The Sun.
London, England, 1850-10-17 00:00:00

W.
ISE PASSIONS.

-- -
"4 What passions hurt the body—what improve,
Truths as refined as Athens ever heard."
SUBJECT • -Life's pilgrimage, from infancy to old age. The advent
of the passions. Chastity and its infringements. The casualties of
licentiousness and dissipation, with illustrations, graphic, narrative,
arid reruediative. Advocacy of early marriages.

THE MARRIAGE STATE.
lizion regarding
" To bo or not to be, that is the question."
Plocamtnni—Laws and obligations of nature, society, and red-
choice, on both sides, as to age, temperament, complexima, and
figure, to be observed by either sex. Time and
flgure, to secure healthy offspring, with the art of rearing them.
Physical defectiveness and its removal. Sterility and its conversion.
uses, Ece.
By R. J. CIILVERWELL, M.D. (1841), M.R.C.S.
(1824). Twenty-live Years Medical and Forensic Referee in these
hours daily till five. Evenings.
',natters. Recentie seven till nine.
10 tirgyil.piace (1827), D.B.A.
, a (went-street

CORN AND CURRENCY.
THE MARKET BOSWORTII FARMERS'
ASSOCIATION.
(From the Leicestershire Mercury.)
As we briefly stated last week, the members of this
association commencemed their autumn session by
considering how " the currency affects the interests
of the agriculturists of Great Britain." Mr. R.
Smith, of Sutton Cheney, was in the chair.
Mr. N. Guam moved the first resolution, as fol-
lows :—" That the question of the currency is one
which materially affects the agriculturists of Great
Britain, and becomes indispensably necessary to be
considered since the principles of free trade have
been adopted." It might be asked, perhaps (said
Mr. Gimson), why the farmers should take up this
question ? what had they to do with it—and did
they understand it ? If they did not understand it,
that was because they had not yet studied the ques-
tion.—(Hear, hear.) As to its not affecting them, he
would remark that the farmers found, owing to the
reduction in the price of agricultural produce, that
they were paying 2/. for every 1/. they were receiv-
ing—(Hear)—and they all knew that our present cur-
rency system was based on the corn-law, which esti-
mated the average price of wheat at 80s. a quarter ;
that was, no foreign corn should come into this
country under 80s. a quarter. He did not mean
that the farmers received 80s. a quarter for their
corn under that law—(Hear, hear)—but that they
were supposed to be receiving 80s., and that their pay-
ments were based on that supposition.—(Hear,
hear.) They had now, however, to sell two quarters
for that supposed price of one ; and that being
the case, was it reasonable that the landed interest
should be called upon to pay two pounds where be-
fore they only had to pay one.--(Hear, hear.) The
other day, as he wanted a new coat, he went into a
tailor's shop to ask the price of one—he was told 50s.
He told the tradesman that money was a scarce com-
modity with farmers now ; but that he would give
him a quarter of corn for his coat.—(Laughter.)
The tailor, however, said no; the principle of barter
would not suit him ; and so (we understood) the bargain
was not struck.—(Hear.) These remarks were very
general, he was aware, and he refrained from going fur-
ther into the question as the Rev. Mr. Twells would
shortly address them at length,upon the subject. But he
(Mr. Gimson) would beg to remind the meeting that
they had a mighty struggle before them, for which
they must arm themselves well. They had justice on
their side ; their arms must .be the goosequill and
discussion ; and, clothed in a panoply of hope, assu-
rance, and indomitable perseverance, he had no fear
of the result.—(Cheers.) They had no corn-tax—
they would have no hank-tax.---(Renewed cheers )
Mr. BURBERY briefly seconded the resolution ; after
which the CHAIRMAN said he had now the pleasure of
calling upon the Rev. John Twells, of Perlethorpe,
Nottinghamshire, to express his opinion upon the
question now before the meeting.
Mr. TWELLS then rose and spoke as follows :—ln
venturing to appear amongst you, I must request
your indulgence, both as a stranger and as one
whose profession may appear to disqualify him,
in some respects, for taking a part in the public
discussion of the question which calls us together
to-day. I can unaffectedly say, that nothing but
an overwhelming sense of the importance of this ques-
tion to the country in general, and at this time more
particularly to the agricultural interest, would have
induced me, here or elsewhere, to have come forward
as I am now doing.—(Hear.) Yes, gentlemen, it is
a deeply rooted conviction of many years' standing,
founded on a deliberate and impartial consideration of
this question, and an attentive observation of the facts
of the case for the last thirty years, which has in-
duced numbers of thinking men—arguing from the
experience of what has happened in this country, to
abstract principles as to the causes of what they have
