The Sun.
London, England, 1860-12-08 00:00:00

THE CATTLE SHOW
AND
CANTERBURY HALL.
C. MORTON begs to inform visitors to London that the
above HALL, with its Magnificent Gallery of Modern Paint-
ings, by all the best masters, is OPEN EVERY EVENING
at 7 o'clock.
GRAND SELECTIONS
FROM
BELLINI'S NORMA AND FLOTOW'S MARTHA.
PRINCIPAL ARTISTES,
MISS RUSSELL MADAME MARIA
MISS TYRREL MISS WILKINSON
Mr. HENRY HERBERT and Mr. BERNARD.
Conductor Mr. JoNatimANs.
The COMIC Department comprises Messrs. A. B. Hollings-
worth, W. T. Critchflell, J. Blanchard, G. W. Pell, Charley
Fox, and E. Marshall, in his transformation song, "TIIE
DOMESTIC DRAMA," personating. five different characters.

THE WEATHER.--SuN OFFICE, DEC. 8, 1860.

THERMOMETER, IN THE SHADE.
53—highest since noon yesterday.
45—lowest this morning and during the night.
48—this day at noon. _

-
B.A.BommTER-28.92; very low.
WIND--South-Westerly; fresh, with rainy weather.

HIGH WATER AT LONDON BRIDGE.
Tins DAY.—Morning, 9h. 31m.—Afternoon, 10h. 6m.
To-moßßow.-Morning, 10h. 41m.—Afternoon,:illh. 13m.

*.Y
-
'

THE SUN.
LONDON, SATURDAY, DEC. 8, 1860.

A new coinage is an event that always
excites considerable public attention, and calls forth
a great diversity of opinion as to its merits. The
new copper coinage is an exception to the rule.
All the details of its size, appearance, " image, and
superscription," have been minutely criticised. As
far as our own opinion goes, we think the head too
large, and the reverse excellent. It is altogether
a pretty coin, and for lightness, freedom from
unpleasant odour, richness of colour, infinitely
preferable to the old copper coinage.

But these are trifling advantages compared with
the recognition which this coinage affords of the
complete absurdity of the principle that the in-
trinsic and nominal value of money should go

together.
Lord LIVERPOOL, the founder of the bullionist
currency school, laid it clown as a principle that
all money is not only a medium for the exchange
of commodities, but " itself at the same time ths
value or equivalent for which goods are exchanged."
Acting on the principle of Lord LIVERPOOL, the
Government, in 1798, employed Mr. EOULTON to
coin copper pennies, halfpence, and farthings
of intrinsic value. A pound of copper was coined
into 13 pence, 36 halfpence, or 72 farthings. The
Soho Mint poured into circulation not less than
1,200 tons of copper. But this copper money being
Of intrinsic value, it became worth the while of
dealers in copper to melt it down. This was ac-
cordingly done ; the expense of the coinage was
thrown
away, and the country was again
subjected to the inconvenience of a deficiency
Of copper money. In 1805 another issue of
copper money took place, and the principle of
intrinsic value
was tampered with-24 pennies,
instead of 18,11 e.
being then formed out of a pound
of copper. On the
farthings, same relative scale of value 48
half-penee, or 98
were coined from a
pound of copper. These coins not being absolutely
of intrinsic value, were found to
answered the remain in circula-
tion ; theypurposes of money much
better than the coins of really intrinsic value had
done. They were neither melted nor exported.
As time passed on these coins, however, became
much worn and defaced. That did not prevent
them from discharging the functions of money;
they passed for the exchange of commodities. But
the bad condition of the coinage afforded facilities
for putting fictitious coins into circulation. In the
Session of 1859, therefore, Mr. GLADSTONE intro-
duced a bill for making a new copper coinage. This
coinage has just been issued. The metal is a kind
of bronze, containing copper, 95 parts ; tin, 4 ; zinc,
1. And whereas in 1798 a pound of copper was
coined into 18 pennies, and in 1805 into 24 pennies,
a pound of bronze is now coined into 48 pennies.
A penny of 1860 is half the weight of a penny of
1805, and three-eighths of the weight of one of
1798. The new bronze coinage is, to all intents
and purposes, a mere token. The intrinsic value
of a penny of this coinage is less than a halfpenny;
i•e-, with a hall'oenny's worth of copper bearing
the Mint stamp, a penny's worth of debt can be
legally discharged, or a penny's worth of taxes
paid..

