The Sun.
London, England, 1847-09-01 00:00:00

COURT CIRCULAR.

ARDVERIkIE, AUG. 29.—0 n Friday the Earl of
Aberdeen arrived on a visit to her Majesty.
On Ssturday the only additions to the royal party
were the Marquis of Abercorn and the Earl of Aber-
deen.

This day (Sunday) her Majesty and the Prince
and the royal biusehold attended the performance of
Divine service at Ardverikie.

Dispatches were sent off yesterday evening from the
Colonial-office for the Governor of New South Wales,
and also for the Governor of Van Dit-men's Land.

SIR R. PEEL'S CURRENCY BILL.
T.) THE EDITOR OF THE SUN.
SlR,—When so many complaints are made against
Sir ft. Peel's Currency Bill of 1844, I have to re-
quest that you will give insertion to the following
extract from a pamphlet which I published seven
years ago, miler the title of " Reflections on the
Currency, by a Yorkshire Manufacturer."
This extract against the principle of allowing the
entire circulation of the country to be increased or
diminished in exact amount with the quantity of
bullion imported or exported, was written before Sir
Robert Peal induced Parliament to sanction this
principle as the law for regulating the currency ; and
it is for your readers to judge how far the working
of the present Act has verified my expectations, both
in stimulating the railway speculations of 1845, by
making money so excessively cheap, and has since
prostrated the commerce of the country by greater
pressure than need have been the case, if the principle
in use for arranging the monetary transactions of dis •
tent parts of the same country with each other was
acknowledged in regulating our transactions with
foreigners; and it is only reasonable to expect that
;is our transactions with foreigners increase in extent,
the necessity becomes still greater of placing our
currency on a proper tooting, or our seasons of
scarcity and abundance of money will probably
become more frequent and severe.
I remain, Sir, yours respectfully,
A YORKSHIRE MANUFACTURER.
Aug. 28, 1847.
The following is the extract referred to :
" The int. rnal currency of the country is regulated
by each town or district borrowing from or lending to
the others, as circumstances require, through the
medium of the Londun money market, and we conceive
the same principles are equally applicable to regulate
the currency of the whole country with that of other
countries.
" We will just imagine what would be the effect if the
internal circulation of each county or district was con-
fined to one bank of issue, and their separate issues
were contracted ai,d increased in exact pi opertion to
the amount of bullion which they each possessed. by
supposing the bulk of the agricultural produce of Lin-
colnshire tee he generally sold to the manufacturing p
epu-
lation get Yorkshire, and that the Lincolnshire farmer
in return buys most of his clothing from the Yorkshire
tiranuiacturer. Tains, cone san untavourable season for
a. ricultiire throughout the country, but it so happens
that in Lincolnshire agricultural produ a is more than
usually' abundant, and although this difference may
rarely occur betweeii t.vo adjoining districts in the same
ce,untry, it is of frequent occurrence when applied to
the productions of mare distant places; the season being
on the average bad, agricultural produce will rise in
value, but the Lincolnshire farmer having more than a
usual supply, is enabled to sell an increased amount, of
his produce to the Yorkshire manufacturer, and will
require in return an increased Tomtity of manufactures
to Is, sent in exchange, or the etiffereeece paid in specie ;
b t specie teeing sent, will cause the Lincolnshire banker
tee make. an equal increase in hi. paper circulation,
thereby raising prices in Linciehishire, whilst the York-
shire hanker must at tree same time eitiniiiish his circula-
tion, tee order to lower prices in Yorkshire. to such a
degree as will cause the specie tee return. But during
this . roc ss the Lincolnshire farmer will sell corn high
and purchase his clothing at a low price, and dies it will
be doubtful whether all the gold which could possibly
be drained from Yorkshire would be sufficient to adjust
the balance, without the assistance of the Lincolnshire
people purchasing more than a usual supply eel clothing;
and this surplus must either be held fey the speculator,
or each individual must purchase clothes for some time
to come, or must be clothed in a much more costly
manner. But this is an unnatural state of thnigs, and
car, oiely be of short duration, for while agricultural
produce in the other districts in England has been
limited, the. Yorkshire manufacturer has been
forced to sell clothing to the Lincolnshire farmer
at lower prices than he could afford to make them
for, and still take dear corn in exchange. But the
next season we will suppose the case to be reversed ;
agricultural produce is every where abundant ex
cept in Liecielnshire, where they have little mere than
will supply their own wants ; if they still continue to
purchase clothing as good and as costly as they got last
year, they must give more for it. and still take less tor
heir agricultural produce, as the Yorkshire manufac-
turer has now various other cu:tom,ra wanting clothing,
and they possess abund ince of agricultural produce to
give in exchange; thus the gold must now flow out of
Lincolnshire into Yorkshire, to purchase clothing for
those who can still afford to buy it; this causes a con
traction eel' the Lincolnshire circulation tee bring it back
again, by lowering prices, hut it still leaves the inhabi-
tants tee go poorly clothed during some years, and ex-
pensively clothed lee oihers.
"This is a lust specinie n eef ,he alternate prosperiiy and
depression which would ellways occur in the different
districts of this country, it' toe circulation of each dis-
trict was regulated by that system, which is by some
considered tee the- only sound principle on which to
regulate the currency of the whole country. We will
now contrast It with that more improved system, by
which all the productions of one particular district in
this country, as compared with that of others, are so
balanced as tee b of the ere 'test possible advantage to
the whole, and a system mist intimately connected with
its pr:esperity as a commercial naiien.
" In the supposed c est., under our present admirable
system for regulating the internal circulation. if the
Lincolnshire farmer sells a greater amount of agricul-
tural produce than usual to the Yorkshire manufacturer,
end it it exceeds the value of the clothing which he re
quires, the balance is adjusted, not by draining all the
precious metals out eel circulation in Yorkshire, but by
bills payable in London. which, being paid to the Lin-
(-celestine .ianker. does not require him to re-issue an
equ amount eel fresh circulation, and thus raise that
dipTrict to an unnatural st.de of prosperi y, at the very
time when Yorkshire is much depressed—but the greater
portion eef this capital is investeel in the purchase of Go-
vernment securities, or is sent to be employed by the
London bill broker, either of which will be of service' to
the Yorkshire bank r—one by finding him a purchaser
for s, curities which he way wish to realise, in order to
obtain capital which he can employ better at home—
and the otner by enabling the bill-broker to discount
bills tor the Yorkshire banker, which he may require to
enable him to assist his manufacturing customer, while
he is usable to sell his goods. These transactions will
eventually adjust themselves when capital becomes more
abundant in Y hire, the London money market at all
times taking off the surplus capital of one district and
supplying the wants of others."

