The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-10-19 00:00:00

RELIEF OF THE MONEY MARKET.

Without intending to espouse a theory, we (says the
Morning Herald) still feel greatly inclined to favour the
idea of a Government currency of £5 and £1 notes, avail-
able at all times for taxes or duties, but never presentable
in demand of coin. .

In point of authority, this plan wants not the sanction
of names of weight. It was put forth, if we do not mis-
take, some years back, by Mr. Henry Drummond, one of
the best practical bankers in England. It was favoured
by Mr. Sadler, and since him by Mr Alison. The general
voice of Birmingham, of Edinburgh, and of Glasgow,
would pronounce unhesitatingly in its favour. And, to
our minds, one of its strongest recommendations is found
in the fact, that its opponents are driven to the grossest
exaggerations and mis-statements, in order to make out
any case against it.
The main reliance of the Times, in objecting to the
plan, is, that notes not payable in gold may sink to a dis-
count. Instantly the assumption is added, that they would
sink to a discount. And, the next moment, it is boldly
assumed, that the ,discount would 'be an enormous one.
Thus the Times argued, that although the butchers might
admit your one-pound note to be a one-pound note, you
could not prevent his demanding two one-pound notes for
a sirloin of beef, which he would gladly sell for one
sovereign ?
The answer to this clearly is, that although a contro-
versialist may claim the liberty of imagining and suppos-
ing anything he pleases, still it is abundantly clear that
this supposition is in the highest degree improbable, and,
indeed, all but physically impossible. The proposed paper
money would form the bulk of the currency of the coun-
try. The people of this country pay to the government
somewhat more than a million sterling every week, and
nearly fire millions every month. As, therefore, five
millions of this paper would be needed al par every
month, by what means could holders be induced to part
with it at even sixpence discount ?
The case of the existing Exchequer-bills proves the
solidity of a government paper money. We take them
even at the present crisis, and when they are selling at a
discount, and we say that they prove our case. For even
at this fearful juncture, while Consols have fallen 8 per
cent. in six weeks, and Birmingham and Great Western
shares each 20 per ce9t., Exchequer-bills are at 155., 205.,
or 255. discount. And why are they at any discount at
all ? Simply because they are not available as money
at the moment, for any purposes whatever. They are not
due. They are not presentable or payable; they have
" months to run , " yet, even under this disadvantages
they only fall to one per cent. discount. And were they
_ppyable for duties, they would not be sold at one shilling
discount.

We aver, then, that a Government paper money of 50
millions, current for all Government purposes, dis Wends,
taxes, duties, would never be at any discount what-
ever. We allege, also, that such a currency might be
made—and it would be the duty of Government to make
it—steady; permanent, and unfluctuating. Whereas, the
present system is a system which works by fits and starts ;
first tempting people into wide speculations, by making
money too cheap, and then plunging them into bank-
ruptcy, by making it too dear.
And, in this belief, we are of opinion that a plan of this
kind ought at least to be brought under the serious con-
sideration of Parliament.

THE CAUSES OF THE PRESENT EMBARRASS-

MENTS.

(From Yesterday's Herald.)
The misfortune is not that we have set too many men
to work in England, but that we are doubling the hands
of half the factories abroad. We have nothing to fear
from the prosperity of any portion of the native popula-
tion. Would that we were as secure from the effects of
prosperity transferred from England to France, from
Jamaica to Cuba. " Birmingham," says the Times, "is
interested in such an extension of credit as shall enable
twice as many calls to be paid up this year, even though
it should result that twice as many merchants and trades-
men were ruined next year." Shocking as it may be to
make railways, and to employ Englishmen in their
construction, we cannot allow, in the teeth of facts,
the assertion implied in the words we have under-
lined to be taken by our readers for granted. When
the announcement of the failure of Messrs. Reid,
Irving, and Co. first appeared in these columns, we asked
what railways and railway speculations had to do with
this catastrophe ? We repeat the question now. We in-
vite our contemporary to answer it. If Birmingham had
not required a single farthing for its iron, if railway calls
had been unknowq, would Messrs. Reid and Co. now be
solvent ? If an act were to be passed to-morrow, corn-
Pelling engines to be silent, and restoring the old stage
coaches to the road, could this once substantial firm retain
its former station ? Messrs. Reid and Co. speculated
neither in railways nor in corn; they invested their capi-
tal in legitimate enterprises, relying on the good faith,
justice, and honour of the British legislature, and they
are ruined because they trusted that legislature " not
wisely, but too well." They are amongst the first victims
sacrificed to the free-trade policy which was to render
us the envy and admiration of the world. They pur-
chased West Indian property with the full and natural
conviction that a nation making a parade or show of its
Christian humanity could not be barefaced enough to weep
one minute over the sorrows of the negro, and to give a
premium the next for the increase of his sufferings : they
embarked their capital in the belief that English mer-
chants, English labourers, and English interests would
not be the last consideredin the Imperial laws passed for
the benefit of the English people. In all respects they
are disappointed and are ruined. Our contemporary may
turn away from the disagreeable results of the policy he
has advocated and helped to establish, but he cannot re-
move them. He may harp for ever upon his one string,
but he will not charm his listeners into a forgetfulness of
wrong. He may point with well-affected horror to the
furious roarin,, of the railway engine, but merchants with-
out money, tradesmen without custom, and operatives
without work, will discover, with the acuteness peculiar
to suffering, a nearer, if less noisy source of all the mis-
chief.

