The Sun.
London, England, 1844-07-04 00:00:00

THE BA NK CHARTER.

The Committee of Ltb.. 3 Society 'for the Emancipation of

Industry earnestly call 3 /our attention to the consequences
which must ensue fr.Dm the Bank of England Charter Bill
passing through Parliament in its present state. The Com-
mittee are convinced that ,the sure tendency of the measure
is still further to impair the fair return of capital and indus-
try in this kingdom, by a contraction of the circulating me-
dium, when, in point ca'' fact, an expansion of the circulation
was imperatively requEred to relieve the Increasing produc-
tive power of tins highl y-taxed country.
The Committee of tine Society are induced to hope that
the Bill in question wilt yet be stayed, until a distinct in-
quiry ia instituted into t he probable effect of the Measure.
They are snore anxious t hat this investigation should take
place, because it cannon fail to have been observed, ttat
threughout the discussion: in Parliament the Prime,Minister,
who has conducted the BLI, has studiously avoided any refer-
ence to the National. Debt mai indirect taxation of the country,
—essential elements in the truestion of the Currency.'
The Society for the Emancipation of Industry have en-
deavoured to bring before the public and Parliament the
'lintfol-
lowngha pLrtant considerat
were Parliament legislating for the currency of a
country in wciic:t direct taxation only existed, a currency
such as that now pro,
nosed, of gold, at 3/. 17s. 100., the conti-
nental price, or a-paper .',onvertible into the precious metals
'.tent and just.
at that rate, might be cons, 'Bl9 was based on the erroneous
That the monetary Bill of f
up its
principle of reqzdring the ark ' e'iex'6lastnednce „.tooftakthee
present
notes at a mint price, fixed prior to• that the fluctuations
scale of the National' bebt and taxation;-- ')..°n the attempt
and panics that have occurred have arisen
,7. (told, other- '
to compel the Bank of England to pay its notes a: •ears be-
wise than at the market price in such notes, as in the ;:
tween 1797 and 1819 ; and that the more rigorous " con., •
merit" of the Bill of 1819 can only serve to aggravate instean
of preventing such fluctuations and panics, when, from a fail-
ing harvest, or foreign loans or other investments, or a dis-
turbance of the balance of trade, gold shall flow out of the
country.

7.1:1a whenever prices expand its this country to a remu-
nerating level—namely, to that just and proper level which
permits of taxation being added to natural or gold prices—
then, under our present system, gold, not being permitted to
rise, becomes the cheapest commodity in the British market,
and is sure to be exported in preference to our manufactured
goods.

That the large sum of taxation in this country, levied first
by Customs and Excise on the producing classes to the ex-
tent of about thirty-five millions annually, enhances the
price of all commodities produced, and consequently requires
a circulating mediumso expansive in iip nature as to permit
taxation, indirectly levied, to be added to natural price ;
without such a medium, the taxation, for the most part,rests
upon the producing classes—an' end never contemplated by
the Legislature when this form of taxation was imposed.
That, in 1797, the nation, under the administration of .Mr.
Pitt, adopted a legal-tender paper-currency, convertible into
gold at the mallet price ;—that it became pOssible by this
means to extend the National Debt' and taxation, and at the
close of the war to discharge a large portion of the debt
so created. That what was called depreciation of
the paper-currency in that day was really nothing
more than the just operation of. the symbolic currency,:
not intrinsically valuable, allowing the indirect taxation ex-
isting in this country to be added to natural price—that is to
say, tile pound to become less available• in the purchase of
commodities in exact proportion as the price of such commo-
dities had become enhanced by indirect taxation. This state
of the circulation, which is calculated to facilitate foreign
trade, existed from the year 1797 to 1819, when the system
of, such symbolic money was abandoned, and it became im-
possible in future, to any just extent, to add indirect taxation
to price.

