The Sun.
London, England, 1844-01-30 00:00:00

OLYMPIC.

There is great difficulty in deciding upon the school
of criticism, by the rules of which a modern English
drama is to be judged. The question of the Uniti, s re-
mains unsettled, and France—that smiled at Voltaire's
elaborate comparison of Calderon with Shakespeare—
(both of whom he disliked, for the one reason that each
was a poet and he was not)—France now delights in the
representation of dramatic poems, which are poetic in
their structure, and depend not upon mere rhyme for their
effect. The lapse of years between the parts of an ac-
tion was condemned by the critics, from the time
of Lopez de Vega to that of him who dreamed the glo-
rious dream of " Victorine." Leman Rede belongs to
the school which regards truth more than technica►ity,
and puts a story upon the stage with the life-like energy
of an Italian painter or an Indian story-teller. The
drama called the Profligate, produced last night at the
Olympic, is a fine specimen of what may be done to re-
concile the adverse schools. It would be a hazard beyond
which we could not venture, to say that unity is in any
respect violated. The drama is a beautiful work—to be
usefully read in the closet, or pleasantly regarded on the
stage.

WILSON'S SCOTTISH ENTERTAINMENT.

Amongst the numbers who crowded to hear Mr. Wil-
son's second lecture upon the History and Music of
Mary Queen of Scots was the reporter for The Sun.
He found himself entangled in a throng •of carriages,
which reached from Gower-street to Tottenham Court-
road. It was no small vexation to learn that the finest
throat in Great Britain (except a skylark's) was stopped
by a cold. He was informed that Mr. Wilson will be
able to give the entertainment on Monday next. Vexed
as he was at his own disappointment, ho was much
gratified in observing the kindness with which it was
endured by the great gathering of song-lovers assembled
around the Music-hall in Store-street.

TWO SUPPLEMENTS GRATIS,
WITH THE "DISPATCH."
GREAT NATIONAL TRIAL AT DUBLIN.

The immense size of THE WEEKLY DISPATCH has,
hitherto, enabled its Proprietors on all occasions to present a
copious, and, at the same time, interesting account of the events
of each week. It is, however, now found utterly impossible to
give anything like a faithful report of the Trial of Mr. O'Con-
nell and his repeal associates. without excluding a great mass of
interesting domestic and foreign intelligence • the Proprietors,
therefore, feel that their journal, which has been for years, and
is new, honoured with more patronage than any other in ex-
istence, should be, in all respects, complete; and, with that
view, they intend to insert a summary of the proceedings
during the progress of the trial in their usual columns, and
present to their friends and subscribers
TWO SUPPLEMENTS. GRATIS.

One of these Supplements will be published on the Sunday suc-
ceeding the delivery of the Verdict, and will contain the Speeches
of Mr. O'Connell, illr. Sheil, Sir C. O'Loghlin, the Attorney-
General, and other leading Counsel; together with the Summing
up of the Judge, the Verdict of the Jury, and other matters of im-
portance that may arise up to the latest hour, for which the
services of several short-hand writers of eminence have been
specially engaged. The second Supplement (also of the full
size of THE WEEKLY DISPATCH) will, in fact,
form the early portion of the trial, and embrace the pro-
ceedings of the commencement to that stage at which the
other begins; so that every subscriber to THE WEEKLY
DISPATCH will be in possession of a complete and faithful
report of this great national trial—a trial which must become a
matter of history, and be regarded as an event of no ordinary
importance in after time. A BIOGRAPHICAL SKETCH
OF MR. O'CONNELL will precede the account of the
Trial, which will be written by a gentleman intimately ac-
quainted with the " great Agitator," and consequently one who
has treasured up many reminiscences that will render the Bio-
graphy a paper of general and absorbing interest.
The Two Supplements, forming Ninety-six Columns, will
be printed uniformly with THE DISPATCH, and contain
a quantity of matter equal to at least an octavo volume of 500
pages.
THE DISPATCH is supplied by every Newsvender in
London, and by the various Booksellers and News Agents in
the country, to whom bills for circulation will be forwarded,
with the name and address attached, on receiving a letter to
that effect, directed to Mr. Wood, Dispatch-office, 139, Fleet-
street, where orders are also received.

