The Sun.
London, England, 1856-10-20 00:00:00

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'''. . ',G, OCT. 16. - I! iltas9*
ver since the.
. :

• . . HA BURR
For nearly 200 years—that is, e
foundation of the Bank of Ifambnrg—has the very
extensive commerce cf this ciiy been carried on
exclusively -by means of a eilver currency, or, more
properly speaking, silver ingots, for the mark ban co
is not a coin, bat represents a certain quantity of
bar silver deposited in the cellars of the bank.
Silver was selected for becoming the standard of
'value as not being so liable to fluctuation as gold,
and assimilatinc, more to the currency of Spain,
France, the ,States of Germany, and most other
-
countries of the Enrol:watt continent. It is true
that for several years past voices have been raised
in favour of gold,
but they were few and feeble,
and no practical disadvantages have accrued to the
u.
trade of Hamburg by ,aintainiiig the ancient
standard, Whilst the solidity of the basis on which.
the l auk is founded has been often test€d in
triumphant._
period, o! commercial crisi,, and always conies out

na m traffic.awn nither it ivould not be
] manner possible,
But: of IA:. it has become more and. more appa-
rent to our most eminent commercial and
fir
v financial
the present "
and to the
the
exigencies yf
u
question
to revert
to gold as the unit of value. The fact that from the
aol c lasri ns ht
silver
been
aae
yearly
is
increasing
inadequate
consideredwht
year 1851 down to October, 1856, nearly eight mil-
lions of lbs. of silver—of a value amounting to
30,030,0001. sterling—have been exported from
state of the markets the tendency is decidedly in
favour of a continuation of the export of silver;
that in France during the above period more than
Europe to.lndia and China ; that in
1,500 millions of francs in silver coins have found
their way to the melting pot, and bean converted
into bar silver ; that in Germany,. find particularly
here at Hamburg, as I have more than once in-
formed your readers, many millions of dollars have
been melted down, thereby distmbing to a consi-
derable extent the currency of Prussia, Hanover,
Denmark, and other States ; and finally, that in
tills city, where silver is both an ardcle of mer-
chaiidiie and the circulating medium, the rate of
-diseoluit has for the last twelve months risen to an
Almost unprecedented height, without its being
caused by any particular miscredit or a commercial
crisis from over speculation or other unhealthy
state of trade; all these. are facts which speak more
favourably for the introduction of a gold standard,
and are a stronger and more practical argument
towards dissipating long-standing opinions and old-
fashioned prejudices than any learned disquisitions
or theoretical essays on the subject.
In my letter of -the 29th ult. I informed you that
a petition to the Board of Commerce had been got
up and was most numerously signed by the most
respectable and eminent houses in the city, pray-
ing for the introduction of gold as the future stan-
dard of value. The Board has taken the matter in
hand with au alacrity and spirit to which we are
rather unaccustomed here, where it generally is a
work of many years to carry any measure of reform
or public utility ; but in this case they have
acted with praiseworthy energy, and have al-
ready forwarded the petition to the Senate,
accompanied by a voluminous memorial—contain-
ing nb less than 38 close-written folio pages—
strongly recommending the senate to grant the
prayer of the petitioners, and entering so deeply
into the merits of the case as to show that they
must'have occupied themselves with the subject for
a considerable time past.

This memorial, which goes fully into the case,
then proceeds to answer them :
1. Can the introduction of gold as a standard be re-
commended as a substitute for the silver standard in Ger-
many generally, and more especially in Hamburg with
reference to the mark banco

2. What description of gold standard is more particu-
larly to be recommended ? and

3. In what manner is the change from the silver to
the gold standard in Hamburg likely to be effected, with
the least possible disturbance of our commercial arraage-
tnents as at present existing ?

