The Sun.
London, England, 1846-02-20 00:00:00

FEBRUARY 20, 1846.

THE PHILOSOPHY OF WEALTH. Second
Edition. By John Crawford.
The first edition of this work was published anony-
mously at Paisley, by. Mr. Crawford, in 1837. Mr..
Crawford sayehe had then only a vague knowledge:la the
question of the currency, derived from those,authorities
or supporters of a metallic currency •n the' one Jiand,
and of a paper or credit currency on the 'other, of which
the late Mr. Cobbett, and Mr. Attwood, of Birmingham,
may be, considered the respective representatives. Within
the last eighteen months.- however, the author having
become a member of the Society for the Emancipation
of Indusizy, got acquainted with the writings of Mr,
John Taylor, author of " Currency Investigated," whose
views the Society was instituted forthe purpose of carry-
ing into practical effect, Mr. Crawford acknowledges
that it is to Mr. Taylor's Writings he is indebted for any
sound or correct knowledge he now possesses of the sub-,
jects of money and currency ; and his book professe, to"
be no more thaq il7 est or compendium of Mr. Taylor's
doctrines. Th&leaffillg doctrines of Mr. Taylor are,
that gold is simply a conitagdity, dependent for its value
on the same laws which. fatiesktg er determine the value
; 'Thant
of all other commodities , the labour or cost of
its production, and its scarcity or abundance in rela,
to other commodities ; that labour being est
corn, corn therefore becomes the standard of v
whereas gold is merely the measure of value ; the
relation: betwixt Id, silver, and corn is as ounce of
gold to fifteen ounc 'lvor each be' equal to 21/2
quarters of wheat, but tha i taxed this rela-
tion is destroyed ;:for instance, if fi wts. of gold, or a
sovereign,' and five bus at be natural equiva
lents, and a tax of 20 per c6rlr. e laid on the wheat, that
then, if gold be not appreciated in proportion to the
taxation, the sovereign will now come to purchase or
exchange for 245. worth of wheat in place of 20s. worth;
that hence the depreciation of the pound of account
during the war, in place of having been an evil, as all
,our political economists have considered Roma an excel-
knee, as it only preserved the equation which gold pro-
perly bore to all other commodities, enhanced as these
were by indirect taxation ; and that therefore the appre-
ciation of the "standard," as it is falsely called; by Peel's
Bill of 1819, has inflicted incalculable mischief on all the
industrious and productive classes of the country, by
preventing the necessary rise in prices, and so throwing
the whole burden of taxation on their shoulders, and, by
the low prices, doubling and trebling the incomes of all
those who live by the taxes, rents, annuities, interest,
and other fixed burdens of the country. Mr. Crawford
illustrates this by the following note
The secret lies here: the aggregate quantity of money
has been gradually lessened during the existence of Peel's
monetary policy; but the quantity composing each aliquot
part of which the whole is composed, has not, at the same
time, been lessened. The pound, or unit of account, is kept
at 5 dwts. (3 grains), whatever the aggregate quantity of
gold may be. For the sake of illustration, suppose 100 to
represent the whole gold or bullion which orms the basis of
the circulation-5 dwts., or a sovereign, being the unit, and
therefore the 100th part of the whole; but suppose bullion
reduced by a foreign drain 20 per cent , or to 80, the 100th
part would then no longer be 5 dwts., it would only be 4
dwts. But we fix the unit, and therefore in the case sup-
posed the 5 dwts. are raised from the 100th to the 80th
part ; that is, it is enhanced in value 20 per cent. So that
we see how, by` this juggle of a fixed price for gold, the
money power maintains its unjust ascendancy."
In this paragraph Mr. Crawford has condensed the
whole question of the Currency, and after reading it,
we should like to hear any man attempt to refute the
position that gold ought not to be fixed in its price,
which Peel's law, either in folly or wickedness, has
done.

Mr. Crawford comes to the same conclusion as Sir
James Graham does in. his celebrated pamphlet en-
titled " Corn and Currency," when he says—
" Since we must have a free trade in corn, let us have also
a free trade in money, and destroy that fatal connexion be-
tween the Government and a single chartered bank, which
facilitaies the prodigality of Ministers, and invests an
irresponsible body with the most delicate and important
function of the state—the control over the circulating
medium."

