The Sun.
London, England, 1844-12-30 00:00:00

rency the general welfare requires ' • but so long as
commerce is affected by a currency dependent on the
uncertain supply of bullion, and chiefly confined to
the profit of one establishment, a feverish instability
must be occasionally looked for.
These observations vindicate the opinions given by
gentlemen of the first rank of commercial and finan-
cial knowledge in the City of London in the year
1810 ; and also make manifest the sound advice the
late Sir Robert Peel gave to his son previous to the
passing of the Bank Restriction Act in 1819, namely,
to leave the currency as he found it ; but to compel
all bankers to give security for the amount of notes
they issue. The present Hon. Baronet probably re-
jected this advice from coltbge impressions—that
money consists only in gold and silver coins. The
truth, however, is, all commodities are money at the
market price, and gold and silver coins and one-pound
or other notes on demand are the instruments used to
exchange them. This error has misled many talented
minds. hence one-pound or larger notes are parts
of the guaranteed money property possessed by the
issuer of them in land, houses, gold, silver, tin, iron, and
all his other effects, and exchangeable for silver and
gold coins, bullion, &c., which society requires as the
instruments of exchange.
Hence a one-pound note purchases the same market-
able commodities that a sovereign of full weight can
purchase, during the existence of sovereigns as a cur-
rency—namely, until the price of bullion rises above
the Mint price so as to yield a profit to the trader to
convert them into bullion. But whenever bullion falls
below the Mint price, the one-pound note will pur-
chase more bullion than the sovereign, and in the ratio
of that depression.
Hence a paper currency is invariable in its nominal
value ; but a sovereign is variable in its nominal
value according to the demand and supply of bullion
in the market; the loss by wear, and by " sweating
them," as practised by the low trader, and already
noticed.

having now concluded the question of currency as
it appears to me, I shall feel obliged by any gentle-
man concisely pointing out an error, addressed to the
editor of the Worcester Herald. All we need is the
guidance of truth for security and repose; and how-
ever unwelcome it may be to those who are plumed
with the pride and conceit of self-sufficiency, its
majestic, unchangeable course, will inevitably sweep
away the vanity and delusions which obscure it.
R.

Bank of I
Years. England Notes Market Price of. Average Price
in Circulation Gold in August, of Wheat,
in August. per ounce. per Quarter.
£ £ s. d. s. d.
1792 11,006,969 3 17 6 39 2
1793 10,838,214 , 3 17 6 51 3
1794 10,628,220 3 17 6 51 8
1795 11,458,382 3 17 6 77 2
1796 9,531,335 I 3 17 6 81 5
1797 10,568,216 3 17 101 49 8
1798 12,191,025 3 17 10k 50 4
1799 13,259,873 3 17 9 64 4
1800 14,735,378 4 5 0 134 5
1801 14,970,321 4 6 0 129 8
1802 16,887,113 4 3 6 67 5
1803 17,035,959 4 0 0 60 4
1804 17,323,994 4 0 0 52 1
1805 16,296,118 4 0 0 89 0
1806 19,072,893 4 0 0 81 10
1807 20,034,112 4 0 0 73 5
1808 17,365,266 4 0 0 81 1
1809 19,357,241 4 11 0 88 1
1810 24,446,175 4 5 0 113 4
1811 23,793,115 4 17 6 86 11
1812 23,482,910 5 5 0 140 9
1813 24,024,869 5 10 0 116 3
1814 28,979,876 4 11 0 67 9
1815 27,024,049 4 10 0 63 8
1816 27,075,854 3 19 0 76 2
1817 30,099,908 4 0 6 94 0
1818 26,602,837 4 1 6 83 8
1819 25,335,430 3 18 0 72 3
1820 24,453,380 3 17 10 65 10
1821 20,327,740 3 17 101 54 5
1822 17,464,780 3 17 6 43 3
1823 19,231,230 3 17 6 51 9
1824 20,293,320 3 17 6 62 0
1825 19,290,560 3 17 101 66 6
1826 21,358,010 3 17 6 56 11
1827 22,007,060 3 17 6 56 9
1828 21,357,490 3 17 6 60 5
1829 19,523,410 3 17 9 66 3
1830 21,082,310 3 17 10i- 64 3
1831 18,465,310 3 17 10,1 66 0
1832 17,689,500 3 17 9 58 8
1833 18,483,250 3 17 101 52 11