The Sun.
London, England, 1852-02-05 00:00:00

if you are not actually a robber, are you not the aider and
abettor? This is the position in which the advocates of
protective imposts would place the Legislature, and it is the
more illustrious character of the robber himself into which
they would betray the agriculturist and farmer. Let honest
men ponder this well ere they give in their allegiance to a
system of protective imposts. The fourth clause, " affirms
that in the re-establishment of protection, no class of the
community is so deeply interested as British labourers," &c.
&c. Now, supposing it were the case, that the money price
of labour would be equally reduced, by a reduction of the
market value of commodities, as this clause would represent,
still I deny that the labourer's " social position would be ab-
solutely degraded :" would he not be able to obtain all the
comforts he had before, even though persons with " fixed in-
comes" should be placed in more easy circumstances?
But, under a just system of direct taxation, the labourer
would only have to pay about one per cent. for taxes, instead
of sixty per cent., which is taken from him by protective
imposts and indirect taxes ; whilst those with " fixed in-
comes" would have to pay some one per cent., instead of
an infinitesimal fraction, as (in some cases) by indirect taxa-
tion ; consequently, under a free trade and direct taxation
system, the labourer's position, relatively, would be more
elevated than that of other classes of society. The fifth
clause is a complete misrepresentation, its purport being
"to affirm " that free trade tends to diminish the demand
for British labour—and gives as proofs, "the alarming ex-
tent of the desertion of their country by the industrious and
able-bodied ;labourers," and " the deplorable condition of
Ireland," &c. There is no ground, however, for this affirma-
tion, even under the present unadjusted state of taxation;
there is as much labour employed in this country as at any
former period, nor is it true that there is any " alarming
ex-
ten'. of the desertion of their country by the industrious,"
&c., as the census of 1851 proves, by showing about the
same increase of population as former periods. The condi-
tion of Ireland, and the desertion of her "industrious ! ! and
able-bodied labourers," are all-sufficiently accounted for by
the dreadful failure in the potato crop, from which
that country suffered for a succession of years ; and can
in no way be shown to proceed from free trade measures. The
sixth clause, being a kind of summary of the foregoing, re-
quires no further comment than to point out the incompre-
hensible deduction, that by becoming dependent to a large
extent on foreign countries for food, " this country may be
exposed, through a deficiency of home produce, . to the evils of
scarcity, or even to all the horrors offamine, ' c., &c.There is nothing more in this " declaration" requiring no-
tice; I shall, therefore, not trespass further, than once more
to exhort the agriculturist and farmer to look at the ques-
tion before they commit themselves by action, lest they be
led to follow the well-known advice," Get money, honestly if
you can, but get it."—l am, Sir, &c.,
Feb. 2, 1852.

AELLO.

BANKING INSTITUTE.
GOLD DISCOVERIES.
The third monthly meeting of the members of this society
was held on Tuesday evening, at the rooms in Threadneedle-
street; Sir Moses Montefiore in the chair.
