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

. . • _ _ -
s
N°.18,303.1 LONDON, THURSDAY v E
,c,‘
uN7 MAY 22 1851.

NATIONAL LOAN FUND LIFE AND
EQUITABLE FIRE INSURANCE COMPANIES
26, CORNIIILL, LONDON.

DIET.CTOES.

t*T. LAMIE MURRAY, Esq., Chairman.
*W. A. B. Bennett, Esq. *John Rawson, Esq.
*Hugh Croft, Esq. •John Shaw, Esq.
tElliotson, M.D„ F.R.S. tsEdinund S. Symes, Esq.
*Ralph Gough, Esq. t*Clement Tabor, Esq.
*M, C. Maher, Esq. Joseph Thompson, Esq.
*John Moss, Esq. t*Augustas Vigne, Esq•
AUDITOR.
fProfessor Wheat.tone, F.R.S.
fJ. Elliotson, M.D„ F.R.S„ 37, Conduit-street.
SURfIEON.
t.E. S. Symes, Esq., 77, Grosvenor-street, Grosvenor-square.
ACTUARY.
t'W. S. B. Woolhous,?, Esq., F.R.A.S., &CS,
SECRETARY.
*D. T. Lyons Clanchy, Esq.
SUPERINTENDENT.
*W. A. Hawkins, Esq.
BANIIERS.

t*Messrs. Glyn, }lalllfaz, Mills, and Co., 67, Lombard-street.
sOLICITORS,
Messrs. Sutton, Ewens, Ornmanney and Prudence, 6, Baslnghall-

street.
*W. Tatham, Esq., 22, Throgmorton-street.
NATIONAL LOAN FUND L (FE OFFICE.
CAPITAL—SOO.OOOI.

The WITHDRAWAL TABLE of the Society affords to the As-
sured the greatest possible present and prospective advantages that
can be conferred by Life Assurance. On this Tab'e 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 by
simple endorsement thereon ; or the half Premium may be with-
held during the whole continuance of the Policy. Also, in the
event of the Assured at any time not requiring to continue the
Policy, on its surrender one-hall of the annual payments will be
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 Assignment of Policies registered and acknowledged,
so as to make them available as securities la the hands of
third parties.
No Entrance Fees or any other charge beyond the Policy Stamp.
The present mum' 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 profit, applicable to Mare bonus to
the Assured, amounts to 82,45.11. 55. 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 snm assured by
each Policy varying from 20 to 65 per cent.
EXAMPLES OF BONUSES ALREADY DECLARED.

4, Re-
idPenna-
.d Annual !Polley Bonus In nent
c
Age., 5.,...4 Pre- taken addition Bonus in duction of
1,, ;,- mimes. ent in to sum Cash. Annual
,7) Assured. Premium.
- - -- -
X s. d. £ s d. £ s. d.
1837 292 6 9 139 16 9 22 13 1
1838 267 11 4 126 17 2 19 19 7
i 1839 241 18 6 113 17 7 17 8 8
I.tl JS s.d. 1840 193 12 6 93 16 8 14 010
60 11000 74 3 4 1841 j 189 12 6 89 510 13 811
1842 162 16 8 76 18 4 11 8 3
1843 . 115 10 10 55 10 10 8 1 10
1844 77 19 2
38 15 10 5 9 11
1845 66 15 0
44 10 0 4 10 1

Extensive Travelling LeaV° granted without extra Premium
Moderate extra Premium for Residence in Tropical Climates.
EQUITABLE FIRE OFFICE.
Capital-500,0001.
(Incorporated under 7 and 8 Vict., cap. 110.)
The leading principles of this Office ara—Moderate and equitable
Rates of Premium for each class of risk—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 are more the result of guess
than 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 approximation to the
true risk be made. To secure this object the Equitable 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 applied.
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 propertioned 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 arrange-
ments as regards tariffs with other offices.
With this view an annual investigation will be made into each
class of risk, and a return of one moiety, or firty per cent. of the nett
excess will be 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 Pronerty on moderate terms.
Farming gtock 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.

Nati.nal Loan Fund Life Assurance Society.
* Equitable Fire
f* Both Offices.

