The Sun.
London, England, 1854-06-26 00:00:00

THE SUN, LONDON, MONDAY EVENING, JUNE 26, 1854.

thinking their reasonable independence invaded,
will rather be thankful for the moral support of
the nation's Representatives.

There is no prospect of the introduction of a
" decimal coinage" during the present session.
Like other useful reforms, it has been postponed
for an indefinite period in consequence of the war ;
and from what fell from Mr. GLA.DSTONE on
Tuesday we fear that other difficulties will be in-
terposed in the way of its attainment. And yet
its advantages are universally recognised. It is
on every side acknowledged to be " a labour-
saving machine," which would materially reduce
the amount of useless work, and greatly diminish
the chances of error in every office and counting-
house in the kingdom. Nay, more, it would
simplify our transactions with other nations, and
go a great way towards the introduction of a
uniform system in all civilised countries. It is,
indeed, strange that England should so long have
lagged behind the spirit of the age, that the
" most commercial country in the world" should
perversely cling to that which was deprecated by
every commercial man, and which reflected deep
discredit on the Parliament and people of the
United Kingdom.

But although all men are agreed on the un-
equivocal advantages of a " decimal" system,
there is by no means the same concurrence of
opinion as to the' detlils of the contemplated
measure. The "unit" constitutes the great
cause of difference. The " pound" sterling has many
influential advocates. The Committee of the House
of Commons reported unanimously in its favour,
while the Decimal Coinage Association has been•
expressly framed. on that basis. Such powerful
support renders it exceedingly improbable that
any different " unit" should be adopted, and yet
for reasons which we have repeatedly put forward
in these columns, we are convinced that the
" pound" unit, with the several sub-denomina-
tions recommended by the Committee, would be
not. only exceedingly injurious to the humbler
classes, to all those whose wages or earnings are
expended " in terms of pence," but that it would
also tend to retard, if not altogether to prevent,
the introduction to that universal system which is
so greatly to be desired. We shall look to the
latter objection in the first instance. There is no
other nation in the world which has so large a
" unit" as a pound, or so many as four denomi-
nations of coins specified in accounts. If the
" pound" were adopted, we should have pounds,
florins, cents, and mils—in place of francs, or
florins, and cent, which are found sufficient in
all continental nations. We could never hope to
bring round the people of other lands to adopt
such a . cumbrous system—one almost as irra-
tional, we might say as barbarous, as that now in
use. If we wanted to assimilate the coinage,
we should make up our minds to another change
scarcely less troublesome than the first, while by
•a single alteration of the right description, we
might pave the way to the speedy attainment of
the great desideratum.
Looking to that which would agree with the
greatest number of other nations, there can be no
doubt that the franc or florin of twenty-pence,
which might be termed the " double franc,"
would be • the most useful " unit "—far more so
than the florin of two shillings, which has been so
strenuously urged. In fact, so far as other
countries are concerned there could be no doubt
between the two florins—and the question rests
between them, for the exclusive pound could not
lee retained, rendering four denominations imper-
ative where two would otherwise answer every
purpose, while for domestic purposes the advan-
tages of the former would be equally clear—no
alteration in the penny being required—the coin
in which the poor man's dealings are almost in-
variably conducted.

Now, in the first place, we submit that it is the
interest of the poor man that should chiefly be con-
sulted. He will receive no benefit from the sim-
plification of accounts, for he has none to keep,
and the parties who will really be served by the
alteration should pay the price—i.e., submit to
any inconvenience that cannot be avoided.
`With a florin of twenty pence all the exist-
ing coins would be available—none would
occasion difficulty. We should gradually in-
troduce the cent in place of the farthing; but
until the latter could be called in, and altogether
withdrawn from circulation, four of them would
always be equal to one penny or five cents ; the
penny would remain unaltered, while the 3d., 4d.,
6d., and ls. would respectively be 15, 20, 30,and
60 cents, the florin of 2s. 120, and the half-
crown 150 cents, or 11 20c. and lfl. 50c. re-
spectively. The introduction of the actual florin
and its sub-denominations, the franc or half florin,
10d., the quarter florin, 5d., and the five and
ten florin pieces in gold to Bs. 4d. and 16s. Bd.
present currency would be useful, and could gra-
dually be brought into circulation ; but there would
be no immediate or violent disturbance, so long
as we chose to retain all or any of the coinage now
in use.

