The Sun.
London, England, 1844-01-31 00:00:00

1814 to 1819 (both inclusive.)
Amount of population £11,125,000

Average bills of exchange in circulation at one
time, calculated from the amount of duty re-
ceived by the Stamp-office, according to Mar-
shall's tables £143,000,000
Bank of England notes
Country bank notes 18,000,060

£178,500,000

Average circulating medium, per individual ... X 16 0 0

Then, taking the above average as a basis, he goes
on to ascertain what the circulation ought to have
been, only to keep pace with the population, and
what it really has been, and then exhibits the defi-
ciency sustained by the country, leaving his readers
to conceive the dreadful misery that must have been
experienced, whilst this crushing process was going,
or rather, we should say, is going on :

1820 to 1825 (both inclusive).
Average population 12,050,000

Circulating medium required at 161. per indivi-
dual £192,800,000
Actual circulating medium :
Bills of Exchange £129,500,0001
Bank of England notes 21,000,000 I
Country bank notes ... 10,500,000 174,000,000
Gold in circulation in England
and Wales 13,000,000

Deficiency £18,800,000
Or only 141.95. of currency per individual.
1826 to 1831 (both inclusive).
Average population

Circulating medium required £214,000,000
Actual circulating medium :
Bills of Exchange £115,000,000}
Bank of England notes 21,500,000 160,000,000
Country bank notes, &c 10,500,000
Gold as before

Deficiency £54,000,000
Or, only 121. of currency per individual.
1832 to 1839 (both inclusive)
Average population

14,980,000

----
,
Circulating medium required R239,680000
Actual circulating medium :
,
Bills of Exchange £108,000,000.1
Bank of England notes . . 18,200,000 i ~
Country bank notes, &e. ...... 10,800,000 ',„ '''''''°°o
Gold as before

Deficiency

Or, only 101. of currency per individual.
We will now proceed another step, and show the
inconvenience that has been suffered by the mercan-
tile community, by placing the official values of goods
exported, and the amount of discounts by the Bank
of England, in the respective years, side by side :
Official value of Exports of the Amount of Discounts by the
United Kingdom. Bank of England.
£ £
1801
1812
1819
1825
1831

And while the exports for 1841 were upwards of
16,000,0001. the discounts of the Bank were under
,000,000/.

We hope Mr. HUIBBARD is satisfied that if gold is
only " valuable from its limited supply" he will now
believe that a substitute may be used, which will

better serve for the currency of the realm.

The accounts from Madrid are to the 23d inst.,
but they are without interest. On the 22d the Three
per Cents. were done at 25i for cash, and 261 at 60
days. The 23d being the feast of San nu EFONSO
the Bourse remained closed.

The Paris papers of Monday have been received at
a late hour, owing to the boisterous weather in the
Channel. The great topics of conversations in the
French capital were the results of the debate, and,
among others, the resignation of five Royalist Depu-
ties. LAROCHEJACQUELIN'S resignation had been
accpted by the Chamber on Sunday ; the party had
a meeting to consult on their future policy,. when
they resolved to resign. At three o'clock the-whole
of the party entered the Chamber, and presented to
the President the following protest :
" The last paragraph of the address voted in the sitting of
the 27th of January is, in our eyes, an attack upon the in-
dependence and the dignity of several members of this Cham-
ber. A doubtful vote has already produced, in this assem-
bly, a striking and loyal protest. We come in our turn not
to protest against the injurious language, which does not
apply to us, but against the violence which is done to us in
contempt of our rights, and of the guarantees for our liberty
which was promised to us by the declaration of the 7th of
August, 1830. Resolved to fulfil all our duties in regard to
those who have elected us, in regard to our political friends,
and in regard to ourselves, but struck by what is really a
moral exclusion, it is not upon us that will recoil the respon-
sibility of our resolution. We declare that we resign our
functions as deputies.

