The Sun.
London, England, 1858-01-23 00:00:00

'Linn SIYN LONDON, SATTYRDAIy EVENING}, JANUAMY 23, 1858

reckoning with the brigands, with his indefatigable
energy and experienced skill, he will be ,ble
,'
speedily to put down the disturbances anWs'
tranquillity. Oude is now the citadel of t ,:se
sanguinary miscreants. Lucknow is in their
hands, although Sir CoLIN took care to bring with
him the treasure, guns, and, far better, the fugi-
tives, which were fortunately placed in perfect
security through his care. It can, however, at
any moment be captured ; and it is, perhaps,
better that there should be a position in which the
rebels should be concentrated, so that a more
effective blow may be given when the proper
period arrives, or, in other words, when the
expected reinforcements come to the scene of
action.

ARRIVAL OrkPRIAAFREDERIOII WIL-,
LIA.III O, '4 (Tins DAY):
's afternoon, his Royal , Highness Prince Fre-
d vOk..William of Prussia, the future husband of
tl4 Princess Royal, arrived at the Bricklayers'
Arms Station of the South-Eastern Railway.
At 20 minutes past 11 o'clock a telegraphic mes-
sage arrived at the Bricklayers' Arms station, an-
nouncing that his Royal Highness and his suite
were on the line, in a special train, speeding their
way to the metropolis, and that they would reach
London about a quarter past one o'clock As the
train approached all was eager expectation in the
neighbourhood of the station.
The chairman and directors had made ample 1
arrangements for the reception of the Royal party,
but there were no decorations of any kind.
At half-past twelve, the band of the Grenadier
Guards came on to the ground, and played several
martial airs. The band was followed by about
80 guards on foot and 40 mounted.
The Prince Consort, who was accompanied by
the Prince of Wales and Prince Alfred, arrived at the
station at 10 minutes past 1, and in another minute
a bell rung, announcing the approach of the train.
Exactly at a quarter-past one, the time indicated
on the company's bill, the train came into the
station, and the band struck up the National
Anthem.

The Government have at length recognised
the just claims of some of our Indian heroes.
General INGLIS has been made a K.C.B„ and
with him the gallant HOPE GRANT, Captain
PEEL, and Colonel LIIGARD. Every one of these
honours have been jastly earned, and indeed it
may be considered that more should be done for
INGLIS and GRANT. Never was there a more
brilliant specimen of enduring fortitude and
skilful defence than that shown by the brave
leader of the garrison at Lucknow, and by which
he saved his followers and those dependent on
him for shelter and protection. His name will
for ever be associated with the spot rendered
memorable by his acts. It was no no trivial tes
to

Prince Frederick William came on the platform
and was received by the Prince Consort, with
whom he drove off at once to Buckingham Palace,
over London-bridge and through the City.

succeed such men as Sir HENRY ;LAWRENCE
and Major BANKS, but General INGLIS
passed through it not merely with untar-
nished laurels, but with the universal
approbation of all who witnessed his indefatigable
and very efficient exertions. We trust that in
his case the step just taken is merely an instal-
ment of justice—a mere payment on acaount.
The Hon. Colonel PHIPPS has received a similar
mark of Royal approbation, doubtless for the care
bestowed on the management of the Privy Purse.
As, however, he is placed on the Civil divi-
sion of the Order, we are not called on to scru-
tinise very closely his claims, or institute invi-
dious comparison between the modes in which Sir
JOHN EARDLEY WILMOT INGLIS and Sir CHARLES
BEAUMONT PHIPPS have earned their respective

titles.

There are also a numerous list of persons ap-
pointed to the third rank, or Companionship of
the Bath, some of whom bad worthily won a
higher position. There are few who will not
think that GREATHED, LONGFIELD, and JONES,
il SHOWERS, COTTON, and HAMILTON, TYTLER, and
1 BAIRD SMITH, would not have graced higher

titles. We do not mention these names for the
purpose of slighting the claims of their companions,
but merely taking almost as at a lottery those
whose names have recently been mentioned with
merited praise. Brigadier WILSON and the gallant
Sterling would have been included, had their lives
been spared to their country.
In China we are about to exhibit greater acti-
vity. Lord ELGIN had delivered an ultimatum
to which a categorical reply was required within
ten days. The telegram says that Commissioner
YEH showed no disposition to do something ; but
what we are not told. We suppose, however, that
he still exhibits the same perverse obstinacy for
which he has made himself so painfully notorious.

