The Sun.
London, England, 1849-01-19 00:00:00

CURRENCY REFORM.

A TRADESMAN.
Camden Town, Jan. 17, 1849.

CURRENCY.
TO THE EDITOR OF THE SUN.
RESPECTED FRIEND,— Your:correspondent " Pac-
tolus" has very properly invited public attention to
the very important subject of gold currency. It ap-
pears to me that a plan may be very easily accom-
plished by adopting the principle suggested many
years ago by the late Sir Robert Peel, who proposed
to allow banks of issue upon their giving satisfactory
security. Now, it strikes me that a very simple mode
might be adopted. Thus, suppose the Government
to appoint Commissioners, styled the Currency Com-
missioners, to be established in London, at whose
office persons desirous of issuing notes deposit good
and ample security, the Commissioners to state on
the back or front of their notes that the required sa-
tisfactory security is lodged with them, and that they
thereby guarantee the said notes within a given time
after the failure or dissolution of such parties, or
bankers, such notes to be deemed a legal tender; and
as the parties will be at little or no expense except
paper and printing, they could afford to pay to Go-
vernment from 1 to '2 per cent. per annum. Thus
the revenue might be benefited from one to two mil-
lions, or perhaps more, a year, and thereby render a
mutual benefit. This would tend to check the bul-
lion monopolists, and render the currency stable as a
rock, and save the country the loss of interest annu-
ally sustained through using such a costly represen-
tative of labour as a medium of exchange, which
would then be only needful for foreign transactions.
I will further observe, that there need be no alarm
(except among bullionists) about an over-issue, be-
cause supply and demand would soon check it. For,
suppose a banker to issue 50,0001., and he can only
use beneficially, say 30,0001, he will not keep the un-
employed 20,0001. in his iron chest, but naturally
return it to the Commissioners (who may have a
debtor and creditor account), and thereby save
paying the 2 per cent. But should circumstances arise
that would enable him or them to employ 10,000/.,
15,0001., or 20,0001., he, or they, can of course get it
again. It is not to be supposed that the banker will
give away his notes without getting security or value
for them ; if he does, of course he will lose at least a
part of his securities which are in the hands of the
Commissioners unless he has other means to meet the
loss occasioned by his own folly or imprudence.
Yours respectfully,
THOS. MOTLEY.

London, Jan. 17, 1849.

COMMITTEE OF SPANISH AME-

RICAN BONDHOLDERS.

TO THE EDITOR OF THE SUN.
SIR,—Is it not strange that the , Committee of
Spanish American Bondholders suffer their deputy-
chairman to make a kind of "cat's-paw" of their se-
cretary, as we see by this gentleman's letter to the
morning papers of this date ? It has been repeatedly
shown that not a syllable has been uttered to impugn,
in the slightest degree, the honour of the committee.
It is one of its members—in fact its leading member—
its confidential factotum, " Honest, honest Ingo,"
who is called upon to respond to certain charges al-
ready before the public. Do the members of the
committee desire to play the part of a " tail," and wag
at the will of the " knowing one ?" It does, and will
appear so, until it be shown that the secretary is
acting in the matter without their authority. I will
not at present suppose the secretary in the least ani-
mated by hopes that the arrears of salary due to him
will be munificently paid him out of the enormous
sum accruing from the two-and-a-half per cent. on
the deferred stock (even now worth about 15 per
cent ), reserved by the arrangement made for com-
mittee expenses. Be it as it may, the job affair rests
now between the committee and their deputy-
chairman ; the public have read the evidence, ex-
amined witnesses, and pronounced judgment. Nothing
has been said by the denounced party in denial of the
facts alleged against him ; and it only remains for
the public press of this great commercial community
to inflict condign punishment on the delinquent.
A FRIEND TO JUSTICE.
Tuesday, Jan. 16, 1849.

The very earth, indignant at the Americans repu-
diating their debts, has cast up her treasure in the shape
of gold to shame them into payment.—Puppet-show.
SPORTING IN ENGLAND.—There are at present in
England 94 packs of foxhounds, 20 of harriers, and 4
of staghounds.

