The Sun.
London, England, 1851-05-22 00:00:00

.
N°. 18,303.] LONDON, THURSDAY , a MAY 22, 1851.
7

NATIONAL LOAN FUND LIFE AND
EQUITABLE FIRE INSURANCE COMPANIES
26, CORNELILL, LONDON.

DIRECTORS.
t*T. LAMIE MIJIMAY, Esq., Chairman.
*W. A. B. Bennett, Esq. I *John Rawson, El
*Hugh Croft, Esq,
tElliotson, M.D„ F.B.S.
*Ralph Gough, Esq.
*M. C. Maher, Esq.
*John Moss, Esq.

*John Shaw, Esq. -
t*Edmund S. Sy-Ines, Esq.
t*Clement Tabor, Esq.
t Joseph Thompson, Esq.
i*Augustas Vigne, Eaq•

ANDITOIL.
tProfessor Wheat,tone, F.R.S.
PHYSICIAN.
tr. Elliotson, M.D„ F.R.S„ 37, Conduit-street.
SURGEON.

'l'BE. S. Byrnes, Esq., 77, Grosvenor-street, Grosvenor-square.
ACTUARY.
t*W. S. B. Woolhouse, Esq., F.R.A.S., Le.
SECRETARY.
*D. T. Lyons Cianchy, Esq.
SUPERINTENDENT.
°W. A. Hawkins, Esq.
BANKERS.

f*Messrs. Glyn, Hallifax, Mills, and. Co., 67, Lombard-street.
SOLICITORS,
'Messrs. Sutton, Ewens, Ommiumey and Prudence, 6, Basinghall-

street.
*W. Tatham, Esq., 22, Throgmorton-street.
NATIONAL LOAN FUND LIFE OFFICE.
CAPITAL-500,000/.

The WITHDRAWAL TABLE of the Society affords to the As-
sured the greatest possible present and prospective advantages that
can he conferred by Life Assurance. On this Table the Assured is
entitled, at any time, to receive at interest an immediate advance,
to the extent of one-half the amount of the paid annual Premiums,
without security, personal liability, or deposit of the Policy, but by
simple endorsement thereon ; or the half Premium may be with-
held during the whole continuance of the Policy. Also, in the
event of the Assured at any time not requiring to continue the
Policy, on its surrender one-half of the annual payments will be
returned by the Society.
Lapsed Policies may be renewed without fine, on proof of health
and payment of arrears of Premium without interest.
Notices of Assignment of Policies registered and acknowledged,
so as to make them available as securities is the hands of
third parties.
Ne Entrance Fees or any other charge beyond the Policy Stamp.
The present usual income of the Society from Premiums is
63,0001.; the amount covered by the Policies' of the Society is
1,781,5801.; and the reserved profit, applicable to future bonus to
the Assured, amounts to 82,4541. ss. 6d. At the last annual inves-
tisugreetdiowner, repor
the ted
ptiinonMefaya,rleBtus% the bonuses declared to the As.
of 15 per cent. on their Premiums
in cash, or a reversionary addition to the original sum assured by
each Policy varying from 20 to 65 per cent.
EXAMPLES OF BONUSES ALREADY DECLARED.

1 Porma-
:tl.d Annual (Policy Bonus in sent Ite-
Age. 0 ... Pre- Itaken addition Bonus in duction of
mine.taut in to 9,um Cask. Annual
Assured. Premium.
-- - -
..1 4 s. 4. 4s d. 4s. d.
1837 292 6 9 139 16 9 22 13 1
1838 267 11 4 126 17 2 19 19 7
1839 241 18 6 113 17 7 17 8 8
f 4 s.d. 1840 193 12 6 93 16 8 14 010
60 11000 74 34 < 1841 189 12 6 89 510 13 811
1842 162 16 8 76 18 4 11 8 3
1843 115 10 10 55 10 10 8 110
1844 77 19 2 38 15 10 5 9 11
_I 1845 66 15 0 44 10 0 410 1

Extensive Travelling Leave granted without extra Premium
Moderate extra Premium for Residence in Tropical Climates.
EQUITABLE FIRE OFFICE.
Capital-500,0001.
(Incorporated under 7 and 8 Viet., cap. 110.)
The leading principles of this Office aro —Moderate and equitable
Rates of Premium for each class of risk—Annual division of Profits.
The difficulty of collecting the elements on which to proportion
Premium to risk in Insurance against Loss by Fire has been so
great, that the rates at present charged are more the result of guess
than calculation.
It has been found by experience, that the total annual losses of the
different Established Computes have not been proportionate to the
amount of annual Premiums received by each.
It is of the highest importance, both to the Insured and Insurers,
that such an anomaly should cease, and an approximation to the
true risk be made. To secure this object the Equitable Fire Insu-
rance Company is established.
The true rate of Premium for Fire Insurance can only be ap-
proached through Classification and Average, which has not hitherto
been sufficiently acted os, or systematically applied.
Whatever be the nominal rate, the bonus or return periodically to
the Insured will determine the true Premium equitably payable, as
security against less fcr so great a calamity as fire, and the Insurer
is largely interested is this question, and will consult his interest by
supporting a system where. by a careful combination of Classifica-
tion and Average, the' Premium will be proportioned to•the risk.
The Equitable Fire Office will, by a constant analysis of its own
experience, from tome to time, adopt such rates of Premium as the
nature of the risk may justify, and will decline to enter into arrange-
ments as regards tariffs with other offices.
With this view an annual investigation will be made into each
class of risk, and a return of one moiety, or fitly per cent. of the nett
excess will be made to all classes of Insurers whose Policies have
been in force•for three years.
Insurances against Loss by Fire are effected by this Company upon
every description of Property on moderate terms.
Farming Stock insured at 35. per cent, without the Average Clause.
Prospectuses, and every information may be obtained, on applica-
tion at the Office, or to any of its Agents.

t National Loan Fund Life Assurance Society.
* Equitable Fire.
t* Both Offices.