The good men and true of Sunderland have
assembled to do honour to a true hero—one from
amongst them—and in so doing have honoured
themselves. The very interesting meeting, a
report whereof appears in another part of our
impression, shows the manner in which the
exertions of the illustrious HAVELOCK were appre-
ciated by his townsmen. Nor was it the least
interesting part of the proceedings to witness the
stress laid upon his relgious principles. HAVE-
LOCK was a Christian hero. He was not
only good himself, but made those with
him good. His " Saints," as they were termed,
always did their work well, and when efficient
services were required, it was well known where
they might be obtained. HAVELOCK never spared
himself for a moment. There was not a man
under his command whose safety he did not look
to more closely than his own, and yet he never
avoided danger, but rather seemed to court it.
Never will his memorable march from Altahabad
to Cawnpore, andthence to Luckno ff be forgotten
in the military annals of his country. It was
a series of continuous conflicts, and every one
was a triumph. Never for a moment
did victory desert his standard. He met the most
terrible and almost overwhelming odds, not only
without flinching, but with miraculous success.
Such a man was an honour to any district, and it
would be strange indeed if those born in the same
locality should not adopt measures to prove what
a true-hearted man they had been associated with.
But there should be morethan a mere monument.
HAVELOCK left children—sons and daughters; and

they should in the first instance be made the
national care. But there are institutions in
which he took a deep interest, and we have no
doubt that, if he had been spared, he would be
better pleased to have his name associated with
such matters than with mere bricks and mortar,
or monumental marble. The latter will not be
withheld ; but judging from the liberality and
enthusiasm displayed, there will be quite sufficient
to accomplish every legitimate purpose, to keep
the memory of the Hero fresh in the recollection
of his countrymen, and to have an educational
movement, "sere perennius," which will make
many a youth to bless the name of his departed
benefactor, and qualify him to follow in the course
that led to such honours and glories.
Captain HAVELOCK has been made a Baronet.
The oversight has been so far remedied, and
his mother has been declared entitled to the rank
of a Baronet's. widow. But more ought to be
done. The peerage said to be intended- for the
father ought to be given to the widow and her
issue. Let the justice of the demand be urged
by all parties, and the Government will accede to
the pressure from ,without, and gracefully listen
to the voice of public opinion.

• .
LATEST- NE W • been buoyant to-day in consequence of the note
K-7 of the Moniteur, announcing that Belgium had '
prosecuted the Drapeau before the tribunal. The
following were the last quotations :
per Cents 94 50
Do. end month — - -
3 per Cent. ..... 69 15
Do. end month 69 35
Bank Shares
Credit Mobilier 945
Do. Acoount 915
RAIL'
Orleans
Northern
New Ditto 8026
Lyon and Mediteran. 875
New Ditto 852
Geneva

Credit Foncier
Belgian 4l
Piedmontese (5)
Roman BB
Austrian
Spanish Threes
Home Debt 37
WAYS.

INDIA,

FURTHER OFFICIAL TELEGRAM.
• The following telegram, dated Malta, from
Captain Johnson to Sir James. Cosmo Melvill, has
been received at the India-house :
" ALEXANDRIA, JAN. 18, 1858.
" The Commander-in-Chief. still at Cawnpore
on the 12th of December.
Districts uuder Mr. Sapt threatened. Azim-
ghur frontier also threatened. General Grant is
marching towards it.

"Sir James Outram at Alumbagb, by latest
accounts. An attack was expected on his position.
"A Ghoorkha column, 2,600 men, under
Rajah Jung Bahadoor, left Nepaul, on its way
to Segowlee, for service in British territory, to be
accompanied by Brigadier-General Macgregor as
Military Commissioner.

"Insurgents at KotAh in great force ; said to
have dethroned the Rajah.
" Sir H. Rose is marching to the relief of

Saugor.

