The Sun.
London, England, 1860-04-17 00:00:00

FRANCE.

A despatch from Madrid says that among other
advantages which the Count Montemolin meant to
endow Spain with if he succeeded was universal
suffrage. I think it is extremely probable. There
could be found no surer means for restoring to
Spain the despotism of Ferdinand VII. With uni-
versal suffrage Count Montemolin might easily
efface every vestige of liberty, and, in fact, do any, -
thing he pleased.
A very expressive mot is now current in Madrid.
" Quien siembra Dulces recoje °ragas." (He who
sows sweets shall reap nettles.) Ortega, the name
of the General who deserted his post to join the
Carlists, is the Spanish word for nettle ; and Dulce
is the name of the General who, while Inspector of
Cavalry, carried over his men to join the insurrec-
tion of Vicalvaro, of which O'Donnell was the head.
The expression is true, and as stinging as the herb
whose name the unsuccessful rebel bears:

BOURSE, April 16.—The Three per Cents. closed
to-day at 70f 25c for the end of the month, and the
Four-and-a-Half per Cents. at 96f 20c; Orleans
Railway Shares, 1,385 f 75c ; Great Northern, 971 f
25c ; Strasburg, 642 f 50e ; Paris to Lyons and the
Mediterranean, 943 f 75c ; Western of France, 575 f ;
Bordeaux and Cette, 518 f 75c ; Lyons and Geneva,
447 f 50c ; Bank of Credit Mobilier, 792 f 50c ; Aus-
trian Railways, 528 f 75c; Roman Railways, 345 f;

Russian Railways, 480 f.
Exchange= London, at sight, paper, 25f. 18c.; money,
25f. 160. ; three months, paper, 24f. 87tc. ; money, 24f 85c.

THE RIGHT Hay. SIR C. WOOD, BART., M.P.
I'. THE RIGHT HON. JAMES WILSON, M.P.

TO THE EDITOR OF THE SUN.

Six,—In the correspondence between these right hon.
gentlemen on the Indian currency scheme proposed by Mr.
Wilson, we find the advocate and the opponent of the act of
1844 fairly at issue on the principle of a sound system of
currency—Sir Charles Wood contending for the application
of the principles of restriction imposed ox paper money by
the act of 1844, and Mr. Wilson throwing them overboard.
Which of them is in the right, and which will have to
give way to the other, are questions of great interest to the
public, who, as a jury, will have to try and decide thorn.
Mr. Wilson, in paragraph 13 of his minute, says :
"By maintaining at all times a fixed proportion of silver
to the amount of notes in circulation, and convertible pub-
lic securities for the remainder, not only is the immediate
convertibility of any probable portion of notes likely to be
presented, provided for, and the ultimate payment of the
whole specially secured, but a natural and self-acting limit is
placed upon the amount of the circulation—a limit which
would expand and contract, according to the wants of the
community, in the same manner, and to the same extent, as
a purely silver currency would do."
Sir C. Wood in his rejoinder denies that the immediate
convertibility of notes into bullion will ensure a natural and
salt acting limit ; he says—
Par. 13. " The sound principle for regulating the issue
of paper circulation is that which was enforced on the Bank
of England by the Act of 1844, i.e., that the amount of notes
issued on Government Securities should be maintained at
a fixed sum, within the limit of the smallest amount which
experience has proved to be necessary for the monetary
transactions of the country ; and that any further amount
of notes should be issued on coin or bullion, and should vary
with the amount of the reserve of specie in the Bank, ac-
cording to the wants and demands of the public."
If this principle be sound, then are the principles of Free
Trade unsound, and should be suppressed by restriction on
all other trades as well as on that of money.
This sound principle ensures a constantly diminishing
quantity of currency for the wants of an ever increasing
commerce, inasmuch as the quantity of notes issued by the
Bank of England against securities is a fixed quantity,
and cannot be increased, and those issued by country
banks are subject to diminution in quantity, for when their
issue ceases from any cause whatever the vacuum can only
be filled up to the extent of two-thirds of the amount by
the Bank of England. Thus, were the present aggregate
amount of about £17,000,000 to be in the course of time with-
drawn, only about £11,000,030 could be issued by the Bank
of England as substitutes. This vaunted principle, there-
fore, makes the unlimitable increase of our commerce de-
pendent on the accidental and fluctuating amount of gold
for the supply of the medium of exchange for carrying it
on, it seeks to regulate the quantity of money, not " ac-
cording to the wants and demands of the public," but ac-
cording to the ebb and flow of gold in the coffers of the
Bank. Hence naturally the monetary panics of 1847,
1857, and 1859, and the constant apprehension of their re-
currence.
On Mr. Wilson's plan any person taking silver bullion
to the Bank can obtain Government notes in exchange, or,
taking notes, can have bullion in exchange ; but power is
given to the commissioners to sell and invest two-thirds of
the amount of the bullion in Government Securities, so that
the only limit to the issue of notes is the maintaining the
proportion of one-third of bullion to the whole issue.
This plan takes care of the quality of the currency, but
eaves the quantity to take care of itself; it sanctions free
xade in a sound currency—a principle for which we have

