The Sun.
London, England, 1861-09-10 00:00:00

A battle on the Potomac is believed to be im
minent.

The naval expedition from Portress Monroe is
undoubtedly destined for Cape Hatteras.
The steamers North Briton, Teutonia, and Asia
have arrived out. The Arago passed Cape Race on
the 30th.

COMMERCIAL INTELLIGENCE.

NEW YORK, AUG. 31.
The stock market is dull. Illinois, 64; Erie,
241; New York Central, 721. Cotton advancing.
Middling upland, 20c. Provisions (dull.

TURIN, SEPT. 10,

The Italia of to-day says:---
" The King will leave on the 14th instant for
Florence, and will open the Exhibition in that
city on Sunday next.

" The Ambassador of Portugal has btlen invited
to follow the King.
"It is rumoured that the Minister of 1 the United
States at Brussels, in passing through 'Turin, ad-
dressed a proposal to Garibaldi to tal ce an im-
portant command in the Federal Army..
"According to the same rumour, Garibaldi has
accepted the offer under certain reservut, ions,"
The Opinione of to-day says :--
"The Emperor of Brazil has recogni sed the
Kingdom of Italy.
" General Moltke is expected here to-mor row on
an extraordinary mission from the Ki fig of
Denmark."

'.•••••/0 ........,.....,

ROME, SEPT. 9.
The Paine of this evening says:—"W() are
authorised to declare that all the Powers, wit, hout
exception, have acknowledged the truth of the alle-
gations made by the Roman Government ink 9ro-
testing against the assertions contained in the 1 last
circulgr note of Baron Ricasoli."
The Constztutionnel, in an article signed by its
secretary, M. Boniface, explains the mission t .s-
-sumed by the French authorities in the Pa p al
States, which, it says, is to make respected t ie
integrity of the territory of the Holy See, and At
maintain the neutrality of that territory by barrit
the frontier to the passage of any armed band.

MESSINA, SEPT. .
The meeting of theologians at Palermo has
ter-
minated. It has adopted a resolution declaring the
temporal power of the Pope to be incompatible with
and contrary to the mission of the Catholic Church.

TUIN, SEPT. 9.
The National Guard of Naples haßs been reviewed
by General Cialdini at Piedigrotta. General
Cialdini was enthusiastically cheered.
The anniversary of Garibaldi's entry into Naples
has been celebrated at Milan, Genoa, and Naples,
without disorder. At Naples the troops were
greeted with enthusiastic cheers.

RAGUSA, SEPT. 9.
According to rumours current here, Dervisch
Pasha and Mehemet Pasha, with the troops under
their command, marched yesterday against Zabzi
and Trebinge, two places in the Herzegovina.

The Montenegrins tire forwarding cannons to
Grahowo.

A meeting of all the Montenegrin chiefs was
held yesterday at Cettigue, the capital of Monte-
negro.

An attack by the Montenegrins on the Turkish
;roops is expected.

CONSTANTINOPLE, SEPT. 9.
Kiprisli Pasha has been named Governor of
Adrianople.
The provincial loan is coming in. A million
sterling is expected.

The project of giving a new uniform to the army
has been abandoned. The Imperial Guard only,
numbering 1,500 men, is to receive a new uni-
form.

Sir Henry Bulwer had an audience to-day of
,he Sultan, and presented his new credentials.
Exchange is quoted 207..

WARSAW, SEPT. 7 (Evening).
To-day being the anniversary of the coronation
of the Emperor Alexander, a To Deum was sung in'
the Catholic cathedral. The suffragan bishop offi-
ciated. Order prevailed in. all the churches.

