The Sun.
London, England, 1857-11-12 00:00:00

TO THE EDITOR OF THE SUN.

S:r,—With pleasure I've read your article in the Sun,
of this day, and eonsideryou deserve the warmest thanks
of the public, fn.. the able exposition of your views on
our present disgraceful currency laws—laws which, in
their practical operation, are making the rich richer,
and the poor poorer every day. May I give an illus•
tration of what I consider the true cause of this panic ?
We are doing as a nation what it is unsafe for an indi.
vidual to attempt, viz., trading largely beyond our means,
but not up to our scants. By a return I find that the
note, gold and silver coin—taken together—is very little
more than it was seven years ago. How can we then be
otherwise than hard up? Our trade has enormously
increased, and with it we require n largely augmented
currency, or we shall go on to trade with straightened
means, and scatter sorrow and distress on every side.

And now for the remedy. In my opinioa it intht be
an immediate issue of Government notes equal in
amount to the national debt. Make them value one
pound, a leg2l tender, and not convertible into gold on
demand.

The public will have as much confidence in them as
in sovereigns ever so bright, and for all purposes of
trade the notes will be quite equal. By this means our
distress will be at once mitigated, and trade receive as
great an impetus as a man whe❑ a :witted to the pure
air of heaven who was dying for want of its exhilirating
uxygon. We are trading below our wants, and pan.-
lysing trade for want of a more expansive currency.
Let neither the moneyocracy nor red-tapism starve us
into submission. If the people are in earnest a change
in our monetary system will be immediate, and the
confidence of the country again restored. E the panic
does not arouse as to action now, we shall deserve to

suffer the increasing ruin which our preseut monetar
system entails.

Your obedient servant,
A MERCHANT.
P.S.—The Times looks for ease from a oontrac•
ticn nf trade; before that can follow thousands Wiil
be laid low, and suffering aggravated for want of a
simple mode of relief.

TO THE EDITOR OF' THE SUN.
SIR,—As the subject of currency is again of some lin-
portance I must respectfully take the liberty to submit
for your consideration the substance of a letter which I
addressed to the Right Honourable Lord John Russell
on the Ist of May, 1547.

I proposed, in order to check the then great demand
for bullion at the Bank of England, and to facilitate the
discounting of commercial bills at a moderate rate of
interest, that the Bank be allowed to issue two kinds of
notes—one kind to be put in circulation on discounting
bills of ordinary character (such notes to be legal tender
in payment of bill. and in general payment throughout
the country), and for which no gold shall be de►nandable
at the Bank for one year after the date printed or writ-
ten o❑ the notes 80 issued.

The other kind of notes, Fame as at present to he
issued in payment of drafts and of all Securities (not
bills) that might be considered as representing the real
capital of the country. I hold that, as bills are for
accommodation, the holders of such instruments have
no right to demand gold for them. How is it t A.
man goes to the Bank with a bill, perhaps, got up for a
purpose, and receives Bank of England notes for it,
what just right has that wan to return the notes and
demand gold in exchange, with a view, as it might be,
of exporting same for a premium
It what I have suggested was adopted parties
requiring gold for notes issued on discounting bills,
would have to apply for it at the bullion office outside
the Bank, and most likely would have to pay a small
commissio❑ for the accommodation ; and thus by setting
a nominal ♦alue on specie, gold would flow into,
instead of out of, the country, and in a very short
time would become so abundant that any quantity
might be Lad at its real value. The new notes might be
issued for months, marked January, 1856 ; February,
1866, and so on, then at the commencement of the new
year there would be eleven months' issue on which gold
could not be demanded, against one month's issue, for
which gold could be demanded.
I do not propose that the law should be altered with
regard to the withdrawal of one pound notes from
circulation in England, I would say that if a bill for 991.
were to be discounted, 951. of new notes should be
given and the balance i❑ gold or silver.
The Bank should be at liberty at all times to issue
either kind of note, or gold or silver, as they in their
judgment might think proper.
The whole pla❑ to extend to Ireland and Scotland, if
deemed advisable.