CATHOLIC LAW AND GENERAL LIFE
ASSURANCE COMPANY,
8, NEW COVENTRY-STREET, LEICESTER-SQUARE, LONDON.
The FOURTH ANNUAL GENERAL MEETING of the Proprie-
tors of this Company took place on the 25th instant, at the Head
Office, at One o'clock precisely. The following is extracted from the
report, which is too lengthy for publication :
During the past year no claims have arisen from deaths in England.
and but two in Ireland—one for 5001. and the other for 2601.—making
together 7001., which have been paid. This is far below the expected
mortality, and is especially favourable, when it is remembered how
severely the life offices generally suffered from the epidemic of last
year.
The number of lives assured between the Ist of June, 1849, and
the 31st of May, 1850, was more than double the number issued in
the twelve months preceding.
Proposals were made for 138 Policies, amounting to 52,9631. 2s. 611.:
of these 123, comprising 106 lives, were accepted for 45,1251. 6s.
Sixteen Policies lapsed, representing 6,0481., upon which 3201. 3s.
was received by the Company in the shape of premiums.
Since the commencement of the Company to the Ist of June last,
assurances were effected to the extent of 110,9721. 12s. 6d., pro-
ducing in annual premiums 3,7321. lie. 6d. Of these 54 lapsed,
amounting to 23,9901. 16s. 6d., of which the annual premiums were
7411. Is., leaving the yearly income on the Ist of June last equal to
2,991/. 15s. 1 Id.
Since last meeting loans were applied for to the extent of 17,7001.,
but 1,183/. its. 10d. only was advanced.
The Directors were also highly gratified to report that within the
last four months they had considerably extended their business on
the Continent, having appointed, as Head Agent in France, Monsieur
do l'Etang, a gentleman of high standing in Paris, distinguished for
his integrity and ability in financial and in all assurance matters,
who, under the sanction and patronage of the Archbishop of Paris,
the Cardinal Archbishop of Lyons, an Monseigneur Parisis, Eveque
de Langres, has already within the last three months effected a con.
siderable amount of business, not only in Life Assurances, but in An-
nuities both Immediate and Deferred.
After various resolutions, approving of the Report, and returning
thanks to the Right Reverend Chairman, Bishop Morris, the Vice-
Chairman, Actuary, Secretary, and Medical Officers of the establish-
ment, the meeting separated, highly gratified at its present results
and future prospects.

BATT Y' S GRAND NATIONAL
HIPPODROME, Kensington, within Five Minutes' walk of
the Crystal Palace, immediately opposite the Broad-walk, Sensing-
ton•gardens.

Open Every Evening.
Mr. Batty has great pleasure in informing his patrons that his Hip-
podrome is crowded with rank and fashion, and being always anxious
to cater for the amusements of the public, he will prodir:,e a grand
change of Entertainment hitherto unattempted In England, which
will take place This Evening, and be continued every Evening until
further notice.
The Doors will open at Five o'Clock, to commence at Six.
Private Box 1/. Is. Od.
Admission to the Reserved Seats - - 3s. Od.
First-class do.
Second-class de.
Third-class do. - - - - Os. 6d.
Ladies and Gentlemen taught the polite Art of Riding. Moms
Broken for the /toad or Field.

DR. CULVERWELL'S NEW WORKS.
To be had of Sherwood, 23, Paternoster-row ; Carvelho;
147, Fleet-street;, Mann, 39, Cornhill ; or direct from the author ,
price One Shilling` each ; by post, Is. 6d.

ENJOYMENT OF LIFE.
"Meaith, Recreation, and rational ITse of Time."
CONTENTS:—EarIy Rising—F,pring and Summer MorningS—Flx-
oursions about the Environs of Loudon—The Parks, Lanes, Hills,
Forests, Fields, High-roads, and other pleasant places—Country
Trips and Rambles,—The Sea—London at Night—Evening. at Rome
—Music—The Drima—On Eating, Drinking, Sleeping, Bathing, Air,
Rest, Ease, Occupation, &A., Sec.

FRAGMENTS FROM THE MOUNTAINS. Two Poll.
Poll.

A VISIT TO THE I•AKES; SKETCH:OF EDINBURGH, EN.
Vol.II.

LAKES 01 KELLARNEYN ;
&c REMINISCENCES 01
DUBLI, .

WJIAT TO EAT, DRINK, AND AVOID.
"That three seore years and ten our course may ran."
A pepnlar review of almost every form (cause and cure) of ner-
rously-debilitated health and enfeebled constitution, that harasses
the yonng, besets the man of pleasure, business, er study, and em-
bitters old age, with tables and rules for the diet and physical rogn-
ation of every-day life.

