The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1840-01-14 00:00:00

CURRENCY OF JAMAICA,

A LETTER ADDRESSED TO THE .MEMBERS OF THE HONOUR-
ABLE HOUSE OF ASSEMELY, ON.THE SiUBJECT OF-ASSI-
MILATING THE CURRENCY OF THE ISLAND :WITH THAT
„OF. THE MOTHER COUNTRY-. BY 'A. le?EMBER OF THE
CHAMBER. OF COMMERCE, KINGSTON. : ..
- , •
•
GletaTeamaN,—There is a Bill now before your Honour-
able House, for the adoption of ".11ui currency of the United.
kingdoni of Greaf'Britairi aa 'lreland; as the euri+indy of
thisiSlaUd. '--See. Ist clatrepe-and that • "all money truris-
actions 'whatsoever, after the commencenzent of this act,,
shall•be paid, we:' 8,,e..,•irr inch currency of `flee 'United King-
clone of Grew! Dritain and Ireland, so. kcoming.currency in..
this Idand,”---Sec clause 2d—also, that "all Island checks,.
and bank notes now ii?. cirerlatioii shall he paid'as' is' befeliv•
p;-orided ; but, that it .s/colt not be lauful fbr , the, receiver-
general or any bank to re-issue any such bank-notes or checks.,
after the day*this act shall commence to operate; subject to'
a penalty of one hundred pounds for each soissued."-,-See
clause 4th. Such is a very brief abstract of this important
bill, and I can scarcely restrain the expression of my itelie-
nant surprise, that a :member of. your .house,. should in his
place, on:Tuesday last state, that " this bill lead nothing
whatever to do with the Island checks'.' nor with the cur-
rency !! .' but merely that an English shilling should be
called a shilling ; that the pound should be-twenty of these
shillings instead of twelve; that the money of acconnt should
be sterling instead of currency," Out upon such specious
delusions, and upon a'sophistry differing so widely from the
usual solidity of sound argument and perspicuity of arrange--
ment, for which the honourable member alluded- to, is so re-
markable. ' •
Gentlemen,—l ask you to go along with me patiently, while
I exhibit a few of the " mischievous" effect's to all the lead-
ing interests of the country, which the passing of this bill
hastily, and in its present crude state, would lead to.
In the first place, we are called upon to pay all engagements
after a certain period iu " the currency of the United King-
dom;" now let us define what these words mean ; for I know
much misconception is abroad on this point, and under it lies
a very fatal oversight t—" Currency qf the United Kingdom"
means—that which will pass current in the United Kingdom
—say Bank of England notes, sovereigns, and British silver.
It will' not do for the banks here, or the receiver-general
either, to attempt to issue notes purporting tolie of the value
of one pound, to one hundredpOunde- 'sterling, each, and call
them. British currency, they would,riet be British currency,
they would.not be taken in payment of merchandise in Great
-Britain, norpass at the receiving houses in London for the
payment of- accept:imams.. . It. is evident that• " British
zerrency" cannot. be made in Jamaica—it is_equally plain.
that this• bill calls imon ns- tO diecharge' ALL nidi-is after'
a certain thiteein " the currency of the. United :Kingdom qf
Great Britain,Andlrekancl,".,k4 it is equally evident, and I
confidently 'a?,peal -to every commercial man in the commu-
nity,ithat there is not, if the- whole were collected into one.
mass, one foeeth the, snmiifeßiitiSli currency, properly. so
'called, to meet the demand§ el this' bill. •
Gentletnenee-It woultlarnetintadmost to an-insult on your
common sense.te suppose, for e mainentethat es legislators
you world pass ei bill containing enactments, which it is pity:-
sically inipossible that the - community, which . they. are in-
tended to benefit, can at present comply with.
