The Sun.
London, England, 1844-04-05 00:00:00

and a THIRD EDITION at SEVEN O'CLOCK, for POST, containing PARLIAMENTARY and all other NEWS in LONDON up to that Hour.

LONDON and BIRMINGHAM RAILWAY.
ACCELERATION OF NIGHT-MAIL TRAIN.
The Public are informed that on and after FRIDAY, the 12th April
next, the SPEED of the BIRMINGHAM NIGHT-MAIL TRAIN,
UP and DOWN, will be ACCELERATED, and that it will cease to
call at the Blisworth and Watford Stations.
For particulars see Time-bills.
By order, R. CREED, Secretary.
Euston Station, April 4, 1844.

•
THEATRE ROYAL LYCEUM, or ENGLISH
OPERA HOUSE.
THE LAST NIGHT OF MR., C. H. ADAMS'S ORRERY.
TO-MORROW EVENING, April 6, Mr. C. H. ADAMS will have
the honour to iirustrate his LECTURE on ASTRONOMY with the
most brilliant Celestial Scenery ever exhibited. To begin at Eight
and end about Ten.
-Balcony, 4s. ; Boxes, 2s. ; Pit, Is: Private Boxes; One Guinea
and Half-a-Guinea.
Tickets, &e., at the Box-office, from Teu till Four, and at the
principal Libraries.

HALL and. ALLAN, of 69, 70, and 71,
ST. PAUL'S-CHURCHYARD, having completed the ex-
tensive alterations found necessary by the great increase of their
trade, beg respectfully to invite Ladies and the Public generally to
an inspection of their NEW. and SPLENDID STOCK, selected in the
Home and Continental Markets for the Season, comprising every
novelty in French, Figured, and Plain Satins ; Brocaded, Plain, and
Fancy Gros de Naples, with most recherche designs in Paisley and
Lyons Shawls, Scan t, Mantles, &c. Lama and Cachmere Dresses in
every variety of style.
French Blondes, Collars, Lace, and every article in -Millinery, in-
cluding a Magnificent assortment of Ribbons, French Flowers,
Feathers, &c. Parts and . Grenoble Kid Gloves. Lisle, Silk, and
Cotton Hose, &c.
The Linen Stock is replete in every department, and comprises
lots of 7-Bths and 4-4ths Irish Linens, Shectings, Damask Cloths,
Napkins, &c., all of genuine fabric and warranted.

MR. GLADSTONE AND THE CUR-

RENCY QUESTION.

TO THE EDITOR OF THE SUN.
Sia,—My attention has been called to a letter
which appeared in the Times paper of the 22d ult.,
from Mr. Gladstone, on the Currency Question, and,
as you did me the honour of giving publicity to seve-
ral of my communications on the same subject in
October and November last, I hope you will allow
me, through the, same medium, to make a few com-
ments upon Mr. Gladstone's letter.
Mr. Gladstone asserts " that the existing law which
regulates the currency, restricting the paper circula-
tion to notes of the value of 51. and upwards, making
those of the Bank of England convertible into cash
at the will of the holders, and those of all other bank-
ing establishments convertible either into cash or the
notes of the Bank of England, is the most safe and
convenient system that has yet been acted upon."
Yet he soon after tells us that this safe and conve-
nient system has been " attended with considerable
difficulty in the transactions of commercial men,
threatening convulsion and• the destruction of mer-
cantile confidence."
Admitting the truth of the latter clause, the system
alluded to in the former cannot well he deemed safe,
whatever may have been its conveniency. Mr. Glad-
stone thinks so himself, and to obviate the danger he
suggests that a new national bank shall be established
to supersede. the Bank of England in some of its
most important functions.
The national bank which Mr. Gladstone would
cr

BRIGHTON RAILWAY.-EASTER
HOLIDAYS.
EXCURSION TICKETS on EASTER MONDAY, TUESDAY,
and WEDNESDAY, returnable on any of those days, to BRIGHTON
and back, 125., Bs., and 55., by all the Trains.
By order, 0. It. MACKENZIE, Sec.
London Terminus, April I, 1844.

