The Sun.
London, England, 1851-05-22 00:00:00

u, , • ,t
• r. ••
4 .; 711 MAX 22, 1851.
N°.183303.] LONDON) THURSDAY e •
r
„4. '4r: 7

NATIONAL LOAN FUND LIFE AND
EQUITABLE FIRE INSUIZANCE COMPA.NIES
26, CORNIIILL, LONDON.

DIEECTOItS.

t*T. LAMIE MURRAY, Esq., Chairman.
*W. A. B. Bennett, Esq. *John Rawson, Esq.
*Hugh Croft, Esq. *John Shaw, Esq.
tElliotzon,'M.D„ F.R.S. t*E(lmund S. Syrnes, Esq.
*Ralph Gough, Esq. i*Clement Tabor, Esq.
*l‘.l. C. Maher, Esq. t Joseph Thompson, Esq.
*John Moss, Esq. I*Augustus Vigne, Esq•
AUDITOR.
Professor Wheat,tone, F.R.S.
PHYSICIAN.
IT. Elliotson, M.D„ F.R.S„ 37, Conduit-street.
SURGEON.
I *E. E. Symos, Esq., 77, Grosvenor-street, Grosvenor-square.
ACTUARY.
PVT. B. R. woolhouse, E q., F.R.A.S., Frx.
SECRETARY.
*D. T. Lyons CI anehy, Esq.
SUPERINTENDENT.
*W. A. Hawkins, Esq.
BANKERS. _ .

ftlytesgrs. Glyn, Hallifax, 11lills, and Co., 67, Lombard-street.
SOLICITORS,
•Messrs. Sutton, Ewen., Ommanney and Prudence, 6, Basinghall-

street.
*W. Tatham, Esq., 22, Throgmorton-street.
NATIONAL LOAN FUND LIFE OFFICE.
CAPITAL-500.000d.

The WITHDRAWAL TABLE of the Society affords to the As-
sured the greatest possible present and prospective advantages that
can he conferred by Life Assurance. On this Table the Assured is
entitled, at any time, to receive at interest an immediate advance,
to the extent of one-half the amount of the paid annual Premiums,
without security, personal liability, or deposit of the Policy, but
in by
simple endorsement thereon ; or the half Premium may bewith-
held duriree the whole continuance of the Policy. Also, the
event of the Assured at any time not requiring to continue the
Policy, on its surrender one-halt of the annual payments will bo
returned by the Society.
Lapsed Policies may be renewed without fine, on proof of health
and payment of arrears of Premium without interest.
Notices of As.ligareent of Policies registered and acknowledged,
so as to make them available as securities Ia the hands of
third parties.
Na Entrance Fees or any other charge beyond the Policy Stamp.
The present nnual income of the Society from Premiums is
63,000/. ; the amount covered by the Policies of the Society is
1,781,5801.; and the reserved prcdt, applicable to future bonus to
the Assured, amounts to 82,4541. ss. 6d. At the last annual inves-
tigation, reported in May, 1850, the bonuses declared to the As-
sured were, the option of a return of 15 per cent. on their Premiums
in cash, or a reversionary addition to the original sum assured by
each Policy varying from 20 to 65 per eceit.
EXAMPLES OF BONUSES ALREADY DECLARED.

Perms-
', ,i Annual (Policy Bonus in nent Re-
Age. E ! I're- taken addition ronul in Iluetion of
~, ;,t, M 1117.1. Out in to SUM Cash. Annual
T., Assured. Premium.
- - - - --
X s, 0, X s d. £ s. d.
1837 292 6 9 139 16 9
I 22 13 1
1138 267 11 4 126 17 2 19 19 7
: 1833 211 18 6 11'3 17 7 17 8 8
X X s.d. ' 1840 103 12 6 93 16 8 14 010
60 1000 74 3 4 1841 189 12 6 89 510 13 E. 11
1842 162 16 8 76 18 4 11 8 3
1843 115 10 10 55 10 10 8 110
1844 77 19 2 38 15 10 59 11
1845 66 15 0 44 10 0 410 1