Again—" It shall not be lap:114 for the Receiver-General
Or any bank to re-issue any such- checks or notes after the
day this act shall^Guimence. to operate, penalty one hundred
pounds for each."—Now let us look forward and see how
this will likely work—What Will the banks do ? Those which
issue their own-notes will go on up to that day collecting and
hoarding, so as to have as few out when the new act comes
into operation as possible; they will likewise go on collecting
and hoarding,silver to meet the payment of the new issue.
Thus I distinctly say a- very large portion of the circulating
medium, (at present very inadequate in amount to the wants
of the Island,). would be, for: a considerable time, withdrawn ;
and in the meantime, Levi', is-the business of the country to
be carried on ? From what "source are the labourers to ob-
•tain their. weekly. wages, for which alone £2,600,000 are re-
quired annually ? How can
.the produce be prepared for ship-
ment, if the planters Cannot get money to pay the labourers ?
If no produce, how are theahips to get laden ? If no circu-
lating medium, how are merchants to pay their acceptances ?
How are goods to be bought, sold, or paid for?
It has been well observed, that in a community like this,
a circulating medium. is as necessary as food ; the supply
must be continuous and daily, and I respectfully implore you,
gentlemen, not to pass this act hastily ; nor until you are
convinced that the„community has within itself the means of
meeting its enactments. .
Again—ln all communities where banks exist, the mode in
which they .do business, gives''zi tone to all others. Until
lately, papers based upon real transactions having six months
to run, were readily discounted ; and I dare say that, at the
present moment, acceptances exceeding half a million pounds
currency fire now out—unretired,—and which, if any hasty
measure of. this. kind had been contemplated, would never
have been given. Now,it is a fact, that since the agitation of
this bill, one bank has ceased discounting altogether, another
limits its discounts to paper not . having more than two
months to run ; a further contraction is anticipated, and I
think it would be quite right and rational if discounts ceased
altogether, until .the present bill assumes a definite shape.
It is a duty which the directors owe their constituents to be
prepared for the worst, and rapprove highly of their con-
duct ; but; what is to become of the half million of unretired
:paper, if the circulating medium be called in, and further
discounts of even three or four months' acceptances refused ?
Gentlemen, I shudder to kook at time probable consequences
to all claeaeea and:again I call' upon you to pause and look
welLbefore.yetapreyious to legislating, and, it necessaryeto
take-eidence At theebernf..yonr
_house, as in the case of Sir
f Robert .'eet'l;'bill'TlVigland. '
~
fie Theimuoui4ible iheemover'of the bill has publicly stated,
ehe}does not see that it ean dee any•harm, nor does he see any
, great, good it can effect. Again, the honourable member
font Sc., Thee-lee in the East has said, that what it pro Posed
wasernerelY th'at an English shilling should be called a shil-
lingetate,, &c., &.c.. These •being. the leading argunients-'Ol-
- fa mans antlfq. hill, I ask, is there anything in them
:to induce yowtneprese it 1104, the country, eta time when
- the:raquetarisy,itein 'of the whple world appears to be ",out
of joint'? ?•' 6 t"' ' q '. ' ' '' ' ' '' ' 'lli'
'AP
sqlol)tritilkd Alai I'llbliC importunity of: expressing the
very i high
,pateef.a. and regard which I. enteryt.aiti for b9th- tlaeee
.-gentlesnen. They have both rendered services to this coun-
try,Wfaich will be too indelibly engeaven on 'the pages of its
...history tnreretii 'fi',' fOrgettena, Mid they have -their reWard, not
,fronvezhe pent-all' stneaktionYnsOu,s weitere but from ,their proud
retrospections, and-the honest con:viction of their owe hearts.
, . But my admiration. of their talents cannot, arid wilrnott
blind ' ;my jUdgineriecriritVis'64-litiy2ether.cniestioii,tl GE-fill-lei'
!' men, I hopm you will, (Mushier fthatlinlyeaShowdaneartied
tuattersaic,faq, graleaalid , aenewavhy tgiaalliiiolhitt44,,pct
become law without at least twelVe Months' nemesia
,notwe
the-alteration• f' o some clauses, and the addition cir•btlias';'
these..] would adda but• thatolireiff cutlimistihkiblii• fiatibfic4.
