The Sun.
London, England, 1850-01-24 00:00:00

TO THE EDITOR OF THE SUN.

Slll,-I have real with great interest your brilliant
article in The Sun of last evening, respecting the cul-
pable indifference hitherto manifested by the present
Government towards the three illustrious champions
of free trade, namely, the persevering and undaunted
Mr. Villiers, the venerable and acute Colonel Thomp-
son, and the deeply-lamented, indefatigable poet,
Ebenezer Elliott; and most cordially do I concur in
the noble sentiments which you have expressed to-
wards the two Honourable Members, and the deceased
free-trade and Corn-law Rhymer. I rejoice too, Sir,
with you that the high claims of the first-named gen-
tleman have at length been, in some degree, recognized
by Lord John Russell, in the honour conferred upon
that gentlemen to move the Address on the Queen's
Speech.
But, Sir, the following exquisite eulogium from
your eloquent article has forcibly reminded me of a
project which was set on foot, I think, in 1846, for
raising " A National Testimonial to Sir Robert
Peel. You truly say, " There was much, very
much, due to the magnanimity of that distinguished
statesman, who sacrificed his influence over a gigantic
faction, who resigned the supreme power hitherto
exercised by him over the Parliament, and who
voluntarily retreated from the highest office of autho-
rity in the country, that of 'Prime Minister of Eng-
land, for the purpose of paying his allegiance to
the sway of truth, and of testifying his loyalty to the
cause of experience." Sir, these sentiments will be
echoed by the great body of the people of this coun-
try, and will furnish a good answer to the obloquy
and abuse which have been heaped upon the head of
the devoted ex-Premier almost daily since he had the
courage to throw overboard the party in this country
who would tax the poor man's loaf for the purpose of
keeping up their rents, at almost ruinous figures to
the poor tenant-farmers.
My principal object, however, in addressing you on
this occasion is to endeavour to resuscitate the ex-
cellent project to which t have alluded. It was
commenced, as I have said, in 1846. It was pro-
posed to carry it out by penny subscriptions, in order
to make it strictly national, and that the poor man
might have an opportunity of testifying his gratitude
to Sir Robert Peel for the great sacrifices he had
made to benefit the former. The Morxing Adver-
tiser originally, I believe, propounded the scheme.
Subscriptions flowed into the office of that journal,
and also into the various places throughout the coun-
try for receiving contributions, every day, with ra-
pidity, so that a large sum was thereby raised.
Suddenly, however, the matter was dropped; but
what has become of the money I know not, though
myself, in common, doubtless, with hundreds, would
be very glad to learn.
tinder these circumstances, Sir, I am sure, you
will kindly allow
me to ask through your paper, to
whose hands the said fund was confided, and whether
,
it is proposed to apply that fund to its original pur-
pose or to appropriate it to some charity ?—Your
very obedient servant, REMEMBRANCER.
London, Jan. 23.

_- - -
DESTRUCTION Or BUCHANAN-HOUSP, THE SEAT
OF THE DUKE OF MONTROSE.—GLASGOW, TUESDAY
EVENING.—We regret to learn that last night Bu-
chanan-house, on the shores of Loch Lomond, the
Scottish seat of the Duke of Montrose, was totally de-
stroyed by fire. How the fire originated we have not
yet learned, but there is no reason to consider it other-
wise than accidental. Soon after the flames were dis-
covered they obtained a complete mastery. The house,
with the greater part of its furniture and " plenishing,"
has been destroyed. The ducal family was absent at
the time. The house was spacious and comfortable, and
most delightfully situated in a fine lawn dotted with old
timber; but it bad none of the high graces of architec-
ture to recommend it. The land and castles upon it
have been long in the possession of the Montrose family,
and the mansion formed their only seat in Scotland. The
loss is partly covered by insurance; but it is feared that
many relics and old family papers, which money cannot
replace, have perished, such as the records connected
with the glorious actions of the " Great Marquis of
Montrose."
