The Sun.
London, England, 1857-12-03 00:00:00

HE SUN, LONDON, THURSDAY' EVENI746, DECEVIiER 3, 18N7,

soldiers on guard. On this night Casareto, Las-
trico, Deoberti, and another named Sanguineti,
went up to the Diamante fort. The others were
told by Casareto that Mazzini at length, after 18
months' delay, had given orders for action. These
Imen being joined by Ignazio Pittaluga and one
Noli, began to eat and drink with the soldiers.
Casareto went out and returned with a bottle of
wine, which is supposed to have been " craftily
qualified," and of which all the soldiers drank.
Meanwhile, Pittaluga amused the sentinel, whilst
Lastrico, from the walls of the fort, signalled to an
armed band who were lurking outside, and called
on them to {enter the fort, saying that all the sol-
diem were intoxicated. They came in and began to
cry, "Evviva la Repubblica, "Evviva la Savoia,"
"Evviva l'ltalia." The keeper of the guardhouse
was desired by Pittaluga to surrender, saying that
he (Pittaluga) was now in command, and that a
provisional government was established at Genoa.
The sergeant alone offered any resistance, and
was killed by a musket shot in the face. The Bel
diets ware then locked up in one room, and the
guardroom keeper in another ; the cannon was made
ready for battle, and a note was written and sent to
the city, announcing tlie result, and declaring that
the Sperone fort must by that time be likewiFe in
the hands of the insurgents. However, at break of
day, since their messengers did not return from the
city, and the red flag was not seen hoisted on the
Sperone forte, they evacuated the Diamante fort,
leaving behind them their own flag, with muskets
and daggers. During the same night several other
persons were stopped in the streets, in small parties
of two or three together, some of whom carrled
daggers and other weapons, whilst some had papers,
printed in London, of Instructions for the forma-
tion of the Party of Action," with engravings re-
presenting the Neapolitan " Cuffa di Sitenzio. ' A
variety of other circumstances are specified in the
indictment, showing the frequent intercourse and
concert of the prisoners with each other, and their
constant attendance, for some time previous to the
29th June, at the meetings, held under different
pretexts, at which inflammatory discourse was
heard. It appears that Pittaluga and Lastrico, who
u=ed to practise in the shooting galleries of the So-
cieta del Trio Nazionale, were accustomed to say
that by the skill so.acquired they hoped one day to
win for the people their liberties, to get rid of the
police, the taxes, and the greedy drones of the com-
munity ; and to effect a revolution better organised
than that of 1841 had been. Most of the prisoners
seem to have been artisans, or men of the working
class.

PUBLIC MEETING AT EAST .RitTPO.RD TO
PETITIO V AGAINST THE BANK
CHARTER ACT.