T',ais money can be useful only for domestic cir•
Otiliktion; to the foxeigner one bronze penny is only

a piece of metal worth less than a halfpenny. But
what renders it comparatively valueless as a com-
modity is its excellence as money. The bronze
penny will discharge perfectly its functions of
money, for it is not liable to be hoarded, melted,
or exported.

It is expected that a considerable sum of money
will be saved to the country by the issue of this
cheap and convenient copper coinage. The silver
coinage is at present also not of intrinsic value.
But why should its nominal value approximate so
nearly as it does to its intrinsic value ? If you
have a little penny why not have a little shilling ?
It may be said that the crime of coining would
increase. Experience has shown that if we have
a well executed coin, and the Mint does its duty
in discovering and punishing the coiners of base
money, the crime may be kept within the average
limits of delinquency.
But the most important consideration remains.
Why, if we have copper tokens for a penny, and
silver tokens for a shilling, should we not have gold
tokens for a pound ? Why should we not have
the cheapest and the most convenient token for a
pound—namely, a one-pound note ? The disad-
vantages of such paper money are entirely phan-
toms of the bullionist imagination. The advan-
tages are many and great. Were an amount,
demonstrated by long experience to be perfectly
safe—such as 20 millions—of bank notes issued,
under the sanction of Parliament, receivable for
taxes, these notes would maintain their value.
Government, which issued them for a pound each,
would receive them for a pound. They would, in
fact, be less liable to fluctuate in value than a gold
sovereign is. Foreign trade would be carried on,
as it has ever in reality been, by barter. A_
foreign merchant who brought commodities to sell
in this country would receive bank notes and ex-
change them for the commodities which he wished
to carry back. If he wished to carry back gold
he would exchange the bank notes at a bullion
merchant's for gold at the market price of the
day. The advantages of bank notes, from £1 and
upwards, for domestic circulation would be
many and great. Unlike gold sovereigns
of intrinsic value, they would not be hoarded
or exported, but would remain in circula-
tion, discharging the functions of money. The
effect would be that the country would suffer no
more from the exportation of a ton of gold than it
does from a ton of iron. The pernicious system of
raising the rate of discount, and contracting the
currency, in order to force down the price of all
commodities, and bring back gold to the country,
would be at an end. Trade and commerce at pre-
sent exist in this country under the constant
dread of a monetary crisis and a panic. Such
would no longer be the case. A short time since
the exportation of a few millions of bullion to
France caused the rate of discount to be raised to
six per cent. If political events in the United
States cause a drain of gold from England, or
should the large corn importations cause a few
more sovereigns than usual to be temporarily with-
drawn from the Bank, a monetary pressure will
recur. Anything which causes a drain of gold
immediately disarranges our whole commercial
system.

This monster evil of modern times is owing
entirely to the currency crotchets of the PEEL and
OYERSTONE school of philosophical quacks. An
end can be put to the evil any day by making the
gold sovereign as completely a token as the copper
coin now is, or as the silver coin, with a little alte-
ration, would become. We defy the whole race of
bullionists to prove that any serious evil conse-
quence would follow.

Is the Church Rate Question to supersede that
of Reform next session ? The Conservative leader
in the House Of Commons has placed it in a position
which looks like it. At a very numerous meeting
of the clergy and laity of the deanery of Amers-
ham, the hon. gentleman summoned Churchmen,
lay and clerical, to a great political battle on this
question. "He had (he said) always discouraged
the clergy from entering into mere party politics ;"
but now he told them openly that they must bring
their influence to bear on members of the House of
Commons. The clergy must make the members
understand that though this was not a party, "it
was a political question, and a political question
on which, in their minds, there ought not to be,
and there could not be any mistake." Is this the
chief result of the Conservative Cabinet meeting at
Hughonden Manor ? Has it been decided by the
the MONTAGUES, CECILS, and so forth, Lord STAN-
LEY, of course, being in a minority of one, that the
Church-rate question afforded the most pro-
mising field for Conservatives to fight—
if so, we venture to think that they may
repent of their decision. Very sure are we that the
advocates of Abolition will desire nothing more
than to see their question elevated from a minor to
a first-class topic; and to see also the Liberals
compelled to make it their question. As to its
not being a party question when emphasis is laid
so strongly on its being political, we do Mr. Dls-
RAELI the justice of presuming that such remarks
were only made out of regard to clerical propriety.

