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

MAY 18, 1847.

Her Majesty the Queen Dowager, had an evening party
-,,!terday at Marlborough House. The Queen and Prince
t:eil aulthe royal suite, "arrived in three carriages at nine
o'cl?ca:.--.Her, Majesty and-kis Royal Highness were accein-
limited by his Serene Highness the Prince of Leiningen, and
were attended by the Countess of Charlernont, Lady in
Waiting ; Hon. Misses Stanley and Dawson, Maids of Ho-
nour in Waiting; Lord Waterpark, Lord in Waiting; Ad-
miral Sir Edward Codrington, Groom in Waiting ; Lieut.-
Colonel C. B Phipps, Equerry in Waiting; and Captain the
Eton. A. H. Gorgon, Equerry in Waiting to his Royal
Highness.
Her Royal Highness the Duchess of Kent arrived at Marl-
borough House soon after nine o'clock, attended by Lady
Augusta Bruce, Baroness de Speth, and Sir George Couper.
His Royal Highness Prince George was also present.
A select party of the Nobility and Gentry had the honour
of meeting the august circle.
The Queen and Prince Albert. accompanied by the Prince
of Wales, the Princess Royal, and the Princess Alice, took
an airing yesterday, in an open carriage and four. The
Equerries in Waiting—Lieutenant-Colonel the Hon. C. B.
Phipps and Captain the Hon. A. H. Gordon, attended on
horseback.

His Royal Highness Prince Albert rode out on horseback
yesterday, attended by Captain the Hon. A. H. Gordon.
The name of Colonel E. Morris, Aide-de-Camp to the
Queen, was accidentally omitted in the list of company
honoured with invitations to her Majesty's state ball on
Friday evening.
A Cabinet Council was held yesterday afternoon, at the
Foreign-office. It was attended by Lord John Russell, the
Lord Chancellor, Sir George Grey, Viscount Palmerston,
Earl Grey, the Chancellor of the Exchequer, the Earl of
Auckland, Sir John Hobhouse, Lord Campbell, Viscount
Morpeth, the Earl of Clarendon, the Marquis of Clanricarde,
the Right Hon. T. B. Macaulay, and the Right Hon. H.
Labouchere.

The Marquis of Lansdowne and the Earl of Minto were
prevented by indisposition from attending the meeting.
The Council sat one hour.

A deputation from the London and North-Western Rail-
way Company, consisting of Mr. Creed, Mr. Swift, "Mr.
Tweesdale, had an interview with the Right Hon. Edward
Strutt yesterday, at the office of the Commissioners of Rail-
ways in Great George-street.
Baron de Cetto, the Bavarian Minister, and Baron de Mon-
corvo, the Portuguese Minister, transacted business yester-
day at the Foreign-office.
A deputation from the Steamship Owners, consisting of
Mr. Williams, Mr. Wilson, Mr. Hall, Mr. Pearce, Mr. Bolges,
and Mr. Morgan, their Secretary, had an interview with the
Right Hon. Edward Strutt, yesterday. The deputation was
accompanied by Lord Sandon, M.P., Sir Howard Douglas,
M.P., Mr. Pattison, M.P., and Mr. Browne, M.P.
The Ecclesiastical Commissionners for England had a
committee meeting yesterday.
Mr. G. C Lewis had an interview with the Chancellor of
the Exchequer yesterday, at his official residence in Down-
ing-street.
Dispatches were received yesterday at the Colonial-office
from the Governors of New South Wales, New Zealand, and
the Mauritius.

A deputation, consisting of Messrs. Anstruther, Hill, and
R. Grahame, had an interview yesterday with the Right
Hon. E. Strutt at the office of the Commissioners of Rail-

ways.

PR.ICF SD.

EPSOM RACES.

TATTERSA LL'S.—MONDAY.
As usual there ii'as 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 GOO to 500. Of Rent'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 :

ER.
2 to 1 agst John Day's lot—BYtaken
6 to 1 agst Bent's lot
12 to I agst Forth's lot—taken
9 to 2 agst Mr. Pedley's Cossack—take 5 to 1
11 to 2 apt Sir R. Pigot's Conyngham—taken
8 to 1 apt Lord Eglinton's Van Tromp
13 to 1 apt Mr. Greville's Minnillo—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 apt Mr. Mostyn's Glentilt—taken and aft. off.
20 to 1 apt Lord Caledon's Wanota
20 to 1 agst Sir R. Bulkeley's Montpensier
22 to 1 agst Mr. Benverie'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 apt 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 apt Mr. Worley's Old Port—taken
2000 to 15 agst Mr. Osbaldeston's Retort colt—taken
2000 to 25 agst Sir G. Heathcote's Bellerophon—taken
2000 to 20 apt Sir G. Heathcote's Atlantic—taken
1000 to 6 apt Mr. Bateman's the Questionable—taken
OAKS.
9 to 2 agst Mr. Payne's Clementina
7 to 1 apt Captain Harcourt's Ellerdale
8 to 1 agst Mr. Mostyn's Slander
14 to 1 apt Sir J. Hawley's Miami
15 to 1 apt Mr. Griffith's Lady Lift—taken
16 to I apt Mr. Merry's Maid of Motherwell
22 to 1 apt Lord Strathmore's Sultana—taken
25 to 1 apt Sir J. Hawley's Verity—taken
25 to 1 agst Lord Exeter's Cosachia—taken
25 to 1 apt Mr. Parr's f by Sir Hercules, out of Maria

