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

CURRENCY REFOR 31.

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

CURRENCY.
TO THE EDITOR OF THE SUN.
RESPECTED FRlEND,—Your:correspondent Pac-
olus" has very properly invited public attention to
the very important subject of gold currency. It ap-
pears to me that a plan may he 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 10,0001.,
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 is
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.
Stn,—ls 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 lago,"
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.
ESCAPE OP A CONVICT FROM WAKEFIELD 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, acd 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 into practice. He was lodged on one of the lower tiers
rooms in the new "C '' wiug. He was learning
weav-
ing, and had a loom in his cell, at which .1'
during the day. At night,
been in bed, he carefully removed the. putty y i
to
him for
apcdpomeudil
td‘Voitgt
ahhiinet
tehs
0.,..
glass of the window with a
knife
given
the glass in
the purposes of his trade. alhici„coappeara to have
a pan in the cell.
Hethis loom, and wrapped the
taken a quantity of tow fromth
it;
when all were, ortsno.e:olnidhathvao
then using a part of
iron window frame thickly 1
window almost without ow"
noise.
he broke the frame of the win
his loom for a lever,
wthorea
Having now an outlet
cross from the " C" wing to the
cape, h® had to outer
wall, a considerable
Ilis
fields and °pin country.
t* r taking two ingenuity was again
into PaYl -o long-stays with which.
iswtllaa,
distance, before
hebeneofauol srgo
brought '
his loom was fixed to the wall of his cell, he tied them
together, and carrying
this temporary ladder alon with
him, crossed the prison premises, placed his laddergto the
wall, climbed up it, drew the ladder after him, slid down
it into the open fields, 1111.. a
Was
be clear
away
some hours fore his absence was notice d.
bad made his regular half-hourly eThe night wath
marks on his man
index,
and, consequently, proved
ordinary duty of that he had not neglected the
parading
ing the passages; but so pass ,
noise-
lessly had the adept •
highwayman completed his work,
that no sound declared its progress. Every effort is
making to retakeh
the man, but up to this time entirely
without suecess.
TnE 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
friends, and 658 sent to the workhouses; lives saved by
the police, 3. Robberies-98 burglaries. 1,077 in dwell-
ing-houses, 416 from the person, and 236 in the streets.
Value of property stolen, 4,747 k 14s. 90.; recovered,
1,1651. Bs. Sid.; found on drunken persons, and restored
on their departure from the station, 9021. 2s. 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 place,
the increase being more striking when the recent general
depression is takn into account. The declared value of
the exports for 1846 was 2,196,2951.; for 1847, 2,627,99441
and for 1848, 3,216,697/.

TO THE EDITOR OF THE SUN.
will trust to your
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.
trust tLat 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 would4mmbly 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-
iAing 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—these 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.