The Sun.
London, England, 1847-12-16 00:00:00

" One way to make any alteration in the currency
check itself, is to put the banks all upon an equal foot-
L ing, no limitation, or restriction, or privilege, to one
more than another. On the Scotch system, they ex-
change each other's notes for their own, and thus check
each other's issues. The notes of each bank alike to be
made legal tender, which holds its capital in
• government securities, the interest of which is
payable in its own notes, or in any of the other good
securities of the country, at the par of 1844, at
the option of Government, so that if they
allow their notes to depreciate by over issues, they will
be the greatest losers themselves, by being paid in their
own cein. And again, if they allow the note to ap-
preciate, they will be as great losers also, because if the
value of these securities fall from an appreciated cur-
rency, they lose that fall out of the interest of their
capital, as it will be more profitable for Government to
buy those securities with the current note, and give them
to the barikelry payment of the interest of their secu-
rities, calculated at the 'par of 1844.
" A eelf-regulating currency may also be obtained by
banks holding local and other stocks (exclusive of Go-
vernment stock), say, of ten to twenty different secu-
rities, an equal amount of each, but in no case to
exceed a third of the entire capital stock of any of
them. This sort of security to form always, at least,
half of the total security required, the other half of
deposits, or of these same stocks, to the amount of one-
third of the issue of notes, the notes to be payable on
demand in any of these securities at the option of the
banks at the par of 1844, and also that the banks receive
any of these stocks at their own option in payment of
bills, sc., at the par of 1844. This very simple ar-
rangement will make the pound of 1844 last as long as
banks last, and prevent the banks from playing cr work-
ing on the capital they hold."
The market for Consols has been rather flat this
morning. The opening value for the Account was 8.5 i,
from whence a reaction occurred to 851, and the cur
rent value now is 85k 4. Thero have not been any
transactions in Consols for special transfer this morn-
ing. The premium on Exchequer-bills is 7s. to 10s.,
and upon the small, 10s. to 13s. East India Bonds
have varied from 18s. to 21a. discount. Bank Stock is
steady at 1861.
A considerable amount of business has been trans-
acted in the Foreign Funds to-day. Such a list of
official prices we have not bad before us for many a
month. The variations are slight. The Brazilian have
rallied to 80; Chilian, to 891; Mexican Five per Cents.
have been 181 to 181 ; Portuguese Four per Cents. are
at 221; Spanish, at 174 1; the Three per Cents. at 29;
and the Dutch Four per Cents. Certificates at 84k.
There has not been any material variation in the
prices of Railway Shares to-day, but they are flat.

ONE CLOSING
I'RICES or BRITISH FUNDS. O'CLOCK. PRICES
Bank Stock
3 per Cent. Reduced Anns.
3 per Cent. Consols Annuities — 86
New 314 per Cent. Anns 86%1/21A 1/2 861,4
LongAnns. to expire Jan.1860
India Bonds, 1,0001.
Ditto under 1,0001. .. ......
Consols for Account 853 1/214 8514
Exchequer Bills. 3d.
1,000/.
5001.
Small

ONE CLOSINO
RICKS OF FOREIGN FUNDS. O'CLOCK PRICES.
Brazilian Bonds 79 80 80
Ditto, Now, 1829 and 1839 79 79
Ditto, Small — 80
Chilian Bonds 6 per Cent.....
Ditto 3 per Cent 49 49
Equador Bonds
Grenada Bonds, 1 per Cent.
Ditto Deferred 3%% 3%
Mexican, 5 per Cent. 1846 lB% 18 18i 181,E
Peruvian Bonds, 6 per Cents — 29
Portuguese 5 per Cents.
Ditto, 4 per Cent 22'A
Ditto, Account 22%
Spanish 5 per Cent. 1840.
Do. 1844 13%
D 0... 1845 1314
Ditto, Passive
Ditto, Deferred lO4
Ditto. 3 per Cent 29
Ditto, Account 294
Venezuela Bonds, 2% per Cent 34lh
Ditto, Deferred lO

Dividends on the above payable in London.
Dutch, 2% per Cent., 12 Guild....
Ditto, 4 per Cent. Certificates 841,i

