The Sun.
London, England, 1847-09-21 00:00:00

THE CURRENCY.

TO THE RIGHT HON. SIR CHARLES WOOD.
BART., CLIANCELLOR OF THE EXCHEQUER,
&c. &c.

Pro bond public° Primzun mobile.

Sir,—The currency question, of all others, appear-
ing to be one of absorbing interest at the present
moment in the commercial world, I have ventured to
embody my views upon this grave subject in the7fol-
lowing communication, which I respectfully; submit
to your consideration, believing in the qua,iDt phrase
" there is something rotten in the state oPpenmark,”
when great complaints are made from the Land's
End to John o'Groat's, and reverberated throughout
the empire by the metropolitan and country press.
The monetary system of this country has for the
last half century been a subject rife with discussion.
A paper currency, and a metallic one, has each had
its advocates ; and Sir Robert Peel's Act of 1819, and
its rider of 1844, have each been approved and con-
demned in turn.

In fact, however preferable a metallic medium
may be for its stability and soundness, it is, and
must be, rejected by the commercial world for its
restrictiveness and incapability of accomplishing their
demand. '

A metallic currency is alone applicable to a very
limited sphere of operation, and to attempt to confine
within the influence of such a narrow gauge the trans-
actions which extend over all parts of the world is a
peposterous idea.
Burns complains in bitterness that he was con-
demned

" To that hardest task of man alive,
To make three guineas do the work afire."
Yet Sir Robert Peel, by his currency measure,
seems to erect himself into a champion for what all
other men, whose opinions for solidity and rationality
have never been questioned, would call an utter
"impossibility;" he presumes to make sixteen millions
of gold in the Bank do the work of one hundred mil-
lions, as if a model engine could perform the work of
an operative engine of one hundred horse power; in
other words, he wants the metallic currency of the
country to be adequate to our international or com-
mercial, together with our reciprocal or domestic
engagements, and the machinery which he provides
for the object is, in fact, not a metallic currency at
all, but a paper currency, assumed to be based on
gold alone, i. e., that neither the Bank of England,
nor any other bank in England, is authorised to issue
a 5L note, unless it is prepared at all times to give
five sovereigns in exchange for that same note on ,le-
mand, or pay it in gold at the fixed rate of Si. 17s.
lOid. per oz., which the Bank probably is compelled
to buy at four pounds per oz., owing to the foreign
exchanges being against us.
Now the value of all the gold coin in the country
is estimated at forty or fifty millions, and consequently
the currency, whether in paper or coin, or in both
together, cannot exceed that amount; and it has
already been calculated that the whole of the specie,
gold and silver coin, in circulation throughout Europe
is insufficient for the trade and commerce of Britain
alone, including her vast colonies. How then can
her own limited possession of specie be sufficient for
her requirements ? By what contrivance or inge-
nuity can the few millions held by the Bank of Eng-
land and the private banks of the country be made to
accommodate or supply the wanta of an increased and
continually increasing trade, together with an annual
accumulating wealth, estimated at thirty millions ?
Few people imagine the perpetual consumption
of the material of gold in the conversion to articles of
use and ornament in the manufacture of articles of
jewellery.
Some idea of the extent of our commercial transac-
tions may be formed from the fact, that at the clear-
ing-house of the bankers' of Loudon it appears they
amount to the enormous sum of 1,200,000,000/. per
annum, and even this is said not to include more than
one-fifth of the whole.