[We reprint the following report for the benefit of
those who may not have read it iu the journey up to
town.]
A public meeting of those opposed to the mone-
tary system established by Sir Robert Peel's bills.of
1819 and 1844, was held at the Town Hall, East
Retford, on Saturday last, (Nov. 28) at half past
three o'clock. The fact of its being market-day,
though convenient for the farmers, made it nearly
impossible that those engaged in trade could be
present. There was, however, a highly respectable
and intelligent audience including most of the
principal farmers in
_the district. Among those
present we observed—Mr. Councillor Wilkinson,
(in the Chair); the Rev. J. Twells, (Rector of
Gamston) ; Mr. Enoch Hodgkinson, Mr. F. White,
Mr. Robert Baker, (Ganaston) • Mr. R. J.
Rogers, (Gemston) ; Dr. Timm, (Scrooby House),
E. Chapman, Esq., Mr. J.- Allison, Mr. George
Kelk, Mr. J. hite, (Babwortl) • Mr. J. C.
Payne, (Ordsall) ; Mr. John Walker, (katterseys) ;
Mr. Johnson, (Blaco Hill) ; Jacob Ogle, E4q.,
Mr. J. Wightman, (Elksley) ; Mr. J. Lester,
(Babworth) ; Mr. S. White, (South Leverton) ;
the Rev. C. Lee, (Hexham) ; Rev. A. Brook,
(Vicar of East Retford) ; the Rev. C. D. Butter-
field, (Rector of West Retford) ; the Rev. H. C.
Mitchinson, the Rev. W. A. Plumptree, Mr. A.
Liller, Mr. Bryan Clarke, (Tuxford) ; Mr Rose,
Mr. Cooper, and Mr. night, (Eaton) ; Mr.
Pinder, (Bellrnont) • &c., &c.
On the motion of Dr. TISIIIVI seconded by Mr.
G. CHAPMAN, Mr. Councillor thlkinson was called
to the chair.
The CHAIRMAN then spoke as follows :—This
meeting had been convened for the purpose of con-
sidering the propriety of petitioning Parliament in
favour of the revision of the Bank Charter. He
regretted that, owing to professional engagements,
the mayor was unable to preside at that meeting.
Many people were unwilling to engage in any move-
ment respecting the monetary laws, on the plea
that they did not understand them. It must be
admitted that the question was of a difficult and
complica4ed nature, and multifarious in its relations
and influences ; but he diet not consider that because
a question was difficult fully to understand in all
its details, that therefore it should be neglected.
(Hear.) Wbo, for instance, understood thoroughly
the physiology and pathology of the human sys-
tem 1 if we had any disease or pain, our ignorance
of the functions of the human body did not prevent
us from applying to the doctor. (Hear, hear.) This
is the case with the Bank Charter Act. It has
twice been proved to be in a diseased condition,
the main principle of the act having been suspended
in 1847, and again in 1857. It was quite evident
that an act twice broken cannot. be maintained—
(bear, hear)—and he should therefore say that the
Charter should be so altered or revised as to be
tantamount to a repeal. Now that we have got
free trade in corn, the restrictions and monopolies
of the Bank Charter Act ought not to be retained.
We ought to have free trade in money as well as
in corn and other commodities. (Cheers.) He
thought that it was h'gh time the bullionist power
should be placed within proper restraints, and no
longer be permitted to disorganise the currency of
the country and spread ruin over the land.
(Cheers.) The cha;rman then called upon the Rev.
John Twells to move the first resolution.
The Rev. JOHN TWELLS, on rising, said—lt is
now seven years since I had the pleasure of addres-
sing you in this hall on the subject'of the currency.
I cannot, therefore, be justly accused of obtruding
myself unnecessarily on your attention ; indeed, I
may rather claim the compliment paid by the French
gentleman to the English traveller,—"This gen-
tleman apparently has a great talent for silence."
Since that time events of great importance have
taken place, which have excited the interest and
called out the energies of the English people to an
unwonted extent; and with regard to the monetary
question an event has occurred, more remarkable,
perhaps, than any which has happened for many
centuries. I mean the unexpected and extraordi-
nary discoveries of gold in California and Australia.
The gold yield of the Ural Mountains in Russia,
which had in a short period increased from 2,000,000/.
to 4,000,0001., had excited much speculation as to
the effect to be produced by this increase of gold.
In 1848 it was announced that gold had been found
in California, and in 1850 the amount produced
was 5,000,0001. ; in 1851, 8,000,0001. Gold was
discovered in Australia also in 1851, and in 1852
uo less than 9,735,9031. was exported. In 1853,
10,445,7001.; and the pro luction has continued to
an undiminished extent up to the present time.
It may be concluded, therefore, that the enormous
amount of something like 150,000,0001. of gold has
been thrown into the markets of the world by the
discoveries in California and Australia. One of the
I first effects which we can ascertain (and I muss
mention that we are greatly assisted in these in-
quiries by the information compiled from official
sources by the Economist), is the displacement
of a large portion of the silver coinage of
France by gold. In the four years before 1850
the silver coined at the mint in Paris was at
the rate of 3,873,0001. sterling annually, while
during the same time the amount of gold coined
was only at the rate of 767,0001. annually, that is
the proportion of gold coined to that of silver was
about one-fifth ; but the change after 1850 was most
remarkable. In the six years which follow, the
silver coined was only at the rate of 1,566,000/.
annually. During the same period the amount of
gold coined increased to the unprecedented sum of
10,820,000/. annually. In 1854 and 1855 the
change was still more extraordinary, the gold coined
in Paris being of the value of 36,500,0001., while
that of silver was only 985,0001., that is rather more
than thirty-six of gold to one of silver. The tetil
amount of gold coined in France during the six
years from 1850 to 1855 was 64,910,000/. sterling.
Dining the period from 1851 to 1855, it may be ob-
served that gold was coined at the London Mint to
the amount of 38,254,0001. Now, under the cir-
cumatances of this extraordinaryproduction of gold,
an appeal to Parliament to alter or even to consider
the reformation of the monetary syetem appeared
hopeless—we were told on every side that the gold
discoveries would solve the difficulties of the cur-
rency question, and insure the prosperity of the
nation. The average rate of in' erest for money was
to be, according to the Times, 3i per cent. The
only difficulty was what to do with this enormous
influx of gold Was the Bank to be relieved from
buying it ? Should Si, notes he withdrawn from
circulation ? Should the quantity of gold in, the
sovereign be doubled ? How were we to dispose of
our great, our increasing, our superabundant me-
tallic wealth ? In April, 1852, the Times, after
mentioning that the rate of discount for the best
paper had for a considerable time ranged between
and 11- per cent., said—" The absence of a coura-
geous spirit of enterprise (this is what they now
call ° over trading and reckless speculation'),
is the penalty that has weighed down the
country ever since 1847, and the old feeling"
of healthiness (which the Times now calls the spirit
of the " dashing speculator") will not be restored
except by the difficulty of obtaining any return for
sapital in the routine channels (which it now calls
"the slow profits of honest industry"), coupled
with apprehensions of a possible further lowering
in the interest of the public debt." The amount of
gold in the Bank of- England was then about
20,000,0001., the currency consequently expended
the rate of interest, as was observed, under 2/. per
cent , and this short-sighted writer has added his
mite of encouragement to stimulate the over-specu-
lation, which the necessary consequence of such a
atate of things. (Cheers ) In July, 1852, the
amount of gold in the Bank rose to not less tha]

