The Express.
London, England, 1855-10-22 00:00:00

OUR MONETARY SYSTEM.

BIRMINGHAM, SATURDAY.
The present state of the monetary laws has been
ender dismays by the council of the Chamber of Com-
mem in this town. A committee having been appointed,
they arrived at the tollowing resolutions, which they recom-
mended for the consideration of the council : _

" 1. Tbat bad Australian and Californian gold not bare
diaceverad, the prating monetary system could not have
bass maintained.

"2. That the Legislature, when it paned the last Bank
Charter Act in 1844, could not by any possibility have con-
templated that discovery.
3. That experience has proved that the provisions in that
dueler, limiting the issue of notes by the Bank on the
government debt to fourteen millions, and beyond that
to the amount of bullion held by the Bank, are provisions
extrePoly
injurious, and not grounded upon any mind
"4. That is 1847 these provisions were practically sae-
peaded; bad that not been the caaa,no man who at all under-
stands such matters Gan for a moment doubt that all the
bullion would have been drawn out of the Bank, sad the
notes issued oa the fourteen millions of government debt
could not have been paid.
"b. That groat fluctuations have taken place in the
amount of bullion held by the Bank since the palming of the
set of 1844—such fluctuations compelling the Bank at one
time to decrease the amount of bank notea in circulation,
and thus to create great distress and bankruptcy; and at
other times compelling the Bank to purchase gold, and
thus vastly. to increase its circulation, thereby causing a
rapid rim in ths price of all property and labour, and
thereby creating a temporary prosperity, to be followed by
• rescued capon of gold (the rise in prices necessarily pro-
ducing sack 'sport of gold), and that export compelling the
Bank again to reduce the =roust of their notes, great dis-
tress and bankruptcy twoondemsgain the consequence.
"8. That the professed object of the government in pro-
posing the Bank Charter Act of 1844 was to mitigate these
fluctuations, and, as tar as possible, to ensure a steadiness of
price, and, ea • consequence, a steady sad profitable cock-
ilieroe.
. . .

"7. That no such effect has been produced. The disco-
very of gold, and its continued influx, has, is a great degree,
lessened these fluctuations, aid prevented the whole system
from giviog way.
" 8 That the question now is—will the supply of gold
eentinue such as to enable us to meet the unavoidably im-
I meow drain caused by the war, sad to retain a sufficient
quantity for the foundation of a °insisting medium ade-
quate to the wants of the nation
" 9. That this drain will be greatly increased by the neees•
eery Import of corn. occasioned by (what is no longer
doubted) a great falling off in the crop of wheat for the
year 1855.
" 10. That the Bank of England saturate be quite aware
of this, and is already taking most decided steps to cheek
the demand foe gold, by curtailing the lease of its notes,
the effect of which will be to &Trete prices, and thus induce
the export of goods rather than gold.
"11. That it cannot now be stated that then steps are
called for by any wild, dangerous speculations in this noun-
try, for trade is known to be more free from speculation than
it has long been.
12. That this drain is mainly caused by the Tarkish
loan, a measure proposed by government, and at their re-
quest sanctioned by parliament ; secondly, by the amount
of gold required to pay our troops in foreign countries ; and
sow by purchases of wheat being made in every quarter of
the world where it can be found.
" 13. That, however stringent such measures may be, it
would appear impossible that the drain of gold from these
mean can be stopped without the suspension of the act of
11844.
" 14. That if • much larger amount of gold from the
I mines than has hitherto been the ow be net immediately
produced, the Bank will be compelled, in self-defence (in
what will prove a vein effort to maintain the ' convertibi-
lity' of its notes), to diminish its circulation to a point which
will occasion enormous commercial confusion, bankruptcy,
and distress, and render the payment of tales, the raising
of loans, the fulfilment of monetary engagements, the
employment of labour, and feeding the people, utterly
impomible.
" 16. That the means enabling the country to tarry on
and bring to a successful issue the late war were furnished
by the adoption of an exactly contrary course of conduct on
tin part of the Bank than that which, by the charter of
1844, the Bank is now compelled to adopt, the issue of its
notes being then not restricted to the amount of bullion
which happened to be In its coffers, bat issued to an it:tent
commensurate with the necessary wants of the government,
end the legitimate requirements of commerce.
" 18. That the present law, by permitting the Bank to
issue • fixed amount, fourteen millions of notes on mere
government debt over and above the notes for which bullion
A held in deposit, has proved that, even in times of peace,
these vents and nquirements cannot be met by a tirade-
tins limited by the amount of gold in the Bank.
" 17. That inasmuch as one main element of prise is the
amount of legal tender pounds' in circulation, it Is mani-
festly unjust, by diminishing the amount of such legal
tender pounds ' artificially to depress prices of all property,
and proportionably to enhance the burden of taxation and
all other monetary engagements, merely because of °sen-
tinel fluctuations in the amount of one article—gold.
18. That the object to be accomplished is to provide
and maintain a sufficient steady circulation of legal tender
mosey for all internal affairs. At present, °onetime which
the public cannot foresee, and over which they can exercise
no control, can at once derange all existing contracts, and
greatly endanger the best interests of the country. Ai: loos
as gold lathe only foundation of the circulation, it is impos•
sible to keep a steady and sufficient circulation. In time of
peace it has been found impossible so to do; how can it be
possible in time of war?"
Two meetings of the council have been held, at
which Mr. Spooner, M.l'., presided; and alter a very
lengthened discussion the council determined, by a small
majority, on the adoption of the first two paragraphs only.
These will hereafter be laid before a general meeting of the
chamber.
The resolutions are understood to have been framed
mainly by Mr. Spooner himself, but they were unanimously
I concurred in by his fair colleagues on the sub-committee.