KALISCH, SEPT. S.
No general illumination took place here yester-
day in celebration of the anniversary of the Empe-
ror's coronation. The people smashed the windows
of the few houses that were illuminated, and hissed
the troops sent to disperse them. The military
acted with great violence, ben Ling and even robbing
the people. Many persons were arrested, among
Whom are several of the principal citizens. Some

In compliance with your wish, I will state the
principal points of difference.
The circular ikserts " that the issue of
1;14,000,000 of Bank notes, all payable in gold on
d emend, against a Government debt which is prac-
ti-tally not convertible into gold, is not a sound or
n atural foundation for the national currency."
I once held the same opinion, but further reflec-
ti on led me to entertain the very contrary.. When
I considered that the payment of the interest of
th,e debt was guaranteed by the entire property of
the nation (valued at £6,000,000,000), and that
repudiation was impossible, I came to the follow-
in; conclusion that the £14,000,000 of notes were
ref illy based on the property of the nation.
'That the national property was the best staple
out; of which a national currency could be manu-
factured.
That if the notes were issued with the liability
and ability to pay them in gold on demand they
would constitute a sound national currency, and
that the ability would be insured if one-third of
the amount were issued against bullion, and two-
thirds against Government securities.
We have the evidence of the Bank directors
that they always considered from experience that a
reserve of one-third of bullion to their liabilities
was perfectly safe, and our highest authority on
economy, J. S. Mill, Esq., says " that the substitu-
tion of paper for the precious metals should always
be carried as far as is consistent with safety ; no
greater amount of metallic currency being retained
than is necessary to maintain both in fact and in
public belief the convertibility of the paper."
moXf-ethileAMCoPaicrZl
EmATorllninOgF
Mr.BE NBeentallmNinT,eTaHunEt,
The trading community know little, and care less,
about the convertibility of Bank of England notes ;it is the monied interest only who, through tne ThDis
machinery of the Act of 1844, make it a bugbear Horses, St. Martin's-lane, was found dead in his bed under
for their own benefit. What man ever did or would circumstances which will occtsion a coroner's inquisition.
refuse to sell his goods foe Bank of England notes The deceased, better known as " Ben Quint," had been for
from a fear of their not being convertible P In the years an active member of the Prize Ring, and had fought
panics of 1847 and 1857 the cry was, " Give us many pitched battles, and ultimately obtained the belt as
notes;" these very notes issued only against Govern- champion, which he was afterwards compelled to resign,
went Securities, and the moment permission was being beaten by the "Tipton Slasher." He took great in-
given by orders in Council to issue 11/1 unlimited tercet in the great fight between Sayers and Heenan ; but
quantity, the panic ceased.
he had for some time been much distressed in his mind, and
Nevertheless, the principle of convertibility should taken to drinking rather freely, having a few years since
be maintained as being necessary to keep up the lost two of his children at the fire which took place at his
notes to our standard of value. Let us now con- house. Since then he lost his wife by death, and to com-
eider the consequences of depositing £14,000,000 of plete all he lost the license to his house, and, although Iba
gold in lieu of the Government Securities, against appealed to the quarter sessions, he could not obtain a re-
which that amount of notes is issued under the act vision of the judgment. The deceased attended to his busi-
of 1844.
ness the whole of yesterday, and appeared in his usual
Undoubtedly it would remove all fear of Bank of health, but at night complained of slight indisposition, and
England notes not being convertible, for in that retired at his usual hour to rest. This mog early, on.
case gold would be deposited for every note issued ; oneof the domestics goingto his bedroom hews alarmed at
but it would restrict our legal tender money to finding him dead. Medical attendance was obtained, but
metal and to one metal only, making the rate of it was of no avail, as he appeared to have been dead two or
discount dependent solely on the supply of gold ; three hours. The deceased was between 45 and 50 years of
and as the Bank of England would, remain restricted age.
