The Express.
London, England, 1857-03-25 00:00:00

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LONDON, WEDNESDAY, MARCH 23.

TO OUR

A DOUBLE NUMBER of the EXPRESS will
be published ea SATURDAYS se usual, during the
Parliamentary ream

DIMING wren years gold bee steadily flowed into
Europe from California and Australia, but still men
sok, " What will be its Abets?" In 1852 replies to
this question wen freely volunteered. We were
told that, following the known laws of supply and
demand, the greater abundance of gold would
diminish its value t slam it was the general measure

of that of other commodities. The increased supply
would destroy the balance which existed between
them ; the lade: would become relatively mom
scarce, and cransequently would represent a grater

quantity Cl gold. In other wade, prices would rim.
Annuitants, and all persons having a fixed in-
come, were startled by the announcement
that their revenues would no longer prorate

them As lame of obtaining the- necioaaries

and lasorise to which they had been accustomed,
and that their msneelip would so longer be worth
twenty AMIN,. Ogitalins were informed that
the rate of interest, whisk was then only from 2 to
tj per sent., would &win& sway from the super-
ablecienee of &male fends in the shape of gold.
Sinn IMO geld be the value of above 118,000,000 E
has knee keperteil t bat the bullion in the bends of
the Hate of liglend and Frames, which amended
to 33,3141,00111. is the beginning of 1831, was only
17,8310110 E bi the implanter of 1857, and dic rate
of Wend kr nearly two years ham been camp-
tiemilly lash, varying between 41 and 7 per cent.
The qet 'lmlay article of primary necessity has
deaden Wronged t bat this rise in prices may be
aineinted our by ether eirennetances, totally inde-
pendent of the geld quietism, se that the proposal-
intim of IN!, then* tannoled en principles whose
esereelsen is the Askant no ere will be inclined to
dipate,bars net bow NNW. Int althea& seeming
&enteelid swims. the prophets of that day emitted
inmtheirealeeletiens various elements which woad
netennily medity their casehekne, and materially
retard, to say the lent, the abets they anticipated
from the influx of gold. The basis of their theory
was, that a larger amount of geld would be essk-
ing to exchange itself the ether easenseditiee, and
that consequently the latter wield necessarily rise
in prise from the seaweed demo!. But, on the
other hand, it was highly probable that production
would be stimulated, and that more proctor*
would therefore be seeking to exchange itself
sgaiast gold, tending consequently to restore
the relative baker* between the two. It
should also be borne in mind that any perma-
nent increase in the demand, stimulating produc-
tion, has alas the effect of stimulating competition
and invention among produoers, inciting them to
owlse meant of bringing their commodities to market
at • lower cost. The cotton trade affords a familiar
illustration of this fact ; the constantly increasing
demand having been accompanied by a remarkable
redoetion in the cost to the consumer.

The proposition that the great influx of loanable
capital would depreciate its value, or in other words,
➢ower the general rate of interest, rested on the as-
sumption that there would be no extension of
the bid for its employment, and no new
ebrinels for its demand. Now, the precious
neetals represent the only form in which
kenable capital is universally available. The ex-
tension of the facilities for intercommunication have

rendered its transmission both safer and more speedy,
and have tended largely to diftee it more equally '
throughout the world, and consequently to diminish
to a considerable extent the former differences in its
value in various localities. But those differences
are not obliterated, and capital has naturally a dis-
position to seek those markets where it commands
the highest rate of interest. Consequently, the
influx of capital in the form of the precious
metals set free an extra amount for employment
In sew enterprises ; and the capital of England
sod France was called into requisition for the
emmdraetioa of works of public utility in
countries which bad hitherto been unable
to undertake them; each as Austria and
other parts of Germany, Spain, Italy, and
Northern Europe. From this new demand for loan-
able capital, it followed that no superabundance was
felt in the countries to which the gold from the new
amen of supply was chiefly directed, and no re-
linden of the rate of interest ensued ; in fact, the
61111101 for lseashisespital bas exceeded the supply
11111kielibilk 11111111 ii SIP IMO of interest, in other
Nib Ag gilapaid kr Its re. The mode in which
WNW gipital has been employed Ms, more-
- -4 Illaalhst et edamiatisgpodastisnefovery
.ioa. Ism maid Maim whops pis
poweeabillsolhills•attarrelepereat,froa
mud etssolldgell if assimible markets,
oampilos en lb edam of the world,
t• Miff Gs dine et the influx of
lam maim as meads general prices
sits tour districts of France as strain
Alsstratione dust feet, and point to the exports of

that country, which hes 111.1110.0001. in 18.50,
mashed 88,680,0002. in 1111111, re a past that produc-
tion, and consequently eonsamptlse, have rapidly
increased.
Nevertheless, although the mode in whisk*, result
may be effected is not altogether that widens esti-
cipated, the gold discoveries must neeereadrnrd to
enhance prices. We have shown that the met di-
rect result has been to increase the among all leen-
able capital, and that the surplus of that easl.l.visich
would otherwise have lowered the rate et birtest
in its ordinary fields of employgont, has *pig
elsewhere. It has thus been employed in
tire works, which have developed the latent d
those new localities, and opened up fresh eseemed
wealth to their inhabitants. It has, therelhee. eat
only created a new class of producers, but a WSW AMP
of consumers ; it has added to the general weskit if
the world. Now, you cannot increase the volts we
spending powers of a community without creating
new wants among its members. You raise their
standard of living, and introduce more competitors
for the luxuries and conveniences of life. You reign
the condition of the labourer, and with it the peke
of his labour; and though the process may be slower
in some instances than in others, it is always going
on. Hence it is that, although in seek INNS Mali
el 'cites, which we have quoted, the bummed 110
seal aseempanied by a diminished eat, new
male w elartantly created, luxuries become
amemmisa, and the art et living becomes as a whole
Bat this in itself site hem being an evil. It is a
amen Saver to that a country in which
mid me ameihnieressewearies of life are at a
low peke. b a steep einetry to inhabit. For those
whe day their resources from other lands where a
higher elmederd et living penile, it may prow se.
le* he lbw who have to earn their means ot Bab-
shims so be spat, it is otherwise. Where the ant
of living le law, the remuneration for labour, as a
geeing Me, will be found low also; and the wear,
of the people few, being limited by their restrielled
mere of gratifying them. It is a trite lehiest le
veler bat no owe who has gleamed over the brow
bell bob of the gentry of England in the Mend
emitary, end became osavenant with their mode of 1
lea awl hew they were healed, can need abetter or
Ewe emeelmive argument as to the relative bearings
d be ad at living and the nature of the comforts
and luxuries that Dort represented. The difference
between the value of money compared with commo-
dities in the days of ELIZABETH and in the present
time is far less than the difference between what arc
considered neennaries by a tradesman of moderate
mains in our day and what were looked upon in
that light by the gentry in the time of "good
Queen Base."

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