How different would this be with the pound
unit, or the florin of 2s. All the matters treated
of in terms of pence—all postage and receipt
stamps, all tolls, would be altered. The Go-
vernment or private toll proprietor would not
submit to lose 4 per cent., therefore they would
levy 20 per cent. additional. The report of the
select committee distinctly pointed to the result.
The loss on postage alone would be 400,000/.
per annum ; and if we take receipt stamps, and
other matters, public or private, it might be
counted in millions.. This is a serious, and, to
our minds, an insuperable objection to the pound
But it is not all. The workinc,
man would not find that the five-cent piece, ten
of which he would receive in exchange for his
shilling, would in small, transactions, such as be
would be engaged in, possess a higher purchasing
power than the penny, of which he formerly re-
ceived twelve for his shilling. He would there-
fore lose 20 per cent. on three-fourths of his
earnings—a formidable reduction, when it was
not the masters or employers that would benefit,
and when, therefore, there would be no prospect
of the matter rectifying itself in time.
It is erroneous to say that the change in ire-
land had been effected without inconvenience.
We well remember hearing loud complaints from
all but the merchants and traders. The humbler
classes were particularly strenuous in their objec-
tions to that which they asserted, and with much
apparent reason, reduced their wages by one-
thirteenth, or Bid. per cent.
By all means, then, let the agitation for a deci-
mal coinage be continued, but let it not be as-
sumed that it must be conducted on the basis of
the " pound" unit. That question is one not
merely affecting the commercial interest, but on
which some evidence should be taken on behalf of
the working classes, whose interests have hitherto
been disregarded in the discussions.

unit.

CABINET COUNCIL.—A Cabinet Council was held at
the Foreign-office, Downing-street, on Saturday after-
noon. The ministers present were the Earl of Aberdeen,
Lord John Russell, the Marquis of Lansdowne, the
Lord Chancellor, the Duke of Argyll, Viscount Palmer.
ston, the E,rl of Clarendon, Sir George Grey, the Duke
of Newcastle, the Chancellor of the Exchequer, Sir J.
Graham, Sir Charles Wood, the Right Hon. Sidney
Herbert, Sir William Molesworth, and Earl Granville
The Council sat three hours and a half.
The Duchess of Kent, attended by Lady Anna Maria
Dawson and Sir George Couper, honoured the Opera
Comique at the St. James's Theatre with her presence
on Saturday evening.
Despatches were sent from the Colonial-office on Sa-
turday, to the Governors of Hong-Kong, Ceylon, and
Malta.
No change has been made in the Private Secretaries
of Lord John Russell. Mr. John Edward Boileau has
acted in that capacity, with Mr. Arthur Russell, during
the last as well as the present session of Parliament.—
Observer.
OFFICIAL APPOINTMENTS.-Mr. L. H. Noel, Mr.
Robert Thompson, and Mr. Thomas K. Gloagan are
appointed seeoud-class clerks, and Mr. William Ken-
rick to be acting second-class clerk in the Accountant-
General's Department of the Admiralty, at Somerset-
house.—Observer.
ACCIDENT TO THE DUKE OF SASE-COBURG.—COBITRG,
June 22.—Yesterday, being the anniversary of the birth
of the Duke of Saxe-Coburg, the following accident hap-
pened to Yln. The duke was in his e3rriagc, when at
the cutranee of the town one of the horses fell, and the
duke was pitched violently out of the carriage. By a
providential hazard, his highness was not injured. He
got up immediately and walked to the chateau, receiv-
ing; as be went, the Inost lively marks of satisfaction at
his escape.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO o'CLOCK.
The sales of cotton at Liverpool on Saturday
were estimated at from 8,000 to 10,000 bales, in-
cluding 1,000 American, 500 Surat, and 25 Sea
Island, taken for export. The market closed
firmly, and prices had an upward tendency. The
sales comprised 7,000 American, 200 Pernam and
Marauham, at 61d. to 71d.;.100 Bahia, at 61d.;
300 Egyptian, at 6d. to Bd.; 1,200 Surat, at 3d.
to 4ict.; and 80 Sea Island, 50 at 111 to is. ld.,
and 30 at Is. 7d. to 2s. per lb. Railway Shares
were quiet.