SACRED HARMONIC SOCIETY, EXETER
BALL.
On TUESDAY EVENING, Next, April 9, 1844, will be again
repeated,
HANDEL'S ORATORIO, " THE MESSIAH."
PRINCIPAL VOCAL PERFORMERS,
MISS Rainforth, Miss Lucombe, Miss E. Birch, Miss Dolby, M.
Duprel, and Mr. Leffler.
The Band and Chorus will consist of above Five Hundred Performers.
Tickets, 3s. each ; Reserved Seats, 55.; may be had of the principal
Music-sellers ; of Mr. Howley, 53, Charing-cross ; Mr. Mitchell, 39,
Charing-cross; and of Mr. Ries, 102, Strand, opposite Exeter Hall.
THOMAS BREWER, Hon. Sec.

LINCOLN AND WAKEFIELD RAILWAY.
The PROVISIONAL COMMITTEE beg to announce that the
WHOLE of the SHARES in this UNDERTAKING have been ap-
plied for, and will be allotted after the sth of April, with due consi-
deration to local and other interests involved.
The Committee have also the satisfaction of stating that they have
made arrangements for investing the amount of deposit at an interest
of 3 per Cent. per annum, until it is lodged with the Accountant-
General next year, in accordance with the Staiding Orders of'Par-
lament

. „
[tints and Printed Muslins in all the new designs.
Observe—WATERLOO HOUSE,
69, 70, and 71, St. Paul's-Churchyard.

2.l.°TmCetli S
erm,lerb.y
Ito ItlhreELlo3rSdsToEf the AadnindlraBltOy Nes't established
134 years.

WEBSTER and SON have REMOVED t• 74, CORNUILL,
here the advantages of the premises will en able them to bring the
workmen under their immediate inspection in the manufacturing
department. An extensive Stock, finished with the utmost care,
and at lower prices, considering the quality, than can elsewhere be
obtained, •consisting of Compensated Duplex and Lever Watches,
adjusted to the variations of temperature, on the principle of their
Chronometers, to which Government awarded the prizes three years
in succession ; the Detached Lever and Horizontal Watches for
Ladies, of the smallest and most elegant patterns; Marine and
Pocket Chronometers, with long and accurate rates ; also a large se-
lection of Second-hand Chronometers and Watches, by the most
eminent makers, at half their original cost. Saperior workmen are
employed on tile- premises in the repairing department, both for
watches and clocks. Foreign work of every o.escription careMlly
repaired by workmen engaged expressly for the purppse. Watches
taken in exchange. Post letters will meet with immediate attention.
W. and Sou's publication, with the Equation of Time for 1844,
will be sent, post free, on the receipt of two stamps.

QUEEN'S CONCERT ROOMS, •lIA7SOVER-SQUARE.
MR. CORRIE, Master of the Ceremonies, in-
forms his numerous friends that his FOURTH BENEFIT
BALL will take place on the 16th inst.
Ladies' Tickets, 7s. 6d, Gentlemen's, 10s. 6d ; Double Tickets, 155.,
supper included.
Tickets to be had only of Mr. Corrie, at 36, Bedford-street, Strand.
Mr. Adams's Band will attend.

WII. ENTWISLE
Chairman of tke Provisional Committee, pro. tern.

13, George-street, Hanover-square, March 30, 1844.
BRITISH and FOREIGN INSTITUTE.
The Literary Department of the Institute being now complete
in its reading-rooms, lectures, and soirees, and its Club Department
being put upon the footing of the Athenieum as to prices, to those
who desire this accommodation ; candidates who were awaiting the
settlement of this qsostion before they entered may now be proposed,
and on payment of their entrance fees only, their priority of admis-
sion may be secured on the present terms, before the rise, which will
take place with the next enrolment of members, while their annual
subscriptions may be reserved till the commencement of the second
year of the Institute on the Ist of Juno next. The present terms
are :
.Town member's entrance £9 9 0 { Annual... • • . • . • • .. £4 14 6
Country ditto • .
Lectures and soirees are given on alternate weeks ; the leetares on
Thursdays, and the soirees on Wednesdays, each at half-past eight
o'clock exactly. The.elakroom is open daily, and in the adjoining
building foreign and country members and their families will find all
the usual accommodation of an hotel on a fixed scale of moderate
charges during their stay in London. Personal or -written applica-
tions may be made to the undersigned for ffirther information.
JAMES S. BUCKINGHAM, Resident Director.