That from its scarcity, and limiteji extent as a commodity,
gold is not desirable, and willuot suffice, and indeed is unfit
as a medium of interAal circulation in this country ; while
experience and the n attire of things abundantly prove that
it is a most suitable c immodity for' measuring,the transac-
tions and interchanges of nation wilh.nation. That to adopt
gold at its natural value as the national currency, is a retro-
gression from civilisation—is indeed to revert to the ancient
and rude system of barter, admitting of no modification Aris-
ing from circumstat ices as they exist in this nation. That the
gold equivalent cm rency, proposed for the future to rule in
this country, can on ly admit of a range of prices on the level
of gold—namely, the continental level.
It is only right, tb trefore, that Sir Robert Peel should show
how in this country, prices are to be kept down, as he has
publicly avowed he dwsigns they should be, to the level of
gold, and the taxation incident to the National Debt is to be
defrayed. It is right, toe, the Minister should show with what
justice—until the National Debt is-paid off or extensively re-
duced—the Government of this country can confine the inter-
changes of the nation to a currency that has the effect of
throwing so heavy a sum of taxation as that of the Excise
and Customs on the industrious classes of the nation—an
effect most unjust rnd oppressive to those classes, leading to
the overstrained, because underpaid, employment of the fac-
tory and to the insufficient remuneration of agricultural
labour.

Till these objections are satisfactorily answered the Coin-'
mittee of the Society for the Emancipation of Ifidustry'con--
cider it is due to theageicultural, inanufactufing, and indus-
trial classes of this country that the-Bill- now before Parlia-
ment should be, stayed. -Delay would not interfere with the
proper notice to the Rank of England, and, if there be rea-
son or truth in the objections now advanced, they ought to
be submitted, to the consideration of a Committee of the
House of Commons, -when the Committee of this Society
would be ready to find parties willing and capable of proving
what is here alleged.
With these views, the Committee trust you will be in-
duced to take such a course as will have the effect of ascer-
taining the truth or error of the averments made ;—if true,
they shotdd have art important effect in the regulation of the
currency; if untrue, it is important fur the quiet and satis-
faction of the nationP and the industrious classes generally,
that these rapidly extending opinions should be disproved.-
1 have the honour to remain, Sir, your obedient servant,
ANDREW SPOTTISWOODE, Chairman.
22; Parliament-street, July 3, 1844.

POLAND.
THE LATE THOMAS CAMPBELL.

THE COMMITTEE OF THE POLISH EMIGRATION IN LONDON
TO THE COUNCIL OF THE LITERARY ASSOCIATION OF THE
FRIENDS OF POLAND.
38, Great Pulteney-street, Golden-square,
London, June 25.
My Lords and Gentlemen,—Poland has lately lost several
of her most devoted friends in this country, and that Zeds has
now been increasedby the death of the distinguished poet,
Thomas Campbell, one of the members of your Association.
It is with the most painful feelings that we have received
the intelligence of that sad bereavement which has afflicted
the hearts of all our countrymen. Mr. Campbell was one of
the oldest friends and warmest advocates of the cause of our
country. His noble sympathy with her misfortunes begun
when he began to think, and ended but in the grave. A
youthful bard, he bewailed the fate of Poland, and in the
most sublime lines he gave to the world "the bloodiest pic-
ture in the book •of time," when " Sarmatia fell unwept,
without a crime ;" and to the Poles he gave the consoling
" Pleasures of Hope."
_ _ _

When the recent efforts of the Poles to regain the inde-
ppdmice of their country proved unsuccessful—when she
bcca-me anew a " victim of the tyrant's rage," and when her
sons were forced to seek an asylum in foreign lands, Mr.
Campbell stepped forward as an old friend of our father-land,
became one of the first. founders of the Literary Association
of the. Friends of Poland, and devoted his talents and his
means to the promotion of the cause, of which he was a
faithful defender. His ardent wish was to see the triumph
of the -cause—

" Come but the day when Poland's fight is won,
And on my grave-stone shine the morrow's sun."
Such were his sentiments. Providence has not allowed him
to see that day. He has departed this life, carr-ying with
him to the grave the affection of the Poles, who will pre-
serve his memory, and will bequeath it to posterity.—We
have the honour to be, my Lords and Gentlemen,-your most
obedient servants, L. JABLONSKI, President.
COUNT M. GRABOWSKI.
T. OLIZARO.WSKI. .
V. P.' KUIErNSKI.
John Terlecki, Secretary.
, s Literary Association of the Friends of Poland,
Sussex-chambers, Duke-street, St. Jatnes's, July 3.
Gentlemen,—We are anxious, before the tomb closes on
the remains of our mutual friend, to express our unfeigned
regret at the loss we have sustained in the death of- Mr..
Thomas Campbell, and to testify our admiration for his ta-
lents, and respect for his memory.
This sad event has deprived us of a venerated and much-
esteemed colleague, and the Polish refugees of an ardent and
zealous advocate.

