The Express.
London, England, 1849-02-13 00:00:00

notes

MI to mention
Nearly coming home to stock interests, respecting
generally, and the value of land in particular.
It is already an article of faith, almost with the least
sanguine, that gold must desoend, upon the inordinate
supplies coming forward, or in perspective, to 21.105.
per ounce, neon a moderate cakuktion, and how, in
such case, it nuked, is the Bank of England to fare,
compelled as it is, by Peel's bill, to buy all the gold
presented to it at the rate of 31.175. 9d. P—no doubt
being apparently entertained that some twenty mil-
lions worth will be brought over and carted
into the bullion office in the first year alone of the
digging." As the Bank so far fortunately is rot
compelled to pay in silver, but in its own notes alone,
It has at least the countervailing advantage by the
same law that, when called upon to redeem its notes
it is entitled to charge its bars or sovereigns at the
rate of 31. 171. 10 d. per ounce. In such a
curious position, as argued, the twenty millions of
notes issued, against gold paid some 65 per cent.
above its market value elsewhere, would circulate
with a sort of inconvertible character, for nobody
would be willing to take gold in payment at the ex-
orbitant rate of 31. 17e. 100., when otherwise pur-
chasable at 21.105. At the buying rate of 31. 17s. 9d.
all the expected gold, so much cheaper wherever
treated as a commodity, or article of commerce,
must inevitably flow into the Bank's coffer.,
in which case for a season native industry
might reap this advantage, that as the importer of
the gold could not contemplate the exportation of the
bank notes received in payment, he must perforce
, exchange the latter for products and mambo-
' tures, u available exports at such higher prices as
would then be imposed upon him.

The question, however, which most onceme the
dealers in, Off the holders of, annuities, is, how are they
likely to be affected by this sadden inundation of the
twenty millions of gdd, a taken for granted and fore-
gone conclusion of course, represented by a oorre-
sponding additional ism, of twenty millions of Bank
paper P With such a monetary expension, it is agreed
that u the current rates of interest must be depre-
ciated, the prices, say of Console, yielding a return so
mach greater, must necessarily rise. Say that money,
is in Hamburg now, should be worth only 1 per cent.
interest on loans or discounts, whilst Consols return
more than 3 per cent., it should follow that the latter
weeld ascend to such an approximating equality of
condition, meennred by the rates of interest re-
spectively, as now exults between the rates in the
E=lmoney and the Consol market. But should
e rise in pries according to this equality, which
mug follow of course with so mach more gold or
paper money, say to 120 or higher, then government
action would inevitably be brought to boar, and the
three per cents. perforce be reduced into two per
cents., with all other public securities rateably.
One-third of the charge of the national debt
would thas be struck off at once. With
each an overflow of money and credit there could be
no difficulty in paying off dissentients to a conversion
of Consols into a lower denomination whether in
paper, or in gold at 31. 17s. 10 d. per os. ; such gold,
on an alteration in the law, having been bought at
21.105., capitalists could readily be found to supply
one hundred millions on loan for the purpose, if
needful.

—Although, therefore, stocks would rise for the time,
to the profit chiefly of dealers and speculators, the
annuitants must suffer in result. By Peel's bill of
1819 some 26 per cent. or more, it is observed, wu
added to their interest and capital, and the weight of
tits debt surcharged by the difference Peel's cur-
rency legislation of 1844 followed in the same direo-
don. Bat Peel did not calculate on Siberia and Cali-
forria, and now the annuitants of this day may chinos
to be shorn of more than the exaggeration of value by
which through the legislative wisdom of a former
day their predecessors were enriched. At nest,
such are the speculations of the stock exchange. As,
however, annuities are converted into lower denomi-
nations of return value, it is agreed that muses of
dissentient or other capital would be carried into land;
and by such a run upon it value could not fail to be
greatly enhanced, and thus the great landholders with
heavy mortgages would be doubly compensated for
the abolition of oorn laws at once, without waiting
for that more gradual and slower compensation which
wu certain to arrive with time. With the interest of
money reduced by 30 or 40 per cent., the burden of
mortgages would be sensibly mitigated, or might be
pao hard money at a large reduction upon the
actual standard rate. There would be nothing to pre-
vent any man baying his gold at 21.105. per ounce,
with commodities to pay for it, from carrying it to
the Mint for coinage into sovereigns at the rate of
3L 17s. 101 d., and thus paying off four pounds of
debt with fifty shillings in gold—that is, supposing
legislation should not intervene to patch up the awful
rent in the currency laws threatened by the irruption
from California.
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