How, one may well ask, can commerce of such
magnitude be represented or conducted by the
bullion of the Bank ? We may here observe that
until the year 1792 there was but little paper money
current in this country. Up to that period there was
virtually a metallic medium, but it must not be lost
sight of, the rental of the land was very low, and all
kind of provisions were very cheap indeed at that
period, since which almost every commodity is en-
hanced in price to three times its former value, and
the rent of land is quadrupled, and taxes awfully
augmented, with tithes and poor-rates in proportion.
The introduction of paper money was occasioned
through the deficiency of the coin of the realm for
legitimate use ; and it has been constantly bolstered
up ever since—by the Government permitting the
usurpation of the Sovereign's prerogative, in tolerat-
ing bankers to coin, manufacture, and circulate bank
notes, which the public accepted as money upon the
faith and supposition that the issuers of -them were
possessed of and could pay the amount in one descrip-
tion or other of property.
The evils which have resulted from this vicious and
pernicious system have been too often, and too severely,
felt to need more than the slightest reference to them ;
and it was to repair and prevent these crying evils
that Sir Robert Peel projected his never-to be-for-
gotten metallic currency measure, the inadequacy and
futility of which we have already pointed out.
From facts so palpable, it is evident that some
substitute must be adopted for the employment of
specie—and no substitute, of better capacity and
facility, for such end than paper has at any time been
suggested. It is a fact (never disputed by any one),
at the panic in 1825, the Bank of England must have
suspended cash payments, had not one of their cashier-
clerks accidentally found a box of one-pound notes,
which he luckily tendered to the public over the
counter in lieu of sovereigns ; this manceuvre had the
desired effect at a period of the greatest distrust ever
known in this country.
In preference, however, to our Bank of England
or local notes, I would recommend to the Govern-
ment and Parliament to introduce a new circulating
medium, to be called a national note, bearing the
Sovereign's impress, like coin, and give the same value

and security to it as if it were gild ; and, for this

„
purpose, I would further recommend the Government
to convert 1-16th of the inanimate national debt into

a floating currency of this description, and distribute
it proportionably among the fundholders, in so much
payment of their respective claims. By this means
the tax-paying community would save about two
millions of dividends annually, besides laying the
foundation and commencement of the reduction of
the great debt.
It is not necessary to explain in detail here all
the advantages the nation would derive by the adop-
tion of such a safe and expanding circulating medium.
Suffice it to say, my plan provides that every fund-
holder, who will have to receive (in redemption) for a
sixteenth part of his Government stock less than 201.,
should be paid in five-pound national notes, and to
gradually ascend to notes of the value of 1,0001., to
be paid to parties, as they might deem necessary for
their own convenience—for instance, a fundholder
owning 20,000/. would receive his sixteenth (1,2500
in a thousand-pound national note, and the residue in
smaller notes. By following this rule as fair a propor-
tion of large and small notes could be circulated as
would be requisite.
A national note based upon my principle would
very soon have the effect of limiting, if not destroying
gambling at the Stock Exchange ; for there would be
little fluctuation in the price of stock after the issue of
a permanent unchangeable national note as a circu-
lating medium, which is the main-spring to com-
merce, the life and soul, the very vitality of every
civilised nation ; it may be likened to the blood in the
human frame.
No question, our country is rich enough in re-
sources, and we have an abundance of common food,
and all the commodities in superfluities that add
enjoyment to life ; but the industrious community is
really in want of a safe and sufficiently expansive
currency, adequate for every legitimate purpose, as a
property
transit symbol to represent all descriptions of
—and without such a medium Great Britain iust
totter, if not fall.
What would be thought of the Government, if it
were to bestow the command of one of the finest
ships in the British navy upon a landsman, who was
ignorant alike of Mercator's chart, and of the mari-
ner's compass ? Yet we have witnessed six gentlemen
out of nine, during the last eighteen years, who were
intrusted by Government with the sole control of our
circulating medium for the body politic, incapable of
even managing their own private business as merchants
without being made bankrupts. Do not these facts
demonstrate that it is high time for the Bank of
England to be relieved, and released from all restric-
tions, and from the government of incapable persons,
and to be left solely to its own prudence and ability
with respect to issues on discount, like all other
private banking establishments. I ought not to omit
to mention that silver should be made a legal tender
for all sums under five pounds, and it must be borne
in mind, the holder of my proposed national note is a
bona fide national creditor to the extent of the value
of the note, which it carries upon the face of it, the
same as if the individual held the same in amount as a
fractional part of the funded debt. Fiat justitia runt
ccelum. _

I have the honour to remain, Sir,
Your very faithful servant,
W. GILCHRIST WHISKER.
Portesham, Dorset, 15th Sept., 1847.

