The Express.
London, England, 1852-08-07 00:00:00

the 41f1rore00.

TO CORRESPONDIPITS.
A ,“*.A LW** at. MO /apex." asslamtke tbe same easalmy's
(.***." Ir apabitalm* away Turd* ari MA* aight,* Was
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MOH WATILR •T LONDON BRITON.
Tule Dat—Versiag, N. Us. Afbmissa,
Taws"—M•ecims. IL Mo.

1 ONDON, SATURDAY, AUGUST 7.

Awomosr the items contained on the credit aids ofl
the Bank accounts, issue department, there are two—
" Government debt, 11.015,1004 rand " other securi-
__

ties 2,9ll4,9ooV—Mskligkestlsemmetly 14,000,0001.
The latter consist of Eskagnar Bills or other go-
vernment paper, and orpromest government debts
just as much as the lest item. Oa this 14,000,0004
the INA is authorised by law to imea notes to that
amount, without !wing any other "vital or any
other wealth to redeem them. That the state which
creates these paper securities should regard them as
equivakat to money is to be expected ; but the
whole community so regards them, and relies on the
pledge of the state to pay the 14,000,0001., or the
annual interest on it—which is, for all metal per
, the same thing—as sufficient to redeem the
sink promises to pay to that amount. The govern-
ment pledge, and the Bank promises founded only
on it, have all the purchasing power for which men
desire to have money.
Gold and silver, though very beautiful when ma-
nufactwed into coin, are not desired for their own
sake but for what they will buy. Men like to pos-
sess them as a means of purchasing at any momst
the other things they may need. Tho essential pia-
eiple of money is that it will buy mbar things. or
has a known purchasing power. It ha me cake sr
use in the past, only in the future. But a debt of
the government to he paid at a spittle them spur-
tion of which can be transferred bawl Is Med. A GRASTYTINO spectacle it was, the erection of the
though it want, the same as a donliksa sr • Izt
of gold, some of the convedeases et midi first pillar of the Crystal Palace at Sydenham. And
.e.? an excellent address the chairman of the company
snswera all the Puna" of mosey. Lllallsli—le—• delivered at the diyeiner which ensued, containing
it is coined or divided, and the debt of the gevesimont
many sound truths, pithily expressed, and pleasingly
to the Bank becomes small bank notes, an extremely . .-. • • •
convenient money. illustrated. nyperentice might object that there
The Bank of England is not the only body which was something of an anticlimax in his announce-
The of the Palace u the best and biggest adver-
coins the large debts of the State into small promises .isies vas • known, towards the close of his
to pay. All the private banks of issue keep only a
oration. But we are in no hypercritical mood ; and
small quantity of cash in their till, and the bulk of
the property they posers., on which they rely to re-
.....read.
in iectopad.ngmit, that the company and its chair-
eye on the main-chance, while
deem their notes when presented, consists of Exehe- "'"'
prof ' gto be mania,' animated by a desire to in-
quer Bills, India Bonds, or porticoes of State debts, street and elevate the people, only follow the example
or securities bearing interne. The means of redeem- ,
grove and even sacred ,s_jesuese.
in the balk of the Sank of England notes in donde- °' grll.''' r- in
what Mr. Lento
lion shows that about two-thirds of the property, as Besides, there was much truth
well ss the bulk of the property on which other said about advertisements. They are a assemitior
a
of
bankers carry on their business consists of national munmermal. 1"-
In our crowded
debts. The general confidence in the continued sta- man to Pet his light "ate a is to amoult to
bility of governments gives to their remises all its being aatialaido4
__
.._and itaaSo biamalf agog
that purchasing power which is the essential attribute with ,it- am". what regrag ,111 life ria_ _ .7,,a1e pox
of money. find omens ar esmpintors SIM= yaw tea um=
Gold and silver, in fact, now form only a very lies lib° know no there at 61"1"*".
small ponies el the money of the world, and a naturally employ the liaattbat Reboil their satin:
much Wrier peeler is formed of those paper oblige- It will never do eaten-days to stead abet la sliest
