The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1850-12-24 00:00:00

king men

considerable variation in
3 occurred in former periods of his-
adjustments of the relative

y, or, in

old measure of
and necessary to

other words, alterations of our
been r

value—the pound—hi
enable us to conduct

;er convenience,

our commerce with countries whose currency was
based upon silver alone, or which used both. It is
, to which we have referred,
the attention

such a re

-adjustment

which is just now ser

n countries

some years past, the yield of the gold and silver
mines throughout the world has been going on pretty
equally, the supply of each beim,. such as to main-
tain their exchangeable values tolerably near to an
agreed upon par. The increase yearly made to the
stock of gold in the world kept pace with the re-
quirements of an increasing population, both for
monetary and other uses. The discovery of the
lth of California has, however, destroyed
previously existing between the two
tr, be a per-

rnetallie'wea
the equipois

A sudden, and what

manent, increase of cur stock of gold has led to a
just fear of the depreciation of the value of this
metal, as compared not only with silver, but with
commodities as well; and the influence of such in-
creased supply may probably be rendered more
embarrassing in proportion as commercial countries
restrict themselves to the use of one or the other as
their standard or measure of value.

That it is desirable to adopt this step, if we are to
have a metallic standard at all, is perfectly obvious ;
and it is equally desirable, and is realised by the prac-
tice of all countries where both metals are used, that
the least fluctuating, as compared with commodities,
and that in which the greatest amount of existing
contracts have been made, should be selected.
Holland has restricted itself to silver as a basis;
and it is seriously mooted in France to do the same
And wisely so, we think, provided always, -
have said before, that a metallic money is re-
tained ; for no prospect exists at present of silver
changing materially its purchasing power, as regards
commodities. In this country, however, a depre-
ciating metal, gold, is the sole legal tender, silver
being only used as an auxiliary, and the coin in
circulation being, to a great extent, below its mint
value, and, therefore, unavailable without a sacri-
fice, even if it could he: . procured as change for gold
for the purpose of remittance to foreign countries.
The result, so far as regards mercantile transactions
with foreign countries, of a continued depreciation
of our standard as compared with silver, is ex-
plained in the City article of the London Times, of
Wednesday, precisely as our readers will remember
ourselves to have explained it in the columns of the
Liverpool Standard.
"It is obvious that in proportion as foreign States re-
fuse to admit gold into their coinage the influence of the
Californian supplies must be felt in England ; and that
when steps are taken, as has lately been the case in Hol-
land, to rid even of the gold they have hitherto had,
the effe must be rendered still greater. While our
stattila f value is falling theirs will rise. and goods will
beeomp nominally dearer here and cheaper on their side ;
bat the intrinsic prices as regulated by the rates of ez-

as we