Loss OF THE BRIG DART.--The brig Richard
Dart was from London to Auckland, and struck on
Prince Edward's Island iduring a thick fog on the 19th
viz.:—Passengers: Lieut. Liddell, RE.,
June, and became a total wreck. The following persons
were drowned,
Dr. Gale, Dr. and Mrs. Fitten and child, Mr. Kelly,
twenty-five men, 8.E., tour women, nine children, and
eight seamen.—From the South African of Nov. 15.
BRITISH BENErICENT INSTITUTION.—The Earl of
Cardigan honoured Mr. H. F. Richardson, the secretary
of this institution, with an interview on Monday, at his
mansion in Portman-square, on business connected with
this charity, and of which his Lordship is President.
The Noble Llrd fixed Wednesday, May 29, for a dinner
to celebrate the feundation of the institution, at which
the Noble and Gallant Earl will preside, at the Free-
masons' Hall.
SUICIDE IN MANCIIESTEE.--This morning, on
opening the shop of Mr. Louis Beaver, watchmaker.
Cross-street, a youth about 18 years of age, who usu-
ally slept on the premises for the purpose of protecting
them, was found banging in the shop, and quite dead.
He had bt On observed to be in a desponding state during
the day, but no apprehension was entertained for hi,.
safety. No reason can be assigned for this unhappy
&rd.
ANGELS ON THE TRAMP.—A vagrant called at a
house on a Sunday, and begged for some cider. The
lady refused t') give him any, and he reminded her of
the oft-quoted remark, that she "might entertain an
angel nuawaref." " Yes," said she, " but angels don't
go about drinktog order QA Eiturasysl"

NATIONAL CURRENCY REFORM
ASSOCIATION.
Last night a public meeting was held at the Lon-
don Coffee-house, Ludgate-hill, for the purpose of ex-
plaining the objects and principles of the National
Currency Reform Association. On the platform
were Mr. Francis Bennoch (tha president), Mr.
Duncan (the secretary), Mr. Horry (barrister-at-
law), Mr. Sidney Smith, &c.
Mr. BENNOCH, who was in the chair, opened the
proceedings in a speech of great length and of great
merit. It was one of the advantages of this our
country that every man was listened to with com-
placency, with kindness, and with courtesy, more
particularly when he came forward with a system to
propose whereby the sufferings of millions of our
fellow-men were to be alleviated, and all classes of
the community were to be advantaged. In a com-
mercial community it was quite clear that anything
which was calculated to give steady and continuous
trade, to prevent those cycles of terrible distress
which frequently occurred, was an important matter for
commercial men especially to consider. Some gentle-
men might say, perhaps, that there was no occasion
for such a movement as this now, because we had now
passed over the troubled waters, and that we were
again sailing in smooth water. But this was a fal-
lacy, and he warned those whom he addressed of the
dangers which yet existed. Tne storm was not over,
it was but the lull before a coming storm, which must
egain visit the country unless our monetary system
should be placed on a sounder basis. AU panics were
the result of fear and distrust, more than of necessity.
The last panic was stayed by confidence being re-
stored, though the fact still existed—the scarcity of
gold remained, but the fear vanished. The run upon
the Bank of England, which had drained its bullion
to 700,0001. in the banking department, was only
stayed by the letter of the Lords of the Treasury
releasing the Bank from the obligation to circulate
its notes backed and based on gold. No sooner was
that necessity removed, than confidence returned.
