The Sun.
London, England, 1856-10-16 00:00:00

TO THE EDITOR OE THE SUN.

Sis,—As you continue to point out the right way of
curing our monetary crises, and of preventing their
recurrence by substituting Government or National
Notes for Bank of England Notes, I take the liberty to
trouble you once more with a few lines.
Government having to issue all the coins, copper,
silver, and gold, ought certainly likewise to issue the
paper money required by the nation, and this, the most
profitable one, should not be left to a company which,
however judiciously managed, must be constantly
watched and restricted by laws, which, in case of an
emergency, prove useless after all. To have a constant
sufficiency of circulating medium it ought to be issued
principally by Government, and the following plan can
meet with no objections. By advancing the national
notes, which are, of course, a legal tender, at the rate
of 50 or 66 per cent, upon Consols, and charging an in-
terest of 2 to 3 per cent, on such advances, Government
would, without the least risk, at once create a sufficiency
of circulating medium, make the money market easy,
reduce the discount to the vicinity of their charge, and
avoid the recurrence of this unfortunate scarcity for
future times. They could in this way never issue in
excess, for as discount would by an overabundance be
forced below the interest charged, Consols would then
be fetched back, and the amount of notes afloat re-
duced. A safe basis is of the utmost necessity, how-
ever. As the case stands now the Bank of England,
beholden to give gold for every note, May in case of
very great pressure be obliged again to break its charter,
as in '47, or in case of a run even be forced to stop cash
payments. On the other band, let anybody pretend to
say that for the said national notes the basis be not
sufficient, when resting on a debt that is identified with
the nation, and when the wealth of the nation forms its
guarantee. When adopted, the price of Consols must
rise, and the large interest gained will enable Ministers
considerably to reduce the taxes, besides the prosperity
sure t ) follow. Objections fall all to the ground. If
gold and silver leave the country as they often do, it will,
under such circumstances, no longer be an evil. Better
to trade and to buy food with the metals than have
them locked up in the Bank vaults, &c. They will be
sure to come back to pay for manufactures, iron, coal,
&c. Britain does, by their exportation, not lose her
capital. Other objections are still weaker, if that the
of 33”g1,...1 wrynalrl hw rlpprivA i of its monopoly.
She might continue to issue notes, and would not be so
much a loser, as, perhaps, expected, for Government
notes must then be considered a substitute for her pre-
sent reserve of bullion, permitting her to increase her
active circulation. Some bank-stock holders might not
fancy the idea, but do they wish to enjoy a monopoly,
to the detriment of the whole community ? .

There no country that could take up such a plan
with equal advantage as England, for no other has al-
ways shown equal good faith to its creditors, and at the
same time possesses so much power. The latter would
thereby be increased, and the country earn the reward
for its honesty. French national rote., however mighty
that empire, would hardly meet with equal favour, nor
Spanish, nor American. Russia was enabled to wage
the last expensive war by her Governme:,t notes, and is
a poor country compared with England. Shall Eng-
lishmen be outdone by Russians? Rattler appeal to
the patriotism of your capitalists and hlercators, who
so clearly see where their interests are lying, and they
will then develope a plan, now crudely sketched by, Sir,
your humble servant,
ADOLPHUS NOBILING.

THE ROYAL BRITISH- BANK-ALLEGED
FRAUDS OF ME LATE MANAGER.

It is reported as extremely probable that the official
manager under the Winding•up
Acts will require the
early attendance of Mr. Cameron, the late manager of
the British Bank, in order to explain some mysterious_
;the
in the books, which have been disc )vered in the
course of the investigations. In one instance a person
appears as a debtor to the bank, to the extent of 7001.—
advances under a cash credit account. On being called
upon by the official manager for paymert of the debt,
this person immediately denied that he had ever drawn
a farthing of the above Rum, and produced evidence to
show that the cash credit hat been obtained by Mr.
Cameron, in his name, for his (Mr. Cameron's) own pur-
poses, but with his—the alleged debtor's—consent.
It appears that while Mr. Cameron, from time to time,
drew the various sums amountMg to 7001., he, instead
of placing them to the credit of the dummy customer,
placed then to his dedit—!pus mal:ing the latt,r appear
as a debtor for the antiunt, ant suppressing all evidence
of his own o;erati.ms on the account. It is thought
that the two parsons who became sccurit,, for Mr.
Cameron's dupe in this cae, may be able to pay up a
considerable amount, if not the whole of the debtor
balance. As it is feared that other accounts may be in
the same position, a most searching investigation of the
books is being made. . _

Mr. Cameron is at present understood to be soj mrn-
ing for the benefit of his health at a fashionable watering-
place in Germany. We have not heard by what pro•
cess it is proposed to procure his attendance in London,
bv.t it is alleged that under the arrangements made
he may be forthcoming without much delay.—Moiming
A clrertis er.