This last is the most important of the questions to
the commercial world, and is answered by the board
in a highly satisfactory manner, and their memorial
is accompanied by a very lucid and business-like
draft of a proclamation or ordinance respecting
"the introduction of gold as the future standard
of value for the Bank of Hamburg."
In drawing up the memorial the Board of Com-
theroe have peen evidently guided by the following
leading principles and practical considerations :
1. Instead of the hitherto existing sole standard of
pure silver, a gold standard shall be substituted ; and
whereas hitherto the unit of value of the Bank of Ham-
burg was 1000 1000 pare silver as such, and not in the
form of coined money, so in future the unit shall be
10001000. of pure gold as such, whether in bars or con-
tained in coined money, so that mark banco shall con-
tinue to be as heretofore, and contain in itself a fixed and
unalterable unit of value, accirding to which the par of
exchange- may be estunated in the moneys of all other
countries also possessing a gold currency.
2. Notwithstanding the establishment of this funds-
mental principle, that in future pure gold is to be con
sidered in Hamburg the standard measure of value and
principal means of exchange, silver, both in bars and
coins, shall be considered as a subsidiary bawls and ad-
mitted as circulating medium to a considerable extent
This will be effected by accepting deposits of pure silver,
and making advances on them in the new gold standard,
and free of interest or charges, at the rate of 98 per cent.
of the value of such silver at the market price of the day,
and to the extent of one-third of the funds of the bank.
By this means great facility will be afforded for quickly
increasing, if necessary, the amount of the circulating
medium, and at the same time for carrying on extensive
operations in silver for commercial purposes.
3. Although the new bank standard of value is founded
on the weight and fineness of -pure gold as such, yet it
is understood that well-known gold coins (such' as the
sovereign, the Louis d'or, and the ducat) of general cur-
rency and established value, may be received and form
part of the funds of the bank without being melted down,
and, if required, taken away in the same state.
4. At the period when the alteration of the standard
comes into operation, great care must be taken to pre-
vent any large and sudden fluctuation in the price of the
precious metals and the course of the exchanges, for
which -purpose it is evident that the day for the definitive
settlement of the exact amount and value of the new
mark banco and the division of the Cologne mark of
pure gold (Vb.) into marks banco must be fixed a very
short time,previons to the proposed alteration actually
taking place.
paymenta er nd
p-
toiersthfeornepwa
and not expressly stipulated to be such, shall be effected
te rse.cl nhteo regulationbefor the ionftrtohdeu cl itai introduction
between the gold and silver standards. With the intro-
by means of an official publication adjusting the agio
duction of the new standard it follows, as a matter of
course, that all the existing accounts in Hamburg silver
Banco will be closed, and the amounts standing to the
credit of the parties be re-opened in marks of the gold
standard.'

In order to prevent any 133 S to the bank from a
fluctuation in the current price of gold, every de-
positor of that metal is bound to sign a document
binding himself, in case of a depreciation of gold to
the extent of 1 per cent., to pay in the difference
to the bank, which sum, however, be placed to his
credit when the price of gold rises. But this mea-
sure is only a provisional one, and has reference
merely to those transactions entered into between
the publication of the ordinance and the flay that
the alteration in the standard takes place, which it
is proposed to fix for the Ist of July, 1857.—Daily
News.

TTIE CHANCELLOR OF TILE EXCLIEQuEE
AT 'JERKIN RD.

HEREFORD, SATURDAY NIGHT.
The annual meeting of the Hereford Agricultural
Society was held here to-day. The dinner took
place in the evening at the Assembly-rooms, at the
Green Dragon Hotel. The chair was taken by
Elias Chadwick, Esq., the president for the year ;
at the head of the table sat the Right Hon. Sir G.
Cornewall Lewis (the
duringa(l t,thriven
it, Chancellor
tthhaenExthcheesqeu:er)i,t
Mr. Booker Blakemore, M.P., Hon. Captain Ilan-
bury, M.P., the Venerable Archdeacon Freer,
deeper
d.atinosatitroilignautti hscielleadss
C. W. Allen, high sheriff of the county, and about
150 landlords and. tenant farmers.
After some introductory toasts, "The heal
Sir G. C. Lewis" was proposed from chair.them menced
The CHANCELLOR of the EXCHEQUER th of
Lis
sth
i nafis
ui
telnhcset ofw amr,hi r, A
guric
ilia,: itire wr
rested
had dissolved it. After glancing
remarks by
county,by arenfdertroi referring
et oelheicstoforarptceotrrheictoeoenscitnuewecshttiiioochan
strade,iihre4aoreusdnogenhtshht
aocomntff
Cornewall in i
Lewisy
i d.
peace
tuehataec nowea.
gli
vi :
ui.forci
ht
menevooewrf
goorttfireede,
ivleenbdutrtinhg he peace
any temporary
this country did not depend for its prosperity upqn
ehafeho_riendhnimstr::
icivloainipitcpihilliyupereexctie(sidteetdah:itvheea
rists of this country ~:Hear,
utihnel3's'pbleenlodllidgienxghibition of stock
hear.)
rocn'sted oulvtlhleenskl7iell:ao:c.l
day witnessed, when he heard
party ,brriocauditeubxt.
en-
terprisefoudoaf foundations
no class of the agriculturd
1 community, either of landlords being compelled
whichlv l I edne
shoi
p.
ifeeo thought
to lower their rents for a time, nor of tenants
drivcii from their holdings by their incapacity to
obtain remunerating prices for their produce—
when ho saw around him these circumstances, he
could not but regard them as certain indications of
agricultural •prosperity. He could only say, in
conclusion, that in the midst of prosperity in this
country amon,-
4 all branches of industry, whether
among the. agricultural Classes, or any other por-
iim et th 6 community, the labouring classes should
be considered.