to an issue of £lOO in notes to a deposit of £lOO in
gold, whilst the Bank of France could issue £3OO
or more against £lOO of gold, the Bank of France
could outbid the Bank of _England for gold, and i
afford money at a lower rate of discount to our ng. . rival manufacturers and merchants.
Again, to procure the £14,000,000 of gold the
country would have to export that value
of productive capital (commodities used in
production) in exchange for unproducti-ie
gold, to be locked up in the coffers of the Bank, hitherto diminishing pro tanto the fund for the employment
of labour. And, again, taking the loanable value of
the £14,000,000 of gat(' deposited at 3 per cent. only, THE COMMERCIAL TREATY
The treaty of cofmurail erce be.tweenGreatlSßUrTitliainlaßndAFNrCaEn;
moreg favourably thou h not yet
hardware
eedtradTe hine
pperrioperhieatvores
y carried into effect, is said to be work-
afford
than even some of its warmest admirers
at the superiority of finishp
tt s exofrewsshe
odl esal
theire ha
astonishment
hinm
et
nh
te
t hand the moderate price of the
P ernf
tpresen.edEto tl em by the agent of one of the first
ma!mac urers n ng and.. Many. articles of domestic use
almost.. unknown in this country are now becom-
ing necessities not only in Paris, but throughout France..
The denaand for these articles is so great in the provincial
towns since the first patterns were exhibited, that it has con-
the annual cost to the country would be £420,000; siderably exceeded the expectation of the wholesale mer-
and this we should have to bear without procuring chant who first ventured to order a small stock of English
any increase to the supply of money, the one thing ironmongery as an experiment. There is one disadvantage,
1 needful for our ever increasing commerce. however, under which the British manufacturer labours,
Could it, however, be used as a National Reserve which must be remedied before he can compete on equal
F 'tend of Gold (as suggested in my Plan for a terms with the French manufacturer ; that is, the very
N 'ational Bank of Issue), to counteract the evils of heavy charges for freight and carriage which are attached
di Pain, it would be cheap even at that cost. Re- to British produce by the time it arrives in Paris. For in-
ga rding the essential character of money to be that stance, a wholesale merchant observed a few dads since to
of a security for the transfer of equivalent values an En
glish agent, "Your prices are wonderfully low, but
of property (in order to supersede the inconvenience you perceiveextra char ea mount to 40 per cent, on
the.
of barter), I consider paper money, based onsmall invoice. Under such conditions your
I
nat Tonal property, and payable in gold on demand, purchase from the manufacturer at home who may as
haswell hitherto
to I m supplied an adequate security, constituting a per-
me." This, no doubt, is one of the inconveniences
fectl 'y sound national currency.
which attend the opening of a new trade
TI le property be g, and which will
of the nation is a guarantee that , gradually remedied.
the holders of the notes will get 20s, in the THE QUEEN IN THE HIGHLANDS.—It is a sin-
-3 and the liability to convertibility ensures gular and cheering sight, in these modern days, to see
poun, ,
the pc Mend being kept uP to our gold standard, con- Queen. . Irtictoria treading the heather, and wandering among
stituti 'rag as steady a measure of value as is rat- iii/314`auitair pdad„ fitromg, where the people onto MD 0 4+03
ti00:114. k-
Stryrj Co Meiji filleit Limas fy, o f which she is so illustrious
In ti lepetition (paragraph 9) it is stated that prizes
.”-a. eat. wit& wang chief and lowland laird she
rise be cause the circulation has been unduly in- , !,,,,,,.... is ,re ered ; and were her throne
Bated v% 7i th bank notes. This, I believe, to be a endangeivd, ithwad rer.T.B of once powerful clans
very cm union fallacy, contrary to fact (see N. 8.), would melt into one in order 4,..) crush those that would
and opp, axed to the opinions of our highest sewn- touch her crown with a rude, a h?stiley or impious hand.
_ iff
tific and practical authorities.
Those white cottages that send tlie sun-rays across the
Mr. 3. S. Mill says, "'apprehend that bank rotes, Dee from their bright walls are the okreations of the Queen.
bills, and cheques, as such, do not act upon prices at What is more, she personally visits ,her tenants, takes a
evensall. Wh at does act upon prices is credit, in what- lively interest in their comfort and well-being, and
ever shape 3 given, and whether it gives rise to an thus finds time to be a model laird'q wife as well as