But let us look at Mr. DISRAELI'S platform, as
our American friends term it—it is Church-rates
whole and entire, and no surrender. He argues
at length against all compromise. If by that term
were meant anything to amend the law of Church-
rates in the sense of making them easier to collect,
to secure their proper application in the district in
which they were collected, or to collect them
as a part of the general parochial charge from
which the requisite sum might then be taken,
these would be improvements. " But some of their
friends would go further than this—they would
exempt dissenters from the charge—that was not
compromise, it was surrender." He acknow-
ledged that he was opposing the advice of the
Lords' committee of 1859 in this ; but profound as
was his respect for the wisdom of the Upper
House, and of their committees, which he deemed
superior to those of the House of Com-
mons, he thought the House of Lords could—they
really could ! sometimes be precipitate ; and
that they were so in this instance, because they had
" mistaken public humour for public opinion." In
any case, Mr. DISRAELI is for fighting the battle
for Church Rates as they are. " The Rate, the
whole Rate, and nothing but the Rate !"
Of course Mr. DISRAELI must assign strong
reasons for such an ultra position ; and strong they
are, were they but sound. We are, however, sorry
to say that he has adopted the creed of
Lord 3-aux
RussELL, that at least which the
annobdlewhloierhd
wedo
openly avowed a few sessions back,
not know that we are entitled
to say he has wholly abandoned. He has voted
forpolitical
a matter of expediency, of
iolit abolition
it utswe do not remember that he
enteieen es lately, y
ba
,
has formally disavowed his previous assertion,
would be shaken by the repeal of the
that the Church, the House of Lords, and th
r
Church-rates. Mr. DISRAELI'S present argu-
Throne,
Whig
rnent is similar to that of the
Lord. It is now, he says, understood that
"‘ the discussion of the', question of Church-
rates involves that of a National Church." And
then he proceeds to show the importance of a

National Church. Our parochial system would'
vanish with it—with the parochial system local
government would perish also,—and on local
government political liberty depends. There-
fore, our political liberties depend on main-
taining Church. rates This certainly will
be news to Sir JOHN TRELAWNY and
to all the Radicals in the House who, we believe,
have, to a man, voted with him. Lord JOHN
RUSSELL'S appeal to the Lords and the Crown
touched them but little, but they must reconsider
their position, when they find, by the undeniable
logic of Mr. DISRAELI, that in demanding Church-
rate abolition they are endangering not the
House of Lords but the liberties of the nation.
Nor were the social dangers less, from overthrow-
ing the National Church, (by surrendering Church-
rates)—here is an appalling picture for the
thoughtless supporters of abolition, "As for the
social relations of the Church with the com-
munity, they were so comprehensive and so
complicated, so vast and various, that the
most farseeing could not calculate the conse-
quences of the projected change. It was not
merely the education of the people that was con-
cerned ;it was even their physical condition. He
would almost say, that if, by some convulsion of
nature, some important district of the country, one
on which the food and industry of the community
mainly depended, were suddenly swept from our
surface, the change would not be greater than
would arise by the withdrawal of the influence of
the Church from our society. The fact was, the
Church of England was a part of England—a point
of view not sufficiently contemplated by those
who speculated on changes in its character and
position."

Now, with all due respect to Mr. DISRAELI, we
think that he has been like the House of Lords,
according to his account of it, " a little precipitate"
—precipitate in assumptions necessary to his argu-
ment. He first assumes that abolition of Church-
rates would be followed by abolition of the Estab-
lishment. He hardly argues for them at all on
their merits—at most he only asserts that a
Peace Society man may be equally indulged
in refusing to pay war taxes, a landowner in
refusing to pay the public creditor, and the like—
ns if Church-rates were as unequivocally as other
taxes for the equal benefit of all. The gist of his
argument is, that if Church-rates go, the National
Church will go too. We beg to inforth the hon.
member that we are of the same opinion as the
vast majority of Liberal Churchmen, that to sur-
render this irritating impost would materially
strengthen the National Church; while we
know well that ultra Dissenters rejoice that
the obstinacy of the Church retains for them such
a battle-field; such a convenient platform for
Anti-State Church agitation in every parish in the
kingdom.