I am, &c,,
SAMUEL ELLIS.
Dublin, Nov. 11, 1857.

Loss 01 A RUSSIAN STEAMER.—Advices have bee*
received at Berlin, from St Petersburgh of the loss of the
Russian steamer Kouba, of 100-horse power, in the
Caspian. The steamer was driven on a reef in a violent
storm, and out of a crew of 75, the commander, two
lieutenants, a sub-lieutenant, and 13 men perished.
The watch placed in French cabs to mark the time
have, it appears, proved a temptation to thieves, and
since the establishment of the new system 59 have been
stolen. The robberies were effected with so much dex-
terity that the vigilance of the drivers was in vain ; the
men are made to pay 451. for each watch stolen.
The law courts of Athens are about to be engaged in a
suit in which six millions of francs is involved. A Greek
of distinction, named Totzizsa, left by will to his widow
his whole fortune, consisting of the above-mentioned
sum. The testator's brother, residing at Leghorn, dis-
putes the will and hence the suit. The case excites great
interest at Athens.
FATAL ACCIDENT.—A shocking accident took place
on Tuesday last iu South Devon, causing the instant
death of the unfortunate gentleman to whom it occurred.
Mr. W. Wills, a gentleman residing at Ilsington, on the
borders of Dartmoor, was out hunting at Torbryan, Rear
Newton Abbott, when, in crossing the railway, the fore.
feet of his horse caught in a " sleeper ; " the animal
stumbled, threw Mr. Wills over, and fell upon him,
killing him in a moment.
A NEW ADHESIVE CEMENT.—Professor Edmund
Davy, in a paper, read to the Royal Society of Dublin.
proposes tee following as an excellent cement for repair'
ing gutters, drain-pipes, pumps, &e. It consists in two
parts of common pitch melted together with one part of
gutta, percha. This compound is in many cases prefer•
able to gutta percha alone, aed may moreover be dried
and preserved for use. In order to apply
p.itlatcoe.mlettaisl
and
cement
then
ny
b e shouldpo
poured
r nde
glass,
uponwel
ararsf
aoe dtplheowearrkicteybst hotaibns,t
ani
vet
ore ors:.
o
reqa,ult,ahrileicl yr
ApapapprtilEhi cniacebnil,eot rat. d'w.lta` ho en° du
Ile r efo cl Journal says
Tee apple crop has now been through-
outsofafrgta,thaeltrhedough6the
gh our county as to enable ns to state that the yield
has exceeded
eberdoeudg brought off largeexpectations; in ac
s of blossom, and induced
fears that we should again
outexpewr eell,' a
oadfoaiolpurreeo,oadseotthiye
summer waned they `came
large and juicy. Indeed the present very pressing
demand for casks shows that the make,' both of perry
and cyder, will exceed that of many previous years."
Letters from St. Petersburg state that the price of
pr 'visions has become so exceedingly high in that city
that the government has thought it advisable to open
the state granaries, and to sell the wheat held there in
reserve. This favour is, however, only accorded to such
persons as are known to be in want of
ALARMING FIRE AT WOOLWlCET.—Yesterday morning
at an early hour considerable alarm was created in High'
street, Woolwich, in consequence of a fire, which was
nearly attended with the loss of several live., taking
place in the extensive range of premise. belonging to
Mr. William Cassell, a tobacconist and dealer in British
wines, situate at No. 39 in the above-named street. The
discovery was made by police-officer W. Betcher, No. 8g
of the R division, by perceiving smoke pouring forth from
the lower windows. The officer at once sounded an alarent
and after considerable difficulty he succeeded in arousing
the inmates, but before he could accomplish his object he
was compelled to force the front door. Fortunately, the
whole of the inmates managed to get out of the baek
window, and thereby escaped horrible deaths. Tke
origin of the fire is unknown.
THE RISING OF THE NILE.—." The waters of the Nile,'
says a letter from Cairo in the Annales du Commerce lA'
terieur, " this year attained, for a fortnight only, the
height necessary fur the inundation of the land, and the
consequence is that large portions were not watered."
On the other band, the accounts which have been re'
ceived from Upper and Lower Egypt on the state of the
inundations are satisfactory. In Central Egypt, and par.
ticularly in the district of Cairo, fears are entertained for
the crops, but many of the farmers hope that as the
river is very uncertain in its movements, it may rise
still more, The crop of maize is secure from all danger.
M. Coste, member of the French Institute, and
so well known Lr his experiments relative t°
pisciculture, has just left Perth, in Scotland, i°
which country be has been sent by the Emperor Napa'
leon to inquire into the state of the salmon and trout
fisheries. The learned gentleman has visited the
diffe-
rent streams in that part of the country and paid
on the
Id special
attention to the establishment at Stormont-field,
Tay, for the artificial production of fish.. M. Coate also
during his
i iof
ts then t.
al3:, made
mthineulteg ieslnacitui•ireieesnaionttmo enactments
relative to the berseendatde ry
insgtavotefesoalmon in Scotland and their
preservation.
The old soldiers of the first regiment residing at
os
Fontainebleau, who have received the medal of St.
Helena, about 160 in number, lately raised a sub•
scription for having a mass celebrated for the repose
of the soul of Napoleon 1., and a "Te Deum " as an
expression of gratitude for the receipt of the medal.
The mass and the " To Deum " were performed at the
parish church on Saturday, the cure officiating. Gee.
Husson, senator, who wears the medal, the sub•prefect,
the civil and military authorities of the town, and a
deputation of the garrison were present. After the sere
vice, the old soldiers went to the Hotel de Ville, and
there, on the proposition of General Hueson, resolved to
raise a fund fur the relief of such medallists belonging
to the department as might fall into distress.

