The Northern Daily Times.
Liverpool, Merseyside, England, 1856-10-21 00:00:00

representative, though it be a portion of it.—Yours; &c.,1
Liverpool, Oct. 17, 1856. _CONNELIUs.

TO THE EDITOR OF THE NORTHERN TIMES.

Sir —ln Your paper, of yesterday, I notice a further
letter from Mr. John Wills on the currency question, and I
do admit, freely, that his views on this subject coincide
very much with my own. He traces the present difficulties,
in the money market, as ascribable to this cause—that the
currency of the country rests on a metallic foundation, that
is to say, is based on gold ; and he adds that, if we sell our
gold, it matters not what we get in exchange, we dispose of
sort the life blood of our cornmerc-. Give us, then, he says
some other description of money. Give u 3 money "that
cannot be exported," and money panics will no longer be
dema reWilbls what
le paper, otr
Yours, &c., ANTI B uwoN IST.
_ _
is this possible.
to be Bat
? would
it to be asku n i%rel

Friday, October 17, 1856.

TO THE EDITOR OF THE NORTHERN TIMES

have S ir
tih es r; 11 ibsytatoeunr
my hmonetaryast
y lean ot
ed e
or
fof s tint -udr ady, a y a you
It
did
id
not say that a suspension of specie payments was " the only
means of staying the present drain of gold;" but that it
was the only means of instantaneously checking the demand
for its exportation. I cannot agree with you that such
would be a more suicidal course than that adopted by the
Bank of France, especially if it were accompanied by the
other measure suggested in my note, " a minimum rate of
interest fixed by law," to remain in force during the
suspension.

if, as it is to be feared, France has been for some time
living too fast and trading too fast ;—the Bank of France
cannot permanently correct the evil arising from this
improvidence by purchasing gold at a considerable loss.
You
,know the proverb, " W may bay gold too dear."
The pressure which is now so severely felt in France is
greatly aggravated by the practice of hoarding.
The only way that this can he prevented is, by an
immediate suspension of specie payments.
The supply of gold which the Bank of France is
obtaining at so great a cost, has only the effect of increasing
the demand, and I do not believe that she can "keep up
her circulation, and preserve a fair commercial rate of
discount," by pursuing the policy of purchasing gold—
regardless of its price—in the vain hope of alleviating the
sufferings which have their origin in an antiquated system
of currency that has outlived its usefulness.

The suspension of specie payments which I suggested,
implies, as a matter of course, the enlargement of our
paper issues, and the introduction of " the one pound legal
tender note" as a substitute for the sovereign.
We know that a decree of Napoleon can effect this in
France. and an Order in Council would have the same
effect in this country. Without this, a suspension of
specie payments would of course prostrate our importers,
exporters, and manufacturers.

No sane man would advocate a suspension of specie
payments which did not invest the bank with the
power of providing a currency capable of sustaining the
commerce of the country.

You say, that, though the bullionist may have reason to
tremble, you do not see what more enlightened monetary
men have to fear from the failure of the great usury
scheme. But I say, that it has failed already, and that the
urgency of the casedemanis an immediate remedy, aucl
as was resorted to in 1797, until Parliament, in its wisdom*
shall devise the means of placing our currency on the safe
and solid foundation of national wealth.—Yours, &c.,
Liverpool, Oct. 16, 1856. Jowl WILLS.