CATHOLIC LAW AND GENERAL LIFE
lJ ASSURANCE COMPANY,
8, NEW COVENTRY-STREET, LEICESTER-SQUARE, LONDON.
The FOURTH 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 claim', have arisen from deaths in England.
and but two in Ireland—one for 5001. and the other for 2801.—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 let of June, 1549, and
the 31st of :stay, 1850, was more than double the number issued in
the twelve months preceding.
Proposals were made for 138 Policies, amounting to 52,9631.25. 6d.:
of these 124, comprising 106 lives, were accepted for 45,1251. 6s.
%Ixteen Policies lapsed, representing 6,0491., upon which 3201. 3s.
was received by the Company in the shape of premiums.
Since the commencement of the Company to the let of June last,
assurances were effected to the extent of 110,9721. 125 6d., pro-
ducing in annual premiums 3,732/. 1 Is. 6d. Of these 54 lapsed,
amounting to 23,9101. 16s. 6d., of which the annual premiums wero
7411. Is., leaving the yearly income on the Ist of June last equal to
2,9911. 15s. I Id.
Since last meeting loans were applied for to the extent of 17,7001.,
but 1,1831. lls. ltd. 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, having appointed, as Stead Agent in France, Monsieur
de I'Etang, a gentleman of high standing In Paris, distinguished for
his integrity and ability 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 Immediate and Deferred.
After various resolutions, approving of the Report, and returning
thanks to the Right Reverend Chairman, Bishop 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.
HIPPODROME, Kensington, within Five Minutes' walk of
Cr}the stal 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 prcduce 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 will open at Five o'Clock, to commence at Six.
Private Box 1/. Is. Oth
Admission to the Reserved Seats - - 3s. Od.
First-class do.
Second-class de.
Third-class do. - - - - - Os. 6d. •
Ladies and Gentlemen taught the polite Art of Riding. gorses
Broken for the Load or Field.

DR. CULVERWELL'S NEW WORKS.
To be had of Sherwood, 23, Paternoster-row ; Carvalho;
147, Fleet-street; Mann, 39, Cornhill; or direct from the author,
price One Shilling each:, by post, Is. 6d.

ENJOYMENT OF LIFE.
" Mealth, Recreation, and rational Use of Time."
CosTErrrs:—Early Rising—Spring and Summer Mornings—Fa-
mrsions about the Environs of London—The Parks, Lanes, Hills,
forests, Fields, High-roads, and other pleasant places—Country
(rips and Ramtiles—The Sea—London at Night—Evening.. at Home
hiusie—The Drama—On Eating, Drinking, Sleeping, Bathing, Air,
test, Ease, Occupation, &c., &o.

FRAGMENTS FROM THE MOUNTAINS. Two Vols.
Volt
.. VISIT TO THE LAKES; SKETCH OF EDINBURGH, &c.s.
Vol. .

TZE LAKES 01 KILLARNEDUBLIN Y ,
; REMINISCENCES OF
&c.

WHAT TO EAT, DRINK, AND AVOID.
"That three seore years and ten our course may rnn."
A pepular review of almost every form (cause and cure) of ner-
iously-debilitated health and enfeebled constitution, that harasses
he young, besets the man of pleasure, business, er study, and em-
itters old age, with tables and rules for the diet and physical repl-
etion of every-day life.
Pit.

THE PASSIONS.
" 'What passions hurt the body—what improve,
Truths as relined as Athens ever heard."
drorror : -Lite's pilgrimage, from infancy to old age. The advent
af the passions. Chastity and its infringements. The casualties o.
dcentiousness and dissipation, with illustrations, graphic, narrative,
and remediative. Advocacy of eaVrly marriages.,
. _

TUE MARRIAGE STATE.
" To be or not to be, that is the question."
IIOOa.LEINE :—Laws and obligations of nature, society, and re-
dgien regarding marriage, to be observed by either sex. Time and
...holm), on both sides, as to age, temperament, complexion, and
figure, to secure healthy offspring, with the art of rearing them.
Physical defectiveness and its removal. Sterility and its conversion.
Oases, &c.
By R. 3. CULVERWELL, M.D. (1841), M.R.C.S. (1827), L.S.A.
1224). Twenty-five years Medical and Woronsic Referee in these
nreartinn bon./ daily till five. Cv•nings,..ven till nine.
12 A re.s.ll-n1 AVM Resent-atreet