22,042,6831: The stock of bullion being in excess
of the amount of Bank notes in the hinds of the
public by 700,128/. In Nov. 174 tons of gold ar-
rived in London within a week. In July, 1853,
the First Minister of the Crown, Lord Aberdeen,
in his spe ch in the City, referred to " the bright
prospects which he saw at that time throughout
the whole of t•As country," and spoke of its pros-
perity, happiness, and degree of progress as alto-
;ether unparalleled. -He (Lord Aberdeen) at-ri-
bated it to the enlightened system of financial and
commercial policy of the late Sir Robert Peel. Lord
John Russell spoke of fzee-trade "as hiving con-
dueed most materially to wealth, prosperity, and
comfort of the great body of the people." Their,
stateatents were loudly cheered by the good citizens
of the City of London. In the meanwhile, as my
agricultural friends around me will remember, and
I am most happy to think that they have it to re-
rnerubEr, the prices cf agricultural produce had
reatly improved. Wheat, in Oct., 1833, sold at
Uxbridge at 100 s. per quarter, th;s was, of course,
of the first quility; in 1854 and 1855 it com-
manded fry m 8./F. to 995. per qu .rter.
I find that I sold wheat myself in 1855
at 925. p,:r quarter. Now, during this p riod
of prosperity I considered it my duty to
give the whole subject a careful reconsideration.
Some of my friends less insane on the currency
question than my-tit began to believe that although
PeA's system was a bad one the wonderful effects
of the gold discoveries would interpose an effeAtial
remedy. It is easy to be wise after the event.
I, therefore, am glad that I wrote down during
this period of prosperity the deliberate convictions
of my own mind, because I find that I then ex-
pressed in the most decided possible language a
conclusion at which I bad arrived that even the
gold discoveries could not remedy the evils of our
unsound, unphilosophieal, and most injurious mo-
netary system. (Cheers.) I find that I then said
that " not even gold could prove a substitute for a
good monetary system." " That if our gold iinpor.

