Northern Times.
Liverpool, Merseyside, England, 1857-11-18 00:00:00

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THE MONETARY CRISIS.

AN APPEAL TO TUE MONETA
POOL
E RY REFORMERS
OF LIV %.

TO THE EDITOR OF TEE NORTHERN TIMIS,

As a brother labourer in the cause of Monetary
Reforni, I venture to submit, that we might, at the
present time, do that cause much service if we could
arrange to meet, for the purpose of p.tiently en-
deavouring to pare away or obliterate the differ-
ences of opinion which now exist between us. It is
a common cause of derision to us as a body, that al
though we all agree moat cordially in condemning
the existing system, there are scarcely any two of
us who ngree concerning the system which should
supersede it. Every clear-headed thinker must
see, in this contrariety of opinion,- an indisputable
evidence that we have, amongst us, a very great
amount of error. We cannot all he opposed to
each other and, yet, be all correct—and if we can-
not sihow each. other where our own.errors lie, we
may rest assured we are not in a position to show
others where their errors lie. 1 would, therefore,
submit. respeatfully but earnestly, that we ought,
in justice to the cause we advocate, to meet as
frequently as we pan, and by patient enquiry
endeavour to detect those secret errors, or
fallacies, which are the cause of our diversity of
opinion.
In making this appeal to you, I do not forget
that many societies and committees, in this and
other towns, have met for the purpose of discussing
the currency question,. but have, nevertheless,
failed to arrive at any degree of uniformity of opi.
nion. This, however, proves nothing but that
some of those-who hive taken part in such proceed-
ings, have lacked the patience •necessai'y to the
attainment of the desired end.

Persons of this class are very apt to cut short an
argument, when they find they are making no pro-
gress towards being convinced themselves, or
convincing their opponent, by addressing to the
latter some such expression as this—" Well, you
place your views before the public in your own
way, and leave me to do the same, and let the
public judge wile is right."
This, though a very convenient way of winjing
up a discussion, is at once humiliating to the
parties concerned, and a grave source of public
evil. It adds to the number of conflicting theories
alrea4 before the public, and thereby helps to
block up the pathway of reform ; for, if any one
thing is more certain than another, it is that the
many conflicting opinions promulgated on this
subject, constitute the great prop of the present
system, the great bar to the attainment of a better
one. To all Monetary Reformers of this class,
we may say, and with only too much of truth, that, if
they lack either the time or the patience to search
after the subtle fallacies which cause them to differ
from their brother-economists, they should, in
mercy to the cause they wish to benefit, withdraw,
both publicly and privately, from the field of con-
troversy, and leave that field to be worked only by
those who can and will thus patiently investigate
the subject.
It may,. perhaps, be urged, in deprecation of the
object of this letter, that even if we should meet,
and, after patiently discussing the subject, should
arrive at a thorough uniformity of opinion, still we
should not have sufficient political influence to ob-
tain legislative attention to the opinion so arrived
at. To this I have only to reply, that, if we should
meet only for the purpose of dictating the
future monetary system of the British Em-
pire, this objection would be unanswerable.
But if we are wise we shall meet, not for that par
pose, but for the more modest, and infinitely more
useful, one of endeavouring to determine how and
why thinkers on the subject have hitherto acquired
and maintained such conflicting opinions. If we
should succeed in solving this problem—that is to
say, if we should discover that our generaldiversity
of opinion is due to our having overlooked- a, few
subtle fallacies, the due recognition of which would
lead. to a general uniformity of opinion on all
essential points; and if, in consequence of our
detecting these fallacies, a dozen of us who, at the
commencement of our meetings, possessed eacn an
opinion at variance with that of the remaining
eleven,,, should„ unani
propositions ; if we could do 'ltit4:• we
should not have occasion to trouble ourselves
about the acceptance which the legislature or the
public would give to the propositions we should
sign. If we arrived at those propositions, by a
sound and reliable method, or process of reasoning,
we need but advertise the method itself, and shall
thereby cause all who use it, to arrive at conclu-
sions substantially the same as our own.
For the encouragement of those who may have
lost heart from the apparent fruitlessness of former
discussions, I venture to submit that, after having
carefully investigated the causes of our present
diversity of opinion, it has become apprent that,
if we can arrive at uniformity on one point, we shall
very speedily become unanimous on all others. This
one point is the regulation of the rate of interest."
I feel very confident that if there were engrafted
upon each scheme or system now before the pub-
lic, some efficient means of regulating and adjust-
ing the rate of interest, we should then find the
whole of such schemes to be so much alike in their
essential particulars as to render it a very easy
and a very amicable task to prune away their re-
mains; discrepancies.
Hoping this appeal will meet with a ready re-'
sponse from all well wishers to the cause, I remain,
gentlemen, your very obedient servant,

TO THE EDITOR OF THE NORTHERN TIMES.

