The Sun.
London, England, 1857-12-01 00:00:00

LLOYD'S SNIPPING•--{mss Day.)

OFF MOUNT'S' B
..-0.---
LONDON, Dac. I.—Wind this day A noon, S.E. ;
light breeze and hazy.AY,
burg, from Mexico for Bremen ; lon, from Quebec for
Chatham, short of provisions.
QUEENSTONVN, Nov, 29,—Wind 8.--Arrived—Kath-
leen, from Prince Edward's Island.
__. 1 --Sailed—
EAsT HARTLEPOOL, Nov. 29, -- w riv... —.-
Nov. 29.—Arrived—Stadt Alden-
Manaune, fur Gibraltar.
E.N
PLYmoUrn, Nov. a 1 --)Viud
Huat,h,..r BA, from London, and sailed for Hobart Town ;
Scotia, from Miramichi for Hull. .E.—Arrived—

(PEE ELECTRIC! T2LEGRAPFL)
LIVERPOOL, Tuesday Morning.

—..--- _
S,iled—PelLano, for Ganoa ; Agatha,
Wind S.
Arrived—City of New York, from New York.
Bat a,v ia.
QUEENSTOWN, Nov. 29.
Arrived—Evergreen, Devon, and Olive, from Quebec;
Othello, from Alexandria. and Maria, for

(BY SUBMARINE AND BRITISH TELEGRAPII.)
Electric Flash,
Wind S.E. • tide second how's flood' weather cloudy.
Sailed—On:tar Pasha, for Sydney; Fearless, Hong Kong;
Jersey. Dec.' Dec. 1, 9 ~~•
GRAVESEND. 'Tuesday, 9 30 a.m.

Wind
her moderate. St. Kitt's' for
Passe l—Cine Elizabotb, from
London.
Sailed— Don, for Shields.

PUBLIC MEETING AT EAST R,t;TFORD TO
PETITIOY AGAINST THE BANK
CHARTER ACT.

A public meeting of those opposed to the mone-
tary systeM established by Sir Robert Peel's bills of
1819 and 1844, was held at the Town Hall, East
Retford, on Saturday last, (Nov. 28) at half past
three o'clock. The fact of its being market-day,
though convenient for the farmers, made it nearly
impossible that those engaged in trade could be
present. There was, however, a highly respectable
and intelligent audience including most of the
principal" farmers in the district. Among those
present we observed—Mr. Councillor Wilkinson,
(in the Chair); the Rev. J. Twells, (Rector of
Gamston) ; Mr. Enoch Hodgkinson, Mr. F. White,
Mr. Robert Baker, (Gamston) ; Mr. R. J.
Rogers, (Gamston) ; Dr. Timm, (Scrooby House),
E. Chapman, Esq., Mr. J. Allison, Mr. George
Kelk, Mr. J. White, (Babworth) ; Mr. J. C.
Payne, (Ordsall) ; Mr. John Walker, (Matterseys) ;
Mr. Johnson, (Blaco Hill) ; Jacob Ogle,
Mr. J. Wightman, (Elksley) ; Mr. J. Lester,
(Babworth) ; Mr. S. White, (South Leverton) ;
the Rev. C. Lee, (Hexham) ; Rev. A. Brook,
(Vicar of East Retford) ; the Rev. C. D. Butter-
field, (Rector of West Retford) ; the Rev. H. C.
Mitchinson, the Rev. W. A. Plumptree, Mr. A.
Liller, Mr. Bryan Clarke, (Tuxford) ; Mr Rose,
Mr. Cooper, and Mr. Knight, (Elton); Mr.
Pinder, (Bellrnont) ; &c., &c.
On the motion of Dr. Tfsum, seconded by Mr.
G. CHAPMAN, Mr. Councillor Wilkinson was called
to the chair.

