The Sun.
London, England, 1856-02-28 00:00:00

VIE CURRENCY.

Mr. Munt.z's motion for a committee of inquiry
to ascertain whether the Bank Act of 1844 has or
has not answered the wants of the country comes
on this evening. The following is the petition of
the Monetary Reform Committee :
" To the Honourable the Commons of the United King-
dom of Great Britain and Ireland in Parliament as-
sembled :

" The humble petition of the Monetary Reform Com-
mittee, sheweth—
" That this committee is of opinion that the existing
laws for the regulation of our currency have produced
great and frequent fluctuations in the amount of the cir-
culating tne.:ium, and thereby caused periodical pres-
sures and panics in the Money Market highly prejudicial

to trade and commerce, destructive of prodaciive in•
dustry, and ruinous to national prosperity ; and that
no system of money can be satisfactory that does not
restore gold to its natural character as a commodity, so
that it may find its value in national paper money under
the law of supply and demand. In order to remedy
these evils the committee humbly submit the following
suggestions for the consideration of your honourable
house :

"1. That notice should be given by Government to
the Bank of England that its privileges, as they now
exist, shall cease and determine at the expiration of 12
calendar months after such notice has been given.
"2. That the existing debt due to the Bank of Eng-
land by the Government, as it appears in the weekly re-
turns of that establishment, shall be converted into a
public Stock, to be called the Bank of England Re-
demption Stock,' and by which the debt dus to the Bank
shall be discharged.
" 3. That in order to provide for the issue of a per-
fectly secure paper money, the Exchequer to be autho-
rised to prepare what may be denominated Exchequer
Notes, of various amounts, from 11. and upwards.
" 4. That the Natinnal Exchequer Note bear upon it
the following inscription :

' This Note to nass current as legal tender, and
be receivable for one pound in any of the Pub-
lic Revenues, Taxes, or Supplies.
Dated at the Exchequer,
This day of 1857.
(Signed) 'Comptroller.'
"That these notes be paid out by the Bank of Eng-
land or other office, under the authmity of cheques,
orders, or warrants, issued by the Treasury on account
of all salaries, pensions, pay of the army and navy,
stores supplied to the State, and dividends payable to
the public on the National Debt.
" 6. That the amount of such notes to be issued be
determined annually by Par`aament, but in no case to
exceed in each year the amount to be raised by that
year's taxation.
" 7. That in order to secure the return of these notes
in due course to be cancelled, the collectors of taxes
and all other revenues, shall be required to receive
them in payment of all demands due to the State.
" 8. To facilitate transactions with foreign countries,
a bullion office to be established, against which warrants
of weight should be issued for sums not less than
ounces ; such warrants to be duly stamped and regis-
tered, !night be remitted forpayment of foreign account.,
to obviate the cost of transit, insurance, &c.
" 9. That the Bank of England J. int-etock banks,
and private banker, be permitted to issue notes payable
..n demand, under such regulations as shall harmonise
with the proposed plan, and under such guarantees for
their safe convertibility as the wisdom of Pardament
may deem necessary. _ _

"Your committee further pray that your honourable
house will, in the course of the present session of Parlia-
ment, institute a cemmission of inquiry, for the purpose
Hof ascertainin;,► how tar the present money laws are hi
cotiformily with the demands of commerce, trade, and
the taxation of the country.
"FRANCIS BENNOCII, Chairman."