The Sun.
London, England, 1856-01-14 00:00:00

ONE OF THE MINOR POINTS OF THE

e URRENCY QUESTION.

(From tke Derbyshire Courier.)

Among the really unimportant matters which the ig-
norance or sophistry of the Bullionist party has magni-
fied into affairs of moment is the " promise to pay"
which stands on the Bank of England note. What,
those gentlemen say, does this promise to pay mean un-
less we can receive whenever we please a certain amount
of the precious metal ?
Now the Bank of England note, like the Bank itself,
bas wonderfully increased in importance since its first
appearance. The Bank Charter dates July 27, 1694,—
when some 1,300 merchants and traders subscribed
1,200,000/. They issued their notes with this " pro-
mise to pay," the only form which was then known. So
they went on increasing in wealth and importance till
1797. Then the Government being in great difficulties,
the Bank having advanced bullion till they had Rene left
to advance, and specie leaving the country, a kind of
partnership was entered into by the Government and
the Bank—the Bank finding money and the Govern•
ment, by the Restriction Act, absolving them from the
payment of their notes in bullion. It was then disco-
vered what an enormous latent power was possessed by
Reprieeentative Paper Money. With this we carried on
one of the greatest and most expensive wars on record ;
the country all the while advancing in civilisation and
wealth.

Had there been time for sound reflection, or bad the
principles of money been better understood in 1797, it
would have been easy at that time to have established
a national paper money. Bills issued from the Ex-
chequer for U. and upwards would have been as well
received as were Bank of England "inconvertible" notes.
These Exchequer Bills would have borne on them a pro-
miss that they should be " received" at the Royal Ex-
chequer, And the Bullionist party would have been de-
prived of the quibble about " promises to pay."
Well, we are now better informed and " more en-
lightened" about money matters. What is now desir-
able is that National Paper Money should be issued un-
der the authority of Government, made a legal tender in
discharge of all debts, and recoverable for taxes by all
tax collectors arid at the Exchequer.
In what form this National note should run is just
about as important as the colour of the Penny Post.►go
Stamp, as the words engraved on it "Postage one
Penny" is the present inscription—the numerals 1., 11.,
IV., would, without anything else, do just as well.

Many persons are proed of disputing about affairs of
this kind. One man would have a National Note with
the Act of Parliament sot forth under the authority of
which it is issued, and all its uses and advantages ex-
plained. Very well :if we get the substantial Note
we won't object to the shadowy inscription. For our
part we incline to think the shorter the form of the
Note the better. "One Pound, receivable for Taxes,"
would do very well for us.
There is a consideration as to the convenience and
durabiiity of the smaller denomination of Representa-
tive Money, deserving of some little attention. It would
be advisable, no doubt, to let metal money, for the fare-
tional par;.s of a pound be issued in preference to the
dirty, perishable paper money with which the German
States are supplied.
Money purely representative—a token of value, and
not value itself—not at once " money and merchandise,"
is what we advocate.

In thii repres.mtative money—whether paper nr me-
tal—let gold, silver, like iron, tin, and copper, find their
market price.

EXTENSIVE FIRE.

Late on Saturday night, between twelve and one
o'clock, a fire broke out on the premises of Messrs.
Hopkinson, pianoforte makers, Now-road. The factory
in which the flames originated occupies the centre of a
clump of buildings, bounded on the west by Fitzroy-
row, a narrow thoroughfare filled with tenements occu-
pied by poor people, the Now-road on the south, Fre-
derick•street on the north, and Osnaburg street on the
east. Adjoining Hopkinson's factory, were the premises
of Grey and Davison, organ builders, and other large
factories, to which the fire spread. The police bad most
arduous duty to perform. The scone in Fitzroy-row was
distressing, the poor people with their children in a state
of nudity removing from the scene of the conflagration.
The engines of the London Fire Brigade arrived in rapid
succession, and water being obtained, after several
hours' labour, they succeeded in obtaining a control
over the flames. The origin of the ire could not be as-
certained.