The Sun.
London, England, 1847-11-10 00:00:00

COURT CIRCULAR.

WINDSOR, TUESDAY.—To-day was the birthday
of his Royal Highness the Prince of Wales. The
ht Battalion of the Grenadier Guards and the Royal
Regiment of Horse Guards, on duty here, were in.
spected this morning by the Queen and Prince Albert,
who were accompanied by the Prince of Wales and
also by Prince Alfred, the Princess Royal, and the
Princess Alice. The inspection took place in the
Home Park.

Count Dietrichstein, the Austrian Ambassador, and
the other visitors of her Majesty, together with the
Ladies and Gentlemen of the Court, were present at
the inspection.
The troops, after marching by in slow and quick
time, fired a feu de joie in honour of the birthday of
his Royal Highness the Prince of Wales.
His Royal Highness Prince Albert enjoyed the
sport of shooting this morning, accompanied by the
Count Dietrichstein, Austrian Ambassador, and at-
tended by Lord Camoys and Captain the Hon. A.
Gordon.
The Earl and Countess Spencer arrived this even-
ing at the Castle, on a visit to her Majesty.
The Queen had a dinner party this evening. The
company included her Royal Highness the Duchess
of Kent, their Excellencies the Count and Countess
Dietrichstein, the Earl and Countess of Jersey and
Lady Clementina Villiers, the Earl and Countess
Spencer, Viscount Palmerston, Baroness de Speth,
Dowager Lady Lytteltnn and the Hon. Miss Lyttel-
ton, General and Lady Isabella Wemyss, Sir Robert
and Lady Gardiner, Sir George and Lady Couper,
Lieutenant- Colonel Craufurd (commanding Grena-
dier Guards), and Lieutenant-Colonel Smith (com-
manding Royal Horse Guards).
The band of the Royal Regiment of Horse Guards
was in attendance during dinner. The Queen's pri-
vate band afterwards attended in the Castle.

His Royal Highness the Duke of Cambridge left
his residence at Kew, yesterday, for the Royal Mili-
tary College at Sandhurst.
A deputation, including Messrs. John Savory,
Thomas W. R. Morson, and James Bell, had an inter-
view with Sir George Grey, yesterday, at the Home-
office.

Lcrd and Lady John Russell arrived at their resi-
dence in Chesham-place, yesterday, from Richmond
Park.

Dr. Nicholl had an interview yesterday with Sir
George Grey. Dr. B. Hawkins had also an interview
with the Bight Hon. Baronet, at the Home-office.

PRINCE OF WALES'S BIRTHDAY.
WINDSOR, TUESDAY EVENING.—The sixth anni-
versary of the birthday of his Royal Highness was
celebrated at Court to-day with extraordinary splen-
dour. The weather was most brilliant—more like
Midsummer than November—and as the sun rose
upon the old ramparts of the Castle, a splendid new
royal standard was run up to the summit of the flag-
staff on the keep, and floated against a sky as blue as
those of Italy; the bells both of church and Castle at
the same moment ringing out merrily, and crowds of
well-dressed persons flocked from all parts to station
themselves against the iron separating the Home
Park from the Castle-hills. Shortly afterwards the
Grenadier Guards, under the command of Lieu-
tenant-Colonel Craufurd, and with their magnificent
band, entered the Home Park by the south entrance
opposite to the Long-walk, and marching up
the hill towards the grand entrance between
the York and Lancaster towers, they suddenly
deployed to the right, and marching under the
south-terrace they took up ground on the lawn in front
of the eastern or garden terrace. The Royal Horse
their splenthdeid
wneewstehrenlmets,
Guards (Blue), accoutred en cuirasse, and wearing
front of the earnterrace
into line, and
Park, at
near St. George's-
gate.
the Princeß
Having joined entrance,boh marched
regimentsi n t into the
formed Home
the Grenadiers on the lawn in
Princess
Alice, havinCgo,walek
her Alajestiand his Royal Highness
oyalnstottrt,pvith the Prince of Wales, the
undee
tpassingh receivedthe
salute,.
t 0
o. followedp
bsy alongptahs walked through
Alfred, and the Princess
terrace until they
es
ebandsh y
three
the .
ramparts the qoufadthraensgoluethaenrnd
came eofinhfront of the line, they were
the
Royal
doathl
Family regiments
in review, with a royal
heartypec
tcheers,iveb ar
barracks.
eftkesr. which
aoiffn'to its respective regiment rig i n o l
marchedine ag
Jersey
out shooting, ac-
companied
Prince Albert afterwards went
de
Lord Palmer-
. joie, when each
onofthe fajhearndside of Virginia
tu thebyprtehseerEveasrl
Water.
sin,
The public dinner at the Adelaide Hotel
attended, and the town was splendidly was well
illuminated
at night.

