The Sun.
London, England, 1846-02-23 00:00:00

THE PHILOSOPHY OF WEALTH. Second
By John Crauford.

The first edition of this work was published anony-
mously at Paisley, by Mr. Crawford, in 1837. Mr.
Crawford says he had then only a vague knowledge of the
question of the currency, derived from those authorities
or supporters of a metallic currency en the one hand,
and of a paper or credit currency on the other, of which
the late Mr. Cobbett, and Mr. Attwood, of Birmingham,
may be considered the respective representatives. Within
the last eighteen months, however, the author having
become a member of the Society for the Emancipation
of Industry, got acquainted -vith the writings of Mr.
John Taylor, author of " Currency Investigated," whose
views the Society was instituted for the purpose of carry-
ing int) practical effect. Mr. Crawford acknowledges
that it is to Mr. Taylor's writings he is indebted for any
sound or correct knowledge he now possesses of the sub-
jects of money and currency ; and his book professes to
be no more than a digest or compendium of Mr. Taylor's
doctrines. The leading doctrines of Mr. Taylor are,
that gold is simply a commodity, dependent fur its value
on the same laws which regulate or determine the value
of all other commodities ; that is, the labour or cost of
its production, and its scarcity or abundance in relation
to other commodities ; that labour being estimated in
corn, corn therefore becomes the standard of value,
whereas gold is merely the measure of value ; that the
relation betwixt gold, silver, and corn is as one ounce of
gold to fifteen ounces of silver; each being equal to 2%
quarters of wheat, but that if the corn be taxed this rela-
tion is destroyed; for instance, if five dwts. of gold, or a
sovereign, and fire bushels of wheat lite natural equiva
lents, and a tax of 20 per cent. be laid on the wheat, that
then, if gold be not appreciated in proportion to the
taxation, the sovereign will now come to purchase or
exchange for 245. worth of wheat in place of 20s. worth;
that hence the depreciation of the pound of account
during the war, in place of having been an evil, as all
our political economists have cenddered it, was an excel-
lence, as it only preserved the equation which gold pro-
perly bore to all other commodities, enhanced as these
were by indirect taxation ; and that therefore the appre-
ciation of the "standard," as it is falsely called, by Peel's
Bill of 1819, has inflicted incalculable mischief on all the
industrious and productive classes of the country, by
preventing the necessary rise in prices, and so throwing
the whole burden of taxation on their shoulders, and, by
the low prices, doubling and trebling the incomes of all
those who live by the taxes, rents, annuities, interest.
and other fixed burdens of the country. Mr. Crawford
illustrates this by the following note :
" The secret lies here: the aggregate quantity of money
has been gradually lessened during the existence of Peel's
monetary policy; but the quantity composing each aliquot
part of which the whole is composed, has not, at the same
time, been lessened. The pound, or unit of account, is kept
at 5 dwts. (3 grains), whatever the aggregate quantity of
gold may be. For the sake of illustration, suppose 100 to
represent the whole gold or bullion which forms the basis of
the circulation-5 dwts., or a sovereign, being the unit, and
therefore the 100th part of the whole ; but suppose bullion
reduced by a foreign drain 20 per cent , or to 80, the 100th
part would then no longer be 5 dwts., it would only be 4
dwts. But we fix the unit, and therefore in the case sup-
posed the 5 dwts. are raised from the 100th to the 80th
part ; that is, it is enhanced in value 20 per cent. So that
we see how, by this juggle of a fixed price for gold, the
money power maintains its unjust ascendancy."
In this paragraph Mr. Crawford has condensed the
whole question of the Currency, and after reading it,
we should like, to hear any man attempt to refute the
position that gold ought not to be fixed in its price,
which Peel's law, either in folly or wickedness, has
done.
Mr. Crawford comes to the same conclusion as Sir
James Graham does in his celebrated pamphlet en-
titled "Corn and Currency," when he says—
" Since we must have a free trade in corn, let us have also
a free trade in money, and destroy that fatal connexion be-
tween the Government and a single chartered bank, which
facilitaies the prodigality of Ministers, and invests an
irresponsible body with the most delicate and important
function of the state—the control over the circulating
medium."
Sir James says—" Rescind Mr. Peel's Act, and restore the
paper circulation to the highest level of the war and of 1817.
The price of bullion would then rise, and the war standard
of depreciation be distinctly indicated—that standard of the
great mass of our debts and contracts, the measure of the
rise of our greatest interests. .We then might debase our
metal standard to the precise level of the depreciated paper
currency, and, having lowered our measure of value, adjust it
to the existing interests and contracts created in paper
money, and issue, for the ordinary purposes of circulation,
coin of less intrinsic worth. But this is an indirect way of
doing the same thing: it possesses all the evils of delusion."
Let Sir James, however, read the above paragraph
we have quoted from Mr. Crawford, and we venture to
say that he will no longer designate the depreciation of
the pound of account in the degree of taxation a "
delti-
sion. ' Ho will see it is the only just and necessary way
in which the equation of gold with other values can be
preserved. Monetary reform we hold to be essential to
carry out Sir Robert Peel's adopted free-trade policy
with advantage to the country, and we have not the
slightest doubt there will soon be as strong a popular
agitali in for free-trade in gold as there has been for
free-trade in corn ; in fact, the monopoly of gold is a
more grievous monopoly than the monopoly of corn.
Mr. Crawford'e preliminary definitions of the terms
wealth, capital, gold, silver, cash, money currency,
standard of value and measure of value, and value and
price, are the most accurate we have seen, and they must
be great helps to all students of political economy. The
work, in short, is an admirable compendium or digest of
Mr. Taylor's writings, and we congratulate Mr. Taylor
on having so able a commentator.