The money was circulated in the country, and the
bankers were enabled to fortify their own posi-
tion. The drain of bullion at that time was not
to meet foreign obligations, but internal neces-
sities. A society then existed, the object of which
was to show that the difficulty existed from
the deficiency of gold. Then it was urged
that there was a danger of our having too
much gold. The society pressed upon the Govern-
ment the necessity for inquiry into the question
of the currency. And what was the result ? The
House of Commons appointed a secret Committee of
the friends of bullionism ; and though it was a packed
Committee, yet they were only able to prevent the
Bill of 1844 being condemned by a majority of two ;
whilst by a Committee of the House of Lords, it was
unequivocally condemned, and a report of some 70 or
80 pages was drawn up, showing that bills of ex-
change payable on demand, if not the cause, had con-
siderably aggravated the distress of the country. In
introducing the principles of this National Currency
Reform Association, he thought it would be well to
look at some of those societies who pretend to avert
or ameliorate the dangers which surrounded us, and
the distress which was likely to arise by and bye,
and which, indeed, was now existing. Where so
much was attempted to be done, he believed that none
of these parties would accomplish what they proposed.
He would glance at a few of those societies, because
it was essential to the appreciation of the plan which
this association proposed, and of the agitation of
which this was the commencement. First of all, there
were the Protection societies. Protection, as formerly
established, he believed we never could return to. Our
only protection must be in our superior skill, or in
possession of a circulating medium which should
give permanent and continuous employment to the
people. Parliamentary Reform, and the extension of
the elective franchise, were unquestionably necessary
for the purpose of placing the mass of the com-
munity on a fair footing with others.—(Cheers.)
But the extension of the franchise would not accom-
plish all that was required, any more than the Par-
liamentary Reform Act had accomplished what its
great authors intended. Financial reform was always
a good question to agitate, but it would not benefit
the masses to any large or general extent ; they
wanted more money to give more labour, and not to
save money to give less labour. The labour that was
given by the Government, if properly expended—the
money expended on labour, if properly expended,
was not wasted—it was money circulated to pay for
labour. Tbat money was again circulated to pay for
other reproductive labour. This evidently would be
fostered, and prosperity would be the result. The
building of ships was a mode of expenditure of
money to be approved, and the breaking up of such
ships was an unproductive proceeding, and should
be discouraged. But the expenditure of ten or
twelve millions of money, for the purpose of
reclaiming waste lands, or benefiting the people
by a continuous employment, instead of being a
drain, ratit.t be a benefit to the country at large. Sir
Robert Peel had a system also—(Groans)—by which
he very generously would spend 20 per cent. of his
rental in benefiting his own land; but the 20 per
cent. so expended on this land would not meet the
obligations of the tenantry which they had entered
into, expecting that wheat would continue at 50s. or
605., which it was then, whereas wheat was now at
40s.—(Hear.) Two or three years must elapse
before the money thus expended would be productive,
or of importance to the tenantry ; and indeed many
of them might be destroyed before the time arrived.
Next, there was Mr. Disraeli's plan, and he told the
agriculturists that what he proposed was, that a sum
of 5,000,000/. should form a sinking fund—not a
borrowed, but a real sinking fund—which, safely in
hand, would, in less than ten months, raise Consols
above par, and thus enable landlords to borrow money
to apply to their land at 3 per cent., instead of paying,
as they now dc', 4 and 44 per cent. Then the farmer
could go to his banker or neighbour, and obtain from
him at a reasonable rate the capital he required
for the improvement of the soil. " That, gentle-
men," said Mr. Disraeli, "is your remedy ; equal
taxation and cheap capital. Mind, when I say cheap
capital, I am not recommending you to depreciate
your coin, or to adopt a paper currency, which could
not easily be converted into gold.' Well, Mr.
Disraeli said the farmers would borrow money at 3
instead of 4 or 44 per cent. Then they would have
a saving of 101. or 15/. on a loan of 1,0001. Would
that be of any great importance to the agriculturists ?
