The Sun.
London, England, 1839-12-28 00:00:00

TUE k'URRENCV QUESTION.

(Front n Printphlc.l with, this
It is admitted that Paper Money is one of the most
refined of ail the expedients to which the relations of
society has given birth. It saves a portion of such costly
articles as the precious metals, and thug increases
the comforts and conveniences of life, by enabling, them
to be appropriated to the -purpose of ornament -and of
use, , It facilitates cxcherges beti7cen places remote
:mit each other—economises tbn time and labour of
paymeuts--aids reproduct:on, by epening u wife
Lid for the relative operations of capital and labour—
Noyes J. cheap agent—while it diminishes the risks and
losses sustained by the attrition and debasement of coin,
boarding, and casualties.
At the same time paper money can only be regarded
as a circulation of credit ; and as coined metals were,
in the progress of mankind from barbarism, substituted
barter, so, in a further stage of improvement, a pa-
per medium ;has been partly st7bstitutect for-coin. The
essontial'bebefrt of the -invention does not then consist
in forming an entire substitute for the precious metals.
The itionetarrsyitem to be perfect,-must be composed
of specie and paper ; ..for specie, es'poesessing intrinsic
value, must still be considered as the immediate ele-
ment into which the currency of the country may, at all
times, .he resolved, and constitutes the true basis on
which the fabric of paper circulation can be solidly
reared. The permanency of paper currency can, there-
fore, only be secured by making the representation of
valte, constantly and readily convertible into real value,
immediately
into gold and silver, because thesa pre-
serve, more steadily than other commodities, a uniform
value, and form tha most convenient measure of ex-
change, and ultimately,, by their medium, convertible
into any commodity possessed of intrinsic value. From
these principles, it is evident that a paper currency, con-
vertible into :Specie, will answer every purpose both of
usefulness and expediency.
Bqb in order effectually to insure the means of
constant convertibility, it becomes a question of pri-
mary consideration to select the body or department
to which the privilege of issuing paper money should be
entrusted. _ _

Experience has proved, that a power of such para-
mount importance cannot be safely confided either to
private Banking Companies or Joint-stock Banks. as
at present constituted, however large their capital or
judicious their management. The natural results of the
existing system of unlimited issues and doubtful re-
sponsibility, are constantly developed in visionary spe-
culations—depreciation of the currency—fluctuation in
pr;ces—derangement in the foreign exchanges—a run
for gold—the exportation of bullion—a recurrence of
panics—commercial embarrassments—bank failures—
and a threatened suspension of cash payments. It may,
perhaps. be difficult to propose a complete and effectual
remedy for the correction of abuses incidental to an in-
stitution so eminently artificial, but it is comparatively
easy to devise-such improvements both in the aaplication
of the principle and the details, as may obviate its most
glarir', defects.
.With this view I take the liberty of suggesting the
following plan, which appears to me to combine the ad-
vantages of complete security, with a free trade in bank-
ing, while the supply of the currency and the demand
will regulate itself according to the legitimate wants and
exigencies of the community :
l:—That one uniform description of paper money be
1, ,alined in the United Empire, consisting of Imperial
Treasury notes or bills.
.2.—That a permanent office be established at the
Treasury which. shall be authorised to advance these
notes or bills to all banks of discount and deposit, whe-
ther Chartered Joint Stock Corporations or Licensed
Private Companies, according•to the option of the bor-
rovers as to number and quality, on depositing in the
Exchequer an equal amount of bullion or Government
Securities, taken at she average market price for the
previous year.
3.—That the Treasury be empowered to exchange
new notes or bills fir old ones cancelled. _

4.—That the dividends on the stock lodged at the
I;:easury be paid to the respective parties, making the
,I„poii.: subject to a deduction of one per cent per an.
nun Intert-,:t on the amount of Treasury notes or bills
reeei;vld in lieu pf stock, and one-fourth per cent. in lieu
of bullion.
s.—That the whole
amount of bullion, or Govern-
ment Securities, or any portion thereof, may, at any
time, be withdrawn from the Exchequer, or transferred
by the parties depositing the same, or their assignees, on
presentation of an equal amount of the Treasury notes
issued to such parties respectively, payment of interest
being made on said notes to the day of returning same ;
and in case any such establishment shall, at any time,
determine to discontinue transacting banking business,
that the balance or residue of bullion and of stock re-
maining to cover outstanding liabilities, be returned after
an interval of three years from the period of notification.
6.—That the tiriperial notes be signed by the proper
officer of the Treasury—that the name of the banking
establishment, to whom they are supplied, be engraved
on same, and that they be endorsed befOre issue by the
responsible agent of the firm.
7.—That the notes of each banking establishment be
made payable at their respective offices in specie, on
fourteen days' notice in writing of the demand, but that
an exception be made with respect to London banks
where the notice be limited to seven days.

