD CCP.
6t04 on the-field (taken), 20 to 1 agst Sir Ralph
THE DERBY.

20 to I agst Launcelot, 200to7agst. Brother to Euclid, 200
to 7 agst Fitzroy.
100 to 1 agst Launcelot winning the Derby, and Crucifix the
Oaks and St. Leger.

100 to 1 asst iluley Ishmael winning the Derby, and Cru
eifix the Oaks and St. Leger.

CALEDONIAN HUNT RACES.—WEDNESDAY.
A far more gay and numerous company than had been ex-
pected presented themselves.
The Caledonian Cup, value 105 sovs. for Scotch bred horses.
Three miles.
Mr. J. Laing's ch g Birthday, 6 yrs 1
Sir James loswell's b g Constantine, 4 yrs 2
Mr. Ramsay's ch c by Percy, 3 yrs 3
Won easy.
Fifty Sovereigns, given by the Caledonian Hunt, added to a
stake of 10 soya. each. Twice round.
Mr. Ramsay's br c Lancreost, 4 yrs ( Cart wright) 1
Lord Eglinton'e b f Bellona, 4 yrs
Won easy.
A Maiden Plate of 50 sovs., given by the Caledonian Hunt, for
horses, Bce., which never won 50 sovs. before entry. Heats,
once round and a distance.
Sir James Beswell's b f Anna 3laria, 3 yrs ...(Lye) 2 1 1
Mr. Graham's eh t Whippity-Stourie, 3 yrs 1 2 2
Won easy.

1 thwe,itCh'onisnecrialctiuvlea:(l)earandetra)otnges
to
A very strong opinion begins to prevail that the
Bank of England will very speedily be driven to
issue one and two pound notes.
The rejection of a gold currency will, in our opi-
nion, be att(eoemd
the productive classes of the community. It may
not, at the same time, be denied that a paper cur-
' rency is liable to be abused by the individnak or
by the corporations, to whom may be entiustsd the
privilege of regulating the issue of paper money.
Against the risks of abuse, it will lac incumbent
on the country to use all possible precaution. On
the assumption, however, that due prudence in this
respect shall be exercised, we maintain that a pa-
per currency is better in all respects than a inetabic
currency.
Certain, untenable (as it appears to us), posi-
ticns are taken up, at times, in reference to the
functions of money, and to the value of a paper 1
currency. Our Contemporary, The Sun, fur in-
stance, observed a few days ago, that a paper cur-
rency consisted, not of money, but of " promises to
pay" money !
The same observation has, frequently, been
hazarded before. We deem that observation to ba
an absolute misconception of the real functions
which money discharges.
All money is but a sign of value. CommOdities
of a very costly kind, have, it is true, oftm been
made to perform the functions of money ; but their
utility, as a sign of value, is not increased by their
inherent worth as commodities.
Gold, in many countries, performs three distinct 1
sets of functions. It is always a marketable com-
modity ; it is, generally, the standard of value ; and
it sometimes forms part of the currency.
As a marketable commodity, gold ministers, like
other commodities, to the gratification of the wants
of a portion of the community ; as a standard of
value, gold measures the sufficiency, or redundancy,
or scarcity, of the currency, whatever be the mate-
rials of which that currency is composed—as a
portion of the currency, gold aids in distributing I
the necessaries and luxuries of life to every class of
consumers. :

The uses of gold, as a currency, are not height-
ened, in the slightest degree, by its uses as a coin-
modity, or as a standard of value. As money, gold
merely represents values—just as paper, or any►
other substance in nature, may represent them.
Money is merely a sign of value. People recog-
nise it as such ; and exchange their labour, or the
products of their labour, for it. But it is only be-
cause it is money—because it is what society has
agreed to recognise as a sign of value—NOT be-
cause it is of value in itself—that people do give
their labour, and the products of their labour, in
exchange for it. There are thousands of commo,
dities, which, like gold, possess great intrinsic
worth ; but they have never been adopted as money
—have never performed the functions of a sign of
value--and, therefore, they are not accepted gene-
rally, in exchange for labour. and the products of
labour.

Now, gold, let it be observed, possesses no ad.
vantage over paper, in discharging the functions of
money. Money is that which circulates ad the ne-
cessaries, conveniences, and luxuries of life. Money
is, in the language of Adam Smith, " the great
wheel of circulation ;"—but the business of circu-
lation is not better performed, because the inslr-
ment of circulation is, in itself, of great value.
The reverse, indeed, is necessarily the case. When
the instrument of circulation happens to be very
costly, the poorer classes of the community cannot
afford the price which the use of that instrument en-
tails upon those who use it. If all the saucepans
in the country were made of gold, the poor would
have a very limited supply of cooking utensils ;
while the rich would find that the business of
cooking was not much aided by the disuse of those
humbler appliances, of which they are now content
to avail themselves. Now, money is as certainly an
instrument—a mere instrument—as the most homely
utensil that finds a place in the poorest kitchen.
Money is the mere sign of value, and the useful-
ness of money is in no way promoted by the cir-
cumstance, that the material of which money con-
sists, may happen to possess great intrinsic value.
That money is the mere sign of value, is abun-
dantly proved by the fact that the money of diffe-
rent nations has, at different periods in the history
of the world, consisted of materials, in themselves,
utterly worthless. What can be conceived mote
valueless than the paper on which the Bank of
England inscribes its " promises to pay ?" No-
thing, however, can be more certain than that the
Bank of England's notes were, for three years after
the passing of the Bank Restriction Act, of the
same exchangeable value as gold; while, nothing,again, can be more certain than that paper money,
of which the issues shall be properly regulated, may
he always preserved of the same value as its me--
tallic standard. The last generation saw the Bank
of England's paper depreciated full thirty per cent.
in consequence of excessive issues. Excessive con-
traction of a paper currency might, on the other
hand, raise that currency above the value of tee
gold which it professes to represent. And will any
one venture to assert that paper money, which may
be elevated or depressed above or below the level of
value possessed by gold, may not (if managed on
sound principles) be sustained at the same level of
value as gold ?
The issue of one pound notes will, we arc sure,
be hailed with delight by the preductive classes of
the community. The issue of one pound notes will
liberate an immense mass of sovereigns from the
work which they now perform ; and enable us to
meet, without difficulty, that demand for gold,
which foreign corn-growers have recently created.