The Northern Daily Times.
Liverpool, Merseyside, England, 1856-11-25 00:00:00

THE CURRENCY QUESTION

A PARENTHETICAL LETTER.

To THE EDITOR OP THE NORTHERN TIMES,
Sir
my. former communications I have althost
ta,44ed Piyself to the elements of this subject in answer
questions put in my opening letter of-the 17th of
,i,oloer, viz.
" What is Currency ?",&c.
hasp Homethis continuous "thvelling on first principles
doubtit ~f-v been tedious, nevertheless,, it has been
siavu'toinee there are but few who thoroughly under-
s these-;in- apolo4y, ' therefore, to the units of
sl64t3t I beg .to say that I have not been writing so'
for them hitherto, as for the millions who require
live set right herein, before there can be an intelligent
-
SLindinz of the merits of any jaropoSition for
b :,,"e6l.ent on our present system ; and I trust it will
tai'lloeded to me: that there can be no. offence in this
Inv IY, for certainly there is none felt or intended on
14,Parhow should there be ? Indeed, there is no
1,1k.e reason for offence than there would be in my
ate offence at a medical man's kindly explaining to
the wilBre lies the seit of a fatal disease, and what are
ie`er via which.have produced it, and continue to admin-
cin„ „to its virulence; for, as I know nothing of medi-
-44' ShOtlld gladly lay. .myself open to his ins ruction
Probably, become clear sighted enough,
feetr.4ot before, and should, at any rate, certainly no.
s~ie
111sulted by his treating me as
_uninstructed in thel
ho . of his profesSion—and so, in like manner, as we
ye:,"onieally been styled " currency doctors," I trust
os -'„,a,Y be made useful in these matters to the uninitiated,
-'4411 it would be unkind to cast
,the slightest