Extensive Travelling Leave granted without extra Premium
Moderate extra Premium for Residence in Tropical Climate&
EQUITABLE FIRE OFFICE.
Capital-500,0001.
(Incorporated under 7 and 8 Viet., cap. 110.)
The leading principles of this Office are_Moderate and equitable
Rates of Premium for each class of risa:—Annual division of Profits.
The difficulty of collecting the elements on which to proportion
Premium to risk in Insurance against Loss by Fire has been so
great, that the rates at present charged aro more the result of guess
then calculation.
It has been found by experience, that the total annual losses of the
different Established Companies have not been proportionate to the
amount of annual Premiums received by each.
It is of the highest importance, both to the insured and Insurers,
that such an anomaly should cease, and an approximion to the
true risk be made. To secure this object the Equitablate Fire Insu-
rance Company is established.
The true rate of Premium for Fire Insurance can only be ap-
proached through Classification and Average, which has not hitherto
been sufficiently acted on, or systematically availed.
Whatever be the nominal rate, the bonus or return periodically to
the Insured will determine the true Premium equitably payable, as
security against loss for so great a calamity as fire, and the Insurer
is largely interested in this question, and will consult his interest by
supporting a system where, by a careful combination of Classifica-
tion and Average, the Premium will be proportioned to the risk.
The Equitable Fire Office will, by a constant analysis of its own
experience, from time to time, adopt such rates of Premium as the
nature of the risk may justify, and will decline to enter into arraage-
ments as regards tariffs with other (aces.
With this view an annual investigation will be made into each
class of risk, and a return of one moiety, or fluty per cent. of the nett
excess will he made to all classes of Insurers whose Policies have
been in force for three years.
Insurances against Loss by Fire are effected by this Company upon
every description of Property on moderate terms.
Farming Stock insured at 3s. per cent, without the Average Clause.
Prospectuses. and every Information may be obtained, on applica-
tion at the Office, or to any of its Agents.

t NatiQual Loan Fund Life Assurance Society.
* Equitable Eire.
i* Both Offices.

CATHOLIC LAW AND GENERAL LIFE
ASSURANCE COMPANY,
8, NEW COVENTRY-STREET, LEICESTER-SQUARE, LONDON.
The FOURT El ANNUAL GENERAL MEETING of the Proprie-
tors of this Company took place on the 25th instant, at the Head
Office, at One o'clock precisely. The following is extracted from the
report, which is too lengthy for publication :
During the past year no claims have arisen from deaths in England,
and but two in Ireland—one for 5001. and the other for AM—making
together 7001., which have been paid. This is far below the expected
mortality, and is especially favourable, when it is remembered how
severely the life offices generally suffered from the epidemic of last
year.
The number of lives assured between the Ist of June, 1849, and
the 31st of May, 18.50, was more than double the number issued in
the twelve wsnths preceding.
Proposals were made for 133 Policies, amounting to 52,963/.25. 6d.:
of these 12i, comprising 106 lives, were accepted for 45,1251. 6s.
Siatcen Policies lapsed, representing 6,0481., upon which 3204. 3s.
was received by the Company in the shape of premiums.
Since the commencement of the Company to the Ist of June last,
assurances were effected to the extent of 110,9721. 125 6d., pro-
ducing in annual premiums 3,7321. lie. 6d. Of these 54 lapsed,
amounting to 23,9501. 16s. 63., of which the annual premiums were
7411. Is., leaving the yearly income on the Ist of June last equal to
2,991/. 15s. I Id.
Since last meeting loans were applied for to the extent of 17,7001.,
but 1,1831. 1 Is. 10d. only was advanced.
The Directors were also highly gratified to report that within the
last four months they had considerably extended their business on
the Continent, haying appointed, as Head Agent in France, Monsieur
de l'Etang, a gentleman of high standing in Paris, distinguished for
his integrity and &Why in financial and in all assurance matters,
who, under the sanction and patronage of the Archbishop of Paris,
the Cardinal Archbishop of Lyons, and 'Monseigneur Parisis, Eveque
de Langres, has already within the last three months effected a con-
siderable amount of business, not only in Life Assurances, but in An-
nuities both immc.diate and Deferred.
After various resolutions, approving of the Report, and returning
thanks to the Right Reverend Chairman, Risher, Morris, the Vice-
Chairman, Actuary, Secretary, and Medical Officers of the establish-
ment, the meeting separated, highly gratified at its present results
and future prospects.

