The Express.
London, England, 1848-10-10 00:00:00

which We liaye ono outgrown and owe entirely

disearded.
Now hem is our mMisskaerVe Mislay—Mr.
Toots Mines, as a -Mattel. of hi/Oda/ fact, that
prime have sever deparbed upon the quantity at
webs is dreabthm lk&S beaks of isms lois I
never been able themselves to is the limit of *dr
embeiwee, bat have always had that lima fad bit
diem by the eosins ot the piddle ; and boss be
Was two ponied inferences et the almost emsmil.
mutely, es the one head that the qui el ads
doss not regulate the range et pikes, and es d*m
Iheithsr
that regulating the 11110, sommedbis Is b snob
the OM thing as regalia, ths matt-01 do son—
strattoz, it is eilssidw mod eamtdabd whisk
ma
This le agroat heterodoxy to the opinion d ibe
Chroio'cle
eerily. (me esatememy.asslyke) Os is say 110
latisa wow/ to mumiiim. um* It yes bale
sew
may yea IrUl Imo more Mil delallelo dB Ira
more mossy If Makin Mae sues mem; tert ebst
ew
seta bat norm mad yrba4 Es Ibs dm el averybeily tat
get bold eta maw
This in all very Was if the amok* will duly con-
sider what hepieties, and, in what other
people mesa by the phrase "looney" Neither Mr.
Toone nor any otheompetent person call!
ofnpos.
tin either one way cr another that the pries _ an
article depends upon the supply and the demaad, for
that is the real translation of the Ism intelligible term
of 0 relation between money and ememodities." But
then of what is this money compoesd " Composed r
says the aireniele, el owes it is composed of gold
and silver, and Bank al England notes, and country
bank notes. That is the only mow in this country"—
and this is precisely the point where we must part
company with oar opponent.
In common with every disciple of his creed, the
has been taken entire
mind of oar contemporary
passion of by the idea of a positive pervading
and permanent volume of actual coin and paper.
This is the beginning and the end of the whole story.
If a banker makes an advance or opens a credit, the
people believe him to deal out so much bona
"47na, er so many literal pieces of paper. If a
merchant pays a bill or settles a balance, it is still
the same process. The whole world is made to
trundle on circular plate of metal, aid every crevice
is caulked up with specimens of watermarked en-

When Capt. Wit.scrs fleet went to the Pellew
Islands, the natives implicitly believed that when he
took off his cocked hat, he took off his head along
with it. The mistake of the currency_ party is al-
most as gross, and is much less excule.
Why, it is a matter of hourly and notorious fact
that transactions of the most extensive and the most
minute description are carried through from first to
last by an arum of inter:Lange entirely independent
either of a metallic or a paper coinage. Parliament
have been told over and over again that a banker's
advances in ninety-nine cases out of every hundred
involve no emission of bank paper and no demand
upon the Mint. Nobody denies that these advances
have often a direct influence upon prices ; but why,
and in what way, have they such an Wines*, ?
Simply and solely because they are large masses
of capital, brought in contact with mamas,
larger or smaller, of oommodities. The bankers' libe-
rality enables the merchant to increase the effective
demand, and the effective demand rabies the prime.
Yoe may call the advance thus accorded either capital
or money, or a seem of prelims, or what you please ;
bat the moult is the same. There would be quite as
much reason in the omnibus conductors considering
themselves the real arbitrators of the valued the whole
coinage because they happen to deal largely in four.
peanypieess, as there is in the notion that banknotes,
the merest small change of commerce, are the root
and mainstay of the entire trade of the country.
Where, then, is the dfficul_ty, or, as the Chronicle
insinuates, the absurdity, of Mr. Tooves conclusion ?
Mr. Toone contends—and no other person has does so
much to prove it as himself—that pries is the result of
supply sad demand, and of that only; and
that now and then, and at all times more
or Ins, the demand for commodities is materially
influenced by the extent of bankers' advances, or more
correctly by the abundant* of capital and the buoy-
ancy of credit. Mr. TOOKE has never denied that if
a banks:has& mind to be a fool, he may lend as much
capital, or as a vicious nomenclature has calla it, as
much money as he pleases. People ace never loth to
have their pockets tilled at the expense or by the
folly of other men. But even upon this extravagant
suppoition it is not true that the advances would be
taken away in bank paper. The Northern Central
Bank so far enjoys the infamous pre-emi-
mace of having been the most raseally-mansged
bank in Great Britain; and even there, while the
directors had appropriated to themselves and to
others a million and a half sterling, with the express
view (after their own convenience) of extending their
circulation, the utmost amount of their notes was
under 300,0901., warmly a fifth part of the advances.
If the Chronicle will look a little closer, we think he
will discover that bankers' advances and bank notes
' are not, as he supposes, either convertible, or even
remotely similar terms.
Then if prices do not depend upon the quantity of
win and bank notes actually in a country, what is it
which doss determine the coarse and variations of the
foreign exchange ? The answer is very simple, notwith-
deeding the huge hesitation of our contemporary. If,
Yim the ease in this country, all entracte are sub-
ject to the ultimate tett of a gold Mandan,. Ai. abun-
dantly plain that the equilibrium of prices between
this eseralsy and other countries is maintained a
vaguidiejaiv and satiating manner. Whenever the
of capital and the inflations of weft have
rased Nosh& priest; above foreign prises, there le as
inaportailen which exceeds an exportation, and a pay.'
untie*, balance in gold and silver ; sad this is
the prelim which the Morning Chronicle, if it will
senate tabs a lemon inCity practice, will find every
way ellisesim kr the purpose without dignifying the
ek Medea shove what it really is—namely, a mere
eseatite he the adjustment of the really substantial
oponAlasa