DINNER TO MR. LEIGH HUNT.—In celebration
of the recent grant from the Crown of a pension to this
gentleman—distinguished alike as a poet, critic, and
man—the members of the Museum Club, in Northum-
berland-street, entertained him at dinner on Wednesday
evening, which, although not strictly a public celebra-
tion, deserves record as a spontaneous and. well-earned
tribute to personal worth and pro-eminent literary
ability. We are assured and can well believe that the
impression of the evening was of the most delightful and
1 satisfactory liitid,—Sunday Paper,

• THE CRICKET EX PLOSION
The following memorandum of agreement between
Messrs. Smith and Joyce, for the building of the
Cricket, will fully explain the construction of that
vessel, and the means taken by the proprietors in the
first instance to ensure safety ; and will also prove
useful in explaining many points in the evidence,
Mel might otherwise appear obscure :
" SPECIFICATIONS or AN IRON STEAM-TIOAT.
Length on deck, 126 feet ; breadth of beam, 13 feet ;
depth of hold, 7 feet; draft of water, 2 feet 6 inches,
with machinery and coals on board. Is to be built of
the best plates, flush jointed, and countersunk riveted.
Platting of bottom lower streak, one-fourth thick ;
second, third, and fourth streaks, three-sixteenths
thick ; fifth streak, one-eighth full ; sixth streak, one-
eighth. Angle iron frames 2 inches by 2 inches, and
18 inches apart in centre of vessel, and towards the
ends the angle iron to be lighter and 24 inches apart.
Sleepers about 12 inches deep and one-quarter thick,
and of sufficient length to distribute the weight of
engines and boiler over 30 feet length of vessel. Keel
and stems 6 inches by half an inch. Bulkheads and
coal bunkers one-eighth full one-eighth bare. Suit-
able half-round iron all round that portion of the boat
designated the plank ghear or gunwale streak, in-
cluding sponsons.
" WOOD WORR.—Shelf piece of best red pine, 5
inches by 2/; beams 24 inches apart, 34 inches by
2i; plankshear of Quebec oak, i inches by 2j2-; deck,
best yellow pine, 5 inches by 1 ; Shear streak of
best red pine, 8 inches by 11. Paddle beams, spring
ebeams, d aynedl reiwm
bp
ai et ct
eens
so,
fonCtuei bn :eh oak
thick,. Canb i ns u
ifltoaobrl
es
hearers of red pine. Cabins to be fitted up similar to
s
Ant and Bee, and the joiners' work and fitting
with theos
sky-
lights and companions to be equal and similar to ' the
vessels. Glazing of the best character (
best bull's eye scuttles). The whole of the wood and
iron work to have three good coats of paint. This
vessel is to be fitted with a pair of engines of 16-horse
power, each similar in principle to those on board the
Ant and Bee, with a much improved and very pow-
erful boiler. A good cabin stove in the after cabin.
And to be equipped with anchor, ropes, and every-
thing fur her station. A small winch at the head for
her anchor, and all necessary fittings complete to go
upon her station, for work, and to include an extra
donkey-pump, steam pressure gauge, vacuum gauge,
and a Salter's balance on one safety-valve ; the other
safety-valve to have a weight in the usual way, and
all necessary fire-irons and spanners. Speed to be
equal to the fastest of the above bridge boats ; con-
sumption of fuel not to exceed 4ilbs. of god Welsh
coals per indicator horse power of (66,000) per hour.
Time of completion— all May, 1846.
" 1, William Joyce, do hereby undertake to make,
construct, finish, and supply you with the whole of
the before- mentioned works, viz. :—The iron steamer,
complete with her engines, boiler, and fittings, in all
respects ready to go to work upon her station, of the
very best quality, best of materials and workmanship,
and without any extra charge whatever beyond the
sum now agreed upon, viz :-2,550/. sterling.
" To be paid for in the following manner, viz.—_
8001. immediately after signing this agreement ; a
further sum of 4001. in the middle of March ; 400/.
middle of April; and 4501. when the boat is complete
for delivery, and having had her fair trial ; the re-
maining balance of 5001. to remain in your hands
until two months from the day of the first starting
this vessel on her station; and if at the end of two
months the working of the boat and engines is satis-
factory in all respects, the sum of 2501. to be paid to
me. Also at the end of the next two months, if all is
satisfactory, a further sum of 1251. to be paid to me,
leaving a balance of 1251. in your hands for a further
period of two months, or until six months from the
time of the first starting this boat on her station as a
security to you for the good and satisfactory perform-
ance in every way of everything before-mentioned and
set forth. Should any improvement be adopted by the
suggestion of the owners, no extra charge to be
made except by special agreement in writing for that
purpose. And I also agree to make the necessary
trials for the boat previous to delivering her, and
make no charge for the same ; and I further agree,
should the proprietors think it advisable to sell the
boat within three months, to take a third of .the loss,
if sold free from all damage except from fair wear,
which may accrue from such sale below the price
fixed upon for the completion of the boat in every
respect, 2,550/.
" In consideration of receiving the above order upon
the terms specified, I also agree to put the engines
and boiler, which I have already been paid for, into
the new steam-boat building by Messrs. Ditchburn
and Co., called the Cricket, and to complete the same
engine and boiler in every respect fit for work upon
her station (with the exception of half the cost of a
donkey-pump, pressure gauge, and Salter's balance,
which has been settled at 121.) before the expiration
of the present month.
" Signed by both of us upon 1 " O. 11. SMITH.
the 11th day of Feb., 1846. " \V. JOYCE.