RATTY'S GRAND NATIONAL.
lITPPODROME, Kensington, within Five Minutes' walk of
the Crystal Palace, immediately opposite the Broad-walk, Kensing-
ton.gardens.

Open Every Evening.
Mr. Batty has great pleasure in informing his patrons that his Hip-
podrome is crowded with rank and fashion, and being always anxious
to cater for the amusements of the public, he will produce a grand
change of Entertainment hitherto unattempted in England. which
will take place This Evening, and be continued every Evening until
further notice.
The Doors w ill open at Five o'Clock, to commence at Six.
Private Box - -1/. Is. Od.
Admission to the Reserved Seats - 3s. Od.
First-class do.
Second-class de.
Third-class do.
Ladies and Gentlemen taught the polite Art of Riding. Horses
Broken for the toad or Field.

133. CULVERWELL'S NEW WORKS.
To be had of Sherwocd, 23, Paternoster-rew ; Carvalho;
Fleet-street; Mann, 39, Cornhill ; or direct from the author s
prico One Shilling each ; by poet, Is. 6d.

ENJOYMENT OF LITE.
.4 Fiezlth, Recreatioi I, and rational Use of Time."
CONTEMN :—Early Risin;--,Spring and Summer Mornings—MX-
=l'slons about the Environs of London—The Parks, Lanes, Hills,
Forests, Fieldr, High-roadi, and other pleasant places—Country
Trips and Rambles—The Sea—London at Night—Evening. at Llome
—Musi>—The Drama—On Eating, Drinking, Sleeping, Bathing, Air,
test, Ease, Occupation, Soa., gce.

OFFICIAL CATALOGUES.
Advertisements intended for the Second Edition of 100,00)
Copies should be sent to the Contractorr, immediately.
SPICER BROTHERS, Wholesa'e Stationers.
WM. CLOWES and SONS, Printers.
29, New Bridge-street, Blackfriars, and at Hyde-park.

Foucault's Recent Experiment, Demonstrating the Rotation of the
Earth, is shown Mornings and Evenings at the
11. OYAL POLYTECHNIC IIyiTITQTION.
.X. 11.) Important Deposits by tile Gas-fltters' Association, illustrat-
ing the econoicical application of Gas for Cooking and various other
purposes.—Lecture by Frederick Chatterton, Esq., on the History
of the harp, from the time of the Egyptians, with Vocal Selections
by Miss Blanche Younge, R.A. of Music, and illustrated by Drawings
of the Harps of various Nations.—Lectures byJ. 11. Pepper, Esq., on
Chemistry, with brilliant experiments; and on Natural Philosophy by
Dr. Rachholiner.—Two splendid Series of Dissolving Views : —One
illustrating the Holy Land, painted by Charles Smith, Esq., Sr.c., &c.
Open every morning and evening:—Admission, is.; Schools,
Half-price.

LAURENT'S GRAND CASINO,
Licensed by Act of Parliament.
A RGYLL ROOMS, GREAT WINDMILL-
STREET, ST. JAMES'S.
r:!&.
(Sole Lessee, Charles Emile Laurent, jun., 57, Brornpton-square,)
OPEN EVERY EVENING,
With LAURENT'S UNRIVALLED BAND.
Principal Cornet-a-Pistons, M. Boulcourt.
Doors open at Half-past Eight o'clock—Dancing to commence at
Nine and terminate at lialf-past Eleven o'clock precisely.
Admission, One Shilling.

