The Sun.
London, England, 1845-03-07 00:00:00

WHAT IS A POUND ?

TO THE EDITOR OF THE SUN.
Sts,—The Government having in the speech from the throne,
announced its intention of extending the present banking
system of England to Ireland and Scotland, it becomes es-
sential that we inquire whether this system is as perfect as
its votaries would induce the community to believe—whether,
in fact, it is based on correct principles, or whether its po-
pularity is not owing to its not being understood.
It will be in the recollection of every one that when the
Right Hon. Baronet at the head of her Majesty's Govern-
ment introduced the present system of banking to the notice
of Parliament, he began by asking, what is a pound? and
he defined the pound to be a quantity of gold of a given
weight, and of a certain degree of fineness. Now, I am not
inclined to quarrel with this definition of a pound, but I could
have wished the Right Hon. Baronet had gone one step
further, and after having told us what the pound is, he then
-would have informed us how it gets its value, or in other
words, how money gets its value? and I thi will be
found that, on this last question, and not on Ilin7s*rnt, the
whole theory of the iurreney hinges.
To reach the first principle of a currency (and thereby as-
certain how money gets its value, and to deduce therefrom
its true nature) is the object of this letter, and I think I
shall find it more easily by searching for it amongst the
simple transactions of primitive life, than if I attempted to
trace it amidst the complex relations of our own marvellous
. country.
I will, therefore, take a tribe of naked savages, roaming
the forest without any other means of subsistence than that
to which chance directed them. The principle of progression
being innate in the human character, even these unfriended
beings would not always remain in this degiaded state, and
the first step they would take towards ameliorating their con-
dition would be to protect themselves from the inclemency of
the weather; they would build themselves huts, they would
clothe themselves with the skins of the animals they took
in the chase, and they would cultivate small plots of laid
• around their huts. In the nature of things one man would
be the more successful cultivator, and another the more
successful hunter, and the natural consequence of this would
be, the hunter would have some of the spoils of the chase
to spare, and the cultivator would have some of the pro-
duce of his field to spare. These two, seeing they respec-
tively possessed a superabundance of that which the other
• wanted, would naturally be desirous of effecting an ex-
change. I will suppose the hunter saying to the cultivator—
" Whiter is coining on, I have more skins than I want; you
have more corn than you require ; I will exchange my skins
for your corn." " Granted,' says the cultivator, " but how
are we to exchange ; my corn has required the labour of half
a year to bring it to perfection, whilst you can procure a
quantity of skins in a few hours ; my corn is therefore of
more value than your skins," They would, however, ulti-
mately come to an equitable adjustment, and effect their ex-
change with reference to the labour represented by the re-
spective commodities.
As their little society progressed, they would find it neces-
sary to have a regular medium of exchange—money, in fact;
but, being ignorant of the metals, they would be obliged to
• substitute something else for their medium of exchange ;
for argument's sake, I will say the beaver skin. So the
beaver skin would become the money of this tribe, its value
bein..; based on the trouble it would take to procure it, and it
would exchange for other commodities with reference to the
labour they represent.
• I would here direct attention to the distinction lam en-
deavouring to establish, and which, if I succeed in establish-
ing, wilt strike at the root of what I consider a popular de-
lusion respecting money ; it is, that money is not both the
medium of exchange and the standard of value too, but that
it is only the medium of exchange, and that labour is the
true standard of value—a standard by which money should
be estimated i qually with every other commodity.
Let us test this by what is going on around us; a yard of
cotton, which can now be bought for a shilling, would, fifty
years ago, have been worth two shillings; so that, if we
wanted to buy a sovereign with cotton, we should have to
give twenty yards for it, whereas, before, it might have been
bought with ten yards. Why is this? The improvements in
machinery have enabled us to dispense with sixty or seventy
per cent. of the labour that used to be worked up in cotton.
Cotton, there're, not representing the same quantity of la-
bour, has become depreciated in value, and we have in con-
sequence to give a greater quantity of it for those things
which represent an unvarying, or nearly an unvarying quan-
tity of 1;:bour.
Again, it' a mountain of refined gold were to be disco-
vered, gold would immediately become cheaper, and the
twenty yards of cotton might purchase two sovereigns; not
that cotton had become dearer, but that gold hall become il,-
preciated. But why, under such circumstances, should gold
have become depreciated, seeing that its value in use had
remained precisely the same? Simply because it would be
more easily obtained, because' less labour would be used in
obtaining it.
The concurrent approbation of mankind has selected gold
as the chief medium of exchange on account of its inde-
structibility and hardness, but there was not any inevitable
necessity for its having been selected. The concurrent ap-