long contended.
Is not the time arrived for acting upon the same principle
here, by establishing a national bank of issue, whore all
can have as many national notes, payable in gold on de-
mand, as they may want, on depositing one-third of the
amount in gold and two-thirds in Government securities ;
and which notes, when no longer wanted, could be returned
and the deposit recovered ?
Should not an end be put to the squabbling between the
great money dealers, the discount houses, and the Bank of
England (a dispute highly prejudicial to the comporcial
community, from the artificial absorptien of money which
it creates), by allowing the public, whose agents they are,
to have an unrestricted and natural supply of a perfectly
convertible medium of exchange ? The mischief is owing
nut eo niuoh to tbn directors of the Bank of England as to
the restrictive clauses of the Act of 1844, by which they
are fettered.
Is it consistent for this country, the commercial mistress
of the world, to sanction opposite principles of currency at
home and in her dependencies—to permit free trade in a
sound currency in India, and to impose restrictions in the
currency in Great Britain and Ireland ?
I am, Sir, your obedient servant.
HAMER STANSFELD,
The Grange, Burley, S. Otley, April 14.

Vice-Admiral H. W. Bruce, Commander-in-
Chief at Portsmouth, with Major• General S. R.
Wesley, Deputy-Adjutant-General of the :Marine
Forces, yesterday concluded their inquiry relative
to the late disturbance on board the Edgar, at
Spithead. The report of the inquiry will be for-
warded to the Admiralty.
We have to announce the death of Rear-Admiral
the Hon. C. 0. Bridgeman, which took place on
Saturday last, at his residence, near Oswestry. The
deceased Admiral was second son of Orlando, first
Earl of Bradford, by the Hon. Lucy Elizabeth
Byng, eldest daughter of George, fourth Viscount
Torrington, and was born on the 3d of February,
1791. He married, on the 2d of December, 1819,
Eliza Catherine, eldest daughter of Sir Henry
Chamberlain, by whom he leaves a family, being
father of Lady Londesborough and Lady Corbet,
wife of Sir V. R. Corbet. The late Rear-Admiral
entered the navy at an early age, and obtained his
commission of lieutenant on the 10th of September,
1810 ; that of commander on the 6th of May, 1814 ;
captain, 2d of September, 1819 ; and rear-admiral
on the 19th of January, 1852. Numerous families
of rank are placed in mourning.
Capt. Farrant, Royal Marine Light Infantry,
with Lieuts. Haseltine, Fuller,•and Carlyon, and a
detachment of Royal Marine Light Infantry and
Artillery, are ordered to embark from the Ports-
mouth Division for service on board the Edgar, re-
lieving the detachment on board under the com-
mand of Capt. C. Louis.
The Osborne, Royal paddle yacht, Master-Com-
mander G. H. K. Bower, got up steam in her new
boilers yesterday in the steam basin at Portsmouth.
The Forte, 51, screw, Capt. E. Tumour, flagship
of Rear-Admiral Sir H. Keppell, K.C.8., is ordered
into Portsmouth Harbour from Spithead for the
purpose of being docked, having a leak in the vi-
cinity of her sternpost. This will delay her depar-
ture for the Cape of Good Hope for some days.
The paddlewheel steam sloop Firebrand, 4, Com-
mander J. M. Bruce, from Portsmouth, arrived in
the Sound yesterday morning, with two batteries
of the third brigade•of Royal Artillery, to join head-
quarters in Plymouth Citadel. Two batteries be-
longing to the same brigade will leave the Citadel,
and take passage in the Firebrand to the Channel
Islands.