" Ajdaha sprung a leak about 300 miles after
Leaving Aden, and was obliged to put back to that
place.

" Puujaub arrived at Suez the 14th of January,
10 p.m. Will be ready for sea night of 19th.
" The Feroze arrived at Suez on the 17th.

Midi
Western 7OO
Strasburg
Grand Central
Sardinian
Austrian

THE DANUBE.

A letter from St. Petersburg of the 13th, in the
Constitutionnel, says :
"The exchange of the ratifications of the treaty for
the navigation of the Danubo, between Austria, the
Porte, Bavaria, and Wurtemberg, which was only
known here yesterday, produced a certain sensation, for
it was regarded as a kind of provocation to the Russian
cabinet. It appears, however, that too much
importance is attached to that diplomatic formality,
the communications made here by Count Esterhazy being
much more conciliatory than were expected on the sun-
ject. Prince Esterhazy, who had a private audience
of the Emperor yesterday, had previously a long con-
ference with Prince Gortschakoff, in which he gave
an assurance that Austria was not so much opposed to
the views of Russia and France as was supposed, but
that circumstances had compelled her to terminate as •
promptly as possible the affair of the navigation of the
Danube, in which two States which had not taken part
in the Congress of Paris were interested. The Austrian
minister announced, at the same time, that as soon as
the treaty of navigation had been ratified, the cabinet of
Vienna would communicate it to the great Powers for
their examination. He added that, notwithstanding the
exchange of ratifications, Austria did not at all consider
the treaty as definitively concluded."
Another letter in the Cologne Gazette says :

"10 a.re., per Vectis.
"Malta, 22d January, 1858 k
"From T. G. MONTANARO."

FRENCH REFUGEES IN LONDON.
The Paris correspondent of the Times (second
edition) says :
" As to the demand said to be made by the
French Government for the expulsion of refugees,
I cannot say how it has been received. Perhaps
it will be answered that even in England refugees
are not protected from punishment if evidence of
their guilt be supplied. Whether the Crown has
the right to expel all aliens from the country is a
point for jurists to decide. We know that during
the short peace of Amiens a similar demand was
made by the First Consul against French writers
in London, and in particular against Peltier. His
Minister, M. Otto, presented a note on the sub-
ject. It concluded by demanding—"
I. That the
English Government should adopt the most effec-
tual measures to put a stop to the unbecoming
and seditious publications with which the news-
papers and writings printed in England are -filled.
2. That the individuals in the undersigned
list should be expelled from Jersey. 3. That
Georges and his adherents should be transported
to Canada. 4. That in order to deprive the
evil-disposed of every pretext for disturbing the
good understanding between the two Govern-
ments, it should be recommended to the Princes
of the House of Bourbon at present in Great
Britain to repair to Warsaw. And 5. That such
of the French emigrants as still think proper to
wear the orders and decorations belonging to the
ancient Government of France be required to quit
the territory of the British Empire."
" The British Government concluded its reply
to that demand in these terms :

" The Austrian cabinet has replied to the note of
Servia in which that Power complains that no attentio*
has been paid to her observations in the negotiations of
the treaty for the navigation of the Danube. The Aus-
trian note maintains the right of the four riverain states
to alone ratify the treaty, and persists in refusing that
right to the vassal principalities. It, however, holds out
a hope to the Servian Government of a reduction of the
expenses charged to its account. These expenses will
be fixed in proportion to the revenue of the country,
and if they exceed the sum set down, Austria and
the Porte will take upon themselves to pay the surplus."

Ai letter from Constantinople announces that
the remnant of the Polish Legion raised by Turkey
in the war against Russia, and which had occupied
the barracks of Haider Pacha a Scutari, have
lately left for various places. The Government
presented each officer of the staff with 11,000
piastres, the subalterns 3,000, the non-commission-
ed officers 2,000, and each soldier with 300. The
Turkish piastre is worth about 41, sous.

The Moniteur Algerien of the 15th states that
the accounts from the Kabylia of the Djurdjura
are most satisfactory. General security prevails,
and Fort Napoleon, which was con,tructed with
such amazing rapidity, has already become an im-
portant centre of communication both for the
Kabyles and for the French.

THE CURRENCY.