The New York accounts do not present any fea-
tures of particular interest. The stock market was
dull and heavy. Cotton tended downwards. The
flour market was inactive. Very little was doing
in breadstuffs for export.
It is stated in a private communication from

New York, that the " Cotton yet remaining in the
interior will not be delivered as freely as was ex-
pected a few weeks since, owing to the already
large amount controlled by planters at the ports
for which they can find no satisfactory market.
Should prices materially improve the crop will not
be limited to 2,800,000 bales. In regard to the
growing crop, there is nothing new to report.
Although the spring has been a late one, the plant
is healthy, and there is season enough yet to se-
cure a good crop."
The ship Herefordshire has arrived, with dates
of March 10, from Sydney. She has only 300
ounces of gold on board. The Prince of Wales
brings accounts of March 25. The import markets
were still dull. There is not stated to be any gold
on board.
The letters from the Continent are satisfactory
in respect to the growing crops. In Flanders
wheat is looking most excellently, and promises
an exceedingly abundanticrop. Rye had grown
to mast gigantic proportions, and the straw was of
unusual height and thickness. From the root to
the summit it measured 2 metres and 60 centi-
metres. Such a size was scarcely ever before
known. The price of bread in Belgium will be
raised 1 centime per 50 killogrammes after this
day, the 26th inst. The New Belgian Loan has
been so rapidly subscribed for, that the al-
lotments must be particularly small. The
Russian Loan at Amsterdam is reported
to be a failure, and at Hamburgh it is stated to
have met with very little success. The French
Government has prohibited business in the-secu-
rity. In England there is a standing law against
transactions in any new loan contracted for a
country with which we are at war. The Hano-
verian Government is making propositions to the
First Chambers for the establishment of a German
fleet, the representation of the people at the
German Diet, and the establishment of a federal
tribunal.

The Overland letters from India will be delivered
on Wednesday morning.
The East India Railway Company being now
in the market for the loan of a million sterling
upon debenture bonds, the question very naturally
arises, whether, since there has been such a want
of success in obtaining the capital, a revision of
the system under which the Hon. East India
Company and the Board of Control have granted
concessions should not take place. We have con-
tended from the very commencement that it was
most injudicious to concentrate into a compact
monopoly the whole railway communication of
India. Where a large amount of capital is to be
obtained, there should be a subdivision of the
amount under the guidance of different boards of
direction, so as to interest an increased number of
persons in the success of the projects, and to allow
of personal exertion and influence at all times
more powerful than mere official working. If the
object of the East India Company, were ultimately
to bring the railways entirely under Government
control, it would be time enough to do this
when they were constructed ; and all that is
necessary is to keep them under one general
code of regulations, such as is ensured by
the presence of Mr. Melville, ex officio at each
board. However, even if a false start has been
made, there may be no motive for not now attempt-
ing some improved arrangement, and we believe
that there are parties quite competent to suggest a
plan by which the capital for the various lines
known to be imperatively necessary could be raised
in different portions with comparative ease.
The following aro the railway "calls" due in
July :

Date due. Call.
Dublin and Drogheda, Pref. 251 1 .C 2 10 18,500
Lancashire and Yorkshire (P and W
Halves)
Nemarket (Bury Extension)
*Paris and Lyons 1 4 0 960,000
*Royal Danish.•
Shrewsbury and Chester 5 per cent
Red. Pref.
Waterford and Kilkenny Pref l3 1 0 40,000
Wimbledon and Croydon lO 110 6.825
*Zealand 1 2 0 53,500
* The proportion called by foreign companies is
1,094,5001., but the holdings of English proprietors are
not known.
Total called in 1854 £8,500,672
The railway meetings announced are the fol-
lowing :
Company. Date. Plare, &c.
Aberdeen July 6, Radley's Hotel.
Ambergate, &c.
Central Peninsula of Portugal Aug. 1, Lisbon.
Chester and Holyhead June 26, Euston-square.
Dutch Rhenish
Eastern Counties
Llauelly
London and Blackwall June 27, London Tavern.
Lucca and Pistoja July 15, Lucca.
Melbourne Dock and Railway June 30, London Tavern.
Norfolk
North British July 16, Edinburgh.
North Staffordshire
West Flanders
Ditto.
The English Stock Market "has been flatter, and
with a very limited business doing, notwithstand-
ing the intelligence of the " superior" order to the
Russian army to retire behind the Pruth. The
probability of a change of Ministry, however,
.is
acting upon the market, for, although it is almost
universally desired that Lord Aberdeen should re-
sign, there is the usual doubt as to whether the
Cabinet would universally determine to quit with
him, and political uncertainty, after such a rise
in prices, renders the market sensitive. Consols
have been 931 If, and since at 931 being now
again 93i The New Three-and-a-Quarter per
Cents. have been marked 93i to 94, and the Three
per Cents. 9311 to 931. Exchequer-bills have been
at 2s. discount to 2s. premium. The Bonds are at
premium. East India Bonds are at Is. premium.
Foreign securities have been very dull. Sar-
dinian Old Bonds are worth 85 to 86 : Belgian
Four-and-a-Half per Cents. are 90k, and Peruvian
Three per Cents. 51. These have been the only
bargains, except one in Spanish Passive at 4i. The
other securities are merely nominal.
The Railway Share Market hag been firm gene-
rally, with moderate dealings. Great Northern
hive been heavy, however, and also Caledonian.
French Shares have been at about previous rates
nominally.