,
.c.SCAPE OF A CONVICT FROM INTAKEFIELD PRISON.
—A case almost unparalleled, except by the exploits
of Jack Sheppard, occurred at Wakefield House of Cor-
rection, on Sunday evening last. For some time past a
considerable portion of the establishment has been used
for the confinement of persons under sentence of trans-
portation, and who are instructed in some useful trade
prior to leaving the country. One of these, a man named
Smith, committed from Salisbury, and under sentence of
14 years' transportation for highway robbery, formed a
plan of escape, and notwithstanding the vigilance of
watchmen and officers, succeeded in putting his scheme
into practice. lie was lodged on one of the lower tiers
of rooms in the new "C " wing. He was learning weav-
ing, and had a loom in his cell, at which he worked
during the day. At night, when all were, or should have
been in bed, he carefully removed the putty from the
glass of the window with a knife given to him for_a
the purposes of his trade. and concealed the glass. i
to have
a pan in the cell. He then
and wrapped the
taken a quantity of tow from his loom,
iron window frame thickly with itt using a part of
then
with
ingenuity was •
tew,
his loom for a lever, which ho also
wrapped
without '
he broke the frame of the almostwindow
to admitof noise.
Having now an outlet large enough„,,,
wing his es-
cape,s from the, (_, to the
he had to cross outer
appears
hegdistthainsclmPeofor.raeryladderalong with
could gain the
fields and open again
taking two 1
into play, wall, a consdidcearrarbyl
brought for long-stays
d to the wall of his with which
his loom was fixed . . cell, he tied them
together, and
the prison premises, placed
uethountry. His
him, crossed . d
his ladder to the
wall, climbed up it,drew the ladder after him, slid down
it into the open fields
,and
was u clear away some hours
beforo his absence was noticed.
had made his regular half-hourly The night watchman
marks on his index,
and, consequently, proved that he had not neglected the
ordinary duty of parading
th© passages; but so noise-
lessly
highwayman completed his work,
that no sound declared
its progress. Every effort is
making to retake
the man, but up to this time entirely
without success.
THE CITY POLICE.—At a sitting of the Court of
Common Council yesterday, the report of the commis-
sion of the City police was read. It states that the
strength of the force on the Ist of January, 1848, was
520; admitted during the year, 196; making a total of
716. The strength of the force on the Ist of January,
1849, was 553; during the year there had been dismissed
40; died, 7; resigned to take superior situations, 51;
resigned on notice, 18; rejected on probation, 25; re-
tired on pensions, 22; in all, 163. The total number of
persons taken into custody by the police upon various
charges was 14,688. Total number of summonses, 2,946.
Number of houses, warehouses, &c., found insecure, 994,
occupiers living on premises; 115 untenanted; 502 no
nightly tenant. Children found, 99, restored to their
friend., and 658 sent to the workhouses; lives saved by
the police, 3. Robberies—"B burglaries. 1,077 in dwell-
ing• 110MCS, 416 from the person, and 236 in the streets.
Value of property stolen, 4,7472 Ifs. 9id.; recovered,
1,165/. Bs. 3id.; found on drunken persons, and restored
on their departure from the station, 9021.25. lid.
The official Customs' return just issued of the ex-
ports from the port of Southampton for the past year
shows, as compared with the two preceding years, a
large and steady augmentation of the trade of that plaoe,
the increase being more striking when the recent general
depression is taken into account. Tho declared value of
the exports for 1846 was 2,196,2951.; for 1847, 2,627,9944;
and for NO, 3,216,6971

