The Express.
London, England, 1847-09-30 00:00:00

ANTI-GOLD-LAW LEAGUE.

A meeting for the formation of an association
under the above title, the object of it being the promotion of
monetary reform, was held yesterday evening at Anderton's
Hotel.
At a quarter-past sight the chair was taken by Mr. BEN-
I NOCK, who proceeded to state the objects for which the
meeting had been convened. Every one was, he said, aware
of the distress at present existing in the commercial world,
and his belief was, that in the state of the currency might be
I found the root of the evil. (Hear, hear.) He believed that
I a gold rtanderd was an unjust one, gold having an arbitrary
fixed value, while every other commodity fluctuated, and if
he wanted any confirmation of this opinion, he found it in
the fact, that funded property had depreciated within the
last twelvemonths to the amount of about 80 millions sterling,
while other property had, during that time, been
reduced to the extent of 200 millions. (Hear, hear.) This
had arisen from the state of the law which had caused the
restriction of the currency when its expansion was most re
gaited, the patient having been in fact bled at the time
when he most needed to be in full health and vigour. The
metallic circulation of the country, including the amount in
the Bank, was about 52 millions. This would equal a year's
labour of • million of men at 20s. each ; and if the necessity
for this amount of metallic circulation were avoided, we
should esquire, allowing five per cent. interest, an increase
of revenue to the amount of 2,600,0001. What they wanted
was,:not a metallic, but arymboliccurreney, a currency which,
while it was amply secured and understood, should fairly
represent the actual produce of the labour of the country.
With this view it was proposed to form an anti-gold-law
league, which by means of lectures, discussions, and pam-
phlets, should disseminate sound and clear notions through-
out the country on this all-important subject.
Mr. STODOART moved, and Mr. FAIR/11118N seconded,
a resolution to the effect that the currency of the
realm should consist of exchequer notes of the amount
of 11. and upwards, such notes to be issued with
the consent of parliament, to the amount of the taxa-
tion of the country, to be put into circulation by the
government in liquidation of their current expenses, and
thus to become • legal tender. The resolution also provided
for the establishment of a bullion office where gold and silver
should be purchased, and paid for in bullion notes, such
notes to rise or fall in value according to the fluctuations of
the exchanges.
Mr. J DUNCAN supported the motion in alengthyepeech, in
the course of which he rated that a distinction should be
taken between money and currency. Money was a legal
tender, while currency was not. The Times had lately
said " Anybody could make money, but who would they
get to take it ?" His answer was, that, if it were a legal
tender, every one should take it. The principle of a paper
currency had been objected to, but that principle had already
been recognised. Sir It. Peel had in his bill of 1844 per-
mitted the Bank of England to issue notes to the amount of
the eleven millions due to it by government, and also three
millions on account of exchequer-bills. Further, he per-
mated to the country banks a circulation of eight
millions, to the Irish banks six, and to the Scotch
two, and all this in the face of his own axiom
that a pound should represent only five pennyweights.
of gold. (Hear, hear.) His belief was, that Sir R. Peel had
as a young man committed the blunder of 1819; but u he
had in course of time changed all his other principles,
perhaps he might in time come to a right view on this ques-
tion also. iCheers and laughter.) Before Mr. Horner died
Peel opposed cash payments ; shortly after, he supported
them. In Sir S. Romilly's time he opposed relaxation in the
criminal code ; but when that statesman died, he stepped
into his shoes as • law reformer. (Laughter.) Then, while
competing with Canning, ho opposed catholic emancipation ;
subsequently, as a member of the government, he proposed
and carried it: and recently, the " unadorned eloquence ' of
Richard Cobden bad induced him to give up principles for