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

G—Other collateral advantages would be felt, one
of which would be that by degrees the bank notes
of one pound each would displace the sovereigns,
by which a large useless expenditure in coinage,
and the loss arising from abrasion, would be saved
—another would be the large surplus revenue from
the working of the Imperial Bank, which would go in
reduction of the annual but dens of taxation.
The Times, sir, which upon this as upon other
questions has not always held the same opinions,
writing on this subject on the Ist of May, 1841,
observed—" Our system of paper currency will.
remain imperfect until some mode shall be dis-
covered of enabling it to apportion its-supply and
demand without reference to the influx and reflux
of specie." I humbly submit that the plan I have
sketched, some portions of which have been advo-
cated by able men during the last 30 years at least,
will effect the desideratum pointed out by the
Times. Still, sir, I would not wish to be thought
touched with that mania for which Mr. Gladstone,
in the recent debate, playfully intimated it might
be necessary to establish a special asylum. Ido
not propound this as the only plan which will effect
a beneficial change, much less do I put it forward ae
a scientific solution of the money question, for this
I know it is not, but a mere expedient ; though I have
before observed, of as comprehensive a character as
in general information, or reek r want of informa-
tion, on this subject will admit. To those of my
reader s who wish to investigate any other plan of this
latter character, I recommend a perusal of Mr.
Hill's work already referred to, wherein ho pro-
poses " that Government should prepare and issue,
under the authority of Parliament, an adequate
amount of interest bearing securities, almost iden-
tical with Exchequer Bills ; and that these be made
lagal tender for their principal sum, together with
their accumulated interest up to the day of tender,
according to a table to be printed upon the face of
each bill, a prescribed amount of these bills to be
disposed of periodically by tender ; the tenders to
be made upon the rate of interest, and not upon
the pr incipal sum."
Should any be disposed to look deeper into this
most important question, with a view to under-
stand it as a science, for such it really is, and to
discover how the theory enunciated by Mill and
M'Culloch, which ought to be true in practice, but
is not, may be made so, namely, that " production
is the cause of demand." He introduced to their
notice " Gray's Lectures on the Nature and Use of
Money" (Edinburgh and Loudon, 1848). Mr.
Gray agrees with the authorities mertioned that
(money laws aright) th,e production of goods would
always be the cause of the demand for them : that
in short, speaking always of aggregates, supply and
demand would be convertible terms ; or, in other
words, it would be at all times as easy to sell as to
buy. But as I have, I fear, already trespassed too
much upon your indulgence I must refer the reader
to Mr. Gray's book itself for further explanation of
his views. With many thanks for your courtesy,
I am, sir, yours respectfully,

WILL. PARE.
Seville Iron Works, Dublin, Dec. 26.
* " Principles of Currency," by Edwin Hill. Longman
awl Co., 1856.

THE QUICKEST DESPATCH OF THE

INDIA MAIL;

The Calcutta portion of the India mails, consisting of
42 boxes, left Paris yesterday morning at 6.10, and
arrived at Boulogne by special train at 11.25. The boxei
were embarked in ten minutes on board the mail packet
Prince Frederick William. The vessel ran to Dover in
one hour and 38 minutes, the shortest time in which the
passage has ever been made. The mails were at the
railway station within 12 minutes, and the South•
Eastern special train started at 1.26, and came up to
London in one hour and 38 minutes, arriving at London•
bridge at 3 o'clock:

Speed per
Miles. hour. Railways, &c.
Paris to Boulogne 169 ... 32. 2 ... Northern of France.
BoulognetoDover 30 ... 18.37 ... Mail-packet.
Dover to London BB ... 56. 2 ... South-Raetern.
Thus the Calcutta mail was conveyed from Paris to
London, including all stoppages and time occupied in
embarking and landing, and conveyance to and frog
steam-boat and rail way,• in 8 hours and 50 minutes. By
this special arrangement on the part of the General
Post-office, the London letters were sent out for de-
livery before 6 o'clock, and all correspondence for the
country was despatched by evening mail trains.