The Sun.
London, England, 1861-02-14 00:00:00

TO THE EDITOR OF THE SUN.

Sin.,—England expects every man to do his duty. Did
the Leeds Chamber of Commerce do its duty, at its late
annual meeting, in not saying one word respecting the
aggravating effects of the Act of 1844 on the present severe
monetary pressure, so detrimental to the interest of com-
merce.

This omission is the more reprehensible, after having
passed in 1858, a resolution calling for the abolition of the
very principle of the Act—restriction. The following ex-
tract is from their minutes :
" Bank Charter Act.—This chamber having been re-
quested to depute some gentleman practically conversant
with the working of the above Act, and its effects on the
monetary system and trade of the country, a meeting of
the council was held on the 12th of May last, Darnton
Lupton, Esq., the president, in his place, when, after con-
siderable discussion, the meeting passed a resolution in
favour of the following views :
" Ist. That the clause in the act which limits the Bank
of England directors to an issue of £14,000,000, excepting
against gold, ought to be abolished, and that the directors
should have a discretionary power to exceed that limit as
necessity may require.
" 2d. That the Bank directors should also be allowed to
issue £1 Bank of England notes, convertible into gold in
London in times of pressure and difficulty.' "
Mr. John Smith, of the firm of Messrs. Beckett and Co.,
was deputed, and gave the strongest evidence possible in
condemation of the Act. He said—
" That the act is inoperative in ordinary times, and fails
in times of pressure and panic—that it induces a want of
confidence, which causes money to be hoarded—that al-
though in the district of Leeds in 1857 there was no excess
of credit to any great extent, no accommodation bills, as
far as he could find out, and not one in his own bank—that
trade was apparently very sound, and there was not• the
slightest reason to apprehend a panic—that only one failure
in the district connected with the crisis occurred—yet that,
if the Treasury Letter suspending the Act had not been
issued on the 12th of November, the entire commer-
cial body of this ' important district' must have gone to
the wall. '
And when he was asked if he remembered that an issue of
Bank of England £1 notes stopped the panic in 1825, re
plied, "Yes, perfectly; they supplied the place of bullion,
and would do so again ; they would do so at any time."
Why, then, does not the Leeds Chamber of Com-
merce, in conformity with their resolution, urge
now the issuing of £1 notes to supply the place of bullion?
We have in this country, according to an elaborate
statement in the Mechanics' Magazine, gold coin to the
amount of £100,000,000, that were £1 notes issued to serve
as substitutes for sovereigns, some 20 or 30 millions of
gold might be set at liberty for exportation,
which would at once put an end to the extra
pecuniary pressure in England, France, and America,
arising from a scarcity of bullion. These countries have
plenty of property to exchange for both their home and
foreign trades, but are short of the medium of exchange ;
they have the money's worth or value, but not money,
the instrument for transferring it : they have property
and services enough, and with these at bottom all debts
are paid, but being contracted in money, must be legally
discharged in money, of which they are short.
The act of 1841, by contracting the supply of 'money,
when gold leaves the country, sacrifices the goose which
lays the golden eggs for the sake of the eggs ; stops the
trade which produces the wealth to buy the gold. Its prin-
ciple of cure is homoeopathic ; when gold is drained from
the Bank, and the quantity of money thereby reduced, it
makes it still less by cancelling Bank-note money to an
equal extent. This :application of the homoeopathic
principle, :" similia similibus curantur," will not
answer in this case ; the void in the domestic
currency should be filled up and not made greater.
And for what purpose is this absurd principle adopted ?
Avowedly to ensure the convertibility of the Bank of Eng-
land note, which has never been doubted, and about which
tradespople never think or trouble themselves. A Bank
of England note is a perfect security for the transfer of
equivalent values, and this is all that is wanted in money
of any kind.
It is remarkable that country editors in general are in
favour of the Act of 1844, whilst in London it is the re-
verse. May not this difference be accounted for by the cir-
cumstance that country bankers having the privilege of
issue, partake of the monopoly which the Act gives them,
whilst London bankers do not. Editors commonly
ask the opinion of merchants as to the working
of the Act ; these consult their bankers, who, of course, in
general, very naturally support the Act which benefits
them. Again, if the editor swears by the Times, which many
do, he is following the lead of an official of the Bank of
England—if the report be true that the writer of the City
Article in the Times is the secretary of the Treasury Com-
mittee of the Bank of England.
Thus, even in the press, the safeguard of our rights and
liberties, we may trace the action of the all powerful
monied interest, from whose meshes it is difficult to escape.
To examine into the effect of our monetary laws and com-
merce is peculiarly the duty of Chambers of Commerce, and
England expects them to do their duty.—l am, sir, your
obedient servant

HAMER STANSFELD.

Highfield, Windermere.

