The Sun.
London, England, 1860-11-08 00:00:00

THE PECULIAR PHENOMENON IN

THE MONEY MARKET.

-

TO THE EDITOR OF THE SUN.
SlR,—May not the anomaly of sending gold
from London to Paris apparently at a loss be
accounted for by considering the different condi-
tions on which the Banks of France and England
issue notes ?

The Bank of England is restricted by the Act of
1844 from issuing more notes than for an equivalent
value of gold deposited, with the exception of the
fixed and never varying amount of £14,000,000
issued against securities.

The Bank of France has no other restriction in
its issue of notes than that which the liability to
convertibility imposes, and may safely, as experi-
ence testifies, issue two notes against the value of
one deposited in gold.

lienerl against a deposit of £lOO in gold they can
issue £2OO in notes, and when the rate of discount
is 3, as at present, they gain £3 10s., which leaves
a profit after covering the loss in the rate of ex-
change.

Have we not here further evidence of the ten-
dency of the Act of 1844 to make money
dearer, to the advantage of the moneyist,
at the expense of the capitalist and operative,
who have to pay t. per cent. more for money
than their competitors in France ; the rate of the
Bank of France now being 3-1 per cent., while that
of the Bank of England is 4 per cent. and likely to
go still higher.

We blame the French for their monopolies, and
yet maintain ourselves the very worst of all mono-
polies—by the Act of 1844—monopoly in the
manufacture of money. By the operation of that
Act we ars: exposed to drains of gold arising from
deficier,t harvests or other causes in France as well
as from our own ; as the Bank of France can out-
}.,id the Bank of England for our reserve of gold,
and abstract at their pleasure the basis of our
monetary system.
I am, Sir,
Your obedient Servant,
HAMER STANSFELD.
The Grange, Burley, near Otley,

Nov. 7, 1860.

TEE AMERICAN SEARCH FOR THE LOST
POLAR .EXPEDITION.

TO THE EDITOR OF THE SUN.

Sin,—lt may interest some of your readers to
know that information has been received, through
the United States, from Mr. Hall, who, last May,
so bravely and so nobly went at his own expense
to try and obtain additional facts concerning the
Franklin expedition.

The whaler George Henry is wintering at the
mouth of Hudson Bay, and Mr. Hall intends re-
maining on board of her until the spring, when he
purposes starting by Fury Straits to the locality
where additional traces can assuredly be found.
The Esquinlaux named Cudlajah, who had been in
the United States and was accompanying Mr. Hall,
unfortunately died (as most all of them do who
visit civilised places) from consumption. Thus Mr.
Hall will have to proceed by himself and a small
picked crew, and, to do this well, he purposes
acclimatising himself during the winter and learn-
ing the native language.
With reference to this information, let us not for-
get that other news has lately been received con-
cerning the discovery of some white men's bodies
and a course of boats, as if a party had been trying
to effect their escape—who knows ? perhaps for
years among the natives —to the sea coast,
where whalers frequent. Are we still to shut our
eyes to such facts as are repeatedly brought
forward, showing the necessity for another, and, this
time, an effective search after our unfortunate fel-
low-countrymen ? The other day, having to lecture
on the subject at Leeds, when Lord Palmerston was
there, I wrote asking him, for the sake of humanity,
to hear what I had got to say, and, if he thought fit,
send any person acquainted with the subject to re-
fute me if he could. I received a simple reply, and
afterwards I found my letter had been forwarded
to the Admiralty, who wrote to me in their usual
manner. But I ask, as I asked Lord Palmerston,
is itoonsistent with our honour and duty as a great
nation to allow the matter to rest as it is P I empha-
tically say—No. Every national feeling should
prompt to a renewal of the search by such an expedi-
tion this time as shall be truly the people's and truly,
effectual. It behoves us not to leave our work un-
done, when it can now so easily—ia comparison
with formerly—be completed; and still more it be-
hoves us to do this when we find a brave American
determined to try and let his flag accomplish what
we have signally failed in. For the honour of our
land, then, and for the cause of humanity, let us
hope that the subject will be so pressed upon
Government that next spring may see something
more effectually done. In urging this Ido so against
my own private interests, seeing that my desire has
been, and still is, to lead any new search, and no
Government expedition would be likely to give me
that post. But I can cheerfully forego self in such
a cause, and as I find the underhand influence of
some parties so strong against myself or any person
going not officially connected with the authorities
or Arctic men, I put this forward, hoping for some
good result in that form—at all events in any way,
so that one more good search be made, and the
British flag employed in it to do our o,vn work.—
I am, sir, your obedient servant,

W. PARKER SNOW.
St. John's Hill, New Wandsworth, S.W.

THE GOVERNNENT AND TILE WRIT-

WORTH CANNON.

The Manchester Guardian states that Mr. Whit-
worth is making some of his rifled cannon for the
English Government, and that others are being
made in the Woolwich factory. This step of the
authorities did not result from the now celebrated
trial of the Whitworth rifle at Vincennes recently,
or the equally celebrated interview at St. Cloud
between the inventor and the Emperor upon the
subject of the French patent for the manufacture
of the cannon as well as the rifle. The instructions
under which Mr. Whitworth is acting followed
closely upon the presentation of the report as to the
cannon by the scientific officers who attended the
trials upon the Southport beach at the end of July.
Those officers included Col. St. George, President
of the Ordnance Select Committee ; Col. Bingham,
for
• Herbert, for the
Admthireallltyo.rseThGeuirarrdes andp; Cap t
the has
precision,
reason
report to the Admiralty was,
our contemporarybreelaietver,anspgeec,iaand
specially
favourable as to
general " handi "
ness of the Whitworth cannon ;
but it was not favourable as regarded the adoption
of the breech-loading
system, which was con-
demned as a principle not desirable to be
used on shipboard, although Mr. Whitworth's
plan was approved of in itself. The result is that
Mr. Whitworth is now manufacturing, in Man-
chester, some SOib. muzzle-loaders for the Admiralty.
The change in the machinery used at Woolwich for
the Armstrong gun, in order to fit it for its new
work, is very slight and simple. At Woolwich,
the experiment in hand is the making of a few 80-
pounders for the Admiralty; but the machinery is
already " converted," as far as is necessary, and it
is npt improbable that a 121 b cannon will soon be
sent to the Arsenal from Manchester, as a sample
for a field battery. Mr. Whitworth has from the
first stated, and has often exemplified, that his can-
non was as efficient as a muzzle-loader as when
loaded at the breech by means of his very simple
and very strong arrangements for the purpose. The
hexagonal shot passes from the muzzle to the
breech . with perfect ease ; there will still be the
great advantage of the cannon never requiring to
be sponged out ; and consequently as a mere matter
of speed of firing, the muzzle-loading 80-pounder
will be as effective as the breech-loadel. with which
such admirable practice was made at Southport, and
such penetrating and smashing work was done
against the armour-plated sides of the Trusty at
the Nore. With muzzle-loaders, the friction fuse
will be in the usual place at the top of the breech,
instead of in the centre of its end ; and thus will be
at once obviated the shooting backwards of the
friction tube. This supposed objection has not in-
fluenced the Admiralty, who object to breech-loaders
almost wholly from the conviction that their use
would fill the 'tween decks with smoke much more
densely than is the case with nauzzle-loadqe.