The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1850-01-08 00:00:00

says :

" By the way, how sadly the Protectionists have been de-
ceived in their predictions about the gold going out of the
country. Notwithstanding the vast importation of foreign
corn, the Bank of England is incumbered with gold."
The bank is encumbered with gold Was it encum-
bered in 1847, when cash payments were compelled to be
suspended? Mr. Cobden must be a little oblivious. He
11s, moreover, at issue with the oracular Manchester
Guardian. The latter tells us that we want, under a
free trade system, an increased stock of gold. Mr.
Cobden says the bank is incumbered by it—and he is
right. The bank would be glad to get rid of a portion
of it ; or, at all events, to issue notes to represent its no-
minal value. _

T ,e London Times, however, makes the most astound-
ing discoveries about the increase of gold from California.
Our contemporary admits the fact of the large yield of the
Californian mines,which he puts down at the immense
amount of £30,000,000 for the past year. He says, how-
ever, that—

" No appreciable importation has yet taken place, and the
value of the standard metal still remains 3 17s. 10ad. per
ounce."

No appreciable importation, the Times says ; yet Mr.
Cobden says " the bank is incumbered with gold." Its
price " still remains at £3 17s. 100. per ounce." Why.
it is fixed by act of parliament ; and hence the bank, its
compelled purchaser, is incumbered with it ! Let the
bank be compelled to buy as many copies of the Times,
at sd. per copy, as can be worked off in Printing-house-
square, and the bank will be incumbered with the Times.
Our contemporary proceeds to say :

" Three causes have been alleged in explanation •of this
anomalous and yet unimpeachable fact—exaggeration in the
reports of the produce, extensive self-consumption on the spot,
and want of time to give full effect to the discovery."

What is meant by " extensive self-consumption on the
spot," is beyond our comprehension. The diggers don't
eat gold, we should imagine. If the Times had hinted
that such a new community as that settled in California,
require a large portion of the yield of its labours as cur-
rency, we could understand him, and account for its not
having hitherto reached Europe. The most ridiculous
portion of our contemporary's article, however, is the fol-
lowing : and when we say ridiculous, we much understate
our condemnatory opinion of it. The Times says :

"The probability is that a sum at least equalling the largest
importation ever anticipated from California, has been des-
patched to it, and has been consumed in introducing this
strange province into the community of commercial states.
Reckoning the costs of outfits, living, 'shipping, time, and
labour, it has been computed that capital to the amount of
£20.000,000 sterling has been exported during the last 12 months
to San Francisco from the United States alone; and as only
£6.000,000 sterling has been received during the same period
in the shape of gold-dust, there remains a balance against
California of £14,000,000 upon the year."

The italics are our contemporary's own ; and now we
ask him what has it to do with the question of bullionism,
that twenty millions sterling have been sent to California,
and only six millions as yet received in return. The
twenty millions have been exchanged for something; that
something is what the country produces, viz. : gold. It
has not all come back ; but it will come. If a hundred
millions, however, of " capital " bad gone to California,
it would remain a significant fact that six millions had
been added to the world's stock of gold, our measure of
value. Add an inch to the 36 would constitute the yard ;
end, what a revolution we shall make ! It is precisely this
sort of revolution which California is effecting in all exist-
ing contracts. Last week, the Times said that gold—our
standard of value—is on the verge of a change. Of course
it is ; but the special pleading of to-day contradicts the
admission of yesterday.