IV.
THE PASSIONS.
" What passions hurt the body—what improve,
Truthp. as refined as Athens ever heard."
SUBJECT : -Li .e's pilgrimage, from infancy to old age. The advent
oftho passions. Chastity and its infringements. The casualties o.
licentiousness r.nd dissipation, with illustrations, graphic, narrative,
and remediative. Advocacy of early marriages.:
V.

TUE MARRIAGE STATE.
" To be or not to be, that is the question."
I LOZELNBLE :—L SINS and obligations of nature, society, and re-
deem regarding marriage, to be observed by either sex. Time and
hoice, on both sides, as to age, temperament, complexion, and
figure, to secure healthy offspring, with the art of rearing them.
Physical defectiventes and its removal. Sterility and its conversion.
Oases, &c.
tttamrs;n_Rosace osp
.t itelonu b
in o
By U. J. CIILV ER WELL, M.D. (1841), M.R.O .8. (1827), L.R.A.
1834). Twenty-ilvs years Medical and Forensic Referee In these
tu_igstillos.i.tly till ay.. Tevaninza. iffflan till ulna.

FFICIAL CATALOGUES.
Advertisements intended for the Second Edition of 100,003
Copies should be sent to the Contractors immeiiately.
SPICER BROTHERS, Wholesa'e Stationers.
WM. CLOWES and SONS, Printers.
99, New Bridge-street, Blackfriars, and at Hyde-park.

Foucault's Recent Experiment, Demonstrating the Rotation of the

Earth, is shown Mornings and Evenings at the
ROYAL POLYTECHNIC INSTITUTION.
Important Deposits by the Gas-fitters' Association, illustrat-
inz the economical application of Gas for Cooking and various other
purposes.—Lectute by Frederick Chatterton, Esq., cut the History
of the llarp, from the time of the Egyptians, with Vocal Selections
by Miss Blanche Younge, R.A. of Music, and illustrated by Drawings
of the Harps of various Nations.—Lectures by J. H. Pepper, Esq., on
Chemistry, with brilliant experiments ; and on Natural Philosophy by
Dr. Bachhoffner.—Two splendid Series of Dissolving Views : —One
illustratine the Holy Land, painted by Charles Smith, Esq., &c., &c.
Open every morning and evening.--Admission, is.; Schools,
Half-price.

LAURENT'S GRAND CASINO,
Licensed by Act of Parliament.
ARGYLL ROOMS, GREAT WINDMILL-
STREET, ST. JAMES'S.
(Sole Lessee, Charles Emile Laurent, Jun., 57, Brompton-square.)
OPEN EVERY EVENING,
With LAURENT'S UNRIVALLED RAND.
Principal Cornet-a-Pistons, M. Boulcoart.
Doors open at Half-past Eight o'clock—Dancing to commence at
Nine and terminate at Half-past Eleven o'clock precisely.
Admission. One Shilling.

BLAIR'S GOUT and RHEUMATIC PILLS.
The following testimonial is another proof of the great effi-
cacy of this medicine :
" 157, Now Bond-street, London, October 12, 1850.

" Sir,—ln acquainting you with the great benefit which I have ex-
perienced by taking BLAIR'S GOUT and RHEUMATIC PILLS,
I feel that I am but performing a duty to that portion of the public
who may be similarly affected.
" About twenty years singe I was first attacked by rheumatic gout
in my hands and feet. liMd previously been subjected to every va-
riety of climate, having served in Canada in the 19th Dragoons, and
in Spain, under Sir John Moore, in the 18th Hussars. I always pro-
cured the best medical aid, without obtaining any essential relief,
and my sufferings can be appreciated only by those who know some-
thing of this disease.
" It was during one of those paroxysms, between twelve and thir-
teen years ago, that I was recommended to try BLAIR'S PILLS. I
lost no time iu procuring a box, and before I had taken that quantity
the pain had entirely ceased, and in a few days I was in perfect
health.
" From that moment, whenever I feel any symptoms of the dis-
ease approaching, I have instant recourse to this medicine, which to
me is so valuable, that were it not that the days of magic have
ceased, I should certainly attribute the relief I obtain to that cause.
Moreover, I rejoice to say that my health has not in any degree suf-
fered, but on the contrary I believe the tendency of BLAIR'S PILLS
is towards its improvement.
"I have recommended the Pills to many friends, and the result
has always been of the most gratifying character.
" I am, Sir, yours respectfully,
" GARRET FOSTER GILL.
" To Mr. Front, 229, Strand." . _

For every description of Goat and Rheumatism, Sciatica, Tic-dolo-
reux, &c., &c., BLAI WS GOUT and RHEUMATIC PILLS arc a
sovereign remedy, contain neither mercury, opium, or any other
dangerous drug, require no care whatever in their use, and ter ra-
pidity of cure and complete safety have not their equal in the world.
Sold by Thomas Prout, 229, Strand, London ; and all respectable
Medicine Vendors. Price 2s. 9d. per box.
Ask for BLAIR'S GOUT and RHEUMATIC PILLS, and observe
that "Thomas Prout, 223, Strand, London," is Impressed upon the
Government Stamp.

