The Sun.
London, England, 1841-01-08 00:00:00

r coat encouragement to smuggling. In approach-
t a— of Allicant from Carthagena, the steamers pass
:7,:t two smaU islands called " Tabarca," which are
iLed, by fishermen and a small garrison, and the new
,•• anti Poll, which has obtained a chaet.-.,r,
uy
lier Chants may land their goods there, instead of
to Alicant. This, next to Carthagena, is con-
sidered the 'safest anchorage on the coast, but the people
are not indus,rious enough for it to rise into importance.
.At Alcaot the exchange on London is 37i, while good
br.ls an Madrid cannot be got for less than 1-,11 per cent.
This shows the want of security in internal
cnnimunicAtion.

1,1-pralnl

ER A LD.—That• connoisseur in stocks, Oz.. Globe,
is ut i!. again, the City pi•ople remark, and all agog and
s4er,tly nodding (..;,incso mandarin in a grocery.
" Lepok," it says, " imw the news of yesterday has sent
up the funds acd sent down tea." There is something
specially piquant and gracious in this up and down con-
trBst

Now we go up, up, up,
And now we go down, down, down—

unluckily for the stock and tea man of the Globe,
;:1,,t at the moment of his writing the funds which were
'iTut up" yesterday, hP.ppened to he " sent down" to-

;y, when Consols declined to 89a to for the opening.
3.E..0r such repeated fk.l, in speculations in the funus,
urely the leading article sage of the evening jour-
..l would best consult his run reputation by leaving stock
.crs to his City collaborateur. Bank Stock was 162
3. Exchequer Bills were Bs. to 103. premium. Some
lerable s Iles were effected during the day by leading
en the Stock Exchae7e of Console for the Fe-
Ly account at 90 to 90,i variously. A considerable
.ment took place to-day in money matters, and the
. discount en hills were reduced to 4i per cent.,
id some of the bill-brokers gave notice to the banks that
•e; could no longer take in money at mere than 4 per cent.

P 0 S T.—The following letter on the evils of the bank-
t‘yst,m has been addressed to us from a remote part
the kingdom. It represents with much acuteness the
'':-.3,lvaAtagos under which the small capitalist labours in
JnpArison a ith him who is in eirtunistances to embark
thousands in a joint-stock or other banking concern,
.i,e;vt_.,y making, as is well explained, a twofold interest
a nis :iubscription, and, if engaged in trade, driving his
liunitAer competitor out of the market. The time of our
loadil4; men is taken up with the squabbles of vain and
itferelJed persons who are permitted to obtrude them-
:L•ives upon the public attention. These pretenders
to monetary science have notions to advance on
minor pints connected with the currency ; and it
would seem that they must and will b. heard, and
that no really great and striking defect in the system
can be entertained until those inconsiderable matters
are disposed cf. The question of what is and what is not
circulation is as far from being determined as it was before
Ike appointment cf the Bank Committee last session of
Parliament, and we doubt not it will continue to be argued
and reargued throughout the present year. Yet the
question is in-olved in others of infinitely greater magni-
tude, such as that which is here placed before our readers,
the practical removal of the grounds of which would tin-
s% er_F!ll purposes and silence all discussion :

