The Sun.
London, England, 1859-05-25 00:00:00

TO THE EDITOR OF THE SUN.

SIR,--I am one of those who think the Bank of England
should not have the power to increase the price of money
accommodation at its will, but that the price of accommoda-
tion should, like other things in these free trade times, be
left to find its own level, as nature's unrestricted banks of
issue show no signs of being in difficulty, and pay the better
the harder they are run on ; and believing that the recent
panic in the money market was created from other causes
than it would have been in the ordinary course of trade,
even had the alleged treaty between France and Russia
been a fact, perhaps a few observations relative to the in.
crease of bullion in the world, and its effects, may be ad-
missible in your journal.
In " Elements of Political Economy, by H. D. Macleod,"
1858, the writer says :—" The present value of bills of ex-
change and promissory notes in Great Britain at this time
is not less than £500,000,000, and the actual specie in the
country is not supposed to exceed £70,000,000." Now if
this statement be an approximation to the truth, the paper
money of commerce exceeds the specie some seven times in
amount ; while the actual value, as given by the Board of
Trade, of all the merchandise both exported and imported
in 1858 is only £280,410,000, or just half the amount of the
paper money and specie in the kingdom, as stated by Mr.
Macleod.

As it is in this country, so also is it in other commercial
countries, the paper money exceeds proportionably the
amount of bullion. I do not, therefore, see, with the pre-
sent steady annual inci ease of golf and silver to the circu-
lation of the world, as some do, how the price of money
accommodation can rise, either here or elsewhere, for if all
Europe is borrowing specie for war purposes, so also will all
Europe'he obliged to sp6nd thdt specie-i--it will not be eaten
like a quarter of house-lamb and disappear for ever. It
must turn up again somewhere speedily, even during war,
minus, perhaps, a little that may be hoarded or buried. If
countries at war spend their money unprofitably, other
countries not at war will gain a large portion of it, and hard
coin will still be plentiful in the world.
Upwards of three centuries and a half have elapsed since
the discovery of America ; and since that time it is stated
that 2,000 millions sterling have been added to the gold and
silver of the world, at the average rate of 51 millions
annually up .to 1848, and that instead of 7 millions, which
was the average of 1848, the yield of the gold mines (in-
cluding Siberia and the Altai mountains) is now about
£38,000,000, and the present annual produce of the silver
mines £9,000,000, equal together to an annual increase of
the circulating medium of £57,000,000. Should the minos
hold out at this rate, of which there is every probability, for
the next ten years, there will be added to the preSent amount
of gold and silver in circulation £570,000,000 more ;
and if we add the paper-money of commerce to this,
at half the proportion as stated by Mr. Macleod,
it would amount to 1,995 millions ; and where shall we find
trade enough to absorb such an enormous increase to the
means of commerce,, and keep up the rate of discount at
even 2 per cent ?—Yours, sir, most obediently,

COWRIE.

THE PRIENDS TO BACK.

(From Punch.,)
Rise, rise, freemen and Englishmen,
Why the deuce won't you support law and order ?
Rise, rise, yeoman and citizen ;
All the small Germans on frenzy close border.
Austria's banner's spread
O'er many a loggerhead,
Many a thief with his fingers all gory;
Rise, and get ready, then,
Lovers and countrymen,
Fight for the Kaiser and Pope's might and glory.
Arm, arm, Britons, for tyranny,
Freedom of conscience and thought that denies man ;
Help, help, priestcraft and popery;
Austria's patron is Cardinal Wiseman.
Austria's party, note,
Gut every papist's vote,
Which way the cat will jump know by that omen,
Then, if you've lost your wits,
MIA for the Jesuits;
Fight for the Empire that's called Holy Roman.
Vote, vote, soldiers and subsidy,
Mind to enslave and maintain superstition,
Winking Madonnas, Concordats, and monkery,
Pay Peter's pence to prop Rome's Inquisition.
Austria's whip to crack
Still upon woman's back,
Englishmen aid ; and the Pope's domination,
1-?_roteOntio_ols,. sustain,,
Bleeding 'from every vein;
All at the cost of unbounded taxation I

THE GREAT 0 LOBE.—Thefollowing distinguished
persons have lately visited this exhibition :—Marquis of
Kildare, and family ; Lord Alfred Paget, and family ; Lord
and Lady Cochrane, and family ; Lord and Lady Ashley ;
Lord Campbell, and daughter; colonel Ramsey and friends;
Colonel Dixon, and party; Sir George Baker, and family;
Countess of Harrington, and party ; Lady Willoughby
d'Eresby ; Lady Ashburnham, and family; Lady Colehurst ;
Lady 31'13°110-al ; Lady Bruce ; Lady Tuffnell, and party ;
Mrs. Colonel Piper, and son.
SwoRD FOR RIFLE CORPS.—The Messrs. Mappin,
the well-known cutlers, of Sheffield, and King William-
street, London, have just completed a capital sword for the
use of rifle corps. It is much lighter than an ordinary cut-
lass, but very strong, and double-edged. The length of
the blade is 221 inches, and with the scabbard and handle
29 inches. ' It promises to be an admirably effective wea-
pon, whether offensive or defensive.
THE ENGLISH CHURCH IN PARIS.—We under-
stand that the chuich in the Rue d'Aguesseau, Paris,which
has been recently obtained from her Majesty's Government
by the Colonial Church School Society, is to be opened for
divine worship (Is Sunday next, the 29th inst., and• that
two sermons will be preached by the Rev. Prebendary
Burgess, who is commissioned by the Bishop of. London to
officiate on the occasion.

TIIE FISHMONGERS' COMPANY.—We understand
that it is the intention of the Prime Warden and Court of
Assistants of the Fishmongers' Company to give a ball in
their noble hall en the 15th of June. - We are glad to see
this company following the example of the Goldsmiths'
Company, whose splendid evening entertainments have
been so frequently noticed, and we hope that such a custom
may become general among the leading companies of the
City of London. .

gERIOUS DEFALCITIONS.—A warrant has been
issued by the Leeds borough magistrates for the apprehen-
sion of Mr. George Terry, tinner, tha Grand Master of the
Grand United Order of Oddfellows. He is reported to have
absconded, and his defalcations are said to amount to no
less than £4,000. The money appears to have passed through
his hands partly in his official character, but chiefly in con-
nection with a loan society belonging to the same order of
Oddfellows.
WINDBOUND.—The following notice has
been issued Admiralty, May 24. Sir,—l am com-
manded by my Lords COmmissioners of the Admiralty. to
state, for. the information of the committee for tnanaging
the affairs of Lloyd's,' that orders have been sent to Devon-
port for her -Majesty's ship Curagoa to proceed to the Chops
of the Channel to relieve the homeward-bound trade.—W.
G, RO3l:tiNE. Captain G. A, Halsted, R.N., Secretary,
Poyd'o,"