The CHAIRMAN then spoke as follows :—This
meeting had been convened for the purpose of con-
sidering. the propriety of petitioning Parliament in
favour of the revision of the Bank Charter. He
regretted that, owing to professional engagements,
the mayor was unable to preside at that meeting.
Many people were unwilling to engage in any move-
ment respecting the monetary laws, on. the plea
that they did not understand them. It must be
admitted that the question was of a difficult and
complicated nature, and multifarious in its relations
and influences ; but he did not consider that because
a question was difficult fully to understand in all
its details, that therefore it should be neglected.
(Hear.) VV Who, for instance, understood thoroughly

the physiology and pathology of the human vs--
tem.? If we had any disease or pain, our ignorance
of the functions of the human body did not prevent
us from applying to the doctor. (Hear, hear.) This
is the case with the Bank Charter Act. It has
twice been proved to be in a diseased condition,
the main principle of the act having been suspended
in 1847; and again in 1857. It was quite evident
that an act twice broken cannot be maintained—
(hear, hear)—and he should therefore say that the
Charter should be so altered or revised as to be
tantamount to a repeal. Now that we have got
free trade in corn, the restrictions and monopolies
of the Bank Charter Act ought not to be retained.
We ought to have free trade in money as well as
in corn and other commodities. (Cheers.) He
thought that it was high time the bullionist power
should be placed within proper restraints, and no
longer be permitted to disorganise the finances of
the country and spread ruin over the laud.
(Cheers.) The chairman then called upon the Rev.
John Twells to move the first resolution.
The Rev. JOHN TWELLS, on rising, said—lt is
now seven years eine° I had the pleasure of addres-
sing you in this hall on the subject of the currency.
I cannot, therefore, be justly accused of obtruding
myself unnecessarily on your attention ; indeed, J.
may rather claim the complitn.ent paid by the French
gentleman to the English traveller,—"This gen-
tleman apparently has a great t dent fur silence."
Since that time events of great importance have
taken place, which have excited the interest and
called out the energies of the English people to an
unwonted extent ; and with regard to the monetary

question an event' has occurred, more remarkable,
perhaps, than any which has happened for many
centuries. I mean the unexpected and extraordi-

nary rEscoveries of gold in California and Australia.
The gold yield of the Ural Mountains in Russia,
which had it' a short period i ucreased from 2, 000,000/.

to 4,000,0001., had excited much speculation as to
the effect to be produced by this increase of gold.
In 1848 it was announced that gold had been found
in California, and in 1850 the amount produced
was 5,000,0001. ; in 1851, 8,000,0001. Gold was
discovered in Australia also in 1851, and in 1852
no less than 9,735,9031. was exported. In 1853,
10,445,7001.; and the production has continued to
an undiminished extent up to the present time.
It may be concluded, therefore, that the enormous
amount of something like 150,000,0001. of gold has
been thrown into the markets of the world by the
discoveries in California and Australia. One of the
first effects which we can ascertain (and I must
mention that we are greatly assisted in these in-
quiries by the, information compiled from official
sources by the Economist), is the displacement
of a large portion of the silver coinage of
France by gold. In the four years before 1850
the silver coined at the mint in Paris was at
the rate of 3,873,0001. sterling annually, while
during the same time the amount of gold coined
was only at the rate of 767,0001. annually, that is
the proportion of gold coined to that of silver was
about one-fifth ; but the change after 1850 was most
remarkable. In -the six years which follow, the