SHAKSPERE A MILITIAMAN.—The name "William
F Shofatrteercr :ooldccieurrsa—in
ti
rat, certificateinea
n,imilitia,
i ao,f
we should
names
nowand a
a rcnilsi
them—in the hundred of Barlichway, in the county of
r Warwick—under the hand of Sir Fulk Greville
(" Friend to Sir Phillip Sydney"), Sir Edward Greville
and Thomas Spencer. Was our William Shakopere *
soldier ? Why not? Johnson was a soldier, and had elain
' his man. Donne had served in the Low Countries ? Why
not Shakepere in arms ! At all events hero is a field for
inquiry and speculation. The date is Sept. 22, 1605, the
year of the Gunpowder Plot, and the lists were possibly
prepared through instructions issued by Cecil in cease'
quence of Secret information as to the working of the
plot in Warwickshire—the proposed head.quarters of the
insurrection.—aatc PaperJ, edited by At ary Anne Everett
Green.
THR MINERAL WEALTH OF ENGLAND.—When we re'
Elect on the fact that British miners have been searching
our native rocks for metalliferous minerals since the days
when the merchauts of Tyre supplied the ancient world,
and that we are now drawing from the earth annually
metals alone which have a market value of 20,434,2701.,
we cannot but be struck with the enormous amount of
mineral wealth which has been stored in the rocks of these
" far islands of the West." From the " Records of Mining
Metallurgy" we learn that coal has been worked eines,
1234 in Northumberland; but at that period the quantity
of fossil fuel raised must have been very small. In the re-
port of the committee of the House of Commons the cow
suinption of coal in Great Britain iu 1827 is stated
as 22,700,000 tons ; in 1856, accordino to the " Mineral
Statistics," it had increased to 66,645,450 tons. The
coalfields of the united kingdom have been estimated to
contain an area of 12,000 square miles, and various are
the estimates which have been made to determine the
time required to exhaust them. Little reliance can, we
suspect, be placed upon any o! these computations ; but
one thing is certain, the coal beds of Great Britain are
not inexhaustible, and with a falling off in the supply c't
fuel the staple manufactures of the country must decline
and England ruu,t sink from her high estate to the posi-
tion of a third or fourth rate State among the nations.
Nearly 67,000,000 tons of coals are now raised from our
collieries, which in 1856 numbered 2,829, and in every
part of the country the price of coals is advaLcins.;
France is opening her ports to receive British cool
Denmark, Prussia, Italy, and Russia are our customers.e_,
for both coals and coke. Egypt and the East Indies,
the United States of America, Chili, Brazil, and China,
are regularly receiving our fuel in quantities
YOOO
tong,
—eaiicitii,ceonuctoutnrty. annually from 33,000 tons to 2vsaor

4 1
1. 74itir
aL„ Az..,
1- `v
-

AND
COMMERCIAL INTELLIGENCE,

CITY, Two o'CLocK.

