The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-06-06 00:00:00

longer endurable
We have bee

e may admit ten millions per
Innum more for the maintenance of the machinery
of the state than is required. But how much more
have we paid in another shape, and from other
causes ! Will two hundred millions pay for the
depreciation which has taken place within the last
the national and other

ee, or e

S in tt

securities, of produce

, mills, mines, land, houses,
•y man's property, from the
those only estate is his labour,
Will the most sweeping re-

unemployed ?

form in Do.wning-st

t, the most wholesale cutting
down of places and salaries, army and navy, diplo-
matic and other expenses, restore the fortunes
which have melted away in the hands of our ruined
merchants, or bring back a single stick of the fur-
niture, or a rag of the clothing, which has been
snatched from the working man's cottage ? The
cause of this wholesale ruin is the first and great
problem, to solve which the intelligence of this
important community should be directed. What
_
miter which, in a moment, prostrates
which robs us of the results of
leepless nights; against which
cannot guard, and the day of
amongst us cannot fore-,
found in a false system of legis-
out by Mr. Church-
+ing on Wednesday,

the work of YE

days and s

It will. b

flu Met

'uson, at th

id cruel currency law. It is this
ately raises us to the height of
leads us on headlong to all the

Julation, and then dashes us
sing in one common abyss the
imprudent, the man of capital and
aw; which renders unavailing the
saving, of industry, and of
Lers instead a premium upon

gain, invol

prudent and ti
the man of str,.,
exercise of caution,
enterprise, _ and off

imprOvidetice.
It is not at

all difficult now to trace the opera-
tion or rather the combination of operations by
--'rich we have been reduced to our present posi-
- Two years ago, we were at the fever height
We might almost be called insane
*he permanence, and even
national wealth. We bad
fiscal policy, had opened
e of the world, and were
our foreign commerce and
Whence caused the check
lAA
upon our exertions . What hand at one blow
stopped our railway making, and swept away at
once one half of the visionary property which we
bad fabricated ? The unseen hand of our vicious
system of currency. We had been attempting to
carry on a double trade with a restricted capital.

,nticipations of
I,A T

an in

ipon a

had created paper money to an enormous
amount; and, when we were required by the stern
action of the bill of 1844 to base it upon real value,
to make it convertible, and to deposit gold in the
coffers of the bank to meet its increased issues, the
whole fabric came down at one crash. The mer-
chant, the manufacturer, the speculator, and the
holder of railway shares, were then reminded that
not in them to fix prices or the rate of profits;
-prize or make their invest-
-ast they will, the directors of
monopoly, the Bank of England,
to determine the result.
-f the screw by this body,
-1 contraction of monetary supply,
'er to have been allowed to be so
..nsly expanded, which gave the
iercial confidence. The conse-
-e now enduring, followed na-
i aggravated by the recoil
nolicy. We have ruined
damaged materially the

We L

lat direct their ent€

h what

It wa
nd the
~.1.: -1.

Won o

st In i

sugar colonies ; struck
a heavy blow against the Canadas, and brought
the cheap labour of the continental manufacturer
and artizan into competition with the highly taxed
labour of the British artizan. Hence the falling
off of our export trade to these possessions, and the
stagnation which is spread throughout our manu-
facturing districts, facts teaching us the wholesome
Tuth that we cannot touch injuriously any interest
n this great community without bringing down a
tributary punishment, which is felt by every class,
❑d often most by those whose selfishness has dic-
ed the blow.
Tt is towards this broad view of our position that
attention of the people, and especially of the
stile body of a town like Liverpool ought to
4ed. Economy in conducting the affairs of
-it. we repeat again, is a good thing in its
arrest the working of the great
,ources of our disordered condition, if we wish to
redeem ourselves. This is not the first time in

an of our I

but we mus