Mr. DALTON, the hon. secretary, read a paper on the
probable effects of the recent discoveries of gold in California
and Australia. Mr. Dalton stated he was about to con-
sider the probable effects of the gold discoveries as regarded
the currency, the price of commodities, the rate of interest,
and fixed income. Some years ago there were very impor-
tant gold discoveries in Wicklow, and the peasants gathered
several thousand pounds' worth in a few months. The gold
discovered up to that time was worth about 10,0001., when
the Government took the matter in hand, and gathered 945
ounces, worth 2,5671. The cost of producing this gold, how-
ever, was 91. per oz., whilst it fetched on 31. 17s. 10d., so
the mines had to be abandoned. There could be no doubt,
however, that in California there was a regular gold district,
and its value was proved by the large amount already im-
ported from that place; and from the recent advices from
Australia there could be little doubt that an equally valuable
district had been discovered in that country. There could
be no doubt that when the mines came to be worked by the
new companies with efficient machinery, the amount of gold
procured and exported would be much more than hitherto,
and must have a material effect on the value of money. The
first question which arose was, whether the present supply of
gold would be continued—whether it would diminish or in-
crease ? And from all the information he could obtain from the
agents of the banks, and other parties connected with Austra-
lia, he had no doubt that the supply would be increased. The
first discovery of gold in Australia which excited any particu-
lar attention was in July last, and by the 3d of September more
than 100,000/. worth had been brought into Sydney. The
quantity of gold obtained from California last year had
amounted to about 20,000.000 dollars. The effects of the
receipt of large quantities of gold would, in the first in-
stance be, in his opinion, the increase of gold in the hands
of the Bank of England and the bankers, and the conse-
quent reduction of interest, which had already begun to take
place; in the next place, there would be an increase in
the price of commodities and the rates of labour; and in
the third place, reduction in the value of money and of
fixed incomes arising from the funds or other securities
bearing interest. The result of these effects would pro-
bably be the alteration of the standard of value to silver or
platinum—most likely the latter, as it was very scarce
—the greater portion at present coming from
Russia, though some of it had recently been found
in Australia. He thought it probable that the value
of a Si. Bank of :England note might, some
' years hence become worth more than live pounds
in gold, and that the bankers would rather pay in that come
modity than in their own notes. lie believed that the price
of the funds and paid incomes must be decreased in value,
but the depreciation would be very gradual, and all that was
lost by the fundholder would be gained by the tax-payer,
and the burdens of the country press less heavily on the
people than they now did.
The paper was illustrated by the exhibition of various
specimens of the quartz, and lumps of almost pure gold,
valued at from 11. to 1301. each, as discovered in California
and Australia, amongst which were portions of the pocket
or mass of gold, discovered near Bathurst, by Dr. Kerr,
valued at 4,000/., and consigned to Messrs. Matthiesne,
large portions of which consisted of nearly virgin gold.
At the conclusion of the reading of the paper, Mr.
TENNANT and other gentlemen spoke as to the value of the
specimens of gold produced, and the extent of the diggings.
Mr. TENNANT produced specimens of gold from Brazil in
1824, which gave rise to a mania in those days, and ex-
pressed his opinion that many of the gold companies now
forming would hereafter have cause to regret their specula-
tions. In Hungary and Russia the working of gold hardly
paid expenses. And during the last four years, the gold
from Siberia had fallen off—the cost of obtaining it being
about 225. for a pound's worth. From 3,000/. to 4,0001.
worth of gold was still annually collected by the peasants in
the Wicklow mountains, but the Government took no notice
of it, knowing that if they were to attempt to work the
quartz by machinery it would cost more than the value
of the gold. He believed from what he had heard,
and the specimens he had seen, that in Australia
they were daily throwing away articles more valuable
than the gold—some of the specimens having diamonds
mixed in with the gold. In 1824 the Brazilian gold mine
shares rose in two months in value from 50/. to 110 L, whilst
now they might be obtained for a few shillings. In Russia
platinum had been used as money from 1835 to 1844, but they
were forced to abandon its use in consequence of its scarcity.
Indeed, there was no metal so scarce and valuable. The
mineral wealth of England was 32,000,000/. a year, more
than three times the value of the gold yet produced from
California; but the study of mineralogy was too much neg-
lected in this country. He thought it a disgrace to England
that she had possessed Australia so long without having
sooner discovered the extent of her mineral wealth.
Mr. CATHREWOOD, who is connected with the Mariposa
mines, said that the majority of the veins of gold he had
seen were only two or three inches in thickness, though
some of them were two or three feet wide
• A great deal of
gold dust was found in the alluvial soil, beneath which was
a decomposed granite, very rich in gold. They were work-
ing the quartz with Cornish miners, whose earnings averaged
about 30s. per day ;:but there were from 180,000 to 200,010
persons engaged in the gold mining districts in California,
and he believed that their average returns were not more
than 7s. or Bs. a day.
Mr. NEWMARCH expressed his opinion that the quantity
of gold to be produced in consequence of the expense of
working would not be so great as to have any very material
influence on the currency for some years to come—only about
26,000,000/. sterling having come from California in four or
five years, of which something like 17,000,000/. had been
absorbed in the United States.