witnessed—to devote their time and energies to this
little-understood question : because we believe that
the interests of all, rich and poor, manufacturers and
agriculturists, are so deeply involved in it, that per-
manent prosperity can never (under any circum-
stances) be secured, till we have a thorough reform of
the present monetary system established by Peel's
Bills of 1819 and 1844 —(Cheers.) The resolution
which will be put from the chair for your adoption or
rejection, declares" That the question of the currency
is one which materially aflects the agriculturists of
Great Britain." And with respect to the importance
of the question to the agriculturists, and all other
classes, I beg to call your attention to the opinion of
the late Sir Robert Peel in his speech of May 6,
gc
contract,
public C1804,4re,
nooyn thßeilßl ahnek Csohyarst,ef, BTihlle.re Sipseaknion
public or private, no engagement, national or indi-
vidual, which is unaffected by it. The enterprises
of commerce, the profits of trade, the arrangements
to be made in all the domestic relations of society,
the wages of labour, the transactions of the highest
amount, and of the lowest, the payment of the na-
tional debt, the provision for the national expendi-
ture on the one hand, and the command which the
coin of the smallest denomination has over the neces-
saries of life on the other, are all affected by the deci-
sion to which we may come on that great question
which I am about to submit to the consideration of
the Committee." With this comprehensive and well-
expressed statement of Sir Robert Peel I entirely
agree. Money is one half of every bargain made be-
tween man and man. In early times, all traffic was
a matter of barter. Each man bartered the super-
fluity of what he possessed for that which he desired
to possess. But it soon became requisite to have some-
thing for which all should be willing to exchange
commodities. That something was called money. In
different countries various commodities have been
considered money, but the precious metals, as they
are called, gold and silver, have, from their portabi-
lity and durability, been generally adopted for that
purpose. One of the earliest instances on record
of a precious metal being a medium of exchange
is that of Abraham, with which you are all fa-
miliar. Abraham bought the field of Machpelah, of
Ephron the Hittite, the son of Zohar, for four hundred
sheckels of silver. This silver was " current with the
merchant," but it was not coin. "Abraham weighed
to Ephron the silver." The word sheckel comes from
the Hebrew shackal, to weigh. Calmet affirms that
the Hebrews had no coined money till Antiochus Si-
detes, King of Syria, granted to Judas Maccabwas
the privilege of coining money in Judaea. Now the
value; of any commodity—corn, for instance—would
depend on two things : the supply and demand of
corn, and the supply and demand of silver. And here
you will, I think, begin to see clearly how the cur-
rency question affects your interests. The farmer is
a manufacturer, so to speak, of corn and cattle. He
takes the superfluity of his corn and cattle to market,
and with them he buys money. He must possess
himself of money, for money is the only legal tender
for his rent, his taxes, and his debts. And hence the
farmers seem to me to have been much mistaken as to
their interests when they directed their attention
solely to the laws which were made about corn, and
entirely neglected to take into consideration the laws
which were made about money.—(Hear.) They
ought to have attended to the laws made about both.
For their interests are as much affected by the laws
made respecting what they buy, viz., money, as those
made about what they sell, viz., corn. In 1826, Sir
J. Graham, in his " Corn and Currency," said, " The
value of money is in the inverse ratio of its quantity ;
the supply of commodities remaining the same, in-
crease the quantity of money, prices rise; decrease
the quantity of money, prices fall. On the other hand,
the quantity of money remaining the same, increase
atvhnoi
iudi
sl rl
;ssthooiool
the quantity of commodities, prices fall; decrease the
shillingsoole tmsal makets
rmbe illustration.
tat
quantity of commodities, prices rise." I will endea-
hinwtoehdneilss.lai,:oiinlssfieh:unxdipplgeeolpihsrsnossatogtsinobe.goleedt,h.seftorilrellttahopdelmobapie.zlerotE,ohbaecenlohc,aavmluoessare,f.
wlooou,ldinecr The loaves remaining
200, and each loaf would
command two shillings ; decrease the number of shil-
lings to 50, and each loaf would then command only
sixpence. On the other hand, the number of shil-
lings remaining 100, increase the loaves to 200, and
each shilling would command two loaves; decrease
the loaves to 50, and it would then take two shillings
to buy one loaf.—(l-IZar.) Here, then, is the common
sense view of the currency question. If the quantity
of money in circulation be increased, the harvest being

