The Sun.
London, England, 1861-02-25 00:00:00

THE SUSPENSION OF THE ACT OF 1844, :THE
NATURAL REMEDY FOR THE MONETARY
PRESSURE.

TO THE EDITOR OF THE SUN.

Sup,—The probable, if not certain, effect on the Money-
market of the suspension of the Act of 1814 would be the
reduction of the Bank rate of discount from 8 to 3 per cent.

Before the passing of this Act the directors of the Bank
of England were at liberty to issue any amount of bank-
notes they thought prudent, consistently with their obliga-
tion to pay them in gold on demand.
We find from the evidence of J. Horsley Palmer, Esq.,
who had twice been governor, and above 40 years a director,
of the Bank of England, that he considered it prudent to
issue £21,000,000 of notes against bullion in the coffers of
the Bank to the amount of £5,000,000. He was asked by
the committee (970) " What amount of bank-notes do you
conceive that £5,000,000 of bullion in the Bank would
secure ?" and answered, "Any amount that we have
hitherto known, which I think has not exceeded
£21,000,000."
This would be in the proportion of rather more than
4 to 1.

We find from the official returns that in the monetary
pressures of 1837 and 1839 the proportions were, in 1837,
notes, £18,232,680 ; bullion, £1,089,600 ; proportion, 44
to 1. In 1839, notes, £17,827,930 ; bullion, £2,404,540 ;
proportion, 7/ to 1. Whilst under the Act of 1844 they
were, on the 13th of February, 1861, notes, £25,226,005 ;
bullion, £11,571,332; proportion, 2i to 1. We need not
avail ourselves of the full force of these facts to prove our
case, but will assume, what none can dispute, that a pro-
portion of 3 to one is perfectly safe, being that on which
the new system of currency in India is based, and Royal
charters for banks of issue in the colonies are granted.
On applying this proportion to our monetary system, we
arrive at the following results :

Amount of bullion held by the Bank of Eng-
land on the 13th of February, 1861, in
round numbers

Notes issued in the proportion of 3 to 1 of
bullion . , £34,500,000

Notes issued by the Bank of England on the
13th of February, 1861 .. £25,000,000
Giving a reserve of
Increase to the reserve from the issue of
notes being £34,500,000, instead of
£25,000,000

Giving a Bank reserve of £15,856,172

We thus see that the direct effect of the Act of 1844 on
the Bank of England has been to reduce the amount of its
reserve (which governs the rate of discount) from nearly
£16,000,000 to £6,000,000.
But this is not the full extent of the effect, as the Act,
by limiting the issue of country bank-notes, and preventing
an increase responding to the wants:of trade, has caused, in
consequence of the vast expansion of commerce, Bank of
England notes to the amount of £4,000,000 (as shown by
tables prepared by Mr. Newmarsh, under the saaction of
Mr. Hubbard when Governor of the Bank) to be absorbed
and abstracted from the bank of reserve.

Still further, the Act of 1845, which is the principle of
the Act of 1844 applied to Scotland and Ireland, limited the
issues in those parts of the United Kingdom, and required
gold to be deposited for any notes beyond the fixed issue.
The present amount of gold thus deposited and withdrawn
from the money market is £2,632,674, which otherwise
might have been purchased by the Bank of England, and
therewith have increased the reserve to double the sum,
had the Directors been allowed, as before the Act of 1844,
to issue three or more notes to the value of one deposited in
gold.

Finally, finding that, since the Act of 1844, the Bank
rate of discount has been 3 per cent., with a reserve of only
£8,000,000, we are warranted in the conclusion that were
the Directors released from its shackles, and left to their
own discretion, they would, with a Bank Reserve of near
£16,000,000, reduce the rate of discount from 8 to 3 per
cent.--I am, sir, your obddient servant, -

HAMER STANSFELD.
liighfield, Windermere, Feb. 23, 1861.

Tiff LIVING OF DEDDINGTON.

The humble memorial of the undersigned, Jas. Brogden,
clerk, M.A., vicar of Deddington, in the diocese and county
of Oxford.

