The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-10-24 00:00:00

rev. gentleman, I
in the portion of

an be said on that point
able to the suppression of

was pale with

dard, ani

lv to t

first, there

rade before the public'an
gymen, knowing that the
o argue that they ought to
rifest any of those feelings

g tl;e following

ce that the reporter was

.ile rejoiced in

Iluded to by one of the con-

found, although it imust have been
ad no foundation in fact, for on Thurs-

s that no reporter could have
actually took place, as
ally talking at once, but
all I had, which I did,
)ruing. I inclose you
will be found exactly to
dail, and I do

a complete a

al this (

convey to you his Excellency's
o have affixed their signatures
bought fit to introduce
n of mercy a groundless
iistration of justice

TO BE THE ONLY LEGAL TENDER

VALUE

MONEY OR MEDIUM OF EXCHANGE,

aver to the above charge—
zn exerted to induce me to
s this in the possession of the
I do not think, as a reporter, I
,e fairness I had a right to ex-
ther reporter present at the
' as it has been designated.
'cused of any peculiar pre-
,d gentlemen. He asserts Tint ball moves on; and shortly it will become
f what passed. Let it be an avalanche. London and North-Western Railway
It will fully corroborate
more detailed. shares were yesterday sold in Liverpool at £99
through the influence of per share, Midlands at £65 ; and how much lower
'o conceal or alter any they are to fall, under our present circumstances,
as ever was penned. no one seems to know. The drop, bear in mind,
tev. Dr. on the sub- is not caused by any increased doubts in the public
.ave I spoken to him
stone of the Sailors' mind as to the dividend-paying power of these par-
what I penned of the titular undertakings, or of railways generally. We
placed in the hands of the have had no new revelations on the subject ; and
nd having received your ap- • the fact, that the market for every other commodity
d done my duty. My feelings is similarly depressed, goes far to prove that there
greater than for the Rev. is something absolutely rotten at the root of affairs.
gymen of the Church of Eng-
uestion as one for this commu-
d them with equal respect, and We suggest the q,
h has arisen between them, I nity now seriously to consider, whether the evil is,
ination to take any part what- not in the want of confidence entertained by the
lye been obliged to trouble public in the stability of railway investments, as
iccasion with matter of a values interchangeable with commodities, or in
A I hope it will be excused
yours truly, their stability as productive of profit upon outlay
J. GRIFFITH. of capital, but is attributable to the hazard which
all speculative investments are subjected by our
present monetary laws.
land, having proved We can state, as an undoubted fact, that all
iger faithful subjects thinking men in this community are turning their
‘ved tender of their thoughts in this direction. It is admitted on every
. throne against the hand that some change is imperative, in order to
~sed last week a memorial admit of the trader and the merchant putting forth
Clarendon; in which they his usual energies with any degree of safety.
those of the juries, by whom Money is just now abundant, if gauged by the
r mercy towards the unfor- ordinary standard—the amount of gold in the
under the sentence of the coffers of the Bank. Discounts are easily procur-
al they have received an able upon good paper, at light rates. But business
Ir. Corry Connellan, *hich men fear the repetition of the action of the screw.
-9. harsh reproof : They see in their path an engine, which may, by
the action of an hour, render abortive and ruinous
their best-devised plans and enterprizes. And they
refrain, naturally, from exposing themselves to its
tyrannical pressure.
The question has been put repeatedly, and taunt-
ingly, by the Bullionists to those who oppose their
system—" What have you to propose in its stead ?"
We have been asked to afford something tangible
to fight against. We shall do so now, by bringing
before the public the first of a series of papers
emanating from an association, whose labours,
upon a subject which a large portion of our mer-
cantile body seem most unaccountably disinclined
to take the trouble to acquaint themselves with,
are deserving of all praise. The document we

give entire :
" TRACT NO. 1, OF THE LIVERPOOL CUR-
RENCY REFORM ASSOCIATION.
" Convertible Paper Currency based upon Capital.
" The principle advocated by this association is—
" THE ISSUE OF MONEY BY GOVERNMENT ON CONSOLS,

" The entire fabric of commerce rests upon the index
of account, whether that be a pound, a dollar, a franc, or
any other denomination.
" In our commercial system we have taken the pound
as the index of value. _ _

"In- all countries, especially in this, there are fixed
charges and debts, which render it necessary, that what-
ever be the lapse of time, equivalents shall be paid for
equivalents—that value shall be given for value. This
involves the necessity of maintaining the pound at a cer-
tain purchasing power from year to year, and, in the case
of national debts, from century to century, in order that
neither debtor nor creditor may be over-paid nor under-
paid. To effect this, the pound of account, or the pound
of the ledger, which is merely a register of the pound of
the till, must be mixed.
" For the purpose of fixing this pound of account at a
certain purchasing power, it is necessary to have it a fixed
portion of a fixed amount of accumulated capital or la-
bour, so that the whole being exchangeable for an equi-
valent, the part shall be exchangeable for an equivalent;
the graduation shall measure its equivalent, as the aggre-
gate would measure its equivalent, and the graduation
will thus not only measure the aggregate, but will mea-
sure equivalents, as the yard, the graduation, will not only
measure the aggregate, the circumference of the earth,
but will measure lengths in commodities.

TILE BRITISH FUNDED PROPERTY A STANDARD Of

" The largest aggregate amount of accumulated capital
or labour is to be found in the British funded property.
The property being an ascertained, recognised, and un-
unquestioned amount, the graduation becomes an ascer-
tained, recognised, and unquestioned amount also, and a
pound a measure of value, as the yard a measure of length.
The property is the standard of value as the circumference
of the earth is the standard of length.
" To give the standard of value a fixity, and the mea-
sure of value a uniformity, that great desideratum,
it will be necessary, instead of allowing Consols to fluctu-
ate, according to the present standard of gold, to fix them
at par, and test by this standard the value of all commo-
dities, including gold.
" Having fixed a measure of value, it becomes necessary
to provide a

which shall be symbolical, valueless, and portable.
" Symbolical, or the representative of a value deposited,
—the certificate of capital, either owned by or entrusted
to the holder of such money.
" Of no intrinsic value :—For being only a Medium of
Exchange of one value for another, it is useless to bring
into the transaction a third value or money of intrinsic