He then said be did not wish the farmer to depre-
ciate the coin of the realm. Did the farmer require
gold only to purchase manure, or to obtain facilities
for carrying on his work ? Of all men in the coun-
try the farmer was the one who least of all required
gold as a circulating medium, seeing that bank-notes
were placed on the credit of the country, therefore,
if they gave them a medium of exchange, what cared
they for gold ?—(Cheers.) But by these means to
profess to relieve the distress of the farmers, was a
fallacy. Nothing more hollow or deceptive, in his
opinion, had ever rationally been brought before a
reasoning community. Mr. Disraeli would alleviate
distress by imposing more taxes, and he did not see
how this could be done. Mr. Disraeli wished to
raise 5,000,0001., and with that, on his theory,
Consols would rise to par, and the bankers would
get cheap money. Consols, at the particular time
when Mr. Disraeli spoke, were 93. On this plan he
would raise them to 1001., giving 71. profit ; thus
every 1,0001. would give 70/. in ten months, so that
the whole national debt, amounting to 800,000,0001.,
would be increased in ten months by 56,000,0001. in
value, by first sinking 5,000,000/. Why, they heard
sometimes of wizards, of necromancers, conjurors, and
harlequins, whose magic wand could turn anything
into gold ; but Mr. Disraeli was the great necro-
mancer of the age. He would raise Consols. by
56,000,0001. if they would give him 40,000.0001., and
the country would be then in a prosperous state.
Such was his theory. He now came to Mr. Sidney
Herbert's plan. The benevolence of that movement
could not be doubted for a moment. It was ge-
nerous—it was wise to help the distressed; and it
was still wiser if, by helping the distressed at home,
we could benefit our countrymen at the anti-
podes. But they must not permit mere bene •
volence to blind them to the great question before
them, and they must look to its results, simply and
clearly, without being carried away by the philan-
thropy of the undertaking. Supposing they raised
a sum of 20,0001. by public subscription, at the rate
of 10/. each (the lowest price at which they could send
out emigrants to Australia or Sydney) they would
only relieve 2,000 persons. But the average price of
sending out each emigrant being 151. to 201., then only
1,500, or probably 1,000 would be provided for. Such
would be the practical result of this magnificent
scheme, which showed the readiness with which any
scheme was subscribed for which held out the pro-
spect of 'benefitting our labouring population.—(Hear,
hear.) But take away these 2,000, and the difference
would not be known in this vast metropolis ; it would
not amount to 1 per cent. of those who were suffering,
therefore no great benefit would be realised; and it
happened that in the midst of this distress, in York-
shire and Lancashire, they bad not sufficient skilled
labour to execute orders with which the manufac-
turers were crowded. Now on this point of skilled
labour be came to considerations of principles—ho parti-
cularly referred to skilled labour, as while the skilled
labourers were being pruned off the branches the root
was still deeply fixed in society. The disease was
spreading ; the tree grew, yielding the fruit of po-
verty, destitution, crime, and death.—(llear.) At
the same time he would not like it to be understood
that he was opposed to emigration l By no means.
It was the glory of this country—it was the advan-
tage of this country, that she had colonies peopled by
the same race, with the same determined perseverance
to succeed in every work which they undertook. We
had reason, too, to boast of our friends on the other
side of the Atlantic as worthy heirs of a worthy na-
tion, peopling the wilds and spreading the Anglo-
Saxon race over the whole continent of America.—
(Lino Jhe result of the panics to which be had

referred, and the occasional cycles of commercial
distress was, that skilled labour became at a discount,
and was not required. Many a man who emigrated
felt that he had within him, in his head and his
hands, wealth sufficient to provide for him anywhere.
The distress caused the skilled artisan to find labour
elsewhere, and our American brethren were too
glad to receive him. After this took place, one
cycle was gone, and the skilled artisans were found
rooted or located in other countries ; and the next
thing which occurred was an emigration scheme,
under which men went voluntarily, and then at great
public expense they send women after them to make
them wives. They were told that all this resulted
from over-population.—(Hear.) Why, to talk of
over-population in a country like this was sheer folly
—(Cheers)—whilst we had millions of acres of land
untitled, which only required labour to make it pro-
duce sufficient sustenance for all ; and in a neigh-
bouring country there was the finest soil in the world
to make the land highly productive and available.
