The Northern Daily Times.
Liverpool, Merseyside, England, 1856-10-24 00:00:00

ing therewith all the

expenses basis than that
amount to fifty millions annually ;—Government first
PaY their debts with these legal tender

Say, that those

act supplies. Yet, with his well known
sentiments on paper convertibility, as evidenced in his
Act of 1819. we can hardly suppose him to have been
prepared, at any time, to accept an unlimited and
convertible paper circulation for the country ; nor do
`he necessity for such, under any circumstances

"blic pay the same notes to
(1,, if the ent:-
annually to

)tes then, the

e Government in taxes. I
it

re amount of r

issued be

eturned I I se(

reasury,

cancelled or
rc

the whole would be

..ally which may arise.
Port Thus it presents itself impossible 40 introduce an
- .teemed by the Government. If only a inconvertible paper circulation, without getting rid of
,of the_were returned to the Treasury, and the remainder the abiding instincts of the people,
universal in their
text iss"tes paid in specie, then the Government, in its character, in favour of a metallic circulation, particularly
in the III:04'0111d take account of the notesstilluncaneelled that gold is now being produced annually in such great
r
in ci '4'148 of the public, so that the amount of notes quantities in California and Australia, as to satisfy the eia„
annual- -- •,--....;ii 1..- -
117oe
. 't
... ~-