IMPORTANT NOTICE.-EGYPTIAN
HALL. ONE SHILLING Admission to THE NAPOLEON
MUSEUM, the most magnificent and cxtentive Collection of Histo-
rical Curiosities and Works of Art ever known to hove been formed
by One Person, during Twenty-five years of elaborate research, at a
cost of 60,000 guineas, and to completely illustrate, in the most In-
structive and interesting manner, the most Important part of Euro-
pean history, viz.—CHARLES 1., OLIVER CROMWELL, and
LOUIS XIV., to the deaths of GEORGE 111., and the EMPEROR
NAPOLEON, in 1821. This unique Museum has been visited often,
during the last and present year, by the Royal Family, the Duke of
Wellington, the Foreign Princes, Ambassadors, and their Ladies,
also many thousands of the Nobility and Public ; and the Pro-
prietor has recently been able to increase, by several very fine
pictures, Ice., his previous almost incredible number and ♦ariety of
MSS., Works of Art, and a multitude of valuable Relics, and other
curiosities, in this most instructive and, as hundreds have said it
Aught to be, a National Museum. Many thousand have inspected it,
and THIRTY PRINCIPAL EDITORS of the PUBLIC PRESS
have stated that it ought to be seen by every one. The price of admis-
sion is reduced to ONE SHILLING. _ . _