an average one, corn rises—if the quantity of money
be decreased, prices fall.—(Rear.) A very bad or
deficient harvest, is an exceptional case ; corn
then rises to a famine price, from the scarce-
ness of the commodity, as, with a very abundant
harvest, it falls from the plentifulness of the gifts of
Providence.—(Hear.) How then do facts bear out
this theory of common sense ? There have been two
periods of great increase of money. One, in the time
of Q Teen El:z ibeth, from the discovery of the Atne-
skin mines; the other when Me. Pitt carried out
the system of a paper currency. What was the effect
of the increase of the circulating medium in Eliza-
beth's time ?. From 1499 to 1560 the price of wheat
was 10s. and 5-12ths a ' quarter ; from 1561 to 1601
wheat was 47a.5 1-33. a quarter.—(Hear.) What was
the cause of this enormous rise ? " The discovery of
the abundant mines in America," says Adam Smith,
" seems to have been the sole ceuse of this diminution
in the value of silver in proportion to that of corn. It
is accounted for accordingly in the same manner by
everybody ; and there has never been any dispute,
either about the fact or about the cause of it." How
few things are there about which Adam Smith, or
any other man, could say, and say truly, " there
never bas been any dispute !"—(Hear.) Look next
at the still greater increase of the circulating me-
dium which took place in Pitt's time. What was
the state of the country in 1797—the period of
the Bank Restriction Act? After a long and ex-
pensive struggle with our American colonies, and
being at war with France, the gold and silver
of the country was nearly all drained away. The
Bank could no longer pay its notes in gold, and
afford assistance to Government. Our gold and silver
was exhausted : but were 'we therefore poor ? No;
the real wealth—the land, the mines, the houses, the
workshop of the world---remained.—(Hear, hear.)
Our ships covered the seas, bearing away the produce
of our looms and mills, to exchange for the riches of
every clime. And, above all, our country was full of
men—(Cheers)—of an industrious, energetic, and
persevering population—a bold Anglo-Saxon race,
with stout hearts and willing hands, equal to all emer-
gencies, and prepared to encounter and overcome any
difficulties. These constitute the real wealth of a
nation.—(Cheers.) And what did Pitt's measures do?
Why they provided a representative for all this real
wealth. A paper money which might distribute com-
modities—might enable men to exchange the produc-
tions of their industry, to buy and to sell, to pay
rents, taxes, and debts—in a word, to discharge, as
the bank notes did discharge, all the functions of
money.—(Hear, hear.) Every sovereign we have in
this country we have bought with our goods. So it
was then ; while the paper money was circulated at
home, our merchants were exchanging their goods for
other commodities, and gold and silver among other
things abroad ; and this gold and silver were sold to
Government, and with it our troops were paid and
foreign powers subsidized.—(Hear.) Under this sys.
tem the country flourished in spite of war, and all its
attendant evils. I say " in spite of war." For I
adopt the opinion of a man who has been a warrior
from his youth up—the Duke of Wellington—in
calling war " the greatest of all evils."—(Loud
cheers.) Morally, socially, and politically, war is
the most dreadful scourge which Providence has per-
mitted to visit the earth.—(Renewed cheering.) This
country felt, and felt severely at times, the evils of
war. The closing of ports and markets by French
influence was an evil. The seizure of ten millions of
property belonging to British merchants in the Baltic
ports caused much distress. The refusal of the Ame-
cans to take our goods, of which seven millions an-
nually were sold in the States—inflicted much suffer-
ing on our manufacturing districts. Still we spent
much in war—we lent large sums to Government—
we paid heavy taxes—and the nation progressed and
prospered.—(Hear, hear.) The reason of this was
that an adequate and abundant circulating medium
was provided. In 1797, the bank notes in circula-
tion were 8,601,9641. ; in 1807, the circulation was
16,724,3681, or nearly double; in 1814, it was
28,291,8321., or more than three times as much
as in 1797.—(Hear, hear.) With this increase in
money prices rose. The Committee of the House
of Commons reported, in 1815, that the price
of wheat in this country, on an average of five
years, had never exceeded 503. a quarter. But the
average price of wheat, from 1794 to 1820, was 87s.
10d. a quarter, from 1809 to 1820, 98s. 9d. a quarter.
And observe there was no protection then.—(Hear.)
We were then a corn importiug• country, and land
was constantly being brought into cultivation. Porter
states that, from 1797 to- 1816, no less than 1779 In-
closure Bills passed. WE, had also feWer mouths to
feed. The population of Great Britain, according to
Mr. M'Culloch was in 1801, 10 943,000—while in