• lam a warni:friendiotithoenexal pri.ikeiples,of this bill,
as .I. shall.he of Oh ,ntligs_,Wy.n g fgttlicirobje4,the nearest
possible aperexiniation Of-the; aws, customs, and constitu-
tion of: , tlii§''Coniitti sixth "•tll2'; a'rent 'state •-;- andlet me-net
\i)
mince. the matt ereeiti is, by .-ssich!approxiinatidn, combined
(blessed] he God for iti),-04441,,,wieeeplailenthenpic,
and-letena patriotic cpiyiticX eoeoetrx pre§ent eGoyernor,
aided 'by the good' 61,4 Asain,-'6lncli now happily eex-
ists between the two other branches of our leeislature,
that rve "are, to look ,for the: mainspring : :of time lasting.
prrisperity of Jemaica. Do •we .want to .. enhance... the
value -of Property ? do so -by protecting it with the sane
laws which exist in Grekt'Britain.' Do we want- the use of
British capital? We can have it (in preference to 'foreigners I
by making it equally secure as. in the mother country.-- ,Do
we want agricultural peasantry to people
.our mountainous
districts ? European tradesmen?— rail and tram-roads ?
steam navigation round the island=-with Europe and .Ame-
rica ?—why, you have only to legislate in. a free, liberal.
character, suited to, the spirit of the -age, but with proper
deliberation; and all these will follow. The whole world is
marching rapidly forward in •artS, •science, and-civilisation.
1 would respectfully ask—is Jamaica to stand still? ' •
I have said that -I am a warm :friend of the principle of
this bill, and I shall very concisely add other reasons. The
most important immediate.' good arising from it, will be the
equalisation of exchange- between this and the . mother
country.. It is a hardship ,to dispose of merchandise when
premium is eighteen or nineteen. per :cent.,. at a credit of
three to six months, and When 'paid, be obliged to remit at
twenty-four, this is a state of things which ought not to
exist between Great Britain and One. of her richest 'colonies,
and it will be better both for, planter and. .merehant,• the
soonerit is put an end to. , It. is quite pl4in that one of the
consequences of thie"bill 'will be, that all bank notes must
be payable in specie. NOw what dO we want with specie,
except to pay our labourers ?. When we can'get a bank bill
on better terms than we can ship specie, we take the
,bill,
and this it is which will regulate exchange. After the first
twelve months, when the publiChave confidence in the Sys-
tem, many will wonder at the small quantity of §pecie which
the banks will require, .. : - , . •
The second benefit arising out of the bill has already been
ably pointed out by Messrs. Delgado and Carr, (seethe pub-
lished proCeedings of 'the meeting -of the chamber of com-
merce.) It-may be the fashion with. some to ridicule that
which will benefit the poor, even. in a small way, but in all
countries the poor are the many-eand demand consequently
the peculiar care of the government. Already are our
labourers accustomed to shillings, sixpenses, and three-
pences in silver, and time only will be required to make them
equally so with the smaller copper fractions of a shilling.
The currency with the use of which Great Britain has become
one of the 'first countries of the world,' cannot be a bad one
for her colonies. -In 1656, when the English took posses-
sion of this island, there was nothing but Spanish money in
it, and therefore that eminency was adopted ; but what quan-
tity of Spanish money is there here now ? not a thousandth
art-of what is-necessary as a circulating medium; then why
pontinue accounts •in an imaginary . foreign currency in
reference to.a British one, which we may call peculiarly our
wn ? I have heard it said " let well alone," or show us a
eason for the change. I respectfully submit that I leave
hewn reasons. -- , -
Agriculture and commerce . have existed without banks,
and prospered too. Banks must therefore be considered
secondary to, and dependent on, thOse two great interests;
. but ;wheel-- onee established,• tfie these become very closely
interwoven indeed. injure one—the others feel it immedi-
ately, and vice versa. Now there are three great questions
about to be discussed—

THE PUBLIC DEBT,
THE BANKS—and
• THE CURRENCY.
