The Press.
London, England, 1856-03-01 00:00:00

THE CURRENCY DEBATE.

A DULL discussion on the currency was enli-
vened by some pleasantry from Mr. DRUMMOND.

SATURDAY,

111

The currency doctors, as they are irreverently
named, contradicted each other on funda-
mental points, as usual. Mr. MUNTZ, who made
the motion, complained that the price of gold
was fixed, and Mr. PEACOCKE that it was not
fixed. If the latter gentleman was correctly
reported, he must labour under a singular
confusion of ideas. If a sovereign contained
just a quarter of an ounce of gold, then he
thought the price would be fixed, but not as it
only contained 125 grains. Evidently the
principle of fixedness must be the same, what.
ever weight of metal a coin contains. If the
currency theorists would look a little deeper
than they commonly do, they would find that
the price of gold is fixed in one sense and nut
fixed in another. Really, though not nomi.
nally, it must vary in value as the prices of
commodities are affected by its relative scarcity
or abundance. But as regards fixed money
obligations its value is invariable. A debt of
a hundred pounds must always represent the
same quantity of gold, whether it be scarce or
plentiful, cheap or dear ; whether the Bove-
reign represents a quarter of cqrn or a
bushel. Had, previous to the gold discoveries,
a great change in the value of the metal, as
compared with commodities, taken place, it is
doubtful whether the currency laws could
have been maintained. As it is, we are in
smooth water, and the only question is,
whether considerable amendments may nut
be made in the practical working of the Bank
Charter Act. We think there may be ; but
the subject must be approached in a different
spirit to that displayed by Mr. MUNTZ on his
motion.

A copy of the Protocol of Warsaw, relative to the
Danish succession and the renewal thereof by Russia
in 1852, has been published by order of Parliament.
His late Majesty Nicholas of Russia and the King of
Denmark thereby agreed that the latter should
designate the Prince and Princess of Glncksburg
conjointly as heirs presumptive of his crown, in case
of the male line of the actually reigning dynasty
becoming extinct., and that if, to insure the success
of this arrangement, further renunciations should be
deemed desirable, it. would be for his Danish Majesty
to make himself responsible for the indemnities for
just and equitable claims. It is shown that the male
lineage of Prince Christian, of Sleswig.Holstein-
Sonderburg-Glucksburg,and his consort, the Princess
Louise, of Hesse, unites in itself the rights of in-
heritance (failing the male dynasty now reigning),
which devolve on it in virtue of the renunciations of
the Landgravine Charlotte of Hesse, and her son and
daughter. The Emperor of Russia, as chief of the
elder branch of Holstein-Gottorp, was ready to
renounce his eventful rights in favour of the Prince
of Glucksburg and the male lineage. The eventual
rights, however, of the two younger branches of
Holstein Gottorp were expressly reserved, and those
of the elder branch as well, whenever the male
lineage of the Prince of Glucksburg should become
extinct. This renunciation was to be conditional on
the success of the arrangement.

The Board of Trade have issued an account of the
Customs' duties received during the past year as com-
pared with the two preceding years. As regards tea
and sugar, the fact of the intended reduction of duties
having been arrested, has been followed by a consi-
derable increase of receipts. Coffee, likewise, is on
the favorable side, but on spirits, wine, provisions,
fruits, and spices, the payments exhibit a decrease.
The revenue from tobacco is maintained with remark.
able steadiness. Timber presents a falling off, con-
sequent upon the check given by the war to public
undertakings. The excise statements for the past
year have also been issued. All the articles show a
decrease, with the exception of hops, of which the
yield was extraordinary.

Parliamentary committees have assembled during
the week, and commenced or continued from last
session their various inquiries. The committee
upon the adulteration of food, drinks, and thugs.
this week examined Dr. Alfred Swaine Taylor, who
gave a lengthened evidence in favour of the exist-
ence of a vast amount of adulteration of one sort and
another. Mr. Alison, the tea merchant, also under-
went examination ; he denied that tea was frequently
adulterated, and doubted very much if sugar wad
either. Committees have also sat upon the forma-
tion of parishes, and on the establishment of a
public prosecutor. The members appointed to
serve as chairmen of election committees are—Mr.
G. M. Butt, Mr. G. A. Hamilton, Mr. Ingham, Mr.
Her Seymer, Sir W. M. Somerville and Mr. Stuart
Wortley.

MARCH 1, 1856.