GREAT MERTINO OF

-During this

week there will be a greet gathering is London of :Essen-
ten from all parts of the country, on the cousins of the
annual muting of the Congregational Mans of England
and Wan. The proceedings will commence with a meeting
at am Poultry Chapel this evening, when an address will
be delivered by the Rev. J. C. Harrison, of Camden-town.
To-morrow evening there will be a public meeting at
Exeter-haul for explaining and enforcing Congregational
pH/sepias, Mr. Samuel Morley in the chair ; end meetings
tar religiou purposes, presided over by Mr. Kershaw,
M.P., and Mr. J. R. Mills, will be held on the eveniogs of
Wednesday and Thunder. On the mornings of to-morrow,
Wednesday, Thursday, and Feder there will be confer-
: ewes; that on Thursday morning being " free and eon&
deaths'," and confined to pastors and delegates. On this
omens en address will be delivered by the Rev. Thomas
Rinser. The proceedings of the week will be brought to a
elope by a soiree on Friday at the Kilns Club.
WHITTINGTON CLUB. The new building in
Arundel-street is, we are glad to hear, rapidly progress-
ing towards completion, and until it is ready for occu-
pation the committee of the club hate made arrangements
for holding the end drawing-room eveniege at the Free-
mason' hall, Great Oases-street, so that the members will
not be deprived during the ensuing season of the enjoy-
ment afforded by these pleasant and agreeable meetings.
THE GOVERNOR OF THE SINGAPORE GdOL.—" We
, ere given to understand," says the Bongo: Cieisets, that
D. P. Thom, lately transported to Singapore for the murder
j of his wife, has been appointed governor of the gaol there,
as account of his good conduct on booed the convict vessel
that took him oat."
A GROWING ToWN.—Some idea of the growth
and importanee of West Hartlepool—but a few years ago
sneered with green, and a barren swamp—may be inferred
Item the fact that in 1848, the year in whisk the first dock
was opened, the ratable value of the property withie the
diarist animated to 10,4211., whilst in the present year,
consequent on the rapid extension of property of every
decieriptics, neesseitated by the vast index of shipping to
the port, the rate-books show the value of property to
mount to the astonishing sun of 23,0001., the number of
entries is the same being 1,600 ; a difference of 1,069 over
the year 11348.—Loacl Paw.
LORD ESSINGTON'S PRIZES FOR FARMERS' SONS.—
Viscrannt Bbriegton, M.P., has annosneed his intention of
giving a prise of 201. to the son or the relative of a Bums,
in the county of Devoe, who shall peas the but examination
in-1. The Etteish la4rusge ;2. rho geography and his-
tory et the Bridal empire; and 3. Practical mathematics.
The prize is to be awarded at Easter seri, the examines
bong the Rev. Dr. Martin, *humaor of the diem's of
Enter, Sir Stafford Noethoote, Bast., M.P., and Mr. Robe.
Dymond, civil ingienr.
ADOTTIoN or THE PUBLIC LIBRARIES ACT IN
Hawrroark—Os Wednesday evening a meeting ei the bur
peen of Hertford was held at the Shire Hell, for the pur-
pose of determining whether the Palate Libraries Act of
11361111theeld to adopted is the borough. The their was
takes by the Mayor, end sewage% those Freesia were, the
Right Elea. William Cowper, 111. P., moot or the town
councillors, end a large number of the leading residents of
the district. The resulted' the preeeediags was a resolution.
mseahoomsly passed, for the adoption of the ext.—Hereford
Attraly.