Letters from Liverpool report that the Cotton
Market yesterday closed with a dull appearance, and
values of all descriptions were fully id. per lb.
lower. The sales were estimated at 2,000 bales.
The Railway Share Market manifested more firm-
ness, but prices were without any material
alteration.

The stoppage of the City of Glasgow Bank, and
the run upon the other establishments has rendered
it necessary to forward a large amount of gold from
London to render them assistance. Yesterday about
800,0001. was despatched, and this being added to
the pressure previously existing has caused in-
creased anxiety. This, however, has been some-
what diminished by the knowledge that the &nen
will arrive about the 18th inst. with 525,0001., and
that the Avon is off Plymouth with 260,0001. in
Australian gold.

The charge of 10 per cent. at the Bank of Eng-
land is purely nominal, and a very trifling amount
of paper is negotiated except on much more onerous
terms. Serious difficulties are experienced in
obtaining any accommodation at all, and
many mercantile houses of old standing and
respectability are merely kept afloat by the
efforts of bill discounters or others possess-
mg large supplies of available means. Severe
as the revulsion is, there are many who confidently
predict an easy abatement of the pressure, but before
that takes place, numerous other failures must occur.
The fact is that affairs are completely brought to a
stand, firms find themselves embarrassed although
Possessing ample assets, and the result is a prostra-
tion of business. There never was such a fearful
Complication of disasters, and the consequences can-
tot fail to be of the most injurious description.
Of course credit is severely shaken, all kinds
of rumours aro circulated, and no one seems in-
clined to part with his money. The great ma-
chinery of trade has been materially impeded, the
means which kept it in motion being suddenly
withheld. There is something so novel in the
existing state of things that it is impossible to form
a❑y clear opinion as to its probable extent and
duration.

There is still a pressing demand for accommoda-
tion, and very high rates are paid for the negocia-
Lion of bills.

The Bank directors have held a lengthened
sitting, but no new regulation is respect to dis-
counts has been established.

It is expected that the Marseilles portion of the
Overland Mail will arrive here on the 14th, and the
correspondence via Southampton will probably be
received on the 18th.

Silver continues flat, and until the overland mail
is delivered it is not imagined that any business of
importance will be transacted. About 148,0001.
in that metal, however, was brought by the Rhine
from Boulogne yesterday.
Accounts from Scotland state that there was a
"run" on some of the other banks, especially the
Union, but the panic was subsiding, and no fears
were entertained as to their stability. The gold
from London will render an important service.

A large amount of business has been transacted
in the market for Public Securities, but it has been
characterised by a remarkable degree of strength.
There is a difference of nearly 1 per cent. in the
prices for money and account, money being worth
12 to 15 per cent. The Government broker at-
tempted to sell stock, but was not successful to any
great extent. The decline has been limited to

per cent. although a large amount of stock has been
forced upon the market on real and speculative
account. The operators seem rather undecided,
especially as the Bank authorities are suppos_ed
t° be in communication with the Government.
c° /Isola for money have been 891 and 881 L for
the
account 891 and 893 2-, the " contango" be-
rue: nearly 1 per cent. ; they are now 89 and 89/ ;
Pectl."4. The New Three per Cents. have been
dealt,„ in at 87i 88 and 88H- ; the Reduced are
8
4111-0 Exchequer Bills 30s. to 20s. discount ;
the Bonds 97 ; and India Bonds 40s. discount.
Bank Stock is 2091 211, and India Stock 212.
Business in the Foreign Stock Market has been
exceedingly inactive, and prices are lower. Turkish
6 per Cents. are quoted 87 for money, and 87i
for the account. Mexican, 18 18/ ; Peruvian 41
per Cents., 74.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 5 6 ; Mexi-
can, 18 18f ; Peruvian 73 75 ; ditto 3 per Cents.,
50 52 ; Portuguese 3 per Cents., 42k 431 ; Russian
5 per Cents., 104 106 ; ditto 41 per Cents., 95 97 ;
Spanish 3 per Cents., 40 401 ; ditto New Deferred,
25 251.