PERIODICAL PANIC the INEVITABLE
' CONSEQUENCE of our COMMERCIAL
LEGISLATION.
(From the Liverpool Standard of May 20.)
Yesterday, at one o'clock, according to the an-
nouncement, Mr. Jonathan Duncan addressed the
merchants of Liverpool upon the above subject at the
Cotton "ales Room ; and, notwithstanding its being
one of the busiest partd'of the day, and the excite-
ment which prevailed in the Cotton Market owing to
the arrival of the Asia, mail steamer, from New York,
late on Saturday evening, a numerous and influential
meeting attended, composed of members of the leading
mercantile firms in this port. Francis Shand, Esq.,
was in the chair, and among the gentlemen present
we noticed T. A. Bushby, J. M. Braga, Jas. Ryder,
VV. S. Colebourn, H. Littledale, J. Torr, Chas.
Robertson, W. Watson, S. Boult, C. Logan, Jos.
Brereton, S. W. Shand, Isaac Buchanan, Hender-
son, Jas. Harvey, Thos. Smith, Henry Wood, J.
Hightield, W. H. Wylie, Robt. Procter, F. Forster,
T. B. Grinston, J. Bingham, Vienna, E. Jones,
V. Higgins, H. J. Hampshire, P. Witherby, F.
Pennington, J. H. Holderness, S. Rickman, J. 0.
Johnson, Jno. Faram, C. E. Rawlins, jun., R. Duck-
worth, F. P. Sleddon, H. Grazebrook, jun., J. Dorn-
ing, jun,, Esqs.
Mr. SHAND, on taking-the chair, said he was always
very happy to preside over the intelligent gentlemen
who met in Liverpool on such occasions, and it gave
him great pleasure in introducing te subject which he
was sure must be of so much interest as ..a lecture
on currency, in reference to; the controversy be-
tween protection and free trade. At the present
time, when, notwithstanding the alleged prosperity
of the country, Government seemed incapable
of getting on or doing anything, it was of importance
that the great commercial world should be decided,
not only on what was beat in relation to this particular
subject, but also as to the party who should carry out
that which was right. He would not detain them, as
he knew that their time was of as much importance
as currency itself—(A laugh)—but would leave Mr.
Duncan to speak for himself on the subject.
Mr. DUNCAN began by saying that it might ap-
pear extremely presumptuous in him, who had no
practical knowledge either of agriculture, of shipping,
or of commerce to present himself before gentlemen
who were so well versed in everything that relates to
the trade of this great empire, but it did so happen in
the history of the world that men who had passed
their lives in leisure, devoted to particular subjects,
alighted upon principles which in the hurry of busi •
ness escaped the practical man.—(Applause.) He
had no political object to serve, nor had he to utter a
single sentiment having a political character. He
had nothing to de with Whigs, Tories, or Radicals ;
he merely wished to present views before that audi-
ence, in order, if possible, to solve some of the difficult
industrial problems which were now in a state of con-
fusion through the antagonistic principles of what
were called free trade and protection; and the neces-
sity for doing so was the more important, since it
was well-known that the next general election,
which was not far off, would in a great degree
determine the future prospects not only of agricul-
ture but of commerce, not only of the people of this
country, but of all the people connected with our
very extended colonies.—(Hear.) Now he thought
that the very first reason that could be assigned why
this question should be re-opened and re- discussed
was, that all the promises and all the expectations of
the Free-trade party had been completely falsified.
[This Mr. Duncan showed by the fluctuations in the
value of wheat since the repeal of the corn-laws,
which we were told were to give steadiness of price.]
The quantities of corn which could be produced by
foreign countries had also been over-rated. The
trade, he said, which we now had, under the name of
free-trade, was no such thing in reality—(Hear)—it
was nothing but a system of free imports. After il-
lustrating this and other general principles, Mr.
Duncan then came to the immediate subject of his
lecture. He said—As to the currency, had the people
of Manchester really and truly understood the mone-
tary question—of which they knew nothing—(A
laugh)—and never did know anything—but had they
rightly understood the principle of money, they never
could have entertained the views which they now held,
of the destruction of British agriculture, and of the
destruction of colonial prosperity. They could see
that there was something wrong in the monetary
system, but instead of attributing that evil to legis-
lation, they attributed it most wrongfully to the Bank
of England. Now the proper way to deal with this
question, and the fairest way, was to allow Manchester
to speak for itself. He had before him the report of
the Chamber of Commerce of that town, dated 12th
of December, 1839, in which they endeavoured to
account for the enormous losses which they had sus-
tained, those losses amounting, in one year, to forty
millions of property. Mr. J. B. Smith was chairman
on that day ; and in opening the business he said—
" At that time resolutions were adopted by the Cham-
ber that these sufferings had come over the country
while we had been in the possession of the blessings of
peace, ample harvests, and mitigated taxation; but they
resolved that they were unable to find a rational cause
for this adversity amid these blessings. The recurrence
of another period of distress so soon after the last has
naturally directed the attention of this board to the
causes of those sudden panics which were paralysing
trade, suspending our commerce, and bringing distress
upon the whole community; and the directors might, as
their predecessors had done, resolve that they were un-
able to find any rational cause for the recurrence of such
adversity. But they felt that it would be departing from
their duty if they wok such a course. They found there
were causes, and that these causes were the erroneous
management of the currency by the Bank of England."
Now that was the charge they brought, and how the
Bank operated to produce those disastrous effects
Paragraph which he would
rweaasde:x—plainfdin the next