TO THE EDITO.I? OF TITE SUN.
SIR,—I will trust to your well-ksiown courtesy
' for the insertion of the following :
Your unflinching advocacy in favour .of an altera-
tion of our currency laws entitles you to the heart•
felt thanks of all who are convinced of the necessity
'of the repeal of the Bank Charter Act of 1844. I
trust that your endeavours will be crowned with
success. Sir, without we have a currency suited to
the requirements of this country it is utterly impos-
sible to prevent the lamentable crises which fall with
such destructive effects upon the middle and lower
classes. I would humbly beg leave to . suggest a
currency which, in my humble opinion, will expand,
according to the requirements of the community, and
maintain the gold standard. Firstly, the establishing
of a National Bank—not as a competitor with ex-
isting banks, but to act as a check upon them.
Secondly, to loan notes for limited periods (at five
per cent. per annum interest) to those who can give
undoubted security for the loan. Thirdly, the pro-
ceeds to go into the National Exchequer—those notes
to be a legal tender. It will be seen that the National
Bank-notes would be based upon the real property of
the borrower, which would give them a sterling
value. A currency upon the above principle
would act as a self-acting regulator upon the
monetary affairs of the country. If the existing
currency were sufficient for the wants of trade and
commerce, the National Bank would not be applied
to for accommodation at 5 per cent. interest; but if
the exigencies of the country required a more ex-
tended currency, the National Bank notes would
supply the demand ; and if ever there should be an
excess issued, they would directly flow back from
whence they were issued, so that depreciation could
not take place. To adopt the above principle in our
currency would always prevent hoarding (the pre-
cursor of panics), for if hoarding commenced, imme-
diately the National Bank-notes would flow out and
fill up the vacuum. Thus, the cause of panic being
removed, the effect, which is a commercial crisis and
a stagnation of trade, would not occur. By this
currency the industrial energies of the country would
be aided, encouraged, and fully developed, the
National Exchequer filled, a great cause of crime
removed, and, produce a contented and loyal people.
I am, Sir, &c.