The last week's railway receipts, ascertained up
to this day, are in round figures as under
Great Western 1857. 1856.
£27,703 £26,786
North-Western
£.
58,499
13,321 14,770
Brighton 14,289 14,768
Midland
South-Eastern
Great Northern
Lancashire and Yorkshire 20,347 22,245
Bristol and Exeter 5,944 6,280
Chester and Holyhead
.... 6,070 6,073
East Lancashire ....... ..
5,407 6,300
North S
Mani:heater ..
, Sheffield, and Lincoln 10,734 9,803
taffard
North London
Oxford, Worcester, and Wolver 4,574 4,281
West Hartlepool
Edinburgh and Glasgow
Glasgow and South-Western
Grand Trunk of Canada
Great Western of Canada 9,806 14,671
In the Railway Share market this morning the
dealings were by no means numerous, and prices
generally had a further slightly downward ten-
dency. Caledonian, however, improved about 21.,
and North British 10s. Great Western, North-
Western, South-Western, Manchester, Sheffield,
and Lincoln, and North-Eastern (Berwick) declined
10s.; Eastern Counties, Lancashire and Yorkshire,
and South-Eastern, 1/.; and Bristol and Exeter,
1/. 10s. The Foreign lines are very quiet, and
the Colonial were dealt iu to a moderate extent.
Northern of France have receded about 55.; Grand
Trunk of Canada have declined 10s. ; and Great
Western of Canada, and East Indian are steady at
previous quotations.

Mining Shares are flat. Alfred Consols have de-
clined to 171, Great Wheal Alfreds are 5, and
Linares realised 84.
In Joint-Stock Bank and Miscellanaous Shares
there is little change to report. British _Noah
American advanced 1/. Ottoman Bank declined
53. Australian Agricultural shares rather im-
proved, but National Discount Company, and
London General Omnibus Company were a shade
lower,

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( Iron the Official List:l

Rumnesadone:
Hark Stock
8 per Cent. Reduced Annuities
3 per l'ent. (ensols Annuities B9k Biiili
4 I
New 3 per Cent. Annuities B3/ 7.1,
Long Annuities, expire sth Jan. 1860 .... 1 1 i-16
i udia Stock 212
faith Uorih £lOOO ....... • • ••
i 1
t)itto, under £lOOO 4O (.1
Oolsolg. iat -, econnt
India Stock for Account 2lO
•-. Ex . ~I finis, 41a.
20 30 d
£lOOO ........... ....
. 20 30 (.1
- SOU . ................ ........................ ,
..?"-S ~.11 ....... 2O Ad
d
.lAExcliequer Bonds, ..... 34 per Cent
.A., 8
"it". vA9 .......... :-. .. . ..................
Mexican 3 per Cent
Ditto Account .. .........
18
Peruvian Bonus 4 .i,",.: ...
Ditto Account,'. lent„
Turkitt., Roads ,;p.: .. ...
e• .....
I.Ditto Account ..., ,
--
--

_ ...................... 87 63 71
Cons.)ls, money ..
.. TirvO9ICLOCK.
Consols for account......:::;:'" ..... __

The workmen who have been for some time past em-
ployed in repairing the church of the A.,,sumption in tile
Rue St. Honore, are now drawing towards the close of
their labnurg. The building is before long to be re-opened
for public worship.
~A.O important change has just taken place among the
findofficials of the Back of France. M. de Cruusaz-
retet, nephew and adopted son of M. Cretet, Minister
a 4
'ilder the Empire, has been replaced, at the age of 80,
tike
gtor ofeneral cushier, by Baron Antonetti, formerly int-
branah banks.