:(Signed)

" BERRYER.
DUC DE VALMY.
DE LARCY."
BLIN DE BOURDON is also said to have resigned.
After a brief discussion their resignations were ac-
cepted. The Chamber on Monday elected the Pre-
sidents of its bureaux for the ensuing month, and all
except one, M. GoulN, belong to the Ministerial
party. The Moniteur announces that full satisfaction
had been given at Jerusalem for the insult offered to
the French flag on the 29th of July.
The receipts of the traffic upon the Paris and Or-
leans Railway, for the week ending the 23d of Ja-
nuary, were—For passengers, 53,732 f. ; luggage,
7,083 f. 84c. ; carriages and horses, 1,426 f. 30c. ;
goods, 17,499 f. 90c. Total, 279,147 f. 11c. .
THE BOURSE—MONDAY, JAN. 29.

First Ilighest Lowest Last
Price. Price. Price. Price.
French Five per Cents. .... 124 65 .. 124 65 .. 124 40 .. 124 50
Three per Cents,.... 82 25 .. 82 25 .. 82 05 .. 82 05

much impertinence respecting the real nature and the
origin of the term money, but that we find the advo-
cates of a metallic currency make it the foundation
of their opinions, under the conception that intrinsic
value must always be given whenever commodities
change hands; and the notions of a national currency
which have now for many years prevailed, have so
led to a contraction of the medium of exchange, as to
occasion evils which, unless rectified, are likely before
long to break up the very foundations of society.
Mr. HUBBARD confines his notions of currency to
coins and bank-notes, endeavouring to enlarge what
he cannot but see is a very insufficient supply,
by taking the stock of gold dormant in
the Bank as a portion of that in general
use. Bit if words mean anything, the term
by which we indicate the medium of exchange im-
plies that which is constantly passing from hand .to
hand. The cash in the till of a tradesman, or the
balance with the banker of the merchant, as:well as the
working st )ck of the banker himself, are all currency;
but the 14,000,0001. now hoarded up in the vaults of
Threadneedle-street, and intended to be kept in re-
serve, is no more a portion of the circulating medium
than if it were sunk at the bottom of the Atlantic.
The retention of this amount in the hands of the
Bank not only tends to reduce the amount of the
metallic currency, but also to impede the circulation of
another kind of currency, in the shape of bills of ex-
change, which, although held as of no account by Mr.
HUBBARD, yet, as representing goods sold and delivered,
are just as much a part of the whole stock of currency
as any other representatives of value whatever. With
these included in the account, the inconvenience and
national loss is bad enough, but without them the
aspect of things is terrible indeed. It has been stated
by several authorities that the annual produce of the
country from manufactures and farming is about
470,000,0001., and we are prepared to show that this
is considerably below the real amount. To effect
the distribution of so much wealth Mr. HUBBARD
makes out there is about 79,700,0001. He says.
" It appears that in the year 1838, out of 55,000,000/.
of paper money assumed to have been necessary for
working the various banks in the United Kingdom,
about 13,000,000/. were issued upon bullion or
gold coin, the remaining 42,000,0001. being
issued upon some sort of securities bearing interest,
The gold coin of the United Kingdom I take at
33,000,0001., and as 8,300,0001. were held by the
banks against their issues, there remains 24,700,0001.
to add to the 55,000,000/. of paper; thus making the
entire amount of the currency 79,700,0001.," or some-
where about Si. a head for the population, and
leaving nearly six-sevenths of the annual pro-
duce of the country, to say nothing of the accumu-
lated stocks of indestructible goods unrepresented by
any medium of value whatever. Need there be any
wonder at the cry that money is hard to come at ?
Yet Mr. HUBBARD says that a metallic currency is
the only sound medium of exchange, and that gold is
valuable only from its limited supply ; meaning, we
presume, a small supply. A sounder authority gives
a somewhat different account, and more explicitly
developes the mischievous working of Mr. HUBBARD'S
notions—he gives the following statement. It is
made up from averages of six years at least, in order
that the erroneous representations which the accounts
of one year would give might not mislead, and he
commences with the six years just prior to the
passing of the Bill for the resumption of cash pay-
ments :