.eate is to have no capiloal, but to trade on the na-
,ional guarantee of Parliament. It is to issue its
notes, half in the purchase of bullion, and the other
half in the purchase of Exchequer bills and other
securities. These notes are all to be payable in cash
at the will of the holders. The bank is to be go-
verned by Commissioners appointed by the Crown,
few in number, who no doubt are to have
clerks under them resembling, I suppose, those
of the Exchequer Bill-office. The Commissoners
themselves are probably to have large salaries
with small responsibities, whilst their manag-
ing clerks are most likely to be entrusted with
large responsibilities and small salaries, as in the cele-
brated case of Mr. Beaumont Smith. Admitting all
this to be unobjectionable, which very few will admit,
it is not easy to discover how such a national bank
could avert the difficulties which Mr. Gladstone ad-
mits have threatened the destruction of mercantile
confidence under our present system. For instance,
if Mr. Gladstone's national bank issues ten millions of its
notes, and employs them in the way which he suggests,
she can then have only five millions of specie where-
with to redeem her ten millions of notes, although
pledged to redeem the whole in specie. To meet this
difficulty Mr. Gladstone suggests, that whenever his
national bank is called upon by the public to redeem
one million of her notes, that she shall immediately
convert another million of her Exchequer bills, &c.
into specie. But this differs not in principle from
the plan which the Bank of England has attempted
to act upon, and, by so doing, has always produced
those convulsions which Mr. Gladstone wants to
avoid. There is, however, another difficulty to be
surmounted. Mr. Gladstone does not tell us how
the National Bank is to dispose of the second million
of Exchequer bills for specie at those times when it
is more profitable to export gold than any other
article of merchandise, and when bullion dealers are
ready to give a premium above the Mint price for it.
How is the National Bank to keep up. her stock of
bullion under such circumstances ? Is she to give
Mr. Rothschild a premium of 100,0001. to furnish
her with gold for the support of the national credit,
as the Bank of England did in 1825 ? Alas ! the
National Bank is to have no capital of her own from
which she can pay it ; and the " guarantee of Par-
liament," under such circumstances, would only he a
" Bank Restriction Act" with a new name attached
to it, which the editor of the Times would denounce
as a piece of " rascality," and which, of course,
neither he nor Mr. Gladstone can contemplate. The
success of the plan in such cases, it seems, is to be left en-
tirely to the stringent application of "the screw," as it is
technically called, which, by stopping our domestic
circulation, strangles our trade both at home and
abroad, and produces those convulsions, which it is
the professed object 'of Mr. Gladstone's plan to avoid.
It does not appear, therefore, that Mr. Gladstone's
national bank promises any advantages which we do
not at present possess under the Bank of England.
Linder both systems, British credit is still to be sub-
jected to the arbitrary influence of the screw, the
chief difference being that Mr. Gladstone would vest
the power of turning it, in a few Commissioners ap-
pointed by the Crown and paid by the public ;
wherjas the existing system gives that power to
twenty-six Bank Directors, who are entrusted with
the care of many millions of property and are elected
by the proprietors, whose capital is pledged to make
good any direct loss which may be sustained through
mismanagement ; whilst the public have some little
security against indirect losses being created through
the capricious or arbitrary application of the screw,
in the fact, that those Directors themselves, as mer-
chants and bankers, are many of them liable to par-
ticipate largely in the ruinous effects of that crip-
pling piece of machinery to which Peel's Bill has
given existence, and which in its application has
already ruined some of the earliest and warmest
advocates of his system of cash payments, to which it
is a necessary adjunct. If, therefore, British indus-
try and commerce be still to remain under the cor-
rective influence of the " screw," it seems to me far
better that " we bear the ills we have" than fly to
those which Mr. Gladstone would provide for us.
It is not, however, necessary that we should
continue to " bear the ills we have." This is made
evident in the memorial which the Court of Bank Di-
rectors presented to the Government in 1819 when
Peel's Bill was in progress. You, Sir, have done
the public great service by republishing that
memorial in The Sun of the 22d instant. The diffi-
culties which Mr. Gladstone now deplores in our
monetary system, and for which he seeks a remedy,
are precisely those which the late Mr. Jeremiah
Harman and his experienced colleagues, who drew up
that memorial, then foresaw, as the natural result of
that unfortunate measure. The market-price system
of cash payments, suggested in that memorial, as the
alternative for our present system, requires only to
be understood to be approved. Mr. Gladstone tells
us that the Bank ought at all times to possess a stock
of bullion bearing a relative proportion to their paper
circulation. This, we have seen, is much easier said
than, accomplished. As a practical suggestion, he
might just as well tell us that to guard against the
effect of a partial failure of our corn crops, the Go-
vernment ought always to hold in store a reserve
stock of corn, bearing a certain relative proportion to
the annual consumption. Experience has shown that
one suggestion is about as practicable as the other.
With far more reason, the advocates for free trade tell
us that the most effectual way to avoid a scarcity of
corn is to leave the trade therein and its price as free
from artificial restraint as possible. And so, Mr.
Harman and his fellow Directors of the Bank of
England argued in 1819 with regard to gold. They
deemed that the most effectual way to secure a uni-
form supply of gold was to let the traffic and the price
of it be also free from arbitrary control. Their argument
is so simple and unanswerable that it might have been
thought no practical merchant could have rejected it,
much less, that it should have been rejected upon the
strength of a mere assertion. Yet Mr. Gladstone so
rejects it, asserting that the market-price system
of cash payments, with an issue of small notes, would
only act as palliatives, producing both delay and in-
convenience, without striking at the root of the evil.
From Mr. Gladstone speaking thus of the market-
price system of cash payments, I think it is
clear that he quite misunderstands the
_nature of that
imperfection in our monetary circulation, for which
he has undertaken to prescribe a remedy. Were it
not so, he would have perceived that such a practical
palliative afforded the most effectual mode of attain-
ing a radical cure for the disease. In a short supply
of corn, any palliative by which the people may be
supported until the succeeding harvest arrives, is not
merely a conveniency but a remedy.
" It spstains
the horse till the grass grows,"—so, in the case of a
sudden withdrawal of specie from a nation like ours,
which, in the natural course of commerce, can always
command a full average supply of the precious me-
tals, any plan capable of effectually palliating the evil
until the current of trade can resume its accustomed
course, is the best remedy the case admits of. Such
a palliative the market price system of cash payments
would have been, had it been adopted in 1819. Un-
der it the Directors of the Bank would have been
protected from the unreasonable obligation of selling
gold at 31. 17s. lOid. per ounce at those times when,
from some temporary obstruction, they might be
compelled immediately to repurchase it at a much
higher price. In the absence of the natural pallia-
tive which the market price system would have af-
forded, the Bank Directors have been compelled to
resort to such palliatives as have been costly to the
Bank and injurious to the public. In the panic of
1825, Mr. Rothschild supplied a palliative which cost

THE SOUTH LONDON FILTERED
WATER COMPANY.
Capital 200,0001., in 20,000 shares of 101. each.
Deposit 11. per share.
To be empowered by Act of Parliament, and the responsibility

The NAPOLEON MUSEUM is to be seen only at the " Egyptian
Hall," Piccadilly, daily from Ten till Dusk, on and after Monday
next, as the previous days will necessarily be required to properly
arrange the additional Pictures, &c.