BLAIR'S GOUT and RHEUMATIC PILLS.
The following testhaionial is another proof of the great effi-
cacy of this medicine : '
"157, Now Bond-street, London, October 12, 1850.
" Sir,—ln acquainting you with the great benefit which I have ex-
perienced by taking BLAIR'S GOUT and RHLUMATIC PILLS,
I feel that I am but performing a duty to that portion of the public
who may be similarly affected.
" About twenty years since I was first attacked by rheumatic gout
in my hands and feet. I had previously been subjected to every va-
riety of climate, having served in Canada in the 19th Dragoons, and
in Spain, under Sir John Moore, in the 18th Hussars. I always pro•
cured the best medical aid, without obtaining any essential relief,
and my sufferings can be appreciated only by these who know some-
thing of this disease.
" It was during ono of those paroxysms, between twelve and thir-
teen years ago, that I was recommended to try BLAIR'S PILLS. I
lost no time in procuring a box, and before I had taken that quantity
the pain had entirely ceased, and in a few days I was in perfect
health.
" From that moment, whenever I feel any symptoms of the dis-
ease approaching, I have instant recourse to this medicine, which to
me is so valuable, that were it not that the days of magic have
ceased, I should certainly attribute the relief I obtain to that cause.
Moreover, I rejoice to say that my health has not in any degree suf-
fered, but on the contrary I believe the tendency of BLAIR'S PILLS
is towards its improvement.
" I have recommended the Pills to many friends, and the result
has always been of the most gratifying character.
" I am, Sir, yours respectfully,
" GARRET FOSTER GILL.

" To Mr. Prout, 229, Strand."
For every description of Gout and Rheumatism, Sciatica, Tic-dolo-
reux, &c., Ecc., BLAIk'S GOUT and RHEUMATIC PILLS are a
sovereign remedy, contain neither mercury, opium, or any other
dangerous drug, require no care whatever in their use, and ter ra-
pidity of cure and complete safety have not their equal in the world.
Sold by Thomas Prout, 229, Strand, London ; and all respectable
Medicine Vendors. Price 2s. 9d. per box.
Ask for BLAIR'S GOUT and RHEUMATIC PILLS, and observe
that " Thomas Prout, 229, Strand, London," is impressed upon the
Government Stamp.