B.—That an annual report be presented to Parlia-
ment of the Treasury notes in circulation, specifying
the monthly and, yearly averages, together with the
amount of bullion, and the sum total and description of
stock lodged by each establishment, and a return of
their other assets, and that these accounts be published
periodically in the Gazette.
An arrangement of the currency, founded on these
principles, is peculiarly calculated to revive credit,
afford relief, and secure public confidence. Without
violating any constitutional principle, that portion of the
Royal Prerogative will be restored to the Crown, which
is t present exercised by the most obscure bank. The
Treasury notes to be issued under the proposed enact-
ment will possess the primary element of credit, sol-
vency, roaf capital, and the whole property of the British
Empire plecl,zed for their security.
On a genera: vie,y of the subject, there can be little
doubt but that, :'nder existing circumstances, some
measure of the kind contem would prove a pub-
lie benefit—promote the progres; we improvement of
the country, and contribute materially to consolidate the
b
interests of the Empire. As far as the ,:nk of Ireland
is concerned, the hands of the Legislature are free ; and
as the note circulation of that Establishment has seldom
exceeded the amount of the debt due to them by f3o-
vernment, the proposed plan might be brought at once
into partial operation, without detriment to their inte-
rests. Should the trial be attended with the success
ioticipated, and a preference for the Imperial notes be
evii,ced by the public, the measure may be gradually
introduced, and extended throughout the kingdom, on
the ezpir4tion of the Bank of England Charter.

GLEANINGS I, ROM THE AMERI-

CAN PAPERS.

WANTED.---.A. few files of locofocos, say 50 Butend-
ers, 73 Roarers, 86 Ball-rollers, 70 screamers, 80 In-
fernals, and 000 Loafers to go on to Washington, and
kick up a row in the Capitol on the organization of the
House of Representatives. For further particulars
apply to Slam, Bang, and Co., Custom-house.
USE OF RED PEPPER —Let every young lady carry
in her reticule little packages of t ed pepper, and when
loafers insult her in the street, just take an opportunity
and fling a paper of it into the scoundrel's eyes. Snuff
will answer a like purpose.
AN HONEST MALI IN WALL-STREET.—John Q.
Adams, the venerable ex-President, took a walk in
Wall-street on the morning of Thanksgiving day.
There was a fine looking lady on his arm, to whom he
was pointing out the names of the several banks. As
John Q. entered at the upper end of the street the devil
escaped at the other, thinking, probably, that the sight
of an honest man and a respectable woman in Wall-
street betokened an earthquake, a hurricane, or the day
of judgment.
HARD CURRENCY.--" Musket balls full bore," were
a legal tender in Massachusetts, in 1656, " current for
a farthing a piece, provided that no man be compelled
to.take above twelve at a time of them." In 1680 the
town of Hingham paid its taxes in milk pails.
THE EDITOR OF THE NEW YORK " MORNING
HERALD'S" ADVICE TO YOUNG LADIES IN SELECTING
HUSEANDS.—You are sitting some evening on a sofa,
looking out on the clear moonlight—your adorer near
hy, also looking at heaven in your lovely countenance.
After a long breath, a tremulous motion of the heart, be
murmurs forth his " love,"" adoration"—" declaration"—
•• till death"—" have pity"—" say yes," &c., &c. You are
to be quite cool and calm all the time, pattihg the car-
pet with your pretty little foot. You slowly turn
round, and with one end of your soft melting eye upon him,
proceed to the cross-examination thus :—First ask him
" do you take a newspaper ?" If he replies " no," cut him
at once as a savage and barbarian—if he says " yes," pro-
ceed to the next question, " what daily paper do you
take ?" If he replies " the Courier,"" the Express, or any
of the penny prints, then he won't do at all. A man
who only takes such papers, has no sentiment, no feel-
ing, no light dawns on his soul—can have no proper esti-
mate of the qualities of an amiable, sensible, and affec-
tionate woman. Of course reject him. But if the for-
tunate dog should say " I take Bennett's Herald, that's
my breakfast every morning," then the whole thing is
done—pin him at once, say
" Gre ask my mammie,"
have the wedding day appointed, and you are a happy
wife with a devoted husband as long as life doth run."
" Pin him at once "—forget not that.
DOUBLE FARstEas,—The Siamese twins have pur-
chased a farm in Wilkes connty, N. C., and gone to
farming it in real earnest. They drive a double team,
anl ought to raise a double crop.
EDITORS TO OFFlCE.—Governor Seward is impor-
tuned to appoint half the Whig editors of New York
to office. Beware ! Let these rascals be as indus-
tri)ns, honest, and independent as I am, and they wart
no office. but the fruits of their own efforts. Beware !
Governor.--New York Morning Herald.