- --,6 Towards the close of 1835 the stock of. bullion. in the
Bank had
eam ofatlilm,,ene,toitliwttales mioodreenttehdantofotunre milliors;
determined
increase
it
ro checkntook tol it!)
bodufrwlalt whilst,
hotranld.i)3unpwhaarndds.
deposits. The
of thirty millions for its circulation and
directorsbaeneildn"tsf°tated, upon the authority ,
supply
eco ank. upon their
leto ifheards,
rdamteeorefainntteilreesizteinretawtso:
months,
thae,ob'e
4mt
to
di-
rectory, in a memorandum presented to the
of the Bouse of Commons in 1832, that l Committee
gold
can be procured from abroad only by reducedi y of
commodities; in other words, at the expense of the of
n 5 advancingupf Ile: cent.,urin gt
the
een which
th fromDjeco
undoubtedly
with the view to depreciate the value of commodities 25
per cent. This step on the part of the Bank directors
'au
' a moral apprehension in all prudent
minds that there was mischief abroad
ct'phtole
his psea quote the words of Mr. Horsley Palmer in
, and created an
effect more powerful than the actual advance in the
value of money.' In other words, it caused a panic."
The significant part of this paragraph was this, that a
supply of gold could be procured from abroad only by
the reduced price of commodities. Well, the
Bankgold
of
England had to get these quantities
from abroad and of course con-
tracted the issue of their notes ; that suEpended
or 50 per cent. below the cost of
production,hraed
foreigner was tempted by the bargain
ttyet;e l
fell to
thet o
3t price
ei c4feoo of all commodities fell, and when
;
he could make to return the abstracted metal. But
in the meantime Manchester suffered, and seered, as
she says, to the extent of forty millions. Now, the
quarrel was with the Bank of England, and that the
Bank of England when prices were high would not
keep accomodating the merchants. Had the Bank of
England done so in the first place, i . t would have been
bankrupt, and in the next place, it would have acted
in defiance of Acts of Parliament. The Act of 1819
was stringent, and it insists that the Bank of England
for every note which she shall issue, must have gold.
The price of coined gold was fixed, but there was a
tendency in all other commodities to
.rise above that
level. Whenever that happens, the price of commo-
dities becomes dearer than gold, and the consequence
was, that the foreigner takes away the cheap gold, and
leaves the dear goods in our warehouses.. Now,
although the price of gold in our coinage was fixed,
everybody was well aware that the price of bullion or
raw ore was not fixed. It fluctuates like other
commodities ; but immediately the Mint stamp
was put upon it, then its price was fixed. He
should state an argument by Mr. Cobden, borrowed
le
from Mr. James Wilson, with the view of showing
its complete fallacy ; and then he should
ask those present, if they were Free Traders, to be
consistent, and be Free Traders in all commodities cir-
culated between man and man. In other words, if
there were to be free trade in goods, t there be in
money.—(Applause.) Now, Mr. Cobden says—
___.." Tdaivkiedea
idtefiinnittoe quantity ity of
wheat—call
equal
parts, and call them
bushels; here is no fixing of„price, but merely a
question of weight and division. So far he agreed
it a quarter
with him. " Now, take the parallel. Take a quan-
tity of gold—call it an ounce—divide it into four,
and call each a sovereign ; here, he said again, there
was nothing but the process of weight or division."
But here was his fallacy. No money value was put
upon the quarter of wheat or the bushel, but in gold
a money denomination was put upon the ounce, and
the law says that 123 grains of gold shall always
pass for 20s.—(Hear.) Now, putting a money de-
nomination upon a commodity, necessarily fixed the
price of that commodity, whether it was a bale of
cotton or a quarter of wheat. Now, Mr. Cobden
had objected to put any money denomination upon
wheat ; he let it find its market value ; and by a