Her Majesty is sincerely disposed to adopt
every measure for the preservation of pease which
is consistent with the honour and independence of
the country, and the security of its laws and con-
stitution. But the French Government must
have formed a most erroneous judgment of the
disposition of the British nation, and the charac-
ter of its Government, if they have been taught
to expeet that any representation of a foreign
Power would ever induce them to consent to a
violation of those rights on which the liberties of
the people of those countries are founded."

TRIESTE, JAN. 22,

According to accounts from Constantinople of
the 15th inst., the Porte is to concentrate an
army on the Danube, in consequence of the agita-
tion in the Christian provinces, occasioned by the
promulgation of the Russian -Ukase for the eman-
cipation of the serfs.
Ferouk Khan, it is said, will await at Constan-
tinople the definitive arrangement of the frontiers
•
between Turkey and Persia.

TURIN, JAN. 21

The piedmoutese gazette announces the seizure
of the radical journal .Ragione for having pub-
lished a letter from Paris relative to the execrable
attempt of the 14th.
This seizure, says the Piedmontese Gazette, is
the accomplishment of a duty, and the expression
of the moral sentiment of the people.
Count Robilant and General Della Rocca, aide-
de-camp to the King, leave to-day for Paris, in
order to congratulate the Emperor on his escape.
The funeral of Marshal Latour, one of the
oldest officers of Piedmont, took place to-day.

A private letter from Turin, of the 20th inst.,
with the opinion pronounced by the
believed there
itnhfaotr mt
hse
pu e hmaotn
tiet v
Gasoygeernnemraelnlyt is resolved, in
conformity
Committee on Diplomatic Relations, to demand
the restoration of the steam-packet Cagliari. A
note to that effect has been presented to the
Neapolitan Ministor by the Sardinian Charge
d'Affaires, Should this fact be confirmed, as it is
certain the King of Naples will not yield, the con-
sequence will be a cessation of diplomatic relations
between Piedmont and Naples.

of a state of -harter,rl ese one-pound notes, which TH.
came out of the Bank, so far from being discredited, I
staved off the panic !"—Answer. "They were not
discredited in the slightest degree." He com-

mences his evidence with stating that it was as cer-
tain that the Bank-note was discredited in 1825 as
that the sun rose that morning, and concludes by
admitting that they were not discredited in the
slightest degree. Can self-contradiction further
go ? One additional instance I will give. 3,896.
"Do I correctly understand your lordship, that
you give up the argument which you used in 1840,
that the fluctuations in the notes out of the Bank

of England ought to conform to the fluctuation in
the amount of bullion ?"—" I give it up so far as
this—if that is the meaning of giving up—it is
really completely the statement, in no respect
giving it up—that now, with the means"of
information which we possess, the notes
out of the Bank of England must have
added to them the notes which are in the

banking reserve of the Bank of England."
Here, in the same sentence, he gives it up, and
does not give it up—nay, he is still more confident
of its being correct. In 1840, before the com-
mittee, he stoutly maintained that the notes out of
the Bank should fluctuate with the bullion, but now