A SIGN OF THE TIMES. -- At the Insolvent
Debtors' Court, Dublin, on Saturday, there were no less
than 101 cases set down on the list for hearing; amongst
the number were nine attorneys, one barrister, one law
student, and one physician.—Freeman' &Journal.
HARWICH, Nov. 9.—John Pattrick, Esq., was
elected mayor, and Alderman Stevens re-elected alder-
man. Captain Dean was also elected alderman in the
room of Alderman Johnson, whose term of office (six
years) had expired.

THE ANTI-GOLD-LAW LEAGUE.
TO THE EDITOR OF THE MORNING CHRONICLE.
Sir,—l very much regret that, owing to the entire
absorption of my time by the duties devolving upon
me as secretary, in the first formation of the Anti-
Gold-law League, my attention was not sooner
directed to your leading article of the 15th ult., on
the League. There is so obvious a tone of candour
pervading it, and the desire entertained by you of
giving the members of the Anti-Gold-law League a
fair opportunity of explaining their principles, and
of having them fairly and honestly discussed
is so manifestly expressed, that it was with great
pain I discovered only a day or two since that such
an article had been written, and not replied to. I
will [endeavour to make the best amends I can for the
unintentional oversight, and gladly occupy the first
few minutes I have to spare in endeavouring to satisfy
your mind upon the straightforward objections which
have occurred to you. In addition, 1 most cordially
thank you, on behalf of the League, for giving us the
opportunity of setting ourselves right with your
readers and the public, in connexion with the im-
portant points mooted by you. I shall be perfectly
explicit, and when you have read my letter, I think
you will be satisfied that the Anti- Gold-law League
does not wish to " slur over," or shirk any part of this
most vital question, but that it courts the most
searching investigation, being no le'ss satisfied of the
justice, than of the propriety of the measures recom-
mended by it.
The stumbling-blocks in the way of your acces-
sion to the views of the Anti- Gold-law League appear
to be four in number. I will take them in the order
of their importance, and give to each a full and ample
consideration.
1. You appear to conceive that creditors would be
unjustly dealt with by the substitution of the
" pounds " which the League wishes to see issued for
those which are at present in circulation.
2. You cannot perceive any necessary connexion
between the amount of Exchequer money recom-
mended by the League, as being required for the
service of the country, and the amount of the annual
taxation of the country.
3. You dispute the assertion of the League that
raisceabofsucrodrnt.o fix the price of gold as it is to fix
tit
hthee4is. apimsStronglyamount
ytof
muchcurrencysuspecting,regu lwhichate asd
by
ycoatuni
ebeeqv iukdaeenpntttiltiyyn do of
circula-
tion, that
com-
modities to be circulated, being, in your view, an
ceiffreccutlartai tnhe r
gmtehdainu
ma
isc aeuxsaec, yuyothedoruebnit whether
edyth ecoumntorrye
requires.
Your first position is the most important of all, and
the one that requires the clearest and fullest reply.
That your readers may see that I do not misrepre-
sent your meaning, I will quote your own words.
They are, "The most emphatic of denials will hardly
satisfy plain people that it is quite the thing, in a
moral point of view, to alter the meaning of the word
pound' to the disadvantage of all persons legally and
equitably entitled to receive pounds."
" Our anti-gold-law friends must work this point
most thoroughly before they can expect the public to
go another step with them." . . . " Gentlemen
cannot possibly take too much pains to make the
morale of the proceeding perfectly clear." Be it so,
Sir—the Anti-Gold law League desire nothing more
than a full and thorough sifting of this matter
to the very bottom; and if anything like fraud
and injustice can be shown to be connected
with the measures they recommend, I am sure
there is not a man among them but would in-
stantly abandon the League. We think, however, we
can exhibit the subject to you in a light in which
you have never viewed it, and we confidently reckon
upon the editor of the Morning Chronicle being
among our warmest supporters when we have tho-
roughly explained our views, provided he has no
other objections to our plan than those already named.
In replying, therefore, to the first point, 1
would commence by asking you in what respect do
you suppose the " pounds" the League recommends
would be of inferior value to the present ? In
measuring their inferiority do you measure by gold,
or by " bread and cheese," as the Times has
it ? Do you mean that whereas a " pound " will
now always commands 5 dwts. 3 grains of gold,
it will in the ease contemplated possibly only com-
mand 4 dwts., or do you mean that the proposed pound
will command less commodities than before ?—As I
do not know in which sense you view the pound as
being liable to depreciation, I will answer on both
points.
With regard to the depreciation of the "pound"
as measured by gold, it is a matter of very
considerable doubt among the members of
the Anti-Gold-law League, whether the Ex-
chequer paper pound would depreciate at
all. Though they think there can be no question
that commodities in general would advance in price,
so as to embrace that indirect taxation which they are
burdened with in this country, yet, that gold would
