The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1850-01-01 00:00:00

XV COMM(

Ist this emergency, we may, that,
ricrease in the amount of gold which

flow into the country, as well ae

"avoura-

oun'tries ; and a part of the

precious metals arises from, and is

the recent change:

puttcy.
w e beg particular attention to tbos

passages in

le above qc

ation which

e have marked in ita-

r. First, it is said that we shall require, to ena-
ble to carry on a largely extended trade, an
increased reserve of gold in the Bank. Under our
resent monetary laws we admit that such would
the case; and it is precisely for this reason that
free trade, and our becoming the world's brokers,
are incompatible with a currency based upon the
vtesence here of the precious metals Take the
ease which the that of
1..

Guardian describes; viz

•
krge importations of foreign produce occurring,
Partly for consumption and partly for re-exporta-
I", " at a time when something may have occurred
° check the export of English manufactures" ;
Zmlt would be the result ? These consignments
;°ll,ld most likely be drawn against; and until the
Icuanges were turned in our favour by a corre-
4,Ponding amount of exportations, large balances
‘'svauld have to be paid in gold. But how are those
.cellantres turned in our favour under the present
Simply thus. Our basis, gold, having
, e
us, the circulation of the country is contracted
al
.4 Prices of all commodities are forced down, an(
Zleduced rates, find their way into foreig._
"3, and bring back our gold, at a most enormous
Iterifice.

',:'Y!itern 'i

zn mar

irr,'File—second portion which we have marked. is
h:PIY untrue • and the desideratum upon which
It". Insists can only be brought about either by a
oriiiisclus action on the part of the Bank of England,
un."Y a resort to measures which would be palpably
tuaJest to the British people. It is not true that we
of Y expect " a permanent increase" in the supply
as g°ld to flow into the country, voluntarily,
we are asked to believe, from time to time,
to

-411ortsPlovide ^ fi

the emergency of increa

Cessation of ex-

part of the present

trifling

just now only prevented by the Bank
;eking it at its statutory value. Once let it be
proclaimed that that establishment has closed its
„ doors against gold, and we may mel
I
" household utensils

p into

In conclusion we invite our contemporary to the
consideration of a question, which has not as yet
received sufficient attention. We have 17 millions
of idle sovereigns in the bank. Is none of this
amount absolved from circulation by the absence
of active internal trade ? An active state of the in-

dustry of the country would demand more "change'

for the I
of other

nt of wages,

,eeuniary eng

ments

sovereigns, the absence of wliich from circulatation
is so much felt by every portion_of the community.

explained. In 1846 we hid in the Bank of En.-
gland in specie—gold and silver—within a few
hundred thousand pounds of our present stock.
Of this, however, nearly £3,000,000 was silver,
whilst at present we have in the issue department
of the bank only £277,077. If the conclusion to
be drawn is not that silver has become, as compared

with gold, a more profitable article of export, and
has therefore appreciated as compared with gold,
how are we to account for the fact?