And though this proffered testimony of respect to a de-
parted genius is unavailing—though praise can no longer
strike the ear of him who unfortunately is no more—still it
is a melancholy gratification to recal to remembrance his
strenuous exertions on behalf of a people distinguished for
their patriotism, and the indomitable courage they have uni-
formly displayed in re-asserting their national independence
against the northern despot and his brother-spoliators.
Our lamented friend, as is well known, was early imbued
with a sense of Poland's wrongs. The conflicts which she
has been forced to sustain in fighting for her rights and liber-
ties, against a conspiracy of odious tyrants, fired his youthful
temperament, and roused his just indignation. How pathetic
and soul-stirring are those inspiring hues from that celebrated
poem, which will give perpetuity to the memory of his taste
and genius :
"Hope, for a season, bade the world farewell,
And freedom shrieked, as Kosciusko fell! "
Nor did Mr. Campbell content himself with a mere ab-
stract feeling of sympathy for the friendless and destitute
Poles. No, his purse was open to them -with a liberality
far more hraccordance with his generous nature than with
the extent of his means ; and early in the year 1832, in
conj unction with the Polish poet Niemcewicz and the celebrated
Prince Czartoryski, he founded this Association for the pur-
pose of diffusing and keeping alive in the public mind a lively
interest for ill-fated Poland. His pathetic, eloquent, and
fervid address to our countrymen, throughout the empire, as
our'first President, on behalf of that unfortunate country, was
eminently effective and successful. By imparting a know-
ledge of the objects of the parent Society, he conciliated much
powerful support from men of all parties in the State.
It will be needless to dwell further on the merits of a man
so universally known and beloved as- Mr. Campbell. This
brief allusion•to his beneficial labours for Poland, will suffice
to record our opinion of his virtues, and our sorrow for the
loss of a colleague, whose bright name sheds so much lustre
on our Association.

We have the honour to be, Gentlemen,
Your very obedient servants,
(On behalf of the Association),
'DUDLEY COUTTS STUART, Vice-President.
CHARLES SZULCZEWSKT, Resident Sec.
To the Executors of the late Thomas Campbell, Esq.

. WooLwicn, JULY 3.—lt has now been decided
that a body of the metropolitan police force shall be ap.
pointed to di) duty in the Royal Arsenal, and they are ex-
pected to commence to-morrow. The present gate-keepers
received notice last evening that their services would not be
requred in that capacity in future.
FURNITURE BROKERS' BENEVOLENT INSTITUTION.
—The fifth anniversary dinner of this Society took place on
Tuesday evening, at the Canonbury Tavern, Islington, J.
Shuttleworth, Esq., in the chair, supported by Messrs. Toplis,
Price, Stranscw, 'Phillips, and other distinguished members of
the profession. The object of the Institution is to relieve
aged and decayed tradesmen in the-above branch, who have
become reduced through misfortune in business, by gifts of
15/. annually. From the report read,_ it-appeared that the
funds of the Institution are in a very prosperous Condition,
nearly 1,000/. being already invested in the funds. After the
cloth was removed, and the usual loyal toasts had been dis-
posed of, the Chairman proposed ‘f Prosperity to the Furni-
ture Brokers' Benevolent Institution," which-was -responded
to with great enthusiasm. Mr. Winter, thefonnderof this
charity, was prevented from being -present by sevgre
position.
• •
SOCIETY FOR THE IMPROVEMENT 01' THE:CON-
DITION OP THE LABOURING CLASSES.-41IS Royal Highness
Prince Albert has been graciously pleased to accept the office
of President of the Society for the Improvement of the Con-
dition of the .LabouringCia.sses, 'which has alregdEbeen
tioniod by the'Queen and the Queen IhWag-er-