PTO THE EDITOR OF THE" SPECTATOR."1
Snt,—In your leader on the Budget, you speak with small respect of the advocates of £1 notes, whom you call " fanatics." Your argument is the old one as to the danger of forgery. You do not appear to be aware that in the United States of America, where- they have notes of one dollar and various multiples of the dollar,- the note most forged is the fifty-dollar or £10 note.
In the old days of £1 notes in England they were much forged; but at that time forgery was a capital offence, and therefore convictions were difficult. In Scotland and Ireland, forgery of £1 notes is very little known. It is the same, I am informed, in Australia and other countries, where there are small notes. Attempts on the coin are much more frequent than forgeries of bank-notes in these days.
One great argnmeat against the renewal of such a mass- of gold coins is to be found in the fact that sweating has become almost a science; and even after a restoration of the- coinage, I am convinced that light coins will easily pass, so- great is the competition amongst bankers for accounts, and so rapid is the transaction of business in great towns, where move- ments of coin are so numerous. I hope you will not consider me a "fanatic," but I am always yours faithfully,
38 Grosvenor Square, W., May 1st. Wm. Fowxxx.