The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1878-09-21 00:00:00

,stottrurtuge d)b)later,

ATUIWAY. SEPTEMBiL Et 21, 1878,
A CHAPTER ON MONEY.

There aro very few visitors from the country
to London who go away again without seeing
the Bank of England. Standing in the heart
and centre of the City, right opposite the
Mansion House, close to the Royal Exchange,
within sight of the handsome jewellers' shops of
Cornhill, and not far removect from the still
richer thoroughfare of Lombard Street, it
stands out alone, massive and substantial,
occupying an entire parish of the City of Lon-
don. The visitor may wander freely through
it, many a time noting with amazement the cool
way in which the officials weigh up bushels of
sovereigns, just as though the precious coins
Were so mach fruit or vegetables. If he is in
the neighbourhood of the Bank in the evening,
he will see a troop of guards march in aud
take possession of the voices Summer or
winter, spring time or harvest, it is all the same.
14,v‘ry evening a military guard leaves Si..
James's Park, paases ii.ong the Thames Em-
baukinent and up Qa,;.en Victoria c.a the
Bank, often to the astonis...iiieut. of the no-
initiated, who 'wond.r to ee i. of siint
I soldiers threading its way throui4L :11e
one of the most, crywded I t— t 4
This is a relic of the trouteed is el 1848,
when a aisaffectect anti naitaßtte,
menaced the Bank of Eugiada WILL till attack,
and the Duke of Welliagten precaution
of protecting the lib:44,4Ln with a 4w:ital.),
guard. 'flinty years have passed ssiey. cud
still comes tee soLtieei iOhy ii:: Batik,
liug it again ear.y ii :he inori..hig. after the
sun has risen ui. auother hay et business.,
ac!,ivity ter the City of .Lottaoil.
The Bank of England may b.! rt.gaided as
the embodiatent and repreaeu tat.se oi a very
powerful factor in the atlail s of this
That factor is iuouey. It has been weil de-
scribed as a substance wilich has been weft
selected in order to ni,asure ti*e value of a:I
other substances, on, also to sevi s'A Inediu,,
exishange. It is an institution winch eiviii-
zatiOu has cis:A:sat for its genfiFai couvenitqice,
anti Luari.:e the dividing linJ naLwet,i) it and T,ar
ottrilAu, Wihii i,t.oas no seek of ;...xhauge Lie
sides barter. It is obvious to ad 0.1534 t. the
savages who still emp.oy barter, that it a sub-
stance had not thus been chosen as a measure to
value, there would have been no weans of esti.
mating tho wealth of an iudividuai, except i.
repeating a catalogue of all his possessions.
For instance, in stating tee wet; of a ricn
nobleman. it would be necessarj to ~:uutners;
toe number and height or the trees on hi,
estiite, the amount and descriptiou of the furai•
tare na his houses, his horses auu carriages,
and so forth. Weeks might be occupied i.
makang an inventory of his possessions, anti
sifter all a perusal of it would afford no ut..liaiLe
idea of his wealth. Such a disadvantage is at
once obviated by the use of money. Ile wealth
of an indiviaual as well as of a nation is
measured by the standard of the precious
metals. Tne convenience of the use oi wouey
as a medium of exchange has been always clear
to civiiized nations, which coiled never have
reached a great commercial position until barter
was superseded by the use of some more por-
table medium. Thus it is evident that the sub-
Stance selected as money must be easy to carry
about. A system of barter weai . scuice.y b.
more prejudicial LO the intereu:s of i•thiltut...ree
teen tne use of an article woi.-.11 rr), teet,le,
great value in small bulk. goi
and silver have usua.ty heeu (Jansen it, coriliz
countries, because Luny pesscls
degree the COMbivatiOu inq.. L:
any substance acting as a Uluks.illt 0 ut Vat LW 4/id
as a medium of exchange.
Juovaaiicut toy uuts tII zueuts:
Hood as—

"bright and yellow, bard anti culd,
Hoarded, wersnipped, sciaautitrwi, a„feJ,
Spurned oy the young, austbd,gge.-.
Even to the ve:gt ct tnoon.treoyaed znoule."
in all ages great store uaa oe.:11 set by thi,
metal. All rtaaers oi 1elit11:41 /11. y dp:aug) an.
familiar with the awry of Ali.tas, wbo 12:-.1v•eg
performed a service for the gods, was hilll,ln to
ask a favour, and it abouni be granted. Midas,
who seems to have been of ratucr au avaricious
tarn of wind, requested that wutitever he
touched might be Wined into gold. No sooner
said Gitalt UOUti. Hid VuaLllrti aud tns iood,
drink, and Lid bed, were converted uke uittgio
into the autiferons matt:. It attended him in
hi dowasitting and in his uprising, aud hie
friends lied from Lim in disunq leaL he might
touch them and so convert, theta inLe columns
O f solid gold. it mignt be sport to Midas, tit 4
it would be death to them. At Ist the fooliati
fellow found that he was in danger ot starving,
for_ gold, however coveted anti valuable, could
be neither eaten nor drunk. So he went in
despair to time god who iici&tante,: the faun
gift, and prayed that it tinge:. be t..k,u hew
BAter to live without g 0.,. t, dle
it midst. Of course at m.tus time iday
know better than to beiieve al. ILA, we *Lave
read about the gods of Lio :tr
there was any power to Couf _eraue
as that sought by the unhapp) Midas. •,:.,‘ in-
ventor of tn.:, story wished to point a
much like tue lessons conve)t-d in tee fames of
..sop. He certainly did so in a very poiutea
way. He rendered it dear enough Lai, the
mere possession of an unlimited ainuont of guid
does not necessarily indicate the possession of
wealth. if gold possessed no ex,:hangeable
value it would be utterly worthless in le
DUD'S ManatOn and in u*.i.ttat.o3 t) trlaZ. The
gula of Midas was not Xchat,gcsibi;.,; ben(:‘, it
ilacattned bid Cestrucuoo. r. rmt-pui -
obese tor hire evtn U.ou, au... the• •ezmirt.,4
whiott he had hoped to e joy • ci..• • ;or!). un-
known to him. It is ;,ec,,.u-e g( la i,••
wide euhauienb;e .V. 1,1 lad - oriAr-.4 tiLr-
chasing power. that it ea) iOs 1.11, cs
of man. From tae tiayF g(.4d (if tiviir
.was ono of the ;idyls U u g..)zgeous East, to
these more protode times, otiin. I.LLuaiis
Lrought from Austrada dud Cliaturil.t, it ham
been a mighty' pou.,,t. ,It ha, tp.,en ee,Ooyeti
by the capialit, sc:Atero-.
anti iiteeki out Ly r;tv 9 .f..,!) tm
•iO,ed, by ti41111.1:•',"!..V.W;
boing
. .