The Sun.
London, England, 1853-03-30 00:00:00

GOLD MOHURS.

The recent measure of the Government of India, in
stopping the circulation of gold mohurs, is attracting
much consideration among the mercantile community,
and has occasioned a correspondence between the East
India and China Association of Liverpool and the autho-
rities in Leadenhall-street. This correspondence, how-
ever, has apparently led to no result, the India Directors
restricting themselves to a general intimation that the
subject shall receive their watchful attention. Under
these circumstances, as the affair is such as scarcely to
admit of delay, if anything at all is to be done, it may be
well to place it once more in a few words before the
public. It is now 18 years since gold was put out of
circulation in India as a legal tender, but in 1841 the
Government, finding apparently that it was increasing in
value, authorised their officers in charge of the public
treasuries to receive it freely whenever it might be of-
fered. This permission produced little effect as far as
the tender of any large amounts was concerned until the
-.l.uatralian .0..1 a lapla
commenced, and the Government saw that if any con-
siderable depreciation should take place in its value as
compared with silver, they would be placed in an awk-
ward position, since all the receipts at their treasuries
would, of course, be in gold, while, on the other hand,
they would be compelled to meet all demands in silver.
In this state of affairs it was essential that they should
rescind the permission given to their officers to receive
gold, or that they should restore gold to the rank of
a legal tender. The first course was selected, and,
accordingly, on the 22d of December last a notifica-
tion was issued, that after the commencement of the
present year no gold would be taken on account of pub-
lic payments. The measure seems to have come so
much by surprise as to cause a sort of panic among the
parties interested, and it was also loudly condemned as
calculated to give a check to the extensive and beneficial
trade with Australia that was daily growing up. The
same opinion has been shared by many persons here, and,
although the question has various bearings, the course
adopted appears upon a general view to have been im-
politic. The argument in its justification would be that
all changes in the legal tender should, if possible, be
avoided, and that consequently, however injudicious it
may have been in 1835 to put gold out of circulation, it
would be inexpedient now to repeat the evil example by
another disturbance. It may likewise be urged that,
inasmuch as gold is likely to decline in value, it would
involve a future loss to attract into the country for the
purposes of permanent circulation a large amount of a
commodity so situated. On the other hand, it is to be
pointed out that for a Government with a debt like that
of India to preclude themselves from the advantage of
meeting it in the metal that is ultimately likely to be the
cheapest is an act of folly, while, as regards the general
interests of the country, there can be no doubt that any
gradual loss that might attend the depreciation of a gold
currency would fall far short of the injury inflicted from
checking the opening trade with the colonies. It is true
that this trade would sooner or later right itself, since
no merely arbitrary distinctions can prevent for any
lengthened period an intercourse that is invited by
natural relations ; but, although the coins of Australia
would at last come to circulate at Calcutta at their fair
value, whatever might be the legal tender, such a result
could only take place after the lapse of time, and, mean-
while, much loss and inconvenience would be occasioned.
There are two other considerations connected with the
subject, neither of which, however, bears upon the prin-
ciples under discussion. The first is, that if gold be
made a legal tender, the silver coinage must be placed
upon the same footing as our own, so as t o be of
a greater nominal than intrinsic value, or it would
leave the country, as it is now leaving America ; while,
in the second place, whatever determination may be
come to will influence us, inasmuch as if the present re-
fusal of gOld be persisted in, it will throw an additional
quantity on our market, and hasten the effects that are
to be anticipated from the abundance of that metal.
Finally, with regard to the right of the Government to
alter the existing system by going back to gold, it must
be admitted a strong question might be raised. Such a
step must in all cases amount to an arbitrary interference
with every existing contract—a possibility which for the
true interests of commerce should never be contemplated
—and the only palliation in the present case would be
that the real error was committed in 1835, when gold
was put out of circulation, that much of the public debt
was contracted previously to that time, and that if the
restoration of gold were now to take place, before the
increased supply has produced any particular disturb-
ance, it would injure few persons, and meet with no op-
position, whlle, by lightening the general burdens, its
future effect would be for the advantage of the entire
population. Nevertheless, it is unquestionable that to
all who have in any form become annuitants since 1835
the measure would be one of injustice, and the only
point that could be urged in these instances would be,
that inasmuch as the Government had already been
tolerated in making an arbitrary alteration, every man
who has subsequently entered into a contract must have
been prepared to take the chance that what had been
done once might be done again. Au argument more
hurtful to the commercial stability of a nation could
scarcely. be used, but there is no other that would be
available ; and hence the grand moral of the whole affair
is, that whatever ntay now be decided upon should be
regarded as final, and that the doctrine of the literal in-
violability of contracts should never afterwards, by any
fresh meddling with the currency, be permitted to be
disturbed.—Times.

GOING A-HEAD WITH A VENGEANCE.—A Baltimore
mechanic has applied for space in the Crystal Palace, at
New York, to erect a steam-engine, which he says, will
carry a steam-ship across the Atlantic in 36 hours.
NATIONAL CEMETERIES.— In the article inserted yes-
terday on this subject a passage was abridged which
should read thus :—" That your petitioners beg to remind
your honourable house, that the practice of intramural
burial, in itself so injurious and demoralising, is rendered
incalculably more injurious and destructive by the sys-
tematic employment of means for the purpose of providing
space for the new corners."

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