The Sun.
London, England, 1840-11-09 00:00:00

err on the safe side he sets them down at Ine-.bate
These calculations are given in a sl...ries of well-, xranged
tables with the greatest accuracy, and the esult
that the total amount of bills in circulation for t So yaw.
1839 is 528,393,842/. in G,-eilt BritKlin and . lrolands
which, on the principle that three months. it the ,reuse
date, he divides by 4, to show GI., amount rum, tug. et
once, and the result is 132,123,450/. The whole r 'Mount
of bills he calls superstructure, resting vu the atm that of
Bank-notes and gold, and he draws part, taint. at.' entjoa
to the great peril in which the large editicn %lust be Placed
when the base on which it stands becomes tOO VI nor.
rowed. The quantity of notes issued, more ,or esj, by
country banks he considers as quite an insignificAt itt:au
the total amount of currency, of which these L ‘l. fc
by far the largest part, and he brings forward ti tmoit
number of measures which he would employ It) saps
proximate the amount of paper to the metallic basis.
lie would discourage an undue lowering of the t 'ate of
discount, would do away with the one-pound no :es in
Scotland and Ireland, and would have a double attys.
dard of gold and Aver, because, by introduein g the
latter, ha would enlarge the basis. Our present
lion he describes as on the brink of a precipice, whea
he considers the small metallic basis on %Thiel i the
amount of currency depends. The following is h is es-
timate of the debtor side of the account, lc a 1 otter
dated last May ;
Bank deposits
I3,nk notes
Country bank-notes (including Irelaad
and Scotland)
17
Swings' bank deposits at 14--days- notice 22',000( 00
00:' )00
Country bank deposits - 20 000, afro
Bills of Exchange
146,0(10, 000

P •
7.000,0 10
• 17,000,0 00

.£218,0V,W0

POST.—It was understood that tine loan said t o be
required, and in the course of neeeotiation, for the o we of
the Turkish Government, was to tie brought out, i r, it,
deed, a contract should be even 'malty concluded, or
specting which, however there was s pit re dlitEculty, e Our
the auspices of a first-rate comrnercia'A hour in the At.
It was, in fact, openly stated that Me sr rs. Reid, Ir
and Co. were prepared to charge then selves witb.-90-4
operation. When a firm of the pre,* ansions of time.
which we hare named takes a matter ,of eV's kind in
hand, the public would seep to have a rensonabtis
assurance that their interest's. will be I loperly pro.
tected. Messrs. Reid, Irving, and Co, cold sot
sit calmly by and see the confiding rat qtitudes by
whom they had been supported in a finark Ital. urger.
taking—those who had embarked in the c titan their
fortunes, the herd earnings, in many cases, of a torte
life—made the victims of treachery and ArisalPed;
and coolly abandoned by a sot of corru pt per-
sons, calling themselves a Government. S tthli loss
could they become so thoroughly desta etc of
every feeling of decency and honour as to lend ttitoms
selves to the perpetration of a series of undarba, ad aka-
no3uvres, the effect of which is to aggravate the origi•
nal injury in the abstraction from their purses oE, liar.
haps, the last remaining shilling, and is bringing down,
by such disreputable proceedings, the paper gives them,
in exchange for their first advances, to a •disLoutt of
70 per cent. on its former value. Nothing of this sort
is to be apprehended in parties like Messrs. lteid, Ir-
ving, and Co., and, as we have before said, if a Turbish
loan were to be contracted for at all, it was desirable
that it should be through the medium of such an este.
blishment rather than through the intervention .of asy of
those operators who have already done so much mischief
otto the community. Circumstanced as the ;Bank of
England happens to be at the present time, s,e con-
fess that the news of the Governor of the est Alia.
went having suffered his house to mix itself up with
any doubtful foreign loan affair was to us somewhat
startling. Tue announcement does not appear, how-
ever, to have been publicly contradicted, end, for the
reasons assigned, we hope therefore that there is .tome
foundation for it. If the evil of a Turkish loan c slat
inevitably be inflicted on the country, and there is ;sro-
bahly no help for it, let it not, at all events, be inflit eed
by those who, having pocketed their large commiss one
and per centw es, heedless of the subsequent non.] iaya
went of the dividends and the distresses of their du pen,
bound off to something else—to some new coaeociien
by which they may pocket more.
In the Constantinople letter contained in the Morning
Post of yesterday we meet with the following :
" The Turkish loan, which I understand is to be. ne-
gotiated through Ricardo, will amount to three mill.ans
sterling, and is to be made, it is said, under the ;gua-
rantee of our Government, but how our Government
can be security for such amount without the consent of
Parliament is to me samewbat puzzling ; and without
this, on the other hand, I am equally at a loss to see
how the Turks could obtain any loan, at all. I must
confess, for my part, though sincerely a friend to this
Government, my confidence in its stability would by no
means induce me to embark my property uninsered in
the same bottom with it. Yet it is certain that st,ine
steps have been taken, for 1 know that on the strength
of them 50,0001. have already been advanced to it by
its European bankers."
Now, in the remarks which we have made ahoie
we must not be so far misunderstood as to be s 'sr
posed to have levelled them at any individual bonne.
There are several parties in London and elsewhere
to whom our censure will equally apply. All that we
will say of Messrs. Ricardo in particular is, that the
country has been caddied, through their agency, wide
a fearful lead of Spanish debt, and that if they
have done their duty by dirk En4ilix, penstiteenti. as
it Jas behoved them todo. in striving ie procure tir-
merle of the dividends, they have not bean fortunate iu
their endeavours. 'The object at stake is, in the ewes, of
Turkey, an Important one, and it is iecumbeara upon
our countrymen, before they havard thee.' funds ias any
loan in behalf of that nation, to consider well the pos-
sible consequences. The first requisite in such a mas-
ter is, that the agents employed in the negotiation she aid
possess the influence necessary to ensure the due full-
meat of the contract to which they may he made a
party. The speculation will, we are convinced, prove a
failure, and no prudent person will, fur the sake of a
paltry premium which the scrip may bear in the Cita
instance, have anything to do with it, whoever sop, be
charged with its introduction.