PERIODICAL PANIC the INEVITABLE
CONSEQUENCE of our COMMERCIAL
LEGISLATION.
(From the Liverpool Standard of May 20.)
Yesterday, at one o'clock, according to the an-
nouncement, Mr. Jonathan Duncan addressed the
merchants of Liverpool upon the above subject at the,
Cotton sales Room ; and, notwithstanling its being
one of the buiest parts of the day, and the excite-
ment which prevailed in the Cotton Market owing to
the arrival of the Asia, mail steamer, from New York,
late on Saturday evening, a numerous and influential
meeting attended, composed of members of the leading
mercantile firms in this port. Francis Shand, Esq.,
was in the chair, and among the gentlemen present
we noticed T. A. Bushby, J. M. Braga, Jas. Ryder,
W. S. Colebourn, 11. Littledale, J. Torr, Chas.
Robertson, W. Watson, S. Boult, C. Logan, Jos.
Brereton, S. W. Shand, Isaac Buchanan, Hender-
son, Jas. Harvey, Thos. Smith, Henry Wood, J.
Highfield, W. H. Wylie, Robt. Procter, F. Forster,
T. B. Grinaton, J. Bingham, Vienna, E. Jones,
V. Higgins, li. J. Hampshire, P. Witherby, F.
Pennington, J. H. Holderness, S. Rickman, J. 0.
Johnson, Jno. Festal, C. E. Rawlins, jun., R. Duck-
worth, F. P. Sleddon, H. Grazebrook, jun., J. Dorn-
ing, jun., Esqs.
Mr. SHAND, on taking the chair, said he was always
very happy to preside over the intelligent gentlemen
who met in Liverpool on such occasions, and it gave
him great pleasure in introducing a subject which he
was sure must be of so much interest as a lecture
on currency, in reference to the controversy be-
tween protection and free trade. At the present
time, when, notwithstanding the alleged prosperity
of the country, Government seemed incapable
of getting on or doing anything, it was of importance
that the great commercial world should be decided,
not only on what was beat in relation to this particular
subject, but also as to the party who should carry out
that which was right. He would not detain them, as
he knew that their time was of as much importance
as currency itself—(A. laugh)—but would leave Mr.
Duncan to speak for himself on the subject.
Mr. .DUNCAN began by saying that it might ap-
pear extremely presumptuous in him, who had no
practical knowledge either of agriculture, of shipping,
or of commerce to present himself before gentlemen
who were so well versed in everything that relates to
the trade of this great empire, but it did so happen in
the history of the world that men who had passed
their lives in leisure, devoted to particular subjects,
alighted upon principles which in the hurry of busi-
ness escaped the practical man.—(Applause.) He
had no political object to serve, nor had he to utter a
single sentiment naving a political character. He
had nothing to do with Whigs, Tories, or Radicals ;
he merely wished to present views before that audi-
ence, in order, if possible, to solve some of the difficult
industrial problems which were now in a state of con-
fusion through the antagonistic principles of what
were called free trade and protection ; and the neces-
sity for doing so was the more important, since it
was well-known that the next general election,
which was not far off, would in a great degree
determine the future prospects not only of agricul-
ture but of commerce, not only of the people of this
country, buteef all the people connected with our
very extended colonies.—(blear.) Now he thought
that the very first reason that could be assigned why
this question should be re-opened and re discussed
was, that all the promises and all the expectations of
the Free-trade party had been completely falsified.
[This Mr. Duncan showed by the fluctuations in the
value of wheat since the repeal of the corn-laws,
which we were told were to give steadiness of price.]
The quantities of corn which could he produced by
foreign countries had also been over-rated. The
trade, he said, which we now had, under the name of
free-trade, was no such thing in reality—(Hear)—it
was nothing but a system of free imports. After il-
lustrating this and other general principles, Mr.
Duncan then came to the immediate subject of his
lecture. Ile said—As to the currency, had the people
of Manchester really and truly understood the mone-
tary question—of which they knew nothing—(A
laugh)—and never did know anything—but had they
rightly understood the principle of money, they never
could have entertained the views which they now held,
of the destruction of British agriculture, and of the
destruction of colonial prosperity. They could see
that there was something wrong in the monetary
system, but instead of attributing that evil to legis-
lation, they attributed it most wrongfully to the Bank
of England. Now the proper way to deal with this
question, and the fairest way, was to allow Manchester
to speak for itself. He bad before him the report of
the Chamber of Commerce of that town, dated 12th
of December, 1839, in which they endeavoured to
account for the enormous losses which they had sus-
e
woufaa,
Bank
xrohtpwyaledaiaearninicufli
aasles
Ildtimita:htinneeenmsdt c:tiol.houori
rieaps tnlinitdn
sus-
