The Sun.
London, England, 1853-09-14 00:00:00

/79-G"?---1
bill-brokers dot same. Money becomes what/
- _
in the vulgar ang of the Stock Exchange "tight," -
which really means that usury is putting its sickle into
the harvest and plundering industry of its fair reward ;
goods become cheap ; that is, more goods must be given
to the same quantity of money than were given before •
the discount was raised ; and when this happens wages
must decline, for what employer can continue to give
much money for making goods which he must sell for •
little money ? If, however, he does keep up the rate of
wages, then he must surrender his fair share of profits.
These are the inevitable results of the system. But
while the productive classes lose, the monied classes
gain, for interest rises as wages and profits decline. Such
is the rationale of turning the foreign exchanges in our
favour, and the substantiality of a favourablelexchange is
the being paid in gold instead of being paid in goods.
There is another feature in these transactions which
ought not to pass unnoticed. Russia and Germany, from
whom we receive our chief supplies of foreign corn, have
made no liberal concessions to us in a spirit of recipro-
city ; they now manufacture for themselves on an ex-
tended scale, and will only take, speaking generally, gold
for wheat, so that the drain from those quarters will not
be readily stopped in times of scarcity. But the whole
subject merits a more comprehensive survey. Taking
the whole world as a market, England sells more goods
than it buys, so that the balance of trade is really in
its favour at all times, and if every transaction were im-
mediately and finally adjusted, the balance of gold
would always be in its favour ; but this is not the case,
for England gives credit to the whole world, and receives
none ; it is in this stage of advances that she feels the
drain, but it is one of time only, for in due season the
flood tide will restore what the ebb tide has carried
away. In the interval, however, danger presses and the
crash comes. Now, this is what is called undue specu-
lation, or over-trading—a vague expression, which re-
quires a careful scrutiny and a rigid examination. There
are clearly two senses in which it may be understood, as
we interpret the word " over;" it may be over the wants
of consumers, in which case the producers are clearly to
blame, and the remedy is in their own hands ; or it may
be over the means of the Bank to take up its notes in
gold ; but this is not a case of over-production or over-
trading, but most clearly one of the under production of
the legal tender instrument of exchange. To suppose
that trade can be steady, while the sole instrument by
which it can be carried on is in a state of violent fluc-
tuation, is ridiculous ; or to suppose that it can continu-
ously expand, unless the instrument proportionately ex-
pands, is equally ridiculous. We have seen that our
exports in 1832 were 36,000,0001.; that in 1852 they
were 78,000,0001.; and that we may expect them this
year to reach 98,000,0001. One of the causes of this
great increase is clearly the Californian and Australian
discovery, which enabled the Bank to feed the markets
with additional notes. - We do not say it Was the sole
cause, but it had its power in conjunction with the adop-
tion of freer principles of commerce. That discovery
enlarged the metallic basis of the currency, and
enabled it to sustain a wider and a loftier superstruc-
ture. Money is to trade what water is to ships, and
as the depth of the river must increase with the
tonnage of the vessel to prevent its being stranded, so
must money be augmented with the magnitude of trade.
We hold this proposition to be universally true, though
perfectly aware that velocity of circulation may in some
cases compensate for contraction of volume ; but that
speciality or exception is beyond the main point we are
now
It
hasde desirous i rboeue sn of
shown urging.that
s
p a r proportionateing our
command
ratio
overa thet ttrha trade
supplies
preciousha nocrfegmasoeeltaldd
metals
with
that greater.
e-
greater monied facilities in the latter year
a
exports of 1832 and the exports of 1840
than w.e had
in the
o
former ; that an impediment has already
itself, which may fix our exports at about eighty millions,
y oter
while they have a tendency to rise indefinelfel
nations and our own colonies improve their industry,as
and
increase their exchangeable wealth ; the main question
therefore is, how can this impediment be removed ? We
answer, by putting gold at its market price, and estab-
lishing a monetary system of small Exchequer-bills for
the whole of our internal trade. Thus we should econo-
mise the use of bullion ; it would only have one func-
tion to discharge instead of two, and the home trade
would not be periodically deranged to get back gold
from the foreigner. We should hear no more of the
fallacies of over-production and over-trading ; the rate
of interest would be nearly uniform ; panics never could
occur ; the condition of all classes would continuously
improve. It appears very evident that discounts must
again be raised to keep the bank secure, for under the
Act of 1844 every commercial interest is held subordi-
nate to the possession of gold ; and as the Bank Charter
expires next year, merchants and traders should at once
take into consideration the evils of the system as demon-
strated by past panics, in order to agree upon an effi-
cient remedy.

~"j

ALADDIN.

BRITISH ASSOCIATION FOR THE ADVANCE-
MENT OF SCIENCE.

HULL, TUESDAY.
The adjourned general committee meeting was held
yesterday afternoon, after the dispatch of our parcel.
The minutes of the preceding meeting having been read
and confirmed, and signed by the president, it was an-
nounced that invitations had been received from Liver-
pool, Glasgow, Leeds, Brighton, and Gloucester.
Professor PHILLIPS asked if any other gentleman had
the name of any other town which he was authorised to
add to the list.

Professor STEVELLY, on looking round the room, did
not see Professor Allman present, and therefore repeated
the invitation with which that gentleman was charged
from the city of Dublin, which was presented last year
at Belfast.

Dr. Drc/uNsoN, president of the Liverpool Literary
and Philosophical Society, and chairman of a meeting
formed of deputations from the various literary and
scientific societies in that town, appeared to present of-
ficially the invitations of those bodies to visit Liverpool
next year.