that statistics prove this position to be untenable,
he says the notes in the Bank must be added.
It seems difficult for him to acknowledge himself
to be in the wrong, and yet we must do him the
justice to say that in one instance, the Repeal of
the Corn Laws, he did retract. We well remember
calling on him, along with John Bright and Henry
Ashworth, to solicit a subscription for the Anti-
Corn Law League, when he not only refused, but
remonstrated with us for disturbing the country by
agitating the question. Subsequently he subscribed
that we need not despair of his ultimate conversion
to the principles of Free Trade in a sound currency
e., of metal and of paper perfectly convertible
iuto metal ; and, particularly, as he admits (3,856)
" that free trade in an article is the best mode of
procuring all the results with regard to it which you
desire, is a principle which I fully adopt."
Fallacy No. B.—That violent fluctuations are
prevented by the Act of 1844.
3,986. He says, " The changes in the rate of
discount may probably be more frequent, but on
that very account they will be less violent ; and I
have already stated that I think the frequency of
the oscillation is really an essential principle in their
utility ; and I have given an illustration which
seems to me in point. It is like the rapid
and multiplied oscillations of a tight-rope dancer ;
if you allow him to go on for some time instead
of righting his position the moment it is distutbed,
he will lose his balance and tumble over, and it is
precisely, so with your monetary system."
This is rather an unfortunate illustration of the
operation of the Act of 1844, for this distinguished
performer did lose his balance (of reserve) during
two celebrated exhibitions of 1847 and 1857, and
was in such a panic that he tumbled down and
would have broken his neck, had not his friends
come to his assistance and suspended him. Two
more violent oscillations could not well have been
conceived. The second was the more to be wondered
at, after the assurance of the master of the circus
that the accident would never occur again, as his
favourite performer now understood th principles
(of the Act) better, and would make the rope still
tighter.
Lord Overstone said, in 1848, "I have no doubt
that the commercial prosperity of the country will
be restored, and even be placed on a firmer founda-
tion by the events of last year (the panic of 1847)."
Fallacies sufficient have perhaps been enumerated
to show that Lord Overstone's notion of money
being merely coin and bank-notes, leads him to
explain all the phenomena of the currency incor-
rectly, he sees them through such a false light, and
from such a fialacious standpoint that there is
hardly a principle that he lays down or an infer-
ence which he draws, or an opinion which ho gives
that is not open to dispute.
There is evidently a great reluctance on his part
to come to a clear definition of terms. He
declines to define capital, and he prefers the
term money, which is very indefinite to legal ten-
der money, which is less so. He says (3,818)—" I
think you had better keep to the word 'money.'
I do not know what may be meant by legal tender."
Nor did he know, which is very strange in so great
an authority, that Bank of England notes were not
a legal tender in Scotland and Ireland. He is
asked (4,152)—Are you aware that Bank of Eng-
land notes are not a legal tender in Scotland and
Ireland ? Ans.—l do not know how that is.
If the language of these economists should ap-
pear too positive and strong, it must be remem-
bered that they are made on the evidence of one
whose expressions are dictatorial and offensive in
the extreme to the opponents, and even insolent to
the committee, the representatives of the people.
Ho characterises the views of some of them as
" absurd, perfect quackery, and perilous nonsense,"
and this is in defence of a pecuniary system which
benefits his own class at the expense of all others.
We feel justified, therefore, in copying his own
words (4,193), as being more applicabletlo himself
than to his opponents. "It is perilous nonsense
coining from high quarters, from which we are en-
titled to expect more Round information and safer
advice, you may rest assured. I must speak
'plainly. I have a great public duty to discharge
in giving my evidence in this matter." And also
we quote against his monetary system, his own
quotation respecting the American system :—" It
is supposed that in this latter crash, nearly 180
banks, including the Bank of the United States,
were perfectly destroyed, and the last occasioned
by the depreciation which it causes in
the valuation of stock of all kinds,
and of all sorts of property was quite enormous ;
the failures in this country in the late panic are
alone estimated at 100,000,0001., and the deprecia-
tion of property is incalculable ; and yet, great as
was the loss, it was really trifling, as the writer in
the American almanac has stated, compared with
the injury resulting to society from the upheaving
it occasioned of the elements of social order, and
the utter demoralisation of men by the irresistible
temptation to speculatipn which it afforded, ending
in swindling t 6 retain ill-gotten riches.
Contrast the eulogium on the Act of 1844,
chaunted by him before the committee in July last
withthestateofthingsinNovember. (4,189). "Look
arJund you," he says, "look at the present state
of the trade of the country ; look at the prosperous
condition of the revenue of the country • look at
the contentment of the people ; look at the wealth
and prosperity which pervade every class of the
community—and then having done so, the com-
mittee may be fairly called upon to decide whether
they will interfere with the continuance of an act
under which these results have been developed."
Cantrast again this eulogium and its flattering
anticipation of further blessings with the production
of Mr. Fullarton, in the concluding sentences of
his admirable work on the regulation of the cur-
rency, published in 1845, the year after passing the
act—" That if the spirit in which the restrictive
clauses of the Bank Act are framed is to be
consistently acted up to, a state of circum-
stances can well be imagined, in which the
catastrophe would be as tremendous as it would in
all likelihood be and len and irretrievable, shaking
even to its foundation the entire financial fabric of
the realm."
Let the public compare these diametrically op-
posed prognostications of the operation of the Act
of 1844 by its most powerful advocate and parent,
and by one of its ablest opponents.
Let them consider the arguments of Lord Over-
stone and of M'Culloch (his echo, judging from his
recent treatise), on the one hand, and of Fullarton,
Tooke, Neil, and Wilson, on the other, with the
evidence that has already been published, and with
that which has to be given before the next com-
mittee (a public one, it is to be hoped, and not a
sel- ct committee composed of a majority of the
moneyccracy), and then it may be fairly left to
them to decide on the merits of the Bank Charter
Act of 1844.
Alas ! ye gentlemen of England, who live at home at ease,
How little do you think on the danger of laws such as these.