Another assumption quietly made by Mr.
DISRAELI, is, that a National Church and an
Establishment are identical. They may be so in
common parlance, but surely not in principle. It
cannot be essential to the Church of the nation that
the physical force of the nation should be its
reliance for support. That it should depend on
taxes levied by law, that is, in the last resort, by
the constable, and even by the soldier. The more
really national it is, the better could it dispense
with such aids and be a voluntary Church.
Mr. DISRAELI must be well aware that the oppo-
nents of the Establishment are, avowedly, we
believe sincerely, not opponents of the Church
which is established. On the other hand he must
remember the eloquent declamation of the Bishop of
OXFORD, on the independence of the Anglican
Church on such accidents as State favour or
State persecution. Even, therefore, should Church-
rate abolition involve anything further, it could be
but the destruction of the Establishment, not of
that Church which, if it be a true Chruch, cannot,
of course, be "in danger." Nor is this mere
theory. Churches do exist and prosper, not only
in America, which, of course, must not be appealed
to, but in this country. In England, Scotland,
and Ireland, the non-Established Churches have, at
least, quite as much religious influence—the object
for which churches exist—as the Church by law
established.

We strongly suspect that Mr. DISRAELI has
taken up with a wrong cry if he means to try and
rouse the country on Church Rates. The reference
to the petitions of last session is by no means in
his favour. He spoke of 5,000 petitions, and de-
manded 15,000 for next session; but suppose the
result should resemble that of last year, —it
would be that of five to one against him. The
numbers were—

Pet!tions. Sig,natures,
Against Church Rate Abolition 5,575 197,687
For Church Rate Abolition 5,538 610,877

The fact is, Mr. DISRAELI himself was obliged to
admit, that the pro-rate petitions were too often
signed by only the clergy and churchwardens. If
Mr. DISRAELI fairly throws down the gauntlet, he
may be sure that all the towns in England and
all the liberalism of the country will be roused to
join in the battle heart and soul. When that is
the case ignorant country parishes will go for
little indeed.

His Highness the Grand Vizier has recently (as
will be seen from the report published in another
coluuin of our journal of this evening), but very
recently addressed a State paper of considerable
importance to his Imperial Majesty the Sultan
Caliph ABDUL MEDJID. It is literally, in point of
fact, a sort of Turkish Blue-book in miniature—a
report of an Imperial Commission. And viewed in
that character, it will certainly be found upon
examination to be extremely edifying.
We all know surely by this time something
about the condition of Turkey—something, just
something, about the state of things in the
Ottoman Empire, whether considered socially,
morally, or politically. The Crimean war
alone could not but open the eyes of
'Western Europe to the frightfully degenerated
and demoralised condition of the Mussulman race
and the Mussulman rule—of the Turkish people,
and of the Turkish Government. We know now
perfectly well how grievously diseased is the body,
and (so far as we may be permitted to judge) how
tainted the soul of that Sick Man who has been so
long sick—yea, sick even unto death. The half-
liberalised system of administration carried out
during the reigns of the present SULTAN and of his
MAJESTY'S illustrious father, the system inaugu-
rated, in fact, by that great man the Sultan Caliph
MAHMOUD, has only—we all feel that, we all know
that for certain—has, after all, only retarded what
is quite inevitable sooner or later—namely, the
passing away " of the Mussulman power in
Europe, the return of the Turks into Asia, the
recrossing (by that fated race) of the rubicon of
the Bosphorus. The rule of the Turk in Europe
has for four hundred years been an anomaly that
has remained, but barely tolerated, by the Euro
pean Powers because of the jealousies and conten-
tions of those European Powers amongst them•
selves. The day will come, must come, when the
signal shall be pronounced for the disappearance of
the Mahometan Government as an European
Power, and the rolling back of that non-civilised
race from the borders of Christendom.
The Grand, Vizier's official communication to hie

Imperial master will be found upon examination
to be a most farcical travestie upon the style and
manner of documents of this class among the more
civilised of European statesmen. He reminds his
MAJESTY of the important commission intrusted
to his care and abilities by his MAJESTY—namely,
that of inquiring into the validity of the complaints
put forward in the complaints of the Christian
population of Roumelia. With what result the
mission has been conducted the reader will see from
the paragraph in which the Grand Vizier writes :
—" Your Imperial MAJESTY will see by the docu-
ment submitted to your high appreciation, and I
affirm it in the most solemn manner, that I have
found no indication of the alleged system of perseeu-
tion organised by the Mussulman fanaticism against
the Christians ; the assassinations, violations, rob-
beries, and spoliations, the list of which had even
been put before friendly and allied Courts, have
almost all disappeared before the conscientious
examination of the court. Each matter has been
the object of special inquiry; no legal method has
been omitted." It is the Turkish mode altogether
' of reading .the Christian axiom, as articulated by
POPE—

"'Whatever is, is right."