tations fail, our vaunted prosperity would vanish
like a dream ;" and " that gold was not the Her-
cules to extricate us from our difficulties." I
mention these, .and I might refer to scores
of similar observations, not in a spirit of
self-laudation, to show that the principles which I,
in common with all sound currency reformers, held
of the unstable character of Peel's fair-weather
money system, were firmly retained at the time
when that system was supposed to be most pre-
eminently successful. (Hear, hear.) A change
was then approaching ; as early as 1853, the drain
of silver began to manifest itself. It is not net=s
sary for my argument that I should be able fully
to account for that drain. One reason undoubtedly
is, that the great discoveries of gold had un-
settled the relation which, on the continent of
Europe, previously existed between the value
of gold and of silver. In France the ancient
relative value of gold to silver—namely, that of
one to fifteen and a fraction is retained, although
in our own country and in America the relative
value of the metals in the. coins has been altered.
Silver became, therefore, apratable article of com-
merce in relation to gold. It paid the merchant to
purchase silver five franc pieces in France with gokl,
and to export the silver. He knew by the figures,
to which I have previously referred, that this pro-
cess had been going on in France, and that a large
portion of the 100,000,000 of silver coin, which was
estimated to constitute the silver coinage of that
country, has been displaced by gold coin. Large
importations of silver have been for several years
past taking place to India and China. Now, to
supply the place of the silver coinage which has
been withdrawn from circulation, and to satisfy the
large demands for silver in the East, it has become
necessary to withdraw gold from this country. We
find, therefore, that the continued arrivals of gold
from Australia have for the two or three past years
been barely sufficient to enable the Bank to retain
an amount of bullion adequate to justify in supply-
ing the country with the necessary amount of paper
circulation. At the commencement of this year it
therefore became necessary to attempt to check the
drain of bullion by a rise in the rate of discount.
On the 3d of April the rate was raised. to 6i per
cent. ; on the 18th of June it was reduced to 6 ;
and on the 15th of July to 51 per, cent. On the Bth
Oct. it was again raised to 6 per tent. ; and on the
12th Oct. to 7 per cent. ; and the effects of the
American panic—a panic principally caused by the
defective monetary system of that country, where,
as in England, the mistaken policy of the
bullionists prevails—caused the rate to be raised,
on the 19th October, to 8 per cent. ; on the 5,h of
November to 9 per cent. ; and on the 9th to 10 per
cent., at which the highest legal rate probably ever
exacted by the creditor class from their debtors in
this country it now remains. (Hear.) On Thurs-
day, November 13, the Bank Charter Act was sus-
pended, by a letter addressed by the Prime Minis-
ter and the Chancellor of the Exchequer to the
Bank. We meet together to-day, therefore, under
this peculiar state of things, that the Bank Charter
Act is suspended, and the convertibility of the note
for the time abrogated. Parliament has been un-
expectedly called together at a very short notice to
deliberate on the steps necessary to be taken in
consequence of this infringement of the law of the
land. Now it was said in. 1844, by Mr. Jones
Lloyd (now Lord Overstone), who is, as you know,
one of the principal promoters and supporters of
Peel's monetary system, that the Bank Charter
Act of 1844 "has been justly described by its
author as the compliment of the Bill of 1819, as the
further step which was necessary to render that
measure complete, and to give to the public every
possible security for the effectual maintenance of
specie payments. This is the true object of the
measure ; and by its efficacy or otherwise in this
respect, the success or failure of the measure ought
to be tested."

How then stands the question with regard to the
Bank Charter Act ? It was suspended- by a letter
from tl.e Ministers n 1847. On an inquiry into the
circumstances of that suspension it was decidedly
condemned by a Committee of the douse of Lords,
and it only escaped a similar fate in the House of
Commons' Committee by 3 the accidental, though
unavoidable absence of two members of that Com-
mittee. Of the 17 witnesses examined before the
Committee of the HOUS3 of Commons, in 1848, 13
condemned the Act, and four witnesses supported
it. Among its four supporters were three director,
of the Bank and Mr. Samuel Jones Lloyd. Among
those who condemned it were the late Mr. Samuel
Gurney, the first money-dealer in Earope ; Mr.
George Carr Glyn, the eminent London banker ;
Mr. Bates, the head of the house of Baring,
Brothers, and Co. ; and Mr. Birkbeck, the re-
cognised representative of the country bankers of
England. At this time Lord Ashburton (formerly
Mr. Alexander Baring), a far higher financial
authority than Lord Overstona can presume to be
con-idered, pronounced, as his judgment, that the
Bank Charter Act " was a great experiment which
had signally failed." (Hear, hear.) But it is con-
demned by more important. evidence than any yet
cite d. It is condemned by the fact, it is condemned
in the very test which Lord Overstons propounded,
namely, its efficacy in giving to the public "every
possible security for the effectual maintenance of
cash payments." What was the state of the Bank
of England on the 233 of October, 1847, as to the
effectual maintenance of cash payments ? It was
this :

LIABILITIES.

Notes issued £21,865,445
Deduct held by the Bank itself ... 1,547,270

--£20,318,175
Public Deposits
Other deposits . . ....
Seven day and other ........................ 947,013

ANSETS.