The Gold Mine Shares are dull, the Joint Stock
Banks scarcely so high, and the miscellaneous shares
quieter.

BRITISH FUNDS THIS DAY AT ONE O'CLOt

( Front the O(cial List. )

Itutßinc,vd• Ann,
3 per Cent. Reduced Annuities o3i g
.
3i per Cent. Annuities 91 3i
Long Annuities, Expire sth Jan., 1860
India Bonds, 21000 ...... ...........
Consols for Opening 19th July
Exchequer Bills, 24d.
/300000
25
Small
Exchequer Bonds Scrip i P
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Peruvian 3 per Cent.
Sardinian Bonds, 5 per Cent B6 5 x d
Spanish Bonds, 3 per Cent
Ditto Passive (Converted)
Dividends on the above payable in London.
Belgian Bonds 4i per Cent. ex. 25 fr

HALF-PAST TWO.
Consols for Opening 19th July 93i t 1' d

RECRUITING IN AUSTRIA.—A letter from Varna, in
the Leipsick Gazette, says :—" The recruitment has
never been effected with so much facility, the young
men showing an extraordinary eagerness to enter the
army. At Laybach, of the 35 men whom the town had
to furnish, 25 are volunteers. In Croatia, the young
men have come forward by communes to enrol them-
selves. In several places, it has not been necessary to
proceed to any drawing."
GERMAN SURGEONS FOR THE BRITISH FLEET. —The
Independance of Brussels publishes, on the auhority of
its Hamburg correspondent, the extraordinary state-
ment that, owing to the want of surgeons in the Eng-
lish ships in the Baltic, endeavours have been made
within the last few days in various German towns to
engage practitioners with the stipulation of good pay.
ARRESTS IN SICILY.—The Offlicial Journal of the
Two Aicilies, of the 9th, after recounting the fact we
gave a few days ago of three political refugees, Inter-
donato, Savona, and Scarpeira having landed near
Messina, states that when the house in which tney were
was surrounded by the armed force, they nevertheless
contrived their escape under favour of the darkness of
the night ; but that subsequently two of them, namely,
Ipterdonato and Scarpeira, surrendered to theautho-
rities of the commune of Giardini to take their trial.

LATEST FOREIGN NEWS.

SIEGE OF SILISTRIA
DEFINITIVELY. RAISED.

The following important telegraphic, despatch
was received in Paris this (Monday) morning
" BELGRADE June 25, 12 o'Clock Noon.—The
Moniteur of Bucharest officially declares that, in
obedience to orders from St. Petersburg, the siege
of Silistria is raised, Giurgevo is evacuated, and
the whole Russian army is about to retreat across
the Pruth.

The Turkish Embassy at Vienna has received
official acounts from the theatre of war to the 15th,
which state that Silistria can hold out for a long
time. The loss of the Russians •n the 13th was
enormous. In some laces the ditches were full of
bodies. The Turks took two standards, and gained
possession of a battery of mortars which had been
abandoned by the Russians. The Comniander of
the fort of Abdul Medjid, Hussein Bey, directed
the sortie ; the Egytian troops distinguished them-
selves in a very remarkable manner.
The Press of Vienna says :—" We learn from
Bucharest of the date of the 17th that the troops
posted near Erekli, on the road from Schumla to
Silistria, moved on the 13th, and were fighting with
a Russian corps of obseivation, on the 15th, at
Baldakidi. This advance was supported by a flank-
movement on the part of Said-Pacha from bons-
touck by Semersikai. The Russians appeared in-
clined to withdraw. On the same day the Turks
made another sortie from Silistria and established
on the bank of the river a battery of mortars, the
fire of which is directed on the Russian batteries in
the islands.