tained, those losses amounting, in one year, to forty
millions of property. Mr. J. B. Smith was chairman
on that day ; aid in opening the business he said—
" At that time resolutions were adopted by the Cham-
ber that these sufferings had come over the country
while we had been in the possession of the blessings of
mitigated taxation; but they
peace, ample harvests, and
resolved that they were unable to find a rational cause
for this adversity amid these blessings. The recurrence
of another period of distress so soon after the last has
naturally directed the attention of this board to the
causes of those sudden panics which were paralysing
trade, suspending our commerce, and bringing distress
i-
Iroc
etaf
cnitst
hoabedr
ey
procured
Dose
o f
upon the whole community; and the directors might, as
their predecessors had done, resolve that they were un-
able to find any rational cause for the recurrence of such
adversity. But they felt that it would be departing from
their duty if they took such a course. They found there
were causes, and that these causes were the erroneous
management of the currency by the Bank of England."
Now that was the charge they brought, and how the
d
w
eees
memorandum
oesrppre3aerau6lreuliastahtgh3:::2ernooat:nseptfit,
hiohtoayuacnt witrocdol,foti
dishfceut the Committee
eolp millions;sbli
yißioetsano.
khnogiTitutol
dthhslel
Bank operated to produce those disastrous effects
f
read :
at the same time, it was indebted to the world upwards
e
directors now determined to check the drain upon their
coffers, and to increase their stock of bullion on hand.
Commonsoaind only by reduced prices of
fromabr
commodities; in other words, at the expense of the ma-
nufacturing and mercantile interests: and the object of
advancing the rate of interest, in two months, from 4 to
5 per cent., to which we have alluded, was undoubtedly
with the view to depreciate the value of commodities 25
to quote the words of Mr. Horsley Palmer in
perc
hisa
pamphlet,
h eht This tae omunr a the h
ee
ppparreth
ronfs thee inßank
al
p directorsrud prudent
n t
l
minds that there was mischief abroad, and creased an
effect more powerful than the actual advance in the
value of money; In other words, it caused a panic."
The significant
of goldignifie part of this paragraph was this, that a
could be procured from abroad only by
the reduced price of commodities. Well, the
Bank of England had to got these quantities
of gold from abroad and of course con•
tracted the issue of their notes ; that suspended
trade ; the price of all commodities fell, and when
they fell to 30, 40, or 50 per cent. below the cost of
production, the foreigner was tempted by the bargain
he could make to return the abstracted metal. But
in the meantime Manchester suffered, and suffered, as
she says, to the extent of
,t
quarrel was with the Bank of England, and that the
Bank of England when prices were high would not
forty millions. No he
keep acconmiating the merchants. Had the Bank of
England done so in the first place, it would have been
bankrupt, and in the next place, it would have acted
in defiance of Acts of Parliament. The Act of 1819
was stringent, and it insists that the Bank of England
for every note which she shall
issue, must have gold.
The price of coined gold was fixed, but there was a
tendency in all other commodities to rise above that
level. Whenever that happens, the price of commo-
dities becomes dearer than gold, and the consequence
was, that the foreigner takes away the cheap gold, and
leaves the dear goods in our warehouses. Now,
although the price of gold in our coinage was fixed,
everybody was well aware that the price of bullion or
raw ore was not fixed. It fluctuates like other
commodities; but immediately the Mint stamp
was put upon it, then its price was fixed. He
should state an argument by Mr. Cobden, borrowed
from Mr. James Wilson, with the view of showing
its complete fallacy ; and then he should
ask those present, if they were Free Traders, to be
consistent, and be Free Traders in all commodities cir-
culated between man and man. In other words, if
there were to be free trade in goods, let there be in
money.—(Applause.) Now, Mr. Cobden says—
m
" Take a definite quantity of wheat—call it a quarter
—divide it into eight equal parts, and call them
bushels ; here is no fixing of, price, but merely a
question of weight and division. So far he agreed
with him. " Now, take the parallel. Take a quan-
tity of gold—call it an ounce—divide it into four,
and.call each a sovereign ; here, be said again, there
orsut
here nothingquarter
butthr
of wheat
value was put
upon
a money denomination was put upon the ounce, and
ei s
fall the
fallacy.
processye.
atNor o t h ofe weight or division.
o bushel,ney but in gold
the law says that 123 grains of gold shall always
pass for 20s.—(Hear.) Now, putting a money de-
nomination upon a commodity, necessarily fixed the
price of that commodity, whether it was a bale of
cotton or a quarter of wheat. Now, Mr. Cobden
had objected to put any money denomination upon
wheat ; he let it find its market 'value; and by a