ROYAL POLYTECHNIC INSTITUTION.
The arrangement for the EASTER HOLIDAYS includes the
Exhibition of LONGBOTTOM'S PHYSIOSCOPE, A. new Instrument
which shows the humam face on a Disc magnified to the size of
Twelve Feet. The OPAQUE MICROSCOPE, with Electrotypes in
Gold, after a Selection from the Elgin Marbles. A New Set of DIS-
SOLVING VIEWS, including the OLD and NEW HOUSES of PAR-
LIAMENT, with the FIRE. POPULAR LECTURES, with brilliant
Experiments by Dr. Ryan and Professor Bachhoffner, illustrated by
ARMSTRONG'S HYDRO-ELECTRIC MACHINE and other Ap-
paratus. CARY'S OXY-HYDROGEN MICROSCOPE, DIVER and
DIVING BELL, &c., &c. MODELS of 'various kinds of MA-
CHINERY in Motion. Open from Eleven to Half-past Five, and
from Seven to Half-past Ten.
Admission, Is.; Schools, Half-price.

OY AL SURREY ZOOLOGICAL
GARDENS.
The preparations for the coming Season are on an immense scale.
The Pictorial Model (seen and approved of by her Majesty) vast and
interesting beyond all former efforts. Fountains, Statues, Extensive
Promenades, &c. The Carnivori are fed at lialf-past Four o'clock.

DISEASED AND lIEALTIIY LIVES ASSURED.
MEDICAL, INVALID, AND GENERAL
LIFE OFFICE.
25, ?ALL-MALL, LONDON.
Capital, £500,000.

This Office Is provided with very accurately constructed Tables, by
which it can ASSURE DISEASED LITER on Equitable Terms.
The Extra Premium discontinued on restoration of the Assured to
permanent health.
INCREASED ANNUITIES granted on unsound Lives, the amount
varying with the particular disease.
Members of CONSUMPTIVE FAMILIES assured at Equitable
•

Rates.
HEALTHY LIVES are Assured at Lower Rates than at most
alter offices.
Policies of twelve mimths' standing are not affected by suicides,
Duelling, &c. ; and Assigned Policies are valid from the date of the
Policy should death ensue from any of these causes.
F. G. P. NEISON, Actuary.

AUSTR AL ASI AN, COLONIAL, and GENE-
RAL LIFE ASSURANCE and ♦NNUITY COMPANY,
126, Biskopsgate-street, corker of Cornbill.
Capital 210,0001., in 2,000 Sharee.

DIRECTORS.
Edward Barnard, Esq., F.R.S. Gideon Colquhottn, Esq.
Robert Brooks, Esq. Charles E. Mangles, Esq.
Henry Buckle, Esq. Richard Onslow, Esq.
Jehn Henry Capper, Esq. William Walker, Esq.
BlicxEas—Union Bank of L011(1011.
COLONIAL BANKERS—The Bank of Australasia (Incorporated by Royal
Charter, 1833), No. 2, Moorgate-street.
SOLICITORS—Messrs. Maples, Pearse, Stevens, and Co.
PHYSICIAN—Dr. Fraser, 62, Guildford-street, Russell-square.
Skcarrenv—Edward Ryley, Esq.
ASSURANCES may be effected with this Company at unusually
favourable rates, affording every ♦ariety of accommodation to the
assured. Participation in profits, ascending and descending scales of
premium, permission to retain one-third of the premium, which is
charged as a debt against the policy, tables for the assurance of a
sum payable in the event of death to the executors of the assured, or
to himself upon the attainment of the ages of 45, 50, or 60.
TO EMIGRANTS, TO THE AUSTItALASIAN COLONIES in
particular, who aro assured for the whole term of life, this Company
offers the advanta of permission to proceed to, to reside in, and to
return from those colonies without extra premium ; and to pay their
premiums there.

ROYAL' FARMERS' AND GENERAL,
FIRE, LIFE, AND HAIL-STORM INSURANCE IN-
STITUTION.
Empowered by Special Act of Parliament.
Capital, ..£5OO 000.
OFFICES—STRAND, LONDON.
HONORARY DIRECTORS.

Duke of Rutland, K.G. Earl Ducie
Duke of Bedford Viscount Torrington
Earl of Stamford and Warrington Viscount Campden
Earl of Stair Lord Rayleigh
Earl Howe Lord Feversham
Earl of Stradbroke Lord Stanley, M.P.
The Proprietary of this Company exceeds 1,990 in number.
The share of Public Fwvour this Ins:itution ha; obtained proves
the appreciation of its system by a numerous body of insurers.
Every kind of Life Insurance, of Deferred and Immediate Anuui-
ties, and of Endowments for Children, may be accomplished on terms
as low as is consistent with security.
A Dividend of Four per Cent, is now in course of payment to the
Shareholders in this office.
A BONUS of one-half the profits on LIFE POLICIES held by
Shareholders will be given at the end of every Five Years, by addition
to the sum assured, or by the reduction of premium.
FIRE DEPARTMENT.—lnsurances are effected at the lowea
rates.