34,612,091

In the issue department—
Go ld coin and bullion
Silver bullion 1,120,091

7,865,445

In the banking department—
Gold and silver coin

447,246
------ 8,313,69:

Balance wrToli the Bank could not pap in gold
.................................... 26,20,400
On the 11th Nov. 1857, the day before the sus-
pension, the state of the Bank of England was
th's—

LIABILITIES.

tions of the money market. A monetary crisis
comes. Gold goes out of the country, the bank
rises its discount and reduces its circulation, and
the prices of all things are depreciated. And thus
the farmer is deprived for years of the fair remune-
ration for all his industry, and of the interest of the
capital which he has invested in his land. The same
thing applies to the manufacturer, for he has been
building new mills, enlarging his works, expending
his trade and employing more hands. Peersbill puts
a stop to all this ; and when the farmer and the
manufacturer are suffering, and all the country
with them, and Government, at the eleventh hour,
steps in to save the country from utter ruin, the
usurer complains that prices are not suffered to fall
still lower, that he (the consumer) is defrauded of
wheat at 30s. a quarter, and all other things in pro-
portion, and that he cannot get his 201. or 301. per
eat. according to his calculation. (Applause) Is
there among the ,e writers in the Times out word of
heartfelt regret, any relenting for all the anguish
and privations, the broken fortunes and the broken
hearts, which this Bank Charter Act is at this mo-
ment causing ? Do they say anything of the dis-
tress and poverty of thepeople, thrown by thousands
and tens of thousands out of work without any
fault of their own ? Have they shown the least
feeling of commiseration for the working-men by
whose humble firesides suffering, poverty, destitu-
tion, and starvation, are taking up their winter's
abode ? No ! "Isit so nominated in the bond ?"
Is there one feeling of pity for the victims of this
iniquitous system ? No, not one. The whole
tenor of their writing is—Perish the people
of England ! but let the " hard calculator" grasp
his 15 per cent. (Loud and continued cheering.)
How very far different is the feeling of an excellent
and attached friend of mine—Mr. John Taylor, of
London, whose calculations have always been for
others and not for himself, and who has for many
long years been the disinterested advocate of this
unpopular, but great question. In a paper which
I received from him this morning he places the
question between the producer and consumer in a
remarkably lucid point of view. He says, " Cheap-
ness has been cried up as a blessing to the labourer ;
yet it is difficult to conceive how any one could
think that the labourer would be benefitted by low
prices. A moment's reflection would have served
to undeceive him. A poor man produces (say)
five times as much as he consumes ; a rich man
consumes (say) five times as much as he produces.
Low prices, therefore, are in favour of the rich
consumer as five to one, and high prices are in
favour of the poor producer as five to one. These
numbers are used by way of illustration ; it is im-
material what the real "proportions are ; every one
who lives by his labour, every one who produces
more than he consumes is benefitted by high prices
more than by low. Every one who lives on his
property, every one who consumes more than he
produces is benefitted by low prices more than by
high. Yet there are many persons professing to be
friends of the labourer who gravely try to
persuade ' him that low prices are for his
especial advantage. Having forced down prices by
the Currency Acts of 1819 and 1844, they wish the
people to believe that low prices are preferable to
high prices." This seems to put the question be-
tween the producer and the consumer in a very
clear point of view. Witte regard to over-specula-
tion ; when there was an extraordinary influx of
gold to the Bank, the English people were told by
the bullionist organ that they were afraid to launch
out into a courageous spirit of enterprise ; when
they do so launch out, they are accused of over-
speculation. The Acts of which we complain com-
pel the Bank of England to purchase gold, however
large the amount of it in their coffers may be.
When they had 20,000,0001. of gold they were
obliged to give their notes in exchange for any
amount of gold that might be brought to them.
The effect of this, is tha-, the circulating medium
being largely increased, money made plentiful, and
the rate of interest reduced to lf or 2 per cent ,
the greatest temptation is held out to people to en-
gage in various kinds of speculation, because tl;e
-"routine system of business" then produced no
adequate remuneration. Now the Times de-
nounces this " courageous spirit of enter-
prise." Let it not be supposed, however, that
the virtuous indignation which the organ of the
bullionist party so vehemently hurls against ill-
conducted banks and insolvent merchants arises
solely from the wish to condemn such misconduct.
