The Sun.
London, England, 1849-01-03 00:00:00

N0.17,558.] LONDON, WEDNESDAY ‘ r G

SPIRIT of the PUBLIC JOURNALS.

-
FROM THE MORNING PAPERS Or THIS DAY.
raettpTeonlrtMtioEonnSo.—tfhAethspeermoLgierggerisassltaiotnurvt:,illit soon beme p
escs
eesds
aorny the
to
of the question. For our own
part, we cannot think the case to be exactly the same
now as it was in January, 1847, or even in January,
1848. Since the former date half a million of souls
have left these shores; and since the latter date this un-
exampled emigration has assumed the form of a sponta-
neous and regular stream. Nor is there any visible
abatement of the locomotive furor. We may, therefore,
conclude that, for some time to come, nearly the whole
annual increaae of our home population will take wing.
Of this annnal swarm certainly not less than two
hundred thousand will be Irish ; and as, according
to the common mode of reckoning, the natural in-
crease on a population of eight millions will not be
much more than one hundred thousand, it follows
that Ireland must now be undergoing an annual de-
population at the rate of a hundred thousand a year,
putting fever and famine out of count. Now, this may
be a gratifying fact, or a consolatory fact, or a necessary
fact; but it is, at all events, a very serious fact, and a
new element in the question. Artificial ingenuity is
tender of interfering with natural operations of gigantic
and unusual character. When Cabin was about to shove
the cliffs of Dover into the Channel, the appearance of
a natural land-slip would probably have induced him to
suspend operations. He would have let nature work
awhile, and then proceeded on her basis, lest he should
find that he had thrown away his labour, or even done
positive mischief. Now, here is a great slip of the
British population, and so long as the wanderers have a
land of milk and honey to go to, which they certainly
have, we may be honestly and unaffectedly rejoiced at
their departure. Still, caution, and even humility, recoil
from any extensive and unnecessary interference with so
colossal a movement. At all events, let us contemplate the
fact in its various bearings. In the first place, there is
the question of money. At present the British Govern-
ment does not assist emigration from the public re-
sources. With but few exceptions, whatever amount
and degree of " assistance" is now given is from the
colonial funds. The colonial paymasters have a general
preference for English and Scotch labourers, as being
better up to their work, and therefore more worth their
money. Government, therefore, is not at liberty to
apply these funds, and locate the depots for colonial emi-
gration where some people may think them most needed.
It is merely in the position of a factor or agent com-
missioned to engage practised agricultural labourers,
with certain limitations, and to pay all or part of their
passage. Moreover, the fund is but small. What
Government, therefore, does out of the public re
sources is confined to superintendence, and to dimi-
nishing as much as possible the manifold casualties
inseparable from large movements of men, whether by
sea or by land. This does not entail a very large ex-
pense. On the other hand, any attempt to assist gene-
ral emigration must needs be costly. Government
would not merely pay a certain addition to the present
self- paid emigration. It would have to undertake all.
Almost everybody in Ireland threw himself on the relief
fund, and almost every one who wished to emigrate
would throw himself on the emigration fund. There
would be the same difficulty of discrimination and the
same want of honest and efficient auxiliaries on the spot.
Will anybody venture to name the sum of money which
would not be required from the Government in fulfil-
ment of its pledges ? A million would be nothing
among so many. But the country cannot afford a
million just now. There is a dire necessity for reducing
the national expenditure. Neither manufactures nor
agriculturists on this side of the Channel will agree
to spare a million for such a purpose, or for any
purpose not absolutely necessary. It so happens, that
for many years past there has been a continual succes-
sion of new demands for money. Every year there has
been some new scheme for regenerating, saving, or pro-
tecting Ireland, and it has always ended in the call for
more money. The money has been spent, and then it
has been found that Ireland wanted regenerating quite
as much as ever. What we say of spending, we say also
of lending. Lending and spending in these days are
pretty much the same thing. As far as regards the
condition and prospects of the emigrants themselves,
neither Canada nor the States exhibit thus far any signs
of repletion. In fact, there is less complaint just now
with a quarter of a million per annum than there used
to be with a quarter of that number. For these
twenty years there have been loud remonstrances
against the Irish immigrants, who have been constantly
described as lingering at New York, or other port of
debarcation, as herding in courts and cellars, and
naturalizing in the land of freedom the misery, the rags,
atd the filth of their own oppressed country. The ope-
ratives of those cities have formed themselves into com-
binations against the invaders. Even Charming, in 1840,
looked with dread to the increased inroads of European
helotism that might soon be expected when steins had
destroyed half the distance between the old and new
world. " I would ask," he says, " what is to be the effect
of bringing the labouring classes of Europe twice.as near
us as they now are? Is there no danger of &competition
that is to depress the labouring classes here?' Can the
workman here stand his ground against the half-fa-
mished, ignorant workman of Europe, who will toil for
any wages, and who never thinks of redeeming an hour
for personal improvement? Is there no danger that,
with increased intercourse with Europe, we shall im-
port the striking, fearful contrasts which there divide
one people into separate nations? Sooner than our
labouring classes should become a European populace, a
good man would almost wish that perpetual hurricanes,
driving every ship from the ocean, should sever wholly
the two hemispheres from each other." . . . " Per-
haps my fears may be groundless. I do not ask you to
adopt them." They were groundless. Since Channing
wrote these words the railroads and other internal com-
munications of the states have brought the vast interior
within a few days of the seaboard. What were the back
woods in our youth are now central states, where old
men rest at ease, while their sons seek the far west.