1848 it was 21,000,000.—(Hear.) But it may be
said that this was a " fictitious price"—that it was
only a paper-money price. But in a highly ,taxed
country like ours the price, to be remunerative, must
be comparatively high ; for this reason—that the far-
mer and every producer, to get a remunerative price
ought to be able to add the amount of taxation to the
cost of production.—(Hear.) If you can produce
any article at a cost represented by four, and an
amount equal to two be added by taxation, your price
must become six to make it remunerative.—(Hear.)
But high prices, as was before said, can only exist
with an abundant circulating medium. The system
of paper money in operation during the war supplied
this abundant circulation, and therefore enabled the
country to bear its heavy burdens, and to prosper in
spite of them.—(Hear.) What happened when our
overpe ac eb?efo r
eTah
pe e r
inoadt iooonm'sna rejoicingsenced o f
efforts were at last crowned with an universal
dreawdfeurledisstcraerscse.—ly
(Hear.) How was this brought about? Immedi-
ately after peace was proclaimed, the Bank was in-
formed that its notes must be paid in gold at a fixed
price (viz., 3/. 17s. lOid. an oz.) Accordingly the
Bank proceeded forthwith to draw in its notes. The
circulation, which, according to Mr. Loyd, was at its
highest in 1813 and 1814, was diminished nearly one-
half in 1816 and 1817. The country bankers were
forced to do the same. Prices declined immediately
—ruin followed. In March, 1815, the Corn Law
passed, which was to secure to the farmer 80s. a
quarter for his wheat ; in the following December,
the monthly average
was 555. 9d. a quarter, or 30
per cent. less there the law of March had fixed as a
remunerative price.—(Hear, hear.) The distress of
1816 was terrific. This is the description of it given
in January, 1817, by Mr.
ing year since the war ended," said he, " has only
Tierney
made things worse ; the distress, at first confined prin-
cipally to our agriculture, has spread to every branch
of trade and industry,:—``Each succeed-
reached a point wholly without a precedent since the
Norman Conquest."
asked the cause of all The people were aghast, and
not 1816," it,
were told by their
rulers that it was the sudden transition from war to
How was this distress removed? That question was
peace which was ruining the country
tahni
scl. the
They na t i ol—(Hear,misery
he
ahra. s)
nwtheesir evidence be-
forebe
Committeeß a Bank directors
1819:—"
was asked," a period of very considerable commercial
answtehr
ee d by t
and agricultural distress ?" " Very great indeed,'
answered Mr. Harman. a Did not that distress ren-
der it necessary to relieve the public by an increased
issue of bank-notes ?" ti Were not the advances
made in that year ley the Bank to. Government, a
great instrument of relieving the distress you have
spoken of, by affording more
plentiful circulation ?"
" Yes ; inasmuch as they maded money plentiful."
Money was made plentiful, an the distress vanished.
—(Hear.) But Government. leserfisresvered in urging on
cash payments. Peel m n
adebe it
sublic change of
opinion, and came out
of
the
the Committee of 1819 a
bullionist. In January, 1- ,
prostration. The Prince
recovered from its
Regent told Parliament that
able h e h
to had the " great-
est
satisfaction in being inform them
that the trade, commerce, and manufactures
of the country were in The most flourishing
bear.) The
condition."— (Rear, average price of
A a quarter
wheat for 1818 was Ba 6• The ;agriculture was
therefore also flourishing•
increased in
of' the coun-
try, without a new tax, in 1818 no loss than
Bill passed on
4,700,000/. Peel's July 2, 1819.
The consquences of that measure shall be described
to you by Mr. Matthias
_II,
1830—(which
In a speech de.
livered by him on June 6 1639 _ . (which contains, I
venture to affirm,more statesmanlike
.principles, more
profound and sagacious views on monetary science
than any speech delivered on.this subject in either of
the Houses of Parliament)—en that speech he says,
" That Act fell on the calm prosperity and labours of
the people—on the prosrousindustry of the coun-
try—to confound, and disorder, and to destroy. All
the calamities of 1816 were . renewed. The blow was
manufacturing population. first felt by the as . ion. Without
*thout wages—without
einployment---wl ,
subsistence ; suffering from artificial famine in the
midst of pienty—ignorant from whence the blow
came, by thousands andtens of thousands, the mann•
facturing population prepared for reeistance." In
November of the same year, Parliament was called
together again. The Prince Regent thus addressed
e 1 have observed," he said,
them."with great
concern the attempts made in some of the
manufacturing districts to take advantage of local
distress to excite disaffection to the insti-
-1 tutions and government of the country. A spirit
is now fully manifested utterly.
i
the constitution of this kingdom,
at the change hostile to
and aiming, not only
of those political institutions which