DR. LA'MERT ON THE SECRET INFIRMITIES OF YOUTH
Italian, InAND MATURITY.
With Plain Directions for their Prevention and Cure.
FIFTY COLOURED ENGRAVINGS ON STEEL.
Just Imbdalied. in French, English, German, Dutch, Spanish, and
the Secret Intl
a Sealed Envelope, 25. 6d., or post-freo, from the
Author, for forty-two
and rnentala
SELF-PRESERVATION; E , ..., Stamps,
Medical -PRESERVATION; a
Treatise on the Physiology of Marriage, and on
the physical
usually acquired at" an Disorders of Youth and Maturity,
early period of life, which destroy
feelings, and exhaust the
powers, diminish and enfeeble the natural
Observations on the certain Prevention
energies of Manhood ; with Practical
Nervous Debility, Local and Constitutional
and successfill Treatment of
Stricture, and all Diseases Constitutional Weakness, Syphilis,
Indis-
cretion, as adopted by andladlem Derangements resulting from Indis-
of the faculty in Franco.an d, Ricord, and other eminent mem-
bersillustrating the Anatomy-, rys
With Fifty coloured Engravings,
Re-
productive Organs, explaining theii?gY, and Diseases of the Em-
end the various injuries that arebtraetures, uses, and functions,
habits, excesses, and infection. produced In them by golltibry
toted throtigh secret practices acquired ba youth, or by the excesses
of later years, whereby time pleasures of life are marred,
ceasing misery and regret. the objects
Published by the Author, and may be had of J. Gilbert, 49, Pater-
noster-row ; llannay, 63, Oxford-street ; Starie, Titchborne-street,
Ilaymarket ; Gordon, 146, Leadenhall-street ; Mann, 23, Cornhill,
Or free by poet for forty-two stamps, from the author's residence, who
BY SAMUEL LA'MERT,
El, BED FORD-8 QTJAR M.D.
111:gtor of hiedicine, Matriculated Member BEDFORD-SQUARE.
LONDON. .
burgh, Ilenorary Member of the London II:he University of Edin-
Licentiate of Apothecaries' Hail, London,
_,espital Medical Society,
Medical Society of Edinburgh, &c., &c. Di mber of the Llunterian
This work contains a plain and complete description
ana-
tomy and physiology of the reproductive organs,and
tt of the
conditions in health and disease. The author, who h heir relative
highest medical honours, as evidenced by the diplomaaasanrken the
nials inserted in the work, is the only legally qualified medicaltimma°e"
who has exclusively, and for many years, devoted his studies to
treatment of these complaints. Ile may be consulted vi ith ado-
vantage by all those whose constitutions may have become debili-
of marriage frustrated, and existence itself rendered a term of un..
any be consulted on thud disorders personally, Or by letter, daily,
tits ta4 $l4 tit% IO from Os till "it`

OFFICIAL CATALOGUES.
Advertisements intended for the Second Edition of 100,000
Copies should be sent to the Contractors imme 'lately.
SPICER BROTHERS, Wholesa e Stationers.
WM. CLONES and SONS, Printers.
29, New Bridge-street, Blackfriars, and at Hyde-park.

Foucault's Recent Experiment, De nonstrating the Rotation of the
Earth, is shown Mornings and Evenings at the
RoyAl, POL YTECHN IC issTrrunoN
Important Deposits by the Gas-fitters' Association, illustrat-
in! the economical application of Gas for Cooking and various other
purposes.—lectute by Frederick Chatterton, Esq., on the History
of the Harp, from the time of the Egyptians, with Vocal Selections
by Miss Blanche Younse, R.A. or Music, and illustrated by Drawings
of the Harps of various Nations.—Lectures by J. 11. Pepper, Esq., on
Chemistry, with brilliant experiments; and on Natural Philosophy by
Dr. ltachhoffner.—Two splendid Series of Dissolving, Views : —One
illustratin: the Holy Land, painted by Charles Smith, Esq., &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.
(Sole Lessee, Charles Emile Laurent, jun., 57, Brompton-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
sine and terminate at Half-past Eleven o'clock precisely.
.Admission, One Shilling.