rise to any appreciable extent they consider it ven-
turesome to affirm. It is sufficient, in their estima-
tion, that gold would be permitted to rise, if neces-
sary, if withdrawn for exportatation. They cannot
shut their eyes to the fact that under the system of cur-
rency they propose, forty or fifty millions of gold coin
would be rendered unnecessary as legal tender, and
thrown consequently upon the bullion market of the
world; and they are not sure but that this additional
supply would have as great a tendency to keep gold
down, as the issue of the Exchequer notes would
have to raise it. Should it prove so, the most ardent
bullionist might still be gratified by obtaining 5 dwts.
3 grs. of gold for his paper pound, and it is within
the limits of possibility that he might obtain more,
for we are not at all sure that the paper pound might
not frequently be at a premium when compared with
dwts. 3 grs. of gold of standard fineness.
But whether this should prove to be the case or not,
we hold it of no importance at all. We maintain
that it is really of very little consequence, either to
the payer or receiver of pounds, whether the " pound"
will command less or more gold, otherwise than as
that lesser or greater quantity of gold will again
convert into less or more commodities. The real
and true standard of the value of money is the
" bread and cheese" standard before spoken of. This
is clearly laid down by Adam Smith (corroborated
by every man's common sense) in the following para-
graph from the "Wealth of Nations :"—" The revenue
of a person to whom a guinea is paid, does not so
much consist in the piece of gold, as in what he
can get for it, or in what he can exchange it for. If
it would exchange for nothing it would, like a bill
upon a bankrupt, be of no more use than the most
useless piece of paper." The real question at issue
is, therefore, will the pounds that the Anti-Gold. law
League proposes to be issued purchase less com-
modities than the present pounds ? Will there be a
deterioration of their value in that respect, and will
creditors be defrauded by being compelled to accept
these pounds in lieu of those now circulating ?
We reply, yes ! They will be of less value than
the present pounds in their power of purchasing com-
modities; further, that strict and even-handed justice
to all classes imperiously demands a " pound" of this
description, and that Government cannot act honestly
unless it causes such a system of money to be adopted;
and lastly, that creditors will not be defrauded of
a single farthing, but merely be called upon to
pay the just debts they themselves owe. We will
not condescend to accept a concession of such money
upon the ground of expediency or even charitable
consideration for debtors—we demand it upon the
principles of stern and impartial JUSTICE.
To establish this point, let me put the circum-
stances of the country before you in the severest
mathematical form, and let me remind you,
what seems indeed to be entirely lost sight of
in the discussion of this question, that the coun-
try is indebted to the extent of about one-fifth
of its means, and that the diminution in the value
of the pound in the system of currency recommended
by the Anti-Gold-law League, is merely an expres-
sion of the indebtedness of the nation at large to the
national creditor, and a means whereby the national
creditor collects from each person that sum which is
his fair proportion of the general liability of the
country. The property of the country has been va-
riously estimated to amount in value to between
three thousand and five thousand millions sterling.
For the sake of argument let us assume it
to be four thousand millions. The debt of the nation
in round numbers is eight hundred millions, or just
one-fifth of the total wealth. Now, -who owes this
sum ? Is it owing at all, or not ? We concede that it
is owing, though most wastefully, not to say fraudu-
lently, contracted. And we say that each man of the
country owes it in precise proportion to the property
he is possessed of in the country. The property of the
nation is mortgaged to the national creditor to the ex-
tent of one-fifth ; and, however recklessly and un-
so—rtg“aagermeaatyfahcatvLbaenedn coonnetrtahcattedc,awne.
swn aoiyts e,
bl there et rh eis i tmi
repudiated without a loss of national faith and
ignorantlyht
ho
onos ut
rro.
o gle Instead
eadr
do
we
e aroundbeing
are
threoe
our
erurdnyi
aaptt
jao:
trx
ia,
el as
honours
wo ha aoos been
uthrow
d
thefr oNn
outwlhfie? mtheoernwmt
siosof
f thisotu hreo debtoo
tt nationalroucbte,eipntagi.iadsgentelvntes w h
Government to call upon the individuals knowo that,owe
obligatory on
it for
Govern
tmh
ee n
t to principal;
collecttbhuet
ni
tt is e
res t
fvrro incumbent.amysth;erno t. ohnthe
e r
Thisby
only be done in one of two
direct taxation, such as an income or property tax,
or by indirect taxation on the commodities they
consume,
rs
ea
se
suchthat
of d
a s Exciseirect and Customs' d uties. In the
fit
per annum, and the tax being oaneP-t;
1001. fstohn, t
h e having
Go-
vernment takes away twenty of the you ads, leavingthe
pofe eighty
bfot
erdhniems
ss etlof,tahne dn he et
national
hnua
ls
cei fi.edn ciet losr h. i s slnh
theare
second case, the Government leaves the c original number
of pounds in the possession'of the pro trietor9 but so
enhances the cost of the commodities. ile consumes,
that for his 1001. he can only obtain as rpany comm. -