Northern Times.
Liverpool, Merseyside, England, 1857-11-24 00:00:00

THE NORTHERN TIMES. LIVERPOOL, T UES DA Y, NOVEMBER 24, 1857

THE CURRENCY.

TO THE EDITOR OF THE NORTHERN TIMM
Sir,—l have this moment put my hand on
a few lines written last year, in continuation of
previous letters, but which were, I suppose, kept
back when a stop seemed to be put to the further
,iscussion of the subject. My simple statement
to you as to the time of its being written, will
be somewhat confirmed by the appearance of
the document, if needful. Therefore, if a note
from you were attached, stating its having been so
kept hack, for the reason stated, perhaps it might
be well —Your obedient servant, CORNELIUS.
Liverpool, 21st November, 1857.

TO THE EDITOR Or THE NORTHERN ME?.
Sir,—lf the public were to take merely what has
been laid before them for and against this rudi-
mental, yet vital, commercial subject, one would
think that ample had already been said to enable
them to come to some conclusion, at ail events with
respect to the leading features of our present
sys'ern, and to pronounce it one of cflsorder—
disorganizing in its constitution and in its
operations, founded on error, wrong in principle
and practice, fraudulent and unjust in its results
to all, perhaps, saving that atomical class of society
who have made it their study and their business to
harvest home their golden crops when evo-y other
branch of trade and commerce is withering with
blight and stagnation, under that same ban which
has all the appearance of being ma.le solely with a
view to the interests of these money dealers, who,
although in point of numbers scarcely deserving of
a name in Society, have acquired such dimensions
and commercial power, that the most eminent
merchants are often made to cringe to them as
necessary evils, even when doing a prosperous
trade with princely ani solvent estates.
But as it is not reasonable to infer that the clear
expositions which have appeared on this reputedly
abstruse subject in various forms throughout the
country, have been as yet even glanced at by the
many with the interest it deserves, it would not be
doing
.justice to the cause or to them to stop short
at a first, second, or third series of a course of
-instruction, neither of which they may have had
the opportunity of regularly attending. Therefore,
with this as my apology to such as have no need of
further remarks, I will proceed as though enough
had not yet been said to demonstrate the fallacious
groundwork on which our present miserable, un-
scientific, illogical currency laws are based, and by
which void—though arbitrarily so—is practically
made th 3 commer.lial centre of gravity, towards
which all other exchangeable things—merchandise,
land, houses, labour, &c.—converge with a centri-
petal irresistible attraction, which, in a great
measure, gives to it that almost universal illusory
appearance which deceives not only the illiterate
and uncommercial classes, but also the " merchant
princes" of this renowned mercantile country,
together with the whole civilized world,
which - is decoyed, es into an interminable
network, so complex in its many folds
that men of intelligence, in all other matters, seem
spell-bound, as with a charm they hug with the
most s!range infatuation ; al being so errhralled
by the alluring flame which is made to blaze
around this treacherous centre, that the most per-
suasive arguments, coupled with the most zealous
interference, seem little more successful than the
caution to the silly moth which flutters for a while
in seeming ecstasy around the brilliant gas light,
the certain destruction of which all have wit-
nessed. And how many such overthrows has the
commercial world beheld ; how many a fair
fame has been sacrificed to this malevolent rumi-
nating illusion, which, like an igniliatuus, looks
well in the distance, but, if confided in, must, it is
to be feared, sooner or later, lead to national
calamities, commansurate with the extent of our
commerce, as indicated in the temporary panics
we have so repeatedly experienced, and the nume.
rous instances of ruin in individual eves, attribu-
table mainly to the sudden and incalculable fluc-
tuations of our available currency. Would that
s me stirring event might occur to rouse the
nation -to a keen perception of the madness with
which we are following this same fiery looking
meteor, that we be not left to continue in our
present course until temporary calamities be
transformed into one overwhelming permanent
disaster.

The Bullion!sts cannot, very well, I should
think, complain of my assigning to their idol so
eminent a position, as to be looked at as the
a .knowleclged pivot on which our commerce is
male to revolve, and on which it is, in a manner,
suspended, whether for good or for evil. At the
same time, I must again remind them of the fact,
that as this centripetal attraction is itself rumi-
nating i❑ its character, all things coming within its
disturbing influence are necessarily thrown into
a compound state of confusion in endeavouring
to rc-adjust themselves to the caprices of this fluc-
tuating vertex, which they cannot get clear of, and
yet from which they have, ever and anon, all the
semblance of diverging, as these irregularities of
their false focus occur. I beg to explain, that in
making allusions to money dealers, I by no means
intend to censure capitalists for availug themselves
of the opportunities presented to them, for, un-
questionably, so long as the law remains as it is,
they are fully justified in applying their skill to
the changing circumstances which many, no doubt,
have become shrewd in calculating upon for such
purposes as theirs, though not for strictly mercan-
tile tranactions ; what I mean to convey is, that
though the fault of the system is not theirs, yet,
that as they drive a roaring trade thereby, we ought
not to look to them as dispassionte adjudicators
on this question, with which they are so profes-
sionally connected, although it would, at a first
glance, appear right that in matters of money we
should apply to money dealers. On reference,
however, to past experience, I am fully borne out
in my objection to their opinion being taken, or, at
any rate, in its being estimated at above par; for,
had we consulted our hand-loom weavers
and our old stage coachmen, we should cer-
tainly, to this day, be without spinning jennies,
railway trains, and all their concomitants ;
and this la Election ought to inspire us with zeal and
confidence in revolutionising our currency system,
for it is to our disgrace that, with such exqmples
before us, we should continue to cling to these
antiquated ways, looking to past practices, which
ought by this time, i❑ conjunction with the
advancements making in most things, to be obsolete,
and yet here we are, will all our boasted progress
in mechanics, manufactures, chemistry, & simply
following in the wake of by-gone ages, when we
ought to be leading the van of a great movement,
in which all nations would be compelled sooner or
later to Follow; let us take care or we shall have to
become followers instead of leaders, for which we
are as a nation so eminently qualified in every
respect. Your obedient servant, CORNELIU3.
November, 1850.

BOY'S CLOTHING MADE WITH GREAT TASTE AT LEWIS and
COMPANY'S, RanelLgh-street.

EMBEEZ LEMENT OF ONE THOUSAND POUNDS BY A POOR
RATE COLLECTOR.—On Friday, at Birmingham, a man
named Henry Gibbs, for many years one of the poor
rate collectors of the parish, was brought before the magis-
tratfs on the charge of embezzling £l,OOO, the mones of
the guardians. A remand was applied for, without any
particulars being stated; but it is understood that the
prisoner's defalcations were discovered on Thursday by
Mr. Hunt, the district auditor. Finding that detection
was inevitable, Gibbs admired that he had appropriated
moneys to his own use, and further examination showed
defalcations to the amount stated. Tnese extend over
two years.

TU-B Naw Bia BBN.—The bell will be broken up where
it now iP, and conveyed piecemeal to the new foundry.
This will be great saving of expense and a great con-
venience; as, supposing the bell were re-cast in the
north, there would be same risk incu'red with the new as
with the old. The bell will now be cast strictly accor-
ding to the original specification, and under the im•
mediate eye of Mr. Dennison, one of the b..st judges of
belle in this country, and it will be comple ed in less than
three months. The cost of re-casting the bell will not
exceed £6OO, which will not have to be voted by Parlia-
ment, as by a judicious economy and proper care a larger
suns has been saved out of the original vote.

Boys' CLOTHING MADE wt rH GREAT TA,ITE AT LEWIS and

COW PANY'S, Ranelagh street.