The Sun.
London, England, 1867-07-04 00:00:00

words in regard to the past and to the future.. In
respect to the past, having taken part in a Re form
Billwith Lord Grey, Lord Althorp, Lord Brought lm,
and others, I will say that our vital points were
vital (hear, hear), our securities were really seen re,
and our opinions were not elastic (great laughter
and cheers). With regard to the future, we all
look, no doubt, to such men as Mr. Gladstone and
Mr. Bright to promote the great cause of Liberal
progress, which is sure of fulfilment in the future,
however the working of the present Reform Bill
may turn out. The first thing to be attended to is
the great cause of education, because, however fit
these persons may be to whom the House of Com-
mons has given the suffrage, they cannot but be
made more fit if they receive such an education as
the people of Scotland or the people of America re-
ceive. The first object of the reformed Parliament
ought to be this, and I hope that it will throw aside
the prejudices which I am sorry to say the Church
still clings to, and that all persons will be educated
in a sound secular education, independent of the
sect or communion they may belong to (hear, hear).
Another matter is that the people of Ireland should
receive whatever remedy may be thought best for
thegrievances they complain of (cheers). The noble
earl concluded by expressing his personal thanks
for the toast.

The company separated soon after 11 o'clock.
The dinner was in every respect an admirable
one, and gave the utmost satisfaction.

The Monetary Convention

A letter appeared recently in the Times on the
Monetary Conference, with which the writer has
strangely coupled Australian coins. "X " considers
the superiority of the monetary system of England
to lie in the fact that the unit of value is not the
sovereign, but the pound sterling. He defines the
pound sterling as containing the invariable quantity
of 113.001 grains of pure gold. As pure gold re-
quires alloy before it can be converted into coin for
practical purposes the sovereign contains 123.274
grains of standard gold, and the sovereign so formed
is legal tender as a pound sterling. When such
coins are deprived of more than of a grain of their
original weight they cease to be legal tender. With
the thorough narrow-mindedness of a genuine JOHN
BULL, "X" maintains the superiority of this unit
of value, and can see no reason why it should be
altered to bring it into harmony with any
other currency. He quotes M. CHEVALIER, who
has signified an adverse opinion in a letter
to the Economiste Francais to the proposal
that foreign coins should be altered so as to harmo-
nise with the French gold-piece, which:has no merit
over others, and ought to be abandoned by France
in favour of one of a different size, instead of ask-
ing other countries to accept it into their system.
The writer does not give M. CHEVALIER'S reason
for condemning the gold coin of France, if he has
done so ; but the reasons why the monetary con-
vention advise its general adoption are very clear.
The currency of France is decimal, and therefore
more easily calculated. The French system is that
of 60,000,000 of people, and therefore the most
general. The gold unit of France approximates
nearly in value to the pound sterling of Great Bri-
tain and the eagle of America, and therefore neces-
sitates no violent change in the units of the two lat-
ter countries to bring all into harmony. Against
this "X" contends that it is impolitic in the
highest dergree to admit the French system into
the English, because the latter is built not on the
basis of coins, but on that of the unvarying and
invariable pound sterling, to which English coins
throughout play only a subordinate part. Should
any countries over-coin, or like Russia, the United
States, or Italy lapse into paper money, the coins
thus rendered excessive would be liable to be fused
into the English, and so destroy the limitation by
which English coins are kept up to parity with the
pound sterling. The writer acknowledges that
neither the Legislature nor the people seem to
understand the difference between the und
sterling and the sovereign as the measure of value.
Nor do we think that either the Legislature or the
people will be much enlightened by the explanation
given. The pound sterling represents so many
grains of pure gold, the sovereign represents the
same quantity, mixed with an alloy to give it a
consistency and hardness which will enable it to be
used practically as a coin. To all intents and
purposes, the one is the equivalent of the other.
If gold falls in value, the pound sterling and
the sovereign are alike affected, and if
England be deluged with the precious metal
we cannot see how sovereigns and half-
sovereigns should gain or lose except in the exact
ratio of the unit by which the bullion in the Bank
of England is measured. On what principle can
" X" separate so broadly gold in bars and gold in
coin ? The only difference we can detect is that
the former is buried out of sight, and the latter in
the tills of British traders or carried in the pockets
of her MAJESTY'S lieges. If there be a surplus
beyond the requirements of the population it quickly
finds its way to the vaults ; and whether it lies there
in bars or stamped for currency makes no differ-
ence. The idea suggested by " X" of the limitation
being disturbed, by which our coins are kept up to
parity with our sterling, has no meaning. We be-
lieve that it is not the people and Legislature of this
country that are blundering in this matter, but the
Mentor" X" There is force in the practical objec-
tion urged by " X" to the proposed change in the
value of the sovereign. He asks, " Are all the rela-
tions between debtor and creditor, all salaries and
wages to be calculated anew, the arithmetic of
life-long habit—the only arithmetic of the labour-
ing man—is that to go for nothing? Why, the
number of these labouring men are millions, while
the number of travellers in whose interests X'
supposes the change is desired are hundreds."
" X" partly furnishes an answer to his own ques-
tion. It often happens that the sovereign loses in
weight by the friction of constant use, and a trades-
man takes care to protect himself when such a
sovereign is presented in payment. The change in
the value of the sovereign, which it is supposed the
Conference will ask, is twopence, and we are at a
loss to see how this change is to affect these millions
of labouring men. The revelations of trade unions
prove that the interest of these classes are pretty
well looked after, and although it is not usual for
labourers to deal in sovereigns, if any change occurs
it is more likely that it will be made a handle for further
extortion in their behalf than a source of loss to them.
The relations between debtor and creditor would in
no way be affected bysuch a change. The Hon. JOHN
SHER3IAN, in his letter on which we commented last
week, pointedly alluded to this subject, remember-
ing that the American currency would be affected
to a far greater degree than English currency.
Although he saw a difficulty in adjusting existing
contracts with the new dollar, he regarded them as
by no means insurmountable. We can easily adjust,
he adds, the reduction with the public creditors in
the payment or conversion of their securities, while
private creditors might be authorised to recover on
the old standard. Salaries and wages are simple mat-
ters of arrangement, fluctuating in the market as
the demand rises or falls. The pound sterling is
the mere unit by which the individual estimates his
although some small derangement
ismeirvgbletes and
occur on the first introduction of the change,
matters would soon, in this respect, regulate them-
stoelvwebsichT,,h)cis would
alludes, when
swthilelneateers in the contracts
fates that all the
coins of England and France put together do not
amount to 300,000,000 of English money, whereas
aunnddlvsortuelrdlinbge
the obligations expressed in the
which are held all the world overr
deranged or invaded, or subverted, bythe p ?po ion
change, in ust amount to many thousand sof millsesd
These contracts are matters of arithmetic involving
vilimheintedtheextpeanyt,maenndt
ebxyc hnaon gmee
aonfs
cosoinforomnliydati?lea
aarne
of differences is arranged as the magnitude of the
figures would lead people to suppose. A vast por-
tion of the exchanges, bargains, and contracts to
which " X" alludes are with the nations now con-
ferring on the beat means of assimilating their cur-
rency, and one of the main benefits to be
simplifyderived
from the proposed change is that it will
these transactions. America is the country with
which Great Britain will transact most business.
The system of exchange is a barbarous absurdity.
Yet " X" would perpetuate thin tatilte of things h