The Sun.
London, England, 1869-08-10 00:00:00

THE SUN, LONDON, TUESDAY EVENING, AUGIUSF 10, 1869

AGENTS WANTED EVERYWHERE
to introduce commodities valuable to every householder
high and low. This offers a highly remnnerativeCommission to
Tradesmen, Travellers, Gentlemen's Servants, &c. Apply with
two stamps to R. MARRISON, Great Orford-street,Norwich.

KING'S COLLEGE HOSPITAL, Portugal-
street, Lincoln's-inn.—The Committee earnestly
APPEAL for FUNDS to defray the heavy current ex-
penses. Assistance is urgently needed.
F. ALFRED BEDWELL, Vice-Chairman.
JAMES BLYTH, Secretary.

THEATRE-ROYAL DRURY-LANE.
Bole LeEsee and Manager, Mr. F. B. Chatterton.
Tins EVENING, at 7, BELLES OF THE KITCHEN. At 8
FORMOSA : Messrs. Barrett, H. Irving, David Fisher, Brittain
Wright, John Rouse; Mrs Billington, Misses M. Brennan, Mae
donald. and Katharine Rodgers. Conclude with BORROWED
PLUMLS.

be has certainly been in his mode of dealing with the
Irish Church Question, and his tenure of office is
not likely to be very speedily relaxed, his hold of
power is in no immediate peril of being brought to
an untimely termination.

TIIE indefatigable CHANCELLOR of the EXCHEQUER
is carving out abundance of financial occupation for
himself during the recess. He has won one battle
with the Bank of England directors on the subject
of paying the interest of Consols by warrant,
but another contest respecting quarterly, in-
stead of half-yearly, dividends still rests inde-
cisive, and a third difficulty has presented itself
in the shape of coinage reform. Mr. LowE is likely
to find this by much the toughest problem of
the three. The subject is one upon which the
highest financial authorities are directly at variance.
The CHANCELLOR of the EXCHEQUER has on
his side Professor JEVONS and others, but against
him are arrayed some of the ablest financiers who
sat on the International Coinage Commission. One
preliminary to improvement is, however, established
beyond question—the state of our gold money is bad,
and needs amendment. We are constantly issuing
large quantities of new sovereigns and half-
sovereigns, but still the great mass in circulation
remains in a defective state. No coinage establish-
ment in the world is so equal to its work as the
English Mint; but, notwithstanding the ceaseless
pouring forth of fresh coin, the fact remains that
311 per cent. of our sovereigns and 47 per cent. of
our half-sovereigns are light, and, in truth, strictly
not legal tender. The causes of this lamentable state
of the gold currency are not difficult to discover.
The work done by the Mint resembles the pouring of
water into a sieve. Of the millions of new sovereigns
and half-sovereigns issued year by year—quite
sufficient to keep the circulation continually fresh
—only a portion finds its way into the hands
of the public. Of 98 millions of sovereigns
coined within a few years, 44 millions have
disappeared altogether, and are not now in
existence. The cause of this loss is to be found in
the British system of doing the work of coinage for
nothing. In all civilised countries the principle is
established that coining is the peculiar privilege of
the Government; but no other Government except
our own is willing to do this work gratuitously.
On the Continent a small charge is made for trans-
forming pieces of gold into money; but people in
England can take a certain quantity of " raw "
bullion to the Mint, and have precisely the same
amount returned to them in the shape of sovereigns.
The French Mint would retain a verysmall percentage
of the metal ; we give back the whole. Very dearly
this liberality costs us. In the first place, all the

heavy sovereigns are selected for exportation abroad

being clearly preferable to bar gold, because
their weight, fineness, and value can be so
easily calculated; whilst the light coins are
palmed off on the British public. In the
second place, great numbers of sovereigns
are sifted, the heavy ones picked out, and melted
down. Some of the coins are slightly over weight
when first issued, and though the profit made is only
small, say a halfpenny on each, it is sufficient
to tempt various persons to work infinite
mischief with the currency. Some time ago
an establishment for melting was set up close
by the Mint, and as fast as the one coined
the other melted. This enterprising firm has long
ago been dislodged, but the system still goes on else-
where. What with exporting and melting the new
sovereigns, the currency in England is prevented
from deriving substantial improvement from fresh
issues. The new coins which find their way into
circulation are the lightest of those issued from the
Mint, and are insufficient in number to provide for
the wear and tear of the old ones.