time, te the .0e power of which wee have dignity till custom OWNS to yule aise; yea mkt
the seam seatiisese as they have in the purchasing Pat 70arailf in the way of , and bawl,
power
if pile and silver. Like cash in the purse and meta at it; sulk eldPieasikee perlimant
they am a guarantee against want. Not only are and quack doctors wlakasaal aa•Pir thumb" eel'
they oundiered valid in our community, but in every from Platforms and hastiMas -why', sduartlesmaleta
civilised 111111aaity they are recognised and are no- are your only Maus&
gotiable. For making large payments they are The art of sdvariligat :boa =Ada Ilmatatikial of
found more movement than gold .and sal- late. In the days of our youth them wage sews-
Ter, and are employed in adjusting . .vy kecounts, papal aukompbbt advertiesmseta, mistkellib
whether the parties to them Bee ender the and haedbUM In *skidoo to those we kite MOW
same or different governments. A transurianon back- periPstetles estrYiur posting-bale lammismit2rlsMe..
wards or of American bonds or French poles lib Unpin, at masa between Meth alka
mutes. made by indiridueb and on individual account, hidden of a herald's tabards ai6gie Ilt it We;
serves as well as sending gold and silver to adjust advertising row; bills stkic lIP is smilmila lad
what is sailed the balsam of payments between second-class railway carriages 1 at= ablaia7
nation and in "till more canoes sad Pit!ai
There is nothing new in the remark that the bulk universal resod. • .•
of the serial currency of the sickest world omelets AU this lee biz. We have 'many rivals/AWN
of paper ultimately teaukabk billerplak Via- ehannelefer leemustm, and they
.are daily me Is-
ranteed by diffareat states air by lagelthilk and ihat inmemm. The sew
oa= Paktiisiolbne kakis
ally • man pietism elf the pmehiebeg sr piping met; • tail* to the of Id by *km
ce: in see ermeiste of the posit= week we Oink be as then Alia Belfork
his mock however, tale wandered at sminihimdig dwelled by Tame W. OM
het, the* the diem of geld detested, ere kw, em eivereleement elk peideedup
in Calihenia and • kw to a specie in parliament. ' Melds we Megift aot,
millions of pewee seselAitilig tals4e eurreacy but let as all "Hitt far. • 'RV Iles. ere and
cities world, excites appeared's midakeilemesget our brethren of the laMdahme auffe!led to
them who have seen with abselate Wilkes* the pay le. 6d. dirty upon every eisalithmommt
ersetiets yew after year dmeet MY" of Ma ire pablish. Whole a • NUT - publiehen •of
deka time all the hellion of the weal km equal, academicism maps sootofree t- Take for sten*
sad to which all that has besa dimevared es , the the ssccsdee o,irtipflosta the North-Waters
of shins the Peels is s mere driblet. Almost Railway. - ' • • ' ben an avenge of
Mace with prodeetimi, EledillalMlS badness thirty aiwithigg aka mpoe it. .11e• avenge
it the geveenarents of limps have mod- of these 6lmpalieeste•itimeh trek mast be lure
instrument of tam pueeisee milks, diktats* Titirowo bow MO advertiseimats, ma
exciting the least alarm, bet ao wooer ses• dew average semali to
pri of Makir,rieestipdper proprietor's
Wiliam of pounds sterling of geld aided to the in renter. •Tb eimashing up them
currency of sibs valid then van of mimeo and tbe Me bone beams breed GM 0001 gall-
11100led clam, and particularly the debt mem thwin ; the sad he divide elie Melllllll6l. ts of
ton, are terrified. at mere unkaawn, whined, the ad But is it minehtiat with kir
Jet peeks deprectetios of the standard of vales. eur frundeatity Ili; wbkle they are allowed to
No sooner does Nature provide is • smell degree hr di Ask makes* Pk Boa withal' dadaa'
the increase of the curnkey, whist; etsiteemen, bank- • t emeli sestinas to ippeepriks
ers, and others, are continually &tag, without know- ask sad Sarum eatef the menese-
ing exactly what they an shout. than they, who ram ate. native • fir trey advertiseseat ire
have no coatidesee ill N. and IffibOlindW amt. gem' e The annent of us extortion h set
knee in their own wisdom and exertions, kinoy at be estimated by this mine of la. lid. alone; the
society will fall to min. eartailmast of vas advertising business on amount of