trzt mbritton
SUN OFFICE, Seven o'Clock.
4•11.
PRICES OF SHARES
IN BANKS, ASSURANCE, AND OTHER COM-
PANIES' STOCK.
From the Official List,
117BLI9ILED EVERY TUESDAY IND FRIDA.Y EVENUCG.
_.......-...-..
LONDON, FRIDAY, JANUARY 19.
JOINT-STOCK 31.6.1%f KS.
\ Dividend Amount
Nano of Company per of Paid. Price
Annum. Share.
---..
-
---- -
...-.-------.-
A s. d. A s. d.
Australasia • ... ••• • • - 40 0 0 40 0 0 -
.
rtts orth American 5L per cent. 50 0 0 50 0 0 -
Ceylon-N n•••.••••••••.• 71. per cent. 25 0 0 25 0 0 -
Comnsercial of London 61. per cent. 100 0 0 20 0 0 -
- Colonial. • ••• • • ...... 51. per cent. 100 0 0 25 0 0
Gloucestershire ••• • • • 15l cent. - -
lonia, .............. 61. per cent. 25 0 0 25 0 0 -
Londn and Westminstr 61. per cent. 100 0 0 20 0 0 2336
- - 13 0 0 -
London Joint-Stock ... 61. per cent. 50 0 0 10 0 0 16
Provincialof Ireland.. 81. per cent. 100 0 0 25 0 0 40
Ditto, New... • ..• • • 81. per cent. 10 0 0 10 0 0 -
National of Ireland .. 51. per cent. 50 0 0 22 10 0 -
Nat. Provncial of En. 61. per cent. 100 0 0 35 0 0 -
Ditto, New. .Si. per cent. 20 0 0 10 0 0 -
South Australia .•• . • • 51. per cent. - 22 10 0 -
Union of Australia 61. per cent. 25 0 0 25 0 0 -
Ditto
- - 2 10 0 -
Union of London... • • 61. per cent. 50 0 0 10 0 0 1034
Union of Madrid - 40 0 0 40 0 0 -
'
BRIDGES
Dividend Amount
Norse of Company. per of Paid. Price.
Annum. Share.
A. a. d. A. a. d.
Charing-cross.. .. .. •• - - 25 0 0 -
Southwrk,NwSub.Av. - 632 12 8 - 234
Ditto Nw of 734 p.c. 355. per cent. 50 0 0 - 15
Waterloo -..•••• •• •• - 100 0 0 - 4
Ditto Old Ann. of 81. 11.55. 4d. - 60 0 0 2634
Ditto Nw ditto of 71. 11. 2s. 2d. - 40 0 0 2434
Vauxhall •• .. .• • Av. 11. 17s. 70 10 3 - 24
WATER-IVORIES.
Dividend Amount
i Name of Company. per of Paid. Price.
Annum. Share.
A s. d. £ a. d.
Birmingham. •••• • • • • 18s. 25 0 0 25 0 0 -
East London..• •••• • • • 81. 100 0 0 - 172
Grand Junction -•• • • 21. 10s. 41 13 4 - 80
Rent.• -•••••••• •• - 31. 10s. 100 0 0 - -
New Rivr Lndn Brdge U. 108. - - 55
Vauxhall ............ 51. per cnt. 100 0 0 - 100
West Middlesex • . . 61.05. pr cnt. - - 118
INSURANCE COMPANIES.
Dividend Amount
Name of Company. per of Paid. Price
Annum. Share.
......M.
A a. d. A a. d.
Albion •• •• •• •• ••• • • • 31. 10t. 500 0 0 50 0 0 75
Alliance Brit. and For. 61. per cent. 100 0 0 11 0 0 18%
Ditto Marine.• ••• • • 61. per cent. 100 0 0 5 0 0 4%
Atlas •• 13c6d.prsh. 50 o*o 5 6 8 14
British Commercial •• 75. per share 50 0 0 5 0 0 5%
Clericl,Med.& Gen. Life 3pr et& bs. 100 0 0 10 0 0 19
31. 100 0 0 10 0 0 -
Crown
14s. 50 0 0 5 0 0 12%
Eagle . 64. ' 50 0 0 5 0 0 536
Eng.& Scot-. Law •• •• 51. per cent. 50 0 0 212 6 -
European Life ••• • • • 534 per cent. 20 0 0 AM paid. -
FamilyEndowmet Soc. 41. & be. 100 0 • 4 0 0 -
Freemasons' ......... el. per cent. 20 0 0 3 0 0 -
Globe - 112
Guardian ...... ••• • • • 51. 100 0 0 36 10 0 43
Impertal Fire .. •• -•• 121. per cent. 500 0 0 50 0 0 216
Imperial Life •••• • • • • 12a. 100 0 0 10 0 0 14%
Indemnity Marine •• • • 11. sk. & be. 100 0 0 513 1 28
Law Fire •.••-• • • • .• - 100 0 0 210 0 2%
Law Life.. •• •• •• •• .. IL 16s. 100 0 0 10 0 0 -
Legal and General Life - 50 0 0 2 0 0 4110 s.
London Firs •• ••- .. 101. 25 0 0 12 10 0 13%
London Ship ........ 10s. 25 0 0 12 10 0 13%
Marine •• • • ......... - 100 0 0 15 0 0 B}..
Med. Invlid & Gen. Life 43¢1. per et. 50 001 2 0 0 2%
National Lean Fund.. 51. per cent. 20 0 0 210 0 -
National Life• -
Palladium Life 5l. per cent. 50 0 0 2 0 0 1118 s.
Pelican • • • • • • • • • • - - - - - -
Price:llx 31. p. sh. & bs. - - 140
PI otector Lifk ••••• . •• 54. per cent. 20 0 0 1 0 0 -
Provident Life- -. • - 11. ss. & bs. 100 0 0 10 0 0 26
Rock Life
Royal Exchange Si. per cent. Stock. - -
Sun Fire • - - 197
Ditto Life .......... 11. 6s. - - 44
Universal Life........ 10% pr cut. 100 0 0 9 0 0 -
Victoria Life • 51. per cnt. - 4 0 0 434
DOOMS.
Dividend Amount
Name of Company. per of Paid. Price.
Annum. Share.
. --...
£ s. d. A s. d.
Commercial . . - 70
East and West India 6/. pr cent. Stock. - 122
East Country ....• - - 21
London 5/. pr cont. Stock. - 108
Ditto Bonds- -•• • • 41. per cent. - - -
St• Katharine ••••• • •• 4 per cent. Stock. - Ii 75
Ditto Bonds • ..... • • 4%1. pr cefit. - - -
Southampton •• -•• •• 21. per cent. 50 0 0 50 0 0 I -

GU-LIM= AND COKE CO:

:PANIES.