Maria Marchioness of Ailesbury entertained at
dinner on Tuesday evening, at her residence, in Hertford-
street, his Royal Highness the Duke of Cambridge, their
Serene Highnesses the Prince and Princess Edward of
Saxe-Weimar, the Earl Granville, the Earl and Countess
of Westmoreland, the Earl and Countess of Chesterfield
and Lady Evelyn Stanhope, Viscount and Viscountess
Newport, Colonel the Hon. James and Mrs. Macdonald,
and Captain Falbe.

Sir Henry and Lady Sophia Des Vceux have left
Thomas's Hotel, Berkeley-square, for their seat, Drake-
bwe, Burton-on-Trent.

General Sir James and Lady Chatterten have
arrived at Howchin's Hotel, from Folkatone.
UNIVERSITY OF LONDON.—A classical examiner-
ship in this university has become vacant by the death of
the Rev. Dr. Donaldson. The senate will proceed to the
election of a successor in April.
THE DEANERY OF EXETER.—A rumour is afloat
in clerical circles, believed to be well founded, that the
Rev. Dr. Scott, Master of Balliol College, Oxford, is to be
the Dean of Exeter, in the room of the Very Rev. Dr.
Thomas Hill Lowe, deceased.

It appears that the average price at which' the
new India Loan of £3,000,000 was taken is £9B 14s. 51d.,
producing £2,961,655 18s. 4d. The total amount of the
first instalment, to be paid to-morrow, is £501,655 18s. 4d.
The Attorney-General's Bankruptcy Bill has
been printed. It occupies 77 pages, and contains 256
clauses.

The dates from Adelaide, South Australia, by
the present mail are to December 26th. The Colonial Par-
liament had been further prorogued to the 11th of January.
Mr. Stuart's exploring party had arrived at Moolooloo, and
left for Chambers' Creek on the 29th of November, all in
good health, and confident of success.
St. PAUL'S CATHEDRAL.—The following Preachers
have been nominated by the Lord Bishop of London for
the special services at St. Paul's :—Sunday, Feb. 17, the
Lord Bishop of Cork ; Feb. 24, the Lord Bishop of Carlisle ;
and March 3, the Rev. Thomas Dale, Canon of St. Paul's.
SOUTHAMPTON, Wednesday.—The Peninsular
and Oriental Company's steamship Ripon, Captain E.
Christian, left for London at noon to-day, to be lengthened
at out 35 feet at the btilding-yard of Messrs. Wigram and
Green, by which firm the Ripon was built.
Her Majesty the Queen, in appreciation of the
important and philanthropic character of the work of the
Royal National Lifeboat Institution, has signified her in-
tention to become an annual subscriber of £5O to its funds.

The Countess de Persigny will leave Albert-gate
House on or about the 25th inst. for Paris.
ANOTHER SHOCKING CRINOLINE ACCIDENT.—
Yesterday morning, at an early hour, a most frightful
accident occurred to Miss E. Hill, aged 18 years, who re-
sides at Sutherland-terrace, Caledonian-road, Islington. It
appeared that she was sitting alone by the aide of the fire,
her crinoline hanging over the fender, when a piece of red
hot coal fell on her dress, which became ignited, and she
was enveloped in fire. Her screams brought assistance,
when the flamas were extinguished. The unfortunate lady
was conveyed to the hospital, where she now remains
without the slightest hope of recovery.
EXPORT OF GOLD TO THE UNITED STATES.—
The Liverpool, New York, and Philadelphia Steamship
Company's screw steamer Edinburgh Castle, Captain
Brooks, sailed yesterday from Liverpool for New York,
taking out the United States' mail and a fair amount of
cargo; besides which she took out 20 cabin passengers, and
had £43,420 in gold on freight.
THE BONAPARTES.—The Paris correspondent of
the Brussels Independance states that an interview has
taken place within the last few days between the Emperor
and the young Bonaparte, grandson of Jerome by his first
wife, Miss Paterson, and whose father is the plaintiff in
the action which has occupied so much !attention. This
interview has led to the supposition that before the deci-
sion of the Court is pronounced some friendly arrangement
will be effected.

RESTORATION OF THE CHAPTER-HOUSE, WEST-
MlNSTER.—Arrangements are on foot for the restoration of
the Chapter-house of Westminster Abbey, which is justly
regarded as one of the finest examples of early English
architecture. It was built by Henry 111. about the year
1250, but it has been reduced to a mere wreck in conse-
quence of the every day uses to which it has been applied.
The Chapter-house was made over by the Convent of
Westminster for the use of the House of Commons early
in the reign of Edward 111., with the express condition
that the Crown should keep it in repair. In the time of
Edward VI., the Commons having removed to St. Stephen's
Chapel, the Chapter-house came into the hands of the
Government. It has since been employed as a record-office,
but in consequence of the erection of the new general repo-
sitory for records the public documents have been removed,
and nothing is wanted but funds to enable its restoration to
be accomplished by Mr. G. G. Scott, to whom the work has
been entrusted.

CRYSTAL PALACE.—ONE ►SHILLING DAY.—
Wednesday, Feb. 13.—Admissions on payment, 815; ditto
by season tickets, 50) ; total visitors, 1,324.