All the complaints from Roumelia go for '
nothing—they have been inquired into, saith
his Highness, and have proved to be in
every way purely imaginary—purely visionary.
Not—quoth the sapient Minister of the " Turbaned
Turk" at Constantinople—not by any means that
he would wish to insinuate that he has had in
Nish and other contiguous provinces to repress no
crimes, to punish no misdeeds. Far from it. All
that he undertakes to assert is this, and he does
assert it most formally,—" That it is completely
untrue that your Christian subjects have to eom-
plain of the least systematic persecution on the
part of their Mussulman fellow-countrymen ; that,
as in all human society, each community furnishes
its contingent of criminals calling for the seve-
rity of justice; and that the contents of the list
above named have existed only in the minds of
those who seek to lower us in the sight of foreign
Powers." And all the while—let his Highness
aver the fallacy of such measures as energetically
as he pleases—all the while it is notorious that the
evils he declares to be absolutely non-existing
abound to an extent frightfill to bear for an instant
in consideration. Having simply given this gross
denial—a denial of the most generalised and com-
prehensive kind, as will have been remarked
—the GRAND VIZIER has the effrontery to
finish up his task with a flourish about the
reforms more urgently called for, and intimated
by him to be actually in contemplation ! Enume-
rating the more conspicuous abuses visible in
Turkey to even casual travellers, " The method of
farming," he 'writes, " the tithes, the organisation
of the rural police, the state of the roads, give to
all subjects without distinction just cause for com-
plaining of the administration. The creation of a
few criminal courts offering to accused persons all
kinds of guarantees, is one of- the reforms which
would answer to the wishes of the country and to
the paternal desires of your Imperial MAJESTY. The
regulations which at present establish the levying
of the land-tax, and of the indirect taxes, also
require some reforms." Later on in his state-paper
his highness observes,very suavely,very charmingly,
" Your MAJESTY'S Government, in conformity with
your commands, sire, is occupying itself actively and
seriously with the preparation of measures for each
of the matters in question ; these measures will
shortly be submitted to the high approbation of
your MAJESTY." Precisely. It is the normal state
of the Turk and of Turkey. " Man," there (again to
quote the Christian poet from whose works we
have already here made one brief excerpt)—" Never
is but always to be blessed." Before that time czn
arrive, we may rest perfectly certain of this—that
the Turkish Power in Europe will have to take
CHARON'S boat and re-cross the Bosphorus into
Asia.

THE TRIUMPH OF BRITAIN.

BRITONS, THE SLAVES OF THE _MONIED
INTEREST, AND THE VICTIMS OF THE
MONOPOLY IN THE MANUFACIURE OF
BANK NOTES.

TO THE EDITOR OF TIIE SUN.

Stn,—Another artificial monetary pressure in the face of
abundance of money, and possibly another monetary panic,
is at hand ; which will yield a rich harvest to the owner of
money, but great loss to the owners of all other kinds of
property, and to the sons of labour.
When will our landowners, merchants, manufaciurers,
and operatives awaken to the direful action on their interests
of our monetary laws, and especially of the Act of 1844 ?
Let them look upon money of all kinds, from cowrie
shells to bank notes and sovereigns, simply as " a security
for the transfer of capital, and regard it as perfectly dis-
tinct from capital, insomuch as money of itself cannot add
to products of the world, whilst capital can. Money, so
long as it is retained as money, and not exchanged for capi-
tal, cannot increase wealth, for although one person receives
interest for its use, another person pays it, and the general
wealth remains the same.

Let them consider further, that the true meaning of
raising the rate of discount is the stoppage of trade, the
interchange of their respective commodities by making
money, the instrument for carrying on trade, dearer; that
the effect is precisely the same as when the directors of a
railway by raising their fares and rates diminish traffic.
To restrict the supply of money—of "perfectly sound secu-
rities for the transfer of equivalent values of capital," is
surely as absurd as it would be to limit the number of trucks
and carriages on a railway. Should not the sound rule be,
to take care of the quality of the circulating medium and
leave the quantity to take care of itself.
On this principle the business of the Bank of England
was conducted prior to the Act of 1844, the directors being
subject to no other restriction than that which their liability
to pay their notes in gold on demand imposed on their dis-
cretion.

The market rate of discount then depended upon the
demand and supply of the various kinds of ready money,
viz., deposit money, Bank notes, and gold, but since the
Act of 1844, therate depends on the demand and supply of
gold alone ; as the notes of the Bank of England are made
to increase and decrease with the gold in the issue depart-
ment of the Bank of England, and their amount governs
the Bank rate of discount, and the Bank rate regulates the
market rate.