parity of reasoning, he (the lecturer) asked
him, if he were a Free Trader, to let the
commodity, gold, find its level also.—(Applause.)
He, and those who thought with him, had
no objection that the sovereign should weigh 123
grains, and that the quarter loaf should weigh 4lbs. ;
but since we did not put a definite price upon the
4lbs. of ground wheat, neither should we put a de-
finite price upon the 123 grains of gold which con-
stitute the sovereign. Now, versed as his audience
were in business, he would ask them if they ever
looked into the price current to ascertain the price of
123 grains of gold embodied in a sovereign ?--(A
laugh.) They knew very well that it would always
pass. Let there be only 1,000 ounces of gold or five
millions in the Bank of England, 124 grains was al-
ways a sovereign. Not so with other commodities.
When a foreigner comes here and finds the price of
wheat 70s. or 803. per quarter, he would sell his
wheat at that high rate ; but when he looks around
the market and asks what is the price of
calico and cotton, he finds that taxation has raised the
price of goods, and says that it is an advantage
to sell, but not to buy in our market. He is
told that gold does not fluctuate ; he con-
sequently purchases as many sovereigns as he
can and takes them out of the country ; and
when that is the case the Bank of England is com-
pelled to contract its issue, aud—the mercantile com-
munity are compelled to pay high interest for the
notes. Now mind, th6y did not do so legitimately,
but they paid a high rate of interest, because a famine
of gold had been created artificially—(Applause)—
and this had been the case in this country repeatedly.
New there was a way of putting this, which he
thought would arrest the attention of every gentle-
man who heard him. It was a simple but effective
one. He never knew any human being who would
dwell enough upon the proposition who did not see
the destructive character of the legislative measures
adopted. They were all aware that an ounce of
gold was coined into four sovereigns. Now suppose
that they exported from the Bank of England
four million sovereigns, one million ounces of gold.
If that were to take place this week there would
be a disastrous panic in Lombard-street and Leaden-
hall-street, and so soon as the express train came
to Liverpool there would be a panic here. But sup-
pose, instead of a million ounces of coined sovereigns
being exported, a million ounces of gold plate, eqaal
in purity to sovereigns, were exported, it would not
produce the slightest disturbance in any part of the
country. Nay, if we were to pack up all the gold
plate belonging to wealthy families in the kingdom,
place the articles on board an American steamer for
the express purpose of having them sunk on the
broad Atlantic, not the slightest disturbance would
take place in any of the great marts of commerce.—
(Loud applause.) What, then, was the inference ?
'We were not inconvenienced because we sent away
wealth in the shape of gold, but because we sent
away our legal tender, we sent away our money, the
instrument of exchange. And when we were told—
as we were by the Times in 1847—that we were a
poor nation, that was why we were suffering. Sta-
tisticians tell us that we have in this country six
thousand millions of wealth, but so many sovereigns
do not exist upon the face of the earth. We were told
that we were a pauperised nation, and were driven to
extremities, simply because we had got rid of a few
thousand ounces of gold. This he took to be the
most monstrous fallacy that ever was palmed
upon an intelligent people ; and how, he might be
asked, did he account for its existence ? Simply
and solely because the merchants of Liverpool, for in-
stance, and the merchants of all the other ports of
the country bad not permitted their minds to dwell
long enough upon the subject. There was an ex-
cellent remark some time ago in the Liverpool Stan
lard. Gentlemen it was said were asking whether
there would be a good crop of wheat, of cotton, or of
sugar ; but none of them think of asking whether
there will be a good crop of money.—(Laughter and
applause.) Now, it was a remarkable thing that al-
though money was the good half of a bargain, his
mercantile audience, who were very astute and
shrewd, and who would be offended if they were told
that they did not look at both sides of a question, yet
looked at only one side of this question. There was
one mode of illustrating the subject,which he thought
must come home to the minds of the gentlemen whom
he had the honour to address. He had frequently
compared our moneyed system to an inverted pyramid.
When Lord Ripon, formerly Mr. Robinson, was
Chancellor of the Exchequer, Mr. Neatham made a
calculation showing, that when the country is pros-
perous, there are 300 millions sterling of bills of ex-
change and promissory notes constantly floating.
Now, this was the credit superstructure. On what
did it rest ? It rested upon the basis of 30