HAIL-STORM DEPARTMENT.
ADVANTAGES OF INSURING IN THIS OFFICE.
An actually subscribed Capital of X 500,000, secured by 1,963
shareholders, whose names and addresses are enrolled according to
Act of Parliament.
Insurances effcted in one sum.
Division of profits amongst the insured every third year.
All losses, whether total or partial, paid in full, as soon after the
occurrence as the valuati.in can be completed.
No average cla se, so that the sufferer will be certain of receiving
the full amount of the loss, to be settled as in the case of loss by fire.
Premium—Sixpence per acre for Wheat, Barley, and Peas; Four-
pence for Oats, Beans, Turnips, and Potatoes.
Glass in hothouses, greenhouses, or private houses, 20s. per cent.
The surplus profits, after paying an annual dividend of £4 per cent.
to-the shareholders, and providing for a reserved fund, will be divided
every third year bet,seen the shareholders and the insured.
Detailed Prospectuses may be obtained at the office, or will be for.
warded, post-free, upon application.
The usual commission to solicitors.
Agents are appointed in all the principal towns in the kingdom,
and where agents are not appointed, persons in active life, and de-
sirous of being appointed, may aptly to
SHAW, Managing Director.

ADVERTISEMENTS INSERTED in ALL THE- THREE PAPERS, Morning, Noon, and Night, thereby insuring a TOWN and COUNTRY CIRCULATION, at ONE CHARGE.

the Bank 100,000/., and which, aided by the ruin of
many old and highly respectable hankers and mer-
chants, saved the Bank from an actual suspension of
payments. That a palliative alone at that time was
required, is evident, because in two or three months
after the panic, gold flowed into the coffers of the
Bank most plentifully. In the American crisis of
1836-7, the Bank of England resorted to the " screw"
as a palliative ; and although it proved at that time a
safeguard to the Bank, British merchants and joint-
stock bankers were punished most severely, and many
parties to this day are still writhing under the sufferings
then inflicted. In the scarcity of gold caused by the
foreign corn trade in 1839, the Bank of England was
compelled to seek a costly and degrading palliative
from the Bank of France, and thus was our national
bank, as well as many of our first-rate merchants,
brought under the operation of that foreign "screw,"
and made to pay exorbitant rates of interest for tem-
porary accommodation, until a very large amount of
British property was again sacrificed to that " golden
monster," whose power to destroy the value of British
industry had been kept in check under the Restric-
tion Act for 22 years, but which Sir Robert Peel re-
vived by his Bill of 1819, contrary to the judicious
counsels of his own father; yet, the abundant supply
of gold which we now possess proves that a judicious
palliative was all that was wanting to have averted
the host of evils inflicted upon this. nation by this last
pressure. *Unfortunately, our' present excess of gold
furnishes no lasting security against a repetition of
the like destructive operations, so long as our flume-
tary obligations are-subject to the 'arbitrary control
of Peel's Bill. It was not Laore.than eighteen months
before the distressing panic of 1825, that the Bank
had an abundant stock of gold. The Government
was enabled to reduce the interest on the Four per
Cent. Consols to Three-and-a-Half per Cent., and the
Chancellor of the Exchequer boasted of the very pros-
perous condition of the revenue. What security have
we now that a similar result may not speedily await
us ? Neither small local notes, bank notes, nor gold
sovereigns are necessary in the first instance to inflate
speculation. This can be done with bills of exchange,
and the same bale of cotton, without leaving the
broker's hands, may be made the basis of several bills
of exchange, each representating the full value of the
cotton. These bills can fulfil the functions of money
until one article after another may be enhanced 20 or
30 per cent. in money value, and then, when the re-
gular manufacturers, merchants, and traders have
got well stocked with every thing, but gold, the drain
for that article takes place ; then comes the operation
of the " screw," and, finally, a national panic. Thus
the steady and industrious classes are ruined ; and
thus a few gambling speculators, who have reaped all
the profit, are made rich—boast of the soundness of
the " Peel's Bill system," and denounce all, however
wealthy they may be, who advocate a system of
steady credit, upon which the greatness 'of this nation
is founded, as a set of needy adventurers who want to
trade without capital.
I am reluctant to extend this letter further, but I
must not omit all notice of the injurious effect pro-
duced on British agriculture and commerce when
Peel's Bill first came into operation, and when the
Bank of England, to carry out the provisions of the
new law, suffered the "screw" to come into action
rather than enforced it. I believe the Bank Directors
a