Sir James says—" Rescind Mr. Peel's Act, and restore the
paper circulation to the highest level of the war and of 1817.
The price of bullion would then rise, and the war standard
of depreciation be distinctly indicated—that standard of the
great mass of our debts and contracts, the measure of the
rise of our greatest interests. We then might debase our
metal standard to the precise level of the depreciated paper
currency, and, having lowered our measure of value, adjust it
to the existing interests and contracts created in paper
money, and issue, for the ordinary purposes of circulation,
coin of less intrinsic worth. But this is an indirect way of
doing the same thing : it possesses all the evils of delusion."
Let Sir James, how ever, read the above paragraph
we have quoted from Mr. Crawford, and we venture to
say that he will no longer designate the depreciation of
the pound of account in the degree of taxation a "
He will see it is 'the only just and necessary way
in which the equation of gold with other values can be
preserved. Monetary re,.brm we hold to be essential to
carry out Sir Robert Poel's adopted free-trade policy
with advantage to the co untry, and we have not the
slightest doubt there will_ soon be as strong a popular
agitation for free-trade in gold as there has been for
free-trade in corn ; in fact, the monopoly of gold is a
Mr. Craw-faZt.r invniilntrirvatuutir -'the' terms
wealth, capital, gold, silver, cash, money currency,
standard of value and meamre of value, and value and
price, are the most accurate we have seen, and they must
be great helps to all students of political economy. The
work, in short, is an admirable compendium or digest of
Mr. Taylor's writings, and we congratulate Mr. Taylor
on having so able a commentator.

WESTMINSTER ELECTION. •
• TO THE EDITOR OF THE SUN.
Sin,—As some Liberals (?) have objected to your article
off, yesterday, I should be guilty of an act of injustice (" He
who allows oppression shares the crime"), if I did not say
yoUr article yesterday was most judicious, and your leader
:to-day a perfect justification. I am one of the oldest Ra-
dicals in London. At seventeen years of age (thirty-four
years ago) I was denounced, and " lost caste," asa Jacobin,
before the word Radical was known politically, for in-
Veighing, with the vehemence of youth, against drawing
poor men for the militia and pressing them for sailors, to
fight for rich men's property. I gloried in the title, thoug44
it involved civil martyrdom, and" the old Radical Dr. Webb,
is still the same. Radical as I am, I have always opposed
political economists and (so-called) free-trade measures, from
Peel's Currency Bill to his last and present Corn-law and
Tariff, thinking him a " bunions' statesman, whore only ob-
ject was to grind down the price of goods, the profits of land-
lords, farmers, and tradesmen, and, by' the new Poor-law,
the money and labour wages of the working classes, for
the benefit of all fixed incomes, the fundholders, placemen,
and pensioners of all sorts. With these opinions, I lather
wished " Rous" success, as the lesser of two evils. You very
consistently prefer " Peel," who can and will tarry a broad
" !.
measure of free trade (quasi), to Evan,' and the Whigs,
who talk broader but can carry nothing; and therefore the
out-and-out protectionists try to overthrow Peel, which the
result of the Westminster election will greatly aid to accom-
plish. You are also quite right about naval reform.--
With regard to abstract principles, Liberal or Radical, they
were not at issue in this election, or, very slightly, as Rous is
a Conservative and Evans only a Whig-Radical.. The ad-
dress of the latter said nothing of universal suffrage, or any
other Radical or really liberal point. Any Whig, or even
Tory, might have written such an address. The small num-
ber that voted shows how little the real Liberals cared for
either the Gallant General or Captain, and that the electors
of Westminster have not forgotten " Hobhouse" and " Evans"
on the House and Window-tax question. Hoping you may
always be as well able to justify your writing as at present,
I am, Sir, your constant reader and general admirer,

R. T. WEBB, Surgeon.
18, Wyndham-street, Bryanston-square, Feb. 19.

MR. HUDSON'S SPEECH.
TO THE EDITOR OF THE SUN.
observe that the King of the Railways has spoken
on the com-law question. It appears to me that if he had
devoted to Lindley Murray a little of the time he took to
ascertain the price corn might be at in 1849, the result would
have been happier. However, when " lie recollects that in
1837 he was able to deliver corn, free of all charges, at 255.
per quarter," let him be candid enough (if he should again
address the House) to say what kind of corn it was. If lam
correctly informed, it was Mediterranean corn, and of such a
quality as to be fitter for pigs than human beings.
With as little disturbation to his Majesty's equanimity as
possible, I am, &c.

OLD EBOR.

THE DUKE OF NEWCASTLE'S
LETTER TO THE INHABITANTS OF SOUTH
NOTTINGHAMSHIRE.