It was because the drain of bullion to Scotland was
the last straw which broke the back of bullionism
that our friends of the Times go into such a rage.
And how many have failed at this period, against
whom the slightest imputation, even of want of
prudence, cannot be justly brought, and who have
fallen victims to this pernicious system of currency.
Do you suppose that such a firm as Naylor, Vickers
and Co., of Sheffield, who, oven now, in le midst
of depreciation and ruin, are able to produce assets
of more than a quarter of a million of money be-
yond their liabilities, would have failed under a
round monetary system ? Take, again, the case of
Dennistoun and Co., who failed the other day.
We see that they are already making arrangements
to pay 20s. in the pound. (Hear, hear.) These
are remarkable instances, and the Times is cunning
enough to make these exceptions to their rule of
condemnation of the unfortunate victims of the mone-
tary system by which many others of equal honesty,
butlessextensive resources, have been ruined. I will
now go to the remedy we have to proposs, which is
embodied in the petition which I have the honour
to submit for your consideratlit. [Mr. TWELLS
here real the petition, which we give below.]
The currency question as it now stands, may be
compressed in very narrow limits. The great point
of difference between the currency reformers and
the bullionist is—shall the bank note be converted
into bullion at a fixed rate, or shall it be converted
into bullion at the market price of the day ?
Peel's bill has three phases when gold flows in, in
great abundance from any cause whatever, the
Bank is obliged to increase its note circulation and
speculation is encouraged and fostered. This is
the first phase. At the time when bullion flows
into the country, as it has latterly done from Aus-
tralia, but at the same time there is a considerable
drain of bullion, an equable curreri:lr is;maintained.
The Acts of 1819 and 1844, then become a dead
letter, and the country enjoys a sound and healthy
trade. This is the second phase. But when from
any cause bullion is exported more largely than it
is imported, the currency is contracted, prices are
lowered, and you are subjected to a state of de-
pression, suffering, and ruin. This is the third
phase. Now, I believe that this state cf
things would be entirely remedied by what
is here proposed—viz., the establishment of
a legal tender paper money. And experience has
shown that about 20,000,000 of this would be suffi-
cient as a basis for our domestic circulation. This
paper money would not be subject to be hoarded or
withdrawn from the country. It would enable the
nation to go on with its business whether gold left
the country or not. It would preserve a fair and
just rate of interest," and we should be free from
these often recurring periods of ruin and panic.
What you want is security for your trade, and that
the commercial and agricultural interests of the
country may rest on a firm basis. And this can be
secured by an adequate and unfluctuating circula-
ting medium, which, under any circumstances of
export of bullion, you may be able to retain at home
for domestic purposes. This state of things is to be
maintained by the proposed remedy. But I know
a great deal will be said by giving up the principle
of convertibility. It has been proved to demonstra-
tion on the occasions of 1847 and 1857 that the con-
vertibility of the bank note under the present sys-
tem is a mere financial fiction. It is a system by
which you can always convert the bank note into
gold except at the time when everybody [wants to
do so. But the system which we propose in our
petition is one by which we can always convert the
bank note into gold and silver at their market price
and into everything else. If I want gold or silver to
send abroad or to melt down to ma'• e watches r jewel-
lery, I could, under the proposed system, go to the
Bank and convert them into bullion at the market
price of the clty. I have, after all, no wish to
dogmatise in this diffieult question, but I believe
that this is the only convertibility which, under
the existing circumstances of the nation, is either
attainab!e or desirable. (Hear.) Sir, it was said
by the first Lord Liverpool that a purely metallic
cut rency had this inherent defect, that being COrn-
p ised of an . article which was also a commodity, it
was liable to fluctuations in value. California and
Australia show how possible a great fluctuation in
the value of the material of a metallic currency is.
Under a domestic circulated medium of paper as
much would be done as possible to render this in-
herent defect. The currency of- paper, which we
propose, would, it is believed, do more than even
(cal
aesmetaltniogn iocf t
lrower.lem currencyosni
or
t, isaeymtsat i
anqi
nuaii
stfair
owe
sqatruime toatmbh le
momentous
otuuhr
es-
one and that nothing Ehould be done without due
deliberetetn. In add, eseing you on th s occasion
I have endeavoured to place the object which we

