The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-12-12 00:00:00

n; and there is no tie of interest to

um we can point a

ag them to continued

allegiance

The issue is approaching even more rapidly than
• 1. Quietly and silently the people of

we antic

have forced upon them. The following extra
from a letter, the writer of which is a gentleman
considerable political experience in Montreal, suf
tells its own store
and prot(

d her sovereignty in the

Aonies by fl

while she protected

treating them as her own

possessions—the inhabitants as her own people-
to their products in the home market a preference ove
those of strangers, the simple principle of reciprocity, o
mutual exchange of benefits, left the colonies contented
though all but partial intercour.--"1-

by giving

A certain prate

with foreigners Was pro-
m in the English market

pposed

vantages

, -
e we had no pro-

ation in policy we ore
of the British people ;
ers because seas divide

.s foreigners, and con-
e violated. hold to the

E3,u ce for the time

sovereignties com-

breigners. -Why)

J and her colonii

ivedonz of Ire
imoosi

)n every articlj which any
ce ? This would be ere-

it is pre-
o greatly tended

There was a

nsolidated such;

bout it may there

corn Imported
tl

!oors a county

proved by our last letter. You admit that when gold
exported money is hoarded ; can money be hoarded with-
out causing a panic? can a panic ensue without causing a
far greater loss to the community than the cost of the
1 ? The whole matter in dispute will be set-
,rrect answer to these questions.
Although there is little room for further comment on
the question under discussion, we don't think it out of
prepared I Pi—

to make a few remarks on other parts of you

We agree with you that " hoarding is a common effect
consequent upon scarcity and uncertainty ;" but is not
the scarcity of money under the gold standard caused by
its exportation as a commodity ? We think that money
ought never to be scarce, but always obtainable upon se-
curity at a steady rate of interest. We see no reason
why the exchange of commodities should be stopped, or
trade paralysed for want of the instrument of exchange.
You say—

" In times of scarcity, whatever article represented the en-
gagements of the country, even if it was only inconvertible
hank-notes, would be boarded as gold or notes representing it—
because :sways exchangeable—are at this time."
We can understand that the inconvertible notes would be
hoarded if they were likely to become scarce; but how a
scarcity of food would lead to such hoarding we aro at a
loss to comprehend. It were as reasonable to suppose
that a scarcity of cotton would lead to the hoarding of tea.

We cannot agree with you that
" If one man lends another man £lOO now, he knows what
lie has to receive at the expiration of the period of credit."
lie certainly knows the weight of gold the law entitles
him to receive, but neither " the creditor" nor the
" debtor" can foretell what the " value" or purchasing
power of that gold will be at the maturity of the contract,
such value depending on the quantity of bullion that may
then chance to be in the Bank of England.
We beg to correct an error into which you have fallen,
when you assume that we are favourable to an inconverti-
ble paper. Our object is to expose the defects of the
present monetary laws, and to procure the establishment
of a system that will not superadd to the calamity of a
bad harvest, the still greater infliction of a deficient cir-
culation by which Capital and Credit are destroyed—
trade paralysed, employment stopped, and the institutions
o? the country endangered.
Liverpool, Nov. 22, 1848.