tirely ruined—(Hear)—wheat went down to 645. a
quarter—incendiary fires spread throughout the rural
districts.—(Hear.) The Habeas Corpus Act was
suspended—and a special commission sent cut to try,
condemn, and execute the rioters and rick humors.—
(Hear.) Tne distress continued; in 1820 wheat was
sold at 53i 11d. a quarter, in 1821 at 4G+.21. a
quarter, and in 1822 at 38s. id. a quarter.—
(.. True !') Remember, there was nu tree trade
then.—(llear.) The agriculturists were told that
their distress now arose from over production—
(Hear and laughter)—Providence had been too
bountiful, and their crops too good.—(llear' hear.)
Again money was made plentiful. Lord London-
derry's Small Note Act, allowing 11. and 21. notes,
passed. By loans to Government, loans to the landed
interest, loans on public works, money was forced
into circulation. Four millions were thus added
to the circulation. The country revived. Mr.
Tooke says that the circulating medium al-
together became 50 per cent. greater in 1825 than it
had been in 1823. The King, in his speech, said,
" There never was a period in the history of the coun-
try when all the great interests of society were, at the
same time, in so flourishing a condition." Prices
rose ; it became more profitable to the foreigner to
take our gold than our goods ; and by the end of 1825
scarcely a sovereign was left in the Bank. The cir-
culation was therefore rapidly- contracted, by the
Bank withdrawing its issues, and in December, 1825,
broke out the panic.—(Hear.) The blow fell first on
the bankers. One-eighth part of the country banks
in England, and six of the London banks, stopped
payment. They were told that they deserved their
ruin—it arose from over-speculation—(Hear)—that
over-speculation which, it it existed, Government
had done everything in their power to encourage.
The traders and manufacturers of the country speedily
felt the ill effects of the panic of 1825. They were
told that their sufferings arose from an over produc-
tion of commodities, They had worked too hard,
risen too early, been too ingenious in increasing
the produce of their industry.—(Hear and laughter.)
Yet the poor in the manufacturing districts
were starving, " with food in abundance staring
them in the face," says Mr. Francis; and 200
families were officially declared to have among
them only four blankets. The country continued
to suffer.—(Hear, hear.) The agricultural distress
of 1829 and 1830 was most extreme, and the House
of Commons was assailed with petitions from all parts
and from all interests, which even now cannot be
read without shrinking from the details of the misery
which they record. In 1832 occurred another panic,
though less severe than that of 1825. The Reform
Bill, which distress had driven the people to demand,
brought no relief. In 1834 wheat was sold for 41s.
5d., in 1835 for 365. Bd., and in 1836 for 365. a
quarter—still, no free trade, wheat being protected up
to 70s. a quarter.—(Hear, hear.) In 1837 came a
panic again, and in 1839 the Bank had to borrow
millions of specie from the Bank of France to escape
bankruptcy.—(Bear bear.) Government, in 1843,
propounded the doctrine, that indirect taxation had
reached its limit. The Whigs went out, leaving a
deficit, the effect of bad money-laws, of 10,072,6381.,
and Peel again came into office and imposed the in-
come-tax. In 1844 Peel introduced his Bank Char-
ter Bill, in doing which he said that " during the last
20 years four decisive proofs, at four distinct periods,
had been given, viz., in 1825, 1832, 1837, and 1839,
that under the present system of currency
the principle of convertibility is endangered."
This was the condemnation of his Bill
of 1819 by himself. He therefore proposed
to take "effectual measures"—the matured wisdom of
Bullionism—to prevent such evils recurring. Mr.
Goulbourn called this measure " a perfect system."—
(Hear, hear.) In October, 1847, came another dreadful
panic, in which the Bank was only saved from stop-
ping payment by the interference of the Government.
The late Lord Ashburton, theretore, justly called the
Bill of 1844 " a great experiment which had signally
failed."—(Hear.) Gentlemen, I have entered into
these details to show to you the repeated proofs
which we have had of the imperfection of our mone-
tary system; to show how this country has been
forced for the last thirty years to alternate between
prosperity and distress, and to make it plain that,
whenever we have had an adequate circulating me-
dium, prices have risen to a remunerative level and
we have enjoyed prosperity; and that whenever Peel's
system has come into active operation, and the circu-
lation has been contracted, forced cheapness has re-
sulted, and distress, misery, and ruin have pervaded
all classes.—(Hear, hear, and cheers.) But it were
useless to point out these evils unless we could also
point out their remedy. This can be done. The great
evil of the present system is the fixed price of gold.
The obligation on theßank to buy gold when it does
not want it, and to sell it when there is a drain, causes the
arbitrary expansions and contractions of the currency.
With gold at its market price the country flourished
during the war, and would again do so. Paper-
money, in which gold might rise and fall in price,
and which should be a legal tender for all pecuniary
obligations, might be provided in sufficient amount;
and made perfectly secure. There are various ways
in which this might be done. Pitt effected it by a
Bank Restriction Act. I proposed a simple method
some time since, which might, with ease and facility,
be adopted, viz., to release the Bank from its obliga-
tion to buy gold when it had a certain sum, say four-
teen millions, of specie in its coffers, and also to re-
move the restriction of never issuing beyond the sum
of fourteen millions on securities. In the event of a
drain of gold, I would allow the Bank to issue notes
beyond this limit, on securities, and not only, as is
now the case, on the gold locked up in the issue de-
partment. Thus, when gold leaves the country, the
void created in the circulation would be immediately
supplied by bank-notes.---(Hear.) But perhaps no
plan bas commended itself so generally as the one
proposed by Mr. John Taylor, of London, a gentle-
man who has thoroughly mastered the question, and has
philosophically examined and elucidated it. He pro-
poses that a national paper money should be issued, of
11. notes and upwards, which issue should never exceed
in a year the amount of the annual taxation. This
'money paid away by Government for the salaries of
its officers, for the dividends, and for all expenses,
would be a legal tender, and being receivable for
taxes would never be either in excess, nor liable to
depreciation. As the penny postage-stamps collect
the whole revenue of the Post-office, so would this
money collect the whole revenue of the nation.—
(Hear.) The arrangement of this plan would be
matter of detail, and presents no real difficulties. As
to private banks and banking companies, I would in-
terfere as little as possible with them—only taking
care to make their issues as secure as possible, that so
the currency of the nation might be rendered per-
fectly safe as gold itself.—(Hear.) Thus with a
paper-money system similar to that which we had
during the war, but better—improved by all the sug-
gestions which experience and philosophy can present
—is it possible not to see that the prosperity and hap-
piness of this country might be increased to an extent
scarcely yet contemplated.—(Hear.) We can tell
how this currency would increase the nation's
wealth :—I. It would replace a very expensive
medium of exchange—gold, by a very cheap
one—paper. The fifty or sixty millions of gold
which are now supposed to be in circulation,
and which are merely used as counters, would
be then replaced by notes. Here at once would be a
saving of more than two millions a year, by convert-
ing this large amount of dead stock into active, pro-
ductive stock.—(Hear.) Suppose a farmer had been
taught that it was necessary to use a golden plough-
share worth 1,0001., and a man came to him and.o said,
" I will make for you a ploughshare of n for
100 pence, which will do the work just as well
t
is plain that the farmer would have the difference
between 1,0001. and 100 pence to employ
active
his capital.—(Hear.) He could improve land, drain,
manure, and what not, when he had substituted a
cheap ploughshare for a dear one.—(Hear, hear )
ll.—But we say that a representative paper currency
would benefit the nation by rendering one circulating
medium independent of the foreign exchanges. When
gold flows into the country, the Bank increases its
issues, for it is forced to buy gold at a fixed price with
its paper. The rate of interest is lowered, and specu-
lation is forced upon the people from the difficulty
of obtaining a profitable investment for capital. When
gold goes out of the country, the Bank contracts its
issues, for it is liable to pay its notes in gold at 31.
17s. 100. an ounce. Hence money becomes exceed-
ingly scarce, interest rises enormously, prices fall,
trade is paralysed, hoarding begins, panic ensues,
and distress and ruin, as in 1825, 1832, 1837, 1839,
and 1847, follow.—(Hear, hear.) The effect of the
panic of 1825 is thus described by Sir James Graham
in his " Corn and Currency" :—" Commerce is stag-
nated, manufactbres suspended; masters are without
money, and men without employment; and ruin and
insurrection stalk throughout the land." " I be.:
lieve," said Mr. Richard Cobden, in his evidence be-
fore a Committee of the House of Commons, " greater
evils have been occasioned to the trade and manufac-
tures of the country in 1836 and 1837, and the sub-
sequent periods, by the fluctuations in the currency;

