The Sun.
London, England, 1856-08-21 00:00:00

Trig CURRENCY QUESTION.
Just published, Bvo., pp. 383, price Is. 6d. In cloth,
VURRENCY, SELF-REGULATING and
) ELASTIC; Explained in a Letter to the Duke of Argyle
with Introductory Chapters on the Nature of Capital and of Money,
and a Historical Sketch of British Currency Systems.
By A BRITISH MERCHANT.
London : Longman, Brown, Green, and Longmans
The object of this work is to describe a plan for the regulation 01
the Currency, by which an exact conformity would be attained be,
r tweet' the amount of the Currency and the amount of the Circtea-
Hoe, the practical results of which conformity would be-1 That
the existence of monetary convulsion would be impossible ; 2. That
the masses of unemployed deposits now lying in the Bank of Eng-
land and elsewhere, utterly unproductive to their owners, wouls
i exist no longer ; 3. That interest, even on m ney deposit, din banks,
would never sink, except a mere shade, below the Mum yielded by
invested in the national funds; and 4. That interest would
kever rise above that rate, except to such extent as might be re-
quired to compensate the lender for risk and trouble.
OPINIONS OP THE PRESS.
MORNING HERALD.—" It proceeds from the pen of a merchant.
and we must say that we have never read any work which more
clearly and ably sets forth the mercantile bearings of the question."
BANKER'S Ciactroaa.—(First Notice.)—Though the author has
not given his name to the public .111 thetitle-page, it is not cliflienl,
to discover that it proceeds-from tee pen of one who has pondered
well over a question that is second to none in its importance to the
British nation. The perusal of this work has given us much plea-
sure ; and, whoever the author may be, we give him a hearty wel-
come as a worthy champion."
Baxxxa's Cradtmaa.—(Second Notice.)—"ln the introductory
chapters the author explains the nature of capital ; the difference
between propertied capital and monied capital ; the nature of m'inev
properly so called. as it existed among the more refined nations of
antiquity, who seem to have regarded it not as capital, but merely
as the instrument of exchange ; and the nature of that barter sys-
tem, now universally prevailing, in which the name and functions
of money are az,signed to some commodity, such as go'd, and in
which It is regarded not merely as the instrument of exchange but
also as capital, the prices of all other commodities being made to rise
or fall as the commodity so fixed upon may happen to be abundant
or scarce.
" Ile next goes on to exhibit the injurious crasequences which re-
sult from fluctuations in the supply of the article so fixed upon ; Arst
showing the different effects which, under different social arrange.
ments, might be expected to flow therefrom ; and, second, by a
sketch of British commercial history, showing what effects have fol-
lowed in practice. He holds that to that cause chiefly are to be as-
cdbed the speculation and panic which follow each other in unceas-
ing round ; that, while the circulation is not innreased thereby, an
increase in the supply of gold is this country leads to the I tn. Idiom
of a redundant currency (as indicated by the a's'ses of unemployed
money in the Bank of England) which rarely fails to bring about
that reduction in rate of interest, and that competition among holders
of money to find employment for it, which are the sure precursors
of speculation. He points out what he considers a fallacy in the
argument by which Hume and his followers have sought to prove
that increase of money has no effect on rate of interest, • and he holds
that all depression of interest in this country, below that yielded by
capital invested in the national funds, is the consequent sof over sup-
ply of money, and that the proper way to prevent that, is to adjust
the supply of money in exact accordance with the extent of duties
to be discharged by it as the instrument of exchange.
" For the attainment of this end he proposes that a national bank
should be established, to be placed under the immediate control of
a committee of Parliament, its functions to be purely mechanical,
and to Consist in the issue of notes of 14, 104, 1001 , 10001., to all
parties holding a certain amount of Government stock, and comply-
ing with certain regulations, interest being charged on the notes so
issued at a rate corresponding with that yielded by the said stock ;
and interest at the same rats being allowed on all notes deposited in
the bank, so that at no time would the amount of notes out of the
bank exceed the exact amount required for ccaducting the trade of
the country.
"He omsiders that, with a currency so arranged, redundancy and
depredation would be alike impossible, and that, accordingly, the
check of convertibility would be unnecessary ; but, with the view of
conciliating the bul'ionists, he suggests arrangements by which the
notes might be made payable in gold, not, however, at a fixed price,
but at a price varying according to the stock held in the bank's
vaults.
" Conceiving that the gain from the Great& of money should be-
long to the nation at large, he recommends a single bank of issue—
the
principle he advocates being, However, equally consistent with
the continuance of the present system of competing Issues, the
check on which would then consist, not in an obligation to pay In
gold, but in an obligation to pay in the interest yielding notes of the
National Bank.
" He then goes on to explain that none of the objections that have
been made to Government banks would at all apply to one such as
be recommends; and concludes by showing that the adoption of
his system, even though the privilege of issuing were to be with-
drawn from them, would only very slightly diminish the gains of the
Bank of England, while it would increase those of the private and
joint stock banke, and be of immense advantage to the nation at
large.