Comments on the Currency Fallacies of Lord Over
stone, avowed by him in his evidence before the
Bank Committee of the House of Commons of
1857—t0 be the principles on which the Bank
Charter Act of 1844 was founded.
(Continued.)
Fallacy No. 5. That the practical effect of in-
creasing the issue of bank notes to the extent of
two millions against securities would be to decrease
the issue against bullion to the same extent. That
such an issue would not add one farthing to the
money of the country, nor afford any relief to trades
worth mentioning.
3,691. " You entertain no doubt that the prac-
tical effect of enlarging the limit from 14,000,0001
to 16,000,0001. would be net to add 2,000,000/, to
the paper currency, but to diminish the bullion re-
serve of the Bank by 2,000,000/.?"—A.ns. No per-
son who understands the elements of the subject
can entertain a doubt upon that point. It would
cause an increase of 2,000,0001. in the amount of
paper notes issued against securities ; at the same
time it would came a decrease of 2,000,0001. in the
amount of paper notes issued against bullion. Thera
would be no absolute increase in the aggregate
amount of paper money. There would be in the
issue department an increase of securities, and a de-
crease of bullion in each case to the extent of
2,000,000/."—ln another part of his evidence
(3,910) he says, " Et will not add one farthing to
the money of the country."
3,692. "You consider that as certain as anything
that cannot be made a matter of mathematical de-
monstration, do you not ?"—" I consider it to be
as fundamental in discussing this subject as a defi-
nition of Euclid is in discussing any of the works
of Newton."
3,694. " Whatever relief was afforded to trade
would merely be momentarily ?".—" The relief af-
forded to trade, I think may be thrown out of the
question ; it clearly does not touch the principles
we are discussing ; one may fairly say that their
would be no relief afforded to trade ; it would be
temporary to so slight a degree that it is not worth
speaking of."
Can it be believed that such evidence as this was
given on the 10th of July, and that four months
later, on the 12th of November, when the Act was
suspended, 2,000,0001. of additional notes were actu-
ally issued against securities, producing the very
opposite effects so confidently predicted by Lord
Overstone ? The issue of notes against bullion were
increased instead of being diminished, and bullion
flowed into the Bank at the rate of 1,000,0001. a
week, instead of flowing out as previously at the
rate of a million and a quarter ; and instead of the
relief to trade being hardly worth mentioning the
trade of the country was saved, as but for the sus-
pension of the Act the Bauk of England would
undoubtedly have stopped payment and the whole
machinery of the credit system of the country
would have been brought to a dead lock. In saying
that not one farthing would be added to the money
of the country, he is again confounding money with
capital—not one farthing would be added to the
capital ; but 2,000,0001. would be added to the
money of the country, to that legal tender money
so absolutely necessary to meet engagements to pay
money when other credit money fail..
Fallacy No. 6. That the object of discounting is
only to obtain the command of a greater quantity
of capital, and that the rate of discount is the
price paid for the command of capital.
3,729. In reply, Lord Overstone asks—" What
is the meaning of discount ? Why does a person
discount a hill ? He discounts a bill because he
wants to obtain, not money for its own sake, it is
useless in itselP—he discounts a bill because he
wants to obtain a greater command of capital."
Discount, we apprehend, is an allowance made for
ready money ; is the price paid for converting credit
into cash ; for exchanging bills, one sort of money
into Bank uotes,another sort of money. Discounting,
therefore, is not for the purpose of obtaining a
greater command of capital. A bill for 1,0001.,
accepted by Jones Loyd, and Co., would give
just as great a command over capital as a Bank of
England note of the same amount, minus the charge
for discount. Bills are discounted for the purpose
either of obtaining money of a more commercial
denomination for wages and smaller cash payments,
or for the legal tender to meet engagements falling
due. This is the main object of discounting, and
bears out the position we have advocated, that the
rate of disdount in this country depeuds fuuda-
mentally upon the demand and supply of the legal
tender. Thereto of discount, then, is paid for the
use of money itself, our contracts being made in
money, and not capital, until converted into money,
can discharge them. Lord Overstone appears to
have obtainel his idea of money in early days, he
is asked—(3,7s7)—" Do I rightly understand your
lordship to say that the money was the capital ?"
ic No ; I said just the reverse. I say that with
money, retained as money and not used as a means
of obtaining capital, you can do nothing ; you
mightjust as well have a parcel of old iron. When
I was a child a sovereign was given to me, with the
grave admonition that as long as I kept that
sovereign iu my pocket I should never be without
money ; but I soon found that no good came to me
from keeping the sovereign in my pocket." True,
but if he had previously obtained the capital on
credit, and came under an engagement to pay one
pound in money for it, he would have found his
sovereign of great use in keeping him out of limbol
and that capital of itself would be of no use.
Fallacy No. 7. That the convertibility of the
Bank of England note was endangered in 1825.
3,793. " With respect to the three drains from
1819 to 1841, you have stated that they in-
volved three greet alarms for the converti-
bility of the note. Can you give any proof
of that, that the alarm at that time was for
the convertibility of the note ?" " It is like
asking me to give a proof that the sun rose this
morning. It is universally known and recognised
by everybody who lived in the commercial or
monetary world during that period. It is perfectly
notorious that in 1825 the bullion was drained out,
and that if there had not been found some
700,0001. or 800,0001. worth of 1/. notes, the Bank
must have avowed that they had no more sovereigns
to give." 3,795. " Then, under the most adverse
circumstances of a drain of bullion, when it was
stated that the Bank was within twenty-four hours

