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

LATEST COMMERCIAL.

DEC. 1.

Stacks are dull and rather lower. Illinois Central, 57 ;
Erie, 28k; New York Central, 741. The cotton market is
dull. Middling upland is quoted 101 c. to 108-c. Bread
stuffs are heavy, and all descriptions have slightly de-
clined. The market for provisions is heavy. Pork is hard
of sale and lower.

NEW ORLEANS, Nov. 30.

The cotton market is very dull. Middling has declined
to 9ic. to 91e. The sales of the week amount to 45,000
bales ; receipts during the same period, 57,000 ; and ex-
ports, 40,000 bales. Receipts below last year, 195,000 bales.
Sterling exchange is quoted Bto premium.

SOUTHAMPTON, DEC. 12.

The United States mail steamer Fulton, Captain
Walton, which sails to-day for New York, takes
£49,490, all sovereigns, and nearly 200 passengers.

SARDINIA AND SWI7ZEIUAND.

REUTER'S OFFICE, DEC. 11.

The following is the text of the protest of the
Sardinian Government against the sequestration of
the Chnrch'property in the canton of Ticino, belong-
ing to the Bishopric of Como :

" Turin, Nov. 20, 1860.

"M. le Chevalier de Jocteau,—The postscript to
your note No. 202, under the date of the 9th inst.,
informs me of the interpellations just addressed to
you by his Excellency the President of the Helvetic
Confederation on the subject of the questions con-
cerning the revenue of the Bishopric of Como.
" Towards the end of September last M. Tourte,
Envoy of the Confederation at Turin, wrote to me
in fact, expressing the desire of the Federal Council
to see the discussion of the disputed points under
litigation, as to the mode of procedure for the
separation of the property of the diocess of Como,
confided to men specially appointed for that pur-
pose. M. Tourte therefore requested me in that
letter to name a commission ad hoc with which he
could treat.

"I could not but appreciate the courteous and
conciliatory spirit manifested in this step, and I
desired to accede to it; but this depended much
more upon the measures to be taken by the
Federal Council than upon our good will.
" The state of things as brought about by the
revolution in the Canton of Ticino, approved and
maintained by the Swiss Confederation, is not
normal.

" I havo already had occasion to acquaint
M. Tourte with our opiniol on this point, and with
the principles which, in our idea, should be
observed in such a matter. M. Tourte will doubt-
less have informed his Government of this com-
munication.

" The Government of the King does not in any
way dispute the right of Switzerland to withdraw
a part of its territory from the jurisdiction of a
foreign bishopric—from the Bishopric of Como.
"His Majesty's Government has therefore ab-
stained from demanding a participation in the nego-
tiations on that question, which the Federal Council
had opened with the Holy See. But, as I had the
honour of declaring to M. Tourte in my note of the
6th of September, there is another question—viz.,
that of property—concerning which we could
neither admit the system which the Federal Coun-
cil appeared desirous of establishing, nor sanction,
either explicitly or implicitly, the measures adopted
by the Canton of Ticino.
" Without apprising us, without making any
attempt at an arrangement, the Swiss authorities
placed under sequestration the property and revenues
of the Bishopric of Como, existing on Swiss terri-
tory, deprived the Bishop of the administration of
the property which belonged to him, and trans-
ferred it to the State.

" This illegal proceeding was still less consistent
with the amicable and kindly relations between
Sardinia and Switzerland.

"The ecclesiastical nature of the sequestrated
property by no means invalidates, from an inter-
national point of view, the right of proprietorship.
The Federal authorities had no more right to seize
the property of the Bishop of Como than they
would have had to lay hands upon the property of
any other subject of the King.
"According to the terms of M. Tourte's note, it
appears that the Federal Government believed that
it had the right of partitioning the episcopal pro-
perty of Como.
" But, viewing the affair in that manner, the fact
cannot be excluded that there had been a violation
of acquired rights and an outrage—undoubtedly
unintentional, for I could not attribute intention
to the Swiss authorities—an outrage, I say, against
the dignity of a friendly Government, which could
not be deemed indifferent to the injury that was
inflicted on ai,bishopric of its States. Besides, I
must here repeat the declaration that the Govern-
ment of the King cannot share the opinion of the
Federal Council on this point.
" The international law invariably consecrated
by practice is, that the Government wishing to
separate its territory from the jurisdiction of a
foreign bishopric, shall bear tha charges which
result from its determination, and that the property
and revenues remain entire to the dismembered
diocess.