•
When the Irish municipal bill was sent up to the House
of Lords, it was ordered that it should be laid on the table
until the Irish poor law bill was likewise sent up. The up-
per house refused to legislate on mie until they had both be-
fore them. What I would beg very respectfully to suggest
to your honourable house is, that you postpone the further
discussion of the above-named three very important questions
till your next meeting, when they can be taken up, and seri-
ously deliberated upon, with all the advantages of previous
out-of-door discussion, and decided upon in a way really be-
neficial to the island
The present stateof money matters in the mother country
and the United States, renders the present time peculiarly
unfit for the agitation of the three iniportunt questions re-
ferred to. We require here, in consequence, every thing to
be done to increase confidence ; nothing to disturb it; and I
appeal to the conduct of the banks to show that even the
agitation of this bill" haS already, and very materially too,
disturbed confidence.' This ought not to be, particularly as
no reason has been shown, by the only two members of your
honourable house, for pressing the immediate adoption of
the bill upon the country.
Gentlemen, I have thrown my ideas very hastily together,
and I beg that you will place the most favourable construc-
tion upon them, and grant the time asiced. If I have been
deficient in form or courtesy, I pray you to excuse me, my
sole motive being au humble, but very ardent,•desire to-be-
nefit Jamaica. I have the honour to be, Gentlemen, •
Your very obedient servant,
. A MEMBER OF THE CHAMBER OF COMMERCE.

• COUNTRY GENTLEMEN IN FRANCti,—The . comparative
paucity of French gentlemen residing on their estates .in
France is very hurtful to the poor. A frequent intercourse
with the common people opens our eyes to.their Wants; and
fcw persons can see misery without a corresponding feeling of
Compassion, which, if excited for a moment, is either blunted
or destroyed, amidst the cold-hearted splendour of a town
life. Here England stands alone.; there is no country under
the sun in which the poor are so benefited by the relish of its
aristocracy for a country life, and which relish, it is to be
hoped, they will never lose. I can produce aSingular instance
'of this boon. When Sir Peter Pole broke.up his establish-
ment in Hampshire, I made it a point to. see the overseer of
'the poor, for the purpose of ascertaining what effect the ab-
sence of the family at " the great house" had an the pour
rate of the; parish. I found it to be just 50 per cent.--
Monthly Periodical.

EAST INDIES.

(From the Bengal Herald, November 10.)
AFFGHANISTAN.

Letters have been received during the week from the army
en route to Bamiami to tlie,ltkof October, and from Cabal
tc the Bth of that inuntli. The following are the most inter-
esting:ex-tractS

" The army expect to commence their march back on the
15th. A detachwent,.. consisting of a squadron of the 2d
c'avalry, the '4Bth native.it-lilintiy' and three gulis'of Captain
Al bott's. battery, marched from Cahul, oh the 12th, towards
Ghianee.- The 43th were to. escort back the Dost's son.

"7.11.3. AK VALLEY,;` crossed the Irak pass
yesterday, with less difficulty than 'we expected. But our
tsoablese in the way of passes, are not near over yet. Our
destination is no longer Bamian, but Koolum, in Tartary.