SHAMES ON THE ENGLISH COAST.—The extraordi-
nary number of mackarel which have visited the Eng.
lish Channel this summer appears to have attracted a
party of sharks to the Downs. On a fine evening, says
the Hants paper, with the wind off the land, those rapa-
cious creatures may be seen close in to the shore, skim-
ming along the surface of the water, a large triangular
dark coloured dorsal fin being the only part visible. It
is quite a novelty to see the fishermen on the south
coast of England enjoying the hazardous sport of har-
pooning. Such, however, may be seen off Dunnose and
Luccomb (Isle of Wight) every fine evening in moderate
weather. A gentleman of Bonchurch, while fishing,
and unable to account for the unusual shyness of the
finny tribe, was in a few minutes surrounded by sharks.
On raising the alarm, a Luccomb fisherman hastened to
the sp.at with a h arpik in, and soon tratisfixec one 01 the
vt,rtei,iu, strangers (nearly 11 feet in length), which,
after allOrding the roost exciting nlay fur nearly 2u
minutes made its escape. On the arrival of SOM.- boats
from Shanklin another shark was struck by a waterinan,
g" of Yarrel
and aft,r 35 mii.utes' play was, with the assistance of
alio left-boat, towed into shallow water and captured at
theofcll‘ 'ypi:rr)beule ,
and measured
tietio-y ever, feet.
Letters from Rome state that on the 13th instant
(Ltut'ec rnu l his
s Cu
sharkrnub r i a was,
"
the Pope paid a private visit to th.• Rev. J. H. Newman,
at the house of Santa Croce. The circumstance had
attracted attentive.