To remedy this serious evil, the CHANCELLOR of

the EXCHEQUER proposes that a mintage be levied,
or, in other words, that our system of coining the
gold of merchants and bankers for nothing be
abolished, and a small charge, about 21d. to the
pound, be imposed. Two advantages are
claimed for this change. In the first place, it
would stop the melting system, for no sovereign
would by any chance contain more than twenty
shillings' worth of gold, as is sometimes now the
case, and, therefore, the melting would be useless.
In the second place, it would restrict the preference
given to English coin for exporting purposes. Under
present circumstances a sovereign contains propor-
tionately more gold than a napoleon, for the
French retain something for coining, whereas
we give back the whole of the metal. Hence
the sovereign becomes, not merely a coin in the
proper sense of the word, but an instrument of
exchange between one country and another. The
Mint, in fact, coins in a measure for the whole
world, and the English people pay for the
honour. A third advantage would, in the
opinion of Mr. Lows and Professor JEVONS,
be the result of charging a mintage. The ques-
tion of a uniform money for the leading civilised
nations has long been eagerly discussed both here
and on the Continent. The benefit to be derived
from a series of coins, or even one coin, which would
pass freely throughout the civilised world, are
evident enough. The French currency has been
adopted in four States of Europe, and it is pointed
out that as a sovereign and a twenty-five-franc piece
are very nearly equal in value, the difference
might be struck off the English coin, and thus the
two would be identical. This would undoubtedly be
a great step in the direction of international coinage,
for the twenty-five-franc piece would then become
the standard of almost all the leading States of the
world ; but small as is the difference between the
French and the English coin the change would be
attended with infinite trouble and commercial dis-
organisation. Now, Mr. Lows and others propose
to effect this change by means of the Mint charge
which ought to be imposed. The sovereign is worth
about twopence more than the twenty-five-franc piece.
Charge about twopence for the cost of coinage, and
the two will be identical. We shall thus put an end to
melting and exporting, and make a great advance
towards a uniform money at one stroke. It is this
proposal which is the great bone of contention
amongst financial authorities. The proposition to
equalise the sovereign and the twenty-five-franc
piece by the imposition of a mintage was brought
before the Commission on International Coinage and
rejected, on the ground that it would gain nothing.
If, say Mr. LOWE'S opponents, the sovereign be
really reduced 1 per cent. for mintage, it will be
reduced 1 per cent. in value, and everybody who
owes money will have to pay 1 per cent.
more than he bargained for. Thus all the
disadvantages which have proved a bar to an
international coinage remain. If, on the other hand,
the sovereign is not changed in value, that is, if
people will take the new coin reduced by a Mint
charge as readily as they did the old, then the sove-
reign will still be greater than the twenty-five-
franc piece, and an international coin will be as
far off as ever. The change must involve difficulty
and loss, or it will not be beneficial.
Such is the point on which this financial question
hangs ; but the objection does not, as some writers
seem to think, dispose of Mr. LOWE'S reform alto-
gether. Whether we are to have an interna-
tional coin or not, it seems clear that a mint-
age charge is absolutely necessary to stop
the waste which now goes on. Our coinage is in a
defective state, and will grow worse unless a reform
be attempted. If, in preventing this melting and
exporting, which are now so detrimental, we can
also gain an international coin, so much the better.

THE intelligence from New Zealand, though by no
means universally favourable, exhibits a decided
improvement on the miserable bulletins which have
regularly arrived from the Antipodes during the last
few months. Some considerable advantages have
been gained by the colonists, and some discouraging
losses have been sustained by the natives. The
war has, our readers will have noted, been waged
on the east and the west of the northern island, and