1, at any given time, would never exceed the 1 bullion

of i paper at all

an
It is

znetoilair.!.._tireen-c-y; ;;ea;:y---and plain as A. B. C. The foregoing, a-, you will observe, is merely prefatory, tnysti."ll-v iself. And if your readers would only not and, with your permission, I will, after this, submit to
talk. 1Y theMselves by using the jargon of the bullionists— your readers a detailed. explanation of my views upon
gic Ing of " redeemable and irredeemable paper"—of this paramount question ; and, perhaps, satisfy all
ibtetvinsie value and the balance of trade"—there is no parties that, without ignoring the convertiitbsilbiatysisofuomunr
A Istery whatever in this question of the currency. Every national paper circulation, we may enlarge
„lboy ma eve understand it as thoroughly as he can just grounds, and found a system of currency adequate' to
"nderstand the simplest arithmetic rule. There is no the enlarged requirements of society.—tours, &e.i.
H.
11144 e difficulty in comprehending it than in compre-
eadin
it i g that two and two make four. Do you tell me if
,; mysterious ?
To trin EDITOR OF THE NORTHERN TIMES.
fan; me, this is the greatest mystery of all, that any sir„...so
Qi..J; with the commonest description of common sense, " Guinea Gold " has cried peccavi ? and, if I
eaur!ld think there was any difficulty in providing a may judge from his letters, he is almost persuaded to
become a currency reformer.
relieve that would save us from monetary panics, and He not only apologises for the rashness of his former
jai 'ore our commerce from the intolerable burdens judgment, and the tone of insult in which hit first
-.l.4)eiled upon it by the antiquated and barbarous system
Yours requires us to use a commodity for money,— short note was couched, but he also promises to offend no
more. I should be ungenerous, indeed,. if I did not
Lilimt respectfully, JOHN WILLS.
erPllOl, Oct, 24, 1656. express myself perfectly satisfied with the amen* Amor-
able he has so frankly made.
I am afraid that you, sir, and your correspondent
s;,. To THE EDITOR OF THE NORTHERN TIMES. " Sinbad," have dealt too severely
with " A British
liii,",---Of all the subjects connected with our commerce, American Bullionist." I was hoping 'that he would,
rop,4 doubtless, is the most important. If, then, we ere this, have enlightened our darkness with some
In, 4 give it the advantages we lavish on other copious extracts from " that lucid work of W. M. Gouge,
.ane,
'tares "es, We must, as we have done with our manufac- of Washington, on Currency," which' he recommended
a,it,_, set to work to produce something more in unison me to read.
ill
taelte requirements of the age and the advances made As lam arguing for truth, and not for victory, nothing
till sciences. We must be willing to cast off the old would afford me greater satisfaction than to see the other
t 104.831 hand-loom of commerce—though it may have side of the question Fairly and fully stated in your
bear' us good service in its day—and bring our logic to columns.
seitlucu the fundamental science of commerce. . ' I find a fresh combatant has entered the lists to. day.
14nr,e7i,ess and manufactures have made gigantic strides, He is too much for me, to make it. possible to think that
to ,e4)6 led on and encouraged by commerce, which is he can be against. me. lam not in any way displeased
son
lisci:st. ili the van of civilisation, stimulating to new with the criticisms
.of" Via Media,". neither
Iltri -ueries and improvements.; and yet that which,
otiree'Y peaking, is the chief fature in the science of prised at his resolution to int up at the halfwaphousel
cool xtensive commerce, if not entirely neglected, is, of the bullionists.
between the Act of 1844, as it now stands, and a total
annihilation of the doomed system %ad Paratively speaking, little thought of, and still less
Still )Nocd. Is it not very strange that in this we stand He would be satisfies_ with a revision of that Aeotr,aetrls oeatst
for the present, and lie invites all currency reformers
It a
la tb PPeartto me that this laxity is owing very much rstand him —a
unite in an urgent demand upon !be Government
.for its
immediate suspension, withuncle. .
eaebe•circumstance, that, in manufactures and sciences.'
per's`o Individual is impelled onward by the hope of view of retracing our steps and placing the currenLy in
the same position which it occupied previous. to the Act
fl)r tillal gain, and, of course, that is a great stimulus— of 1819. I, for one, would greatly rejoice in the successt the 'e reward of labour is sweet ; but in this matter of of such a movement in the right direelion ; but Ido no the ettglirency, it is not likely that any one propounding see very clearly how—what " Via Media "is pleased to
lavin,,,°3.,t Perfect. system could reap any personal profit, eall—" elaborate essays on the worthlessness of gold as
and i 'llly as in common with the community at large ; a standard of value," can prevent an union of currency
em._ happens thatfewhave cared to g
3le A)
it h
tousf7afrality
The "a nights for the development of a subject which
reformers for the accomplishment of so desirable an
of persons have been in the habit of
ire th„e"ng as the province alone of bank directors, who
.4 bell very last persons likely to haddle it dispassionately. .
utithseve, therefore, that the task of elucidating the
Dekenseahnected with this question must devolve on
~le,lttote ~Willing, not only to work without the most
'l2O, hur,t'aspect of remuneration, or even of commends-
:l thei,.`,Who, when the public have been made sensible
rtiv --- tat • • - will tire into their
tie Itty, „ -erest in it, have t, VP
Warm
teethe
allow the reluctant elle moneyocracy to
'V. th `ue executive, and take all the merit of doing
litlatpulNs'ill no longer be able to withold.
'Will, hope that the liberal discussion of the subject
134 moony rate, stir up sufficient philanthropy to draw
Inota4rci, willing to do good without the
'ti Iv ueYond the satisfaction of doing the.
ater,
logo eed not fear for the results, which, sooner or
rizbt st follow a steady persevering course in the
tad ljrcetion, though the London /Imes oppose, might
134t:1n, as it is wont to do, until the turning point.
''ltir Dr`a Proceed. Were we to look for any science in
tc'ula "ent commercial system, the only discovery *e
Iteie-ottllake Would lead us to proclaim gold to be that
'41113' 10' Now, a golen science or science of old,
niiild l'it Very Poetical in words—an ,
da very much to the
eoibtilueaubtless of many, that gold is the support of
kiliaear ree--for in truth, to use a figure, it is made to
'leart it the the veins and arteries of commerce, if not the
ttliethe"elf with its life-blood—for that is its position,
4eoked r adequate to its vital functions or not, it is
fntl h upon as the main spring of trade and commerce,
eed e won
understands the evolutions of the one,
tataincnnt trouble himself much about all the
a,,e
tations of the other. But, unfortunately, as we
14 ortenno freqnently experienced, this golden heart
litihias,iek, and so the life blood cannot circulate but
11.nimie'rulY through some ,of tlie leading arteries—all the
'Paine becomes
being left to languish—and thus the whole
l'eeura eemnes convulsed and enfeebled with all the
,_lstow,°,l•Y sYniptorns of dissolution.
covetale! Its deal with this gold as we find it—chewp
:vet itauu dear to-morrow. Let us try if we can dis-
vile Ilußtiall-suffieiency. Why, if it were to be multiplied
%,,ted 14 red-fold, so long as the present system is perse-
isntild , the same consequences which we now witness
gtradoz.ontnue. Gold, in its present position, is a
'nlr, it ' and, while it retains its present pre-eminent
itc'Xes. it ill continne the most paradoxical of all para..
~. so . but'orne say that gold is the emblem of truth—be
'''dtia'D. • if we place the emblem in a false position by
:ParChl.t °et of its simplicity, and making it something
ikll,leita'n its native integrity, we go far to destroy its
4 ittt s• steal character ; it is no longer pure virgin gold
Itia e,._?aPlicity that we have, but an idol made of gold
.._ The7rined for our peculiar purposes.
,:aerei., Is no denying the fact—gold, as it is, is the corn-
pteni" Centre of gravity. It is as the sun in our planetary
)4'l thin--,(Elow many beautiful stars are eclipsed by it)-
2tie a i-,B.are made to revolve around it, and many enthusi-
ti6::tn, trers it has ; but then they are amateurs, not sei.
noservagtillirers; their admiration springs from superficial
oti digl'2"3, not scientific research, or they would-very
Net eover that the sun of their selection is but a
tvl°ltiti'enwhose movements are uncertain, and whose re-
ptqee deletion
be calculated, though, by an arbitrary
na4 fil' else be made subject to the influence of its
cl4ll.4i3untss-its depressions we cannot foresee—its highest
„gee, 413 we cannot measure.
Pgti,,,„a,s we cannot give to gold an unchangeable
1001 to'aL:e, so we cannot make it. a sure cer
rh ,Rs causes Pend any COMMI4,I/.7 -- -
cq;
in _ ..

