The Sun.
London, England, 1858-09-02 00:00:00

(CANTERBURY HALL, Westminster-road.--
v OPEN EVERY EVENING.—The following Company
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from all the popular OPERAS, MADRIGALS, CHORUSES,
GLEES, DUETS, &c., viz.:—Mies Russell, Mrs. Badsey,
Miss lirunell, Miss Ray, Madame Bartoletti, Miss Montague,
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THE WEATHER.-Sux OFFICE, SEPT. 2.

THXRHONETER, IN THE SHADE.
67—highest since noon yesterday.
58—lowest this morning and during the night.
67—this day at noon.

BAROMETER-29'90.
WIND, S.W. ; light and fine,

THE SUN.

THURSDAY, SEPTEMBER 2, 1858.

We earne3tly invite public attention to a com-
munication from that consistent and indefatigable
monetary reformer, Mr. HAMER STANSFELD, which
will be found in another part of this day's impres-
sion, respecting the recent Report of the Bank

Committee, to which we have already referred in

our leading columns. Mr. STANSFELD has, for the
present, restricted himself to exposing one of many
fallacies contained therein, to show up the grave
error exhibited in paragraph No. CO, in reference
to the supply of bullion maintained in the coffers
of the Bank. He also states that he is prepared
to show that " nearly all the paragraphs expressive
of opinion are equally objectionable, and opposed
to the facts given in evidence." We trust that he
will do so, being well aware that there is no man
of sounder judgment or more complete in-
formation on the all-iinportant subject of the
Currency, than the talented author of " The
Bane and Antidote of our Monetary System." He
would, therefore, be fully competent to discharge
tiapicluous task ; and we feel assured that to him
t
- -

community.
The Committee seemed to forget that the only
bullion really available was that which remained
in the Banking Department, either in the shape of
"hard cash," or notes against which bullion had
been deposited, and which might therefore, to all
intents and purposes, be regarded as the very bul-
lion which they represented. No matter what the
exigencies of the Bank—even though it should be
compelled to close its doors, and refuse payment
either of notes or cheques—not a single ounce of
gold could be taken from the " Issue Department,"
save for the purpose of cancelling a cor-
responding amount of paper. There may be
an abundance of specie in the vaults ; seven
or eight millions may be carefully packed up, being
of no greater utility than an equal weight of quarry
stones, while the Old Lady would be so pinched in
the Banking—the real working department—that
she could not provide a quarter of what the exi-
gencies of the nation imperatively demanded, and
what from the important position which she
occupies, and the privileges she enjoys, she is
bound to do !

Time was when the Bank of England could
supply the wants of the community without any
restrictions, save those which prudence imposed.
There have unquestionably been crises, but those
arose under the Act of 1819, which was radically
vicious per se, although its evils were enormously
aggravated by the iniquitous enactments of 1844,
which have been by many regarded as the neces-
sary corollary and supplement to the former mea-
sure. There have been panics in 1825, 1837, and
1839 ; but few will assert that they were anything
so serious as those which occurred, under the opera-
tion of the present law, in 1847 and 1857.

• In 1825 the Bank was_ saved from closing its
doors by. the accidental discovery of a box of £1
notes, the circulation whereof immediately allayed
the panic. It was not bullion but currency that
was required. As Lord ASHBURTON declared,
" the credit of the Bank for all domestic purposes
was perfect. There was no man in the country
who was not ready to take its paper as a means of
circulation, and even to give gold for it, the moment
he was assured his neighbour would take it from
him again." A large additional issue of notes,
chiefly for £1 each, was made, and " the relief was
inunediate. The country received a circu-
lating medium in which everybody had en_
tire confidence, and the useless gold was
returned to the Bank !" It might be
supposed that, after these striking events, a salu-
tary lesson would have convinced our financiers of
the value of these useful instruments of exchange,
£1 notes, which saved the nation, even at the
eleventh hour, from a financial collapse ; but,
strange to say, the effect was to cause the prohibi-
tion of all notes for less than £5 sterling. They
defeated the views of " the hard calculators " of
1825, and were, therefore, effectually got rid of, so
that no such efficient aid can again be obtained.

In 1837 and 1839 the power of unlimited issues
again saved the country, and was again marked
for destruction by the code of 1844. The conse-
quence was that the Act has been twice necessarily
suspended ; and last year, but for the deliberate
violation of the law, the doors must have been
closed, the business suspended, and an arrangement
entered into with creditors. Indulgence would
unquestionably have been extended, inasmuch as
the assets were ample, but so were those of Messrs.
p ENNISTOUN and Co., and Messrs. NAYLOR,

VICKERS, and Co., who, notwithstanding, were
obliged to stop payment for the time being.
Mr. STANSFELD has given an admirable table,

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