probation of mankind might have selected tin or iron as the
medium of exchange ; 3 et no one will contend that this con-
current approbation would have given to iron or tin the
same value as gold! But why not? Because they would be
more easily obtained, because less labour would be used in
obtaining them. If we do not :rake labour our standard of
value, we are absolutely without any standard by which to
estimate the value of gold ; and, then, when we ask how
money gets its value, we are told that ►s the concurrent ap-
probation of mankind which gives it its value, or some other
reason is assigned equally absurd and unphilosophical.
If I have succeeded in showing that labour is the origina-
tor and standard of value, it follows, as a natural sequence
that the circulating medium representing such value should
expand with the creations of industry, whilst the new system
of banking is based on the directly opposite principle, that of
limiting money without reference to production.
The practical effect of this change must inevitably be, that.
as production increases, each unit of money will represent
a greater quantity of the creations of industry, and that
prices must continue to decline so long as production conti•

flues to increase.
This would not be of so much importance if society were
a less ar:ilicial state; but, as it is constituted in this
country, the new banking syFtem will act most severely on
the producing classes for the benefit and advantage of the
non-producing classes. It will greatly increase the value of
all fixed incomes. The owners of estates having annuities
to pay out of them will find this measure will increase the
real value of those annuities, inasmuch as, though the money
value remains the same. it will command a greater quantity
of those productions which spring from and give value to
their estates. On the same principle, it will increase the
interest of the national debt, and increase the value of all
salaries paid to public officers.
It must be a self evident proposition that a very low range
of prices and a very high rate of taxation cannot long co-
exist. The sweeping charge which has been made with
respect to agriculture will render other changes inevitable,
which are now scarcely dreamed on—such as the sale of the
national estates (except those which are requisite to maintain
the splendour of the throne), and the appropriation of the
proceeds to the liquidation of the National Debt, the reduc
tion of the interest on the debt, and the reduction of al-
official salaries, both county and national. These are some
of the fruits which will ultimately spring out of the
legislation of the last four years.—l am, Sir, your obedient
servant, A CONSERVATIVE.
Lincolnshire, Feb. 28, 1845.

LONDON JOURNEYMEN BAKERS PROVIDENT
TrTION.—On Wednesday evening a meeting of
i INsTi-
it,teit..embers and
friends of the Surrey and Kent Auxiliary
the purpose of explaining its objects, wait' held Society,, for
Hall, Webber-street, Blackfriars-road. Mr. Neckey ~.ar called
orge s
to the chair, and the meeting was addressed by the
cretary, who salt that the necessity- of the meeting was `pro-
duced by the circumstance that there w. ,s dissension endea-
voured to be thrown among the friends of their society, by the esta-
blishment of another institution, which would be productive of
serious evils. The present instituti ,n was formed some years back
for the purpose of supplying a fund for the members in sickness,
granting of pensions to their widows ad orphans, and for ele-
vating their moral characters e
supplyinng means to afford them
the advantages of lectures on Intellectual subjects. After some se-
vere strictures on the prorzs.:,l institution, the basis of whOse cOns.i-
tution was, that none of the trade sh:;uld marry till they scald take a
shop, the speaker concluded amid considerable applause. Several
other speeches its the same tone were delivered, and resolutions to
support the existing, and to discountenance the proposed institution,
were 1111411-1111.011SlY agreed to, After which the meeting Separated.