" It was thus that we ourselves acted towards
Austria when the territory on this side of the Ticino
was separated from the diocesses of Milan and
Pavia. The old Governments of Modena and Parma
acted in a similar manner towards Sardinia when
they removed a certain number of parishes of their
states from the jurisdiction of the Sardinian
Bishopric of Sarzana.
"In default of other examples, we might invoke
against the system which Switzerland would intro-
duce in regard to the revenues of Como the princi-
ples which she upheld in the affair with Austria
in reference to the Bishopric of Caire. However, if
the Federal Council has to make any representa-
tions, or to propose any transaction, it is clear that
the question ought to be presented intact, and that
the Government of the King not only cannot con-
sent to enter into negotiations so long as the viola-
tion of the proerty of one of its subjects is persisted
in, but that it ffught to demand that in regard to the
property everything be restored to its former state.
We are therefore under the painful necessity of
having to renew to the Federal Council the demand
that the sequestration of the property of the
Bishopric of Como be raised, and that its free admi-
nistration be rendered to the Bishop. I have too
much confidence in the spirit of justice and in the
high wisdom of the Helvetic Government to doubt
that our claims will meet a favourable reception.
But if, contrary to all expectations, it refuses to do
justice to so reasonable a demand, the Government
of the Ring, in its turn, would have to consider
what further measures are just and necessary.

" I invite you, &c.,

" CA. YOUR."

CURRENCY REFORM.

To the Editor of the Suffolk Chronicle.

Mr. Editor,—I concluded my last letter by asking—ln
what respect would not a free paper circulation, based upon
national wealth, and guaranteed receivable for taxes, be
superior to a circulation based upon one commodity—gold ?
I will now, by your permission, attempt to show the supe-
riority of the former to the latter.

But let me first premise what are the great desiderata in
a national currency. They are, doubtless, regularity,
security, and ample quantity. Without regularity—sub-
ject to sudden jumps and jerks —that agency, which, by its
smooth and harmonious action, ought constantly to advan-
tage the productive and mercantile classes, immensely
increases their hazard an uncertainty. Security to its
recipients against its possible depreciation is essential to the
very existence of money. And the quantity in circulation
should be at all times commensurate with the requirements
of trade.

Yet, how to realise such an adequate circulation is with
many casual thinkers a great difficulty. They cannot see
how an essentially gold circulation can be indefinitely in-
creased. Indeed, they constantly observe that when, by its
exportation, gold rises in price, or when from its rise in
price, it is exported, the quantity of gold possessed by the
Bank of England is diminished, and the national circulat-
ing medium is contracted. Money is held at higher rates,
discounts are raised, prices of commodities are depressed,
employment for the masses is less abundant, and profits are
reduced or annihilated. They perhaps perceive that free
trade in gold would retain that commodity, or even, by its
rise in price, if required, secure its importation. Still, in
such rise of price they have a difficulty—how such enhanced
price is to be paid in sovereigns of fixed weight.

This brings us to the all pervading fallacy of our present
currency—that money is a commodity—an article of intrin-
sic worth, or the representative of some one article of intrin-
sic worth, by which at any time may be obtained a definite
quantity of that one article. Instead of this, money is
essentially a token—a counter—possessing only conven-
tional worth, by common consent of society, or force of
national law. In such an instrument intrinsic value is
unnecessary, as any medium adopted by a community will
answer their purpose.

But, although any substance may be employed as a cir-
culating medium, no other combines all the advantages of
a legal tender paper issue. Its cheapness, the impossibility
of its depreciation, the ease and inexpensiveness of renewal,
the saving of wear and tear, the lightness of material, the

facility for remission, are many conclusive reasons for its
adoption. And besides these reasons observable in its
substance, as an agent its amount may be increased or
diminished at pleasure—may be so regulated as to expand
or contract with the expansion or contraction of trade—as
infallibly to prevent monetary crisis or panics, excessive
fluctuation of discounts, inordinate depression of prices,
non-employment or insufficient remuneration of labour or
capital—appropriately and productively applied. In all
these respects paper money manifestly is greatly superior
to any other form of circulation hitherto devised.
Bur is its security satisfactory ? Will it really be pre-

served from depreciation ? It nay be secure as our liber-
ties and our lives. - It may be secure as our great national
investments—our national debt, consols, exchequer-bills--
as railway, and all other joint-stock shares. It may be
secure as stamps and documents of every description. DO
we doubt the security of the Bank of England issues ? If
not, then surely issues by Government made legal tender
and receivable for taxes, cannot be fictitious or insecure.
At present, Mr. Editor, I will not further trespass upon
your valuable space, but will reserve till another occasion
some delineation of arrangements requisite for the issue of
paper money, and of the features by which it should be
characterised.

