The Sun.
London, England, 1844-06-27 00:00:00

OUR FATE IS SEALED.

TO 2"IIE EDITOR OF TIIE SUN.
I.The astounding, the inconceivable ignorance of our
eslature leaves us without hope for the future. Peel con-
colnes his currency course without opposition; he makes
Ocessions of points as unimportant as whether a soldier's
o,'Kcl should have on it twelve or fourteen buttons, and no
.!C. rises up to denounce and lay bare the monstrous fallacies
:°(1 ruinous principles on which Procustes Peel bases his
Murderous system
ihe on the 26th of June, at a distance from London—it
7, Therefore possible that some Member whom Providence,
1111,. a nearly miraculous interposition) has blessed with com-
sense, may have pointed out to the house the terrific
tevils With which we are threatened.
2n an enactment comprising a thousand evils, it is scarcely
brill while to notice more than the most enormous of
the
th Will content myself, therefore, with calling attention to
main features of this legislative Frankenstein.
41e first is, the attempt to convert our circulation from one
almost wholly of paper, to one almost wholly metalhc ; the
ite cland, to restrain our circulation to a fixed amount, though
ti.. 4.8'" extension of commercial transactions may render a cor-
-I',,Mding extension in our machinery of transfer imperative.
(asobjections to a metallic currency are manifold. First
d3ing most on the surface), is its costliness. If we add
t3' millions of gold to our currency, we must give thirty
hv
iuons of goods for it.
the
second objection is, the impossibility of obtaining a
k-"ocient supply of the metals. Our real main currency con-
-4118 of bilis of exchange, of Which 250 millions are constantly
c'aT• These bills pass through as many hands as Bank of
,!"-,rland notes of like amount, and perform exactly similar
voies in our transactions.
Ilia third objection is, that metal. instead, of being steady,
'3 continually shifting its relative value; and that if cir-
„:umstances cause it to flow out of the kingdom, thus making
in our circulation, there are not any means of fi11(1,3.N.)
(1,3.N.) t hat vacuum.
ir Attila Peel imagines that he protects commerce, by
rntS
Purpose Bank notes convertible into gold. Now, independent
t)
jenact that he cannot accomplish this, his effecting his
would do little to benefit cow coerce ; the rendering
holder of a note secure, would not protect the depositors
vivi
loseinterests are in the ratio of four to one of that of the
I."noteholders), nor the billholders, whose interests are as eight
°,:me of the noteholders.
It could in no degree create additional wisdom or caution
hankers in lending their own capital, or those of their de-
positers ; and it is obviously on this point that the whole
question of power to meet engagements depends.
Sir Bober:, admits that the Bank of England may issue
°tes to the amount of thirty millions—sixteen on bullion,
nrteen on Government debts, &c. The deposits exceed
thirteen millions. I repeat a question I have put in a former
letter—lf a panic should arise, and the depositors withdraw
Thirteen millions of the gold, how are the thirty millions of
Rotes to be cashed? C0MM0.:%.1. SENSE.

SINGULAR CASE at the MANSION-

_
HOUSE.
Mr. Cornbedun, on behalf of his friend, a foreigner, of
the nhme of Be.rgstol, requested permission to call the atten-
t'cm of the Chief Magistrate to the outrageous conduct of a
rliceman, of the name of Hamgr, a, who had stopped the mi.-
ilekY emigrant the other evening, and taken away from him
Is pocket-book and gold watch.
Lis I,,l'he foreigner, as well as his broken English could express
V sentiments, had called upon the policeman to take him
.1
rfure a magistrate, that any charge which the man " dressed
little brief authority" might, choose to make, might be
examined into. This Mr. Hamgra declined to do, or to re-
.urtl the abstracted property. M. Bergstol had, therefore,
lVirwed—(we were going to say the "robber," we mean)—
the officer, and luckily meeting with Mr. Cornbedun, to whom
'e Was well known, that gentleman•had insisted on the great
moan's accompanying him to the Mansion-house:
\Viten asked what justification he could offer for tbe out-
taA'e be had committed, Mr. Haingra assumed a profound and
official look, assured the Mayor that he had great deference
'°r the authority of the Chief Magistrate, but must "most
respectfully, but firmly, decline to answer the question." He
en uttered divers grand sentences about the power given
tu
„9 the olice, and referring to the case of the Secretary of
Mate fur the Home Department and Mr. Mazzini's letters,
declared his conviction of the similarity of the circumstances,
and that any inquiry into his motive for taking the property,
°„r What he intended to do with' it, would " be fraught with
the most dangerous consequences to the empire," and was
Vroceeding in this strain when our reporter left.