parity of reasoning, he (the lecturer) asked
him, if he were a Free Trader, to let the
commodity, gold, find its level also.--(Applause.)
He, and those who thought with him, had
no objection that the sovereign should weigh 123
grains, and that the quarter loaf should weigh 41bs. ;
but since we did not put a definite price upon the
41bs. of ground wheat, neither should we put a de-
finite price upon the 123 grains of gold which con-
stitute the sovereign. Now, versed C 3 his audience
were in business, he would ask them if they ever
looked into the price current to ascertain the price of
123 grains of gold embodied in a sovereign?—(A
laugh.) They knew very well that it would always
pass. Let there be only 1,000 ounces of gold or five
millions in the Bank of England, 124 grains was al-
ways a sovereign. Not so with other commodities.
When a foreigner comes here and finds the price of
wheat 70s. or 803. per quarter, he would sell his
wheat at that high rate ; but when he looks around
the market and asks what is the price of
calico and cotton, he finds that taxation has raised the
price of goods, and says that it is an advantage
to sell, but not to buy in our market. He is
told that gold does not fluctuate ; he con-
sequently purchases as many sovereigns as he
can and takes them out of the country; and
when that is the case the Bank of England is com-
pelled to contract its issue, and the mercantile com-
munity are compelled to pay high interest for the
notes. Now mind, they did not do so legitimately,
but they paid a high rate of interest, because a famine
of gold had been created artificially—(Applause)—
and this had been the case in this country repeatedly.
Now there was a way of putting this, which he
thought would arrest the attention of every gentle-
man who beard him. It was a simple but effective
one. He never knew any human being who would
dwell enough upon the proposition who did not see
the destructive character of the legislative measures
adopted. They were all aware that an ounce of
gold was coined into four sovereigns. Now suppose
that they exported from the Bank of England
four million sovereigns, one million ounces of gold.
If that were to take place this week there would
be a disastrous panic in Lombard-street and Leaden-
hall-street, and so soon as the express train came
to Liverpool there would be a panic here. But sup-
pose, instead of a million ounces of coined sovereigns
being exported, a million ounces of gold plate, equal
in purity to sovereigns, were exported, it would not
produce the slightest disturbance in any part of the
country. Nay, if we were to pack up all the gold
plate belonging to wealthy families in the kingdom,
place the articles on board an American steamer for
the express purpose of having them sunk on the
broad Atlantic, not the slightest disturbance would
take place in any of the great marts of commerce.—
(Loud applause.) What, then, was the inference ?
We were not inconvenienced because we sent away
wealth in the shape of gold, but because we sent
away our legal tender, we sent away our money, the
instrument of exchange. And when we were told—
as we were by the Times in 1847—that we were a
poor nation, that was wby we were suffering. Sta-
tisticians tell us that we have in this country six
thousand millions of wealth, but so many sovereigns
do not exist upon the face of the earth. We were told
that we were a pauperised nation, and were driven to
extremities, simply because we had got rid of a few
thousand ounces of gold. This he took to be the
most monstrous fallacy that ever was palmed
upon an intelligent people ; and how, he might be
asked, did he account for its existence ? Simply
and solely because the merchants of Liverpool, for in-
stance, and the merchants of all the other ports of
the country had not permitted their minds to dwell
long enough upon the subject. There was an ex-
cellent remark some time ago in the Liverpool Stan
lard. Gentlemen it was said were asking whether
there would be a good crop of wheat, of cotton, or of
sugar ; but none of them think of asking whether
there will be a good crop of money.—(Laughter and
applause.) Now, it was a remarkable thing that al-
though money was the good half of a bargain, his
mercantile audience, who were very astute and
shrewd, and who would be offended if they were told
that they did not look at both sides of a question, yet
looked at only one side of this question. There was
one mode of illustrating the subject,which he thought
must come home to the minds of the gentlemen whom
he had the honour to address. He had frequently
compared our moneyed system to an inverted pyramid.
When Lord Ripon, formerly Mr. Robinson, was
Chancellor of the Exchequer, Mr. Neatham made a
calculation showing, that when the country is pros-
perous, there are 300 millions sterling of bills of ex-
change and promissory notes constantly floating.
Now, this was the credit superstructure. On what
did it rest ? It rested upon the basis of 30
millions of gold ; consequently a million of gold
sustains 10 millions of credit circulation. knock
away 10 millions of gold, and 100 millions of credit
would fall ; take away 20 millions, and 200 millions
of credit would fall ; but if they took away 30 mil-
lions of gold (a miserable sum, not more than one-
half of our annual taxation), the whole country
would be reduced to a state of barter; there was not
a single instrument of exchange by which we could
buy or sell.—(Applause.) Now Mr. Jones Loyd was
a great authority on these subjects—(Laughter)—or
considered to he so. Unfortunately he had had an
influence most pernicious, in the opinion of the
most competent merchants, on the determinations
of the Legislature , but in order that his audience
might judge of the real merits of that gentleman as
a reasoner, he should just read to them a short ex-
tract of the evidence which he gave before the Bank
Committee in 1846, and they could then decide for
themselves whether a banker, coming to such con-
clusions, was a fit guide to gentlemen extensively
engaged as they were in trade and commerce. If
they said that the answer which he gave to the ques-
tion 3 which were put were rational, then he cer-
tainly must say that the opinion which be enter-
tained of Liverpool wisdom would be much changed.
—(Laughter.) He was asked by the Committee :
" Do you think that the internal trade of the
country should be regulated and maintained by
as steady and equable prices as possible ?" And to
this he answered, " The idea of regulating the trade
of the country by equable prices, I might say so with
proper deference to the Committee, seems to me to be
nonsense." Now he denies, they would see, that we
ought to have equable prices ; he thinks that we
ought to be in a state of spasm, sometimes very high,
sometimes very low; so that our merchants must in-
dulge no hopes of steady business, but become a race
of gamblers and speculators.
The next question was :
",By the Committee—Have you ever considered what
would be the effect upon the minds of the industrious
classes if their wages fluctuated with the exchanges; or
what would be the feeling of the internal trading com-
munity towards the sole bank of issue were their stocks
to bo subjected to sudden depressions by the sale of
foreign stock, or the payment of the instalment of a
foreign loan occasioning temporary depressions of ex-
changes? Mr. Jones Loyd—l must admit that I have
never reflected upon such topics, because I am quite
sure that if I was to make the attempt I should only
lead my own intellect into great confusion, and come
to no satisfactory or useful result either to myself or to
the community." •
Now it was impossible that his intellect could be in
greater confusion ; but one thing was certain as a
practical result, that although panics had taken place
from 1816 to 1819, the great panic of 1825, and the
panic of 1837, 1839, and lastly, the panic of 1847
although these panics, it was well known, bad caused
in their aggregate a greater loss of property to the
merchants of England than would pay off the national
debt, yet it was equally certain that Mr. Jones Loyd
had been no sufferer during these convulsions.—
(Hear, hear.) The system nad been extremely d
vantageous to him, and when he said that thereshauvlde-
be no equality of prices in the markets, it would have
been a great advantage if be bad told us that there
should be no inequality in the rate of discounting
bills—(Applause)—for they bad it in 1847, upon the
evidence of Mr. William Brown, that the rate of in-
terest not only rose to 9 per cent., but that there was
a commission of 12 and even 20 per cent. given.
These were enormous sums, which, of course, no legi-
timate business could possibly stand. Now, what hap-
pened in this year of 1847 ? According to Mr. Hume,
a tolerably good calculator, not less than 500 millions
of property was lost to this country.. Why lost ? Be-
cause four millions of coined sovereigns went over t•
New York. But they came back immediately, and
it was simply the internal trade of the country which
produced the calamitere(Hear.) The lecturer fur-
ther quoted from the evidence of the Governor of the
Bank of England to show the scarcity of gold in the
coffers at that time, and asked why should the Bank
ayment simply because it could
of England stop p
not control the demand of gold for its notes ? It was
compelled to contract its issues and take the chance
of further demands not being made upon it. Yet
suchswas the desperate condition of affairs that on
the Nth October, after a vast number of West India
and other houses had failed, the Government began
to relent. It did not relent till it had seen the sa-
crifice of some of the oldest and most experienced
merchants in the country; but so soon as the danger
was imminent, so soon as the water was rising to the
height of the Bank of England, then Lord John
Russell and Sir Charles Wood stepped in and sus-
pended the Act of Parliament which had caused the
loss of millions and the ruin of thousands. It was

