The Sun.
London, England, 1844-06-17 00:00:00

EXECUTION EQUAL TO CON,

CEPTION.
TO THE EDITOR OF THE SUN.
Sin,—l have hitherto grounded my observations on the
plan of our Laputan Minister—(Oh for another Dean
Swift !)—upon your reports of the debates, &c.
Yesterday I obtained the loan of a copy of the Bill, and sat
down to the examination of its sublime monstrosity, with a

banker of above twenty years' experience.
So exquisite was the confusion that we could not come to
an agreement as to the meaning of the various clauses. My
companion admitted that the words bore the sense which I
attached to them, but could not believe that they were in-
tended to do so, inasmuch as in such case the results would

be too monstrous to be credible.
On one point we could not differ, viz., that while the ob-
vious purpose of the Act, is, to make the Bank of England
the mainspring of the whole system, no penalty is indicated,
in the event of the Directors of that institution coming to
their senses, throwing their copy of the Bill into the fire, and
acting in utter defiance of every one of its provisions.
That this is a possible case is tolerably clear—for one of
the paragraphs of that paragon of absurdities and obscurities,
clause 2, secures the ultimate reduction of the circulation of
Bank of England notes to two- thirds of its present amount.
I observed, by-the-bye, that a clerical error in my letter in
Monday's Sun, makes the fourteen millions one-third, the
meaning intended to be conveyed being that the reduction
amounted to one-third—nay, to the possible extinction of
such circulation altogether.
You will stare at the assertion (not perhaps being fully
aware of the astounding talent for blundering of Sir Robert),
but read these words—" And from and after such transfer and
appropriation to the said issue department, as aforesaid, it
shall not be lawful for the said governor and company to issue
Bank of England notes either into the banking department
of the Bank of England, or to any person or persons whatso-
ever, save in exchange for other Bank of England notes, or
for gold coin, or for gold or silver bullion, received or pur-
chased for the said issue department under the provisions of
this Act," &c.
Now, let us imagine that a great demand for gold arises—a
large proportion (possibly the whole) of the Bank of England
notes are brought in—how is a single five pound to be got
out again? The clause says, not at all, except for gold or
bullion, and who will take the trouble of carrying gold, if he
has it, to the Bank of England, begging the Directors of that
Institution to accept it in exchange for their paper?
I believe I have before shown that, if the Bank should be
emptied, the Directors cannot advance to the wealthiest
merchants in the empire a single hundred pounds en the
credit of their firms.

Turn we to another point.—(Oh, "wilderness of sweets,"
when shall we exhaust thee ?)
Banks whose directors may be wise enough to wish to ex-
change the circulation of their own notes for those of the
Bank of England (tempted by the magnificent bribe of one
per cent. per annum,) are to be cut down to two-thirds of
their prior amount (clause 5), and, of course, must make up
the deficient third with gold.
Now for the results.—Suppose Messrs. Spooney and Dolt
wish to make the admirable exchange, and that their present
circulation is 600,0001. Their first step is to collect 200,0001.
of Bank of England notes, which they send in for gold—this
supplies the third they will require—they then take securities
for 400,0001. to Threadneedle-street—the Directors get the
proper order in Council authorising them to increase their
circulation to that amount, and hand over 400,0001. of their
notes to Messrs. Spooney and Dolt.
So far good. Now for the effect on the paper circulation
of the empire.—Supposing the prior circulation of the Bank
of England to be twenty-one millions, it is clear that with
that of Messrs. Spooney and Dolt there were 21,600,000 afloat.
But the first step of the transaction cuts down the Old Lady
in Threadneedle-street to 20,800,0001., since she is bound to
".draw in and reduce" just as much paper as she loses of gold.
Messrs. S. and D. put out 400,0001. of her notes—this
raises the total circulation of the Bank of England to
21,200,0001., being the substitution for 21,600,0001. previously
circulating 2
Thus the paper currency of the empire is reduced 400,0001.
by the operations of Messrs. Spooney, Dolt, and Peel.
If the plans of our arch-blunderer be carried out to their
full extent. by all the present banks of issue exchanging
their circulation for Bank of England paper, what a pretty
little gap we shall make in our currency !—the total paper
greatly diminished—the ratio of gold in the cellars at
Threadneeille-street, to the Bank engagements continually
declining,* and the gold in the hands of the public, liable to
be immensely reduced by payment for imported corn, &c., in
which event Sir Blunderbore will have taken care that there
shall be ne possible means of filling up the vacuum.
Believe me, dear Sir, ever yours,
COMMON SENSE.
* Suppose that when Spooney and Dolt commenced their
operation the Bank of England had ten millions of gold, and
a circulation of twenty-one millions, the first step cuts down
the gold to 9,800,0001., the second raises the paper to
21,200,000 /. !

THE COLLIERS.—During the week we are glad to ;
learn th at Messrs. Stockwell, of Grange Moor, have given the I
advance of wages asked by the men.— Wakefield Journal.
A QUEER FISH.—The following fact has been I
communicated to us, on unquestionable authority. On
Monday last a gentleman of Honiton, named Wills, was
fishing ira the river Otter, near that town, and to his great
astonish= lent, on throwing the line, he hooked a large rat by
the leg. As it continued diving and showing some good
sport, he let it have several turns up and down the river.
All at one ehe felt, as he conceived, a dead weight to his
tackle, ant I on landing it, saw that the rat was all but swal-
lowed by .a large eel, the hook and hind legs being all that
were visit .le i • the contrary motion of the fisherman must
have asris ted in choking the eel, which being nearly thirty
inches hr. length, would otherwise have swallowed its prey,
and no do übt have broken the line. The fish and the rat
have both been exhibited, with the permission of Mr. Wills,
to number 3 of persons in the neighbourhood, and have be-
come objet is of great curiosity.— Western Luminary.
To LA DIES.—The great and universal celebrity
which Rowland's Kalydor continues "tia maintain, as an
active yet mild and soothing extirpator of all impurities
of the skin, is, during the present season, most pleasingly
evinced. This preparation, eminently balsamic, re-
storative, and invigorating, is equally celebrated for
safety in: application, as for unfailing efficacy in re-
moving al impurities and discolourations ; and imparting
a healthy Treshness and transparency to the skin and
complexi on. Its universally great demand excites the
cupidity of unprincipled shopkeepers, who give the title
of " genuine" Kalydor to compounds of their own mans.
facture, of the most deleterious character, containing
mineral :astringents utterly ruinous to the complexion,
and, by their repellant action, endangering health. It
is, therefor e, imperative on purchasers, to see that the
1 words " Rowland's Kalydor" are on the wrapper. All
I others are :fraudulent counterfeits.