AMIDST the political convulsions of the continent
thee is musk to be shocked at and to dm, be
llttie to wavy or imitate. la the latter rue
&Mike ewe country stands prefeadaest. That
one is ; and we should gladly see the stew
ties et alarms, eves tor a short time, entered on
the= The
Thee
eye of the world, like those et e-
we too turned ards ets °Mere-
*idea inbred. Theen starthog towand the strange are
tax mese allsestive than the calm lad win. And,
MO( this morbid longing for mitered fa its way
bed gigot am are more prose to gaze on the dea-
gele they Mudd avoid than the examples they Mail
follow. It is thee that the 'Mike la Paris ltspies,
or Feanksot. bolo rostor this fass
of Bet the latter, atter Mr oars
et pima* to muldtadm eseyiag
dam in the TMM verge et saas swisymit, spook a
lead eel deep hem to mateise et am moral im-
perious bat. In the present gib of *bp, of kr lea

ssepreee.
We will not stop to umbel the leo esmim set=
that the Wass= et oak= meet le poportkeisd to
their switaphisal whist We need not dive into histo-
rical iesiirek fr peek to refute that &ham. The
Holland d two interims beck and Ugland at this
day are special= am* of the narrow-bmia which
scale for a latices power when thepri ot
=ea prevaile. And, even while we to,
under the ash Cl that orimelple, shown a=a eta
stitathaa Sires which taw= to asses the hobienen
Cl mea seven or eight dim =ffitatarlson.
W Francs and Germany sera up kW
the primitive chaos dsocial ezistonee,
=ill, &impact, and firm, 'bows a solid mawo pa-
triotism, ready to meet, sad cart= to repel, the rah
of hostile influences, 00011 they from within or
hum without. When the revelation ci Febru;
ary threatened to ran riot over Europe, Bel-
gium was the first nearest country reckoned on
he sympathy, if molar ocricrest. The world, igno-
rant of the old traditional antipathy of tho
people spinet Franey, looked with eertaiaty to their
adoption of the institations hurriedly and loosely
raised on the broken throne of Louis Pasurrs.
And
mentgiven by the Belgians to the =War= of
ths Peovidooal Government of Paris, and the prompt
defeat of the band of ruffians an the outskirts Cl the
Belgian gave a daddy. cheek to the efforts of
that party '
which still fills the rest of Europe with
berm and affright.
From the day that saw that forlorn hope of hu-
manity's refuse dispersed at the village, blaring the
bizarre but apropriato lame of Rispeons /but, the
Bolt= people, rousing ea from a lethargy of lap.