Everywhere, therefore, the cry is for more hands. There
is no accumulation. The states have, indeed, complained
and aiopted restrictive measures; but that was against
disease and destitution, not against numbers. They
very reasonably declined the costly and unthankful office
of finding almshouses and hospitals for any number of
our poor. Otherwise, there can be no doubt the Union
still extends to the working population of these isles
its wonted hospitality, and, in fact, demands their as-
sistance. The redundancy of European labour is as
essential a condition of American prosperity as her own
redundancy of soil and natural resources. How are the
regions washed by the Mississippi and its tributaries—
how is Michigan and the other lake districts ever to be
peopled without fresh supplies? The poor mothers of
this country often comfort themselves with the saying
that " Heaven never sends meat but it sends mouths;"
and never did the proverb receive a larger verification
than at this moment. Just now, as half a million of out-
casts have drifted to the Transatlantic shore, behold a
new outlet reveals itself. California is acquired, and its
treasures discovered. A current of population and
commerce has already set in from the American Fats to
that distant region. It is computed that not less than
50,000 will shortly be settled on that soil, which will
soon yield them bread as well as gold. The places of these
must be supplied. There are now two coasts to be peopled,
stud the Union receives at the same moment anew continent
and a new population. Thus much for the United States.
The emigration to that country we are forced to speak
of as a fact which has its consolations. Loyalty will
prefer Canada and the other British colonies. They do
not complain of being saturated with agricultural
labour, and there is still the same refuge for voluntary
emigration. There is no apparent reason why a hun-
dred thousand natives of Ireland should not find on the
banks of the St. Lawrence that employment, and on the
shores of the Huron that fixity of tenure which they pine
for in vain at home. The geographical and political
circumstances of Canada prevent, and, indeed, supersede
that minute attention on the part of the mother country
which we can attempt with the remote and comparatively
infant colonies of Australia. Quebec, Montreal, To-
ronto, and other thriving cities, are markets of
land and of labour, where the emigrant can
soon suit himself with land or a master, ac-
cording to his taste or his means. Canada
is a self-governing country, with a representative Le-
gislature and Ministry of its own. All that the British
Government can do with emigration to that quarter is
to see that the emigrant is not forced from his native
soil, is not trepanned by fraudulent agents, or is not
exposed to disease, starvation, or shipwreck by dishonest
shipowners, and is not landed absolutely helpless at the
Canadian port. Once landed, he will take care of him
self, and will even cross the frontier, and swell the anti-
British party in the States, if such is his humour. We
wish, indeed, that something could be done with the
selection of emigrants. Necessity and chance now
decide. The impulse which drives out a million will
not discriminate. We have passed the opportunity of a
really national emigration, and now find the movement
beyond our control.
POST.—We adverted, a few days ago, to the effect
which would be produced, not only upon the United
States of America, but upon the whole of the civilized
world, by the new supply of gold from California, should
it realise the expectations that have been formed respect-
ing its abundance. It would be a great error to con-
found the effect produced upon those in the vicinity of
the "diggings" with the general effect of an increase of
the circulating medium. The effect in California is to
carry away all persons from other pursuits of productive
industry to engage in the production of gold. But the
general effi ct of an increase of money in countries where
industry and traffic have been established is greatly to
augment the activity of production and exchange. For
this reason we, as zealous friends of the productive
classes, have always advocated the policy of an abun-
dal ce of money, and of paper money, based upon good
security, since that is a manageable currency whether
as regards expansion or contraction, while gold is not.