silver coined was only at the rate of 1,566,0001.
annually. During the same period the amount of
gold coined increased to the unprecedented sum of
10,820,0001. annually. 1n 1854 and 1855 the
change was still more extraordinary, the gold coined
in Paris being of the value of 36,500,0001., while
that of silver was only 985,0001., that is rather mot e
than thirty-six of gold to one of silver. The total
amount of gold coined in France during the six
years from 1850 to 1855 was 64,940,0001. sterling.
During the period from 1851 to 1855, it may be ob-
served that gold was coined at the London Mint to
the amount of 38,254,000/. Now, under the cir-
cumstances of this extraordinary production of gold,
an appeal to Parliament to alter or even to consider
the reformation of the monetary system appeared
hopeless--;-we were told on every side that the gold
discoveries would solve the difficulties of the cur-
rency question, and insure the prosperity of the
nation. The aver age rate of interest for money was
to be, according to the Times, 3i per cent. The
only difficulty was what to do with this enormous
influx of gold Was the Bauk to be relieved from
buying it Y Should Si, notes be withdrawn from
circulation 1 Should the quantity of gold in the
sovereign be doubled ? How were we to dispose of
our great, our increasing, our superabundant me-
tallic wealth ? In April, 1852, the Times, after
mentioning that the rate of discount for the best
paper bad for a considerable time ranged between
1i and 11 per cent., said—".
The absence of a coura-
geous spirit of enterprise (this is what they now
call over-trading and reckless speculation'),
is the penalty that has weighed down the
country ever since 1847, and the old feeling
of healthiness (which the Times now calls the spirit
of the "clashing speculator") wilt not be restored
except by the difficulty of obtaining any return for
capital in the routine channels (which it now calls
"the slow profits of honest industry"), coupled
with apprehensions of a possible further lowering
in the interest of the public debt." The amount of
, gold in the Bank of England was then about
20,000,0001., the currency consequently expended
the rate of interest, as was observed, under 21. per
cent , and this short-sighted writer has added his
mite of encouragement to stimulate the over-specu-
lation, which the necessary. consequence of such a
state of things. (Cheers) In July, 1852, the
amount of gold iul the Bank rose to not less than
22,042,6831. , The Stock-Tor bullion being in excess
of the amount of 'Bela notes in the hands of the
public by 700,128/. In Nov. 17i tons of gold ar-
rived in London within a week. In July, 1853,
the First Minister of the Crown, Lord Aberdeen,
in his speech in the City, referred to " the bright
prospects which he saw at that time throughout
the whole of t .e country," and spoke of its pros-
perity, happiness, and degree eif progress as alto-
gether unparalleled. He (Lord Aberdeen) attri-
buted it to the enlightened system of financial and
commercial policy of the late Sir Robert Peel. Lord
John Russell spoke of free-trade "as having con-
duced most materially to wealth, prosperity, and
comfort of the great body of the people." These
statements were loudly cheered by the good citizens
of the City of London. In the meanwhile, as my
agricultural friends around me will remember, and
I am most happy to think that they have it to re-
member, the prices of agricultural produce bad
reatly improved. Wheat, in Oct., 1853, sold at
Uxbridge at 100 s. per quarter, this was, of course,
of the first quality; in 1854 and 1855 it com-
mended. from 80e. to 903. per quarter.
I find that I sold wheat myself in 1855
at 02s, per quarter. Now, during this period
of prosperity I considered it my duty to
give the whole subject a careful reconsideration.
Some of my friends leis mane on the currency
question than myself began to believe that although
Peel's system was a bad one the wonderful effects
of the gold discoveries would interpose an effectual
remedy. It is eisy to be wise after the event.
I, therefore, am glad that I wrote dows_ during
tits period of prosperity the deliberate convictions
of ti,y own mind, because I find that I then ex-
pressed in the most decided possible language a
conchs=iou at which I had arrived that even the
gold discoveries could not remedy the evils of our
unsound, unphilosophical, and most injurious mo-
netary system. (Cheers.) I find that I then said
that "not even gold could prove a substitute for a
geed monetary system." " That if our gold impor.
tations fail, our vaunted prosperity. would vanish
like a di eam ;" and " that gold was not the Her-