We contend that the havoc around us is the result—
the natural and expected result—of the system which is
especially contrived for the aggrandisement of the
foreigner at the expense of the British subject. What
has happened was foreseen ; what is yet to come to pass
we have over and over again declared. In the struggle
between theory and experience, it is not difficult to pro-
claim which shall eventually conquer. Messrs. Reid and
Co. fail in consequence of free trade exhibited in the Mau-
ritius. The working of free trade does not vary with cli-
mate or distance. Its laws are as universal as they are
simple; others will fail in England in consequence of the
operation of free trade here. It is but a question of
time. The words of " Observer," whose remarks we
copied from an evening paper on Saturday last, are
in this respect, true to the letter :—" Just as certain,"
says this writer, "as the free introduction of foreign
sugar has brought the British tropical possessions into
their present deplorable condition, so certainly will the
free introduction of untaxed foreign corn ruin the whole
agricultural interests of this country ; and also just cs
certainly will the free introduction of untaxed foreign
shipping ruin the whole heavily-taxed shipping interest of
the United Kingdom and her foreign dependencies. And,
moreover, as certainly will the British highly-taxed ma-
nufacturers of every degree be reduced to a state of ruin
by unfettered and untaxed foreign manufacturing compe-
tition at home and abroad. Let the fundholders and go-
veynment employes of rank and degree look to these
truths, and try to avert them before it is too late."

GROVES' DIORAMA OF THE HOLY LAIND.--It will be
seen by reference to an advertisement in our first page
that this exhibition is shortly about to close. A visit to
it will fully repay the trouble.
STEALING CLOTH, &C.--A woman was yesterday COM- 1
mitted for trial, by the stipendiary magistrate, for stealing
several pieces of cloth. She had been temporarily em-
ployed by the owner as a servant, and had pledged the
pieces with several pawnbrokers. £1 4s. was found upon
the prisoner when apprehended.
NEWMARKET RACES SUMMARY,—TotaI Number of
Races, 51. Won by Favourites, 12. Won by Non-
favourites,f 18. Even betting, 1. Dead heats, 2. For-
feits, 18. Horses entered, 404. Horses started, 197.
Total amount of stakes. £15,610. Subscriptions, £15,060.
Pnblic money given. £550.
ROYAL AMPIIITHEATRE.—" The Early Days of Shaks-
pere," produced last week, is a gratifying tribute to
the memory of the great poet, familiarising us with his
personal adventures, and affording a medium for the in-
troduction of some of the finest language to be found in
his works, as well as several beautiful scenic representa-
tions. " Blue Beard" is well put on the stage: Rajah"
is one of the greatest stars we ever witnessed.
ACCIDENTAL DEATH.—Yesterday, an inquest was held
before the borough coroner, relative to the death of David
Carmont, aged 41. On Saturday last deceased was driving
a one-horse cart, laden with flour, near the Salt-house
Dock, when another similar cart came towards him from
'the opposite direction. The wheel of the latter accident-
ally caught the shaft of deceased's cart ; and he was
jammed or crushed up between the two, by which he was
so much injured that he died ou Sunday morning from
fracture of the ribs. Verdict, " accidental death."
STEALING IRON.—On the 14th September, two men
out of a gang of three were committed for trial at the ses-
sions, for stealing about l ewt. of pig iron from a cart in
Simpson-street. They were watched taking it to a marine
store in Lower Breck-street, but one of them, John Con-
nolly, who escaped, was not captured until Saturday last,
and was placed before Mr. Rushton yesterday. Being
fully identified as one of the plunderers, he was sent for
trial. The property belonged to Messrs- Bailey, Brothers,
iron merchants.

WHOLESALE THEFTS FROM ST. JOHN'S MARKET.—
Two women, Jane Jones and Jane Sparks, were yesterday
charged before Mr. Rushton with stealing a basket from
avenue No. 4 in St. John's Market, containing 231 b. of
butter, brought for sale from Roby on the 9th instant,
another basket containing two geese, a rabbit, a brace of
partridge, &c.,—also a keg of butter, &c., belonging to
different people. They left the articles until they would
call again at a public-house in Harford-street, and it ap-
peared had made a practice of purloining baskets, &c.,
from the market. They were committed for trial.
FATAL ACCIDENT.
—AHinquest was held yesterday, be-
fore Mr. Curry, on view of the body of Thomas Prescott,
aocd 14 years. On Saturday morning last, about six
o'clock, deceased was leading a one-horse spring cart,
laden with fish, along Rose-street, Roe-street, near the
hack of the Royal Amphitheatre. There was a quantity
of stable or straw manure piled up in heaps on one side of
the narrow street ; and while he was pasting partly over
' it, at the head of his horse, his foot got entangled in the
litter, and he fell. Before he could reeover himself, the
wheel passed over his body. He was carried home to his
parents, in Gaseoyne-street. and thence, in a state of in-
sensibility, to the Infirmary, where he died in two hours
after his reception. It was found, on a post morteol ex-
amination, that he had sustained a fracture of the skull
and fractures of the right ribs... The jury returned a ycr-
diet of " accidental death."