The Sun.
London, England, 1844-06-28 00:00:00

lingsgate, as it sets up its low-lived howl about " llouns-
ditch," and other abusive and vulgar allusic n . Mr.
D'lsraeli, however, will know from the rebound how the
blows which he so well put in were felt by his sensitive
friends.—Liverpool Albion. •

OBSERVATIONS ON THE SPEECH
OF MR. WILLIAMS ON THE CURRENCY
BILL.

TO THE EDITOR OF THE SUN.

Stn,--A; Mr. Williams's speech occupies by far the largest
portion of the debate on Monday evening, and as every sen-
tence contains an error in statement, or principle, and those
errors are evidently adopted by the great majority of the
House, I intrude on your columns to point out the mis-
chievous mistakes to which the Hon. Gentleman gave ut-
terance :
First. He asserts " That the excessive circulation of the
Bank of England paper had encouraged speculation."
Now, it is clear, that Mr. W. imagines (from the vast im-
portance he attaches to its operation) that the Bank of Eng-
land circulation constitutes a preponderating portion of our
total circulatiOn.
He admits that our trading transactions are far greater
than those of France, yet he does not discover that specula-
tion is carried to too great an extent in that country, though
the currency of France amounts to one hundred millions, and
the Bank notes have not averaged twenty-five !
Secondly. He complains that while France has one him-
dred millions of gold and silver, we, requiring more, have only
thirty. The obvious inference is, that we ought, in his
opinion, to import and pay for the difference, seventy millions
at least ! He then treats us with the monstrous absurdities
of Daniel Hardcastle and Mr. Horner, and their stuff about
" depreciation."
The truth is, that our paper circulation never was, never
could be, depreciated in any degree—the idea arose from con-
fusion of terms. Gold was much wanted for payment of
troops and rose in price ; and our ingenious theorists, instead
of saying that "gold had risen," said " paper had fallen l"
They might as well have said that paper had fallen, because
claret or burgundy, from a short harvest, had risen in price,
or that my son Henry had fallen or shrunk in stature, because
his brother Leopold had grown three inches taller during the
last year.
Mr. Williams refers to the panic of 1825 (like the illus-
trious Attila), but cannot perceive that the country was then
saved from convulsion by the enormous issues of Bank of
England paper between the 10th and 20th of December, and
votes in favour of a Bill which will render any repetition of
such saving process impossible.
Well might the old writer say that " those whom Jupiter
has determined to destroy he first deprives of reason."
COMMON SENSE.

OUR FATE IS SEALED.
TO THE EDITOR OF THE SUN.

SlR,—The astounding, the inconceivable ignorance of our
legislature leaves us without hope for the future. Peel con-
tinues his currency course without opposition ; he makes
concessions of points as unimportant as whether a soldier's
jacket should have on it twelve or fourteen buttons, and no
one rises up to denounce and lay bare the monstrous fallacies
and ruinous principles on which Procustes Peel bases his
murderous system.
I write on the 26th of June, at a distance from London—it
is therefore possible that some Member whom Providence,
(by a nearly miraculous interposition) has blessed with com-
mon sense, may have pointed out to the House the terrific
evils with which we are threatened.

In an enactment comprising a thousand evils, it is scarcely
worth while to notice more than the most enormous of the
blunders.

I will content myself, therefore, with calling attention to
the main features of this legislative Frankenstein.
The first is, the attempt to convert our circulation from one
almost wholly of paper, to one almost wholly metallic; the
second, to restrain our circulation to a fixed amount, though
the extension of commercial transactions may render a cor-
responding extension in our machinery of transfer imperative.
The objections to a metallic currency are manifold. First
(as laying most on the surface), is its costliness. If we add
thirty millions of gold to our currency, we must give thirty
millions of goods for it.
The second objection is, the impossibility of obtaining a
sufficient supply of the metals. Our real main currency con-
sists of bills of exchange, of which 250 millions are constantly
afloat. These bills pass through as many hands as Bank of
England notes of like amount, and perform exactly similar
offices in our transactions.

The third objection is, that metal, instead of being steady,
is continually shifting its relative value; and that if cir•
cumstances cause it to flow out of the kingdom, thus making
a vacuum in our circulation, there are not any means of fill-
ing up that vacuum.
Sir Attila Peel imagines that he protects commerce, by
making Bank notes convertible into gold. Now, independent
of the fact that he cannot accomplish this, his effecting his
purpose would do little to benefit commerce ; the rendering
the holder of a note secure, would not protect the depositors
(whose interests are in the ratio of four to one of that of the
noteholders), nor the billholders, whose interests are as eight
to one of the noteholders.

It could in no degree create additional wisdom or caution
bankers in lending their own capital, or those of their de-
positors; and it is obviously on this point that the whole
question of power to meet engagements depends.
Sir Robert admits that the Bank of England may issue
notes to the amount of thirty millions—sixteen on bullion,
fourteen on Government debts, &c. The deposits exceed
thirteen millions. I repeat a question I have put in a former
letter—lf a panic should arise, and the depositors withdraw
thirteen millions of the gold, how are the thirty millions of
notes to be cashed? COMMON SENSE.

BROTHELS SUPPRESSION BILL•

TO THE EDITOR OF THE SUN.

SIR,—I cannot refrain offering you my most sincere
thanks for exposing the hypocrisy of the Bishop of
Gloucester and Co., in reference to the brothels still in
existence in the Almonry, Westminster.
The poor Bishops, true to the spirit of their brethren,
the Pharisees of old, are very free in condemning the
vices of their parishioners, though they are themselves
in secret the encouragers of vice and infamy. There
was, indeed, a great show of virtuous indignation in
their brethren when they exposed the guilt of the
adulteress ; but how sudden, how great a change all at
once ! Behold they are all adulterers—they all dwelt in
glass houses ! These successors of the Pharisees may
appear very godly to men, but how hateful such conduct
in the sight of Jehovah ! How is it, Sir, that West-
minster is in such a deplorable state ? Is it not because
her watchmen are what the Prophet calls greedy dogs,
who love to slumber ? How is it that every house is not
visited by this cluster of parsons ? How is it that they
preach not the Gospel from door to door, like our Lord
and his Apostles ! Is it not because they are of their
father, the Devil ? " I went by the field of the slothful,
and by the vineyard of the man void of understanding,
and lo it was all grown over with thorns, and nettles had
covered the face thereof, and the stone wall thereof was
broken down."—Prov. xxiv. 30.