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 articlos--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 1/. 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
32,000,000/. 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, be-
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 THE EDITOR OF THE SUN.

Sin, Ii 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 " rhun-
derer," to try to draw argument out of the gross abuse
of commercial credit, which some of the late failurts
have brought to light, to beguile the weak-minded and
short-sighted p ration of their readers into the belief
that all who are not willing to bow their necks to the
Overstone yoke, and submit to be longer robbed with
impunity by the, " cool calculators," are wishful to ui -
held their abuses, and to bolster up unsound trade by
an unt,afe and unlimited issue of notes, but they
omit to inform their readers on what grounds tht-y
decide, that because Nos. 1,2, and 3 have abustd
the confidence and credit of other,, that w:
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 has e
their property and merchandise brought down to 24. ed.
of its value, and be compelled (by an artificial nsac'aiLe,
invented and governed by those- who profit by it—Peets
Bank Act of 1844) to pay two, three, or four times the
national- price for any usual and legitimate accommoda-
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 hontst
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.
log their honey, making the rich man richer, the poor
man poorer, and entirely sucking in the means of the
middle and industrious classes.
Rochdale, Nov. 28.