It is reported in Plymouth that the screw steam
frigate Orlando, 50, is to be put in commission about
Thursday next, and that Captain Parker will have
command.

Mr. John Burnell, mayor of Plymouth, and Mr
Tracey, magistrate, are appointed by the Board o
Trade a Court to inquire into the circumstances
attending the stranding of the Government trans-
port Havering, now on Batten reef. She will pro-
bably be lifted by Mr. Orchard on Wednesday next.
The sailing sloop Atalanta, 16, Commander T. M.
S. Pasley, from the West Indies, having been descried
becalmed outside Plymouth Sound on Saturday
afternoon, the tug Zephyr was sent off to assist her
in, when she saluted the flag of Port-Admiral Sir
Barrington Reynolds, K.C.8., which was duly ac-
knowledged by the Impregnable. The Atalanta
left Antigua on the 15th March, and has experienced
a very favourable passage, with the wind ranging
from north-west to south-west. The Atalanta was
commissioned by her present commander, May 26,.
1856, and has been constantly employed on the
North America and West India station •, she is re-
ported to be in first-rate condition. During the
commission she has lost three officers by death—
viz., Mr. Norman, master, Oct. 26, 1856 ; Mr. Kerr,
assist.-surg., Feb. 4, 1859 ; and Mr. Creak, master,
in September, 1859. Mr. Nicholson, was appointed
master of the Atalanta, but died before joining.
The paddlewheel steam sloop Styx, 6, Commander
Charles Vasey, was appointed to leave Antigua on
the 17th March for Barbadoes.
The screw steamship Royal Albert, 121, Captain
Henry Lacon, discharged her powder and shell on
Friday, and bn Saturday steamed from Plymouth
Sound into Hamoaze for the purpose of being
taken into Keyham steam-yard to receive new
boilers. Rear-Admiral George Elliott, Captain of the
Fleet, hoisted his flag (blue at the mizen) the same
day, as second in command, during the absence of
Sir Charles Fremantle, K.C.8., who is now on
leave. The flag was saluted by the Impregnable,
104, in Hamoaze. A room has been appropriated
in the dockyard for the use of Admiral Elliott.
It is reported at Devonport that the screw steam-
ship Duke of Wellington will go there to take the
duty of the Royal Albert, and that a portion of the
Royal Albert's crew will assist in navigating the
Duke of Wellington to Devonport.
The screw steamship Nile, 90, Capt. Edward K.
Barnard, was expected to leave Plymouth Sound
yesterday for Bermuda.
The screw eteam frigate Melpomene, 51, Capt.
Charles T. F. E wart, at Plymouth, is to be fitted for
a flagship, and will convey to the Mediterranean
Vice-Admiral Sir W. F. Martin, the newly ap-
pointed Commander-in-Chief on that station.
The defects of the paddlewheel steam frigate
Terrible, 21, Capt. Frederick H. H. Glasse, C. 8.,
in Plymouth Sound, will be made good there.
The screw steamship Hero, 91, Capt. George H.
Seymour preparing at Plymouth for the convey-
ance of his Royal Highness the Prince of Wales to
Canada, will be ready for sea about the 6th of May.
The repairs of the screw steamship Donegal, 101,
Captain Henry Broadhead, at Plymouth, are com-
pleted.
The paddlewheel steam surveying vessel Bann,
Master James S. Wells, under repair and refitment
at. Plymouth, will be ready to resume her duties
about the end of May.
The paddlewheel steam sloop Virago, 6, Com-
mander Montague B. Dunn, in Plymouth Sound,
received on Saturday the men lent from the Sans-
poreil, 70, to navigate the Howe, 121, from Pem-
broke to Plymouth, and on Sunday morning sailed
for Queenstown.
The crew of the screw steam sloop Surprise, 4,
Commander Lord Edward Cecil, were inspeeted on
Friday morning by Capt. Jerningham. In the
afternoon she was towed from Plymouth, bound
into Hamoaze, by the tugs Zephyr and Confiance.
Her crew will probably be paid off on Tuesday, the
24th inst.
The gunboat Hind, tender to the coastguard ship
Russell, 60, having completed her tour of inspection,
left Plymouth on Friday for Falmouth.
The gunboats Steady and Penguin, built at Liver-
pool for the Government, are expected shortly at
Devonport.
The screw steam frigate Forte, 51, Capt. E. Tur-
nour, bearing the flag of Rear-Admiral the Hon.
Henry Keppel, is appointed to call at Plymouth on
her way to the Cape of Good Hope.
The screw steam sloop Curlew, 9, went outside
the breakwater at Plymouth on Saturday, and after
several hours' trial of her machinery returned to
Hamoaze.
The topmasts of the Indus, 78, Capt. W. K. Hall,
at Plymouth, were struck on Saturday, and she is
fast dismantling. Her crew will probably be paid
off on Thursday next.
A large number of naval officers assembled at the
office of Admiral Superintendent Sir John Pasley
in Devonport Dockyard on Friday, when, it is said,
the subject of leave was discussed.
Eighty-four artisans and labourers were dis-
charged from Devonport Dockyard on Saturday
last, being the same number as on Saturday, the
7th.
Eight shipwrights from the hired list were entered
on the establishment of Devonport Dockyard on
Friday.
The following appointments were made yesterday
at the Admiralty :—Allan Brown, surgeon to the
Bacchante ; Edward Faulkner, paymaster addi-
tional to the Asia ; J. M. Lowcay, paymaster to the
Bacchante ; C. D. Lee, assist.-paymaster to the
Bacchante ; G. B. Westcott, clerk to the Bacchante ;
B. F. Meyer, assist.-clerk to the Bacchante ; Fre-
derick H. Herrmann, confirmed in the rank of
second-class assist.-engineer in the Opossum; Ed-
ward T. Read, second-class assist.-engineer to the
Wellington, for charge of the machinery of the
Charon ; and Malcolm Baird, acting third•class
assist.-engineer to the Fisgard, for service in the
Shamrock.

