The Sun.
London, England, 1842-03-28 00:00:00

FRENCH. COINAGE.

The Debats has an article which is not without
interest, on the bill now before the Chamber of
Deputies for calling in some of the coins now
current, and substituting a new bronze coinage.
The Debats approves of the calling in the mixed
metal coins in circulation, but doubts the propriety
of abolishing altogether the 5 sous, 15 sous, and
30 sous pieces, these divisions having been found
useful. All that was necessary, says the Debats,
was to replace the mixed metal 15 and 30 sous
pieces by a new coinage on the metrical principle.
After this notice of the bill,- our Contemporary
proceeds to remark on the monetary system of
France generally. This, it says, is very imper-
fect, and the execution of the coinage is exceed-
ingly inferior to that. of England. One of the
great evils of the French monetary system, is the
latitude allowed by law as to the weight of coins,
which, we are assured, admits of such abuse,
that in a bag of 1,0001. of silver money, the
real value may be 50f. less than the nominal
value. Another defect of the monetary sys-
tem of France, according to our Contemporary,
js the weight, at which the gold coinage is is-
Stied -to the public,
.arid .certainly if 'the parts
Stated be correet, this is e.ry serious: Accord-
lag to law, 155- pieces of .20 francs go to the
,klugramnie; a.ritt- the -consequence -of. this is,
...that the gold ..and
is gradually disappearing
from circulation. Between the years of 1816 and
1841, the exports of gold from France were 1
milliard and 467 millions more than the im-
ports. Forty years ago, the metallic cur-
rency here was 2 milliards, 200 millions—viz.,
1,500 millions in silver, and 200 millions in gold.
The metallic currency is now three milliards and
a half; of which we are assured that gold figures
only to the amount of from 200 to 300 millions.
We are also informed by the Debats that, fifty
years ago, gold formed one-third of the metallic
currency, whereas, according to the above state-
ment, it is at this moment only about one-
sixteenth. The remedy recommended by our
contemporary fur this evil is to make 160
pieces of 20 francs out of a 'kilogramme of
gold, instead of 155, as this slight difference of
weight would take away the premium now offered
to, speculation fbr the exportation of gold specie.
With respect to the silver currency, the defect
of the present system is, it appears, still greater
than that of the gold currency ; for an enormous
amount of silver is in circulation, and forms to a
great extent so much unproductive capital. The
amount of the metallic currency in France, the
greaterpart of which is silver, is,'says the Debate,
more than half the entire amount circulating in
Europe, and if any improvernentin the production
ofthe silvermines in South America .was to take
place, so asto render silver more abundant in Eu-
rope, the consequence might be a depreciation of
thereat valtio of silver in France to the extent of
its nominal value. Other evils attending this
large amount of silver currency arc noticed by
the Debate,but they are comparatively ofslight
importance. Our readers wilt probably he sur-
prised at the assertion that the metallic cur-
rency in France exceeds the half of the en-
tire metallic currency of Europe; but this
surprise will cease if we take the word cur-
rency in a figurative sense as regards the
greater portion of the coinage. It is incorrect to
state that there is this great amount in circula-
tion,for it is a well-known fact that an enormous
portion of it is never current. The system of
hoarding is still carried on to a great extent in
France, and if it be true that an excessive
amount of specie rather paralyses than promotes
the energies of a country, how much more posi-
tive is the evil when the larger portion of the
specie is hoarded up and rendered unproductive,
not merely as regards foreign commerce, bnt also
as regards home enterprise.

THE SUN, LONDON, MONDAY MORNINCr. MARC ti 28, 1842.

SIR ROBERT PEEL'S FINANCIAL
SCHEME.

Even the agriculturists begin to think that their
promised "protection" through the Corn-law is more
than counterbalanced by the proposed removal of pro-
tection upon 'cattle. They can see no difference
between being "dependent upon foreigners" for sup-
plies of beef and mutton, and being dependent upon
them for supplies of bread ; and some of the sagacious
and far-seeing men of the north have just discovered,
that if ss. be gained upon corn, and 10s. lost upon
cattle, the balance will be taken out of their pockets,
not put into them. Our worthy 'contemporary, the
Dumfries Courier says:—
" In Galloway, we understand, there are hundreds
of farmers who have no objection to the free im-
portation of corn, under a moderate fixed duty, or
even by the sliding scale as remodelled of late ;
butwho, at the same time, look forward with dread
to the competition threatened in the trade of
breeding by the introduction of stock—oxen, cows,
calves, sheep, pigs, and even goats. Considering how
differently society is constituted on the Continent of
Europe, such an arrangement, in their estimation, will
prove alike hostile to the rental of the laird ani the
profits of the tenant ; and in the case of such as are
saddled with a 3 per cent. income tax, on rents ex-
ceeding 1.501., must cut, more or less, like a two-
edged sword, by augmenting goings out, and diminish-
ing comings in. The importation of salted provisions
is also objected to ; a duty of little more than a
half-penny per lb. is considered no protection what-
ever, looking to the Hamburgh and other markets ;
and every one perceives, or at least dreads, that
the general tendency of the proposed tariff, as re-
gards agriculture, will press with unbearable severity
on the Scottish farmer. Again, crofters, or such
as pay their rents chiefly from the pigs they breed,
rear, and sell at the proper season, will be driven, it is
supposed, out of the market ; the bounty offered on
the importation of flitches and hams will tread on
many a sore heel in the north of Ireland; and, alto-
gether, it is apprehended that a blow will be dealt to
agricultural enterprise, under the effects of which it
may stagger for years. Even the bacon-curers have
taken the alarm, and we heard of a posse of them
lately in Annandale, who have made up their minds
to a loss on their present 'stocks cf not less than
2,0001. sterling." •
Thus, Sir Robert Peel, who. was to have settled
everything—who was to have given us tranquillity
and contentment at home—is in a fair way for un-
settling everything, and is spreading alarm and
dismay through nearly all classes of the commercial
and trading community.—Carlisle Journal.

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