greater evils—pecuniary, social, and moral—than by
the direct failures of all the banks of issue since they
were first established in the country."—(Hear.) The
Manchester Chamber of Commerce in 1836 declared
that the loss on cotton, wool, silk, linen; and hard-
ware, amounted to forty millions through the Cur-
rency Laws. In 1847, the loss to the country, as
stated by Mr. Richard Spooner in the House of
Coinmoni, was upwards of 250 millions. These
ruicous fluctuations and panic.; would he obviated
under a well-regulated currency.—(Hear.) lII.
But the most important advantage of a representative
paper currency is this—that we should obtain a cir-
culating, median, capable of expansion, a money in
Nrhich prices would be able to rise as taxes are im-
posed, so that taxes might be added to the cost of
production, and a remunerative price be obtained.—
(Hear.) And further, as our population increased, and
our commodities increased also—in other words, as
our buyers and sellers increased, and the things to
be bought and sold increased—money, the me-
dium of exchange between man and man,
might increase in due proportion. People some-
times ask me why the law which governs, or which
ought to govern the currency, cannot be discovered ?
It is discovered. " Supply and demand," I say, is
the law of the currency. As men increase, more
food is required, and more clothes are required ; and
if left to itself the supply will increase with the de-
mand. So it is with money. Make paper money
as safe as you please—make it as safe and secure as
gold itself, and this we can prove can be :done—and
then leave the trade in money free. Leave it to the
general, the universal law of trade, viz.,- supply and
demand.—(Hear, hear.) I say, that experience fully
justifies the expectations of an improved state of
things resulting from an alteration of the currency,
laws. I say that the paper money system, which en-
abled this country to prosper in spite of war, would
produce tenfold advantages in a time of peace.—
(Hear.) Observe, Ido not say that paper money
would do everything. I do. not say, for instance,
that it would enable a farmer to prosper without
skill, labour, Judgment, and a fair amount of capital.
—(Hear.) Ido not say that it would supply the
place of science and of knowledge in the direction of
a man's energies. I know that under any financial
system vice, improvidence, and ignorance will bear
their pernicious fruits. Butl do say that it would secure
to labour its just reward; that it would afford to every
man of integrity, talent, and energy a fair oppor-
tunity of improving his condition ; that it would pre-
vent the attempts which are made for raising the con-
dition of the people from being counteracted by the
frequent recurrence of those periods of severe distress
and privation in which their moral condition inevitably
deteriorates.—(Cheers.) I say that the paper-money
system, which enabled this country to lend to Go-
vernment 600 millions, would enable the country to
pay off the debt, and thus cause a reduction of
nearly thirty millions of taxes. I believe that
this country might then advance to a greater
height of happiness and prosperity than ever—
that instead of disunion and we might
see all classes flourishing, and contributing to each
other's prosperity ' • that the well-being of the poor
would furnish the best secnrity for the possessions of
the rich ; that men would learn to prize the insti-
tutions under which they lived happily ; and that
England would become the instrument, in the hand of
Providence, of civilizing, elevating, and christianizing
the whole world.—(Loud cheers.) But, gentlemen,
I must apologize for taking so wide a range, as well
as for intruding thus long on your attention.—(No,
, no, and cheers.) I -thank you very sincerely for
the patient and indulgent hearing which you have
afforded me, and I commend this important sub-
ject to your examination and consideration. The
statements I have made are open to investiga-
tion—l submit them to your inquiry. Quod dixi,
dixi.—(Cheers.) Discussion is the best friend of
truth.—(Cheers.) I wish the subject to be fairly ex-
amined into. We have no party, no class interest, to
serve : " For each and for all, is our motto."—
(Cheers.) To extend commercial enterprise—to re-
store to agriculture its just remuneration—to ensure
to the rich the safe enjoyment of their abundance, and
to the poor man the just reward of his labour—this is
our object.—(Cheers.) I advocate the currency
question, in a word, because I wish to promote the
greatest possible happiness of the greatest possible
number, with the least possible injury to the least
possible number.—(Loud cheers) And the success
of this great question is a matter only of time.
Sooner or later, it will prevail. But we must all, in
our day and generation, do our part : for the inscruta-
ble decrees of Providence ordain, that every great and
good cause by which the happiness of our fellow-
creatures has to be promoted, must, under the blessing
of heaven, be worked out by the persevering energy
of man himself.—(Loud and general applause.)
The resolution was carried unanimously.
The second resolution, proposed by a member of
the association, and seconded by Mr. BRICKWELL, was
as follows :—" That this meeting is of opinion that the
farmers of Great Britain must look to au alteration of
the laws of currency as one just means of relieving
them from their present state of depression ; and they
therefore direct the committee of the society to take
steps for obtaining a revision of the present monetary
system established by Peel's Bills of 1819 and 1844."
Carried unanimously.
Mr. CHAMBERLAIN moved, and Mr. HARRISON Se-
conded, a vote of thanks to Mr. Twells for his able
and eloquent address.
Mr. HARRISON observed that this was not the first
time they had met in that room, and that more than
once, during their discussion on other topics, some of
them had expressed their opinion that the existing
currency system had a great deal to do with the pre-
sent position of the farmer.—(Hear, hear.) For
himself he did not think they would ever get
their rents reduced to their proper level, until
the currency-laws were reformed.—(Hear.) Mr.
Harrison then rapidly gave a sketch of his
own experience as to the extraordinary fluc-
tuations in the price of stock as well as
produce, which had taken place concurrently with the
various alterations in the Bank issues and restrictions
of issue since 1819-20 ; but we are here compelled by
want of space to conclude our report by stating that
Mr. Harrison, after strongly repeating his conviction
of the necessity of the Currency Reform Movement
being vigorously pushed onward, said the question
having thus been once formally mooted among them,
he trusted it would not be allowed to drop.—(Hear,
hear.) They must look on this as only a preliminary
meeting. They must get further information ; and
they must discuss it again and again, to see whether
they were right in their views or not, though they
would not always be as fortunate as they had been
that evening is securing the assistance of so able an
expositor as Mr. Twells.—(Hear, hear.) Truth, how-
ever, was truth; truth and justice only had been ad-
vocated in that association ; and so long as their body
held together, he believed they would be advocated
there.—(Cheers.)
Mr. TwELLs briefly replied, and added that it gave
him great pleasure to visit so practical an association
as that at Market Bosworth.