Mr. GELS ART agreed with the last speaker, that the
effect of the importation of the gold would not have
a very material effect on the currency, nor did he
think it would fbllow as a consequence that with
the increase of money the price of commodities
would rise much beyond their present value, with-
out the supply exceeded the demand, which he did not think
very likely to take place. As regarded the rate of interest,
he believed that the increase of money would affect it, as it
would also the price of shares and other money securities.
He thought the supply of gold might give rise to new chan-
nels of demand for it, which would prevent its affecting, to
any great extent, the currency.
After some further conversation, in which the general opi-
nion appeared to be in accordance with that of the previous
speakers, votes of thanks were given to Mr. Dalton and the
chairman, after which the meeting separated.

INDUSTRIAL RELIEF OF HIGHLAND DESTITUTION.
—Yesterday a meeting of the Highland Industrial Relief
Committee was held at 18, Parliament-street, to receive the
report of the commissioner sent by them to investigate the
condition of the Highland peasantry, and to advise regarding
the appropriation of the funds that are or may be placed at
its disposal. Cluny Macpherson was called to the chair.
The meeting was also attended by Sir James Clark, M.D. ;
Colonel Sir Duncan Macdougall; Mr. Charles Forbes, of
Astown ; Captain A. Macdonald, Mr. George Bain, Mr.
Charles Bond, &c. The commissioner having been gratui-
tously occupied since the 26th of Decemher in examining
the condition and prospects of the destitute people in exten-
sive districts in the West Highlands and islands produced a
luminous report. Its principal features refer to the exist-
ence of severe distress among the Highland peasantry,
many of whom are living upon the charity of their poor
neighbours, to the inexpediency of eleemosynary aid, and
the inefficiency as regards permanent ameliorations of de-
sultory alms. The opportunity possessed by the Royal
Patriotic and Industrial Society of obtaining fair terms and
tenures for such crofters as they may be able to assist; and
the anxiety of poor women to stave off famine from their
doors by knitting, weaving, &c., were forcibly dwelt upon,
and a willing testimony was born Ito their exemplary pati
ence, and to their
.general industry. The proposal of the
committee to forward money to responsible persons in the
destitute districts, and to give immediate relief in fair wages
for knitting, &c., had everywhere been hailed with grand-
tude and joy. Knowing that all the funds would b.e require
in setting the plan of industrial relief in operation in twenty-
one districts, he abstained from raising hopes elsewhere,
until the committee had more extensive means. In accord-
ance with the above suggestion, the treasurer was a.utho-
rised to exhaust the balance at the bankers by sending to
the destitute districts upwards of 2001., to be applied in im-
mediate relief; and arrangements were made for
.opening a
depot in London for the sale of goods received in return.
Bankers, Messrs. Smith, Payne,
FIRES YESTERDA.T.--YeSterdity TOOrn.ing, at a few
Cannon-street, City. the discovery'
and Smith.
minutes after two o'clock, a
.fire broke out in the premises
belonging to Mr. James English, pasteboard manufacturer
at No. 23, Budge-row,
was made by a City police-constable who, oabnsdertvheedmthaeinflab
in the second floor warehouse. The constable raised an im
mediate alarm and sent for proper assistance.. The flames
mediate
premisesth_
continued to spread until the roof fell in, modey:
of flame continued to extend until the several floors were
either burned out or west severely damaged. As to the
of the fire nothing is known. A short time previous causee
Blile-end Old-town. Considerable darkiagoe. w7a9s,
above outbreak a very serious fire took place on the
belonging to Mr. G. A. Richards, cabinet make
'Richards was insured in the Ro l I.;
the premises in the London fire-office.
dWo ne set. -stureert.
ya iverpool, and
EDINBUNGII AND
to
RAILWAL—The stand-
pagrders were complied with in this case t
ny further powers to adjust share • o grant the
debt. The The financial declaration in c.apital and mortgage
evidence set forth that
the company have a free surplus
and that the new works, at a coat ofrevenue fund of 43,087 L,
5,000/,, will be defrayed
tliereout.