SPORTING INTELLIGENCE.
TATTERSALL'S—YESTERDAY.
CHESTER CUP.
6 to 1 agst Dawson's lot—taken.
14 to 1 agst Mr. Milbank's Sir Robert—taken
18 to 1 apt Mr. Sharratt's The Prior—taken
20 to 1 apt Mr. Collett's Cattonite—taken
20 to 1 agst Mr. J. Tuting's Tacita—taken and aft. offd.
25 to 1 apt Duke of Richmond's Red Deer—ditto ditto
25 to 1 apt Sir W. W. Wynn's Rowland—ditto ditto
30 to 1 agst Mr. W. Dawson's Merry Andrew—taken
30 to 1 agst Mr. Salvin's Beeswax—t. and aft. offd.
30 to 1 apt Mr. St. George's Winter—taken
50 to 1 agast Mr. Parr's Young Lochinvar—taken.
From the above we may select Sir Robert and The Prior,
not only as the best favourites, but as having been most promi-
nently in demand ; the other horses mentioned were backed for
moderate sums.

DERBY.
11 to 1 agst Col. Peel's let—taken
13 to 2 aget Mr. Jno. Day's The Ugly Buck—take 7 to I
15 to 2 agst Mr. Crockford's Rattan—t. and aft. offered
14 to 1 agst Mr. Lichtwald's Leander—take 15 to 1
16 to 1 agst Mr. Quin's Loadstone
20 to 1 agst Cot. Peel's Orlando—take 22 to 1
25 to 1 ag.t Mr. Bowes's T'Auld Squire—taken
25 to 1 apt Mr. A. Wood's Running Rein—tn. and off.
25 to 1 art Lord Maidstone's Cockamaroo—tn. and off.
40 to l- apt Mr. Watt's Vohri—taken to 1501.
40 to 1 apt Mr. Payne's Vat colt—taker,
4b to 1 apt. Mr. Thornhill's Apprentice—taken
1000 even between Leander and Loadotone-11 to 10 was
afterwards offered on Leander
2000 to 25 apt Mr. J. Osborne's Mount Charles—taken
MOO to 2000 on Col. Peel's lot agst Loadstone
1000 even between Vat colt and Telemachus
The two leading favourites were steady at precisely the same
prices that were quoted last week ; nor did Loadstone show
any change, except that he lost the third place to Leander, who
was in immense force, and in a brief space sprang from 18 to
15 to 1, takers. 25 to 1 was taken about T'Auld Squire; 35
to 1 to a pony ; and 40 to 1 to at least 1501. about Voltri ; 900
to 25 about Apprentice, and 2,000 to 25 about Mount Charles,
the latter rather more than the market price. The odds against
Cockamaroo exhibit rathir an ominous decline.

OAKS.
12 to 1 agst Lord Chesterfield's The Princess—taken
12 to 1 agst Lord Chesterfield's The Bee—take 14 to
25 to 1 agst Col. Peel's Zenobia—taken
30 to 1 agst Mr. Standish's Susan—taken.

SAVINGS' BANKS.
TO THE EDITOR OF THE SUN.

SIR,-A mis-statement, either ignorantly or wilfully,
is put forth at this time connected with banks for sav-
ings. There has been during the last year an increase
in the amount of deposits over the preceeding year ; and.-
it is made to appear as the best proof of a better condi-
tion in the working classes. That there is a partial
improvement among those classes must be evident, but
it is not of such a nature as to admit of their saving and
investing in a public Institution —'tis out of the question.
The increase in amount of deposits is no criterion ;
the description of depositors can only be fairly looked
at. Increase in amount of deposits over the prior year
arises from the fact of other individuals than working
people investing their money for themselves, their chil-
dren, and as trustees for so and so. And this is done
because those individuals obtain a better rate of inte-
rest than what is given in the regular banks.
The truth should appear to the public.
I am, Sir, your obedient servant,
A MANAGER.

Jan. 29, 1844.

