The Sun.
London, England, 1868-12-30 00:00:00

is, in fact, greatly depreciated ; a large proportion of
the sovereigns and half-sovereigns now in use is
light, and much evil and injustice is the result. In
theory the light coins are withdrawn from circula-
tion, and new ones issued in their place. The
actual effect is very different. The practice of
free coinage, of imposing no charge at the
Royal Mint for converting gold into coin, acts
as a permanent depreciating influence upon
our money. The new and heavy sovereigns
find their way out of England. In making remit-
tances to countries where the sovereign does not pass
current, it is necessary to melt down the English
money and re-coin it at its destination. For this
purpose the bullion-dealers, of course, select the
heaviest coins, and this practice is continually going
on ; the large issues from the Mint have practically
little effect upon the currency at home. Though nearly
one hundred million gold coins have been issued in
England since 1850, 311 per cent. of the currency is
below the legal weight. Long ago the free mintage
system was described by Sir DUDLEY NORTH as
" a perpetual motion found out, whereby
to melt and coin without ceasing, and so to
feed goldsmiths and coyners at the publick
charge." It has been condemned in all foreign
countries where it has been tried. The greatest
economists and the present Master of the Mint agree
in recommending a small Mint charge. The system
now in force is a loss both to the nation and to
individuals. The English taxpayer has to bear the
cost of coinage and the wear of coin in several
foreign countries and many colonies. In ordinary
business the light coin entails considerable loss upon
certain classes. The theory that no light coin should
be accepted is almost wholly disregarded in practice;
the process of weighing is found intolerable, and
the sovereigns, therefore, pass about simply because
they are sovereigns, and not because they
accurately represent the value which is attached to
them. But where the light coins are accumulated
in large quantities, as in banks, much trouble is
experienced. The Bank of England will take nothing
below the standard weight. Bankers can thus remit
only the heavy coins, unless they will bear the loss of
the deficiency ; whilst if they refuse to submit to the
charge for light coin, they lose the interest on large
accumulation of specie. During the present year one
firm has lost in this way £6,710.
The present is an excellent opportunity for
remedying these defects, and at the same time
securing to the world the boon of a universal money
which shall be to all nations a sure standard
of value and a universal medium of exchange. "By
a far sighted policy, we have promoted the most free
exchange of commodities with the world. . . . A
similar policy in regard to money is a natural and
necessary corollary." The change necessary to bring
about this reform is simply that we should join the
Monetary Convention and adopt the 25-franc piece
as our sovereign, at the same time imposing a Mint
charge equivalent to the difference between the new
sovereign and the old. In other words, the trouble
that would arise from diminishing the value of the
sovereign to the extent of twopence is to be
obviated by retaining the twopence to cover the
cost of coining. The results of this expedient may
speedily be seen. As the sovereign would thus
become the current exchange of the world, it would no
longer be necessary to have recourse to melting in
making remittances. The sovereign would not have
to be converted into some other coin, and thus one
great source of depreciation would be obviated. The
Tantalus practice of manufacturing millions of gold
coins which pass almost immediately to the melting-
pot would gradually cease. The Government would
be relieved from the cost of coinage, without loss to
any one, and might therefore take upon themselves
the withdrawal of light coins,the circulation of which
gives rise to so much loss and inconvenience at
present. This deficient money remains in use simply
because the Mint cannot bear the cost of changing it.
The Bank of England withdraws about half a
million sterling yearly, and this, which is inade-
quate to the purpose of keeping up a good currency,
is all that is done. It is thus evident that the
trifling change necessary to secure a uniform money
is really the only means of obtaining a home cur-
rency which approaches perfection. A reduction of
the sovereign is necessary, and a Mint charge is the
mode of effecting it without trouble. Nor would our
standard of value be in any respect impaired. The
values of two things merely signify the ratio in
which they exchange for each other. If 100 ounces
of gold are taken to the Mint every day and 99
ounces of coin received back in exchange, this would
actually establish the fact that 99 ounces of coin have
the same value at the time and place in question as
100 ounces of gold. At present differences
of value arise because our money is not
payable in certain other countries, and com-
parisons continually arise between bullion and
coin. But, under the international system, the
vast preponderance of gold in the world would be
held in the form of coin, because it would be payable
anywhere, the coins would all be of the same value,
the Mint charges equal, and thus the Mint ratio of
exchange would become the standard of value. The
reduction of coin into bullion would only be resorted
to for exceptional purposes. The full effect of the
change would .be gradual, but in the meantime the
inconvenience would be reduced to a minimum.

MILITARY AND NAVAL INTELLIGENCE.

The troops brought to Portsmouth from Malta
in the hired steamship Una were disembarked from
that vessel yesterday afternoon and sent on to their
destinations, the invalids to the Royal Victoria
Hospital at Netley, and the time-expired men to
their regimental depots. The Una afterwards sailed
from Spithead for Woolwich, to deliver there her
cargo of returned Government stores.

A notification was yesterday received at Chatham
from the Horse Guards announcing that the screw
steamer Helviatia had been substituted for her Ma-
jesty's troopship Crocodile, 3,700 horse power (no-
minal), Capt. G. Watson, for the conveyance of
reinforcements of attillery and other troops to
India, and that she will be in readiness to embark
her detachments on the 4th of January. Rein-
forcements from the Ist Division of the Depot
Brigade, Royal Artillery, are to be held in readi-
ness for embarkation in the Helviatia, for convey-
ance to India by the overland route.

lier Majesty's screw Indian relief troopship
Serapis, Captain John C. Soady, sailed from Spit-
head yesterday afternoon for Queenstown and Alex-
andria, the weather in the Channel having consi-
derably moderated after noon. The Ariadne, screw
(unarmoured, wooden) frigate, 800-horse power,
Captain Colin A. Campbell, sailed from Spithead
yesterday afternoon for the Mediterranean on spe-
cial service as a yacht for the Prince and Princess
of Wales.

In January a new London weekly newspaper
will be published, under the title of The Asiatic. It will
seek to promote the interests of our Ils.stern possessions,
and also afford to Anglo-Indiana, and others, an oppor-
tunity to discuss matters of public interest relating to those
countries.

RAILWAY COLLISION.—On Monday, a coal train
with a dozen waggons, from Blackburn, Caine into colli-
sion with a pilot engine at Bromley Cross, near Bolton.
The engine was thrown over the rails, and the road torn
up many yards; both drivers and one stoker were severely
injured. The traffic was delayed for some Ihwirs.

SHIPBUILDING ON TIIE CLYDE. —Duril ig last year
the number of vessels built on the Clyde was 212; I.qpre-
sonting 169,05 G tonnage and 15,222 horse power- In 1867
a large number of vessels was built, but the tonnage mat;
about one-third less. The vessels at present in courso of
construction or contracted for aro upwards of 120, with a
tonnage of 22,881.

THE MURDER OF A POLICEMAN AT NM:THAT LTTON.
—NORTHAMPTON, Dec. 29, Three p.m.—James Kei op, de-
tective of the Northamptonshire constabulary, d ed this
morning, at 11 o'clock, from the effects of the xunshot
wound inflicted by Wm. Bridgewater, who will now be
charged with murder.

Foreign game is now becoming a regulia article
of consumption in Paris. For Christmas not.; 10.5,2 than
4,000 hares arrived from Germany, besides Luctioui tity of
wild boars, deer, and chamois, with a vv-fety iof tho
feathered tribe, from Transylvania.