TO THE EDITOR OF THE SUN.
SlR,—in 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.
*Spider
King of the Forest
tMiss Whip Filly
New Era
STARES.
Elf cult
Manto colt
* Woodcraft
Sister to Dexterous
*Flatcatcher
Daughter of Toscar

*Crozier
'Marquis of Conyngliam
Bedlam
Vice Consul

WOODC,

•Ptolemteus
Brother to Khorassan
Dovor
Dinedor
Miss Baggs filly
Cuversham
Awkward

*Headsman
tEmerald Isle
Glory
Icicle

*Carissima
Bretwalda

MANOR STAKES.
Master Stepney
•Binnacle
Selina

*Afoodkee
Guaracha
Conceit
* Treacle

*Mistress Jean
Cameo

BURGH

HORTON STAKES.
I Captain Pepper
*Clemanthe
WEDNESDAY.
CAREW STAKES.
IThe Slot
t Ibrahim Pasha
Bokhara

POLESDO;

STA ICES.
Lebanon

Bretwalda
Bletso© Lass
*Main Bruc©

STASES.
*Tell
Sylph
Chemise
Nottingham *STABIL%
Bowstring 1 T
Cossack
Bingham Mathematician
Glentilt
Black Dwarf tChristopher
Epirote Halo
Planet t Deloraine
*Conyngham Signet
Retort colt 1 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 fEryx
Thursday's and Friday's races I shall leave until to-
morrow, so as to have the latest information.
I am. Sir, yours, &0.,
THE SPIRIT OF THE TURF.

May 18.

SIR R. PEEL AND MR. SPOONER.

TO THE EDITOR OF THE SUN.

Sitt,—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 during 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 4/. 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
Air. 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 give
you my opinion as to the real cause of our present monetary
difficulty—my opinion, did I say? who cares for opinions?
I will give you the real cause and nothing else—there is
nothing like writing dogmatically.
Inur
aconsequenceo . o
f
cbecame overladen with bullion. The Bank directors thought
ot uhne trfvo,retihgenges
Bankexch aonfEnhgalvainnd 'gab": coffers
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 thilriielt-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 fbwn,
down, down it has come narrowing and narrowing as
corn down the hopper of a mill. There was ne necessity
tor 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
bankers' deposit accounts (refer to Mr. Henley's speech in
Saturday's Sun, " the real circulation of the country were
bills of exchange and cheques ; by these all the great opera-
tions of the country were conducted,"), and thus, by stepping
_en.
this operation the private credit system has been shaken.
Are the Bank directors to blame? I say, ao; they hay.re only
s
followed out the advice which has been rung into
exchanges,
and for a long period of time, " to watch the foreign e
good specimen as
accord-
ingly." The public have had a pretty
oscillating base I ! !—a kind
and sui the accommodation they give the public
t.
the fallacy of this doctrine—an
.lway the foundation of
whichof expirsasosn
atrain
quicksand; r unni n g onl rg
asa'
this system of watching
eseahasovnesof seasons
o f
apparentthe fo re foreign exchanges
prosperity,
adver-
sity and distress. A banser has as much right to refuse credit
to one of his customers, when he can impeach his solvency, as a
followedexists,as withsoon
merchant his customer; but if he encourages his customers to
extend their mercantile and commercial affairs, by extending
their usual credit, and, in order to protect himself from lc,ss,
be 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
monercerleyditto,
saanvde
thhaev
be benn eker
whoc r us h e
noblerhyme businessesreason,
p
wraiitshedout
not justified in affording the credit he gave ; so hwa
ave 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 not to take the place of the banker, and give the credit
the banker refuses. In 1825, when Government was applied
to, what did Mr. Herries say, " Is a Government to legislate
for moneyless speculators? "—Yours, arc-,
Ilfracombe, May 17, 1847.

A BULLIONIST.

RIVER PLATE.—LIVERPOOL, MONDA.Y.—By an ar-
rival at Falmouth we have late intelligence from the Rive,
Plate. Rivera was at Martin Garcia. A report was sPre"
that Or:be had taken possession of Maldonado. Exchange,
44i to 45.