After a vote of thanks to the Chairman, the meet-
ing—the interest of which was kept up to the very
last—separated about half-past six o'clock.

THE LONDON WATERMEN, LIGHTEREMEN,
AND STEAM-BOATS.

" Rare John Taylor, the water poet," in the days of
James I. and Charles L, with whose name I found most
of the watermen familiar (at least they had heard of
him), complained of the decay of his trade as a water-
man, inasmuch as in his latter days " every Gill Turn-
tripe, Mistress Tumkins, Madame Policot, my Lady
Trash, Froth the tapater, Bill the tailor, Lavender the
broker, Whiff the tobacco seller, with their companion
trulls, must be coached." He complained that wheeled
conveyances ashore, although they made "the casements
shatter, tatter, and clatter," were preferred to boats,
and were the ruin of the watermen; and it is somewhat
remarkable that the watermen of our day complain of
the same detriment from wheeled conveyances on the
water.

The census of 1841 gives the following result as to
the number of those employed in boat work in the me-
tropolis:—

Boat and bargemen, and women 2,516
If ~ lightermen
IP PI watermen 1,654

5,673
The increase of the river steam-boats from 1820 is
evinced by the following table:—
Years. No. of River Steamers. No. of Voyages,
1820
1830
1835
—Chronicle.

THE DODDINGTON MIIRDER.—BRENTWOOD, WED-
NESDAY.—Ia accordance with the instructions of the magis-
trate, who opened a special court on Sunday for the purpose
of hearing the charge of murder against Thomas Drory, the
prisoner was brought up last evening before Mr. Leisher, one
f the county justices, and Mr. C. C. Lewis, the coroner, who
also acts as clerk to the bench of magistrates. Mr. Leisher,
hearing from Mr. Lewis that his investigation had been ad-
journed for the purpose of receiving some important facts in
relation to the tragical occurrence, determined for the present
on not clashing with the proceedings already commenced, as
it might have the effect of impeding the ends of justice. The
evidence of Superintendent Coulson as to the apprehension
of the prisoner, the body of the deceased, and other details,
were therefore taken, so as to justify his detention, and the
magistrate, after duly cautioning him, remanded him until
after the sittings of the adjourned inquiry of the coroner. Ile
appeared little concerned at the awful position in which he
L was placed.

After the engine and tender had become discon-
nected from the train, the carriages and truck ap-
pear to have proceeded for about twenty or thirty
yards along the line. The third -class carriage
then seems, from some cause or or other, to have
fallen over on its side, when the coupling
between it and the truck gave way—the latter, like
the engine, being precipitated over the embankment
into the field. The third-class carriage is supposed
to have been driven forward for a short way upon its
broadside, and ultimately, from the force of the other
carriages, to have been made to perform a complete
somerset, scrthat the bottom framework and wheels
lay uppermost. Unlike the engine and truck, it did
not go over the embankment, but lay smashed in
pieces upon the side of the railway, with part of the
first-class carriage, which had been turned completely
round, resting upon it. During all this time the pas-
sengers were jolted and huddled together in a fearful
manner. This was particularly the case with those
in the third-class carriage, whose escape amidst
its almost total demolition for the sides and
part of the roofing are said to have been torn
off—is truly wonderful. So far as we can ascer-
tain, there were only twelve passengers in the train,
and of these six are represented to have been in the
third-class carriage, all of w horn were more or less
seriously injured. The passengers in the other car-
riages, we believe, escaped without injury.
Not a moment was lost by the passengers in the
first and second-class carriages, and by the guard,
engine-driver, and stoker, in proceeding to the assist-
ance of the unfortunate individuals buried, so to
speak, under the wreck of the third class carriage.
After a good deal of exertion, they succeeded in ex-
tricating them all except an old woman, who was so
firmly wedged in that she could not be got out, until
what is called the " dumb-craft" had been applied to
raise up the carriage.
A servant from a neighbouring farm was, from the
noise, early attracted to the spot, and kindly volun-
teered to ride for assistance to Haddington. On the
information reaching Haddington in this way, a
special train was immediately dispatched to the spot
with Dr. Martine, who rendered all the aid in his
power to the sufferers. He found four of them to be
in such a dangerous condition as to render their in-
stant removal to Haddington a matter of absolute ne-
cessity. These parties were—
Mungo Kerr, collector of the customs, &c., Mus-
selburgh, who has several severe scalp wounds,
and some bruises about the back of the neck.
He is still in a very precarious state.
Mrs. Robertson, from Leith, who has a large wound
on the forehead, and is very seriously bruised
about the back and shoulders.
Miss Henderson, who has a small wound on the
forehead, and a severe sprain of the right ankle.
Miss Rintoul, belonging to Edinburgh, who is
bruised about the back, and has a cut on her
head.
The wounds received by the latter two are as cleanly
done as if inflicted by a penknife; but in the case of
the other two they are broad and ragged. The two
other parties injured were a man and a woman.
They belonged respectively to Edinburgh and Porto-
bel!o, but their names we could not ascertain. Both
went home in a special train with the other passen-
gers, although very much injured—the woman being
considerably bruised aboui the back, and the man
having a severe cut on the loin.
The rail, at the place where the accident occurred,
were displaced for a distance of upwards of a hundred
yards, and some of them were broken, and others
twisted together. Several of the chairs and sleepers
were also removed out of their beds.