have iu view, namely, cutrency reform, in the
clearest light that I could. (Hear, hear.)
Let, I would say, that system of currency be
estab'ished which shall promote the greatest hap.
piness of :he great Est number of my fel'o w-couns ry-
men. Bit there is a plwf rful party against us. It
will require every energetic exertion ou your part,
even though this system now stands self-condemned
before the courf ry to effect the least possible refir-
mation. Yet I cannot but think that common
sense and common justice will at last triumph,
and that this rich man's bill, by which the rich ale
made richer and the poor made poorer, will not be
suff!red much longer to encumber our statute book.
(Applause.) 'Had I not believed that truth, and
important truth—that juktice and most impartial

justice were on our side—l should never have en-
tered on the contest, or, having entered on it, I
should long since have retired from the unequal
strife. But I neither hesitate nor doubt. I never
did doubt on the subject since the time when, ton
years ago, by my own fireside, with few books and
no friends to consult, I impartially reviewed the
whole monetary question, which even as a boy had
engaged my attention, and came to the decision
that the most important interests of the country,
moral and religious as well as social, were involved
in it. (Cheers.) I have faith in my principles.
And I have greater faith in the immutable laws
of Divine Providence, by which, however long
it may be delayed by ignorance and selfishness,
right eventually becomes might. (Loud cheers.)
And, therefore, whether I live to sec the day or
not, when this mo.,t unjust and unrighteous system
shall be aholished, I shall have the approval of my
own conscience, that, without regard to personal
interest, and without fear of personal consequences,
I have humbly endeavoured to do my duty as con-
cerns this great question as a man, a citizen, and a
minister of religion. (Loud and continued ap-
plause.) The rev. gentleman then made the follow-
ing motion :
" That the Bank Charter, at the time when its main
principle—viz., the effectual maintenance of cash pay-
ments, bas been tested, having for the second time sig-
nally failed, this meeting is of opinion that a complete
revision of the monetary system established by Peel's
bills of 1819 and 1844 ii imperatively required."
This motion was seconded by Mr. E. HODGKIN-
sox, and carried unanimously.
It was then proposed by Mr. F. WIIITE, and
secondel by Mr. ROBERT BAKER, that the petition
which had been read should be adopted and
signed.

-This was put to the meeting, and carried una,n
mousiy.. _

A vote of thanks was then passed to the Chair-
man, and to the Rev. John Twells, who was lis-
tened to throughout the whole of his lengthened
speech with the greatest attention and iiterest.

COPY OF THE PETITION.
To the Honourable the Commons of the United King•
dom of Great Britain and Ireland in Parliament
assembled.

The bumble petition of the undersigned, residing at
and in the neighbourhood of East Retford, in the county
of Nottingham,

Humbly shewetb,—That in this country for upwards
of 46 years the industrial energies of the people have
beau largely developed, capital has been extensively
accumulated, and science has contributed its powers to
subjugate the natural world to man's dominion,
That the natural tendency of these causes is to pro-
mote the permanent pro,-perity of a country, and the
comfort, contentment, and social and physical improve-
ment of the people.
That nevertheless the condition of the labouring classes
during this period has frequently been one of the most
severe distress, and that the agricultural, commercial,
and manufacturing interests have at intervals of a few
years been subject to most serious depression.
That your petitioners attribt te these evils principally
to the violent contractions and expansions of the currency,
caused by the acts of 1819 and 1844, generally known
as Peel's Bills, and that they are convince! that this
country can never enjoy more than a few years of pros-
perity at a time while those acts remain in force. •
That with particular reference to the present state of
the country, they observe that through all the changes
from adversity to prosperity, the latter has always been
arrested after the country has enjoyed it fur a few years
by the efilex of bullion, by whatever cause that Efflux
eas brought about, and the consequent contraction of
the currency and the lowering of the price on all com-
modities ; and that on the return of goll the Bank has
again issued its notes, and restored prosperity till gold
went out again.
That if anything could, under the operation of the
present monetary system, secure to this nation the
retention of geld and the consequent enjeyment of an
adequate and equable circulating medium, the enormous
and unprecedented discoveries of geld i❑ California and
Australia would have done so. But that, so far from
such having been the case, the monetary crisis under
which the country is now suffering is believed to be
more intense and disastrous than even that in 1847.
That the Bank Charter Act having been twice sus-
pended in its operation at the very time when the prin-
ciple upon which it was founded—namely, the effectual
maintenance of cash payments—was put to the test, the
act stands self-condemned, and cannot possibly be
retain( d.

The main principle of the act having been proved in-
jurious to the nation, and the carrying out of this prin-
ciple impracticable, it is respectfully submitted to your
honourable house that legal tender notes of U.
and upwards should be isam.d under the authority of
her Majesty the Queen and the Houses of Parliament,
receivable for all taxes and convertible at the Bank for
geld at the market price of the day ; that the limit of
the issue of these notes should be determined by the
Legislature, and that at the present time such limit
should not exceed 20,000,0005.
That by such means your petitioners respectfully
submit a safe and steady basis would be provided for the
domestic circulation of the country, and that the actual
and positive convertibility of the back note into bullion
would at all times, and under all circumstances, be
effectually maintained.
And your petitioners will ever pray, &c.

