The Sun.
London, England, 1857-11-16 00:00:00

THE MONEY CRISIS.

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TO TRH XDITOR OF THE SUN.
SIR,-Truth and justice have triumphed t ever
reckless selfishness and pertinacious ignorance, and
the principle of Peel's Bills of 1819 and 1844, is, at
the last moment, surrendered. It was surrender ed
in 1825, when the Bank issued a box-full of old :11.
notes, which as the Governors of the Bank after-
wards said, "saved the country." It was surreln-
dered again in 1847, when Ministers recommet tclied
the Bank Directors "to enlarge the amount oft heir,
discounts and advances, upon approved securing;"
promising a Bill of Indemdity, if necessary, w lten
Parliament met. It is surrendered for the
third, and, we trust and believe, for the last
time, now when ruin has been bra right
on many solvent, and more than solvent, prit teely
and old-established mercantile houses, and p titra-
tion, suffering, and crime, are inevitably enfaile id on
thousands and hundreds of thousands of Indust. dolts
and unoffending operatives and artizans in Eng land
and Scotland.

Has, then, enough been done—has enough I been
euffered—to satisfy the supporters of a visio) nary
idle theory of the Bullionist faction ? Are the
English people now prepared to repudiate a syi item
which hitter experience has proved to be rui: aous
and pernicious in the highest degree, and to at lopt
a system which, under every possible disadvant age,
has been proved to work well, and with the
superior knowledge of monetary science which. we
now possess might be made to approach as nearly
to perfection as can be expected in any mundane
financial arrangement.

The Queen, sir, enjoys the prerogative of milking
money. We have by usage, for convenience, and
of necessity, taper money, as well as gold and isilver
coins. Let, then, her gracious Majesty ex tireiBo
her prerogative to the full. Let paper mom
exchequer notes of 11. (or less if thought well) and
upwards be issued, with her Majesty's image, and
superscription, and form the basis of our currency
system. Experience has ascertained the fact that
20,000,0001. of such notes receivable for taxe: s and
made a legal tender at the Bank, would be a mph
sufficient in securing an, adequate circulatinE; me-
dium, and preserving us from monetary co uvul-
sions, such as that from which we are now esca ping.
These notes would be hailed by a loyal p eople
with joy, they would ensure a circulation a thick
would neither be hoarded nor expected. 'they
would be as safe and stable as her Mai( ssty's
throne, and as the honour and majesty of the
British nation.

What is opposed to this ? We repeat, not hing,
but an idle, though most destructive theory of the
bellioniets. The theory, namely, that nothing van
discharge the functions of money which does Trot also
possess the intrinsic value, ,in some metal, ye/via it
represents. Every note, Government or other wise,
must, they say, be convertible into a certain s inva-
riable piece or pieces of gold, of ascertained weight
and fineness. We ask, then, why ? If we, atltome,
like to have a cheap, convenient, unfluctuating
token of value, issued under the highest autlttority
in the State, and made perfectly secure, and con-
vertible" into everything, gold and silver incl wive,
at the market price, why, why, 0 Ow •stone,
should we not have it ?

I will not go into the question of foreign trade.
It was proved, from 1797 to 1815, that our fc ►reign
trade went en just as well without gold mot iey as
it ever did with it. Why not ? The fore signer
barters with us. If we pay bim in paper not es, he
converts them on the spot into whatever co mmo-
dities he wishes to take back to his countr3r. If
gold or silver be required, the bullion merchant
will supply him to any exLnt.
The truth is, Sir, that England has, againL and
again, been half rained in support of an abstract
crotchet, of no real value whatever except to rash
capitalists, who have turned it to their own FlOl6Bll
advantage, at the expense of their industrious
fellow-countrymen. am, Sir, your obedient
servant, PROPHEITIC

TO THE EDITOR OF THE SUN.
SIR,—As an instance of the most practical .11113,_13,11;
cation of those views regarding the currency livi"°"
you so ably advocate, may 1 request you to rip
rint
from the Glasgow Daily Mail the follcming
sentence
" We are glad to inform our readers that 'at-au
influential meeting of the members of the Ta dome
public corporations and committees of parochial
hoards held yesterday forenoon, it was unanimously
re,solved to receive the notes of the Western and
City of Glasgow Bank in payment of police, water,
poor, and other rates and assessments."
tll
v
Were the imperial Government to imitate, on a
large scale this example
the,‘oflcde L
utuhatedrylshoulde ,Glasgowel
would feel
be
authorities,ot secure,ay
r ylinteresttihne
io eeveen although
drained of her miserable remnant of gold.
1 am, &c.
A. C.
November 14.