We hope the time will come when the eyes of all ob-
servant men will be opened to the dreadful evils in-
flicted
Irelandpon
bythea currency
industrial community of Great Britain
system totally unsuited to the
wants and habits of the people, and to the pecuniary
engagements in which every man who owns any pro-
perty, or owes anything, or pays any direct or indirect
tax, is entangled, whether he will or no. We call the
currency unsuitable, because it is liable to violent con-
, tractions and expansions, and is, in fact, sometimes con-
tracted and sometimes expanded, not in accordance with

reason or judgment, or the cirounistarxes which fairly
cell lor expansion or contraction, but in consequence of
reckless, overweening confidence at one time, and in.
sane, destructive panic at another time. And over these
extremes, fearfully injurious to the permanent pros-
perity of the nation, and to the household comforts of
the people, there can be no sufficient government while
our currency is chained down to a limited amount in
times of panic, and permitted (by means of bills of ex-
change, banker's cheques, and other devices of credit)
to rise to any extravagant amount in times of reckless
confidence. Bat whatever may be the actual effects of
violent currents in affairs which occur now and then,
like the currents of the air, and which cannot be fore-
seen or accounted for, there need be no question as to
the general tendency of an increase of money to act as
a stimulus to industry. They who may not be dis-
posed to take our word upon this subject will per.;
haps listen with more attention to the opinion of Mr.
Huskisson, who, in his speech of May, 1818, upon
Mr. Tierney's currency motion, stated his views of
the effect of an increase of money. Not only did he
admit the great impulse given to the industry of this
country by the increase of our (paper) circulating me-
dium, but he maintained that the gold which he set free
for European uses, by using paper instead of gold, had
produced a most important effect in stimulating the in-
dustry of the continent. The following is an extract
from his speech as given in Hansard :—" The Right
lion. Gentleman then adverted to the effect produced
upon this country, and, indeed, upon all the continent of
Europe, by the facility enjoyed by Great Britain of ex-
tending her paper circulation. It was like the effect that
bad been found 1,0.4 r ha Win the tiagovery of the mines
of America ; for, by increasing the circulating medium
over the world, to the amount of forty millions, it pro-
portionably facilitated the means of barter, and gave a
stimulus to industry. In proportion, however, as the
Bank of England had found it necessary to purchase gold
on the continent to meet its engagements with the public
here, the circulating medium of the continent was dimi-
nished,and as the continental states did not enjoythe credit
possessed by this country, and were thereby debarred
from increasing their paper currency, the result was dis-
cernible in the great confusion and deterioration of pro-
perty that had taken place on the continent during the
two last years. Indeed, he had no hesitation in saying
that much of the distress which had prevailed upon the
continent was fairly attributable to the purchase of bul-
lion by the Bank of England. He then remarked on
the great stimulus the increase of the circulating medium
had given to the arts and industry of this country; but
while the general appearance of the country was im-
proved, and its prosperity promoted, it was much to be
lamented that the comforts and rewards of the labourers
had been much reduced. The population of the country
had increased in proportion to the rapidity with which
the circulating- medium had advanced; but though there
was an increased demand for labour, its wages were
diminished. This he showed by reference to the prices
of corn for the last century. He stated, to show the im-
provement of the country, that, from the year 1658 to
1754, there had not been one Bill of Inclosure, and this
country imported corn. There were, from 1754 to 1796,
during which time there had been a rapid increase of
the circulating medium by imports from the mines of
America, Bills of Inclosure to the number of 30500, and
this country became an exporting country." The in-
crease of money " facilitated the means of barter, and
gave a stimulus to industry.', And yet the men who
maintained this principle, which, indeed, they had
learned to be practically true from observation and ex-
per i e
then c e,
quantitydeliberately
o t
money,
preventingres fo r
its diminish-
ing
in-
crease, by limiting it to the quantity of gold which the
Bank might be able to obtain. Instead of promoting
that which they admitted to be a facility of the means
of barter, and a stimulus to industry, they took an
exactly opposite course, as if, indeed, in such a country
as this, it were desirable to impede the means of
barter, and to diminish the stimulus to industry I
Mr. Huskisson was in error as to the matter of
fact when he said that the comforts and rewards
of the labourer had been reduced by the same means
which stimulated industry during the suspension of gold
payments. It was not so. Mr. Huskisson assumed it
to be so, because prices of corn had risen, but wages--
and, above all, continuity of employment from year's end
to year's end—had increased in a much larger propor-
tion than the price of the necessaries of life. It is since
the resumption of gold payments that the condition of
the British labouring classes has sunk. Gold payments
have produced this injury, because of the scarceness of
phi compared with the great need for money at certain
junctures when confidence in the ordinary devices of
credit has been suspended. But if gold become abun-
dant enough to answer all purposes of money through-
out the world, and to be accessible even in times when
money is most required, then, perhaps, the avaricious
bigotry which of late years has done so much evil by
restrietink the amount of money to the amount of gold
is about to be corrected by a providential interposition of
that wisdom which is above man's wisdom.

ADVERTISER.—Two days of the new year have
passed away. It is to be hoped, that the earnest they
afford, so far as we can judge, of a prosperous state of
things for a long time to come, will not be belied by the
future. The reports from the manufacturing districts
are written in an increasingly hopeful spirit. All are
looking forward in Lancashire, and the other great marts
of industry, to a marked increase in the extent and re-
munerative character of our commercial transactions.