Till then, permit me to commit this question of questions
to the earnest thoughtfulness of English minds—to land-
owners, tenant-farmers, labourers, artisans, merchants,
bankers—to all who are interested in the productive pros-
perity of the nation ; and urge them, as vitally concerned
in its solution, to master its various details, and weigh it in
all its bearings. These, sir, alone, I venture to affirm,
will be found material relief to a burdened, groaning
people, elsewhere vainly sought. By adopting legal paper
tender money, representative of aggregate national wealth
or deposited securities, may our monetary convulsions and
depressions be at once and for ever banished.
I am, Mr. Editor, yours very faithfully,
CHARLES HA.WARD.
Brimfield, Saxmundham, Nov. 26th, 1860.

NEW DISCOVERY IN STEAZ IV AVI-

GATION.

Yesterday a trip was made down the Thames tO
test the merits of a novel but extremely simple
invention, which, if it succeeds, may create almost
a revolution in steam navigation. The discover"
is the more remarkable from being opposed to all
the received notions with regard to the propulsion
of vessels, whether by the oar, the paddlewheel, or
the screw. In those cases the motion is obtained
by the broad surface which is brought to bear upon
the water, whereas here the least conceivable
resisting surface is presented, namely, the rim of e
thin disc, revolving on an axis, like the ordinari
paddle-wheel. To use a familiar illustration, the
principle adopted would seem to be nearly analo-
gous to that of moving a floating body by means of
a knife turned rapidly round, the sharp edge instead
lof the side being kept next to the water. At first
1 sight that would appear to be an ingenious contri-
vance to get the very lowest rate of speed from $
given amount of power, but the result of the experi-
ment yesterday was calculated to considerably
modify such an impression This " disc wheel," as it
is called, is the invention of Mr. James Jones Aston,
a barrister, we believe, of the northern circuit, wig,
has for some years devoted his attention to steam
navigation. It consists of a solid circular disc of
metal or wood, or both intombination, with plain
edges, made as thin as possible, consistently with
its being strong enough to be turned rapidly in,
the water without breaking or " buckling. '
One of these at the stern, or one at each side, will
propel a boat, but several may be used on the same
shaft at equal distances apart. The portion not
acting in the water can be cut away, and the disc
filled with arms or spokes. The chief of its advan-
tages over the paddle-wheel and the screw, all
enumerated by the patentee, consist in the motive
power being so perfectly utilised as to obtain a
greater rate of speed than has hitherto been deemed
practicable, in its being less likely to be disabled
in a storm or battle, and in the entire absence of
paddles or blades to agitate the water, and to give
vibration to the boat. It was not expected, nor
attempted, to demonstrate satisfactorily the first of
those advantages by yesteiday's experiment, as it
was made under very unfavourable circumstances;
but that ships, and heavy ones, too, can be sent,
along quickly by this new mode of propulsion wag
placed beyond doubt. Mr. Aston had obtained the
use of a tug called Saucy Jack, an old, large, heavy,
and lumbering craft, whose characteristics certainly
did not answer to her name, and substituted his
disc wheels for the paddle ones which were before
employed. Each wheel was composed of four metal
discs, open in the centre, about 14 feet in diameter,
and a little more than two feet in the water. It is
but right to mention that the wheels were only put
together in a rough and temporary manner; and
that, in order to meet the inventor's plan, they'
ought to have sunk at least another foot in the
stream, which wgeld have given greater speed. The
boat thus prepared, and with its ordinary engines
(which were an old-fashioned description) working
the wheels, started from Blackwell in the morning
with a small party of gentlemen, including Mr.
Aston, Mr. Wright, of the Admiralty ; Captain
Lovell, of the Peninsular and Oriental Company;
Mr. Macrory, barrister; Mr. Adam, of the House
of Lords ; and a few others interested in the ex-
periment. It was shortly after high water, and,
on the word "Go ahead" being given, the tug
moved off slowly down the river, increasing its
speed by degrees until it went a little more than
six knots an hour, the maximum obtained with the
tide in its favour. There were 47 revolutions $
minute, and the consumption of coals was at the
rate of 121 cwt. an hour, with a pressure of 61b.
on the boiler, the usual speed of the vessel, with
the paddle-wheels, being eight knots with one ton
of coals; but it would be unfair to draw any rigid
comparison between the two performances until
the disc wheel is worked by machinery properly
adapted to it. In the first place, as the wheel
meets with so little resistance from the water, it
can and ought to be, in Mr. Aston's opinion, pro-
pelled at an immense velocity, to which no exist-
ing marine engines are probably equal, and which
would require a multiplication of machinery, or
cogs, or some other mechanical contrivance. Itg.
was also stated that with the same amount or
power by which the six knots were got, the tug
with its old wheels would scarcely move at all.
To the scientific it would be a matter of nice in"
vestigation and speculation how these wheels act
upon the water so as to move along a vessel of such
bulk. The motion was extremely easy and steady,
and of course the swell from wheels of such con-
struction was very slight. The defects of the inven-
tion may be said to be a difficulty in making a
quick start and in suddenly stopping, but these
may be overcome by the skill of a clever practical
engineer. A good run was made at the speed we
have mentioned to Erith, and then the tug returned
at
tp
the t he
rate
e-er ofagainstknots,
tid
wairtihd aa strong
diminishedhead winepres-
sure of steam. Mr. Aston also alleges various
other grounds for the superiority of his disc
specified ; for instance,
wheel than those already
no loss of power from back water, its liability to be
much less affected by wind and tide, and its
suitableness for canals and shallow rivers, and
oafnYbe
thee"islyterani3
water where
workedwhe waibthoatmcuaenhfioleasts, apnodwietrs,caapnadbiaiittys
also
tboe
all paddle-wheels,.
great saving of fuel..andlt
would be necessary. The invention, we repeat,
the case of a screw some alteration of the machine*"
produced an unexpected and singular result, an'
Abut
i:
deserving some further and more extol
awnell
d perfect trials.

