The Northern Daily Times.
Liverpool, Merseyside, England, 1856-11-11 00:00:00

line between Liverpool and Manchester, which was complete,
though only a section of all the lines of which it has been
the forerunner. To carry out his simile perfectly, that line
should have been executed piecemeal, not in its extent, but
in its several improvements on the dashing mail coaches of
that day. To me it presented itself in a droll way, for,
simultaneously, with the first blush of it, methought of a
single rail—one wheel on the trial rail, and one, from pru-
thntial motives, on the old Macadam—then, in succession,
the two rails, and carriage drawn by a cow or a pig, and all
from the same motives of prudence, lest folks should repudiate
clad be scared with the undertaking on account of its com-
pleteness, and the boldness of its execution. Truly that
undertaking was bold, and grand of its kind, and, as I have
often said, is deserving of a per centage on the receipts of
all other copyist lines; that was no half and half measure,
but a full measure; and the men who actively helped forward
that undertaking:, and who deserve well of the country,
' should now bring the same spirit to invigorate this far
more important object. True it was, so to speak, but an
experiment; nevertheless, it was full and complete in itself,
just as much as if it had extended to the antipodes, therefore,
inasmuch as it was_ tlt.,;s complete, so now, taking that as
our precedent, I-- a in asking for something answering
thereto, viz 3 plete sectional trial. England, my
loved fatherlanu, the trial line—the worl I, the other
nations of the world, our followers—the followers of a
manly undertaking, full of confidence, and executed with
sensible and enlightened assurance—based, not on presump-
tion, but on the soundness of its principles.
If, however, we must have a more limited section, then, I
believe, we have it already before our eyes, on the coast of
Guinea, where the native African retains his primitive attire
of nature, and his intuitive notions of commerce.

Oh, yes ! let us be prudent by all means—let us not
despise the half loaf if we can obtain no more; but, in the
mean time, let us bid for the full measure; and may the
wisdom of such, as our friend "J. W.," aptly step in to
qualify the rashness of such as yours, &c., SPARTAN.

.0.

TO THE EDITOR OF THE NORTHERN TIMES.
Sir, —ln my last letter I said that I objected to the "ex-
tensive use ofgold as a national (erroneously copied natural)
medium of exchange." I also said I advocated " a plan
which will at once supply sufficient bullion, sufficient
paper,'and sufficient security to meet every want, and to
satisfy every doubt." In a note, I referred to the plan
itself, which is now before the public, and to which I have
never heard an objection of the slightest weight.
If am asked why I object to the extensive use of a gold
currency, my reply is twofold. First, it is a most expen-
sive medium, and can only be obtained by the exchange
of other property of equal value, so that a very large
amount of capital must be devoted in order to obtain the
means of carrying on future transactions. Taus, the use
of sixty millions of bullion costs this nation from two to
three millions annually. Secondly, a commercial country
must often be in the situation many merchants often find
themselves in, when, notwithstanding the possession of
ample property, they are quite unable to discharge all
their liabilities in cash. They, therefore, have recourse
to paper, which, coming from houses of well known means,
is readily accepted, because it promises the required pay-
ment on a fixed day, and when that day arrives the
promise is performed. So, likewise, the nation possesses
ample wealth to liquidate all its liabilities, but is not pre-
pared on any one day to discharge the whole in one particu-
lar description of goods—say gold—but is, nevertheless,
able and willing to do so in time, and, therefore, to avoid the
necessity of curtailing business and realising property at
loss, it becomes necessary to resort to the use of promis-
sory notes, which, if they rest upon unquestionable secu-
rity, will be readily circulated from hand to hand, instead
of gold, and to the exact amount of such circulation,
bullion will be dispensed with. We have all had sufficient
experience of the value of bank notes to render it unne-
cessary to say more in favour of their use.
Are we, then, to discard the use of gold because it is
expensive, and not always to be obtained in unlimited
quantity? Certainly not. But why not? Because gold
and silver have been declared by every civilised nation, in
all ages, to be the national and only universal equivalents
for all and every other property, and, therefore, our
dealings with foreigners must be, and always are, very
greatly controlled by our ability to command the universal
medium of exchange. Strictly speaking—nothing the is
MON sr. All other currency, however good and well
secured—however useful or well received—can never be
better than a good security for money, or money's worth.
Bullion alone is money in the highest and most legitimate
sense of the word, for it is the only article that, at all
times and in all regions of the earth, will com-
mand an exchange for every other product. Ought
we not, then, to be more than careful in the adoption
of any other current medium of exchange, to preserve an
indefeasable security, that whenever we may require
it to be redeemed, that redemption shall be effected in
the currency of the world ? I know that the universal
response will be, YES, if it is possible. Well, then,
I assert, most unequivocally, that it is possible--very
possible, and easy of accomplishment. We may have an
abundant circulating medium, based upon a❑ abundant,
tangible, and indistructible security, calculated to com-
mand and retain a higher degree of confidence, and also a
more equable value, than notes of the Bank of England
have ever yet attained. It would be, indeed, a paper
currency; and, therefore, a cheap currency. But the
holder of every note would know that he held an abso-
lute available security, for the value it expressed and
promised to pay. He would know, also, that he may at
any day receive its value in gold, upon presentation at the
Bank of England

The mod7rae—limits to which a communication of tliic
sort should be confined, oblige me to defer details to a
future opportunity. It must suffice at present to say,
that they will be found self-evident as to their capability—
they will neither exhibit doubtful problems or obscure
theories—but be within the grasp of every school boys'
intellect.

Now, let me ask any steady, thinking man of business,
if it is not safer and wiser to consider the all-important
question of a currency reform, upon the principles I have
laid down, rather than on the visionary and almost
incomprehensible, no security theories of self-constructed
philosophers, which have lately been so much insisted
upon? If we call to our aid the exercise of sound corn•
mon sense, it will be found folly to wage war against the
general practice and convictions of mankind.—l am, your
obedient servant, A CURRENCY REFOAMER.

♦
AN ACKNOWLEDGMENT TO MONEY.

Money ! thou hast well said—and in well saying hast
given a clencher to my impromptu ; and in so doing, thou
hast for once done good service to the cause thou dost
disfigure so wofully with thy presumptuous, assumed
synomosy, with imperishable gold—for gold, beautiful gold!
is never so abused as when it bears thy odious name ; then
it is, and not otherwise, that the love of it becomes pre-
eminently " the root of all evil." Stamp it with thy
execrable name, which is a calumny on its sterling
qualities and worth, and, much as it is to be regretted.
you may apply to it with justice what is written, not of
gold, but of thee, that " the love of money is the root of all
evil."

Gold! beautiful gold 1 I love thee still! for it is written,
concerning thee, that there is a city of pure gold, in the
fast approaching tuture, clear as glass, whose streets,
likewise, shall be paved with then in thy purity; to which
city—where there shall be no more sorrow—all who love
the truth hope to come, after passing through this vale
of tears. NE poa.
Liverpool, November 6, 1856.