from both of these districts come reports unfavour-
able to the rebels. On the east, the rebel, Ti Koori,
the most formidable of the Maori leaders, and the
author of the first terrible massacre at Poverty Bay,
has been killed. The murderous raid at Mohaka was his
last dark deed, and it cost him his life. On the other
side of the island things have been tolerably quiet ;
but the native chieftain, Tiro KowAnu, is reported
to be in command of a force which is as tired of the
war as the settlers themselves, and not unwilling
to conclude a favourable peace. Then the wild
country lying between the two sides of the island—
a region which has never before been penetrated,
and which has hitherto furnished the Maories with
a secure refuge—has been invaded by a large force
of colonists and friendly natives. One defeat was
inflicted on the enemy, and one slight disaster was
sustained by the invaders ; but their expedition
conclusively proved that the rebel fastnesses can be
penetrated, with difficulty it is true, but without
serious danger. Lastly, a telegram informs us that
200 rebels—the largest number taken during
the present war—have surrendered. These
successes following so many disasters surely afford
some reasonable ground for congratulation. The
New Zealanders themselves seem convinced of their
own inability to suppress the outbreak; but it is not
the less clear that they have accomplished more than
any nearly equal body of British troops was able to
effect in the same time. That the war may yet be
long and tedious is very probable—the last war was;
but it is hard to believe that the colonists will not
overcome in the end. The system of penetrating into
the native haunts in theinterior instead of skirmishing
on the coast—a plan which left the Maories the
opportunity of retreating whenever they wished—
seems at all events the best calculated to ensure

success.

,
44 •
TIOT cD
b Tat
f:

HER MAJESTY.

OSBORNE) August. 9.

The Queen, accompanied by their Royal High-
nesses Princess Louise and Prince Arthur, walked
in the grounds this morning.
The other members of the Royal Family also
went out.

LATEST INTELL LGENCE

(REUTER'S TELEGRAMS.)

AMERICA.

NEW YORK, August 9.
The Caledonia (of the Anchor line) arrived out

yesterday.
The Inman Royal mail steamship City of
Antwerp arrived here to-day.

COMMERCIAL INTELLIGENCE.

CLOSING PRICES.

Gold closed at 1358 ; the highest quotation dur-
ng the day was 136 a ; the lowest, 1351.
Sterling Exchange on London llOB.
5-20 U. S. Bonds, 1889
" 1885 1238.
4‘ 44 1867..

1221.
10-40 14
Illinois l4ll.
Erie 2Bg.
Cotton—Mid. upland 33kc.
Petroleum—Standard White 32c.
Flour, extra state, $6.45c. to $7.05c. Corn, old
mixed, $1.12c.

BOSTON, AugustlB.
The extra Cunard steamship Aleppo arrived here
at noon to-day.

QUEBEC, August 9.
The Allau (Glasgow) steamship Moravian arrived
out to-day.

(PER FRENCH ATLANTIC CABLE.)
NEW YORK, Aug. 9, Evening.

It is reported that 50,000 coolie labourers have
been actually contracted for by planters in Mis-
sissippi, Alabama, and Louisiana.
The Government of Nicaragua has offered any
aid that may be required by the French engineers
for exploring the route of the projected inter-
oceanic canal.

The Coto Pasi (Ecuador) volcano is now in

active eruption.
Advices from Mexico state that 10,000 Indians
in the Chiapas State have revolted against the
Government of Juarez.

FRANCE.
BOURSE, Aug, 9.—Three: o'clock—The market
closed as follows
per Cont.
End of month —
3 per Cent
End of month 73 271
Credit Mobilier

Dank Shares 2890
It&Pan Fives sb 40
Austrian Fives
Ottoman Loan
Do. Debt 44 90
Spanish Threes 28 50
Home Debt —
Deferred
5. Cash
Orleans ... 9661
Western
Northern
Strasburg
Lyons and Mediterranean
Southern..... 6lBl
Sardinian
Austrian
Lombard 560
North of Spain 53
Saragossa
Roman 5l

End of month...
Credit Foncier _1768 75
End of month...

RAILWA'

YELLOW FEVER ON BOARD BER MAJESTY'S

SHIP ECLIPSE.

We are informed by the Admiralty this morning
that the Eclipse arrived at Halifax on the 30th
July, having left Nassau, N.P., on the 20th, in con-
sequence of yellow fever having broken out on
board. Captain Harvey died on the 10th, but
this was the only fatal case, and no fresh cases
have appeared since the 22d. The fever seems to
have been chiefly among the officers, all of whom
were convalescent on the 30th. Only three of the
ship's company were attacked. The following are
the names of the officers who have had fever and
have recovered : —Sub-Lieutenant Wallace, Navi-
gating Sub-Lieutenant Tomlin, Senior Lieutenant
Mayow, Paymaster Wily, Boatswain Size, Chief
Engineer Mr. 111.'llowall. The chief engineer and
four seamen of H.M.S. Barraconta have also died.
Both ships are now at Halifax.