De. Lord has returned to Cahn', and reports that the Dost
is, gathering strength in Tartar), I consequently a brigade is.
ordered thither, consisting of the 25th and 37th native infan-
try and the 4th locals. Our detachment, that is, the native
troop of horse artillery, 200 of Christie's horse, and the,
Goorkah corps, wait for them at Bamian, whence we all pro-
-ceed'to Koolum, and there winter. • We havethree' passes to
surmount—the UkrObut, Dundun Shikun, and Kara Kootul
—none so high as the Irak; but the Dundun Shikun is said
to be very steep. Koolum is only 'l5OO feet above the level
of the sea, so we may expect a milder winter there than at
Bamian. The cold is even now severe in the extreme—it
freezes during the greater-part of the 24 hours. This is an
inhospitable valley, narrow, with steep wall-like hills enclos-
ing it. The sun set (to us) at three o'clock yesterday after-
noon, and up to this (B,a. m.) we have seen nothing of it.
We found some snow perennial in ravines on either side of
the Irak hill, and at an elevation below 12,000 feet it is so
cold I can scarcely hold my pen. lam afraid the communi-
cation will soon be cut off by the snow.
Thermometer at 7 a. m. G degrees below freezing."
" CABUL, OCT. B.—The 3d cavalry, escorting treasure, ar-
rived from Jellalabad this morning. 'The regiment had.been
sent out for the express purpose of annoying Colonel Smyth
and the officers of the corps, by knocking up both horses and
camels, the road between this and Jellabad being worse than
it,is well possible to conceive, and not a particle of forage of
any description.
"'Now that they have the means, the commander-in-chief,
heads of departments, 16th lancers, 3d light cavalry, and 4th
local horse, will move hence for HindoStanton on the 12th
instant. Sir Willoughby Cotton remains in command here,
with Captains Douglas, Paton, and Wait, the deputy-aSsist-
ants of the different departments.
" I am happy to inform you that the gang which so bru-
. tally murdered Colonel Herring has either been killed or
captured.
" A wing of the 16th regiment of native infantry, from
Chiznee, got on their track and chased them into a small fort
on a hill, which they surrounded. On their approaching the
fort, the fellows rushed:out, and' came 'boldly down to the
-attack. Major M`Laren had made, such a judicious dispo-
sition of his wing as to cut off all chanee -of their retreating,
and met them with two of hiS companies,' While the other two
.had been sent round the hill, unobserved by the gang. They
stood the fire some time, when they began to thinkit high
time to beofV-liiiillust as they reached the hill' (the' flanks
being lined. by a party of Skinner's -horse) they, were met by
the two other companies of the 16th. So great was their
surprise that they instantly laid"-down their arms and gave
themselves up. • • Every man,: woMan; and child was taken.
Several of our sepoys were wounded, and the adjutant of tile
16th, IL Balderston, wounded. Major M`Laren has had a
highly complimentary order issued on the occasion. A wing
of the 35th native infantry, under Captain Cowley, marched
this morning for Ghiznee. They are to remain there till
Major.M`Laren and his wing returns, and then come back
here with the captured Ghillies, who are all to be put to death,
at least such is the report. Major M`Laren is still hunting
parties of Ghilgies, and reducing their strongholds.
" This morning we had a hard frost. There was ice in all
the water vessels half an inch thick. The thermometers in
my tent, after sunrise, stood at 33 degrees. We are all busy
making up skates."

ATTACK ON ADEN BY THE ARABS.
(From the Bombay Courier of Nov. 22.)
From private correspondence we are enabled to lay before
our readers the' following particulars of an attack on our
lately-acquired possessions of Aden, by the ex-Sultan, the
chief the Abdallas, assisted
by the Foudlee and numerous
other Arab tribes, which, from its daring character, the num-
bers which composed it, and the wild bravery displayed,
clearly proves, that however easy the capture of the place
may have been, and however •strong• its natural defences, it
it is not probable we shall. find it a bed of roses.
It appears that inforthation had been received some time
previously, by Captain Haines, • the political resident at
Aden, of an intended attack, who made every arrangement
accordingly, in conjunction with the military authority of the
place ; and; notwithstanding the. Matter was looked upon by
many as an idle threat. on the part of the Arabs, every pre-
caution seems to have been taken to repel them.
