The Sun.
London, England, 1861-02-25 00:00:00

THE "ESSAYS AND REVIEWS."

The following address, which has been signed by the
Deans of Carlisle, Lincoln, Ripon, St. Asaph, and Banger;
Dr. Pusey, Regius Professor of Hebrew at Oxford, Arch-
deacons Denison, Macdonald, Moore, Utterton. and Clive;
Bishop Trower, Chancellor Bird, and a large number of
other clergymen holding important positions in the Church,
will be presented to the Archbishop of Canterbury in the
course of a few days :

" May it please your Grace,—We the undersigned clergy
of the United Church of England and Ireland, respectfully
request your grace's attention to certain opinions contained
in a volume of essays and reviews recently published, the
tendency of which, as it appears to us, is to annihilate the
authority of the Bible as the inspired Word of God—to
reject all miracles (not excepting those of our blessed Lord)
as incapable of proof and repugnant to reason, and, in one
instance at least, to undermine fai:h in God as the Creator.
These opinions have been promulgated, with one excep-
tion, by clergymen of our Church, holding positions of
great trust, and possessing opportunities favourable in
no ordinary degree for the diffusion of error. We there-
fore earnestly entreat your grace to take counsel with the
ether members of the Episcopate, and to devise such mea-
sures as may, with God's blessing, banish and drivo away'
from our Church all such ' erroneous and strange doctrines.'
The opinions, against which we protest as-being repugnant
to the natural meaning of our formularies, and inconsistent
with the teaching of the Church -if England; are expressed
in the accompanying extracts from the essays to, which we
refer.—We have the honour to be your grace's obedient
servants."
A long string of extracts from the essays and reviews
will accompany the memorial.

" ESSAYS AND REVIEWS."—Dr. Jelf his just
given notice that it is his intention to move
.the suspension
of the standing orders in Convocation on. Tuesday next, in
order that he may move an address to his grace the presi-
dent and-their lordships the bishops in reference to avoltune
recently published, entitled "Essays and Review 8."

THE SUSPENSION OF THE ACT OF 1844, ' THE
NATURAL REMEDY FOR THE MONETARY
PRESSURE.

TO THE EDITOR OF THE 'SUN.

SlR,—The probable, if not certain, effect on the Money-
market of the suspension of the Act of 1844 would be the
reduction of the Bank rate of discount from 8 to 3 per cent.

Before the passing of this Act the directors of the Bank
of England were at liberty to issue any amount of bank-
notes they thought prudent, consistently with their obliga-
tion to pay them in gold on demand.
We find from the evidence of J. Horsley Palmer, Esq.,
who had twice been governor, and above 40 years a director,
of the Bank of England, that he considered it prudent to
issue £21,000,000 of notes against bullion in the coffers of
the Bank to the amount of £5,000,000. He was asked by
the committee (970) " What amount of bank-notes do you
conceive that £5,000,000 of bullion in the Bank would
secure ?" and answered, " Any amount that we have
hitherto known, which I think has not exceeded
£21,000,000."
This would be in the proportion of rather more than
4 to 1.

We find from the official returns that in the monetary
pressures of 1837 and 1839 the proportions were, in 1837,
notes, £18,232,680 ; bullion, £1,089,600 ; proportion, 41
to 1. In 1839, notes, £17;827,930 ; bullion, £2,404,540 ;
proportion, 71 to 1. Whilst under the Act of 1844 they
were, on the 13th of February, 1861, notes, £25,226,005 ;
bullion, £11,571,332; proportion, 2i to 1. We need not
avail ourselves of the full force of these facts to prove our
case, but will assume, what none can dispute, that a pro-
portion of 3 to one is perfectly safe, being that on whtch
the new systein of currency in India is based, and Roy
charters for banks of issue in the colonies are granted.
On applying this proportion to our monetary system, we
arrive at the following results :
Amount of bullion held by the Bank of Eng-
land on the 13th of February, 1861, in
round numbers

Notes issued in the proportion of 3 to 1 of
bullion ..

Notes issued by the Bank of England on the
13th of February, 1861 X25,000,000

Giving a reserve of
Increase to the reserve from :tho issue of
notes being £34,500,000; instead of
£25,000,000

Giving a Bank reserve of £16,856,172

We thus see that the direct effect of the Act of 1844 on
the Bank of England has been to reduce the amount of its
reserve (which governs the rate of discount) from nearly
£16,000,000 to £6,000,000.
But this is not the full extent of the effect, as the Act,
by limiting the issue of country bank-notes, and preventing
an increase responding to the wants of trade, has caused, in
consequence of the vast expansion of commerce, Bank of
England notes to the amount of £4,000,000 (as shown by
tables prepared by Mr. Newmarsh, under the sanction of
Mr. Hubbard when Governor of the Bank) to be absorbed
and abstracted from the bank of reserve.

Still further, the Act 0f'1845, whish is the principle of
the Act of 1844 applied to. Scotland and Ireland, limited the
issues in those parts of the United Kingdom, and required
gold to be deposited for any notes beyond the fixed issue.
The present amount of gold this deposited and withdrawn
from the nl ney marked• is,-£2,632,674„ which otherwise
might have been purchased by the Bank of. England; and
therewith have increased the reserve to double the sum,
had the Directors been allowed, as before the Act of 1844,
to issue three or more noes to the value of one deposited in
gold.
Finally, finding that,' since the Act of 1844, the Bank
rate of discount has been 3 per cent., with a reserve of only
£8,000,000, we axe warranted in the conclusion that were
the Directors released from its shackles, and left to their
own discretion, they would, with a Bank Reserve of near
£16,000,000, reduce the rate of discount from 8 to 3 per
cent.—l am, sir, your obedient servant,

• HAMER STANSFELD.
High&ld, Windermere, Feb. 23, 1861.

THI: LIVING 010 DEDDINGTON.

The humble memorial of the undersigned, Jas. Brogan,
clerk, M.A., vicar of Deddington, in the diocese and county
of Oxford.

The undersigned begs leave respectfully to state the fol-
lowing particulars relating to the parish of Deddington :
The parish of Deddington numbered at the last census a
population of upwards of 2,000 souls.
The area of the parish, exclusive of the houses, A. It. P.
the roads, and the stone-pits, consists of.. 4,1,27 2 4
Of this the church property belonging to the
dean and canons of Windsor, and the dean
and canons of Christ Church, Oxford, ex-
tends over upwards of ... 2,580 0 0
The lay property, the principal landed pro-
prietors of which are Mr. Cartwright and

Sir George Dashwood, over
The college propel ty, over

The real annual value of the parish is not less
than
The benefice (a vicarage with a glebe house)
in the patronage of the dean and canons of
Windsor, does not in value exceed per annum 145 0 0
This can scarcely be called a real value, when the charges
incident on the incumbency, and the expenses necessarily
attendant on collecting are considered.
The whole of the land allotted iu lieu of tithes, great and
small, except three acres allotted to the vicar, belongs to the
patrons of the vicarage, the dean and canons of Windsor.
The Vicar's income from all sources is as follows :
In lieu of tithes on a certain farm belonging £ s. d.
to the Dean and Canons of Windsor 45 0 0
Ditto on another farm as above stated 2O 0 Q
From Queen Anne's Bounty
„ the Ecclesiastical Commissioners...... 14 11 4
„ three acres of glebe 8 10 0
„ Easter Dues 2 10 0
„ Surplus Fees
„ 'Dr. Chamberlain's •Benefaction 18 11 8