The wages of the labouring man could be paid so
long as land remained to be tilled. So long as this
was the case, to talk of over-population was sheer
fully.--(Cheers.) If the evil arose from over-popu-
lation, all the sanitary reforms which had been
happily carried out of late must be regarded merely
as an interference with the dictates and dispensations
of the Divine Providence, and yet such a doctrine
had been advocated by a Christian clergyman ; but
it was one which could not be received by a
Christian community with anything like patience.—
(Loud cheers.) He would proceed to consider
emigration in its widest sense. He had an opinion
that to the nation emigration was an absolute loss.
The theory which he was about to propound, and to
bring to the proof, he believed to be novel, yet true.—
(Hear.) Of what consisted the national wealth ?
Doubtless, the surplus labour which was condensed
and laid up in skill, was to be used on after occasions.
What produced this wealth but an immense amount
of skilled labour, or manual labour? If it was pro-
duced by machinery it was by the skill of man ; that
machinery was destined to perform the work of man ;
and machinery should not degrade and injure man !
No! it was made to relieve him from toil, and enable
him to give to the unaided man an amount of time,
which he could not otherwise accomplish, by going
through the whole course of manual labour. The
paupers he believed cost in the: workhouse from ss.
to 10s. per week per head.—(No, no.) Well, suppose
they took the average at 4s. (make it low enough),
at that rate each pauper cost 101. per annum.
He believed that 4s. per week, or rather more, was
the price paid to the late Mr. Drouet, at Tooting, to
provide for the children committed to his charge. He
would take the men, women, and children at an aver-
age of 4s. per week. In 15 years, at 10/. per annum,
the youths and girls would cost 1501. each. If they
took men from 15 to 20—the years of apprenticeship,
some being engaged in reproductive labour, they
would not be much out if they considered their
weekly wages at 1103. per week, this would make in
the five years 1301. But, make the estimate low
enough, and say the cost was 1001. or 150/.—there
they had a living animal, the most useful in the world,
costing the producer 1601. Suppose a farmer to be a
great breeder of cattle, and he had raised horses
which, at the end of five years, were valued at 501.,
what would be thought of that man if he said, "These
horses are worth 501. each, I will give you Si. to
take them away ?" Yet this was not less consistent
than with tut, when a pauper cost 1001. to send him
across the Atlantic to America, and we were glad
to get rid of him.—(Hear, hear.) He found that the
value of a slave there was from 500 to 2,000 dollars,
or from 1001. to 400/. ! Now, let him consider the
numbers of the population who have passed out of
this country, and see how it would support his argu-
ment. In the years 1843,11844, and 1845, periods of
great prosperity, when a number of undertakings
were introduced, and men were all employed, and
their families were properly supported, the average
number of emigrants from England was 73,000 per
annum. In 1846, 1847, and 1848, the average was
212,000, thereby showing that the emigration was
reduced while the country was in a state of prosperity
and increased when the nation was in a state of dis-

tress. If they took the cost of each emigrant at 1001.,
and it appeared that in the one period 212,000
persons had gone from the country, then we
had presented to America, or wherever else
they went to, that material which had cost us
.21,000,000/. Having gone into some further
calculations, he maintained that regular employment
was the only thing required to keep the nation con-
stantly prosperous and happy. With regular employ-
ment and good wages the pauper would become a
producer, and by that he became a consumer ; and
not only this, but he exchanged his own labour for the
labour of somebody else. Thus, instead of becoming
a burden, he became a blessing. The next thing that
was said was that we could not find employment for

the people, because if we did to, there was the danger
of over-production. How many were there in the
workhouse who could not find food ? It was clear
that so long as they remained unfed, there could be
no over-production for them, and that whilst millions
were almost naked, there could not be over production
to them. They wanted only a proper principle of
distribution, which was only to begot by a circulating
medium of exchange, which should be unfluctuating
and abundant. In 1847 it was said that the distress
which prevailed was owing to and arose from rail-
ways--from too much labour being employed, and
too many people providing for themselves. Now the
distress they were told arose from a plethora of labour
and of capital. That was to say that therelwas too much
labour wanting employment, and too much money to
pay for it.—(A. laugh). In the years 1844 and 1846
money in Lombard-street was about the same es it
now was—it was to be had at 14 to 24 per cent.