THE BEAUTIES or BURNS.—In introducing his
very successful Musical Entertainment on Thursday even-
ing, Mr. Templeton said, "In selecting The Beauties of
Burns' as the title for this entertainment, I must in
justice to myself remark, that it has not been made choice of
with a view of arrogating to myself the privilege of pointing
out to my auditors The Beauties' of the Bard, but it was
fixed upon from the firm conviction that the title was ap-
plicable to the whole of the poet's works ; and that what-
ever might be my selection of songs I could not fail in pre-
senting The Beauties of Burns.' "
WOOLWICH Doc IL- YARD.--Her Majesty's steam.
vessel Vulture having had her engines, boilers, and other ma.
chinery put in by Messrs. Millar, Ravenhill, and Co., of Pop-
lar, made an experimental trip, down the river on Tuesday
afternoon last. Previously to proceeding to Milford for sea
service, she will make another trip, when the full power of ber
fittings will be put to the test. This vessel was built under the
inspection of Williame, Esq., master shipwright of the
above yard, and launch in the autumn of last year. Her
Majesty's steamer Prometheus having received new boilers, and
having bad her engines put into complete repair, was commis•
sioned on Saturday last by Lieut. W. 111. J. G. Pasco, for the
packet service in the Mediterranean. Her defects were made
good by Messrs. Seaward and Co., of Millwall. She was
taken out of the basin on Thursday afternoon, and will be ready
for sea in a few days.-
THE DURHAM PETITION.—The petition against
the return of John Bright, Esq., M.P., as the representative
of the city of Durham, will, we understand, be either aban-
doned, or if opened, formally dropped immediately after, as no
cue can be made out by the petitioners to vitiate the election.
The object of petitioning is believed to have been to annoy the
Hon. Member, and to insinuate unconstitutional practices
against the Anti-Corn-law League. Shortly after the meeting
of Parliament, the factious proceedings of the disappointed
Durham Tory party will be duly brought to light, when the
disgrace of dishonodrable proceedings will recoil upon those
who could resort to unworthy means to injure the fame of a
straightforward and manly political opponent. —Netroctstk Ad-
vertiser.

STATE or TRADE.—LIVERPOOL.—At no former
period have we experienced so much activity in the sugar trade
as during the last three week"s. This speaks well for the trade
in the interior, but it is in great measure accounted for by the
fact that our very large stock has lately kept prices lower here
than in any other market in the kingdom, especially for brown
descriptions, chiefly in use among refiners ; and this business is
now carried on here to a very small extent, the London and
Bristol houses supplying, in great measure, the requirements of
the neighbourhood. The strike for higher wages amongst col-
liers bill seriously affect the manufacturing business of this
port, for most of our large manufactories, consuming coal to a
vast extent, will immediately curtail their operations, rather
than pay the advanced prices for coal, and this course has
already been adopted by some houses. The salt manufac-
turers, too, have, in consequence, given notice of an advance
of from twenty to thirty per cent. ; for coal being the only
article consumed in making salt, the expenses are, of course,
seriously increased, and the advance must have the effect of
diminishing the demand, probably one half, salt being an ar-
ticle more frequently taken by captains as ballast than for the
supply
of -actual owners, and lately it has been a precarious
trade with the American ports, losses, even at late prices,
having frequently resulted from shipments; so that the ad-
vance stated will in a great measure stop this trade. Yet even
here, where the effects of such a strike are so immediately.
felt, nearly every house prefers suffering the temporary incon-
venience that must ensue, rather than aid the endeavours of
the colliers to compel their employers to give higher wages,—
Lelerploi Mercury.

THE CURRENCY.
TO THE EDITOR OF THE SUN.