"The work before us contains a good deal that is new, and de-
serving of the serious consideration of all who take an interest in the
vitally important subject of the currency."
TAIT'S MASAZINE.—"A very sensible, though an extremely long
letter. . . . It is full of good facts and good reasons, although
the author takes only the signature of ' A British Merchant."
WESTNINSTEN REVIEW.—" A comprehensive work."
CALEDONIAN MERCURY. —"Whilst, therefore, we dissent in several
particulars from the views expressed by a British Merchant' In the
work before us, we cannot but thank him for the light which the
perusal of his I.•ttcr, and its rela lye introductory chapters, is calcu-
lated to throw upon the subject, and to compliment him upon the
originality and ingenuity which characterise the scheme lie proposes
for the self regulation of the currency."
Detz.r BULLETIN (Glasgow )—" We never perused or studied any
treatise on the subject with more perfect satisfaction. The method
of the author is exceedingly clear. He proceeds gradually, leaves no
point untouched, forgets nothing, but teaches much, and illustrates
his views with such judicious care as to leave no mistake about his
meaning. Every page of the bo k is a page of insiructiou. We
only regret that alt who write on the Currency are not possessed of
minds so lucid, or, boasting of the possess.on, that they fall to turn
their qualifications to so good account. Many are prevented from
sttnlying the Currency question because of the misty and impractic-
able fashion in which it has been the habit to place it before them.
Let them read this book, with ordinary attention, and they will feel
surprised that what they learn from it was unknown to them before
Much of its value lies in the author's perspicuity. We do not know
that we could say more in favour of a treatise on the Currency."

The Third Edition. Just Published, price 55., by post, free, ss. 6d.p
ON TRUE & FALSE SPERMA.TORRIEEA,
with tho View of distinguishing the Imaginary il'om the
Real Sufferers under this disease, and Correcting of wide-spread
Errors in relation to their Treatment and Cure.

Translated from the German of Dr. PICKFORD.
" Dr. Fickford is known to English readers by his frequent practi-
cal contributions to German medical literature. This is the first
time, he informs as, that he has addressed himself to the non-medi-
cal reader. We trust this may not be the last, if ho elan detect any
other equally flagrant evil which it may be in bit power to cor-
rect."—London Medical Gazette. " The tribe of ' Quiet Sympathisers,'
end 'Medical Friends, are mercilessly exposed; and if this book
could find its way into the bands of those who sager from the com-
plaint of which it treats, we are satisfied that many hundreds would
P.,3 saved much needless suffering of body and mind, and what Is of
lass Importance, though it is that wh:ch the quacks most pr'z3—
well
qualified to put an end to the
rrhcen, and to place the treat-
u empiricalc h money., .
system .1
T o
0t
rhi
tvi volume
pe e r i sto
m
treat-
ment upon a more rational endpty;lolegical basis It is, therefore,
ikeino do much good."—Medical Circular.