The swami/10m alarm is an ernmenue supposition the laeceseed charges we are obliged to make, the
that steamed individuals have to psi thus able, higher tides at which we are ckhged to sell oar
and melte all their purchases With the yogis= k ardor to sinks ends meet, mast also betake
In hate they do not pay with Sim; As gal and A. essennt.
siker net ealy se sweep wr awelate, =glisten From every quarter we are aseudoseed to hear
as well us individuals buy all that they want by oar prolamine of-resent and esteem for the newspaper,
vices or sommoditias, and ultimately pay all It is calk" "Us beet public instructors' it is
their febb, or redeem all their obligations by basted at every political and soiang*_other ffiliaanti
the sans means. The gold and silver are to hear oar pain* seeskers, you wadi *gas that
like a pint plat or • rued weight,
.sad neeeme• or newspaper was as dsar to them MI marking they
weigh, sad deternune the value without paying for, own upon earth. Aad these am soli shogethr
all the beer'," beef that is consumed. It le paid for empty words. The breakfast tale of nest people in
by other erminnedities, or by services. It is now au comfortable cdrournstafices would be • dull affair
established "kelpie that only servioss can pay for without its morning paper. The artisan would feel
services. &Miaow dam kind or smelter net (sly a sad want if deprived of his weekly kernel an the
was, as ADAM Morn says, the oelyeeiginal purchase last or first day of the week. Tie mewegaper is
money, but it continues to be, and wilt be to the end sought after se en intelligent ani lemming
of time, the only means of buying and paying for all nban in runway demise 4 lisimiNlV or
things. if seek a dig sew Wit. Bat • Semi
The value of all omemodities, even of gold, with meth the empty piths that is hellilked egos
depends on the labour vented in them. This has us in return ler a 11W. mars solid p- g- We
been fully established by Mr. Breams" and other could mem OD soo-tlolivoy at many
economists; but it is also implied in the badmen- speedzielogesesideralkia that we receiver=
tel principle of the " Wealth of Nations" that ONO Mme from a tax to
all wealth is the produce el labeler, and that labour whisk so ether ri=i• adverthermate ere sub-
within short dr long periods pays all prim. The qua r- jetted.
tity of any oonimothty in ins to the desire for We could say mach—and maul that is true—upon
it, or the law of supply and demand, certainly dater- the gain that wield mune to the public he. do ale g
mines its selling price, but the precious metals, on us this junk". ' We have an hake pride ia our
account of their indestructibility, the balky ohms- mostion, and, k klieg Nine end phase have so re-
porting them, and their being almost enivenally knees' to meats epos its imprimis. Bat we
diffused in nee, are far less nibjeet to variations in Mentsfseted pit our muss at present ea the dm-
their value, from a change in their quantity than ple skied It *dm to ea honest busk of Wits-
most known substances. Mon permanently influen- trial esterpries. When every nerve is being strained
tial than supply and demand, the cost of production to p 1... all ammetitors in other pursuits upon a
is the final regulator of the value of all cons- footing of aquelity, by relieving any individuals
modifies in exchange. It is not—to illustrate meat them who may be subjected to impost. not
the principle—the immense quantity ei cotton yarn paid by others from such unequal burdens, why
and cotton cloth now ananally modomid, whisk ben sheralinewspopers alone of all dialers in edvertias-
caustd the greet fall is the priced them tweardske, mete continue to be taxed while their competitors
so much es tie isseened enact producing them by Ille are ezempted ?
aid of newly invented Mallinery. Vanatio• is the no question does not seem a very abstruse one,
supply and obse• teraparary vanadium in and yet parliament after parliament has been mud-
-1
prictoo, direct faker to lama lee of anyldling at it ever since 1831, apparently without being
commodity, eml hams" the "ties predawn i•ierhit nearer •• Metiml mlalMn at it than at
but prise and value en y determined by the I first. Until justice is done us in this matter we