object

• " Via Media's" accusation against me amounts to no
more than this: that in my admiration of the perfect, I
seem to lose sight of the practical.
Let me assure him such is not the fact. There are,
however, many of your readers who have hitherto paid
little or no attention to the subject of which I am tr

nd, if I can manage to hold them by the button
beauty and symmetry of my ideal

while describing the

feet system of currency, surely they will not be
more reluctant to make common cause with "Via Media"
in his endeavour to obtain a xelaxation of the commerce-
blighting Act of .1844. " Via Media " has my best
thanks for his concise and lucid summary of the facts
and arguments contained in my letters. I think lam
not quite so sanguine as he imagines. Probably mine
may be a ease of mistaken identity. I do not forget
that the currency is not a very attractive subject to the
multitude.

ot a pi

prospect of
3 good, and

I do not forget that I have to combat their ignorance
of this particular subject, as well as their indiffer,ence.
But I hope my perseverance may remove the latter, and
my facts and 'arguments the former.
The British' public have a fund of common sense on
which alone I mean to draw, and which I think will be
amply sufficient to accomplish the object I have so much
at heart—namely, to convince them, in the words of
" Via Media," that " there is a juster standard of value
than gold, and that the commerce of the world could
be safely conducted by means of a currency intrinsically
.valueless."

It cannot be denied that 1 have already done good
service to the currency reform cause, if, as " Via Media"
asserts, I have fully established the fact—" That a grow-
ing commerce requires a currency proportioned to its
growth; and that if a capital of £14,000,000 was
sufficient for the Bank in 1819, or 1844, as a basis of,
the currency, a capital, of at least twice that amount, is
now required, and ought to be provided with as little
delay as possible, as it is preposterous to imagine, that
the note circulation of 1844 is sufficient to sustain the
commerce of 1856."—1 am, yours, &c,, J. W.
Liverpool, October 22, 1856.

UNADJUSTED .COMPASSES ON BOARD
FERRY AND OTHER STEAMERS.

tre :on

uaiiKe it value, realty, trio ug n
cirtucealnly-
-7,4t01"441e ; n't;d'how many are the unfair and .
e, e°ll`seciticnces of its bearing a fixed nominal
tlq,"en
- 'II ihkeld increases—as the price is not alloweato.go
et4i,°elli-stl;°tos,ooo articles' of commerce must necessarily
mmod,te themselves to the changed
i,,8 Ntibrt?),,Nneesaocr their false centre, and so every article
0104 it-set_to a double law of fluctuation, which operates
• eoiti anal value. The one is an o•tensibleßlasv
la, ale,
„'hiciri ee—if not always of common sense—the other
4 nee without rule,
,4,4teb, e'2,22aysterious, underworking tr;,l4c-- '
1};11111d' d°2 ' reason., ands which cannot be defined. or ex
rnzhe----, so il' t an article increases 2n 111%4 -, it be notla
more valuable, and it decreases,d
i" tu,,' tgh the demand and supply be not changed
444. ).-e value of gold, and its efficiency for our foreign
free:ltloth lit'ill never be known until it be put on the same
,tfr-,1" fecting as other articles. Why, the granting
-.3 („?.`tde in corn was not by very far as great a boon
!T‘lll gory ttade in gold would be, for the labouring man
ertcfe,,P,aYs as 11.7911 a price as ever for his
.free trade
ra•rtiai ~,`"° never be permanently benefited by such a
it:, tai th—easiire ; but if there was the same zeal displayed
-"" II
more •
currency question as in free trade,
ehan grant you that the poor man would have some
110 leer,Qf
beingknow the relative value of his labour, end
Pl'ecli°l-„g,,er, pto the compound fluctuations
It is`" °Y cur fixed price of gold.
grab
pees,„P,erbaP as well that this subject cannot be
-ri inv r% by the multitude, or there would soon be
~,tei; I ninr., the by
that would shake society to its
inesti°---ations •
, for, depend upon it, this crude currency
th4°Dll))4 is the people's matter in its fullest
.sense,
eth, - not to the exclusion of the elite of
behettSneial system. In short, not for the
ctige or either class in separateness—but if the
}10110'4)pril I:fiteTl d.evolves'the duty, the privilege, and the
eel,,s_ leading, are selfish enough to hold back
ISttr, ,7 of its universal application, then, sooner or
ie subject--gaining a firm hold ou the ignorant