millions of gold; consequently a million of gold
sustains 10 millions of credit circulation. Knock
away 10 millions of gold, and 100 millions of credit
would fall ; take away 20 millions, and 200 millions
of credit would fall ; but if they took away 30 mil-
lions of gold (a miserable sum, not more than one-
half of our annual taxation), the whole country
would be reduced to a state of barter; there was not
a single instrument of exchange by which we could
buy or sell.—(Applause.) Now Mr. Jones Loyd was
a great authority on these subjects—(Laughter)—or
considered to be so. Unfortunately he had had an
influence most pernicious, in the opinion of the
most competent merchants, on the determinations
of the Legislature ; but in order that his audience
might judge of the real merits of that gentleman as
a reasoner, he should just read to them a short ex-
tract of the evidence which he gave before the Bank
Committee in 1846, and they could then decide for
themselves whether a banker, coming to such con-
clusions, was a fit guide to gentlemen extensively
engaged as they were in trade and commerce. if
they said that the answer which he gave to the ques-
tions which were put were rational, then he cer-
tainly must say that the opinion' which he enter-
tained of Liverpool wisdom would be much changed.
—(Laughter.) He was asked by the Committee :
" Do you think that the internal trade of the
country should be regulated and maintained by
as steady and equable prices as possible ?" And to
this he answered, "The idea of regulating the trade
of the country by equable prices, I might say so with
proper deference to the Committee, seems to me to be
nonsense." Now he denies, they would see, that we
ought to have equable prices ; he thinks that we
ought to be in a state of spasm, sometimes very high,
sometimes very low; so that our merchants must in-
dulge no hopes of steady business, but become a race
of gamblers and speculators.
The next question was :
",By the Committee—Have you ever considered what
would be the effect upon the minds of the industrious
classes if their wages fluctuated with the exchanges; or
what would be the feeling of the internal trading com-
munity towards the solo bank of issue were their stocks
to be subjected to sudden depressions by the sale of
foreign stock, or the payment of the instalment of a
foreign loan occasioning temporary depressions of ex-
changes? Mr, Jones Loyd—l must admit that I have
never reflected upon such topics, because I am quite
sure that if I was to make the attempt I should only
lead my own intellect into great confusion, and come
to no satisfactory or useful result either to myself or to
the community."
Now it was impossible that his intellect could be in
greater confusion ; but one thing was certain as a
practical result, that although panics had taken place
from 1816 to 1819, the great panic of 1825, and the
panic of 1837, 1839, and lastly, the panic of 1847
although these panics, it was well known, bad caused
in their aggregate a greater loss of property to the
merchants of England than would pay off the national
debt, yet it was equally certain that Mr. Jones Loyd
had been no sufferer during these convulsionso
(Hear, hear.) The system tad been extremely
ad-
vantageoushenoegoalittoyhoimf
been a great advantage if he had told that there
fusdiscounting
should be no inequality in the rate o
Praincedswinhe
evidence of Mr. William Brown, that theitt there
would should
haveou l d
but that there was
in-
terest not only rose to 9 per cant.,
cent. given.
a commission of 12 and even 20 per
course, no bills—(Applause)—for they bad it in 1847r,autpeoonf betnh
the
emsaari
etthsa,
These were enormous sums, which, of
Now,
legi-
timate business could possibly stand.
to Mr. Hume,
hap-
pened iu this year of 1847 ? .According
than 500 millions
not less
a tolerably good calculator,
Why lost ? Be-
country.
of property was lost to this
ns went over to
what
cause four millions of coined sovereigns
snio
tel
notes immediately,
? It and
was
Hear.) The lecturer fur-
therproduced the calaraity.—(
the evidence of the Governor of the
quoted from
itN New
a York.
simply Butthe theyoter came mtreabdeseokf the country which
payment simply because it could
coffers at that time, and asked why s iou d the Bank
ct its issues and take the chance
setoonptra
not control the demand of gold for
Bank of England to show the scarcity of gold in the
of further demands not being made upon it. Yet
ocfomEpneglllaedndto
such was the desperate condition of affairs that on
the 25th October, after a vast number of West India
and other houses had failed, the Government began
to relent. It did not relent till it had seen the sa-
crifice of some of the oldest and most experienced
merchants in the country ; but so soon as the danger
was imminent, so soon as the water was rising to the
Russell and Sir Charles Wood stepped in and height of the Bank of England, then Lord John
sus-
pended the Act of Parliament which bad caused the
loss of millions and the ruin of thousands. It WAS