The Sun.
London, England, 1847-10-14 00:00:00

THE NATIONAL ANTI-GOLD-LAW
LEAGUE.

A. public meeting, convened by the committee of
the above society, was held last night, at the Crown
and Anchor Tavern. The room was crowded to ex-
cess. The proceedings were opened, at a few minutes
after seven o'clock, by F. Bennoch, Esq., the chair-
man, and amongst those who were seated at the table
were Messrs. A. Spottiawoode, John Taylor, Jonathan
Duncan, John Bell, James Wood (of Cuckfield),
Frederick Collin, Edwards,
M.P. for Youghal. and Anstey, Esq.,
The CHAIRMAN, in opening the proceedings of the
evening, said that this was the first " Proper" meeting
of the Anti- Gold-law League since its formation.
The League, he trusted, would exist until that terrible
system which they had proclaimed war against was
abolished ; that done—that great object achieved, they
would immediately dissolve themselves. It would
depend upon the energy of the people of this country,
who had so much at stake, as to how long this
agitation should continue.—(Cheers.) The League
were determined not to discontinue their efforts to
benefit their country. Since they had last met to-
gether the circumstances of the country had,been in no
way improved ; on the contrary, the catalogue of
commercial distresses had been increased by tremen-
dous failures in the metropolis and elsewhere. During
the short period of a fortnight or more an amount of
three or four millions had been added to the terrible
list of commercial failures. When they took into
consideration the interests which were involved in
that large amount alone, he could not but think that
the consequences must be terrible to all, but more
especially to the middling and the labouring and the
industrial classes of the community, because upon
them at last this distress weighed most heavily. He
knew that no country stood generally in a more
prosperous condition than our own. He knew that
the labouring classes were, to a large extent, occu-
pied—our manufacturers had orders, and the
general aspect of the country was favourable—
and hence there were many who might
reasonably think to themselves—what is there to pre-
vent our commercial prosperity ? The reason was
simply this—because bills of exchange and other in-
struments which were in use for the purpose of car-
rying on the commerce of the country were found to
be undiscountable in the London market and else-
where. And why? Because it was said there was a
want of gold—others said there was a want of confi-
dence. If so why was this ?—because there was a
want of gold. Then why, he asked, should we base
the whole commercial prosperity of this country on
some few millions of gold? There were some who
said that gold was the only stable thing on which to
base the regulation of our monetary system. Was all
the eight hundred millions of debt gold? Was the
produce of the land gold ? 'Where
,the goods which
were warehoused gold ? Why, they were as much
gold as the few millions which were in circulation
in this country. Then why should they depend
upon the value of gold ? It was to break down this
evil that the Anti-Gold-law League had associated
themselves together. Under the influence of the
present system, though our means of commercial
accommodation were equally abundant, still the
means of carrying out commercial operations, were
clogged at a time when the channels ought to be
filled with the wealth of a commercial empire. Un-
less they had a sufficient, and a steady and a secure
circulating medium, it was impossible for the com-
mercial body to be in health. They knew that in
the body physical if there was an accumulation of
bile congestion followed, and the system became dis-
ordered, though there might be plenty of blood to
carry on the operations of the system; but it was
because congestion arose that deadly consequences
followed. Therefore he contended that they ought to
have a medium which did not create the disposition
to be hoarded or secreted. But gold had this charac-
ter. Many people thought that if they hoarded gold
they must be free from danger. If that gold was
not circulated it could not be advantageous
to the country. When a panic arose it was not
that the distress arose from a want of pro-
perty, but from the want of a healthy circulating me-
dium. It was to allow gold to take its natural
position amongst other commodities that the Anti-
Gold- law League requested that certain laws should
be repealed, and that gold might be bought and sold.
Where a fixed value was given to the metal, it made
it the only thing to take out of the country at the
lowest price of production. Various causes, however,
were given for the existence of the present distress.
Some parties declared it arose from over-production,
and that the evil would ultimately do us good—that
speculation would be retarded—but those gentlemen
forgot that when these matters were disturbed the
labouring classes were thrown out of employ. Some
there were who contended that we were too productive