The public securities, railway shares, and joint-stock
property of every description, have risen considerably
during the two days of the new year which have already
elapsed. And this improvement, we feel assured, is but
the precursor of a state of more material prosperity as the
year rolls on. We do not see how it can be otherwise.
The Bank of England is at present in a much stronger
position than it was ever known to be before. It has
upwards of 15,000,0001. in bullion in its vaults, with
the certainty of continued additions for some time to
come. Its reserve of notes exceeds 11,000,0001.
It holds a comparatively small amount of bills, and con-
sequently its risk of losses front bad debts, is propor-
tionably diminished. Corn is cheap, and certainly will
not be dearer during the next eight months. The
probability lies in the opposite direction. It will most
likely be cheaper. All other descriptions of produce
which enter most largely into the consumption of the
masses are also procurable at exceedingly moderate
prices. Cotton, too, is well ascertained to be more than
an average crop, both as regards quantity and quality.
Its cheapness and abundant supply are ,therefore, also In-
sured for twelve months to come. Here, then, we have
the two great elements of national prosperity—cheap
food and abundant employment. Both these blessings
are enjoyed at present. Hence the favourable position of
the revenue. Nor can we, in estimating the probable
state of matters for the future, attach too muchim-
portance to the fact, that all the stocks of our manufac-
turers at home, and of our merchants abroad, are at
present at the very lowest point consistent with being
in a position to meet the demands of coaeumers. There
is, moreover, an absence of all speculation in railway
and other jeina stock companies. No new schemes are
before the public, and none will be brought forward for
some time to come. The railway calls, which have ope-
rated so injuriously on the money market and our trad-
ing concern. for the last three years, have well nigh run
their course. After the present month, when they have
always been unduly heavy,
we have no idea that they
will average much more than 1,000,000/. monthly, in
which case we shall hear no more of their being of an
onerous character. Another circumstance which will
have a most beneficial effect hereafter on the commercial
and financial prosperity of the country, is the extent to
which our national expenditure will be reduced in the
approaching session. We assume this as a matter of
course. It is a contingency which must come. Nothing
can prevent it. The reduction will inspire confidence.
Whatever may be its amount, it must needs
have a beneficial effect. It will be looked on
by the country as the turning over a new leaf in
the administration of the national finances— as
the commencement of a course of economy which
will be continued until the national expenditure is re-
duced to the utmost extent, compatible with the effi-
ciency of the various departments of the public service.
There is another element of prosperity which has not
yet attracted that attention to which its importance en-
tiths it. We refer to the golden harvest which is now
being reaped in California. It is erroneously supposed,
that because the territory in which the discovery has
been made belongs to the United States, they will be
the only gainers. It Is surprising that so great a mis-
take
could be so general a 3 we know it is. England will
derive immense advantages from the discovery. Enor-
mous quantities of Calitornia gold will soon find their
way
to
directlyt i s
fcountry,rom us in the neighbourhood of the gold in return for our goods, either pur-
chasedregion, or through the merchants of the United States.
But by whatever means the gold comes, whether di-
rectly or indirectly, come it will. The bullion of the
whole world, seems, indeed, to be now in course of influx
to our shores. The large arrivals of the precious metals
in England which may be expected to be the immediate
result of the discoveries in California, must exercise a
beneficial influence on trade and commerce, and-cause
a great advance in the price of. Consols and railway
shares. The merest tyro in political economy knows
the influence on trade and on the prices of all classes of
public securities, which an abundance of money always
exerts. This is the case. even where the currency is
principally paper, but, t must be much more so when
California, if the fields
prove as productive as generally represented, will beyif expect to derive
the circulation consists chiefly of the precious metals,
gold being the standard of value in all civilized countries.
fromTh t The
benefithe discovery which
this
of s
cooludn tirny
nearly equal to what might be anticipated from a repeal
of the Bank Charter Act of 1844. California will prac-
tically do for England what the Government and Legisla-
ture have hitherto refused to do—repeal that mischievous
measure. The only circumstance which may be regarded
as wearing a sombre aspect
Germany,
our future prospects, is the
state of the Continent. France,
—ereaany, Italy, and
other countries, are considered by most persons as being
still in an unsettled condition. In a certain sense they
are. Still, there can be little doubt, that the tendency
is towards stability. 'But, be this as it may, one thing
is certain, that England's prosperity or adversity, the rise
or fall of the funds and railway shares will not, in future,
be so much influenced by the state of affairs on the Con-
tinent as they have hitherto been. We now understand
these things better than we did. We feel that our in-
stitutions are safe, however great may be the convul-
sions and changes in neighbouring countries, We are,