BLAIR'S GOUT and RHEUMATIC PILLS.
The following testimonial is another proof of the great effi-
cacy of this medicine :
" 157, New 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 RHEUMATIC PILLS,
I feel that I am but performing a duty to that portion of the public
who may be similarly affected.
" About Meaty 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 those who know some-
thing of this disease.
" It was during one 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 paha 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., &c., BLAIR'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, notwithstanding its being
one of the busiest 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, De ,
was in the chair, and among the gentlemen present
we noticed T. A. Bushby, J. M. Braga, Jas. Ryder,
W. S. Colebourn, H. Littledale, J. Torr, Chas.
Robertson, W. Watson, S. Boult, C. Logan, Jos.
Brereton, S. \V. Shand, Isaac Buchanan, Hender-
son, Jas. Harvey, Thos. Smith, Henry Wood, J.
Ilightield, \V. H. Wylie, Robt. Procter, F. Forster,
T. B. Grinston, J. Bingham, Yianno, E. Jones,
V. Higgins, H. J. Hampshire, Y. Witherby, F.
Pennington, J. H. Holderness, S. Rickman, J. 0.
Johnson, Jno. Faram, C. E. Rawlins, jun., R. Duck-
worth, F. P. Sleddon, H. Grazebrooe, jun., J. Dom-
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 best 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. Dtrecere 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 having 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, but of all the people connected with our
very extended colonies.—(Hear.) 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 slowed 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. He slid—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 had 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-
tained, those losses amounting, in one year, to forty
millions of property. Mr. B. Smith was chairman
on that day; sad in opening the business he said—
" At that time resolutions vrere adopted by the Cham-
ber that these sufferings had come over the country
while we had been in the possession of the blessings of
peace, ample harvests, and mitigated taxation; but they
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
upon the whole community; and the directors might, as
their predecessors had done, resolve that they were un-
able to find any rational, cause fur the recurrence of such
adversity. But they felt that it would be departing from
their duty if they took Sicrh a course. They found there
were causes, and that thee° causes were the erroneous
management of the currehey by the Bank of England."
Now that was the charge they brought, and how the
Bank operated to produce those disastrous effects
was explained in the next paragraph which he would
read
Towards the close of 1836 the stock of bullion in the
Bank had fallen to little more than four millions; whilst,
at the same time, it was indebted to the world upwards
of thirty millions for its circulation and deposits. The
directors now determined to check the drain upon their
coffers, and to increase their stock of bullion on hand.
by reduced prices of' supply of gold
It bad been stated, upon the authority of the Bank di-
rectory, in a memorandum presented to the Committee
canof
be
theil
procuredo e of Commons in
abroadin onlylB3 2,
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
per cent. This step on the part of the Bank directors
caused,' to quote the words of Mr. Horsley Palmer in
his pamphlet, a moral apprehension in all prudent
minds that there was mischief abroad, and created an
effect more powerful than the actual advance in the
value of money.' In other words, it caused a panic."
The significant part of this paragraph was this, that a
supply of gold could be procured from abroad only by
the reduced price of commodities. Well, the
Bank of England bad to get 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
be could make to return the abstracted metal. But
in the meantime Manchester suffered, and suffered, as
she says, to- the extent of forty millions. Now, the
quarrel was with the Bank of England, and that the
Bank of England when prices were high would not
keep acconaolating 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
foi'every note which she shall issue, must have gold.
Tfi6 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
mooez.—(Applause.) Now, Mr. Cobden says—
" Talte a definite quantity of wheat—call it a quarter
--divide
price,but merely a
question of weight and division.. So far he agreed
wbushels , beta intoith him. " Now, take the parallel. Take van_
it eight
no
fi equal a
of parts, and call them
is
tity, of gold—call it an ounce—divide it into four,
and'call each a sovereign ; here, he said again, there
was nothing but the process of weight or division."
But here was his fallacy. No money value was put
upon the quarter of wheat or the bushel, but in gold
a money denomination was put upon the ounce, and
the law says that 123 grains of gold shall always
pass for 205.—(Hear.) Now, putting a money de-
ndmination 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
bad 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
thhtohas
ate t t whohteh
eq u
as
ro
ttveherr)
eulioggahoft
should s
hwo
itlhd
weigh
wh
commodity, gold, find its level also.—(Applause.)
l
igro ea
ins,b j ncdt
andio nt
iemiB.,4h blhs24. 34;
but since we did not put a definite price upon the
41bs. 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 80s. 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, and the mercantile com-
munity are compelled to pay high interest for the
notes. Now mind, they 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.
Now 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, equal'
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 eur 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 had not permitted their minds to dwell
long enough upon the subject. There was an ex-
cellent remark some time ago in the Liverpool Stan
dard. 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 wh.,m
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 bad 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 be 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 sole 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, had 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 convulsions
(Hear, hear.) The system had been extremely ad-
vantageous to him, and when he said that there should
be no equality of prices in the markets, it would have
been a great advantage if he had told us that there
should be no inequality in the rate of discounting
bills—(Applause)—for they had it in 1847, upon the
evidence of Mr. William Brown, that the rate of in-
terest not only rose to 9 per cent., but that there was
a commission of 12 and even 20 per cent. given.
These were enormous sums, which, of course, noegi-
timate business could possibly stand.
Now,
w
hap-
pened in this year of 1847 ? According to Mr. Hume,what
a tolerably good calculator, not less than 500 millions
of property was lost to this country. Why lost ? Be-
cause four millions of coined sovereigns went over to
New York. But they came back
the im
mcoediateluntryyW and
hich
it was simply the internal trade of
Produced the calamity—(lleac.) The lecturer fur-
ther quoted from the evidence of the Governor of the
of gold in the
Bank of England to show the scarcity
coffers at that time, and asked why should the Bank
of England stop Payment simply because it could
for its noteslt war,
not control the demand of gold ?
compelled to contract its issues and take the chance
of further demands not being made upon it. Yet
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
height of the Bank of England, then Lord John
Russell and Sir Charles Wood stepped in and sus-
pended the Act of Parliament which had caused the
loss of millions and the tuin of thousands. It was