" itnebs to ihr above signatures, . NASH."

Her Majesty has been graciously pleased to permit
his Reyal Elighness the Prince of Wales to be patron of
the next Eisteddfod, to take place at Abereavenny, in
the autumn of 1848, on which occasion his Royal High-
ness the Prince of \Vales givts a priz.4 of twenty-five
guineas for the best critic,' essay en the history of the
language anti literature of \Vales, from the time of
Gruffydd ap Cynati (and Merli .) to teat of Sir Gruffydd
Llwyd (and Gwilpn Dclu), ace euptnied eith speci-
teens, both in the original an i in a close English or
Latin translation, of the poems most characteristic of
that period.
THE LATE FATAL STEAM- BOAT ACCIDENT NEAR
NINE- ELMS.—Yesterday Mr. William Carter, the co-
roner for Surrey, and a respectable jury, met at the
Nine-elms, and were engaged upwards of four hours in
inquiring into the circumstances connected with the
death of James Patten, aged 35, a drill and colour-ser-
geant of the Scots Fusilier Guards, who, together with
Wilson Emery, her Majesty's swan-keeper, were
drowned by a boat in which they were coming into col-
lision with an iron steam-boat, as noticed in this journal
of Monday week. The inquiry excited considerable in-
terest, and Mr. Wilmer, solicitor to the Scots Fusiliers,
attended to watch the proceedings on behalf of the regi-
ment. The whole of the non-cotcmiesiened officers, and
four companies of the battalion, together with the band,
were drawn up in front of the tavern, where they re-
mained until the coroner issued his order for the inter-
ment of deceased. The body was then conveyed to the
burial-ground of St. John's, Westminster, the band
playing " The Dead March in Saul," through the prin-
cipal thoroughfares leading to the place of interment.
A great many witnesses were examined. Their evidence
was principally in corroboration of the account of the
accident already published. The room having. been
cleared of strangers, the jury
,returned a verdict of
"Accidental death."
MARYLEBONE VESTRY.---011 Saturday this vestry
this vestry resumed their sittings after an adjournment
of six weeks. Mr. Joseph called the attention of the
vestry to the necessity of some immediate steps being
taken for improving the sanitary. condition of the
parish, and said it was quite certain that, if this were
not done, the Government would very soon take the
matter into their own hands. After some little discus-
sion it was agreed that a day should be appointed for
calling together the committees that had been nominated
to examine into the sanitary condition of the parish at
the earliest possible period.
THE EXORBITANT FEES IN TIIE NEW COUNTY
COURTS.—Nothing can exceed the dissatisfaction of
suitors in the New County Courts at the exorbitant fees
demanded of them OR entering process. The new Act
has now been in full operation seven months, and the
following particulars of the cost and bearing of a sum-
mons for a debt of 61. in the Brompton County Court,
