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

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I.ONDON and -BIRMINGHAM RAILWAY.
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By order, R. CREED, Secretary.
Euston Station, April 4, 1844. - - •

THEATRE ROYAL LYCEUM, or ENGLISH

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T0::liO/IROW EVENING, April 10:Mr. C. 11. ADAMS _will have
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HALL and ALLAN, of 69, 70, and 71,
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_
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Prints and Printed Muslius in all the new• designs.
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•

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L tiMERT "ON DEBILITY, NERVOUSNESS, AND ALL
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A hero lives, and justly can
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Just published (in a sealed envelope), Tenth Edition, price 2.5. Gd.,
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EIS-PRE SE RVA.TION : a Popular Essay on
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od
Diseases of the Reprualve organs, with plain Directions for
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By SAMUEL LAMERT, Consulting Surgeon,
9, Pedford !met, tedford.square, London, Matriculated Member of
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These publications combine rationality, explicitness, and integrity
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tn. Theauthor it a Hector of Medicine a member of the Col-
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Tlts WArwit MoNoPoLic. The inhabitants of the
.Southern *Districts of the Metropolis -arc bestirring them-
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}Jousts. of Parliament, from Lambeth, Bermondsey, Black-
friars-road, &cc. In the House of Lords, the:Marquis of Nor-.
manby, has given. a ,cenditionitLmotice for a Committee of
Inquiry ; .and in thellouse ofCothmons, Mr. Ewart, a night
or two. since, gave an unconditional notice for a Committee.'
lreanwhile, acting:upon the French. proverb .9aide lei, et le
ciel Caidera,".nlany.Of the inhabitants are forming themselves
into a alf.siipplyinglffliltered. WaterCompany'. which pro-
mins' the alteration of 10 pmcent. profit; or good water at
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.far these promises aredikely to .be redeemed. - •
• Pkofessor. • Risley and ;his. talented 'son le petit
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appear is' a' new ballet on' Easter Monday. •

MR. GLADSTONE AND THE CUR.
RENCY QUESTION.

TO THE EDITOR OF THE SUN.
Sa.,—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 hcpe you will allow
me, through tht 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. circulai
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 convei
nient, system has been " attended with considerable
difficulty in the transactions of commercial men)
threatening convulsion and the destruction of mere
cantile confidence."

Admitting the truth of the latter clause, the system
alluded to in 'the former cannot well be deemed safe
whatever may have been its conveniency. Mr. Glad.
stone thinks so himself, and to obviate the danger h
suggests that a new national bank shall be established
to supersede the Bank of England in some of its
most importantfunctions.

The national bank which Mr. Gladstone would
create is to have no capital, but to -trade on the net
tional guarantee of Parliament. It is to issue it
notes, half in. the
,purchase of bullion, and the othe
half in the purchase. of Exchequer bills and othe
securities. .These notes are all to be payable in cas
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 hay
clerks under them resembling, . I suppose, thos
of the Exchequer Bill-office. The Commissoner
themselves are probably to have large salarie
with small responsibities, whilst their manag
ing clerks are most likely to be entrusted wit
large responsibilities and small salaries, as in the cele
brated case of Mr. Beaumont Smith. Admitting a .
this to be unobjectionable, which very few will admi ,
it is not easy to discover how such a national bank
could avert the difficulties which Mr. Gladstone aril-•
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 be 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 mid
abread, and 'produces those convulsions, which it is
the professed object Of Mr: Gladstone's plan to avoid.
It-does not appear, therefore, that Mr. Gladstond's
national bank promises any advantages •which we do
not at, present, possess under the Bank of England.
Under 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 ;
whereas 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 syStein'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 "hear 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 merriorial, 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. A$ a practical suggestion, be
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 coin, 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 arid his fellow Directors of the Bank of
England argued in 1819,. with regard to gold. They
deemed that the,.mql,t effectual way to secure a uni-
form -supply of gold was to let the traffic and the price
of it be all o 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
Onlynct 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
iniPerfectide in our. monetary .circulation, for whiCh
he-hag undertaken to prescribe a remedy. Were it
not so, he would have perceived that such a practical
palliative afforded the most effectual mode of atfain- 1
mg 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.
a. " It sustains,
the horse till the grass grows,"—so, in the case of
sudden withdrawal of specie from a nation like ours,
which, in the natural course of commerce, can always
command a full average stipply 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. tin •
der it the Directors of the Bank would' have been
protected from the unreasonable obligation,, of selling
gold at 3/. 17s. 100'. per ounce at those times when;
from some temporary obstruction, they might be.
compelljd 'immediately to repurchase it at a much
higher price. In the. absence of the natural pallia-
tive which the market Pict system would have af-
forded, the"l3anli Directors 'have been compelled to
resert to Such'vallidtives as have .been costly to the
-Bank-and irljuridus to the public. In the panic of
1825, Mr... Rothschild supplied
.a palliative winch cost,