The undersigned begs leave respectfully to state the fol-
lowing particulars relating to the parish of Deddington :
The parish of Deddington numbered at the last census a
population of upwards of 2,000 souls.
The area of the parish, exclusive of the houses, A. R. r.
the roads, and the stone-pits, consists of 4,127 2 4
Of this the church prOperty belonging to the
dean and canons of Windsor, and the dean
and canons of Christ Church, Oxford, ex-
tends over upwards of
The lay property, the principal landed pro-
prietors of which are Mr. Cartwright and
Sir George Dashwood, over
The college property, over

The real annual value of the parish is not less
than
The benefice (a vicarage with a glebe house)
in the patronage of the dean and canons of
Windsor, does not in value exceed per annum 145 0 0
This can scarcely be called a real value, when the charges
incident on the incumbency, and the expenses necessarily
attendant on collecting are considered.
The whole of the land allotted in lieu of tithes, great and
small, except three acres allotted to the vicar, belongs to the
patrons of the vicarage, the dean and canons of Windsor.
The Vicar's income from all sources is as follows :
In lieu of tithes on a certain farm belonging £s. d.
to the Dean and Canons of Windsor .. 45 0 0
Ditto on another farm as above stated 2O 0 0
From Queen Anne's Bounty
„ the Ecclesiastical Commissioners l4 11 4
„ three acres of glebe 8 10 0
„ Easter Dues
~ Surplus Fees
„ Dr. Chamberlain's Benefaction

£157 18 4
Deduct Income Tax at 10d. in the £ ; also
parochial rates and other parochial charges,
and there remains a net income per annum
not exceeding £l4s 0 0
There is no person resid:nt in the parish possessing a
freehold estate therein amounting to 250 acres.

The population consists chiefly of labouring poor, dwell-
ing the town of Deddington and in the two hamlets of
fleropton and Clifton, each nearly equi-distant from Ded-
dington, in opposite directions, at least one mile and a half,
in the latter of which hamlet (Clifton) a church has been
recently erected and consecrated, without an endowment.
The real annual value of tho church property in this
parish is not less than £5,000.
A large proportion, much of it land allotted in lieu of
tithes, of this £5,000 per annum, Church property, belongs
to the Dean and Canons of Windsor, and by the 3d and
4th Victoria, cap. 113, it is enacted that the number of
these canons (then twelve) shall gradually be reduced to
four.

The profits of these suspended canonries, as they
occur, are to bo paid to, and their estates vested in, the
Ecclesiastical Commissioners for the purposes of the
Act, which purposes are chiefly " to make additional pro-
vision for the cure of souls in parishes where such provision
is most required."

" Provided always, that in making any such additional
provision out of any tithes or other lands or other heredita-
ments allotted or assigned in lieu of tithes, so vested or to be
vested in the said Commissioners, or out of the rents and
profits thereof, due consideration shall be had of the wants
and circumstances of the places in which such tithes now
arise or have heretofore arisen."

It is respectfully submitted that not only according to
the general purposes of the said Act, but particularly
according to the terms of the said proviso, "the wants and
circumstances" of the parish of Deddington are entitled to
" special consideration," because there are very few bene-
fices, so poorly endowed, for the cure of souls, which con-
tain, within their limits, so large an amount of church pro-
perty, available, as in this case, for the purposes of the
Act aforesaid.

And therefore the undersigned, in this humble memo-
rial, makes application for an unconditional grant, out of
the common fund, under the control of the Ecclesiastical
Commissioners, towards making better provision for the
cure of souls in the parish of Deddington aforesaid.
JAMES BROGDEN, M.A.,
Vicarage, Deddington, Oxon, Vicar of Deddington,
30th January, 1861.
To the Ecclesiastical Commissioners for England.

We believe it is the intention of Prince Louis of
Hesse to pay a visit to our Court during its sojourn at
Osborne in the ensuing month. His Grand-Ducal High-
ness is expected to arrive very shortly, and will accompany
her Majesty and the Royal Family back to town, where
his presence will doubtless have a considerable influence on
the eclat of the opening season.—Court Circular.
VISCOUNTESS PALMERSTON'S ASSEMBLY.—His
Royal highness the Duke of Cambridge honoured Viscount
and Viscountess Palmerston by his company at dinner on
Saturday evening, at their mansion in Piccadilly. A dis •
tingaished:cirele had been invited to meet the Royal Duke
at the banquet.

will b
The advices from Paris and Constantinople eon-
tinue_to express confidence that all M. Mires' engagements
provided for. It is
possible, however, that the
shariholdcrs in his Caisse may suffer.
A Cabinet Council was held on Saturday at
the official rEsidence of the First Lord of the Treasury in
Downing-street. The Ministers present were—Viscount
Palmerston, the Lord Chancellor, Earl Granville, the Duke
of Argyll, Sir G. C. Lewis, Lord John Russell, the
Duke of Newcastle, Lord llcrbert, Sir Charles Wood, the
Chancellor of the Exchequer, the Duke of Somerset, Lord
Stanley of Alderley, Sir George Grey, the Right Hon, C.
P. Villiers, and the Right Hon, Edward Cardwell,