The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1839-12-10 00:00:00

THE CURRENCY.

(From the Midland Counties' Herald.
Mr. T. Joplin, who is well known to the commercial
world as the author of a number of works on banking and
on the currency quetion, has opportunely isved another
essay—(published ny hidgway, Loudon)—in wnien he ex-
plains his views of the causes by which the pressures in the
money market are produced, and proposes a plan for their
removal. Mr. Joplin's argumen's are intended to show
that the great fluctuations in the price of corn which we
have at different times experienced have been chiefly pro-
duced by monetary causes, arising out of the defective state
of our currency ; that banks ought never to have been per-
mitted to issue notes at pleasure, and that if our currency
had been metallic, or constructed on the principles of a
metallic currency, these fluctuations never would have oc-
curred. The last remark, he contends, may be equally
applied to the pressures in the money market : the foreign
exchanges and the money market have no natural connection
with each other, and that with a metallic currency, or a
paper currency constructed on the principles of a metallic
currency, these pressures would never occur. Hamhurgh
is to the north of Europe what London is to the United
Kingdom, and yet the importation and exportation of the
precious metals into and out of that city produce no em-
barrassing effect upon the value of capital or the operations
of its trade • the same with Amsterdam—Holland possess-
ing a metallic currency ; • and that it is only in countries
possessing paper currency similar to ours that these pressures
are ever produced. To remedy these evils, Mr. Joplin offers
the following suggestions :
" I.—That the joint-stock banks should he established
throughout the kingdom, which, in conjunction with the
Bank of England, should be the agents in issuing the
currency.
" 2.—That the circulation should be lent to the Bank of
England and the other banks throughout the country in
given *portions, at a fixed rate of interest.
" 3.—That a board of commissioners should be established
in London.

" 4.—That when the bullion came into the country, the
commissioners should take it at the Mint price, and give a
receipt for it, which might be called, for the sake of dis-
tinction, a bullion receipt ; and which receipt should be an
order upon the Bank of England, or any other bank in the
United Kingdom, to which it might be presented for pay-
ment, to be paid by a fresh creation of Dotes.
" s.—That any person wanting to send money out of the
counelty, might obtain a bill on the commissioners, from the
bank where he resided ; the bank cancelling and withdraw-
ing the notes from the circulation, with which the bill was
purchased ; such bill, for the sake of distinction, to be called
a bullion bill.
" 6.—That a bullion bill should not only be an order up-
on the commissioners for bullion, but upon any other hank in
any other part of the kingdom for payment, by a fresh issue
of notes ; and that a certain per tentage should be charged
for such bullion bill.
" 7.—That the commissioners should possess powers re-
quisite for carrying the measure into effect, but that they
should have no power either to increase or diminish the cir-
culation on any other principles."
"This plan, it is obvious, would work precisely the same a s
_ _

. ,
if the currency were metallic. A party, with a metallic
currency, having a hundred pounds in his pocket, might
travel to any part of the kingdom, and add it to the circula-
tion there by spending it The possessor of a bullion bill,
which is not only an order for bullion, but for notes, in any
part of the kingdom, would be in the same situation. And
the possessor of a bullion receipt would also be in the same
situation as a man who got his specie or foreign coin coined
into English money at the Mint, which he might add to the
circulation wherever he wished to spend it."

Miss.Romer, Mr. Templeton, Mr. Horncastle, and Mr.
Balfe, are re-engaged at the Dublin Theatre. The English
opera is said to be better got up in that city than in any place
out of London. Artaxerxes was some time ago produced
there in fine style. The manager has consequently crowded
and fashionable houses every night.

DISTRESSING ACCIDENT ON THE LIVERPOOL AND MAN-
CHESTER RAILWAY.—On Friday morning an unfortunate
accident occurred on this line, at the Ordsal-lane gate, within
200 yards of the Manchester station. About twenty-five
minutes before seven o'clock, a luggage-train arrived from
Liverpool, on the north line of rails ; and Joseph Shepherd,
the policeman on duty at Ordsal-lane gate, crossed from that
line of rails to the south line to keep out of the way of the
train. He stayed on the south line of rails ; his duty being
to prevent any persons incautiously coming upon the line at
that point, Ordsal-lane crossing the railway on the level.
The morning was very dark and foggy, and the luggage-
train, as usual, gave notice of its approach by the steam-
whistle. It is supposed that these circumstances, and the
noise of the train, prevented Shepherd from hearing the
approach of an unattached engine along the rails upon which
he stood. The engine Scorpion, belonging to the Grand,
Junction Company, had shortly before come from the engine-
shed to the water-tank to take in water, preparatory to pro-
ceeding with the train hence to Birmingham, which leaves
Manchester at a quarter past eight o'clock. Having
taken in water, this engine was returning to the shed, and
the darkness and fog prevented the engineer from seeing
any obstacle on the line. Thus the unfortunate man was
struck down, and falling with his left leg across one of the
rails, the wheels of the engine passed over it, completely
severed the limb, a little above the ancle. The poor man
was instantly conveyed to the Manchester Royal Infirmary,
and it was found that the injury was of such a nature that
amputation was necessary. This was accordingly performed,
below the knee, about eleven o'clock yesterday forenoon,
and on inquiry at the infirmary last night, we learned that
the poor man was doing quite as well as could be expected
under the circumstances. He had also received a severe
contusion on the head, and his right leg was bruised, but, we
believe, not very seriously injured. Shepherd was formerly
in the army, and is now a pensioner, having fought at Water-
loo. He is a tall man, .46 years of age, and well known
to those frequenting the line, from his having been police-
man at the Ordsal-lane gate ever since the opening of the
railway. He is a steady, careful man, and is married, but
without cliii*lcn. Would it not be desirable that every en-
gine should be provided with a bell, the constant ringing of
which in foggy weather, might intimate its approach, when
it could not be seen ? The steam-whistle has a more loud
and shrill sound, but it depends upon the will of the en-
gineer, whether it is used or not. The bell might be made
so as to be rung constantly in foggy weather, by the mere
motion of the engine. Manchester Guardian.