" Clumber, Feb. 17, 1846.
" Gentlemen—ln addressing you on the present occasion,
lam quite aware of the unusualness of the proceeding. For
the last ten days I have noticed what has been passing in
our county with indescribable pain and annoyance. It seems
to me that the time has more than arrived when a period
ought to be put to the discord which now agitates us. I
deeply lament that any member of my family should be the
cause of this most unnecessary agitation. I have most deeply
to lament it for still more serious reasons than because it
creates odious quarrels, feverish convulsions, expense, and ex-
treme inconvenience among yourselves.
"Lord Lincoln has been the deluded victim of bad counsel,
and in no instance more conspicuously than in the course
which he has pursued upon the present occasion.
" Under this influence he has been induced to accept an
inferior office, that his seat may be vacated, and a desperate
experiment attempted. lie suddenly appeared among you,
before you could be aware of the transaction. lie does this,
as he tells you, that he may make an appeal from the pro-
tection meeting to the whole constituency. By this surprise
he has been enabled to ascertain the undisguised and almost
universal feelings and opinions of this important county.
" Doubtless it was expected that the constituency would
be found to possess easy consciences, and that the public
voice would be raised in favour of free trade, and the other
newly-disclosed enormities of Sir Robert Peel's Government,
although we have neither asked for nor desire free trade,
nor any other vicious and revolutionary system. But
why should any one from authority be sent as a Govern-
ment emissary to force upon us opinions which we
hate, and the country hates and deprecates with in-
dignant hostility,—and why should any one, fortified with
Government means, presume to operate the disgraceful seduc-
tions which are said to be used upon this lamentable occa-
sion—and why are you to be drilled into the adoption of the
ruinous principles and fatal doctrines at which you now
naturally shudder and recoil? Our worthy farmers are
sturdy and clear-sighted, and your phalanx is not to be
broken by bold axioms, artful assertions, or any other evil
appliances.
" Still, however, the move has been made; and although
we may justly condemn it as a very great mistake, there
may be some shadew of pretence for it, if it were intended
by the experiment to test the public opinion. Now, how-
ever, that it has been in a course of most diligent trial for ten
days, that the fullest proof has been elicited, and the result
known to be totally adverse to the new doctrines, and un-
successful to the deceived advocate of them, in the sincerity
of my heart, and as a member of the constituency, I suggest
to Lord Lincoln the propriety of withdrawing from an use-
andi 9.1111..132.°5t .1.1914 it Atrp crate Aurora-Let n
quillity to the county, and the undisturbed possession of its
unquestionable convictions.

't In the anxious hope that this address may meet with
your approval, and that the appeal may not be made in
vain, I remain, Gentlemen, your sincere and faithful ser-
vant, " NEWCASTLE.
" W. Dearden, printer, Carlton-street, Nottingham."

MONEY MARKET and CITY NEWS.

- - CITY, THURSDAY EVENING.
TIMES.—The resolution of the Bank Directors, adverted
to yesterday, by which the period of loans is extended to
the 9th ofApril, has had a tranquillising effect on the Money-
market ; and as they have felt sufficient confidence in their
own position with the railway depositors to take this step,
people begin to look to the future with a more cheerful feel-
ing than for several days past.
Some of the railway companies are beginning to make
efforts for establishing a better system in regard to these
deposits, and petitions to the House of Commons are prepar-
ing for an amendment of the Act by which they are regu-
lated, so as to alloW railway deposits to be lent at interest in
any way that may be shown to be compatible with the safe
custody of them. One of these petitions alleges that funds of
the company to a large amount were invested in the months
of September and October last in Government securities, and
that they were compelled, in order to make the required pay-
ments to the Accountant-General in January, to sell them
out at a considerable loss ; all which might have been avoided
without lessening the degree of security or responsibility, had
a different system of receiving these deposits prevailed ; and
it prays, in order to avoid the recurrence of such losses to
this and other companies similarly situated, that the Act
may be amended, or a short Act passed to permit the de-
posits to be placed at interest with any bank established by
royal charter or incorporated by Act of Parliament. No-
thing can be more reasonable than such petitions, though
they come too late, it is to be feared, for any essential ser-
vice. They should have been thought of immediately on
the assembling of Parliament.
From the report of the proceedings in the House of Com-
mons yesterday, it may be inferred that the Chancellor of
the Exchequer is not adverse to some modification of the
Act since, on the motion of Mr. Moffat for leave to bring in
a Bill for that purpose, he stated that he would not oppose
its introduction, though he did not bind himself to support
its details.