Sir—l foretold this six months ago, and it is a
common remark in our reading-room, "you told
us what was coming." 1847 was only patched up,
and so soon patched that the disease was left.
The fact is, that from that time to this, nearly one
third or oven more of the Real Stock, and some
millions of Government stock have been held in
pledge by capitalists, who were unwilling to hold
on their own account, but were satisfied to receive
a crushing interest, and have,a guarantee besides
So long es parties could pay the interest, and the
stocks were bolstered up all went smooth, but the
time for which persons can hold a four or three
per cent stock, and pay, as has been done for 12 or
18 months past, almost without a remission, 6 tolo
per cent, must, have its limits, and ruin must fellow
it. I believe the Government have been deeply
implicated in maintaining this state of things,
always stepping in with their balances, whenever
they had them, to stop a falling market. Even
at this moment 6 and 7 per cent. is paid on
Consols, at 3i.

The question now is simply, are things to he
held at their present price, are rotten institutions
to be upheld by a fictitious and false credi+, or i";
production and capital to allowed to find their
own level. The country has a right to demand
that produce should fall, and that ther exorbitant
prices of late years should yeiid to the value which
real demand tslablishes..

I have looked long and deeply into the financial
question, and I am now convinced thlt but for the
ill directed houses of the Joint-Stock Banks, by
which whole communities are leagued to help eaeli
other in the reckless grasp for wealth, this state
of things never would have occurred. We had our
panic of 1825, in the days of private banking, and
a few houses fell ; but what was the mischief,
laying the losses of individual balances, and how
little was the sum compared wi h what the Bankers
had lost by the public.
D's unwarrantable extension of their trade,
assuming to themselves, as their boundless
avarice, the business that would hive main-
tained a hundred firms, is a fair specimen
of the pride of the merchant of these days. I hare
yet to be made to believe that these banks have
nit immensely cantributed to this state of thing's
with them. Till an investigation, conducted by
others than directors and proprietors, confirm this,
I shall simply Fay I wholly disbelieve the state-
ment. They may not hare had it directly, but I
slmuld like to. see how many of their accep-
tances, through indirect channels, are in the hands
or passed through the banks of Liverpool and
Glasgow.
Trade has been hanging on a false credit for
years, upheld by the press' ever vaunting the satis-

' aotory returns of exports and imports. I would ask
specious as these statements appear, and satisfac-
tory as they are to those who are satisfied with
theories) what have these facts to do with the real
state of trade ? They were exports on credit not
required fot consumption probably for two or three
years. and now go into the foreign market and see
what these symbols of your wealth are selling for.
Production has run years in advance of consump-
tion in manufactures, and millions upon millions
in advance of real capital to represent' it.
The produce of the earth alone is not in advance
of consumption, and why? Man,- though- he has
lately done much to improve and enlarge all pro-
duction, can neither grow wheat by steam or
electricity, That merciful provision is in the
hands of the Only Wise, and the seasons are
marvellously adapted, from year to year, that there
should be enough, and nothing to waste. •
Much mischief has been done by the pride
which has led us to say, that, undertake what we
like, the capital is sure to be found. Speculators
are, indeed, to be found who will subscribe and
start these things, but, as they progress, nearly all
come to the pinching point, and find, too late, that
they overrate their strength. We have attempted
too much, and our wars, which we are so over-ready
to jump into, have dipped deep into our profits,
for the money spent in them is-all dead loss. The
English people are determined to look at the bright
side, and never will be warned. Evils have so
often been put off from time to time, that all who
see as I do are called croakers. Whether this
crisis is to be patched up or cured, rests much with
the Government ; if they, do not interfere, a step
will be made to cure, but great efforts will be
made to gloss over and patch up. This,
in the present state of our institutions,
is sure to be attempted, and with some success.
So large a pbrtion of the business of the country
is now in the hands of companies, in which
directors and proprietors join in one common lie
and fraud, that unless some reliable system of
audit is enforced, the real rottenness of their affairs
will be concealed to tho last hour. Much distress
must now be felt by the labouring classes, who are
now far too dependent on the fictitious trade of
supposed millionaires. How we shall go through
the ordeal I dare not predict; but the inordinate
luxury of the higher and middle class, and the
utter destitution of the lower, cry against England,
with all her vaunts of charity, Patriotic Funds,
Indian Relief Funds, and such public advertise-
ments of our charity. A very different sort of
charity will be required this winter, or thousands
must perish, or rise and save themselves. The
climax is not nearly reached yet. The whole com-
munity, above the labourer, are living beyond
their means, and much self-denial will be required
to meet this sad state of things. The public will
do well to look the evil in the face, and not seek
the soothings and advances that, in these times,
are ever held forth to hide, rather than to meet, an
evil which, sooner or later, must be grappled with.
How tar this universal panic is a decree against
a world prostrated at the feet of the " Golden
Image," is for the more serious to dwell upon. I
see its justice, and ackaowledge its author.—
Yours very truly, . H. W.

THE CRISIS
UNDER SHELTER OF THE OLGIS OF GOLD.