SIR—In a letter published by you some time ago,
you invite the attention of all parties to the conside-
ration of the renewal of the Bank charter; and you
dwell upon the dismal effects whiCh have proceeded
from its management. Upon the almost incalculable
importance of a system of money, at once abundant
and secure, in its bearings upon the capital and in-
dustry, the agriculture and commerce, the revenue-
and debt of the country, there is not, I suppose, any
doubt, in any quarter. But whether the fault of the
present system proceed from the mismanagement of
the Bank Directors, or from the wrong position in
which they are placed, is a point of some consequence
to be sure of. I will state, without much formality,
and as shortly as I can, wherein, as it appears
to me, the evil consists, and what will be
the remedy. 'Die evil proceeds from the depend-
ence of the circulation of commerce upon the precious
metals. The remedy will be in causing it to depend
upon fixed capital. By the circulation of commerce,
I mean that business which passes betwixt dealer
and dealer, so long as any commodity continues to
form a part of the circulating capital of the country.
'What passes between dealer and consumer—the cir-
culation of consumption, is another affair. But it is
from not duly conceiving of the essential difference, in
principle, between those two branches of circulation
that the evils of which you speak have arisen. In
the circulation of consumption it is essential that the
buyer, or consumer, give to the dealer, or seller, a
real equivalent—something of equal value to the
article to be consumed, as gold or silver coin, or notes
convertible into them; because that is the only
safe condition upon which the dealer can carry on his
business for any length (of time. A shopkeeper who
sold all upon credit would soon have done. The
articles he deals in being placed in the stock set aside
for immediate consumption, no longer form any part
of the circulating capital of the country ; and, there-
fore, cease to be articles of commercial exchange. So
far every man is instructed by common experience.
But, in the transactions between dealer and dealer,
that is in the circulation of commerce, the case is es-

sentially different. In that the commodities, al-
though changing hands, are not consumed, and they
do in themselves form the true basis of commercial
circulation. The proper idea of it is the transfer from
one man's obligation to the shoulders of another, as
the commodities themselves change hands. This is
done by the operation of credit. And the instrument
of commercial credit is an acceptance by the party re-
ceiving the commodity, or a draft upon a third person.
So long as the idea of the commodity and responsibi-
lity shifting together is preserved in the mind, there
can be little difficulty in apprehending how the com-
modity is the real basis and equivalent of the respon-
sibility—and that, as often as the commodity changes
hands, the responsibility should shift with it—which
is, as has been said, the proper notion of commercial
circulation. But, as in the variety and complication
of mercantile affairs the certainty of the two being
together cannot be known, it is necessary, in relieving
one man's responsibility, to bring forward a third
party, who will certify that all is right—which is
meant by discounting. Still it is, if properly under-
stood, an operation of credit, and not of money. Nor
is there any need of money appearing at all in a
well arranged commercial circulation. That this is the
fact will appear, even from considering the present
mode of business, faulty as it is in one particular.
When a merchant of Liverpool provides for his ac-
ceptances, whether directly or through his banker, it
is not with money :gold and silver, or bank notes—
.