TOUTING TAILORS.—We are sorry to learn that a
very disgraceful and very injurious system of touting pre-
vails in connexion with the examination of candidates for
direct commissions in the army, which now takes place pe-
riodically at Chelsea Hospital. Emissaries of a certain
portion of the tailoring interest manage to serape up an ac-
quaintance with the candidates, insinuate themselves into
their confidence, press small loans of money on their ac-
ceptance, and get their promise to employ Messrs. or
Messrs. --- to furnish their outfit, undertaking that the
items will be so charged that the amount of the loan will
bo slipped in in the shape of an addition to each item, so as
to make things pleasant with " the governor." The outfit
is thus made to assume proportions of a character sorely
to try the patience of "the governor," and, in one instance
that came to our knowledge, an ensign in a very unpre-
tending. marching regiment in India had uniforms and tur-
niture provided for his use during his brief stay at the depot
amounting to £4OO. Some of these worthies even persuade
the candidates that they can obtain copies of the examina-
tion papers for them beforehand, and this furnishes a ready
means of introduction. The matter has been brought to
the notice of his Royal Highness the Duke of Cambridge,
who is determined to take prompt steps to check a practice
so disgraceful.—Army and Nary Gazette.
THE COINAGE.—A return relating to the opera-
tions of the Mint was issued yesterday. The number of
sovereigns coined in 1859 were 1,547,603; of half-sove-
reigns, 2,203 813, a greater number than those for the
former year, when 803,234 sovereigns and 855,578
half-sovereigns were coined. The total value of
all the gold coinage manufactured at the Mint during
the last ten years was £54,490,265. The number of
florins coined in 1859 was 2,568,060 ; of shillings,
4,561,920; of sixpences, 4,688,640; of fourpenees, 4,158; of
threepences, 3,584,328 ; of silver twopences, 4,752 ; and of
silver pence, 7,920. In copper the coinage was as follows :-
1,075,200 pence, 1,290,240 halfpence, aiyll,29o,24olarthings.
Half-farthings have not been mind Dino 1856.