SPIRIT of th-t PUBLIC JOURNALS.

FROM THE EVENING PAPERS OF YESTERDAY.

STANDARD.--Ahe Property-tax Bill was last night con-
sidered in Cominitt6e, and its clauses agreed to. Our sum-
mary will have shown the details of the night's proceedings,
which were singularly tame on the part of the Opposition,
though two amendments were proposed, to be &rutted, how-
ever, by overwhelming majorities. One expression of Mr.
Muntz deserves to be noticed. " The Right Honourable
Baronet," said the Member for Birmingham, " had im-
proved, to a certain extent, the condition of the in-
dustrious classes at the expense of the other (i. e.,
idle) classes." We doubt whether a higher panegyric
was ever pronounced upon a statesman, even with a pur-
pose of eulogy, but in the particular case it is infinitely more
honourable, because offered with all the sincerity of a re-
proach. Sir Robert Peel has improved the condition of the
industrious classes; but this has been to a certain extent at
the expense of the idle classes. Must not this be always,
the case, and ought it not to be always the case ?
There has been no general deterioration, but the reverse, a
great general improvement. The idle classes are no worse
off than they were, but a great deal better; everything to be
purchased by money, except labour, is a great deal cheaper
than it has been within the memory of the existing genera-
tion. Ought not this, then, to be the golden age of the
wealthy ? But labour, though not yet as highly paid as it
ought to be, has been enhanced in value by Sir Robert Peel's
measures, at the cost, no doubt, of the profit, although in no
respect at the cost of the property of the rich. And is not
this just what the most perfectly wise statesman ought to de-
sire to accomplish ?
GLOBE.—Mr. Thornely's questions, and the answer they
elicited last night from Sir Robert Peel, respecting the admis-
sion of the cargoes already shipped—with more to follow—
from New Orleans of slave-labour sugar, the growth of the
repudiating State of Louisiana—throw fresh and strong light
on what Lord John Russell termed, with such perfect justice,
the " impracticable and illusory distinction" attempted between
the produce of free and slave-labour. According to Sir Robert
Peel's view of our subsisting treaty with the United States,
an Order in Council must be issued, admitting these car-
goes on the most favourable terms. These slave-labour
sugars will, therefore, come in on the footing of free-labour
sugars. Nay more, according to the new-fangled ad valorem
sliding scale (as Mr. Ewart pointed out) they will
come in on better terms than the growth of free-labour.
Mr. Ewart said—" He wished to know whether the Right
Hon. Baronet was aware that all the sugar coming from
Louisiana was brown muscovado sugar, and, therefore, would
come into this country at the duty of 235., and not at 28s. ?
So that, in fact, this slave-grown sugar of the United
States would be imported at a lower duty than
the free-labour sugar of Java, Siam, and Manilla."
This is a prospect which Mr. Thornely contem-
plates " with great satisfaction. He begged simply to
state that the produce of sugar in Louisiana was such
as would give great profit on its exportation to this country,
and that there was every reason to believe the new trade
would be carried on to a very considerable extent."
The temper of some Liberal Members seems to be to
take alternately " the bit and the buffet" with edifying
patience. Parliament, under the magnetic passes of
the present Minister, appears to be quite suspended in
its faculties of discerning inconsistency, or resenting
injustice. The threat of Moliere's maid to her mis-
tress, " Vous serez, ma foi, Tartuffiee," appears accomplished
in the transfused spirit of Peel through the British House of
Commons. We cannot participate the satisfaction at these
surprises on a partial and hollow policy. We cannot
comfort ourselves with cargoes of sugar for the exposure
of English sense to the world's mockery. It was only the
other night that the United States' evasions of subsisting
treaties, as regarded our products, were mentioned in
the House, and admitted by the Minister. For the sake then
of these slippery customers—for the sake of giving them a
protected market—of encouraging their exports at the ex-
pense of fairer dealers—we legislate. We legislate to admit
Louisiana to our markets, while we exclude Brazil. We
legislate to admit the evaders of treaties on a privileged foot-
ing, while we break off treaties with those who offered reci-
procity. And all for love of the African race.

