The Sun.
London, England, 1831-05-30 00:00:00

SILVER COIN.

In consequence of the remarks made from time
o time on the return of silver coin from the colonies
this country, and its effect on the home circula-

ion, we have been favoured with the perusal of a
very ingeniothi statement, drawn up to show how
this has occurred, with some suggestions about the
proper remedy for it. As the subject is a very Cu,
riot's• one, we have been induced to abridge that
p;rtiim of ,the statement which is most essential td
be understood by the public at large.
The state of the case, as repreiented in'the paper
in question, is, that British coin has an artificial vr,
fie in the coloniescwhich-is sustained in this country,
and that dollars, also part of the regular currency
there, have in like manner an artificial value in the
colonies which is not sustained in this country.
The necessary consequence is, that the English coin
returns home, and the dollars remain in circulation
in the colonies. Notwithstanding a variety of platt,
Bible regulations made by Government since the
year 1825, it is evident from a state of things so
contrary to every calculation, that the original
measure was either wrong in principle or de-
fective in some material detail. The writer ac-
counts for the state of things which he has been
describing, by the following argument :--The
British silver coin, as now regulated, can only be
considered a token; it passes current without refer-
ence to its intrinsic value; it may be compared to a
bank note written on silver; but as the Bank of
England receive it freely in any quantity, and the
public do the same practically, it becomes, as the
notes of the bank are, a sufficient tender, and repre-
sents, as they do, sterling value in sovereigns at the
Mint price. The Spanish dollar, the rate of which
was fixed at 4s. 4d., though actually containing
more silver than is contained in 4s. 4d. British
money, (the latter being subject to the seignorage,.
which reduces its value to 3s. I 1d.,) has not in this
country the same conventional advantages; it does
not represent sterling value; it is a mere market-
able commodity, and for years past the price here
has not exceeded ss. an ounce, or 4s. 2d. the dollar.
In the colonies it has not averaged more than
4s. Id.. Any man in the colonies having to
pay a debt in England may discharge it in,
full by sending home British silver ; but
should dollars be sent, they would only sell
at 4s. 2d., being 2d. on each dollar, or 2 per cent.
less than the value of their currency in the colonies.
A merchant in the colonies desiring to'make a re-
mittance of 1001. to England, is precisely in the
same situation when he receives dollars at 4s. 2d.,
or British coin at 4s. 4d. In either case he has the
freight to pay, and both will yield the same value,
on arrival in this country ; but if he bath a debt to
discharge in the colony, the dollars will pay 1041.
and the British silver only 100/. It is obvious that
the shopkeeper will hoard the British money for the
purpose of paying it to the importing merchant,
who will return it to this country, or pay it into the
military chest for bills. From the same cause, dollars
will be takens.2d
2d,, and
tßdorpittahissesh i
nc coloniesoitit;)
e asf
coloniesr
tohme yt
mhai
ast
yc4obsue.n
ht4raydd,.
preference 4
calculations it becomes evident that the
hereFinro at
these
existing regulations give an advantage of 4 per cent. •
on the return of English silver to this.country, and
of 4 per cent. on the export of dollars to the colo-.
ties. The only way to prevent the return of British
silver from the colonies, in the opinion of the
writer, would be to issue an order in council, revok-
ing the first that was issued on this subject, in
March, 1825, and declaring 4s. Id. instead of 4s. •
4d. as the equivalent to the tender or payment of
one Spanish dollar. English coin has hitherto cir-
culated so little in the colonies, and is in so small a
number of hands, that it is believed the change
would affect very few interests, whilst the probable
result would be to cause a substitution of British
coin for Spanish dollars, and to send the latter to
this country to be reeoined into crowns and half-
crowns. The fact of the Cape of Good Hope hav-
ing proved an exception to the operation to the cur-
rency in the other colonies is thus accounted for.
The paper rix-dollar had for some years banished
from that colony not only the Spanish dollar, but
almost all specie. When, therefore, the British
coin was sent out, it had no rival but the paper rix-
dollar ; and as the Treasury directed the quantity
of that to be reduced, the British silver became ne-
cessary to fill up the vacuum.--Times.

It is said that in future the Master-General-
ship of the Ordnance and the Comrnanlership-in.Chief of
the Forces are not to be separate appointments, but will be
united in one and the same person.

We are requested to state that the Harrow
afreches will henceforth take place on the first Wednesday
in June, and the first Wednesday in July, which will fall •
this year on the Ist of June and the 6th of July. The
Harrow dinner will always take place on the first Satur-
day after the first speech day. The Harrow dinner this
year will be on Saturday, the 4th of June.

The mail, which heretofore arrived in Dundee
at half-past one, will now be brought in at half-past
twelve o'clock. Every place but Glasgow.— Glasgow
Chronicle,

CATHOLICS IN THE NEW PARLIAMENT•
—The number of Catholics in the late Parliament MS
fourteen—eight Irisll county members, one Irish city
member, and five for English boroughs. The number in
the present Parliament will be—from Ireland, county
members ten, towns, &c. two ; from England, one county
member, and six for boroughs—giving a total of nineteen. '
The foretellers of the destruction of the Constitution "from
an influx of Papists," must look back to the period when
they were thus " demented" with feelings of no enviable
nature. —Morning Puper.

It is pretty well understood that Englishmen
do not consider an affair concluded until all the circum-
stances connected with it have been sifted, discussed, and
at last settled over the social board. It is then that the
most hearty congratulations take place. On Monday last
Mr. POhT3IA N and Mr. CaLonarr gratified their consti-
tuents with their company at Elandford, when an excel..
lent dinner was provided at the Assembly Room, by
Mr. Srooisi,a, About 180 gentlemen were present,
amongst whom we observed the Hon. Mr. PoNsomm,
who kindly presided, and most ably fulfilled the duties of
the chair ; Sir J. SMITH, Mr. 1). Gaosvnloa,
PORT3IAN and CALCRA FT, Mr. HUSSEY, BCC. Sf,C. Mr.
FISHER officiated as the Vice-President,--Sherborne
Journal,

Let Scotland yet hold up her head ! She
now may do it with some menu, she actually has re-
turned a majority to the new Parliament in favour of
Reform ! We give, to-dg, a carefully composed list of
our new representatives, from which it will be seen that
out of the complete number, 45, there are only 20 Anti's;
so that Ministers have a clear majority of five from This
part of the kingdom. This greatly exceeds our expecta-
tion, and we rejoice at it accordingly. All we at first dared
to hope for was, that Scotland would merely neutralize
herself to tae late
herself; hut she has done much more,—
pspparlreet: splendid
her Yh
9-
ofhigh-minded, intelligenceincied pst rotiacnl)de"pinle7"tir pnGolwaVer°w"Fiethe
e