INCREASE IN THE NAVY ESTINATES.—Thee
on f navy
estimates for 1846-47, which have just been laid on the table
charge ofthe year 1846 of 533,2331., the as l
House of Commons, amount to 7,476,9531.,1t
vbeotienfgortheinfienareaanceialonyeilaria
1845-46, being for 6,943,7201. Of this sum the net total for the naval
service is 6,544,2881, for the preceding year it was 6,011,5961. The
difference, however, between the amount required for the strictly
naval service this year as compared with the last is greater even than
appears from these figures, the amount required for packet service
having in each year been deducted from the total amount required
for the naval service, in each year in order to
get at the net amount. The charge for the Packet service
in 1845-46, was 164,2721., which was deducted from 6,175,8681., in
order to show the net amount, whereas the estimates for the packet
service for 1846-47 is only 128,5931., which is deducted from
6,672,8811., the total required for the naval service of the year
1846-47. The great increase is the estimate for effective service, the
charge for which in 1845-46 was 4,790,6641., while the estimate for
1846-47 is 5,324,563/. In the estimate for non-effective service
there is a slight decrease, the charge for 1845-46 having been
1,385,2041., while the estimate for 1846-47 is for 1,348,318/. In the
estimate for the service of other departments there is a very slight
increase—for the ensuing year it is 804,0721., while for the last year
thecharge was 76
7,1152
T MlNT.—According to a vote of the House of
EE
Commons, the supplies of bullion, uncoined, tcc., remaining in the
Mint on the 31st of December, 1844, amounted to 228,4431. in value ;
and the sum of 850,0001. was issuedoutp h value of silver oufrtche Consolidated Fund in
year
(froma
1845 for the purchase of bullion. The
bul-
lion and dollars bought in the same
704,677/. The mint value, however, was 4'35 T Jan. 28 to Dec. 3) was
worn coin was 2,824/. ; and the seignorage 7274751. The
ehpe loss on
if geld contained in silver ingots, and remitted by Commissarirt,"
amounted to 17,740/. during 1845 ; and a loss of 2,8021. accrued be-
tween Feb. 12 and Sept. 3, on the purchase- of old wor n silver
chase
fork and
medals
of
fine
sidrvoners
btluiellihonan
the success of her Majesty's arms broughtiinecbehinsa,tru"
for
re-coinage. The pmi
ofcommemorationnand
June last, cost,°kincinomAmrienit
5,864/. In 1845 thegold coined ed to 929 C: the
silver, 647,658/. and the amount
t
copper, 6,9441. The receipts, according to
the account of the Master of the Mint, in account with her Majesty's
Exchequer, amount to 1,151,1271. 10s. Bd.; the payments to
742,358/. 2s. 3d.; leaving a balance (by assets remaining in the
Mint 31st Dec. 1845) of 408,769/. Bs. sd.
THE METROPOLITAN POLlCE.—Yesterday the ac-
counts of the Metropolitan Police for the year 1845, presented to
Parliament, were printed. The receipts, including a balance in
hand of 50,0161. 19s. 7d., were 363,3461. I Is. 3d., which sum is ac-
counted for in various payments, and a balance remaining on the
31st of December, 1845, of 49,725/. 13s. Gd. The total suns paid
for the Metropolitan police in the year was 313,620/. 17s. 9d.
The secend portion of the return shows the receipts and expen-
diture on account of the Police Superannuation Fund. The Go-
vernment Stock, valued at the sterling cost, on the Ist of
January, 1845, was 51,578/. 185. The fines imposed by ma-
gistrates on drunken persons and for assaults en police-con-
stables, levied at the police-courts, amounted to 2,186/. 4s. 3d. The
Government stock, at the end of the year, was 61,3971. ls. 9d. The
third branch states the receipt and expenditure for the police-courts.
. The fees, penalties, and forfeitures levied at the police-courts, and
applied towards the expense of police-courts in the metropolis,
amounted in the year to 8,885/. 2s. 3d. At Bow-street there was re-
ceived 1,0541. 2s. 3d. ; at Clerkenwell, 1,015/. 16s. 6d. ; and at Great
Marlborough-street, 1,330/, 11s. The total sum paid for the police-
courts was 46,7651. 13s. 11d. On the Ist of January last, Use number
of persons belonging to .the Metropolitan force was 4,749, consisting
of I inspecting superintendent, 18 superintendents, 114 inspectors.
485 sergeants, and 4,131 constables.
instance
INTESTACY.—SeIdom have we to record an
ftwhere
of so large an estate, amountng to nearly 200,000 h, being
111,leas,that of
an individual has net taken the precaution to make
aatwßirmingham,
the late Mr. Thomas Baldwin, who recently
diedn
valued for stamp
possessed of personal estate alone which has
us justee been administered to
duty at little less than 10,000 t, --
aldvrin, a cousin of the de-
under that amount by Mr. William B
The deceased was a
st relations.
ceased, and one of his near this
e realises a large sum both by
bachelor. The Government in
latter is termed, the administration
stamp on the grant being
stamp and legacy duty, as the
3„669/., and the duty in addition thereto,
Yea dl.
by the relations, who are
which is to be paid at the Lege.C,
of
8,000 t., making together
en-
titled In distribution. being up ants
Imlay 10•0001. Lo duty.