Qe..l mu°

the Bank 100,0001., and which, aided by the ruin of
many old and highly respectable bankers 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
presure. Unfortunately, our present excess of gold
furnishes no
_lasting security apititt a repetition of
the like destructive operations,to long as our mone-
tary obligations are-subject:-to the • arbitrary control -
of Peel's _Bill. It was not more 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 niay 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
at that time used the influence of this depressing 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
for 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. Huskisson 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
Godericb, 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 creditfar more
severe than any we have yet experienced.
Admitting, therefore, with Mr. Gladstone, that,
under our present monetary system the transactions
of commercial men arc 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 ie acted upon,
would still leave British industry exposed to the con.
vulsive pressure of Peel's " 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.---I beg to remain, Sir, your's very
respectfully, lOTA.
April 2, 1844.

The following is the House List of Governors and
Directors of the Bank of England for the year ensuiug:—

- • FOR GOVERNORS.
William Cotton, Esq., Governor.
John Benjamin s Heath,.E Esq.; Deputy Governor.
FOR DIRECTORS.
Edward Henry Chapman, Esq.larnes Morris, Esq.
Arthur Edw. Campbell, Esq. Sheffield .N, ,Esq.
Bonamy Ddbree, Esq. W
George
arde Norman, Esq.
John Hoysley Palmer, Esq.
Abel Lewes Gower, Esq.
Thomson Hankey, jun., Esq. James Pattison, Esq.
John Oliver Hanson, Esq. Henry James Prescott, Esq.
liirkmanDaniel Hodgson, Esq. Sir John Henry pelly, Bart.
Henry Lancelot Rolland, Esq. Christopher, Pearse, Esq.
Thomas Newman Hunt,-Esq. NI. John Rae Reid, Bart.
Charles Fredk.. Huth, Esq. William R. Robinson, Esq.
Alfred Latham,. Esq. William .ThOmpion, Esq., and
I I limphrey St. John Mildmay, Alderman
Esq.- - Thonias 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
till four in the aftertniOn...

TfiE 4,1 A POLEON Mtisi,,t7 Al.—We see- by looking
over our advertisements that the tpirit_ed Proprietor of this
most instructive and' very interesting., MuseuM, has reduced
the irice of admission to ONE SinuaNg,unal we must con-
gratulate our readers and the public in general, on the subject,
for-we thoUght before the recent additions 'that have been
made to it, the NaeoLlori-MuSEum 'contained enough to form
many One shillipg exhibitions, all of Them enough. p. amply
gratify and amuse visitors. We perceived aiiiong the
additional piettifes" one 'of Narof.r.ox at St.- Helena, life size.
Seated on that rock, his earnest and impressive look. seems to
speak volumes. It is a masterpiece of art, which the ESr-
eMion's faithful, favourite Painter has painted in his very'
best style. There are also very fine paintings ants:TA:lnm
Ont4T,,,Srmosr.,Ans 'AiGusrus II:, the last Bing of
Polandt, Prince ADAM Czn„nronysiu, the eminent Pole, &c.
We are sure that our country readers will be delighted to see
this :magnificent Museum, which we hear was not formed
with any idea •of its:being a public exhihition, but that the
Proprietor considered :it Would be selfish to keep so much
'histolical-informatien-froni general inspection; and we have
,no_doubt that our to*ki-readers also will take rare their sons-:
and danghters do not. return to school after these Easter
until they have all accompanied them to the NAPO-
LF.ON :ULT6iIII3I. ' • • .

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