Notes for gold and gold for notes will not make the
present paper currency a just medium or measure of value,
and as little will the one or the other secure its steadiness.
The notes of all banks hitherto have been the current rate
of interest in every ceuntry, more valuable to the issu-
ing parties than to the recipients. Ido not allude to
the charge for the loan of them to borrowers, but to a
niffoence subsisting besides that altogether from
the return yielded by the banks' capital, as previously
invested. There may be ninety-nine persons who accept
ci their notes in payment, and who thus give
circulation to, against one person who actually borrows
them. The difference of value is reluctantly admitted by
hankers, but their plea is that there is nothing to hinder
the public from becoming all of them bankers. There
are, however, insurmountable objections to the permission,
and obstructions also to the possibility; and if I can per.
auatie you that a currency of more potency to one party
than to another exists, you will agree with me that it is
equally improper, as an unjust weight, or unfair balance,
re)uiring to be replaced by an imperial standard, that the
poorest in the land may have the benefit of it.
It is certainly a startling announcement to make at
this time of the world's age that no paper money that ever
yet was issued has bsen of a just value to the public or
come up to its norniaiti value.
" The primitive interest, and the free use of the dupli-
cate of the capital invested, form a double rate of interest,
and are equivalent to double the bona fide capital to the
issuers, so that it is imps ssible for two competing parties
to contend for anything with any chance of success to the
party not being an issuer bank-notes. Granted that
both have 1,000/. each. The capital of one is in bank
shares, which lies probably invested in Government stock
by tke manager, and the institutes of all banks afford the
rartners the benefit of a cash account to two-thirds of the
••a;(1-tap capital; but it does not matter, although the whole
-ere pledged by any of the shareholders, as the bank as a
body is safe, nor does it affect my argument whether the
duplicate be lent to themselves or to second parties. The
;profit is theirs, and thus it is equal to twice the amount of
tic other's capital. The one has the primitive interest,
esd; if he have any sagacity, he will know that all other
:rings, as regards their respective trades, being the same,
be hes, besides, an income of 351. per annum from the
'Lace-Ad-a- Half per Csats., with the use of the capital
t 9 boot, which no other means can enable the second party
.obtain ; thence the power of underselling, or of outbid-
ees rs,e which the currency produces.
Under such a system the bank shareholder can have
o competition against him in his private trade. He can
sell five per cent. cheaper than his competitor, although
sst.il bought at the same price, and yet he will, notwith-
-ending, have as much profit as he who could not afford
) sell eel...sally low. When the issuer goes into market,
pisses his own notes for what he buys, he gives a pro-
Hose which is utterly false. It purports to be of the same
ernonnt as the price of thu article, but it is not so, inas-
mueh as it cermet convey the same value to the recipient
as it can bestow upon its creator and issuer ; therefore
it is a false and deceitful payment, five per cent. below
the prop sr amount of the debt it affects to discharge.
imeeer will redound to that Cabinet which shall
first establish the true principle of a paper currency.
'I Ise fact that certain State creditors still have the
Government interest, after they have otherwise put
the duplicate of their capital to use, and that no attempt
bas been made to bring up the humbler State creditors to
A participation of similar benefits, says little for the dis-
cernment of those quondam friends of mankind who cry
out for the multiplication of soup-kitchens and Poor-law
bestiles, in place of going to the root of the evil. We
Isere sac, however, its cause, and, the result of the disco-
very once promulgated, the remedy will not be far off.
Titese issuers of bank-notes. who have ordained that,
when the savings' bank depositor shall seek to apply his
letle capital to besiness, he shall that moment be deprived
or the drawback for the texes in the shape of interest
r.nicts they themselves still obtain, have thus studied to be
reli,ved undeservodly from contributing one farthing to
tho interest of the debt, for they get it back, although they
lieve relatively no funds in the Gevcrament acuritios to
gland for it."

SUN—The funds have been depressed to-day by the
dl4pos,tion of out or two parties to reahee profits, but
the rriaM2t rallied before its close this afternoon. Con-
sols4ff); immediate transfer receded from 89 to 89il,
but raili,ul subsequently, and closed at 89. g. For the
ILte. instant the alteration was from 89 to 89:i. Ex-
et,,ocr Bilis improved to 7s. and 106. premium ; but
La‘t India Bonds receded again to 10s. discount. Bank
Stock rose again from 1611 to 162 and 163 ; arid East
Jodi% Stock touched The New Three-and-a-
klail per Cents. were at 97:Z- to 98-1 ; the Reduced
Tfirce-and-a-Half per Cents. at 981- to and the
Three rer Cent. Annuities at 90 CO 801. Money is
very easy. -
Nothing, of particular interest transpired to-day to
acr.h„t, the value of the Foreign Securities, most
tvt.;,th Avere rather heavy. The Active Bonds
•,:ere at 2-14 to 24',1 for Marley and Account. Per-
ts...;,,e-se New Fire per Cents. brought 317,- to ti, and
Lffee per Cents. 20 ; Colombian Six per Cent a. 0.1
!- were tit 23a ; Mexican Five per Cents. at '287; to
, anti Brazilit.n at '71.'1. being all much the same as
sterday. Belgian Stock: was at 98 ; Russian at 113 ;
d Dutch Two-and-a-Half per Cents, at 50!, to