THE MURDER AT HAMPSTEAD.
(FURTHER PARTICULARS.)
It has been mentioned that the deceased Delarue was
known to be in the habit of wearing two rings, and
although the most valuable one was discovered by
the unfortunate father of 'Thomas Hocker, amongst
some of the cuttings of the shoe materials at
his house, still up to the period of the pri-
soner's examination on Tuesday, at the Police-court,
no trace of the second ring had been found. It appears,
however, on the return of Mr. Hocker, sen., to his resi-
dence, in Charles-street, that his wife had also, during
his absence, found the second ring ka kind of gold keeper)
amongst some rubbish. Mr. 'Locker, sen., lost no time in
placing this further evidence of the guilt of his wretched
son in the hands of the police. It is still believed, as was
the case in the first instance, that there was more than
one person concerned in the murder, and this suppo-
sition is strengthened by facts which, subsequently to
the holding of the coroner's inquest, have transpired. In
the North-road, and but a very short distance from the
Swiss Cottage, a penknife is stated to have been found,
having the handle covered with blood, and it cannot be
identified as having ever been seen in the possession
either of the accused, Thomas Henry Rocker, or of the
murdered man, Mr. Delarue. The facts which have
transpired in evidence also tend to show in some measure
that more than one was concerned. In the first place,
Delarue was, as compared with the accused, a
much more powerful man, and therefore, single
handed, would have been likely to have had
the best of Hocker. Again, the cries of murder
from deceased were heard for two or three minutes,
therefore that fact does away with the impression that
Hocker must have pounced on the murdered man una-
wares, and stunned him. The police aro actively en-
gaged in tracing out, if possible, the owner of the pen-
knife alluded to.

During the inquest, it will be remembered that when
the coat of Thomas Henry Rocker was produced,
there was evidence of a bloody hand having been thrust into
one of the pockets. Shortly after the verdict of " Wilful
Murder" was recorded, Mr. Wakley directed the summon-
ing officer of Hampstead, in whose custody the clothes of
the deceased are place d, to examine the pockets minutely,
in order to ascertain if, when they were rifled by the
murderer, he had blood on his hands. On Hunt's return
he stated that there was not the slightest spot of blood
on any of the pockets, and the only blood observable on
the trousers at all was a long streak passing down the
front in the direction of the left thigh.
The extraordinary manner in which the police have
got up the evidence in this case has been the subject of
general remark, and the anxiety manifested by them all,
as it were, to have " a finger in the pie" is still more sin-
gular. For instance, in the first place, Inspector Par-
tridge holds the watch and ring, identified as
having belonged to the murdered man. Secondly,
Inspector Shackel holds the mackintosh, trousers,
&c., covered with blood, belonging to the accused.
Thirdly, Inspector Haynes holds the gambroon trou-
sers, drawers, coat, waistcoat, stockings, and shirt of
Rocker, as also the button found on the mantel-
piece. Fourthly, Inspector Gray holds the letter
signed " Caroline," and other documents. Fifthly,
Sergeant Scotney holds some letters found at the
accused's lodgings, addressed by him to a Miss Batty.
Sixthly, police constable Thomas holds the button found
on the spot where the murder took place. Seventhly,
Inspector Tedman holds some obscene books and prints
belonging to the accused. Inspector Furlong holds some-
thing else ; and lastly, Hunt, the constable, holds the
deceased's clothes.
It has now been ascertained beyond a doubt that had
not [locker been taken into custody on the night he was,
that most, if not all, the above-mentioned evidences of
his guilt would have been removed or destroyed. It
appears that on the following morning after the capture
of the accused, the copper at his lodgings was found
filled with water, the fire laid, and everything prepared
for washing, and all this was done entirely without the
knowle lge of the landlady of the house. The letters in
the custody of the police are said to deeply criminate
the murdered man as well as Hacker.