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

THE FUNDS

We suspect that various reports will continue afloat
respecting the affairs of Mr. Jaudon until the arrival
of the British Queen, therefore it is of no use to report
anything mere on the subject, unless it comes irons
an official quarter. The letters received from India this
morning are of the same dates as those previously re-
ceived from Suez. According to the, Lisbon intelligence
received it appears very unfavourable for the Portu-
guese Bondholders ; still it has :not bad as yet any
effect in the market on the Portuguese Securities.
Consols which left off on Saturday 908 Money,
and 90/ -8- for the Account,; opened this morning at
901 ; for the Account ; at present may be quoted
90/ 1 Account, Money 901 ; Exchequer Bills 4 2
discount ; Bank Stock for opening 185/ 186/. In
India Bonds nothing done ; India Stock 246 k 247/.
In the Foreign Market Spanish Active not so good
as they closed at. On Saturday ;308 -1, at present
30/ e ; Portuguese same as they left off, 35/ 36 ;
Brazilian 73 74 ; Colombian 32/ ; Mexican, 32-1 ;
Danish 73 74 ; Spanish Passive 78 a ; Deferred 141 ;
Dutch Two-and-a-Half per Cents., 53i 54 ; Five per
Cents. 1004 1011.
We do not hear as yet of any alteration in the Money
Market. The dividends will be paid on Friday or
Saturday next, when Money will be more easy to be
obtained.

STATE OF THE CURRENCY.

The state in which the mon, y market bas now been
for some time induces us to publish two petitions to
Parliament on the subject of the circulating medium
presented in the years 1831 and 1837, n
beei eunibeginning;
with
the fifst.
To the Honourable the Corn:mons of the UnitedKing'
dom of Great Britain and. Ireland its Parliianent
assembled. •
Tne humble petition of .Ed ward Sony, of Curzerestreet,
in the County of Middlese.x, Gentlemen.
Your petitioner most humbly rays, that as. }roar
Honour ible House did in the year 1810 so readily c vise
an inquiry to be made into the state of the circulating
medium, although at that time no complaint had been
tendered to your Honourable House by the country at
large, of any detriment arising from the then existing
state of the currency, that your petitioner is the more
induced to hope that your Honourable House will lister,
to this his humble petition, and grant that an inquiry
be instituted into the present state of the circulations, as
so general an opinion is entertained and expresse.l in
divers petitions to your Honourable House, that the
distress now complained of is mainly occasioned by the
state of the currency. Your petitioner humbly htspes
that your Honourable House will more especially take
into consideration the state of dependence in which the
home trade is kept on the foreign trade, as the amoiunt
of circulation for the former trade is made to depend/ on
the fluctuations of the latter trade, and not on the actual
wants of the home trade. Your petitioner humbly hollos
that your Honourable House will cause an examinaGiou
to be made into the past history of metallic currency-,
as
it is recorded in Royal proclamations, and in the 'kw',
nals of your Honourable House, from the beginninf I °I
Kin.'' James the First's reign, wherein complaints of the
withdrawing of the coin for exportation by the fort ign
trade (by which the home circulation was narrow, 30
and also the rise of the market price of bullion above
the Mint price repeatedly occurred. Your to
humbly begs leave to refer your Honourable House
the proclamations bearing on the subject, of the 2i
9, 10, 12, 16,, 18, 20, and 224 years of the reign
James the First, and of his Majesty's speech to.Pariia-
ment on opening the Session in the year 1620P,elibtei:e:
his Majesty says, " It is strange that my Mint bath nitgone these eight or nine years ; but I think the bath
„
of the want of money is the uneven balancing of tie
Your petitioner begs further to refer to the. proclama-
tion of the 2,6, 11, and 26th of Charles the r
those of the 15, 18, and 25th of Charles the Secan""
and to the speech of Sir Thomas Roe in the year 1640.
who speaks " of the great danger to a State when monei
is made merchandise, which should be the measure
it ," as Sir John Parkhurst in 1680 says, It is (13°-
gerous to make that which is the standard of trade vat
chandise itself." Your petitioner humbly begs to 511 lit;
that t'ae complaint of scarcity of money, arising from
exportation of coin, and the high price of bullion,. e"73:
tinued periodically to occur during the whole of the
century, particularly during
~the periods of wars ejl.e
your petitioner begs to refer to the prices actually Paid"
by the Bank and others for bullion, to the expenses tdit
loss by coinage, and to the foreign exchanges during
time. t
Your petitioner begs to refer to the great eltri"-eai
tion and the withdrawing of coin durieg
and 1825, which brought on such scarcity of In°":"Yd
and distress towards the end of the latter Year' 8
further to the exportation of coin since that time; noes-
Your petitioner humbly conceives that your.l "e- re.
able House must, on examination of the ago r%,
the years 18
mises, conic to the conclusion that metallic cu rren.eJi;
front its fluctuations, particularly as an article of l'erelgni
barter, is not a sufficiently steady and certain
rn
of circulation for the home trade, and that it thertS'a
is the cause of periodical unnatural depression of
price of commodities, to the great detriment of the pirt
perity of the country, and that it is subject to 51a0;67
and panics, such as paper money, during the Restrict
'Act, was exempted from. able
te
Your petitioner begs.to represent to your °n "
ow.-
House that metallic money is not only uncertain snit
insufficient in its quantity, but also in its quality,
as u-
may exist in a kingdom in hoards and deposits, evil
sequently without necessarily forming a part of tei
actual circulation.
Your petitioner humbly begs leave to represent that
by the rule that supply and demand regulate prices
(for practically there is no other standard) that wben
part of the coin is exported, :mid the price of bullion
is above the Mint price, that thee the value of the re-
maining coin is enhanced, and that of commodi ties
depressed ; that in case the weighty coin is expori:eclt
the remaining, although lighter coin, is enhanced, while
commodities becotne depressed, which was proved afdter
the re-coinage of the silver in 1696, for the new,. coin id
not purchase gold cheaper than the light coin bad daftie.
That by the year 1810, the coin of the country boil.
almost entirely disappeared, and the market price
bullion having risen, the remaining-, by so much drift
nished circulation, although it consisted of paper, weld,
according to the above rule, have become euhalleefee
and consequently commodities depressed in value le cot
the price of money, of whatever material it ena'lse
must be regulated by that rule ; that if, on tha'
hand, the prices of commodities were enhanced iPbeen
spring of 1810, that fact and its cause could have Abe
best ascertained by an inquiry of those concerned it!
„es,
trade of such commodities ; for such rise of eontenotheeled
if it did exist, eould by no means be taken for -grha'
as having been occasioned by a currency
already shown, must have become more valuab`ie.aes to
Your petitioner, therefore, humbly begs.
he
express his regret that bank notes issued dutin;t
rind of the Restriction Act, should have been, as
n's
•i
conceives, unjustly stigmatized as deprecated ' in a for '
far as there existed at all times a positive demand the
such bank notes equal to the supply ; for besides
responsibility of the bank, they were issued in the 21e'
instance to persons covenanting to withdraw tb,,
from circulation, and to return them to the bane.
at the expiration of the period of the discone t'
and who, therefore, were necessitated to purchage
them out of the market by the sale of commodities, 60,
that it must be evident that bank-notes, so constitwtea
could not be depreciated. And while, on the KA°
hand, bank note money originates either in a sale of c cant
modities which has taken place, or in anticipation t A
sale that must take place, while it expands with the
wants of circulation, and ceases when those wants ars,
satisfied, bullion, on the other hand, has no 'severe'
affinity with, nor is it identified with money (althoue it it
is enacted that money shall be identified with bulks 0),
and nobody would think ot- taking it as money were it
not constituted such by law, for money all debtors as ast
have, and they must pay its market price with tl) ear
commodities, even though it consists of what is so ut )oc.
countably called depreciated paper. The use of p. IPer
money has been increasinvof late years on the Contin
and although it exists there in some parts in its most.;
.11-
jeCtionable forms, still those countries have been
creasinc, in prosperity, and such general distress as ibst;
occurred here under the metallic system has been 04

