The Sun.
London, England, 1860-02-03 00:00:00

AL OF BULLION FROM
')F ENGLAND.

WIT_ZIDRATV
THE BANK 0

TO THE EDITOR OF THE SUN.
SlR,—Here we are again on the eve of a panic,
and all because some two or three millions of gold
is being withdrawn from the Bank.
The prosperity which we have been, boasting of
is rapidly disappearing, and in another month we
shall have a million of men dismissed from employ-

ment.
What is the remedy ? An internal circulation
of one pound exchequer bills, not promising to pay
gold, but promises on the part of Government to
receive its own notes as payment for taxes. These
exchequer notes should be declared legal tender for
debts

JAMES HARVEY, Liverpool.

TILE MONEY QUESTION.
Whether the use and nature of money, which all men so
eagerly pursue, be yet sufficiently understood or considered
by all ?
Whether the four elements, and man's labour therein, be
not the tree source of wealth?
Whether money be not only so far useful as it stirreth up
industry, enabling men mutually to participate the fruit of
each other's labour ?
Whether money is to be considered as having an intrinsic
value, or as being a commodity, a standard, or a pledge, as
is variously suggested by writers ? And whether the true
idea of money, as such, be not altogether that of a ticket or

counter r
Whether the terms livre, pound sterling, crown, &c., are
not to be considered as exponents or denominations of each
proportion ? And whether gold, silver, or paper, aro not
tickets or counters for reckoning, recording, and trans-
ferring thet sof ?
Whether the denominations being retained, although the
bullion were gone, things might not nevertheless be rated,
bought, and sold, industry promoted, and a circulation of
commerce maintained ?
What makes a wealthy people ? Whether mines of gold
and silver are capable of doing this ? And whether the
Negroes, amidst the gold sands of Africa, aro not poor and
destitute ?
Whether there be any virtue in gold or silver other than
as they set people to work, or create industry ?
Whether power to command the industry of others be
not real wealth ? And whether money be not, in truth,
tickets or tokens for conveying or recording such power,
and whether it be of great consequence what materials the
tickets are made of ?
Whether to promote, transfer, and secure this commerce,
and this property in human labour, or, in other words, this
power, be not the sole means of enriching a people and
how far this may be done independently of gold and silver ?
Whether a fertile land, and the industry of its inhabi-
tants, would not prove inexhaustible funds of real wealth,
be the counters for conveying and recording thereof what
you will—paper, gold, or silver ?
Whether the opinion of men, and their industry conse-
quent thereon, be not the true wealth of Holland, and not
the silver supposed to be deposited in the Bank of Amster-

dam ?
" Whether, in order to understand the true nature of
wealth and commerce, it would not be right to consider a
ship's crew cast upon a desert island, and by degrees form-
ing themselves to business and civil life, while industry
begot credit, and credit moved to industry.
" Whether such men would not all set themselves to
work ? Whether they would not subsist by the mutual
participation of each others' industry ? -Whether, when
one man had in this way procured more than he could
consume, he would not exchange his superfluities to supply
hie wants ? Whether this must not produce credit ?
Whether, to facilitate these conveyances, to record and cir-
culate this credit, they would not soon agree on certain
tallies, tokens, tickets, or counters ?
" Whether it be not agreed that paper hath, in many
respects, the advantage above coin, as being of more de-
spatch in payments, more easily transferred, preserved, and
recovered when lost.
Whether the sure way to supply people with tools and
materials, and to set them to work, be not a free circulation
of money, whether silver or paper ?
Whether the great evils attending paper money, in the
British plantations of America, have not sprung from over
•
rating their lands and issuing paper without discretion, and
from the legislators breaking fheir own rules in their own
favour, thus sacrificing tho public to their private advan-
tage ? And whether a little sense and honesty might not
easily prevent all such inconveniences ?
Whether there are not to be seen in America fair towns,
wherein the people are lodged, fed, and clothed, without a
beggar in their streets, although there be not one grain of
gold or silver current among them ?
Whether a discovery of the riehest gold mine that ever
was in the heart of this kingdom would be a real advantage

Millions of
Gold in the
(tank.

Rates of Dis-
count.

20 to 16

2 per cent.
3 11

4 It
5 ~

6 91

7 ~
8 ~

9 to 20 „

PARLIAMENTARY DIVISION.

to us?
Whether, therefore, a national bank would not be more
beneficial than even a mine of gold P
Whether counters be not referred to other things, which,
so long as they keep pace and proportion with the counters,
it must be owned the counters are useful ; but whether,
beyond that, to covet or value counters be not direct folly ?
Whether we are sufficiently sensible of the peculiar
security there is in having a bank that consists of land and
paper, one of which cannot be exported, and the other is
in no danger of being exported ?
Whether money could ever be wanting to the demands of
industry, if we had a national bank ?
Whether paper doth not, by its stamp and signature,
acquire a local value, and become as precious and scarce as
gold ? and whether it be not much fitter to circulate large
sums, and therefore preferable to gold?
-Whether there be not a measure or limit within which
gold and silver are useful, and beyond which they may be
hurtful?
Whethor that measure be not the circulating of industry?
Whether money circulating be not the life of industry ;
and whether the want thereof doth not render a State
gouty and inactive ?
Whether all circulation be not alike a circulation of
credit, whatever medium (metal or paper) is employed, and
whether gold be any more than credit for so much power ?
Whethr it doth not much import to have a right
conception of money; and whether its true and just idea
be not that of a ticket, entitling to power, and fitted tã
record and transfer such power ?
" Whether, although the prepossessions about gold and
silver have taken deep root, yet the example of our colonies
in America cloth not make it plain as daylight that they aro
not necessary to the wealth of a nation as the vulgar of all
ranks imagine ?
" Whether it be not evident that me may maintain a
much greater inward and outward commerce, and be five
times richer than we are, nay, and our bills abroad be of far
greater credit, though we had not one ounce of gold or silver
in the whole island ?
" Whether all the regulations of coin should not be made
with a view to encourage industry and a circulation of com-
merce throughout the country."—Bishop Berkeley's Querist.

BAROMETER OF THE BANK OF ENGLAND.
The following table may perhaps give some idea of the
influence of Peel's bill on trade :

Trade brisk. Excitement.
New schemes.
Trade good, but the money-
market closely watched.
Trade good, but great caution.
Trade not so good. Symptoms
of stag-nation.
Trade in an anxious condi-
tion. Suspicion awake.
Trade slack. Stagnation.
Trade paralysed. Operations
reduced to the lowest limit.
Panic. Failures of banks.
The Minister of the day in-
terferes, and writes a letter
authorising the Bank to
issue inconvertible paper.

HOUSE OF COMMONS.—FEB. 2.
MISCELLANEOUS CIVIL SERVICE EXPENDI-
TURE, &c.
Motion made, and Question put, "That, in the opinion of
this house, it would be desirable to appoint every year a
select committee to inquire into the Miscellaneous Civil
payments xpenditure of the preceding year ; into the
made out of the Consolidated Fund ; and into
those on account of the Woods, Forests, and Land
Revenues." The house divided—Ayes, 121; Noes, 93.