• lag rather firmer. aml.sh Bonds were 77i to ;1
The market for Shares still finds favour in the eves
f those having surplus capital for investment, and the
..onsequence is that prices keep up wed. Great Wes-
orn Shares were 3(1 to ;1,.. the New 14, the Filth 7i to
; the South West,ro -203 to ; Manchester and
New G L ; and North New 2:12 premium.
~• .Alton Shares were 5 to ; 131aekwall 4 ; Midi itd
n;ii):'4,-; 16 ; Northern and Eas'.ernl3 ; North Mid-
; -ti • and Birmingharn and Derby 724 discount.
'Bank Shares were at 12:1 to 131 ; and London
o:,d Westminster Bank at .1 premium.

arLr-- --_-_-:
DEATH OF RAJAH-
SINGH AND . II SON.
-Tile 14.41e,a-R.ajali I.,'hurluck Singh, after a lingering
'1 painful illness, expired cr morningthek
,nown to the tin. of the sth. No
• ~,,.; was the inelancho!i e ~at made.ister of Sirdar Mun-
,: ~ en, than the Ranee .Ls', l''-')"-r ' b
1,-.1 Singh, expressed her ;I:ii, determination to. burn, w
and
s
~.earding nly about eleve o'clock cf the Barne a
:ounolated with three of her hand-maidens. Onay she
the ter-
ratnation of the funeral the Court was proceeding to bathe
ii,) the Revee, but in passing through one of the covered
gateways of the town, the crush of elephants causing one
of the beams of immense weight to fall, it struck Koonwur
iN; 0w- N e 111 al-Si n g la , the heir-apparent, on the head, and a
youth, named Mean.O.ulum Singh (son of Rajah Golab
Singh), who was on the Prince's elephant, on the loins.
Oadum Singh died immediately, but the Prince remained
in an insensible state until ten o'clock at night, when he
exp,ired. The a, pect of affairs in the Punjaub, as regards
interi:;ll politics, may be considered to be totally altered,
hut to its British ally the same friendly feeling is evinced,
so niney so, that it is believed the brigade will cross the
suticge on the morning of Wednesday next in progress to
Peishour._Delhi Gazette Extra, Nov. 11.
THE METROPOLITAN POLICE.--The official
,inns of the sick in the different divisions of this force
re.„ force,
give.
t Scotland-yard, were It sergeants
and AAA constables, w
i in yesterday a disabled from duty en the
who were
prevn
total number of men being 4 350 of
' i , 1s night : the
average of less than four per
all ranks, sod making an
of sick
cent. The alx;ve, although a larger proportion
_front the
than usual, is less than might bave been expected
severity of the season. it is, to be taken into account
likewise, that, from the extension of the limits of the me.
than at
tropolitan police, the force is 700 men strongerwas
much
period last year, when the average sickness
the coun-
k vg, The Commissioners have given orders
to
divisions that every indulgence consistent with the
In y
publ, 'e security shall be given to the men, so as to render
their t 'Wits easy.
RECJEF OF THE POOR ..--In consequence of
the incl, 1 meney of the season, several parishes have called
upon the inhabitants to assemble and take into considera-
-I;un the best means of relieving the distressed poor.