The Sun.
London, England, 1855-10-25 00:00:00

OUR MONETARY SYSTEM•

LivizitrooL, Wednesday.—The Council of the Cham•
ber of Commerce have been engaged for the past two
days in a discussion of the present state of the monetary
system, which was brought under their, notice by a re-
quisition from a number of the leading merchants of
Liverpool asking the chairman of the chamber to call a
meeting to afford the commercial public an opportunity
of expressing their opinions. The discussion was private,
but it was understood that an answer would be delivered
this day to the requisitionists. Accordingly, at half-past
12 o'clock, H. Littledale, E.g., appeared at the Chamber
of Commerce on behalf of the requisitionists, when E.
Heath, Esq., the chairman, communicated the following
report :

"Chamber of Commerce, Liverpool, Oct. 23.
"At a special meeting of the council to consider a
requisition on the subject of the present state of the mo-
netary system, Edward Heath, Esq., president, in the
chair, it was resolved—
" That although the council see no reason for alarm
in the present state of the commercial position and the
general resources of the country, yet they cannot conceal
fron, themselves the fact that there is a growing appre-
hension in the public mind of approaching difficulties.
" The council, therefore, think it necessary to com-
municate to the requisitionists the following conclusions
at which they have arrived—
" That should the demands of a large war expenditure
on the one hand, and the food requirements of Western
Europe on t'm other, cause a continuance of the drain
upon the available banking. capital, and the stocks f
bullion in this c mntry, the Bank of England may (de-
spite the exercise of the only corrective principle appa-
rently in its power, namely, that of raising the rate of
interest and restiicting discounts) find its banking re-
serve of notes exhausted, while the issue department, as
in 1847, still retains a large stock of bullion.
" That the experience of 1347 clearly demonstrates
that, in the event of such an assumed contingency, the
Bank of England, under the provisions of the act of
1844, is powerless to afford any facilities to the corn-
merciai world, and (although the originating causes may
not be precisely parallel) the same calamitous crisis as
that of 1847 may again be witnessed.
" That as the public are now fully aware that the
only po-sible mode of relief in such an assumed state of
affairs is the interposition of Government to suspend the
operation of the Bank Act of 1844, the uncertainty as
to the mode and the time of such interposition is cal-
culated to create apprehension and to generate a want of
confidence in the public mind.
"That the prevailing apprehension on the part of the
public, arising from such a state of doubt and nocee
tainity, is in itself mainly conducive to cause and hasten'
the advent of the crisis which is so much dreaded.
"That it may, therefore, become the duty of this
chamber to call upon the Goverement ta anticipate and
prevent any such break-down of public confidence, by
declaring, at an early period, its readiness to assume the
responsibility which is expected from it.
"That, in order to make any such declaration practi-
cally useful, it is requisite that it should not be deferred
(as in 1847) until, by the total loss of confidence, unne-
cessary suffering and injury shall have been experienced.
"That a standing committee be now appointed to
watch the progress of events, and to intimate to the
council their opinion when immediate action on the part
of this chamber is desirable.
(Extracted from the proceedings.)
" ROBERT TRONSON, Secretary."
Mr. HIATII added that the standing committee re-
ferred to in the resolutions had been appointed, and
would meet daily, or at less frequent intervals, as the
aspect of affairs might require.
After a few remarks from Mr. Littledale, the meeting
I separated.
iy

The General Screw Company's steam•ship Indiana,
sailed from Southampton yesterday with
transport 147,
horns, troops, &c., for the Blikek Sta.