The Sun.
London, England, 1847-05-18 00:00:00

18, 1847. PRICE SD.

EPSOM RACES.
TATTERSALL'S.—MONDAY.
As usual there was a great crush at the corner, and a
considerable number of horses were backed for the Derby;
the business, however, on the whole, was not by any means
extensive, nor were the fluctuations of much importance.
Of John Day's lot, reduced to two by a declaration that
none of Mr. Gully's horses will start, The Cossack had an
undisputed call, an even 1,000 having been followed by a
bet of COO to 500. Of Kent's lot Planet, Glentilt, Red
Hart, and Halo, were in betting, the first and third having
the strongest parties. Oxonian was the " lion" of Forth's
lot, but several scores and fifteens were invested on Old
Port. Van Tromp was on the decline, and Mr. Martin
altogether out of favour; nor was any disposition evinced
in favour of The Liberator, Nottingham, or Clarendon. Very
little done on the Oaks. Closing prices:—

DERBY.
2 to 1 agst John Day's lot—taken
6 to 1 agst Kent's lot
12 to 1 agst Forth's lot—taken
9 to 2 agst Mr. Pedley's Cossack—take 5 to 1
11 to 2 agst Sir R. Pigot's Conyngham—taken
8 to 1 agst Lord Eglinton's Van Tromp
13 to 1 agst Mr. Greville's Mirmillo—take 14 to 1
18 to 1 agst Mr. Fuller's Oxonian
18 to 1 agst Mr. Mostyn's Planet-20 to 1 taken freely
20 to 1 agst Mr. Mostyn's Glentilt—taken and aft. off.
20 to 1 agst Lord Caledon's Wanota
20 to 1 agst Sir R. Bulkeley's Montpensier
22 to 1 agst Mr. B.uverie's War Eagle—taken
28 to 1 agst Duke of Richmond's Red Hart—taken
1000 to 20 agst Mr. Bowes's Epirote—taken
50 to 1 agst Lord E. Russell's Nottingham
50 to 1 agst Mr. Mostyn's Mr. Martin
66 to 1 agst Mr. Merry's Limestone—taken
1000 to 15 agst Duke of Richmond's Halo—taken
2000 to 30 agst Mr. Meiklam's Deloraine—taken
1000 to 15 agst Mr. Worley's Old Port—taken
2000 to 15 agst Mr. Osbaldeston's Retort colt—taken
2000 to 25 agst Sir G. Heatbcote's Bellerophon—taken
2000 to 20 agst Sir G. Heathcote's Atlantic—taken
1000 to 6 agst Mr. Bateman's the Questionable—taken
OAKS.
9 to 2 agst Mr. Payne's Clementina
7 to 1 agst Captain Harcourt's Ellerdale
8 to 1 agst Mr. Mostyn's Slander
14 to 1 agst Sir J. Hawley's Miami
15 to 1 agst Mr. Griffith's Lady Lift—taken
16 to 1 agst Mr. Merry's Maid of Motherwell
22 to 1 agst Lord Strathmore's Sultana—taken
25 to 1 agst Sir J. Hawley's Vanity—taken
25 to 1 agst Lord Exeter's Coeachia—taken
25 to 1 agst Mr. Parr's f by Sir Hercules, out of Maria

_ 0 TEE EDITOR OF THE SUN.
Sin,—ln accordance with my announcement yester-
day, I shall now give as correct a list of the Field for
each race as possible ; those marked thus (f) are
doubtful starters, and those marked with (*) are, in
my humble opinion, the horses likely to win :

TUESDAY.
THE CRAVEN STAKES.
*Spidor
King of the Forest
tMiss Whip Filly
New Era
STAKES.
Elf colt
Manto colt
*Woodcraft
Sister to Dexterous
*Flatcatcher
Daughter of Toscar

*Crozier
Marquis of Conyngham
Bedlam
Vice Consul

WOODC,

Ptolemreus
Brother to Khorassan
Dovor
Dinedor
Miss Baggs filly
Caversham
Awkward

MANOR

*Headsman •
tEmerald IslQ
Glory
Icicle

STAKES.
Master Stepney
•Binnacle
Selina

STAKES.
Captain Pepper
•Clemanthe
WEDNESDAY.
CAREW STAKES.
1 The Slot
}lbrahim Paella
Bokhara

• Carissima
Bret walda,

IIORTO:

*Moodkee
Guaracha
Conceit
*Treacle

POLE SDO:

*Mistress Jean
Cameo

STAKES.
Lebanon

STAKES.
*Tell
Sylph
Chemise
__Jr STAMM!.
Nottingham *Cossack
Bowstring Mathematician
Bingham Glentilt
Black Dwarf -I-Christopher
Epirote Halo
Planet tDeloraine
*Conyngham Signet
Retort colt Mr. Martin
Red Hart *Old Port
Questionable Liberator
Aliwal War Eagle
The Admiral Oxonian
Chainbearer Mirmillo
Clarendon Good Coin
Limestone Wanota
Dromedary Liska
Montpensier Will o' the Wisp
*Van Tromp tEryx
Thursday's and Friday's races I shall leave until to-
morrow, so as to have the latest information.
I am. Sir, yours, &c.,
THE SPIRIT OF THE TURF.

BURGH

Bretwalda
Bletsoe Lass
*Main Braca

THE DE'

May 18.

SIR R. PEEL AND MR. SPOONER.

