11 AUGUST 1832, Page 14

In replying to our article of last week, the True

Sun says that we gave an incorrect account of its scheme of a National Bank. We mentioned that we had not read the whole of its speculations on this subject ; and we have no doubt, since the True Sun says so, that we have misconceived its scheme,— though, recollecting the passage of RICARDO which we have selected as a motto, we could hardly have supposed, from what we did read of the True Sun's articles, that they could relate to a plan founded on his principles. Because we said last week, that PEEL'S Bill had overturned a false and hollow system of credit, based upon the issue of enormous masses of worthless paper, we have been represented as wishing to substitute an expensive currency for the circulation of bills of exchange. No such thing. There is no resemblance be- tween bills of exchange and the valueless bank paper which deluged the country during the suspension of cash payments. Bills of exchange rest, not merely on the credit of the granter' but of every successive indorser; and acquire addi- tional solidity from every hand they pass through. Some oftbe True Sun's remarks—such as those on the diminished supply of the precious metals, the fall in the price of all(?) commodities, and the analogy between a scarcity of corn and of gold—fall in with similar statements in the letter of our correspondent G. P. S., which we have already noticed. The verbal quibbles of the writer, however smart, we pass unheeded, as unsuitable ha a discussion of this nature.