ctilcs to extricate us from our difficulties." I
mention these, and I might refer to scores
of similar observations, not in a spirit of
self-laudation, to show that the*principles which I,
in common with all sound currency reformers, held
of the unstable character of Peel's fair-weather-
money system, were firmly retained at the time
when that system was supposed to be most pre-
eminently successful. (He ir, hear.) A change
was then approaching ; as early as 1853, the drain
of silver began to manifest itself. It is not neces-
sary for my argument that I should be able fully
to account for that drain. One reason undoubtedly
is, that the great discoveries of gold had un-
settled the relation which, on the continent of
Europe, previously existed between the value
of gold and of silver. In France the ancient
relative value of gold to silver—namely, that of
one to fifteen and a fraction is retained, although
in our own country and in America the relative
value of the metals in the coins has been altered.
Silver became, therefore, a'profitable article of com-
merce in relation to gold. It paid the merchant to
purchase silver five franc pieces in France with gold,
and to export the silver. He knew by the figures,
to which I have previously referred, that this pro-
cess had been going on in France, and that a large
portion of the 100,000,000 of silver coin, which was
estimated to constitute the silver coinage of that
country, has been displaced by gold coin. Large
importations of silver have been for several years
past taking place to India and China. Now, to
supply the place of the silver coinage which has
been withdrawn from circulation, and to satisfy the
large demands for silver in the East, it has become
necessary to withdraw gold from this country. We
find, therefore, that th continued arrivals of gold
from Australia have for the two or three past years
been barely sufficient to enable the Bank to retain
an. amount of bullion adequate to justify in supply-
ing the country with the necessary amount of paper
circulation. At the commencement of this year it
therefore became necessary to attempt to check the
drain of bullion by a rise in the rate of discount.
On the 3d of April the rate was ra;sed. to 6 per
cent. ; on the 18th of June it was reduced to 6 ;
and on the 15th of July to 54 per cent. On the Bth
Oct. it was again raised to 6 per cent. ; and on the
12th Oct. to 7 per cent. ; and the effects of the
American panic—a panic principally caused by the
defective monetary system of that country, where,
as in England, the mistaken policy of the
. bullionists prevails—caused the rate to be raised,
on the 19th October, to 8 per cent. ; on the sth of
November to 9 per cent. ; and on the 9th to 10 per
cent., at which the highest legal rate probably ever
ex icted by the creditor class from their debtors in
this country it now remains. (Hear.) On Thurs-
day, November 13, the Bank Charter Act was sus-
pended, by a letter addressed by the Prime Minis-
ter and the Chancellor of the Exchequer to the
Bank. We meet together to-day, therefore, under
this peculiar state of things, that the Bank Charter
Act is suspended, and the convertibility of the note
for the time abrogated. Parliament has been un-
expectedly called together at a very short notice to
deliberate on the steps necessary to be taken in
conseqUence of this infringement of the law of the
land. Now it was said in 1844, by Mr. Jones
Lloyd (now Lord Overstono), who is, as you know,
one of the principal promoters and supporters of
Peel's monetary system, that the Bank Charter
Act of 1844 "has been justly described by its
author as the compliment of the Bill of 1819, as the
further step which was necessary to render that
measure complete, and to give to the public every
possible security for the effectual maintenance of
specie payments. This is the true object of the
measure ; and by its efficacy or otherwise in this
respect, the success or failure of the measure ought
to be tested."

How then stands the question with regard to the
Bank Charter Act ? It was suspended by a lett(r
from tl.e Minister: n 1817. On an inquiry into the
circumstances of that suspension it was decidedly
condemned by a Committee of the House of Lords,
and it only escaped a similar fate in the House of
Commons' Committee by the accidental, though
unavoidable absqnce of two members of that Com-
mittee. Of the 17 witnesses examined before the
Committee of the House of Commons, in 1848, 13
condemned the Act, and four witnesses supported
it. Among its four supporters were three directors
of the Bank and Mr. Samuel Jones Lloyd. Among
those who condemned it were the late Mr. Samuel
Gurney, the first money-dealer in Europe ; Mr.
George Carr Glyn, the eminent London banker ;
Mr. Bates, the head of the house of Baring,
Brothers, and Co. ; and Mr. Birkbeck, the re-
cognised representative of the country bankers of
England. At this time Lord Ashburton (formerly
Mr. Alexander Baring), a far higher financial
authority than Lord Overstone can presume to be
considered, prouounce3, as his judgment, that the
Bank Charter Act " was a great experiment which
had signally failed." (Hear, hear.) But it is con-
demned by more important evidence than any yet
cited. It is condemned by the fant„ it is comiciintied
in the very test Ns hich Lord 0 verstone propounded,
namely, its efficacy in giving to the public " every
possible security for the effectual maintenance of
cash payments." What was the state of the Bank
of England on the 23d of October, 1847, as to the
effectual, maintenance of cash payments ? It was
this :