Men were employed all night in clearing away the
wreck of the accident, and in repairing the injury
done to the line. The engine, which is reported not
to have been much damaged, was only got out of the
field about nine o'clock yesterday morning. The
down line was put into a complete state of repair in
the course of yesterday afternoon, and the trains
passed along it as usual.
We understand that the authorities have ordered a
full investigation into the accident; and it is not im-
probable, from what we have heard, that some of the
parties in charge of the train will be taken into
custody.

SMITHFIELD-MARKET.

TO THE EDITOR OF THE MORNING CHRONICLE.

Sir,—l am sure that every one who considers the
importance of the subject will appreciate the service
which you are rendering to the public by admitting
to your valuable columns a few words in defence of
Smithfield-market. A question affecting the supply
of food to the inhabitants of this great metropolis,
assuredly deserves free discussion, and whilst you
yourself have stated with force and ability the argu-
ments which may be urged on the one side, it speaks
well for your candour and earnestness in the pursuit
of the public good that you should publish also what
is to be said on the other, so that the public may hare
the means of passing a fair and correct judgment upon
the question, There is one point, which it strikes
me, sir, you, in common with many who are opposing
the plan of the Corporation, have overlooked, and
which is still of the utmost importance in considering
the matter; and that is, that no one in the Corpora-
tion or out of it is satisfied with Smithfield-market as
it now stands, or is anxious to defend any of the evils
to which it seems possible to apply a remedy.
The space is too confined, and, as a consequence,
great cruelty is unnecessarily inflicted on the animals
which are there exposed for sale. This is admitted
on all hands, and the Corporation propose to open an
area amply sufficient. The existence of a thorough-
fare through' the market-place is a double injury, the
thoroughfare interfering with the market, the market
obstructing the thoroughfare. It is proposed to con-
struct an enclosed market, and not only thus to re-
lieve the thoroughfares but greatly to enlarge and im-
prove them. The avenues to the present market-
place are confined and already overcrowded. It is
proposed to construct the new City market on a site
immediately adjacent to the "New Victoria-street,"
by which means a large part of the cattle traffic, that
passing north, would be entirely removed from
the existing thoroughfares. Another large part,
that passing south, would pass along one of the
broadest and most convenient streets in the metropolis,
Farringdon-street ; the other avenues would be
widened and improved to their utmost practical ex-
tent; and, in addition to this, the existence of a dead
meat market, together with slaughtering houses for
supply on the spot, will have the effect of preventing
a considerable portion of the cattle from passing into
the streets. It is thus seen that the proposed new
market would very much obviate the objection of the
passage of cattle through the streets. It may be
urged, that it does not meet it entirely; but neither
will any removal or alteration which is practicable.
The report of the Royal Commission, embodying the
result of every other inquiry into the matter, affirms
that, take the market where you may, "it would
be necessary that they should be driven through
the streets. This admitted, I conceive that very
little consideration would convince every man that
any removal from a central site (that which, on the
average, is the nearest to every other point), so far
from remedying, or even alleviating the evil, must
aggravate and add to it. Remove the market to any
of the proposed spots on the north of the metropolis,
and the vast numbers of cattle that pass to the
southern metropolitan districts, and to the different
railway stations on the south side of the river, must
traverse the streets from one end to the other, in.
creasing the nuisance in the metropolis itself, and ex-
tending it to the suburban districts, where those who
wish to avoid the noise and disturbance incident to
the trade of a great city have retired, and where the
only class liable to danger and alarm from the pre-
sence (f ae cattle (females and children) are exclu-
sively to be found.
im-
portance w
There arheichmdaenmy
aonthdenrlepnotiinotns,
upon your valusbl sr a^e.
trespassed too much obfuttlle huartemoalsrteadyfurther on a future occasion,
an Englishman loves,
dis-
cuss them in the which
Should you, however, allow mle
stohopuulrdsuheotpneeto matter
FAIRPLAY.
that of
October 16.

COFFEE-SHOP ROBBERY.—A man named William
Andrews was yesterday committed from Guildhall for two
months, for stealing three books from Mr. Worralra coffee-
house on Holborn-hill.

• ROYAL LYCEUM THEATRE.
Under the Management of Madame Vestris. .
S.le Lessee, Mr. Charles Mathews.
The EPublic is respectfully informed that this Theatre is OPEN
for the Season

THIS EVENING,
Will performed SE'.'NE HD(
Afrer which MY HEART'S IDOL; or, A Desperate Remedy.
In the cbur)o oi the evening " God Save tt.e Queen," by the entire
Company.
To conclude with the Extravaganza of OLYMPIC DEVILS ; or,
Orpheus and Eurydice.

.1S fLEY'S ROYAL AMPHITHEATRE_
Under the Patronage of her Majesty and his Royal Highness
Prin,:e Albert.
Proprietor and Manager, Mr. W. Batty.
In consequence of the crowded Huuses to witness the attractive and
magnificent zioectacie of Mazeppa, which, with brilliant novelties
in the Wonders of the Arena, form the most varied and attractive
Entertainments in the Metropolis, it will be continued for a few
more nights.