—that the people in England were too industrious,
and that the people should become idlers—that the ma-
nufacturers should stop their mills—and last of all,
some men proposed that the works on railways should
be suspended. They would throw, say 1,000,000 of men
—1,000,000 of busy bees on the parish, and say, " Oh,
we will feed you, but you must contribute nothing in
the shape of labour—you must remain idle." But surely
it was the duty of the State to provide the means of
work and employment, if these men were healthy
and would work. What absurdity, then, it was to
say that industry was the cause of the present dis-
tress at this time, when millions of our fellow-coun-
trymen were half fed. The idea of using too much
corn for food was too absurd. Then what did these
gentlemen say in the case of the people of Ireland ?
There they said that the people did not work enough
—that they were net industrious—that they were too
much given to attend monster meetings—but that if
they would work they (these Englishmen) would as-
sist them. So, in the case of Ireland, they attri-
buted the prevailing distress to the idle habits of the
people whilst, in England, they attributed the
pressure on the commercial world to over-produc-
tion, and to the over-industrial efforts of those who
were engaged in commerce. These were the feel-
ings of persons who did not probe the thing to
the bottom. When they had a large amount of
money in the Bank coffers, there was a great
inducement to those who discounted to give every
facility for the use of money. The consequence
was, that as soon as the Bank-notes were out there
was a considerable amount of gold required for the
wages of persons engaged on railways, where a cer-
tain amount of gold was reuired, too, in the neigh-
bourhood, and where parties were going on carrying
out their object legitimately. At that very moment
a check was put on their proceedings, as if to prevent
due facility being given to carry out legitimate ob-
jects. The fact was, that under the present law our
rulers managed to manufacture a panic, from which
the country now suffered, and were likely to suffer.
He regretted to find that the mercantile interest were
apathetic on this vital subject ; but from the only op-
portunities which had been allowed him to judge, from
I conversations which he had had with mercantile men,
from scores of letters which he had received from
Liverpool, he must say he found no want of sympathy I
or interest. He knew that at Liverpool it had been
intended to call a meeting, but that four or five of
the parties subsequently determined to postpone such
a proceeding, lest the agitation of the question at
that moment might lead many to suppose that they
were in desperate circumstances in respect to their
own engagements. This was nu fiction, because he
had heard the fact stated by one of the gentlemen
themselves. He thought, however, that the time was
come when all men of capacity ought to fling delicacy
to the winds, and declare that the present monetary
system was one under which this country could not
exist as a commercial nation. The system was one
which must lead to the general pauperisation of the
people. Every movement
downwards.
at was made under that
system was a movement d?wnwards. Whether he
addressed himself to the agriculturist, to the mercan-
tile man, or to the working man, he must say that the
question was one which they Were bound to support.
did
At the same time he _ not mean to say that all
the propositions enunciated bythe Anti-Gold-law that League were perfect, or they might not require
or admit of alteration ; but he could say, it was for
those whom he addressed to come forward to
show how the existing system, ought to be mo-
dified or instantly repealed. What said some
of their excellent friends, who were their rulers in the
Government ? Why, Sir Charles Wood, the Chan-
cellor of the Exchequer, declared that there was no
deficiency of the currency; that the solvent man
found no difficulty in obtaining discounts. Now he
(Mr. Bennoch) knew that on the very day that Sir
Charles Wood made that statement, the most un-
mistakeable paper—the paper of Brown, Shipley,
and of others of equal re-
and Co., of Liverpool,
spectability, there and elsewhere, had been refused
to be discounted. But under what circumstances ?
Why, upon this ground—the party who was applied
to declared the
paper to be excellent, to be un-
doubted in its character; but he added, "I have
not the money to discount it." Sir Charles Wood
statement in this matter showed either that he was
ignorant of the real state of affairs, or that he
was aware of the facts. If he were igno-
rant of the state (f affairs, he was to be pitied, and
he had no business to hold his position as Chancellor
If he were aware of the fact,
of the Exchequer.
' then he must say his argument was flippant, heartless,
oppressive. and most unjust. In whichever way
they took it, Sir Charles Wood's conduct was to be