Gold was then very abundant, speculation went on
rapidly, all was prosperous. But so soon as the notes
were returned to be exchanged for gold to pay
certain labour which was being carried on in the
country, the bullion of the Bank was reduced, the
circulating medium was centracted in the same ratio,
and gigantic enterprises were overthrown by the cir-
culation being suddenly circumscribed. If the rail-
ways had continued all would have been well ; but
large mercantile houses had, he would not say
accommodation, but their right denied them,
and men holding Exchequer-bills, backed by
the Government, were unable to get Bank
notes to pay the wages of their workpeople. The
result was that they were obliged to sacrifice the
property they had got, and prices fell from 50 to 60
per cent,, and the loss to the nation was not less than
300,000,0001. Some said it was 400,000,0001., or
equal to one-half of the national debt, and the lowest
calculation had been 200,000,0001., or one-fourth of
the national debt. And why ? because 4,000,0001.
had gone from the Bank, not from the country, but
for internal purposes, to satisfy internal necessity ;
but the drain was sufficient to cause confidence to go,
and prices to fall. It was even said that we had too
much capital. Whence arose this wealth ? It was
considered to arise from the balance of accumulative
labour. But what reproductive labour had taken
place since the year 1847 and the beginning of
1848 ? The estates of large mercantile firms had
been realised, the balances,had been paid into the
Bank, and, in consequence of the reduction of the
value of commodities by 40 or 60 per cent., these
commodities were cheaper to the foreigner than gold.
The principle of this association was to endeavour to
get rid of gold altogether as a circulating medium,
and as of nothing in value, except as to foreign
balances of accounts. An expanding circulating me-
dium would carry the country over the difficulty
which might otherwise arise. Some people told them
to take great care, because 13-old was going out of the
country, which, he maintained, ought to be advan-
tageous for us in the export of corn. No man would
suppose that we gave gold away, or that we did not
get something else back for it; and if, by the aid of
superior machinery, we could produce goods cheaper
than any other nation, then we should get gold
cheaper. There were, it was said, indications of the
nation suffering from an over-abundance of gold.
Prom California, from the last estimate, it was stated
that the average labour of a man produced 25 dollars,
calculated at one fixed price, per day, or equal to 301.
a week-25 dollars a day giving 51. a day, and that
giving 301. a week. 1,560 lbs. of gold gathered in
California in one year at 5 per cent. would realise
751., which would pay a labouring man in England
30s. per week, er two labouring men in England
15s. a week each. This was the annual labour
in gold, which was indestructible—which could not
be eaten—whilst we had an Act of Parliament which
declared that the price of gold should be 775. 104 d.
per ounce. Another view of the value of gold might
be taken from the fact that lumber, which included
all kinds of wood, which cost in New York 1,000
dollars, was sold in California for 14,000 dollars.
Houses that cost in New York 300 dollars sold in
California at 3,000 dollars. 'Washing cradles, for
washing the mud and separating it from the
which cost two dollars in New York,. sold in Cali-
fornia for 40 dollars, and so in proportion with other
that articles.
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lieved that in this movement would be found the
moral and physical regeneration of the nation. He be-
lieved that if the object were carried out,trade would be
fostered and pushed to its utmost legitimate extent In
reference to the progress of this association, he was
happy to find that the seed which had been sown in
the last month was showing itself, and that the en-
couragement which they had met with had gone be-
yond their expectation. The speech concluded by a
reference to some articles which had appeared in the
Times newspaper, which Mr Bennoch maintained
went to support the views of this association.
Mr. DUNCAN (the secretary of the society) in a
long speech, which was divided into three beads,