Ina time used the influence of this repressing in-
strument as gently as possible, yet so great was the
distress produced, especially upon the agricultural in-
terest, and in the midst, too, of abundant harvests,
that Lord Liverpool, in his reluctance to admit that
" Peel's Bill" was the cause of the distress, accounted
fur it in the over-production which the bounty of
Divine Providence was then pouring forth upon Great
Britain and the nations of the Continent. In 1822,
when the pressure could no longer be borne Lord
Castlereagh and Mr. lluslcisson introduced their ce-
lebrated Small Note Bill, which proved an immediate
palliative, but a most delusive one, as every such
measure for the relief of the pressure on industry
must prove, so long as Peel's Bill is allowed to re-
main in existence.

I have seen with regret that some gentlemen in the
influential position of Bank Directors have lately pro-
posed schemes calculated to be equally delusive with
Mr. Gladstone's, or the one last mentioned, or with
the joint-stock bank scheme which, in 1826, was pro-.
mulged- under the patronage of Lords Liverpool and
Goderich, and which, like the Small Note Bill of
1822, performed great wonders for a short time in the
years 1833-34, and 35, but which has ended in the
ruin of an immense multitude of unfortunate share-
holders. The scheme which the above gentlemen
would urge upon Sir Robert Peel now, is the " One
Bank of Issue Plan," as it is called, and which is
brought forward under various shapes. These gen-
tlemen speak of obtaining a single bank of issue, as if
there were now any bank besides the Bank of Eng-
land, which had the power of issuing legal tender
paper. Perhaps they would wish to deprive the
people of their natural right to give or receive the
credit of each other, according to the dictates 'of their
own discretion. If they do intend this, and should
unhappily succeed in misleading the Legislature to
adopt their views—and nothing can be too absurd
for some statesmen to adopt if it affords a chance of
preserving Peel's Bill—then, great as our commercial
and agricultural difficulties have already been, we
must prepare ourselves to expect a struggle for the
continued existence of our national credit far more
severe than any we have yet experienced.
Admitting, therefore, with Mr. Gladstone, that,
under our present monetary system the transactions
of commercial men are exposed to considerable diffi-
culty, threatening convulsion, and the destruction of
mercantile confidence, it is, I think, very apparent
that a national bank on the plan pooposed by him is
open to very substantial objections, and if acted upon,
would still leave British industry exposed to the con •
vulsive pressure of Peel's " screw." I think it also
equally apparent that all " palliatives" must fail of
giving any permanent relief, so long as that " screw"
is empowered to depress the value of all labour, and
its produce, to a fixed gold standard ; and that the
only effectual way by which British industry can be
emancipated, is to remove completely the money law
of 1819, and to supply its place with a system of
cash payments to be regulated by the market price
of the precious metals, agreeably to the suggestions of
the Court of Bank Directors in 1819. You, Sir,
have justly observed that a market price system of
cash payment was virtually acted upon during the
last French war, and so judiciously acted upon by
the late Mr. Harman and his brother Directors, as
amply to supply the pecuniary means of conducting
that fearful contest to an honourable and successful
issue. A system capable of such great national
benefit in times of such unexampled difficulties as
those were, is assuredly entitled to the serious recon-
sideration of Parliament.
I had written a considerable portion of this letter
before I saw your important remarks upon Mr. Glad-
stone's letter, and I am much gratified to find that
you view Mr. Gladstone's suggestions in the same
light as myself.—l beg to remain, Sir, your's very
respectfully, lOTA.
April 2, 1844.