only when the country was exposed rte anarchy and
revolution that the nefarious Bill of Peel's, passed in
1844, was suspended. The Bill of 1844 had gone on
smoothly enough until it was tried ;—like a new
boiler which looked well, but, so soon as tried by
steam burst, spreading devastation around. This
Bill was looked upon by Peel, and those who followed
him, as a grand measure of wisdom ; but in three
years it was a failure, and what did Government do
then ? It did an
.act unparalleled in baseness.
There never was in the history of the world such an
usurious bargain between the First Lord of a Trea-
sury and a bank establishment. They said to the
Bank of England, "We hold you harmless against
violating the Act of Parliament, but dont lend any
money unless you get eight per cent. ; and recollect
eight per cent. is an enormous profit ; we, the Govern-
ment, shall go shares in the transaction." It should be
borne in mind that the Bank of England was simply
a joint-stock company, and there never was a more
disgraceful compact made.—(Applause.) Mr. Dun-
can next treated of the " convertibility" of bank notes,
showing that exchangeable would be a better term,
for, if a currency would not exchange for goods, it
ceased to be a currency. lle and those who thought
with him were not such blockheads as to say that
they would advocate an inconvertible currency ; it
was a contradiction of terms ; but they said this, that
the note should be converted into gold, not at an ar-
bitrary fixed price, fixed by Act of Parliament, in
defiance of every principle of free trade, but that it
should be exchangeable into gold at market price of
gold on the day when the exchange took place.—
(Applause.) Mr. Duncan said he was sorry to detain
the company, but he felt that it was not sufficient to
point out the defect without shadowing forth a remedy.
He should be happy if encouraged to go into the
question some other day; but would now endeavour
in a few words to show what he meant by a reformed
currency. Our currency now was altogether based on
a contradiction. In the first place, by the Act of 1844
the Bank of England was permitted to issue eleven
millions of absolute inconvertible paper upon a debt
due the Bank of England by the Government, and three
millions more upon floating Exchequer-bills, making
altogether fourteen millions of notes, which might be
issued upon the strength of a debt without any
metallic basis whatever. Then the country banks
were permitted to issue eight millions of inconvertible
notes ; then six millions were in like manner granted
to the Irish and three to the Scotch banks. These
altogether made thirty-one millions of inconvertible
paper, without any metallic basis whatever. Then if
the Bank of England had ten millions in its cellars,
it was permitted to issue notes to that amount • if it
had nine millions, the issue must be contracted ac-
cordingly. Thus it would be seen that the major
part of the issues are inconvertible, and not upon a
metallic basis ; the minor part was ; and therefore
Peel's system was absolutely worthless, since it was
devoid of harmony and beauty in its proportions.
Now what did he, and those who thought with
him, propose instead of this ? They said the
wealth of the country in round numbers was six
thousand millions ' it might be seven or eight—he
would not quarrel about that. That was national
property, and it was the basis for issuing the re-
presentative of value. Mr. Duncan then went on
to show that, by a judicious system of paper money,
the annual taxation of the country, amounting
to fifty millions, could be most efficiently met. He
proposed that when Government took a vote for money,
they should merely take the privilege of issuing fifty
million 1/. notes ; these would go into circulative; be
returned in the shape of taxes, • cancelled, and 'fresh-
ones sent out. Government, he showed, stood to the
country both in the position of a debtor and a cre- ,
ditor. Now, did any one think there was any
novelty in this ? Not at all. They were in thebabit,
of performing the same operation every day of their
lives, but they were doing.it on a minor scale.—(Hear,
hear.) What was a postage stamp, but one ..off' these
instruments ?—(Hear, and applause.) These .was not
any one who refused to give a sovereign of gordefor
240 penny stamps, but they had not in themselves any
value. What was the consequence ? The Post-office
revenue, which was two millions, might be collected
in postage stamps ; but if symbolic money of this
kind could raise two millions, why not five, eight,
fifty millions. It had been well observed by a gentle-
man whom he saw present in the audience, what a
bungling system it would be if they went by Mr.
Jones Loyd, stick with some sort of seal upon it a
penny piece into the Post-office along with a letter.
—(Laughter.) Then they came to:the question of the
money of commerce. With the money of commerce
the Government had no right to interfere whatever.
—(Loud applause.) Mr. Duncan lucidly enforced
this position, and said, that he and those who thought
with him wanted to make banks mere secure
than they had ever been made by any bullionist.
They proposed that parties wishing to establish a
bank should offer securities to Government, with a
power of sale, and then be permitted to issue notes
to one-half or two-thirds of the amount of the pro-
perty so deposited .—(Applause.) Was not this
much better than the present system ; fur now we
did not know whether a banking concern was solvent
or not. In case of disaster through bad manage-
ment, it was clear that the holders of the notes of a
bank so constituted would have 20s. in the pound
available at the Treasury.—(Applause.) Mr. Dun-
can concluded by showing, that if the question was
to be decided by the authority of names, there were
only two who could be quoted in favour of the pre-
sent state of things—that was; Mr. Jones 'Loyd and
Sir Robert Peel : while, on the other hand, he could
quote 150 names of eminent men in ancient and
modern times who had been in favour of a symbolic
currency. He quoted from several historians to
show that the dissolution of the Roman empire was
caused by metallic money, and dependence tit on
foreigners for a supply of food, and almost all the
ancient as well as modern authorities, including Adam
Smith, bad condemned metallic money in the
strongest terms.
The lecture was listened to throughout with great
attention, and portions of it, especially the references
of the lecturer to the past monetary crisis, were
warmly applauded. The suggestion as to giving free
liberty of import to articles of produce, not raised in
this country, was also most favourably received. Con-
sidering, indeed, the peculiar position of our market
for our leading raw materials, and the cares which it
was calculated to excite in the minds of the fre-
quenters of our Exchange, the atteed ince was much
more numerous and influential than could have been
anticipated. At the conclusion of the lecture, after
Mr. Duncan had expressed his readiness, if an oppor-
tunity offered, to go more into details as to his plans
than time had allowed him,
Mr. Toss, of the firm of Messrs. Littledale and
Co., rose to move a vote of thanks to Mr. Duncan.
He said he was sure they would agree with him _ that.
they had all been informed upon a subject on wehaitlb
they wanted information ; and that they
obliged to Mr. Duncan fort be d heard
All, he thought, would agree that they lecturey.
facts, and having done so, be trusted they wouldh
giving themwehrea
use
their best exertions to rid themselves of the iron c am
which now fettered and rendered hazardous commer-
He moved a vote
cial operations.—(Loud applause.)
of thanks to Mr. Duncan.
Mr. FOSTER (Mann, Foster,
a n
ace Cl
aom.,
a) t
is
e coenednedd
the
motion, which was carried by
meeting broke up.