PARLIAMENTARY BUSINESS.

From the Votes and Proceedings of the Hues of Commons.)

FRIDAY, /hill: 20.

The following Petitions for Railways were reported, and the Bills
ordered to be brought in by the underuamed Ilea. Members :
Colchester,Stour Valley, Sudbury and Halstead, Sir H. Smyth and

Mr. Sanderson.
Newcastle and Darlington Junction Railway and Tyne Dock—Mr.
Liddell, Mr. 11. Hinde, and Mr. Hudson.
Sheffield, Ashton-under-Lyne, and Manchester (Peak Forest and
Macclesfield Canal Purehase)— Mr. Parker, Mr. M. Philips, and
Mr. Buckley.
Eastern Union and Hamlett Railway and Pler—Major:Bereaford and
Captain Gladstone.
Great North of Scotland--Mr. C. Bruce and Mr. Bannerman.
Shrewsbury, Oswestry, and Chester Junction (Extensions and De--
viations—Sir W. Wynn and Mr. W. 0. Gore.
Shrewsbury, Oswestry, and Chaster Junction (Crickheath and Wem
Branches)—Sir W. Wynn, and Mr. W. 0. Gore.
North Wales Mineral Deviations and Brs.nchos—iiiir W. Wynn and
Mr. W. 0. Gore.
Huddersfield and Manchester Railway and Canal (Huddersfield
Branch Diversion and Cooper Bridge Branch)—Viseount Morpeth,
Mr. Stanstield, and Mr. Aldam.
Derby, Gainsborough, and Great Grimsby Junction—Colonel Rol-
leston, Mr. Christopher, and Mr. T. Hussey.
Huddersfield and Manchester Canal and Railway (Oldham Branoh)—
Viscount Morpeth, Mr. Stansfleld, and Mr. Aldam.
Enfield and Edmonton—Colonel T. Wood and Mr. Hudson.
Glasgow, Kilmarnock, and Ardroesan—Mr. Bouverie and Mr. Stewart,
Scottish Midland Junction (South Inch of Perth Branch) —Mr. IL
Drummond and Viscount Duncan.
Great Grimsby and Sheilield Junction Railway and Grimsby Docks
Consolidation—Lord Worsley, Mr. Christopher, and Mr. E. Hannan.
Great Grimsby and Sheffield Junction (Humber Ferries)—Lord
Wands'', Mr. Christopher, and Mr. G. lleneage.
Scottish Midland Junction Branches—Mr. H. Drummond and Vis-
count Duncan.
Glasgow, Paisley, and Greenock (Polio. and Govan Branch)—Mr.
11. Johnstone and Mr. Stewart.
Mitcham and South-Western—Mr. Kemble and Mr. Introbus.
Newcastle-upen-Tyne and Carlisle Branch—Mr. Bell, Mr. P.
Howard, and Mr. Ord,
West Riding Union—Viscount Morpeth, Mr. B. Denison, Mr. C.
Wood, and Mr. Entwisle.

