The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-08-10 00:00:00

Low you not

and ought to b,
ment of the peoi.
(Great cheering.)
O'Connell failed in hi.
-ise of hislailurE

Duncan's enthusiasm and eloquence. would be,
except for the decided move-

themselves towards currency reform.
We must, however, bear in mind that
gitation, and endeavour to avoid
Hear, and cheers.) O'Connell's

the
object A,
currency I

too indefinit

of for
Britisl:

er the amount of

-
native indust
it

leers.)

pound

intrinsic valu;

strnetive of native industry. (Continued cheering.) Sup-
pose the intrinsic value of a hat were 20 shillings, or 5
dwts. of gold,'and that a tax of 50 per cent. were imposed
on hats. Then the manufacturer, to retain his position,
would be entitled to 30 shillings, or 71 dwts. for his hat ;
and this increased price he would get, if all foreign com-
petition were prohibited. (Cheers.) But admit an un-
taxed foreigner into our market, whose hats are in all
respects equal in quality to those of the native produce,
that is to say, possess equal intrinsic value. The foreigner
could sell his hats for twenty shillings, or 5 dwts. of gold,
while the Englishman would require 50 per cent more,
since he owes 10s.' or 21 dwts. of gold, as a tax to the go-
vernment. Sir Robert Peel tells us to buy in the cheapest
market ; now, in this case the foreign article would be
the cheapest ; we therefore should buy it ; the native
producer must therefore abandon his trade, unless he
carried it on by losing 10s. on every hat he sold, and in
that view he must ultimately be driven into the Gazette.
This illustration applies to every commodity which fo-
reigners can produce ; and the general rule to be deduced
is, that free trade cannot be carried on between two coun-
tries unequally taxed in a legal tender money which only
expresses intrinsic value, and does not express price. Am I
than a protectionist? Far from it. Do I oppose free trade
The very reverse. (Cheers.) But I hold to consistenci
and insist on the same free-trade in the commodity of goi
as I could wish to enforce in respect to every other cor
modify. I therefore propose to adapt our mone
tem so as to render perfect free trade useful, whil
is now altogether changed, I same tit

we to native industry that measure of piot;
tion to which it is entitled, precisely because we raise o
revenue by taxing those articles of consumption on whi

wed to be legal tender, conve

e same nominal value at which they were o:
cl by the Government. Now, let the foreigt

atition, as in the case
pld ; he sells his hats

manufacturer enter into free compE
assumed. He requires 5 dwts. of gc
in opposition to the Englishmen, who require 3
foreigner will receive three taxation notes at 10s. E
and thus obtain nominally 305., but when be goes to a
bullion broker to purchase the commodity, gold with these
notes, he will only receive 5 dwts. of gold, instead of 71
ion as well as
each of these

for these notes will express tai
Estimated in silver

notes would only be worth 6s. Sd
mestic money they would circulate at the nominal val
of 10s. each, because out of every 10s., 3s. 4d. would 1
due to taxation. (Cheers.) Let me put the subject in

lihough in our i