hap
le instrument capable of passing into cir- a model British sovereign. On Sunday she appears,
culation or not," and Mr. Thomas Tooke, after the wet day and dry day, in the little parish church in the
closest investigation, arrives at the conclusion " that midst of her highland tenantry and sukiects,and joins t„
the prices ,of commodities do not depend upon the simple service of the sanctuary as mil ' • • —yasif it had
the quantiqr of money indicated by the quantity been the accustomed worship of her ch 4 IThe .
of bank n °tea, or upon the amount of the ter of the parish of Crathie is not thit- ' •..-- - minis-
the circulating medium, but that, on most gifted of the clergy of the Ch rep
choicest or
the contrary, the amount of circulating medium but he has the good sense to let others raor -of_ Scotland,
ble •
than bol-
t's the consequence of prices." And his view is tor- self occupy his pulpit during her Majest 's"
roborated by Mr. Newmarch, Wild says that arrangement that now prevails is a
very
Y residence. The
" whatever effects have been mid4coil ,ait raising
Anderson selectshalf a dozen from a simplo one. Mr.
wageeand prices, and in extend' )4 increasing
whose names he sends up to the S raong his clerical friends,
trade, Shave been accomplished kr.,e Apt, of reduc-
proval. If no objection be made •
Tenn
of State for ap-
tion in the rate of interest aW .. - ount and by
e'er , as is never done, these
clergymen occupy the pulpit evez
advances of capital, and net in any 4kay by the
was y second Sunday. This
not the former arrano.
medium of ciroulation." It is inflated-credit, and it '
cement, but is the least liable.
to misa r , •
Lhension thouirli -• • h • ister
not inflated cum which causes speculation and the PP ,. it ives the pans min •
power of selection--a , •
raises prices.. I tend by this post a copy for each
Pow,i, however, which he has
e^ercised with
of the committee of a plan fee a National Bank ol`' -,, great wisdom and discretion for several years,
_London Review
containing suggestions for remedying the --„ •
Issue,
t
evils of our monetary system, and should the cern- the receipts in the Havre Custom-house for the
..
• . think them worthy of being submitted to month of August last show an improvement in foreign
mitae .
the consideration of the press and of Chambers of trade. They amount to 1,
he being an increase of
Commerce, I will print another edition, and send 18,399 f., as compared with the corresponding month of last
filem as many copies '-4 they may require for that year. The tonnage dues levied in the port of Havre be-
,,osa. For a further explanation of my views I tween the Ist of January last and the eat of the present
PII r -
'd refer them to a pamphlet entitled " Money month amounted to 1,430,486 f.
w 0 UA
and the I\l°neY Market Explained," to be had of' ACCIDENT IN THE Cletus.—At a circus, at Leices-
SimpEn and Maraball, as I have no copies by me. ter, on Monday, is youth who was -enacting the part of a
I remain, sir, yours sincerely,
man-monkey, accidentally set himself on fire, and was muck
HAMER STANSFELD. injured before' the flames were extinguished. It seems that
Highfield, Wiadermere., Aug. 23, 1801.
one of his tricks was to climb a rope by the side of the pole
N.B.—The Amount of bank notes issued against in the centre of the circus, and, going too close to the lights
credit only (comtry hank notes) has actually been
at the top of the pole, his dress caught fire. The lad dropped
diminished about a million and a half since the into th© ring as soon as he discovered he was on fire, and
passm, 'O. of the Act of 1844, and consenuentl rolled
- Y was about amongst the sawdust until the flames
the panics and fluctuations in prices since then cau- were extinguished. The circus was crowded with specta-
not be attributed to any intNtion of the currency t ors, and much excitement was manifested,

(BY ELECTRIC TELEGRAPH.)
SOUTHAMPTON, Tuesday Morning.
Arrived.—Saxonia, steamer, from Hamburg ; Oceay.
Lady, from Cork; Mary Louisa, from Langston; Havre,
steamer, from Havre; Leanor, from Sunderland.
;Sailed—Black-Eyed Susan, for Newport.
(BY SUBMARINE AND MAGNETIC TELEGRAPH.)
GRAVESEND, Tuesday Morning.
Arrived, Sept. 9—Wear, steamer, from Gothenburg.
Arrived, Sept. 10.—Emma Eden, from Guernsey; Care-
line Brown, from Luci; Catherine, from Colombo; Anne
Porter, from Buenos Ayres; Sunbeam, from Cockenada;
Start, from Brussels; Gertrude, from Patras.
DEAL Mornin g.
Passed.—Collingwood, steamer, from Tuesday Shields, for Cal-
cutta.
Sailed.—All the outward bound.