The following is the House List of Gorernors and
Directors of the Bank of England for the year ensuing:—

FOR GOVERNORS.
William Cotton, Esq., Governor.
John Benjamin Heath, Esq., Deputy Governor.
FOR DIRECTORS.
Edward Henry Chapman, Esq. James Morris, Esq.
Arthur Edw. Campbell, Esq. Sheffield Neave,Esq.
George Warde Norman, Esq,
Bonamy Dobree, Esq.
Abel Lewes Gower, Esq. John Horsley Palmer, Esq.
Thomson Hankey, jun., Esq. James Pattison, Esq. •
John Oliver Hanson, Esq. Henry James Prescott, Esq.
KirkmanDanielHodgson,Esq. Sir John Henry Pelly, Bart
Henry ,Lancelot Holland, Esq. Christopher Pearse, Esq.
Thomas Newman Hunt, Esq. Sir John Rae Reid, Bart.
Charles Frodk. Huth, Esq. William R. Robinson, Esq.
Alfred Latham, Esq. William Thompson, Esq., and
Humphrey St. John Mildmay, Alderman
Esq. Thomas Tooke, jun., Esq.
The Election for Governor and Deputy-Governor will be
held at the Bank on Tuesday, the 9th, and for Directors on
Wednesday, the 10th inst., from ten o'clock in the forenoon THE A NcI.E.NT
till four in the afternoon. ROMAN WALL.—Yesterday, in the
course of ex.
Cass's char,ty, 'to the east of the
THE NAPOLEON MUSEUM.—We see by looking cwie..tons which are making adjoining Sir J.
church of St. Botolph, Aid.
over our advertisements that the spirited Proprietor of this gate, the • wori,cmen came on the foundation of the ancient
most instructive and very interesting Museum, has reduced Roman •,vg,:t:i, at a depth from the surface of fifteen feet. It
the price of admission to ONE SHILLING, and we must con- was of
i 'dm usual strength and width. The portion discovered
gratulate our readers and the public in general on the subject, was ' Juilt upon a solid brick foundation, strongly cemented
for we thought before the recent additions that have been tog-el cher. The bricks were in a condition as perfect as when
made to it, the NAPOLEON MUSEUM contained enough to form the y were originally laid down, and though smaller, much
many one shilling exhibitions, all of them enough to amply he avier than the. bricks now in use. A short time ago ano •
gratify and amuse the visitors. We perceived among the t•,/ ler part of the same wall was discovered at a similar depth
additional pictures one of NAPOLEON at St. Helena, life size. '.n Duke-street, Houndsditch, from which it appears• that it
• Seated on that rock, hie earnest and impressive look seems to 'passes across the lower end of Houndsditch, under the burial-
speak volumes. It is a masterpiece of art, which the En-, ) ground of the church of St. Botolph. A quantity of fused
PEROR'S faithful, favourite Painter has painted in his voy i metal, which is supposed to have been melted in the fire of
best sle. There are also very line paintings of FREDESSICK 1 London, was discovered among the earth. There was udepth
-THE (REAT, STANLSLAUS AUGUHCIIS IL, the last King or of " made" earth, of from fifteen to twenty feet, which was
Poland, Prince ADAM QZARTORYSKI, the eminent Pole, &c, of a fine loamy quality. It is supposed that when the
We are sure that our country residers will be delighted to see Tower ditch was excavated, a large quantity of the soil was
this magnificent Museum, which we hear was not formed brought there. The same sort of soil is found in many other
the parts adjoining London-Wall, leading to the site 'where Win—
with any idea of its being a public exhibition, but that
Proprietor considered it would be selfish to keep so much chester House formerly stood The ground is '4:wing dug for
historical information from general inspection ; and we have a sewer, and there is a depth of about twenty feet of made
no doubt that our town readers also will take care their sons earth.
-and daughters do not return to school after these Easter Mr. John Wood, Chairman of the :r.lxcise, had an in..
holidam until they have all accompanied them to the Napo- terview with the Chancellor of the E•schequer yesterday
LEON MUSEUM. at his official residence in Downing. street.
%

Mr. GRESHAM moved for a return of the estimated
rental of Farringdon Market when wholly let, and the
actual, rental received for the last two years, ending at
Michaelmas last ; distinguishing the esti
and the produce of that part of the marl-jet which abuts
upon Shoe-lane.—Agreed to. :Dated rental,

THE VAURANT POPULATION OF
A spirited discussion took P- "`HE METROPOLIS.
...iee upon a motion of
Deputy CORNET, upon the n-) Anal
con-
dition of the vagrant popul- and physical
Ation of the metropolis;
but as the Court was couWeed out, and the motion is
to be considered in a fl
publication of the sp• .44:vare Court, we postpone the
eaches until we can state the
result.

Hi •H WATER AT LONDON-BRIDGE THIS DAY.
Morning ... G minute alter 3 I Evening ... 21 minutes aft r 3.