The Sun.
London, England, 1845-09-04 00:00:00

MEETING OF MR. MIALL'S FRIENDS.

Another meeting was held at the Bee Hive, Warner-
street, Dover-road, to hear an address from Mr. Miall
in exposition of his political principles, Mr. Ap,ley
Pellat in the Chair.

Mr. Mram. was received with great cheers on rising
to address the meeting. He begged to remind those
present who were really friendly to his cause that they
could do him no greater harm than in attending meet
ings of the other candidates and opposing their proceed-
ings, thereby stifling free discussion. He earnestly
entreated that no friends of his would act in this foolish
manner, but allow each candidate a fair and candid
hearing, and afterwards refute their arguments, not by
noise, but by argument. A report had gone abroad
that Sir William Moiesworth's Committee had opened
thirty public-houses with a carte blanche to his sup-
porters. If that were true, every gentleman on
the Committee should wash his hands of a cause that
required such base means to support it. He did not
want a single vote that was obtained by mistake or
coercion. Ile would advert to another point. He found
among what was called the more respectable part of the
constituency that there was an outcry against him on
account of his extreme political sentiments, and it had
been alleged against him as a crime that Mr. Feargus
O'Connor had issued an address in his favour. lle
(Mr. Miall) was not ashamed of any man so long as his
principles were just. Even though the Titnes, Mot a-
hag Post, and the whole Tory press conspired
against him, that would not in the slightest
manner affect his political sentiments. Although
he was in favour of the principles of the people's
charter, he was not to be identified with the violence
with which certain parties had enforced their views.
These parties had done more injury to the cause of
rational liberty than all other adverse circumstances.
After referring to several other topics usually taken
up by the lion. Gentlk man, he concluded his address
amidst loud cheers.

Mr. MILLER then moved the usual resolution, that
Mr. Miall was a fit and proper person to represent the
borough in Parliament.
The motion was seconded by Mr. Robson, and after
remarks from Mr. Maynard and Mr. Eastwick, it was
put and carried with but one dissentient.
The meeting, which was a very crowded one, many
persons not being able to obtain admission, then
separated.

THE CURRENCY QUESTION.

A WORD UPON A MEASURE OF VALUE.

(FROM A CORRESPONDENT.)
To food, the chief necessary of life and support of
labour, we should, for obvious reasons, look for a mea
sure of value, for the value of the products of industry.
vary generally in the ratio of the labour bestowed upon
them in their being prepared for market. But a mea
sure of value composed of food is incon% enient, and not
well adapted to facilitate the interchange of the products
of the earth ; it has, therefore, been found necessary to
use symbols or tokens of value ; such symixas or tokens
may, however, be worthless, intrinsically ; their value
being simply conventional ; as in the instance of bank
notes and Exchequer-bills of the present day, and as in
the instance of Exchequer tallies of wood in former
periods.
To avoid, in future, the great mischief and misery
occasioned by tampering with the currency, the follow-
ing suggestion may afford a method of its adjustment to
the conditions of an increasing population, and conse-
quent increasing commercial transactions, to which, in
the opinion of very many, our monetary system is not
adapted. For in the event of a failure in our own home
production of food, the great staple commodity of the
country, or other disturbing cause, alarming mischief, it
is apprehended, will ensue ; some few would be enriched
at the expense of the very many, composing the pro-
ducing cla,,ses, who would be impoverished.
Upon the principle of the Tithe Commutation let us
then proceed. Suppose, at the time of the tithe commu-
tation the relation of value then subsisting between
wheat. barley, and oats, each a definite quantity on the
one side, and a pound (our unit of money measure) on th
other side, was just in regard to debtor and creditor,
payer and receiver ; we have thence based upon mea-
sures of food a token of value denominated a pound.
Having a token, or symbol, of value, the pound, de-
pending upon definite measures of food ; the pound, food
and population may be regarded as functions each of the
other.

The tithe commutation was based upon the average
prices of three different articles of food, wheat, barley,
and oats, during the seven years preceding its enactment.
Now, during that period the quantity of wheat, barley,
and oats consumed ; the amount, also, of coin and bank-
notes in circulation, by which prices were, during the
same period, mainly governed ; and the amount of popu-
lation fed, can, with sufficient accuracy, be obtained to
afford a tolerably correct knowledge of the relations
subsisting between food, money, and population.
Upon such data let a paper currency be based. Let
one pound notes take the place of sovereigns which, it is
proposed, to withdraw and deposit for commercial pur-
poses. Let every bank of issue deposit in the Treasury
ample securities for the amount of their issues, that is,
before any bank can be supplied withstatimtpfe,dir
ipaperue
for its notes securities must have been deposited ; and
when notes are worn out, and no longer
they must be returned by the bankers to the Treasury,' i
before stamped paper can be supplied to them for new
ones. But this is a matter of detail.

Bank-not(a to be convertible into gold at its market
price, such price being daily stated in the public papers,
as in the manner of the prices of Stock.
As the population increases the issue of notes should
be increased, governed, however, by the state of the
prices of food. For the object in view is to maintain
steady prices ; and if it should be found that prices
upon an average of preceding years be declining, and
the ratio of food and population unchanged, it would
show that the issue of notes should be increased ; and if
the conditions be contrary, it would indicate an excess of
issue. The issues of stamped paper for notes should
then be contracted till the required relations between
fed and money be restored. A pound, at any future
period would, under such arrangement, purchase about
the same quantity of food, and be eachangable for about
the same amount of labour as at the time of the Tithe
Commutation.

Judging from the past and present, it is not probable
that the exchange of labour for food will be sensibly dis-
turbed ; that is, the working classes will not be ena-
bled to obtain more food for their labour at a future
period than at the time of the Tithe Commutation, for
the increased produce of food will only be as the in-
crease of population.
The Quarterly dividends and salaries to be paid by
Exchequer-notes, in anticipation of the quarter's reve-
nue, such notes to be redeemed when the quarter's re-
venue shall have been collected. By such an arrange-
ment the amount of currency in circulation for the or-
dinary transactions of dealing would not be disturbed.
Gold being reserved principally for commercial pur-
poses, it may be sent abroad and be returned again with-
out sensibly affecting the circulation, as has happened
since the passing of the Currency Bill of 1819.
Thrc ugh the agency of Sir R. Peel's Currency Bill
enormous wrongs were enacted ; the producing classes
were the greatest sufferers. The prices, as settled by
the Tithe Commutation, are not sufficiently high, under
a system of a high rate of indirect taxation ; yet it
would be another act of injustice now to undo to the
full extent what Sir R. Peel's Bill has accomplished.
The suggestion offered is under a supposition that
there will be no increase of indirect taxes ; and that in
the event of being compelled to war, the current ex-
penses of the year will be defrayed by a direct and justly
modified income-tax.
Sept. 1, 1845. J. H.

PROGRESS OF IRON SHIPS AND SCREW PRO-
TELLERS.—We understand that the firm of James Hodgson
and Co., iron ship-builders, of this town, are building, amongst
other vessels, an iron ship of 1,200 tens burden, the first of a
new line of steamers to ply between New York and Liverpool,
with engines of 180-horse power ; also one of 600 tons burden
and 100-horse power, to ply between Liverpool and Rio
Janeiro, the first of a new line of seven ; also one for Buenos
Ayres, all fitted with screw propeller and Grantham's patent
direct-action engines.,—Liverpool Timm