will show that suitors do not complain without,a reasoe.
It must be stated that the whole of the fees ' are paid
before the cause is called on. If they are not, the cause
is not heard. The entire cost of summons for this debt
amounted to 2/. Os. ed., divided as follows :—" To the
general fund for building Courts, es., or five per cent.
on the amount claimed ; judge, 2s. ; clerk, 2s. ; and
bailiff, Is. 10d. ; hearing on applicetion. (without a jury),
judge, lls. 6d.;
clerk, Is. Gd.; paying in or out of Court,
entering satisfaction, &c., es. 3d.; calling cause, bailiff,
6d.; two subpcenas, clerk, 25.; bailiff, 4s. Bd.; entering
and drawing up order, clerk, 3s. ; serving order, hailift
Is. iOd. ; taxing costs, clerk, ls." The hearing of tie;
case lasted but five minutes, the defendant not being
present, and only one witness examined. The fees, -how-
ever, have all been paid, so that there could be no re-
duction. In order to ensure the tees for subpcenas 'he
most profitable tor the High Bailiff, a notice is stuck -p.
in the office, stating, " That costs of witnesses will not
be allowed unless subpoenaed."ln,antetr'edcatoe where
the debt was only 2e ed., th,' cost n
In the Mary ebone Con ty Court both
iit ce•;sit),o hi.,,t parties
are
sw(4111
so
eatarkineg
t
whether there is Eny
e"xcpursetsss loyf st
wo
slattdienlgy toem
pgleotytehde
wh
the n :;o's et"
swearing them.

INCENDIARISM. -- CAMBRIDGE, MoNDAT. Last
evening an alarming fire broke out, shortly before Eight
o'clock, on the farm of Colonel Pemberton, at Trump-
ington, near Cambridge. It originated in a stack of
straw, and from thence communicated to four others,
two of which were wheat, and all were totally destroy. d.
In consequence of the great scarcity of wuter tears were
entertained for the safety of the village, which, if the
wind had veered a few points, must have been burnt.
The fire is supposed to have been the work of en in
cendiary. The loss is estimated at from 1,000/. to
1,5001., and it is stated will fall on the insurance offiees,
The make of the three furnaces at the Witton
Park Iron-works, the week befcre last, was upwards of
430 tons—one furnace working grey iron. The Witt.oll
Park Works belong to Messrs. Bolckow and Vaugliaxt,
of Middlesborough on-Tees.

DISCOVERY OF PLATINUM IN FRANCE.--AS, Guey.
rard has just informed the General Council of the Isere
that he has discovered a vein of platinum in the mc..ta-
morphic district of the valley of the Drac, which he
hopes to work with advantage. Hitherto this precious
metal, which combines with incomparible hardness the
lustre of gold and silver, has only been met wits in the
Ural Mountains, and its scarcity has always rendered
the price very exorbitant.—Paris paper.
GLASGOW COTTON MARKET.—Tht demand for cot-
ton this wetk has continued quiets bind, owing to the fa»
vourable accounts of the net'; crop received by last
packet, holders have giv,n way about id. per lb. slue%
riday 14§t,—Nationg,'. Advertiser of Sept. 17.