a e
We congratulate the commercial and industrial
community of the empire upon the universally-suc-
cessful demonstration of opinion made attithh: t
t Cottonn
d.
Sales Room yesterday,, on the occasion of Mr.
Jona-
than Duncan '8 exposure of our one-sided free-trade
lmd oas
st
ti
hn
efl ume ne
et it ai
nl
gbotha s ii nn
tnhuemmb
iedr
ds l andf
bcuhsai :
and of, our nefarious monetary system.
nroanecsctseehr7ours, and in a very excited state of our produce
f
markets. There were present a body
en tof gentlemen
aggregate transactions represent
mil-
lions annually; and, although differingring
whose
on many points
in political opinion, their condemnation of f Sir tens o
Robert
Peel's currency system seemed unanimous, and the
vote of thanks, moved by Mr. Torr to the lecturer,
was most enthusiastically received.
We may remind our readers amongst the trading
and working classes of
the lectures announced for
this evening and Thursday, at the Concert Hall,
Lord Nelson-street. _ They will hear at these the
clearest explanation of the causes of, and remedies for,
the present disorganization of the commercial and
industrial • interest which has as yet been given to the
world.
In conclusion, we may be pardoned if we express
our own thanks—and we feel confident that ise
doing
we express those of the public—to Mrn .
F.
Shand, for his kindness in presiding upon this mo-
mentous occasion, which he ever shows in promoting
any movement which has for its object the benefit of
his fellow-townsmen and of society. Mr. Shand, we
trust, will have the satisfaction of having contributed
most powerfully to strike a blow at a monstrous
system of oppression and cupidity, which, with our
free-trade policy as its adjunct, is rapidly
sapping the
foundations of the prosperity and power of the British
empire.

CHILD MgRDEII. young woman named A
Ca-
therine Geddes, or Diacpherson, has been apprehended at
Glasgow', on a charge of administering poison and exposing
her infant child so as to cause its death, She had adinittec
the charges, and rtraaiLs for trial.