The invitation to visit Liverpool was supported by Mr.
Yates (the representative of the Mayor and Corporation of
Liverpool), and by Dr. Hume, who stated that that town
was about to expend a considerable sum of money in the
erection of a library and museum, open free to all the
world. (Cheers.) The invitation to visit Glasgow was
supported by Mr. Liddell, of that city, by Dr. Walker
Arnott, the representative of the Literary and Philoso-
phical Society of Glasgow, and by Mr. Smith, of Jor-
dan Hill. Mr. Ward, of Leeds, brought forward an
invitation for the association to meet at Leeds in 1856,
by which time the new Town-hall would be completed.
A letter, renewing the invitation from Brighton, was
next read. Mr. Gassiot urged the claims of Gloucester,
in the absence of any deputation from that city. He
was supported by Dr, Daubeny, H. E. Strickland, Esq.,
and R. Groves, Esq., but he ultimately withdrew the
invitation on the grounds that he had no means of
satisfying the officers of the association as to what ac-
commodation there was for the association in the event
of its accepting the invitation. James Haywood and
Dr. Scoresby urged very strongly the claims of Liver-
pool, and it was agreed on that the next meeting of
the association should be held in Liverpool in the
latter part of August or beginning of September, 1854,
the exact date to be fixed by the council.
On the motion of Colonel SABINE, the Earl of Har-
rowby was elected president for the Liverpool meeting.
Lord Wrottesley, Sir Philip Egerton, Dr. Newell, Pro-
fessor Owen, Mr. Lassell, and Mr. J. B. Yates were
appointed vice-presidents. Mr. Dickinson and Dr.
Thompson were appointed local secretaries for the next
meeting, and Mr. Robert McAndrew treasurer.
The PRESIDENT then announced that Dr. Royle, the
late general secretary, h.ld resigned his office, and moved
a vote of thanks to him, which was carried.
Colonel Sabine was, with his consent, appointed ge-
neral secretary. Professor Phillips was re-appointed
assistant-general secretary, amidst great cheering ; and
Mr. John Taylor, general treasurer. The council for
the ensuing year was then appointed, and the committee
adjourned until Wednesday afternoon.
This (Tuesday) morning the various sections sat for
the last time in Hull.

SECTION A.—MATHEMATICAL AND PHYSICAL SCIENCE.
Professor Helmholtz read his paper on the mixture of
homogeneous colours. Dr. Price, on a new photometer.
William Lawton, Esq., meteorological observations at
Hull. J. K. Watts, Esq., on parbelion observed at St .
Ives. The Rev. Thomas Rankin, meteorological sum-
mary for 1852, of observations at Ruggate, Yorkshire ;
also on the continuation and the country of the thunder
and rain storm, which commenced in Herefordshire on
September 4, and terminated in the Yorkshire Wolds,
on September 5, 1852 ; and a notice of a terrific
thunder cloud on the Wolds, September 26, 1852. Dr.
Lee communicated suggestions on medical meteorology,
by Mr. James Day, hydrographer. Papers were also
read by George Rennie, Esq., C.E., on the combined
steam and ether engine ; •by Cornelius Varley, Esq., on
his graphic telescope ; by the Rev.. Dr. Scoresby, on
deep-sea soundings and errors therein
.from strala,
_l.cur-
rents, with suggestions for their investigation. Bay
new
hygrometer on a submarine current measurer ; also
aonn_
on a
hygrometer and mountain. sympienometer,, d
remarkable hail storm in India. NN il 17 Monday,
Esq., exhibited and described a model of ase - g
thermometer.
re istering
SECTION B.—CHEMICAL SCIENCE.
Professor Johnson, on the causes, physicalenn_sq.,
Esq., C.E.,
che-
mical, of diversities of soil. W. H. V 1 ,
Igalvanica battery, by M.
and
described some new forms of M.D.,
made a
Kulder, of Vienna. Professor Hodges,ing
ax:
and on the
composition and economy o
report on the gases evolved inf steeping flax, flplant. George
in of coal gas, by the
advan-
tages arising from the instrument called " the
Lowe, Esq., C.E., made
purifications?nieremarks on the
application of water an
scrubber."

SECTION C.-GEOLOGY.
John Calvert, Esq., read a remarkably interesting
paper on the production of gold in the British Islands.
In thisSECTi
sectiono N
severalD.- OOLO G
papersY
were A ND BOTANYdisposed.
of.
SECTION E.-GEOGRAPHY AND ETHNOLOGY.
Lieut.-General Jechmus, Notes on ajsoqu.r7,.Ryt.oA..tshe.,
Balkan or Haemus, with maps of the routes of Darius,
on Alexander,the p
r ograensds Doife bdi
itscchc;vGer.y Wi nW.
theEarle,western
portion of u
New Guinea from 1828 to 1852 ; Lynch Kerr, Esq., on
the tombs of Eziekel, and the country to the west f the
Euphrates ; R. W. Pliinte, Esq., on a journey to St.
Lucia bay, and the adjacent country in S. E. Africa ;
Ernest Haugh, Esq., on a proposed expedition to ascend
glee
EVei
lc,t. oAri.a.wa.n
Ad descendnson, on
tthhee AlbertGha llanguage,
giunatsNo.e., Australia\v.Afra ic ;;
Dr. William Freund, on the Romanish languages of the
Tyrol and Switzerland ; A. Petermann, Esq., on Cen-
tral Australia.

SECTION F.- STATISTICS.
F. G. P. Nelson, Esq., an analytical view of railway
accidents in this country and on the continent of Eu-
rope in the twelve years, 1840-1852.