that he provides, v but with other paper, the circulat-
ing credit of other men. Perhaps, if all the gold, and
silver, and bank notes were forwarded by railway at
once, they would not be sufficient to meet the en-
gagements of Liverpool in London for a single day.
Yet its engagements are fulfilled ; its bills are paid,
without the provision of one farthing !! ! How, then,
are the London bankers to liquidate the thousand
millions which they have yearly to pay, when it
forms no part of their system to make advances at
all ? How is the enormous wheel of circulation kept
in motion, but by the impelling power of credit?
But perhaps the London bankers do advance the
money. They do so in part, and only in
a small part. The far greater part of
the business is settled by means of what
may be not inaptly termed that fiction in com-
merce, the clearing house, where one banker, at the
dose of the day, sets off his claims against another.
Although nineteen-twentieths of the commercial cir-
culation
is so settled without the use of money, yet
there is not any part of it of which it can be abso-
lutely predicated that it will not be called for in
money. Money, therefore, to some amount, must be
provided. Whilst matters go on smoothly the pre-
sent system works well—every man of credit can
meet his engagements with comfort. But now comes
the radical defect of the present system. The Bank
of England is liable to pay all its notes in gold and
silver. When, therefore, any cause reduces its
stock of bullion, it is driven to reduce its accommoda-
tion, until the scarcity of money, and the consequent
high rates of interest, make it for the interest of par-
ties to keep their money at home. All other in-
terests are put out of sight to secure the Bank's own
safety. The regular circulation of commerce is
thrown into disorder, and that frightful overthrow
of the best-laid schemes follows, of which you
speak. When the sum of Bank notes is. diminished,
by the lessening of the stock of bullion, common
sense would suggest the propriety of increasing the
issue upon other securities. For it is no necessary
consequence, that the wants of commercial circu-
lation diminish as the stock of bullion diminishes.
Contrariwise, that is the time when the greatest spur
should be given to the productive industry of society,
the greatest facilities afforded to the wants of com-
mercial interprise, to increase and circulate at home
and abroad the exchangeable produce of the industry
of the country, At present the order is reversed
The Bank of England is most ready to accommodate
when accommodation is least wanted ; and when it is
wanted, she tightens the screw. Whether a com-
mercial circulation of more than a thousand millions
annually, shall proceed or not in its regular course, is
made to depend upon the presence or otherwise of a
few millions of the precious metals. If, indeed, they,
as a portion of the circulating capital of the commer-
cial world, were indispensible fur the completion, for
the perfect working of its circulation, it might be im-
possible to get over the inconvenience of their absence ;
but when it is notorious that they do not, whether pre-
sent or absent, enter into such circulation, is it not worse
than folly to make the wholesome circulation of com-
merce depend upon them ? Still I presume not to
blame the Bank. The fault is not with it ; but is
owing to the false position it is placed in. When the
stock of bullion is much reduced, no other course is
open to it, whatever individual suffering is entailed
thereby. And so long as the circulation of con-
sumption, which cannot be otherwise based, with
safety, than on the precious metals, so long as the
circulation with foreign nations, which must depend
altogether upon the precious metals, and the circula-
tion of commerce at home are carried for-
ward by the same way, the community will
be exposed to like periodical returns of those
evils which have occurred within the last fifty years.
Perhaps there was a time when the present system of
money might have been adequate to the wants of the
country. Amidst the stupendous and almost bound-
less extent of its commercial relations at the present
day, it is utterly defective. There is now wanting a
great commercial road, so to speak, capable of car-
rying on it the whole internal commerce of this
great country always safe and always open. And
that road must be formed upon the solid ground of
its fixed capital, and not upon that unstable portion
of its circulating capital, its silver and gold, which is
here to-day and gone to-morrow.
My object and design is to introduce and establish
a fresh system of discounting—that is, of circulating
commercial credit, whereby greater security and
greater facility shall be given than exist at present.
The end is the same, the mode different. I seek to
establish that power amongst themselves which mer-
chants and manufacturers have now to seek for in
London, and often to seek for in vain, or under
most embarrassing and ruinous circumstances. I
seek to make their own fixed capital the instrument
of circulating their credit, instead of being dependent
upon the monied interest, as at present, for that pur-
pose. The circulation of commerce, implying the
transfer of one man's liability on to another, as the
commodities are transferred, all that is required for
that purpose is an establishment whereat each man's
credit, at the moment of transferring his own liability
on to his neighbour's shoulders, shall be as-
certained in an assay room, as it were, when
the value of every man's provision to meet his
engagements shall be tested. Of such a nature
was the Bank of Amsterdam in its ori-
ginal intention, as detailed by Adam Smith. A
certain portion of the circulating capital of Amster-
dam was converted into a fixed capital. The money
deposited in the vaults of the Bank circulated no
longer, no more than if the whole had been laid out
in a railroad. The intention of that Bank in issuing
its bank money, as it was called, was not to pay bills
in reality, but to furnish a standard of value, accord-
ing to which merchants having bills to pay had to
provide. Whatever might be the nature of that pro-
vision which satisfied the holder of Bank money, the
merchant payer having received the amount he
needed, was thereby enabled to meet his bill with
Bank money. But nothing was paid by the Bank.
The bill had been provided for out of the Bank, and
the transfer in the books of the Bank, or the pos-
session of Bank money, was a certificate that provision
had been made according to that standard by which
all bills were required to be paid. Perhaps the prin-
ciple of that Bank's operations has not been always
understood. However, it is enough for my present
purpose in showing how a fixed capital was made the
means of ascertaining the circulating commercial
credit of Amsterdam. Moreover, it is obvious that
the only use of the bullion, or coin, lying in the