The Sun.
London, England, 1844-05-01 00:00:00

fact of their novelty, and sensibly remarks :

" Many persons are apt to look upon new ideas and
novel doctrines respecting the currency and the banking
system as empirical and Utopian, but I entreat them to
lay aside any prejudices which they may at present en-
tertain, and to test my principles. by the .only infallible
standard—the standard of truth." .

For our own parts, we would put the whole argu-
ment we propose to raise for a return to a, legalised
paper currency on no other or, higher ground. If
we cannot make out a case for such a remedial mea-
sure on principles evident to common sense, and con-
firmed by the most ordinary tests of investigation
and proof—analogy and experience—we shall be con.
tent to acknowledge to failure not less signal than
that which has attended the predictions of Sir
ROBERT PiEL and the
_late Earl of LIVER-
roOL, about the effects of the measure
of 1819. Having, in a former article, demonstrated
the grave and rnost• remarkable, not *to say disin-
genuous, errors of simple statement committed by, the
late Mr. HUSHISSON in dealing with the statistics on

which the Currency Bill of 1819 is admitted to have
been founded ; the errors of calculation, and the anti-

cipated scale of depreciation that they respectively
adopted, which the late Messrs. •RICARDO and
HORNER, Mr. GRENFELt, and others of the metallic
heresy, fell into in the discussions -and controversial
pamphleteering of that day—we must request ,the
reader, for the purposes of- that fair consideration we,
shall 'crave for our argument against maintaining
what is called the gold "standard of value,"

to • dismiss from ,his mind the'-influence ,of
mere names. There is unfOrtunately no lack
of evidende on which to presume the fact ; of
their having egregiously erred in the doctrines they
aided more or less to force upon the practical adOp-
tion of the Legislature. and the pOlid., There is still
le4 defiCiency, of pvidence as to the ruinous conse-
quences which have,- under the application - of the
measure founded on these doctrines, ensued' to
commerce, to the condition of the middling clasdes,
and especially to the ~industrial, population. of these-
kingdoms. We shall, in; a future- paper, ;proceed:to
show that our present Monetary system cannot be.
carried on without speedily producing a crisis and
a panic more dreadful than any which the oldest
man -living among us- can• recollect ; -and a disorga-
nization of invested 'capital, and even ,displacement
of labour, with all their attendant evils, -to an extent
of injury, to the resources of ; the empire and 'their
healthful action which it may require half a-century
to'retrieve. We shall show that by a paper currency
(one of two or three denominations which haveteen
lately suggested) duly authenticated--to an extent
equal, say to the aggregate of our present taxation,
not convertible into gold, except indeed at the market

value of bullion (should that-condition be really:de-
sired), but circulating together - with- the present
isms of Bank of England and other bank notes, and
the gold and silver coinage—and _tec.ciVable..by the
QuaEres Exchequer and the Treasury, iii payMent of
taxes of all kinds, dues, fines, &c., the demand .for
industrial labour might be largely: and: permanently
increased; the trade of : the empire immensely ex-
panded, our issues sufficiently guarded against the
contractions of the Bank of England issues. rendered
nugatory, and, by consequence; the panics occasioned
thereby obviated. We shall show that these ends
can be attained only .by the abrogation of law
which, fixing the price of gold, too often leaves that
.statutably cheap whilst all . other commodities are
marketably dear; aild thus compels those. to whom.the
controlling. pOwer Over . the whole currency is,, un-
wisely:Confided, unnaturally to limit their own issues,
to be the9Lbetter enabled to answer the demands of
the •publie • for - the conversion; 'of their'own notes.
nto gbld.:.. Finally, We, shall show that this improved,
system of
,paper currency: supplies the only.poiver of
distribution, and consumption, which can keep pace
with, and make available to, the general happiness and
wealth, that at present over-productiveness and
ways accumulating manufacturing energy, Which is
now the bane and the ctirse instead of the reward
and the support, of bur operative classes. If after
establishing these premises, as we have no doubt. of
doing, we shalt succeed in proving the delusive nature
of the: anticipated injury to our -honie trade . and
foreign commerce, from the- high prices which this
influic of paper money will occasion, and in esta,blish-
ing the advantage ultimately accruing to the Whole
community from those heightened prices, we shall
have, we trust, made good our demand for the instant
repeal of PEEL'S Bill of 1819.

Madrid journals of the 22d•ult. have been received,
but they bring no news. In the Corr esponsal, a Goxern-
ment paper, the 'doings of the Baavo Cabinet are
Summed up these words :—" The Ministry., are
employed on the magnificent work ,of re-organizing
unhappy Spain."
On the 'Bourse business' was done in the Three
per Cents. to , the amount of millions and a half,
besides 17 millions in the Five per Cents., and 13
millions in coupons. The Three per Cents. opened
at 36t, at 60 days, and after a good deal of fluctua-
tion rose to 38, when they began to decline, and
ulthnitely fell to 353, at which price they closed.
The Five per. Cents. opened at 221, and closed, at
22 5-16, at 60elays.--
. • •
The raris papers ,bring, no intelligence of -import-
ance. The discussion on the Education Bill in the
Chamber of Peers was continued on Saturday, and