At 0 17

There
aecommi
though
any fart
range as
neverthf
and disc

lecommc

Utensiv
About
tank of
'Were Wi
The F
hibited I

At a n
Mox
UP the e.
outstand
In the
'Mount
4rni.

The I
LiYerpoc
specie.

The p
*With cop
that the
ktrennou
investing
The advi
desired c
way to r
tiate a lc
objects ii
eeeded sc
Govern"(
.400,001

A bett
for publi
foe the
Were at!
but a feN
I.lllprovei
:erred at
are fiat I
Is at 101;
Bills an

The di
tinue Tv
6 per Ce
Russian

Mexican
831.

The ti
have be(

occupied
account.
boirig ai
takings.
Dover, E
Lancash

(13erwie
indioati4
at the 11
The
Eian FrE
fo 3;
realise 1
In tho
Orand
Wester]
are fir=

Joint
don Ch
to 25t.

In tl
'hange
Compat

B
Id per Ce
Der Ce
New 3p
India St,
Ditto
Ditto,
Ditto
Ditto D

Ditto Bc
)itto
Consols
Ezeheq.
Ditto

ht,o
id is
idea

ig—ln
d upon
les, be
—gold ?
e supe-

rata in
ularity,
,—sub-
, by its
advan-
iensely
to its
1 to the
ulat ion
-ements

is with
not see

fly in-
, by its

rise ill
by the
rculat-
r rates,
Teased,
,fits are
at free
, by its
itill, in
chanced

present
f intrin-
definite
oney is
3onv en-

Force of

talus is
city Ng ill

is a air-
tagee of
ssibitity
renewal,
rial, the
s for its

in its
eased or
)expand
rade—as
meessive

f prices,
abour or

, In all
superior

r be pre-
our liber-
national
er-billa—
Et may be

Hon. Do
sues ? If
;a1 tender
secure.

pass upon
r occasion
to issue Of
should be

questions
—to land-
aerchantay
;awe proe-
c oncerned
weigh it in
to affirm,
groaning
gal paper
ial wealth
isions and

:WARD.