HIS MAJESTY the EMPEROR of
AUSTRIA having AUTHORISED and GUA-
RANTEED stveral DISTRIBUTIONS of MONEYPREMIWic, (thr:oftli On- are NO LOTTERIES)
of*: many poniibilities of obtaining
•
LARGE FORTUNES,
• HEINE liiioTHERS, at HAmBURGH,
are NOW SELLING SHARES for the said DISTRIBV-
TIONS. Pcr•ons desirous to purchase may receive, PRE-
VIOUS to giving any order. the PROSPECTUS and PAR-
TICULARS, upon addressing. WITHOUT DELAY, a line
to HEINE, BROTHERS, at HAMMTRGII.
P. S.—THE NEXT DISTRIBUTION contains Portions
of TWELVE THOUSAND, sIX THOUSAND, THREE
THOESAND. ONE THOUSAND • FIVE HUNDRED,
ONE THOUSAND, FIVE HUNDRED, TWO HUN-
DRED AND FIFTY, TWO HUNDRED, ONE HUN-
DRED AND FIFTY, and ONE HUNDRED POUNDS,
&e.
THE DISTRIBUTING DAY BEING NEAR, and
Shares clearing off most rapidly, A RISE IN PRICE will
sofas occur.

THEATRE ROYAL COVENT GARDEN.
UNDER THE MANAGEMENT OF MADAME
VESTRIS.
THIS EVENING, Dec. 28,
Will be performed Sheridan's Comedy of
THE RIVALS.
Mr Anthony Absolute, Mr. W. Farrell; Captain Absolute,
Mr. Anderson; Sir Lucius O''f rigger, Mr. Brougham ;
land, Mr. Cooper ; Acres, Mr. Harley ; Mrs. 'Malaprop, Mis.
C. Jones ; Lydia Languish, Madame Vestris ; Julia, Mrs.
Nisbett; Lney, Mrs. Humby.
Afteriwhiab will be repeated the New Grand Comic Christmas
Pantomime, which has been long in preparation, efaiiled
HARLEQUIN AND THE MERRIE DEVIL OF ED-
MONTON; OR, THE GREAT BED OF WARE.
With cr6rely New Scenery. Machinery, Dresses, and
.De-

aerations.

Harlequin. Mr. C. J. Smith
Pantaloon. Mr. 'Morelli ; Merrie Devil, Mr. Gibson ; and Co-
umbine, Mies Fairbrother.
- - -

Dress Boxes, is; Second Brie., 3s. 6d. ; First and Second
Cireles,ss. ; &amid Price, -23. 6d. ; Pit, 3s. ; Second Price,
b.; Gallery, Is. •
Doers to be opened at half-past Six—the performances to
eourrenee at Seven e'Clock.
Tickets and places for the Boxes to be taken of Mr. Notter,
at the Box-office, from Ten till Four, where Season'Tickets
may be hail upon application.
Private Boxes to be had solely of Mr. Andrews. bookseller,
147, New Bond-sirreet.

ROYAL SURREY THEATRE.
The Two New Dramas, and the Grand Christmas Panto-
mime, with splendid Scenery, and a magnificent Diorania.
THIS EVENING, DEC. 28,

Will be acted, third time, a New Romantic Drama, called
MICHAEL EARLE, THE MANIAC LOVER.

Characters by Messrs. Saville, H. Hughes, Neville, John-
son, and Smith ; Mrs. Vining, Mrs. Daly, and Miss Martin.
After which, M time, a Comedietta, from the French, entitled

FAMILY JA RS MENDED.

- _
Benhomme, Mr. Smith; Chapinet, Mr, Saville ; Madame
Bonhemme, Mrs. Daly ; Theresia, Miss Martin.
To conclude with the New Grand Christmas Pantomime. called
THE QUEEN BEE, OR HARLEQUIN AND GOODY
TWO SHOES.
Tho splendid Scenery by Mr. Brunning—The magnificent
Diorama by Mr. P. Phillips.
Columbine, Miss Sharpe ; Harlequin, Clown, Pantaloon, and
Sprite, by the Bolero Family.

TO CORRESPONDENTS.
Tha address on " Military Flogging" is too long for insertion in

a new•pk„'r.
The same oblectix) applies to the communication from Harrow
Road relative to Sunday Newspapers.

H1(41-1-WATElt AT I.ONDON bXIJJOE T0.,“)11.R0W.
Morning 25 minutes tate 8 ► Evening f 3 minutes atter 8

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