Dividend Amennt
Name of Company. per of Paid. Price.
Annum. Share.
X. a. d. L. a. d.
Iz. '4O 0 0 18 0 0 14
Ditto Provincial.. - 11. Bs. 20 0 0 19 0 0 20
Bristol •• • • .... ••• • • • 101. per cent. 20 0 0 - -
Brighton .. .... .•• • .. 51. per cent. 2O 0 0 - l6
City of London ...... 101. 100 0 0 100 0 0 250
ContinentalConsolidat. 525. pr share 50 0 0 39 5 0 , 45
Ditto, New • • .... • • 85s. pr share 50 0 0 37 10 0 -
Equitable. --- • • - 455. pr share 50 0 0 50 0 0 35
Imperial .• .... ••• • • • 61. per cent. ;50 0 0 50 0 0 66
Independent • 61. per cent. 40 0 0 40 0 0 64
London • ............. - ,50 9 0 50 0 0 -
- i5O 0 0 50 0 I -
Pho3nix . ............ 51. per cent. '5O 0 0 46 0 0 30
Ratcliff ..... .. -- - 31. 100 0 0 90 0 0 1 72
United General ...... 4% /. pr cent. 50 0 0 50 0 0 12%
Westminster Chartered 31. i5O 0 0 - ' 49%
Ditto, New .... -. l2s. ,50 0 0 10 0 0 10
-
C.A.N.11.1.8.
, ...
Names of .
~,j Dividend
Names of 1 . Dividend
~. Price.
Companies. ' A per Companies. A I Annum. Prioe.
is: Annum. so I
•--- -
1
Allan& Oldh 97 1 1 71. p e 112 Macclesfield . 100) 21. 105. 40
Barnsley •. • • 1601 121. 180 , Neath ...• • • 100 181. 340
Brknk&Abrg 150, 51. 85 Oxford.. •• • • 100 201. 190
Birmingham 351 41. , 75 Peak Forest. 78 W. 185.: 67
Coventry.... 1001 25/. 210 Regent's ...• 33 11. 53. 18
Derbv ..... 1001 61. 63 Rochdale.. • • 85 4!. 54
Ells rre&Chs 133 565. I 40 Somrset Coal 150 , 71. 10s. 130
E:e,, ash •• • 100 32/. - Do.Lk Fd St 121 61. p. e. -
GrandJunetn 1001 Si. 75 Stfird &Wore 140! 281. 310
OrandSurrey 100 21. 30 Shrewsbury..l
i 25 151. -
Grand Union 100 11. 10s. 24 Stourbridge.. 145 201. 285
Grantham .. 150 - - Severn andl
Remit & Aim 39. 7s. 6d. 5% Wye Rail. j 26 11.85. 24
Lee,is& Livrp: 100 301. 320 Warwick& 1
Leicester ... • 1140 101, 75 Ilirming. j 4/. 50
100
Letestr &Nth! 83 41. 40 Warwick& }
100 31. 41
Lou4Moregh 1142 701. 650 /Upton..
Monmouthsh 100 81. - Worcstr & 78 21. 40
n' Mntgemsh ' 100 - - Birming.
MeltnMwbry' 100 - - Wilts & Brks - 11. 11
LIST OP SCOTTISEL COMPANIES' PRICES
Dividend Amount
Name of Company. per of I Paid. Price.
Annum. Share.
.-------.-. _
X s. d. I X 5. d
Bank of Scotland
British Linen Company 81. per cent. 100 0 0 100 0 0 191
Caledonian Bank
City of Glasgow Bank
Clydesdale Bank ••• • • 6% per cent. 20 0 0i 10 0 0 13
Commercial Bank •• • • 71. per cent. 800 0 0 100 0 0 148%
Eastern Bank -••• • • • 61. per cent. 25 0 0 10 0 C 9/. 7s.
Zdinb.o Glasgow Bank 61. per cent. 50 0 5 0 0 5%
Exchangeßnk of Scot 6l. per cent. 100 0 0 50 0 0 36%
Isle of Man. Company 71. per cent. 10 0 0 7 0 0 -
National Bank 6% per cent. 50 0 0 10 0 0 13%
Norther Scotland Bank 41. percent. 20 0 0 5 0 0 31.175.
North British Bank - - 50 0 0 10 0 0 625.6 d
Royalßank of Scotland 51. per cent. 100 0 0 100 0 0 115 h
Union Bank of Scotland 8/. per cent. 100 0 0 50 0 0 80
'Western Bank:. ..
Aberdeen Fire and Life 121. per cent. 12 10 0 20 0 2%
B. Accord. Lite aud Firs
--20 0 0 011 0 9s 60
British Guarantee Ins. - 10 0 0 10 0 10s 3d
I
Caledonian Fire Incur. 101. per cent. 100 0 0 10 0 0
21
Church of England Ins. - 50 •0 0 20 0 2
j