however

celpioc,
fort:lerl't take upon myself to find fault with such as ask
hor-wt'i,ninerliate exposition of our proposed remedies,
tin t ttli such as have hurried forthwith into. an exposi-
sr l'ertile'r remedial ideas ; but, having adopted a course
in °Wn, I claim the privilege of pursuing that course
Nees way way I think most likely to lead the many to a
hh apprehension of the subject; and, in so doing,
thth"e 4°lle on the principle. that, see,* an evil is one
!,I!ut that to understand-it tis quite another; tile, to
i4o7tster to a disease, the seat of which we do not
lli ie is like putting one's hand into a druggist's shop in
*hijark, and drawing therefrom, haphazard, a drug.
ill a .1 is one thousand. to one against us that it would
end °y measure alleviate the patient. Now, as to the
iiiromercial world, it is patent to all that there is a disease
Whi'r,ie kind, deeply seated in the heart of commerce,
it 9 Ace'', like.a secret gangrene, is growing more virulent in
ets from day to day, but of 'which very few have
,e.,-ar apprehension.
toe 4'olsr this view of the commercial world, I have
'itier" • - ie. erect it important,
mold To ascertain, if possible, the seat of the disease,
ketie"i),' it demonstrable to all ; and,
`", To get to know the cause thereof, after which
safelv—and not till then—begin to propose. ur
eieeies
Re ' •
het_ to turn from this digression,. let me briefly revert
1147 former letters, by way of recapitulation, that we
ttia,',"eertain what deductions may be drawn therefrom,
teives'ilneate in a condensed form the position we con-
ey. t° have arrived at.
bee: have shown that currency is a medium of exchange
Oqreh een the buyer and the seller, enabling the one to
to %ease, and the other to sell, without having recourse
tete
r Primitive mode of taking cumbrous goods in
eot141; All the civilised world has adopted a metallic
l'itltie""Y; but, .as we have seen, in consequence of the
riteCe "f the metals employed, being themselves of
!itt,„',.4t.ing value, and necessarily limited in their
111 'I; this description of currency is grievously fanity—
tut%°rt; it is neither more nor less than the arbitrary
611,4:ftlent of a universal one-sided, left handed mode
the ;Peter; and if you were to exhaust all the wit of all
op ~.."eci,ll pleaders, at all the courts of law and equity,
ueli,""td .never make it what some would have us
le ;lie it to be, for, call it what you will, it is,
114;4, Intents and purposes, barter by compulsion,
13lier-,ll.'eal in principle, treacherous and unjust in its
to it ;it is withal insufficient for the duties assigned
e feaerid, indeed, to be plain, tile acceptanee which
Pr, a sell now takes for his goods is probably the best
ier,L:' now
of what a medium of exchange should
44? e4B integrity—intrinsically worthless, and. yet all-
-4t1'4111-4ii for the object to be attained—(this we say
tekti eg such bill to be beyond the possibility of defal-
'oe k°„-i't and we apprehend that this gives us the key to
eon- lotion of our problem, which, on some future occa-
klekwe Purpose entering upon more fullywe_ are
*iih-ns not to anticipate our details, as we have not done
let our outlines yet. We conceive that we have
ill deco
what is the disease, the effects of which
14/re aware of, for all are more or less affected by it—
the e Profitably—the many unprofitably—negatively it is
t''ce.elbsence of an ample medium of exchange, and of free
oe:4, gold; positively, it is the adoption of a mediume4selm-'4ot:ige of intrinsic value, of a metallic medium of
4,4•?) and, furthermore, of a metallic medians of
by tOge aggravated by a fixed price on gold, which is day
Peetbeemaing relatively less valuable, and which even
ki.,;,l„is flinch of that relative value in consequence of its
tliej:l'eplication and senseless employment as our chief
kje;.% of exchanee.
e'e'! is the disease—here is the seat of it—here the
`lllll:Zerits which have produced it; and, at the same
ward hickcontinues to increase its baneful effects. Oa-
.° g°es in its inflicting career, like an overwhelming
;""tie"uat may be stayed and quieted for a while in some
'bie ,•:,tlley, but soon breaks forth again with the same
7":1„
-?le destructive force—its waters may glisten with
'l4,`"flent beauty under the powerful rays of a mid-
ktl43e-4,llsliine ; but at evening time, at the fall of the
411 C, the sun goes • down behind you stupenduous
"441 blackness in the horizon—oh ! how its pitiless
4teke harmonise with every whispering of evil, and
Iltae ,terroe into the hearts of. men who now no longer
;41‘e e'o be able to brave the threatening storm, for they
qtes'a" on the deep waters, where there are no sound-
Sn'all:(1 no havens of refuge, without compass, rudder,
naiha' °l' anchor. Such a picture, like a moving pano-
tN, g the scene presented to us by our preeeflt
el'u°k-o`,,i'Y and currency system. Such a picture I always
44D-" in what are called good times when money is
i;8
.a.nd I look on the same when money is dear ; for,
I.' to moving scene, I know, for certain, as hat are
oscillating movements, and that flowers and
,!8e o'l blue sky will soon pass away and give place to
ith wilderness or tempestuous blackness.- It seems to
'1111,4 we, traders in general, are like a set of indus-
Pees" inmelianies fully employed and working- at a
,1). trade, 'but having, every now and then, to
Prreat portion of our_har.d earnings to fetch home,
eauent unfavourable circumstances, what is due
LN)iCe in doing which we lose our time and waste our
ioehm individually, while the cunning Carriers who
i''l,ll)or-teen rejoicing in our improvidence, and waiting their
„-"iiY in the certainty of rich harvest, step into
',mese 't-bought rescue, and fleece us of our wealth
',l,4teelooney dealers and banking pawnbrokers, who
noon see free trade in gold, and a legiti-
e4 asaernPle currency, as they would a race of merchants
putt never operating beyond their means. Let
LIA anent of you, all you men of independent spirits,
se-„11,4 low, not to allow yourselves to be influenced
(111,t`ii interested opinions as may emanate from those
ti,sl)ejtis ; and let me put you on your British metal, you
,Itlee'allY who are my countrymen (though this subject
',N;le'tirt'S all nations), and do not allow yourselves to be
Pain' coat of your common sense, judgment, and per-
atil. 'llB, by the introduction into this subject of all the
14eat.
li he. trills of interest, per centages, cheap and dear
abi t' 4410011 Stores and bullion deficits, with bank
j;k,les and the periodical bulletins f the gold
vepPt For although the exposition of these things
' well in its way, and may serve critically. to
'll,l the practical evil of the present system to the
dll4,,ersed in such matters, yet it is more calculated to
a 7 the subject, and to cocfuse the generality of us,
iiees„tt any wa t enlighten us ; In short, there is no
ntY whatevero to go into any difficult and prohlema-
ritleit'estions—it is all-sufficient to keep to the simple
d
°oder consideration, which are, free trade in go
ill.4l)rtil "Pie medium of exchange. Every one can see th.ef.
4tEisetY of these being granted and provided, and
eiaj,e4rY for the well being of the nation and for the
," `tnents of trade, it is monstrous to allow ourselves
ti:'tiqel3llt °EI, because it is said by some that the adjudie
44e,iief the subject is beset with so many intrigues and
c,-111,1si,ties--it is an insult to the intellect, intelligence,
ile"eerience of the nation to say that we cannot, from
bane Procure a council of competent men to devise
whereby—the thing wanted—the necessary
t ha;aY be obialcd, The writer of these Letters may
4t11114, Perfeet scheme to
Le he
he would
061. nimselfwellrewarded
ht WI
Ili 44 °f`'= ' Principles on which the great.
commercial
gigantic trading community shouL4 be
br pipe
ere it not so with him he would, long ere this,
4ll'ihciaelled that part of' the subject.. What I am
c‘::l,ts 1 ta,tiS, to get the nation to understand their
P,-tie 111 matter, and then to have the remedies (of
Bii,:rigtej,l!s discussed dispassionately by a competent
n heat;iigent and independent men, and who would.
rtir ng to all, not excepting even the suggestions
obe•
epho tent servant, CORNELIUS.
°I, Nov. 19, 1856.

fir
711,, I. THE EDITOR OF THE NORTH/La,.
41it114ajt?'V ProCeod to deal with another class of objectors,
Alm)ly for t4at a national paper currency would answer ad-
iil4(l the
fission b purples of internal commerce, but qualify
114 th.:4 y Pavirm ;11,11 a enrrerev wn ahnnld

LETTER NO. XL

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A~i~~p.a

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0,11 :tuverte wtiance
7'eVer valuable for domes

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In reply

„ 1, tiand tar-sighted gentlemen, I won.
.tg,v,k, the le first place that, so far as money ls concerned,
tier eq thing
144 tpti at ho we want--a circulating medium that shall
teaing we, and, by its uniform action, enable our
("Peratio`"rehants to increase their wealth by the legiti-
-48 of commerce without the risks to which the