THE ROYAL MARRIAGE AND THE CITY OF LONDON.
-;--Within these few days rumours' have been current,
in well-informed city circles, to the effect that it is her
Majesty's intention, on the present occasion of the
auspicious marriage of the Princess Royal of Eng-
land, to confer a baronetcy upon the Lord Mayor,
and knighthood upon the Sheriffs at an early opportu-
nity after Monday next, the day of the marriage.
VACANCIES, APPOINTMENTS, AND PROMOTIONS IN THE
CIVIL SERVICE.—The Home Department—The office of
Lord Lieutenant of Derbyshire has become vacant by
the d,eath of the Duke of Devonshire. Coast Guard—
Commander F. W. Gough has been appointed to the
Hastings Division, vice Robertson, promoted ; Lieut.
J. M. Bushell has been appointed to command the
Stagg tender, vice Broad, promoted ; Mr. W. H. Wil-
liams, master, R.N., has been appointed to command
D )wnderry Station ; Mr. H. H. Garrett, chief officer,
has been removed from Barking Creek to St. Margaret's
Bay, vice Lieut. W. A. F. Royse, R.N. Customs—Mr.
C. Robinson has been appointed a searcher at Stock.
ton ; Mr. H. Veale has been appointed a clerk and
searcher at Fowey ; Mr. T. E. Fawcett, locker, &c.,
Sligo. has been appoints] principal coast officer at Pres-
n (Lytham) ; Mr. A. C. Patterson has been appointed
principal coast officer at Limerick (K.!lrush); Mr. S. T.
" Mains has been appointed principal coast officer a'
Mi ford (Solve) ; Mr. W. C. Turnbull has been prc.
Rioted from third to second class clerk at Shields; Mr.
George A, Bothell has been promoted from fourth to
thitd-class clerk at Shields. Ireland.—A third-class
clerkship in the Registry of Deeds-office, Dublin, has
become vacant by the death of Mr. P. Murray.—Civil
Service Gazette.