For 140 years previous to the Act of 1814, the
rate of discount of the Bank of England never
fell below 4 per cent., nor exceeded 5 per cent.,
excepting for a few months in 1839, whilst, since the act,
the fluctuations have been incessant and often violent,
ranging from to 2 to 10 per cent. ; from the Bth to the 15th
of November last the variation was from 4 to 6 per cent.,
a rise of 50 per cent. in eight days.
And into whose pockets does the extra rate go, and from
whom is it taken ? Is it not transferred from landowners,
merchantsond manufacturers, to bankers, money-dealers,
and depositors ; from productive to non-productive classes;
for although bankers are most valuable and essential in
providing money, the means of obtaining capital and car-
rying on production, they do not themselves produce any-
thing.

Flynee comes it that those powerfuKlieg of land -
oviharlaerchants, manufacturers, and operatives so tamely
submit to the gross injustice of our monetary laws ; and
more especially how comes it that Chambers of Com-
merce, the appointed guardians of the interests of the com-
mercial community, are so supine on the subject ? Is it
that the members are so much engrossed with buying cheap
and selling dear that they neglect the due consideration of
the laws which so often upset their calculations ; or is it
that they are so little acquainted with the science of money,
the most important branch of political economy, that they
shun the discussion of the currency ? Or is it, that the
majority of the members are under such obligations to their
bankers that they dare not protest against the monopoly
in the manufacture of bank-note money which their
bankers possess, that as borrowers they cannot well con-
tend with lenders ?

Are they not aware that as the value of money rises, the
value of their property (capital) falls, and that all fluc-
tuations in the value of money, not proceeding from the
natural law of demand and supply, but artificially created
by unsound laws, are most prejudicial to their interests ?
Are they insensible to the fact that our laws by restrict-
ing the supply of money make it dearer to them than to
their foreign competitors, that the difference to their dis-
advantage with France was lately 1 per cent., the rate of
the Bank of France being 42 per cent. and of the Bank of
England 6 per cent., and that at the same time the market
rate of discount in Brussels was 3 per cent., and at Ham-
burg only 2t per cent.
If these influential classes will not bestir themselves to
obtain emancipation from the thraldom of the monied inte-
rest, how can we expect that any Government, unsupported
by public opinion, will undertake the task.
The monied interest in the House of Commons is more
powerful than the landed interest ; from the latter we did
obtain the abolition of the monopoly which the Corn-laws
gave them, but the monopoly still remains which th.
Money L' vs create—a reproach to all Ereetraders. It is
strange, but true, that no deference is paid in the House of
Commons to the opinion of a member on the subject of
money unless be he a banker, the party most interested,
and that the more money he possesses the more sound and
disinterested his opinion is considered to be; in the Com-
mittee on the Bank Acts, the evidence of Lord Overstone,
a millionaire, was preferred to that of J. S. Mill, Esq., the
first political economist of the age.
What Ministers, be they Whig or Tory, dare go down
to the House of Commons and grapple with the over-
whelming influence of the Bank of England and monied
interest there, by proposing that the powers of issuing up-
wards of £30,000,000 of Bank-notes, given by the Act cf
1844 to certain privileged bankers, should be taken from
them, and transferred to a National Bank of Issue for the
good of the nation P
Were a national Bank of Issue now in action, where all
could have legal tender notes payable in gold upon demand,
on depositing one-third of the amount in gold, and two-thirds
in Government securities, these drains of gold to France
and America would be comparatively little felt ; the value
of gold would rise naturally, according to the law of supply
and demand, and the rate of discount would be raised pro-
portionately, but there would be no diminution of our
domestic currency, nor apprehension of a deficiency of
legal tender money, the real cause of monetary panics;
both of which evils are created by the Act of 1844.

Verily we are the slaves of the monied interest, and

with little chance of emancipation, unless bankers are
high-minded and patriotic enough, and many are, to
prefer their country's good to their individual advantage,
and will themselves move for an amendment of our
Monetary Laws ; or, a third dreadful monetary panic be
inflicted upon us, as in 1847 and 1857.

These convulsions are the certain results of the conflict

ing principles at work, of Free-trade in commodities and
restrictions on the quantity of money requisite to pay for
them. Nature's offended laws will eventually vindicate
themselves.

I am, Sir,
Your obedient servant,
HAMER STANSFELD.
The Grange, Burley, near Otlay,
6th December, 1860.

P. S. Were the pubic aware that the writer of the City
Money Article in the Times is the Secretary of the Treasury
Committee of the Bank of England, the giant monopolist,
they might account in some degree for the support given
to the Act •f 1844 by the leading j.urnal.