The Sun.
London, England, 1822-07-24 00:00:00

➢IR. PEEL'S BILL.

Mit. EDlTon—Having seen the fate of Mr.
WESTERN'S motions, and finding a large majority
of the Lower House of Parliament utterly adverse
to the total repeal of Mr. PEEL'S Bill, and the
consequent re-establishment of the currency on
the same footing as it has stood for upwards of
the last twenty years, and under which every
tax was imposed, every salary adjusted, and every
contract, public and private, entered into, it has
occurred to me that a middle way might be dis-
covered, in which all the possible advantages de-
rivable from that Bill might be obtained, the
credit and honour of the Ministry in repealing
what they so lately passed under an unanimous
vote of the Committee, in a certain degree saved,
and every useful purpose fully ensured by some-
thing to the following purport. The great and
indeed only substantial argument against the
total repeal of that Bill, and consequent re-
turn to paper currency, founds itself on the pos-
sible nay probable depreciation of that paper,
when thrown in too great abundance into the
market, which, indeed, was one time experienced
by the guinea's passing for 27 or 28 shillings,
evidently showing a depreciation to the amount
of that difference. The great object therefore
would be to bottom that paper on the precious
metals, which should effectually prevent all pos-
sible depreciation, and render it always equal to
bullion in every European market. My proposal
would be as follows :—let every individual pos-
sessing paper to the amount of 1000 ounces of
gold at 31. 7s. 101 per ounce, and wishing to con-
vert it into that precious metal, have it in his
power to send one quarter of that amount to the
Bank, with a notice, that in one month from that
time the remaining three quarters should be also
'sent, and ingots demanded for the whole, which
should be produced at the end of that period by
the Bank. This would effectually prevent any
run upon that establishment, and when every
possessor of paper saw that he might, with very
little trouble, convert that paper into bullion, I
am perfectly persuaded that little, if any, would
be called for; but all parties rest satisfied with
a perfect conviction that they might have gold
so demanded, and never trouble themselves to
procure the exchange in question. The necessity
of the month's notice, as well as of the placing
25 per cent. of the amount in the Bank, is suffi-
ciently obvious ; the one, to prevent any imme-
diate inconvenient run on that Body ; the other,
to insure the serious purposes of those who ex-
pressed a wish for the exchange ; otherwise it
would be open for every one so seriously inten-
tioned or not, to give the notice merely for the
purpose of teazing, and so far distressing that
great establishment to provide for payments
never in serious contemplation. Thus bottomed
on gold, no depreciation could ever take place;
your bank-note would be worth as much in
France, or Germany, or Italy, as in London ;
nor could any traveller take with him a more
convenient viaticum than notes thus issued from

the Bank. I am fully persuaded that, so far
from requiring millions in deposit, to answer
every call that might be made on it, the Bank,
with two or three millions, might rest as safely
as with ten times the amount in its treasurys
without the smallest apprehension as to results
of any description. It might then increase it;
circulation to any amount, subject to the annual
controul of Parliament, which might always re-
gulate its issues conformably to the state of
things at the time ; when too great, they might
be checked ; when too small, increased, just 50
as to give a free circulation of all the comnlo'
dities of the kingdom, and increase that currenci
which is now infinitely too inconsiderable for
general purposes, and has given rise to that
depreciation, and all those dreadful distresses,
to which the kingdom is at this moment sub'
jected. These ideas, though from a very humble
individual, may not be wholly unworthy of at-
tendon, and I most heartily wish that they 11191
appear so to our Rulers, to which they certainly
stand entitled, in the opinion, at least, of
hearty well-wisher of the whole community, and
Sir, your constant Reader, and very humble
Servant, J•S•

COURSE OF EXCHANGE, Ju1y.9.3.
Amsterdam

Ditto, at Sight
Rotterdam l2 9
Antwerp l2 5
flamburgh 37 10 2i Lib
Altona
Paris, 3 Day's sight 25 50 OON
Ditto
Bourdeaux, ditto
Frankforton the Main
Madrid
Cadizirg
35j Efiect..,,
Bilboa 36 Ettectl'
Barcelona
Seville
Gibraltar
Leghorn
Genua .. .. ..3i-Veiliee, Ital. Liv 27 60
Malta 45 -Naples 394
Palermo
Lisbon
Oporto
Itio.laneiro
1 Dublin .... 9i, Cork 9j pei Cent.

BULLION. .
Portugal Gold, in Coin 1.0 0 0 Pei
OP
Foreign Gold, in Bars 3 17 6
New Doubloons
New Dollars 0 4 Si-
Silver in Bars. Standard 0 it 0........./0
Pk

BIRTHS.
Yesterday, at Hampstead, 31rs. Perrot Fenton, of Doc°
Commons, of a son. so°
Yesterday, in Hanover-square, the Lady of Sir I
Lowe, of a daughter. .......-•""

MARR IE D. mu&
Yesterday, at St. John's Church, Hackney, Monsieur J8"0
N. Marillicr, of Harrow-on-the-Hill, to .Miss Sarah Miu"'
Aspland, of Hackney. vend"
Yesterday, at St. Andrew's Church, Holborn, Thomas —Oll
rick Crow, Esq., solicitor, Sevenoaks, Kent, to Laura,
child of Mr. Wm. Hodson, of Holborn.

,
DIED. 1, oar!'
At• Bath, on the Bth inst. Elizabeth, wife of JaP—lflDo)'
Esq., and daughter of the late Peregrine Bertie, Esq. "" -
°
to
A, t
Sussex. ; ten
Doncaster, last week, Sarah, the widow of 14-eu,iiedl
Thomas Higgins, of the sth Regiment of Foot, Ivh°.Atori#'
consequence of the wounds he received at the Battle of vl- seY.!
On the 6th inst., at an advanced age, at his house illQf the
mour-street, Bath, John Lee, Esq. M.D. and Fello* -
of
Royal Society of London. tvicululvi
On the 13th instant, at Kilmartin, CountyOfgord
Christopher
opLelrst.llc.am es Fox, Esq. of the Chief Secretary
Di
Printed and Published for the PitoritlF.Tons, at the
Office, No. 112, Strand, by J, B. CAusTalttb