The following Resolutions were reported from the Standing Orders'
Committee :

That, in the case of the Deeside Railway petition, the standing
orders ought to be dispensed with :—That the parties be permitted to
proceed with their Bill.
That, in the case of the West Biding Union Railway petition, the
standing orders ought to be dispersed with:—That the parties be
permitted to proceed with their Bill.
That, in the case of the Guildford, Chichester, Portsmouth, and
Pareham Railway petition, the standing orders ought to be dispensed
with :—That the parties be permitted to proceed with their Bill.
That, in the ease of the Glasgow, Paisley, Kilmarnock, and Ayr
Railway Amendment and Branches potitioa (No. b), the standing
orders ought not to be dispensed with.

SECOND READINGS OF RAILWAY BILLS.

110XDAT, rail. 23.

Exeter and Exmouth.
Taw Vale Extension.
Eastern Union and Iladlelgh Junction.
Slamannan and Borrowstounees.
Wilson town, Morningside, aad Coltness (Improvement and Branches).
Slamannan (Bathgate and Jawcraig Branches).
Wishaw and Coltness (Greenhill Branch).
Wilsontown, Mornlngside, and Cohues' (Knovrton Branch).
Edinburgh and Northern (Pottycur and Perth liarbeur Braachei and

Deviations).
and Northern
(
Edinburgh and Northern (Branches from the Dundee and Arbroath
Rinati;rnay Tay Ferry
and
Llmprovement).
Edinburgh and Northern (Strathearn Deviation).
Ed
Edinburgh and Northern (Kinross, Woodmlll, & Newburgh Branches).
Edinburgh
Edinburgh and Northern (Newport and St. Andrew's Branch).
Lancashire and Yorkshire North-Eastern.
Perth and Crieff Direct.
Ayrshire, Bridge of Weir, and Port Glasgow Junetioa.
London and Croydon (Thames Junction Branch).
North-Western.
Saint Helen's Canal and Railway.
East and West Yorkshire Junction.
Midland Railway (Syston to Peterborough Deviations and 'makes).
South Midland (Northampton and Bedford /Ansa).
London and Birmingham (Newport Patnall Branch).
London and Birmingham (St. Annals and Luton Brandt). -
Cheltenham and Oxford.
Glasgow, Dumfries, and Carlisle.
West of Scotland Junction.
London, Hounslow, and Western.
South Midland (Huntiegdon Branch).
Exeter, Topsham, sad Exmouth.
South-Eastern (Tunbridge Walls to !fasting' and Rya).
South-Eastern (Braseh from Reigate to Dorking).
South-Eastern (Maidstone to Strood, near Roehestor).
South-Eastern (from Canterbury to Doter).
South-Eastern (from Chislet to Margate).
South-Eastern (from the God tone
Station to Bast Grinetead).
South-Eastern (Rye to Rye Harbour).
Glasgow, Paisley, Kilmarnock, and Ayr Amendment and Bran ,
(No. 1). smock and A
Glasgow, Paisley, Um lmendment and Branches
(No. I).
Glasgow, Paisley, Kilmarnock. and Apr Amendment and Dramatise
(ro. 5).
Norfolk Extension (Dereharn, Wells, aad Blateas.).
North British Railway and Branches (No. I).
North British (No. B—HawicB Branches).
North British (No. B—Carllslo Extinction).
North British (No. 4—WOWS. Branch).
111.811 DAY, CM. 24.
Mahon ant Driftloll Junction.
Cambridge and Oxford.
'fork and North Midland (East Riding Bram:2l44_llo.
Great North of England Purchase.
Great North of England and Boroughbridge iitrush.
Great North of Englaid and Bedale Branch.
Blackburn, Preston, and East Lancashire Amalgamation.
WEDNEsDAY, rEtt. 25.
Bridgewater and }flathead Railway and Pier.
Carnwath and West Linton.
Ballochney (Shotts Branch)•
Caledonian and Dumbartonshire Junction.
Monkland and Kirkiutillock (Chapel Han Branch).
London and ilouth-Wastern (Ronmay ant
Redbridge Brandi).
Gloucester and Doan Forest.
Swansea Yale.

COMMITTEES ON PETITIONS FOR RAILWAY BILLS
FORTHISvcrEEK.
moxruir, rsik 2s.
Direst Landon and Manchester.
Rugby and HantingdolL
Grand 'Union.
Cornwall.
Shrewsbury and Hereford.
Shropshire Union Railways and Canal (Shrewsbury and stnabrd).
London, Warwick, Leamington and Kidderminster.
East and West India Docks and Birmingham Junatica.
Dartmouth, lirixham, Torbay, and kzeter.
Boston, Newark, and Sheffield.
Nottilighital, Mugged, And IndlitudJuneticu.