The fortifications and defences of Aden are too well known
by this time to require a description here, but for the benefit
of those who may be unacquainted with the localities, even
on paper, we may as well remark, that the neck of land, or
rather sand,
.which connects the peninsula' of Aden with the
main land, is insersected'by a wall about 1400 yards in length,
both extremities of which touch -the sea at high water ; at
either end of this wall there is • a semicircular projecting
fieldwork mounting two guns, while three other guns are
placed along the Wall, in as many redoubts, at regular inter-
vals of 300 yards. •
So frequent had been the threat of an attack, that it
ceased to be a subject of much consideration, much less of
'alarm, and the. evening of the 10th found. the party. at the
Turkish wall, totally ignorant of any unusual movement.
Early in the morning a report was made that some eight or
tell rota were teen prowling about near the advanced sentries,
but who, on being challenged, dispersed. Soon after more
were seen creeping round the' left fieldwork, it' being nearly
low I,V-atel• ;- about four a.m; of the 11th the sentry fired, and
the Arabi, findlingthernseives discovered, raised a tremendous,
shous,,,suid"enshed'an intliree -Columns of about 2;000 men
each—one column npon,each'fieldwork,.and. one on the cen-
tre---b*,.' were quickly checked by a well-directed fire of
gitliiectinil musketry from the works, while Lietitenaiti
mitten:fp& the Indian navy, in-:the launch-of the Honourable
.Cninpani's•brig of war, Euphrates, discharged 'repeated vol-
les of
grtye- from•the boat s-12-pounder across their columns
V-ith'admirablejudginent and. precisiOn ' The-centre column
alin*lbdekiettt,tif wall, within which about 250 of them found •
ItheirmaY, When the remainder were obliged to retreat ; those
syliO got in':•viteri3 joined by'about • 150• others who had crawled
along and succeeded in passing unobserved. rpand. the left
'fieldwork. Finding their retreat cut off, after losing sonic
men in attempting; itjhey 'had& al Trish at the 'heights cool
,rnanding!the wall, but on receiviug two shots, and losing ,one.,
of their number, they re4ated; and tried another part of ale,
hills, where' Mr. Nett, mt midshipttiaiCof thelndiah;gav ct!
sea.; placed with, party of .seamen ...and a gun, on receiving
the first shot from which they fled in great co,ifusion, and
mole a desperate- rush to naiSs outside the left fieldwork,
where Mr. Cameron, of the European regiment, was plae4
'Here'the slaughter-was dreadful, about thirty of their number
'being mowed difWil on th&Spet. Sonic made -good'theii'
retreat, and a few lied away into the hills, where they were
either taken or shot•the next day.
• In the, niearitiiiiiithefsring' front the artillery was kept ,up
from the front, and by Lieutenant Hamilton on the flank, till,
only about five rounds of grapeshot remained at the wall,
when an order was given to cease firing, the enemy being at •
'a
considerable distance.' On this the Arabs, taking it for
granted
.that all the aiiimunition of the defenders was ex-
pended,. rushed,'with a loud yell; hi five cOltuntis again to
the wall, within a short distance of which they were' once
inure fatally checked by the destructive fire 'of grape and
musketry in front of the flank. •
Daylight .had, just ..broken- on. the -scene, and showed the
• Arabs in full
,retre,at, in a dense .mass extending front side.
to side of .the broad part of the isthmus, their numerous
camels loaded with dead—those very camels, some of which
carried small guns, and all of which were intended to be laden
with the plunder of the English, of whose wealth they had
formed most.extravagant notions.. The ex-Sultan had per-
suaded them that "all the buttons worn by the English were
of solid gold, and that precious stones and valuables of all
kind awaited their expected victory." .• It appears they were
led to expect, a.vpry .feOle resistance.
One coniinunieation says" We took 28 prisoners, and
beried 32- of their dead ; and from the wall they were ob-
served to load a great number of camels with dead and
wounded. The garrison had but one mall wounded."