FINCEB OF PAID. BUSINESS DONE CLOSING
RAILWAY SHARES AT ONE O'CLOCK. PRICES
Aberdeen
Amber., Nott., Boston,
and Eastern Junction 2% %
Ayrshire and Galloway.. 22,E —
Belfast & County Down 10 ...... ..
Birmingham and Ox-
ford Junction
Birmingham, Wolver-
hampton, and Dudley 10 ... .. 1334.... .... .....
Birming., Wolverh'pton,
and Stour Valley 101. 145....
Birkenhead, Lancashire,
and Cheshire June 7% —
Boston, Stamfd, & Birm. 5 - ••••
Bristol and Exeter
Ditto, Thirds
Buckinghamshire lOl. 4s —
Caledonian
Ditto, Half Shares 3% IA3
Ditto, Clydesdale June 50 ......
Chester and Holyhead... 37% —
Ditto, Preference .. 8
Clarence
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10
Do. Government Loan,
4 per Cent.
Dublin and BelfastJunc. 20
Dundalk & Enniskillen 15
East Anglia, 251., L. &
E. and L. and D...... 25

Do., 181., E. & H.... 16
Do., 31.105., E. &H. 2
Eastern Counties
Ditto (B) 2O
Ditto,Extension, 5 per
Cent, No. 1.......61. 13s. 4d...
Ditto ditto, No. 2... 6/. 13s. 4d... % dis % dis
Do., York Extension.. 10 ...... 88% B%
Do., North. & Eastern 50 ......
•••
Do., Quarters
•• ••
Do., New 23
Eastern Union .
Ditto, Quarter Shares 121,4 —
Ditto, Thirds ........13s. 4d 4d
Do., (guar. 6 percent)
East Lancashire
Ditto, New - ...
Ditto, New Quarters 34'4
East Lincolnshire
Edinburgh and Glasgow 50 ...... 46 46% ... .....
Ditto Half Shares
Ditto, Quarter Shares 121, ......
Edinburgh & Northern.. 22% —
•••
Ditto, New
Ditto, Newport ..... ... 9% —
Ditto,' ditto, New . .... 214 —
Exeter, Yeovil, & Dorch. 2%
Ditto, New ............
..
2... .... ........ ...
Glasgow, Dumfries, and
Carlisle 81.65. 8d
Glasgow, Kilinar.,& Ayr 50
Ditto, New
..............
Do. Preference Consul. 12%......
Great Northern lO% 4%
Do., London and York 2 %.. ...
Great South. and West.
(Ireland)
GreatNorthof England-100 ......
Ditto, New 40/. 5
Ditto, New 30/
Ditto, Now 15/. ... 61/
2
dreat Western
Ditto, % Shares ..... ~. 50
Ditto, 14 Shares ...... 15
Ditto, I. ifths 2O
Ditto, New 17/. ..... -.. 7
Huddersfield & blanches. 22
Ditto, Thirds .... ..... 7
Hull and Selby ' 50 ..
Ditto, Half Shares.... 25
Ditto, v, Shares .. 12./;2 —
4pswich & Bury St. Edm. 15
Do., do., and .Norwich 15
Do., do., Exteris. Scrip
(late Carub. & Ely) 2%
Lancaster and Carlisle... 50
Ditto, Thirols lO
Lancashi r.. & Yorkshire 93
Ditto, ditto
Ditto 1,4, Shares .
Do. Quarter Shares._ 14%
Do. Fifths
Do. Sixteenths......
Do. Thirds (Reg.)....101. 4s.
Do. Livcrp. and Bury 34
Ditto i. (lute llud-
dersfie Id and Slietf.) 33
Do.(Wakefield,Ponte-
,_. ,
tract, & Goole

15%

99 i
5814

7%

491/5/3
51,i

73/4

MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.
The Cotton Market at Liverpool yesterday was quiet.
Sales, 4,000 bales; American, 44d. to sd. per lb.—Rail-
way Shares were rather better. There was a good de-
mand for Dover, North Stafford, and Midland.
At the quarterly Court of the Proprietors of Bank
Stock, In hi to-day, there was not any business done
except the reading and the confirmation of the minutes
of the last meeting.
The non-arrival of the Acadia from Halifax and Bos-
ton has created some anxiety, so desirous are the mer-
chants to receive their letters from Canada and the
United States.
The periodical statements of the firms that have
recently failed excite now but little interest except to the
parties immediately concerned.
If panics were to be prevented, or if distress were to
be alleviated, by the ingenuity and industry of pam
phleteers, there would be a moral certainty that the
plentiful supply of "suggestions," " plans," " remarks,"
and " essays" which a monetary pressure invariably
produces, would accomplish
.the good end. Unfortu-
nately, however, currency theorists are generally
obstinately attached to some crotchet which destroys
the practical value of their ingenious devices,
and it is chiefly to men of business we are indebted for
facts elicited by their personal experience, and presented
in a "plain unvarnished tale " to the consideration of
the impartial. A few remarks by Mr. A. Anderson on
the "Recent Commercial Distress," may, in this sense,
be worth quoting, even if not entirely acquiesced in.
They are as follow: