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

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[PRICE SD.

only when the country was exposed to 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 devaatation 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
fo r disgraceful
i f.
a currency co n pa cwt
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
would not
)for7gro.oDds:ni-t
Dun-
can next treated of the " convertibility" of bank notes,
showing that exchangeable would be a better term,
ceased to be a currency. He and those who thought
with him were not such blockheads as to say that
they would advocate an inconvertible currency ; it
was a c sntradiction 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 Parliaments 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 circulation, 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 the habit
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 of these
instruments ?—(Hear, and applause.) There was not
any one who refused to give a sovereign of gold for
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
hind 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 more 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 ; for 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 203. 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 ui on
foreigners for a supply of food, and almost all the
ancient as well as modern authorities, including Adam
Smith, had 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 attendance 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,
Co., rose to move a vote of thanks to Mr. Duncan.
He said he was sure they would agree with
him
which
Mr. Toms, of the firm of Messrs. Littledale and
they had all been informed upon a subject o
the lecture.
obliged to Mr. Duncan 'for giving themh
y bad heard
All, he thought, would agree that
they wanted information - and that they
they
would use
facts, and having done so, he trusted they
the iron chain
their best exertions to rid themselves of
which now fettered and rendered hazardous commer-
se.) He moved a vote
cial operations.—(Loud applause.)
of thanks to Mr. Duncan.
Foster, and C 0.,) seconded the
Mr. FOSTER (Mann,
carried by acclamation, and the
motion, which was Carr were greatly
broke up.

IRELAND.
DIPLOMATIC REVELATIONS.

meeting

- sainclae d industrialfea-013e-
universally-sue-
lhieiext epe
motslpitieirreeoufp commercialoounr tohnee
cessful demonstration of opinion made at the Cott
Sales Roomy
,esterday, on the occasion of Mr. J en
communitythan lli.'We
D cunncgaronaf congratulate
and of, our nefarious monetary system. The attend-
ance was most influential both in numbers and cha-
meter, held as the meeting was in the middle of busi-
ness hours, and in a very excited state of our produce
markets. There were present a bodyof
whose aggregate transactions represent gentlemen
tens of mil-
lions annually ; and, although differing
in political opinion, their condemnation on many points
of Sir 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
this evening and Thof the lectures announced for
Lord Nelson-street. ursday, at the Concert Hall,
They will hear at these the
clearest explan r
the present disorganization
ind •
industrial interest of the commercial and
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 in 50
doing we express those of the public—to Mr. P.
Shand, for his kindness in presiding npon this mo-
mentous occasion, which he e 1
shows in promoting
any movement which has for its object the benefit o°f
his fellow..townsmen and of society. Mr. Shand, we
trust, will have the satisfaction
ow at aof having contributed
most powerfully to strike a bl monstrous
system of oppression and cupidity, which, with ou
free-trade policy as its adjunct, is rapidly sappin
thr
foundations of the prosperity and Power of the Bgrit' he
ire. n

thGt
eeaCrsiigi
infantcharge,er
child so as to cause its death. She bad admitte(
and remain* fyr trial,

IVY.

special me. ~nix come
pany was held on Tuesday at their office, 9, Villiers.
street, Strand;; Mr. Coles Child, chairman of the
directors, in the chair.
The CHAIRMAN read a report, which stated that the
meeting had been convened for the purpose of laying
before the proprietors the draft of a Bill, which the
directors, acting upon the power conferred upon
them at a previous meeting, had thought it advisable
to introduce into Parliament. That Bill, after having
passed the House of Commons, was now opposed by
Mr. Few, a large shareholder in the company, whose
objection, however, had been taken more with a view
of obtaining a right to be heard in support of a
clause for altering the mode of voting, than with the
serious intention of opposing the Bill. The financial
condition of the company had occasioned much
anxiety to the directors, and they saw no other way
out of their difficulties than by raising capital in the
manner provided for by the Bill. The directors
thought it right to say that they did not approve of
the alteration of the voting clause, as proposed by Mr.
Few, and hoped they would be authorised to proceed
ith the Bill in its present state.
The SECRETARY then read a draft of the Bill.
which empowered the directors to raise additional
capital to the amount of 40,0001., the guaranteed in-
terest not to exceed 6 per cent.
In reply to some observations by Mr. ADAMS,
The CHAIRMAN said no one could regret more than
the directors the circumstances which compelled them
to apply for another Act of Parliament. The mort-
gage and bond debts of the company amounted to
44,4701., and the sum in question was reqeired to pay
pert of that debt and to discharge other liabilities
already existing. The directors had endeavoured in
vain to raise money upon bonds and mortgages, and
the proprietors had themselves compelled them to take
the present course, instead of resorting to preference
shares. He concluded by moving that the 13i11 be ap-
proved of, and that the directors be authorised to take
the necessary measures with a view to the passing of
the same.
Mr. ROBERT FEW moved as an amendment the in-
sertion of an additional clause. lie observed that the
company's Act of incorporation provided that no per-
son or corporation should have more than five votes,
but that the Hungerford Market Company had
evaded that provision, and by spliting their votes (a
course of procedure which had been declared to be
illegal by Sir F. Kelly and other eminent lawyers)
had obtained an undue preponderance over other in-
terests in controlling the affairs of the Bridge Com-
pany. Tne clause he proposed to insert was intended
tolremedy this evil, by enforcing more stringently the
original arrangement, and thus preventing the
Market Company from assuming, under any circum-
stances, more than five votes.
Mr. STUTELEY (chairman of the Market Company)
said the introduction of such a clause would jeopar-
dise the whole Bill, since it would necessarily exeite
much opposition on the part of the directors of the
Market Company, who would not lightly forego the
privileges and advantages which they now possessed,
and which they considered that they had dearly
purchased by the sacrifices which they had made in
favour of the Bridge Company. They had consented
to take 200 new shares upon the express understand-
ing that they should have such en influence in the
management of the company as was warranted by the
large stake which they had in the property ; and the
dispute which had taken place on the subject had al-
ready been decided in their favour by the late chair-
man, the Earl of Devon. He thought it was dis-
honourable for the Bridge Company, because they
no longer required the service of the Market Com-
pany, to attempt to repudiate their votes.
Mr. Hawas (late deputy-chairman of the Bridge
Company) controverted some of the statements of Mr.
Stuteley, and a very warm discussion ensued, which,
after continuing some time, was terminated by the
interference of the Chairman.

The amendment was then put and rejected by a
large majority. Mr. Few demanded a poll, which
was taken, when the amendment was negatived by 39
to 19. The original motion was then put and carried,
and the proceedings terminated.

DUBLIN, WEDNESDAY.—It would appear from the
following very singular account of an interview bad
within the precincts of the Viceregal-lodge, which ap-
pears in the Packet of last night, that we are on the
eve of a great legal " crisis" here, which may or may
not terminate to the satisfaction of the indignant juror
who means to figure as plaintiff in the case of " Burke
v. the Lord-Lieutenant of Ireland :"

" Yesterday Mr. Burke's solicitor waited upon bis
Excellency at the Phoenix-park, and was favoured by
an interview with the Honourable Gerald Ponsonby,
who throughout the affair acted with becoming cour-
tesy. Mr. Burke's solicitor informed that gentleman
that he had written twice to the Earl of Clarendon with
reference to the publication of the libel on his client in
the Tahiti newspaper, but had been favoured with no
reply. Mr. Ponsonby, on the part of his Excellency,
acknowledged the receipt of the letters, but added that
ho had received no instructions to return any answer.
Mr. Burke's solicitor then said he had called therefore on
that occasion, accompanied by his clerk, in order to have
the writ served in the usual way; that he was desirous
of performing this necessary duty in the most courteous
manner possible; that the ordinary mode of service was
the delivery of the writ personally to the defendant; but
that, as in the present case, this course might not be
convenient, he desired to know if Mr. Ponsonby would
accept service for the Earl of Clarendon? Mr. Pon-
sonby promptly acquiesced, and having accompanied Mr.
Burke's solicitor to the room where his clerk was in
waiting, accepted the customary service. He was then
advised, that within eight days the Earl of Clarendon
should enter an appearance, and that it was presumed
he would instruct his solicitor to that efe3t. Mr. Pon-
sonby replied he supposed so, but remarked that until
he had consultei with his Excellency he could not state
anything.further."
SALES OF INCUMBERED ESTATES.

A batch of six estates was set up yesterday for
sale before a more than usually crowded court—a
great number of speculators bring present. The
biddings throughout the day were generally.spirited,
and altogether the tone of the market was more ani-
mated than it had been for several weeks ps.st• Of
the six properties, four were situated in thelson on
county
of Kerry, and with the exception of four lots
-
of the estates the whole found ready buyersiers--that is,
sit
remu
nerative rates of purchase to the
considering the present depressed value sellers—that
of land. The
estate of Mr. Collis was offered a lots,
three the
aggregate profit rent of
_ thewh
sum of 3,5301. 'The
was but 1751. per
annum, and which realised
rate of purchase for each lotw as about 18, 34, and 15
years. The estate of four were withr
in six lots, but th mr. Hickson was pot up
e first
drawn, and the other two, producing 'a profit
rent of 1401. 5 year,
were sold for 2,0601., or
15 years' purchase. The estate of Mr. Richard
f Jevne, wlb a profit rent of 1i
was sold n the
The estate
bulk for 3,8001. of Mr. William Sealy,
the rental of which was estimated at 4431., subject
to an annuity and other charges, which reduced it
by mare than 501. a year, produced 6,6001. Tb
foregoing properties were all situated in the county of
Kerry. An estate in the county and town of Sligo,
the property of Charles Martin, and consisting, for
the most part, of building ground and premises in
the county, yielding a rental of about 450/. annuahr,
was sold in four lots, whichMonaghan
6,7001. The
concluding sale was of the estates of Mr.
Henry Mitchell. The profit rental was a little over
4001. a year, which was disposed of in three lots for
the sum of 5,8101. The entire amount realized by
the day's sales amounted to 28,4401.

ANOTHER SERIOUS CONFLAGRATION
IN THE Cl
Last night, about a quarter-past ten o'clock, a fir.
that for upwards of d great alarm
amongst the residents of Shoe-lane, Perringdon.
street, and the surrounding localities, broke out in the
premises belonging to Messrs. L. and W. Pontifex
and J. Wood, lead merchants and coppersmiths. The
premises belonging to the firm are of vast extent the
,
front being in Shoe-lane and stretching almost as far
backwards as the Angel Inn, in Farringdon-street. It
was at one period imaginedthat the greater portion
of the neighbourhood would fall a victim to the fury
of the flames. sue!), we are happy to say, proved
groundless. chemist of No. 83,
It appears that Mr. Lamplough,
out of 0 . ?
perceived an unusual glare of light in
Snow-bill, whilst looking ne of nis bedroom
windows,
, accompanied by a dense
Messrs. rontifex's premises
volume of smoke rolling towards the roof of the mar-
ket. Ile immediately proceeded to the spot, calling,
as he went along, the
Forthwith the various engines in Farringdon-street.
engines of the Brigade, West
of England Company, and the parish were dispatched
the conflagratio danger. The firemen then found that
n was raging in the premises used as
the lead casting shop and the brass casting depart-
mmits.
A plentiful supply of water having been procured
from the New River mains, the engines were called
into operation, and under the direction of Mr. Braid-
Wood, the superintendent of the London establish-
ment, Mr. Coif, the foreman of the B district, and Mr.
Connorton, the chief officer of the West of England
brigade, powerful streams of water were scattered
but, notwithstanding,, it was
e bl
over thazing but,
nearly midnight before the flames could be conquered,
and not until the lead and brass casting shops were
nearly burned out, and the contents destroyed. One
of the firm informed the reporter that a number of
moulds had been destroyed, but that the costly assort-
ment of patterns bad escaped tho least injury.
the origin of the fire nothing
Respecting that could
pond
upon could be learned during the eonfu.
be de
sion and excitement which prevailed when this report
was written. Fortunately the firm was insured.