TO THE EDITOR OF THE SUN.

Sia,—Again I am about to trespass upon you an opinion
diametrically opposed to the position which you advocate as
regards the currency of the country. lam always proud to
see my little crotchets in your journal, on the ground that I
believe you are nearly the only editor of a London newspaper
who admits to his columns arguments opposed to the general
principles he advocates. You, I feel convinced, would rather
support the opinions of that highly honourable and most
worthily respected individual Mr. Spooner, one of the
Members for Birmingham, than Sir Robert Peel, on the cur-
rency question. I had rather row in the boat with Sir
Robert, still I feel assured you will not hesitate to allow my
request to Mr. Spooner to appear in your publication of to-
morrow evening, as it will be quite in time for him to notice
the point when he delivers his prepared speech on monetary
affairs at the adjourned debate.
On the 30th of April Sir Robert Peel asked Mr. Spooner
this simple question, " What is a pound?" Mr. Spooner, in
noticing the question, said " he could not answer the ques.
tion directly." Now Mr. Spooner has had a whole fortnight
to consider the point, and I would request that he would
oblige the House of Commons and the country generally by
defining what the monetary pound in reality is. We do not
want to be told what it was daring the war; the base of the
pound then was the fair average value of the then twenty
shillings of the abrased and worn silver coin ; before the
compulsory issue of the gold coin after the peace, when gold
was at 4L 2s. 6d. the oz., the base of the monetary pound
was the value of twenty shillings of the new silver coin.
What is wished is, Mr. Spooner's definition of the monetary
pound. I must confess that I was greatly surprised that
Mr. Spooner, who has been a banker the greater part of his
life, and who has been a writer on monetary affairs for up-
wards of twenty-five years, should have had the least hesi-
tation in giving an immediate reply to Sir Robert Peel, and
admit the answer required consideration.
While I have the pen in my hand, I may as well givey
you my opinion as to the real cause of our presTrtomp?Lennup
difficulty—my opinion, did I say? who caz.es f
eitnhgedrealuginacatiunsally. and nothing else—there is
nothing like vliekeywriou
In consequence of the foreign exchanges having been fa-
vourable to this country, the Bank of England's coffers
became overladen with bullion. The Bank directors thought
they had better make something of it in the shape of in-
terest than let it remain idle, so they set to work with good
heart and discounted away in fine style, making this bullion
its base without materially increasing the amount of issue of
its notes payable on demand. In consequence credit became
inflated, and its centrifrugal force instantly came into action.
As long as this extra bullion remained in hand things went
on very thrivingly, but as soon as the depositors of this bul-
lion (the exchange dealers) could make a profit by buying
up bills on London in a foreign country at a discount, viz.,
below the par of exchange, they required to draw the same
from the Bank in order to export, and as a matter of course
the directors opened their self-protecting safety valve, and let
out the credit gas, by refusing any longer to give the credit
they had afforded on the foundation of the bullion they
formerly held—thus bringing the centripetal force of credit
into immediate action, from the furthest point it had flown,
down, down it has come narrowing and narrowing as
corn down the hopper of a mill. There was no necessity
for an increase in the amount of issue of bank notes ; it was
done from merchant to merchant, from banker to banker, by
means of securities, bills of exchange, and bankers' cheques—
mere
transfer of figures from one party to another in various
in
bankers' deposit accounts (refer to Mr. Henley'sunsf:yech
were
Saturday's Sun, " the real circulation oll.tlttie
great bills of exchange and cheques ;by these dithus, by stepping
opera-
tions of the country were conducted, )
Are the Bank directors to blame? I say, no this operation the private credit systemannuh.ast
they
been
asvhea ke
onlyn
rung into their ears
followed out the advice which has been
for a long period of time,
the public !, to watch the foreign exchanges,
and suit the accommodation they give
kind
accord-
ingly." The public have goodhaandnasnpirlelattingbasseplecliml_ena as
h. to
the fallacy of this doctrine—an
arailway, the
of express train running on
which is on a quicksand; as long as this system of watching
the foreign exchanges exists, so long shall we have seasons of
apparent prosperity, followed with periodical seasons of adver-
sity and distress. A banner has as much right to refuse credit
to one of his customers, when he can impeach his solvency, as a
merchant his customer; but if heinteoenrpcocriouatlreaacgift
iernud their
credit,
r edit, mercantile
and
iannodrdcoenir eahs
fhis u
seftin Ime ne drl soi nst
loss,
extend
he refuses to continue such accommodation, without ability
to impeach their credit, such banker becomes a trap, and a
dangerous and a treacherous enemy. Enterprising men have
raised noble businesses upon credit, and have been crushed
without rhyme or reason, merely to save the banker who was
not justified in affording the credit be gave; so have men of
capital, who have taken extra credit on the faith of an ad-
vance being continued.
A Government has nothing to do with this question—they
are riot to take the place of the banker, and give the credit
the banker refuses. In 1825, when Government was applied
.o, what did Mr. Herries say, "Is a Government to legislate
;or moneyless speculators ?"—Yours, &c.,
A BULLIONIST.

Ilfracombe, May 17, 1847.

RIVER PLATE.—LIVERPOOL, MONDAY.-By an ar-
rival at Falmouth we have late intelligence from the River
Plate. Rivera was at Martin Garcia. A report was spread
that Oribe had taken possession of Maldonado. Exchange,
44it to 45.