The Sun.
London, England, 1847-11-27 00:00:00

COURT CIRCULAR..

His Royal Highness the Duke of Cambridge, at-
tended by Major SLphcns' returned to his residence
at Kew, yesterday, from honouring Mr. William and
Lady Gertrude Sloane Stanley with a visit at their
seat, Paultons, Hants.
A deputation, headed by the lion. F. 11. Fitzhar--
dinge Berkeley, had an interview with the Right
lion. T. Milner Gibson yesterday, at the Office of
the Board of Trade.
The Right Hon. Sir William Somerville, Chief Se-
cretary for Ireland, the Attorney-General and the
Solicitor-General for Ireland, had an interview with
Sir George Grey, yesterday, at the Home-office.
The Rev. Mr. Lloyd had an interview with Earl
Grey yesterday, at the Colonial-office.
Mr. Chadwick had an interview with the Chan-
cellor of the Exchequer yesterday, at his official re-
sidence in Downing-street,

Mr. Maurice O'Connell had an interview with the
Hight Hon. H. Lahouchere yesterday, at the efice of
the Board of Trade.

DiTatches were received yesterday, at the Cc•lo-
nial-office, from the Gove.norot the Gold Coast.

Dispatches wtie sent off last evening from the?
Colonial-office, -Jr the Governor of Gibraltar.

THE CURRENCY.
7'o THE EDITOR OF 7'HE SUN

SlR,—Lord Ashburton has well remarked in his
pamphlet, published last summer. that every pressure in
the money market has originated in some cause peculiar
to the period, therefore requiring that the treatment
should be adapted to the nature of the complaint, in-
stead of being treated according to the Sangrado stein
of depletion and hot water, enforced by Sir R. Peel's
Bill of 1844.
Lord A. states that the panic of 1825 was allayed by
the. issue of five or six millions of one pound notes, at a
time when the Bank coffers were entirely exhausted,
and when, had the :principle of the Bill of 1844 been
then in operation, an extremely opposite system must;
have been pursued, and thus the evils of panic and bank-
ruptcy have been incalculably extended.
Whereas then, as now, all that was really requisite was
some measure tending to restore confidence and supply
the vacuum in the circulation, caused by the hoarding
of notes as well as bullion. Lord Ashburton very Lap-
pity designates the restrictive clause of Sir R. Peels
Bill as an attempt to regulate the currency of the
country by an arbitrary piece of mechanism, instead of
by human intelligence, cognizant of all the peculiari-
ties of the disease, and adapting its remedies to them.
Such legislation is unworthy the age we live in, for if
the Bank of England be bound to pay its notes in gold,
it surely ought to be left at liberty to decide in what
manner it is most expedient to secure the means of
doing so, and when to extend, and when to diminish
its issues ; whereas the Act of 1844 deprives it of all
power of accommodation at the very moment when it is
most essential for the public benefit. But it should
possess a more than usually liberal discretion.
The history of all the panics, from which the country
has of late suffered sufficiently proves this, and even in
1839, when the stock of bullion was reduced to about
two millions and a half; there was very little feeling of
panic as compared with that which has lately been,
experienced, while the Bank held above eight millions
in its coffers. All this difference of intensity of suffer-
ing under circumstances so much more favourable, the
country, therefore, evidently owes to the restrictive
clausesof Sir Robert Peel's Bill. During, also, what is
known as the American panic of 1837, the Bank di-
rectors being then quite unfettered in regard to their
issues, and acting on their own discretion, without either
a high rate of interest, or any great pressure, suc•
ceeded in bringing back into the country so much gold,
that, during the following year, they saw fit to export
to New York to the extent of one million for sale, feeling
themselves labouring under an " enitarres des richesses,"
and such will, in all probability, again be the case during
the ensuing year.
That it will be necessary to limit the railway expendi-
ture of the country, and extend these works over an
increased number of years, is now admitted on all hands,
and the only question for solution is, as to the best
manner of doing so, namely, whether by the volun-
tary resolves of the companies, or by a restrictive Act
of Parliament. A high rate of interest might no doubt
produce much of the effect that is desired, but it does
so at the cost, and to the injury, of regular commerce,
and is, therefore, not a tenable proposition as a perma-
nent arrangement.

As constitutional objections might exist in regard ti
abridging the powers of railway Acts which have al-
ready been granted, it is desirable that the companit
should be induced, for the benefit of the community, a
well, perhaps, as themselves, to delay proceeding with
their works, and thus prevent future derangement of U.()
money market. If this is felt to be an object of impor4
tance, Government might, no doubt, procure the co-
operation of many of the new undertakings, by offering
that such of them as should delay proceeding with their
works for three, four, or five years, should be exempte,l
for a like period after the opening of their respecti%
lines from the mileage tax on passengers. This boon,
though small, would serve as an excuse for delay, and
would occasion little or no loss to the public revenue, t's
it is possible that, under such an arrangement, a greater
extent of railway would be completed at the end of ten
years than were they all to be procee led with simulta-
neously, and, perhaps, after again, occasioning distress
in the money market, become ultimately stopped from
the want of funds.—l am, Sir, yours, &c.,
Brighton, Nov. 24, 1847.

R. C.

ROYAL LYCEUM THEATRE.—IIer Royal Highness
the Duchess of CambrPge, Prince Frederick of
the Duke of Devonshire, the Duke and Duchess of Nc r.
folk, the Duke and Duchess of Montrose, the Duke of
Manchester, the Duke of Leeds, the Duke of Stackpoo!,
the Ma• quis and Marchioness of Downshire, the Dow-
ager Marchioness of Downshire, the Marquis rt
Donegal, the Marquis and Marchioness of Blandfoi,l,
the Earl of Auckland, the Earl of Cardigan, Earl Fitz.
hardinge, the Earl of Munster, the Countess of Guiht-
ferd, Earl Shelburne, the Earl and Countess of Har-
rington, Viscount Cantilupe, Viscount Anson, Viseoutit
Morpeth, Lord Suffield, Lord Clinton, Baron Plate,
Lady Mary Howard, Lady Crossley, Lady Adelina
Howard, Lord Gardner, Lord and Lady Charington,
Lord Burleigh, Lord and Lady Ernest Bruce, Lou
Willoughby, Lord Compton, Lord AlfOrd, Lady Tre.-
lope, Lord Henry Lennox, Lord William Lennox, Sir
Henry and Lady Wheatley, Sir Bellingham ,
Sir Charles Shakerly, Sir Ralph Howard, Sir C. Ma, .
shall, Sir William and Lady Clay, Sir Charles Kent, :it.
Henry Webster, Hon. Mrs. Anson, Mr. Baring, tie
lion. Cecil Forester, Col. and Mrs. Griffiths, Admin.!
Elliot, Mr, E. Mildmay, Mrs. Milner Gibson, Admiral
Sykes, Capt. and Lady Adela Ibbotson, A. K. Om,
Esq., Capt. de Bathe, &c., having lately honoured the
above theatre with their patronage.
THE BURY THEATRE.—Mr. Davenport has cloned
the season at Bury—the most successful one for year 3,
The performances of the last night were for the man.,.
ger's benefit; " La Sonnainbula,' being produced for ti*
first time. Miss Davenport's Aniina and Mr. Thornle).B
Elvin°, appear to have been extremely good perso.
nations of those characters; a contemporary says:—
" From the opening chorus to the splendid finale of this
most glorious work, the house was in a perfect tumult
of delight." Both the above performers were called f.,r
at the close of the eurtain.—Norfolk Chronicle.
MR. HOWITT'S NEW WORK.—We are requestsit
to state, that " The Hall and the Hamlet," by Williaoa
Howie, author of " The Book of the Seasons," " Rural
Life in England," &c., in 2 v 015.,• will be published by
Mr. Colburn, with the magazines on the 30th of No.-
vember. Also now ready at all the libraries, " Tos a
and Country," a novel, by Mrs. Trollope, author of
" Father Eustace," " The Three Cousins," &c., 3 vols.
Yesterday the owner of a beer- shop, in Baldwin',.
gardens, named Simon Hore, appeared before Mr. T 3
white, at the Clerkenwell Police-court, charged by n,.:4.
Murphy, a private belonging to the 30th Regiment of
foot, with having refused to billet him, contrary to 0,0
provisions of the Mutiny Act, which subjected him to Es
penalty not exceeding .51., or not less than 401. The
complainant deposed that he had been at Cambridge ,
a recruiting party, and came to London on Thursday ,
his route to Newcastle-upon-Tyne. Ile obtained a bibet
tube lodged in defendant's house, and on presenting it, the
defendant refused to receive him, and he was obliged ti
seek other accommodation for himself and another soldi, r.
Mr. Tyrwhitt asked defendant what be had to say?
replied that he had only been in the house a fortnigl.4
he had paid for his license, but he had not yet remit-, di
it, and if he had erred it was through ignorance, as
he was not aware of the consequence of his refus•
Mr. Tyrwhitt said he had been guilty of a very serio is
offence. The ground of his license was to compel a
.„0
to billet soldiers when required to do so, and he read
inn reference e fer
exceedingen c e to t e,
him that part
offence, which in
Mutiny tlnejt-, Act was passed every
which gave the• ag -
*offlitchteed MthuetinpyenAael penalty y
eto mitigate the 133
s.
trate a discretionary power penal; v.
)n,eoarrl,eshshtthtahneredOws.as
another
h
lie had his doubts upon the subject, and he hoped fie
should not be doing wrong in adopting that course. The
Mutiny Act was very distinct, and it was important that
its provisions should be carried out. Soldiers might
in Ireland, Scotland, and other remote and wild
D 1
where etiey could obtain no accommodation if they-4%°re6.
refused to be billeted, and rendered unfit for their duty.
Ile would flue the defendant iu the mitigated penalty of
defendant Mi"
Tyrwhitt
20s. Owing to certain circumstances,
said,he was inclined to allow
with Murphy, in order to make to speak privately
They consulted together. and defendantsome
eletisati(jnli
to give Murphy ss
and eventually agreed the case was • -
dismissed.
NEW COAL EX. CHAN LOWER THAMES-STALEY.
—The building now beingGE,
erected from the drisigas of
Mr. Bunning,
the architect to the corp oratAon, is •
ar-
ranged so as to give an increased
width to f
fare of St. Mary-at-Hill and Lowerer ThanltXstthreoeTuagnhd-
presents two distinct elevations, connected by a circular
tower, 100 feet high, within the re-enteringlangle formed
by the two fronts. The front of the whole is to be
faced with Portland stone. The building will contain
on the ground-floor, in addition to suites of offices, an
area of upwards of 4,000 superficial feet for the meet-
ing of the merchants, including a circle to feet in dia-
meter. the whole height of the buildin47;, covered with a
glazed dome of cast-iron ribs, supported on each
storey by ornamental cast-iron stanneheons. This,
from its magnitude and novelty of design, will
form a prominent feature of the, building. The
height from the floor to the top of the dome will be about
seventy feet. There are likewise provided suites of
spacious
• , well-lighted offices and committee-rooms, (man.
eying four stories ef the building, for the accommodation
of the merchants, factors, and meters ; the accesse a to
them being by projecting galleries of fire-proof con-
struction, within the circle under the dome. The coat
of the building will be about 36,0004 111 r. Willi ara
Trego is the contractor for the erection of the buildii ngt
excepting for the founders' work, which is to be exqctl
by Messrs. Dower, of Old-street.—The Builder.