NAVAL AND MILITARY INTELLIGENCE,

The Earl of Carlisle has appointed Lieut. Mar-
shall, of the 2d Life Guards, now extra aide-de-
camp, to be aide-de-camp, vice Fitzroy, resigned.
The late Major Perrin, of the 90th Light Infan-
try, whose name is returned in the list of killed in
the advance upon Lucknow, was the son of Mr.
Justice Perrin, one of the judges of the Irish
Queen's Bench. The gallant officer served with
consideraVe distinc,ion in the Crimea, the 90th
having been engaged in the closing operations of
the siege of Sebastopol.
The following appointments have t+lren place in
the corps of Royal Marines, dated Nov. 30, 1857,
viz. :—Capt. H. A. M'Kallum, on recruiting ser-
vice at Yeovil, to be Barrackmaster of the Ports-
mouth division, vice Moore, retired ; and Capt. H.
H. M`Carthy, of the Woolwich division, to be
Barrackmaster, vice Capt. Little, retired. The
above-named officers have been removed to the
half-pay list accordingly.
The Ist Pommy Battalion left Cork 13arracks on
Tuesday moaning, under command of Major Doug=
las. They include detachments of the 14th, 28th,
and 11th depots ; four companies attached.
The 69th depot arrived in Cork on Sunday and
proceeded next morning to Fermoy to form a Bom-
bay battalion. •
Sir J. Alexander, in command of the lst Fermoy
battalion, is on leave of absence in Scotland ; in his
absence the command devolves on Major Douglas.
Col. Moore is to have the command of the Bom-
bay battalion in Fermoy. Fermoy garrison will
include 19 depots, including the Bombay battalion.
The only regiments now stationed in Cork are
the Royal Elthorne Militia (900 strong) and a
troop of the 3d Light Dragoons under the command
of Captain Hawkeg.
Her Majesty's steamer Cuckoo, 3, Lieutenant-
Commander A. G. E. Murray, has met with a seri-
ous accident at Chatham, which it is feared will
render her totally unfit for further service. The
Cuckoo steamed up from Sheerness to Chatham on
Tuesday afternoon for the purpose of embark-
ing a large party of Marines for the Renown, 91..
the troops going on board from the news stairs, in-
stead of embarking from the dockyard, as is usually
the case. The tide at the time was fast ebbing, and
the embarkation of the Marines and their baggage
having been completed the Cuckoo proceeded to
steam out into the river. The force of the current,
however, carried the steamer towards the Gun-
-wharf, where she ran aground, and notwithstand-
ing
all the efforts of her crew to get
d settled her off she
s ed down in
the mud with her stem be-
came totally unmanageable,
until the tide
river. In this position
tsohwear da
remaineds middle of the
and
completely over her, the whole
rose, which washed
al feet under water. Imme-
diatelyher stars, being
several feet under water. Imme-
diately after the accident occurred the troops
of t! e steamer, with etehme-exceptiou of a p )rtion of
after the
shore at the Gun-wharf, and the
managed
get oon f which
the w damaged,
as
was removed
age, much to
and placed on board Arctic ship Resolute.
Yesterday morning efforts were made to raise the
mh
Cuckoo by means of lighters, but without success,
as she had settled down deep in the mud and was
filled with water. During the whole of yest nay
a large number of shipwrights and labourers from
the dockyard wet e bus'ly engaged in clearing her
and stripping away her rigging previouslyto another
attempt being made to raise her. Several addi-
tional lighters have also bean moored aloNside, and
every effort was to have been made to float her last
night on the rising of the tidy. The Marines were
yesterday forwarded to Sheerness by the Lizard
steamer.

Toe Colo-isus, 80, screw steamer, arrived at Chat-
ham yesterday afternoon from Sl'eerness in tow of
the African and Lizard steamers, and was taken
into dock for the purpose of being overhauled and
made ready for sea.
The Persian, 12-gul sloop, Commander John H.
Coads, had her compaLses adjusted yesterday at
Sheerness.

A n
ulubtr c,f nonA-comnriiisionel officers of the
been permitted to
bataions of Royal ryr,
forat Woa).lwic.ll,thhave Ge
and It troops of Horse Artillery neorwviacbeci,unt to be
embodied under the commend of M.,jor Newton
and Major Arbuthnot. An inn e:tion as to fitne-s
for
Service was on Tuesiay held in the bairack-
, square by Col. Maude, in command of the owl's,
viten a selection wt:s m ‘de of a sufficient number
of those grades for the two toopq, which are to he
composed of the newly rai.ed recruits at p: e3ent
undergoing a regular course of drill.
The 6-gun steam sloop Barracouta, recen!ly ar-
rived from the East Indies and China, is ordered
to Woolwich to be refitted for service.