unknown.
Your petitioner, therefore, humbly prays that y 4 slior
Honourable House will cause an inquiry to be made Obi.,
the state of the currency, and your petitioner buotbe
hopes that your Honourable House will restore to
country a circulating medium which is neither liable ti
iii DIC
ho,rded nor to be exported, but which, like that
existed during the Restriction Act, adapted itself to 0'
wants f the community. taro.]
[We shall publish the other petition in a day or ---

ENIIGRATION OF CHARTISTS.—Mr.Wostrr
holme, the Delegate from this district to the Crete rbils
Convention, and Mr. Chatterton, Secretary to ,the
Working
Men's Association, after being, to use for
words of a correspondent " hunted like wild beasts e.
being Chartists, have made their exit to America--"Or s
ferring leaving the land of their birth to dragging'
..13;0,
miserable life in prison, like 'Lovett, Collins, Ildar'—.4
W ei
Fox, and a many more ; both of them are 11,
workmen, and will do well, having taken all their sa°tv°,l„
with them. Twelve more individuals : cutlers;
smiths, grinders, filesmiths, and razorsiniths--tbele.
jority of them Chartists—are following their ex4Linr,r-
Thus, then, the middle class, by a neglect of theso thel'
ests of themselves and their workmen. are driViogng-
trade by wholesale from England to Anierica.,""„rll
tenholme and Chatterton sailed from Liverpool on v'
adaylaF:a
ssytb.:---eß:Thy:tflo
noseFi/dde Iris.
TreHdE in ing men
that the wantand
is
When the fallabl misery of the working men IS cot.
by thinking
MAoNf.---tdlitor
sign
of a profligate and deranged GoverPro
the labourer is clad in 'h;s •
entirely subdued rags
; when his hovel
as to public matters ; when , 01
presents a scene of the most squalid povertY 8
i 0
wretchedness; when his children are running „b Eon
s
a state of nakedness and destitution, like the
animals of the forest ; when the word home brings
thing heart-cheering to his recollection ; when Liao
dinery calamities, incident to human native in A liean;
tions, fall upon him with a deadening
become considered in the light of blessings; whdi
pas-
whole soul and body constitute a most perfect and
sive instrument for the wanton exercise of social fi.%
political oppression ; when be becomes reduced-
.Beal
state, we may rest assured that some cardinal Pt is
principles of right are violated towards him ; that
.ascl
practically considered as an outcast in society ;
effec, thi:,
1Y
that the ceaseless toil of his existence is victved
as the legitimee source of producing ease, and corn
isnr:t.
of
aud plenty amongst others, without any reference 1/11,is
ever to his own rightful share of the produce
hands.—Northern Liberator.
ANTI-CORN LAW ASSOCIATION,.--We .11.10
happy to announce that an Association under this Wed
has been formed in Lancaster, the objects PrOL°7s.th
being the dissemination of information connected Wu,
the Corn-laws, and their injurious effects on the Ma!
factures and commerce of the country. The trork,'lls
classes bave at length begun to see that this is inoe.e
a_", labourer's question," and that they are room 1°:
terestcd than any other classes in obtaining an abliti;
of the bread tax. Let them unite their energies 111.
those of the middle classes, and the landocracy, Pr eto.
ful as Parliament, is in Parlient, will no lonstiT b‘?
tax =:.c man., iv, Liiv Utia:lit of the lee.--.l4ain
Guardian. _