City of Glasgow Life., 61. per cent. 25 0 0 2 0 0
21. Gs ,
Edinburgh Life Insur. 61. per cent. 100 0012 10 0 18% East of Scotland Life., - 10 0 0 015 0 'll5 Od
Eng.& Scot, Law Life 51. per cent. 50 0 0 217 6 '465.6d
Hercules Insurance Co. 71. per cent. 100 0 0 10 0 0 1 10%
Incur. Co. of Seetlnd- Si. per cent, 100 0 Life ASSOC. of Scotland 51. per cent. 10 0 0 10 0 o
1 0 0 11, 6s
01 7 Mercantile Life , -
10 0 0 010 0 ,145
National Fire and Life Si. per cent. 10 0 0 1 0 0 20, Od.
3
North British Inimr. • • 5%1.pr cent. 200 0 0 20 0 0 I 2.0 d
2%
North & West of Scot. 61. per cent. 10 0 0 1 0 0 1172.0 d.
Scottish Life and Guar. - 20 0 0 0110 ' 5 , s.
-
00 00
41
50 0 11. Os
Scot. Mas. and Gen. Life
ficntt fah Union Insrnce.. 65%..1.1p.
eprr
cent. 50
20 0
1 0 °O
, 1259.014 d
Standard Life ......
United Dep. Assurance 51. per cent. 10 0 0
MISCELLABTEOT3S.
Dividend Amount
er of
Name of Company.
Anpnum. Share. Paid. price.
---- -
Australian Agrieulturl - 100 0 0 30 0 0 18
11. 4s, -
Anglo-Mexican Mint.. 10 0 0 10 0 0 2
10 0 -....
-
Ditto, half Shares.. -
Canada ............ G/. per cent. 100
_O 0 32 JO 0
82
IrPer Canada Bonds 51. percent. -
City Bonds, ........ 3%1. pr cent. - I - 79
eveal'•cPprblitrsEng 51 percent. 100 0 0' 70 0 0 -
Gen. Revers. & Invest*. 5Pi
*c & bs, 2/ 100 0 0 100 0 0 -
Equitable Reversienry 5. pr* cent. 100 0 0 100 0 0 95
Gen.SteamNavigation 11.8 s, l5 0 0 14 0 0 20
London Institution ...I 78 15 0 -
- -
Russell Institution..., 26 5 0 3 Perth:4lr & OrientAtin. 81. per cent. 50 -1) 0 150 0 0 62
Reversionary Int. Soc. 4%1 pr cent. 100 0 0 1100 0 0 90
Royal Mail Steam.... x 341, pr cent. 100 0 0 60 0 0 4334
South Australian ..... ... Per share. 25 0 0 25 0 0 16
Iran Dieman's Land.,
_................-L__ 100 0 0 23 0 0 --'

The Evenement announces that the Committee of
the National Assembly, appointed to report on the
proposition of M. Bateau, relative to its dissolution,
had met on Wednesday, and that, after a most
animated discussion, it had unanimously resolved to
reject it. The majority of the Committee, moreover,
decided that the decree of the 15th December, whici;
fixed at ten the number of the organic laws to be
framed by the Assembly, should undergo no mods_
cation.

Le National states that, notwithstanding the
greatest efforts made by the enemies of the National
Assembly to obtain signatures to a petition praying
for its dissolution, prepared in the department of the
Calvados, which contains 150,000 electors, not more
than 1,000 persons could be prevailed on to affix their
names.
M. de Cormenin (Timon) is said to be preparing a
reply to M. Guizot's work on democracy.
The British sloop Neva was wrecked on the 11th
inst., while endeavouring to enter the port of Gran-
sytkvoVivville, and six out of nine, of which her crew was cora-
l', " —_,-/.•.r.sposed, unfortunately perished. The captain of the
Passe-partout, of the Republican steam navy, seeing
'the danger to which the British sloop was exposed,
dispatched a boat with seven picked men to her
assistance, but unfortunately the boat was upset, and
lva out of the wren were drowned.

1%1.