The Sun.
London, England, 1857-11-30 00:00:00

scheme. We might just as well think of
going back to a state of barter—of the butcher,
and baker, and tailor, and shoemaker ex-
changing the different articles—as restricting
ourselves to bullion. If there is to be credit in
any form there must be credit money. We may
just as well prohibit bills of exchange as bankers'
notes. What would be said if bills were inter-
dicted unless the drawers and acceptors could
prove that they had balances lodged at their
bankers at the time of their formation sufficient
to ensure that they would be duly honoured at
maturity.

The industrious classes must not be seriously
damaged, in order either to gratify the ridiculous
freak of having gold sovereigns circulating from
hand to hand in place of 11. notes, or the wicked
designs of those who would grind the working
population to the dust in order to gratify
there own cupidity, and to obtain exorbitant
and usurious discount for their money. We have
not a metallic currency. There are some
3.2,000,0001. issued in the United Kingdom,
against which there is not a single ounce of gold.
We say then, with the Times, let us be consis-
tent, and have a purely metallic or unconvertible
currency, and we say so the more willingly, las-
cause we are convinced that the former could not
last for a single week, and that the system must
necessarily fall to the ground.

THE CURRENCY.

TO THB EDITOR OF TIEN SII/f.

Sin, It now appears to be the policy of the Times and
the penny imitators, which think they gain importance
by following, like lap-dogs, in the wake of the " nun-
derer," to try to draw argument out of the gross atm,
of commercial credit, which some of the late failures
have brought to light, to beguile the weak-minded and
short-sighted p ation of their readers into the belief
that all who are not willing to bow their necks to the
0 ierstone yoke, and e-übmit to be longer robbed with
impunity by the " cool calculators," are wishful to 14 -
held their abuses, and to bolster up unsound trade by
an un.afe and unlimited issue of notes, but they
omit to inform their readers on what grounds they
decide, that because Nos. 1,2, and 3 have abused
the c.infidence and credit of other., that wee
placed in them, and brought ruin on themselves and
losses on those who confided in them, Nos. 4 to 100, the
large body of the honourable and solvent traders of the
country, whose business has been upright, and whose
transactions legitimate, are to quietly submit to have
their. property and merchandise brought down to 24. 3d.
of its value, and be compelled (by an artificial usaohino,
invented and governed by those who profit by it—Peel's
Bank Act of 1844) to pay two, three, or four times the
national price for any usual and legitimate accommoia-
tion they require, in order that Overstone, " Cool Cal-
culator" and Co. may be allowed to go on undis-
turbed in the process of fattening themselves more
and more out of the very vitals of honest
and honourable commerce ; keeping by intimida-
tion and bluster the monetary laws of the country,
subservient as they at present are, to their own selfi-h
purposes of periodically smothering the bees, and steal-
ing their honey, making the rich man richer, the poor
man poorer, and entirely tucking in the means of the
middle and industrious classes.
Rochdale, Nov. 28.