The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-03-28 00:00:00

March 28,1848'

THE CURRENCY COMMITTEE•

TO THE EDITOR OF THE LIVERPOOL sTA"---
JOTTINGS ON THE SUBJECT OF Tisi::#l4l
CURRENCY. 1,10,184g:,ch.
NEW YORK, March lie
should adhere to the principle of Ban stir
s Bill of 00
striction_, as embodied in Sir Robert Peel'
You are aware that I hold the view that tile..k
although I see it VITAL TO THE INDUSTRY Oils
COUNTRY, that Sir It. Peel's Bill of 1819 should
S far repealed as to make the Bank notes and other ell
jt 00
of debt to be payable in gold only AT THS
PRICE. bitioDs
I do not mean to say that the amount of circu per'
which Sir Robert Peel has fixed on, is enough Pr°ted,
ous times, although, whatever increase is termitekto,
hope the PRINCIPLE of RESTRICTION Will be 19,,,tf0S
otherwise we shall have NO GROUND OF CALCULA;",st..,fS.
CONFIDENCE IN BANK NOTES OR GOVERNMEN --if OP
I I cannot conceive how any man can satisfy 0104
of the Public's confidence in Bank Notes,
promised convertibility on demand, is a sufficiell'fbeW
perience of England or America is adduced, slri:e tb6,
mind nothing can be clearer than the fatal mists.- eo'
d Is"
Free Traders make in thinking that •
an increa,e
paper would have prevented or mitigated the hue ,ite °
An increased issue of Bank Notes (when the.r-job,ll
Interest is not fixed as it lately was by lineol"
Russell's letter) just means, a lessened rate of L't " ,pe`tt'
by which a greater profit would have been made
y Bif j 0
lators, who might invest the proceeds of their Joint ,fOO
a shipment of Gold, and MORE GOLD WOULD TlOrt'
HAVE BEEN SHIPPED. a cl
whether; to ot

The permission to Gold to fluctuate in price asie-niact
modity, in obedience to the Law of supply and uo. 00:
(instead of the value of Money or Interest beilleet tbu"
to fluctuate by the demand for Gold) would o'llo
difficulty ; and it would also meet the cruel case rf Aveit'
possible, (and-well put in the last number of tbe. 05 5.4,
minster Review) of Gold becoming so abundaThe
greatly to fall in exchangeable value as to cause :her
of the Holders of the Public Securities and all °'d or
nuitants. It would also do away with the como":nt
England's prosperity and financial safety, at Ptes' (Is, 0
sessed by the great foreign holders of British run kri4
tt.
But MY PRESENT OBJECT IS PRACTICALLY TO o
,04
WITH THE VITAL ENQUIRY WHY THINGS AOl4 AS 1;1
SO UNEASY IN THE UNITED STATES AS WEl'l"tiOP
ENGLAND ? America's great and unexhausted n
obs ~
resources, and her entire confidence in these, or,
have exempted her from the eßtnlqp 11., of
ieoney matters,.but it is not so ;—stui,tate
vestigation into so seemingly contradictory
things has convinced me that America owes Wily as f
following other nations in assuming Gold, not endaris
security for the circulation, but as a fixed stall
value.
I have no longer any doubt that these FLITOII4S
WHICH DEFEAT EVEN PRUDENT CALCULATIONsrarieOS'4
attributed to gold not being allowed to rise ande,iik)
COMMODITY. We bring goods here (to New.
sell them and look around for a return or rem' 00;
We find every article that would answer our 110eatc'
ket, inflated, (BECAUSE THERE IS ,PROSPERITT e
011
th'?
with the exception of gold. Gold is therefore o
~
article we can take which will leave us no loss iit,°„ijog,;
market. We take the gold of course—and our l' a 5
disorganises the American Currency, in other vt°r-orii''',
have to sacrifice the prosperity of the Americanv'colo
Classes, our
oorutredcucsotmommeordsi,tiyn.lortoderriseto
tpreserve their 10
standard forsooth ! whereas, if gold was allowed fell (ij
a loss in England we would preofera
ference to the Bank Notes in which we get PaY4.ll,cco`"
leave
industry of this country--or if we still found Col
cheapest, its departure from the country would "",fs(','
effect in disorganizing the currency PAPER EVIDE
DEPOSIT OF GOLD being made NOW a tender eat'3,',"
gold and silver. The confusion created by tdl; 0/.
Traders or Bullionists is this :—they 171 e,
you require to pay 10 per cent. more for your t-T
deb
must get 10 per cent. more for your goods—grallif
old
the Importer without requiring to pay more for I"',,ce°',
gets the 10 per cent. (or whatever is the rise,) skaptolei
his foreign article, as no distinction can be made gab
native and foreign products or between goods .Pote','
and(as tghoeoNdsalpi
aveyaTbrlead(easis)thi
en
FcoomremigonditTriesadeqeuiaollY
11r,1,1 eel;
rperlinceitttiaba,;ra
tt;
WITH NO INFLATION.
~A
The Free Traders forget that the PRICE OF ofo-
FIXED BY THE CIRCUMSTANCES OF THIS Wt .-30;i,
not by the cost of the goods in England. The 9 po'll'o
blind as to ask the American for gold at a fixed price
the the circumstances in America, and the result _Tea;
the export of gold extirpates confidence and the siet,
and no sales of English goods can he made, ex be
ruinous sacrifice, (no better illustration of this can, too,
than the mighty loss of American holders of u°,,le"
Liverpool through the late export of gold from .0 ri7,o
The .free traders don't seem to see that one 113;11P.
ports goods into the United States, and another 'le col;
ports produce from the United States,—so gee;
signor in Manchester gets no advantage in case L'l tl'f
are sold at 30 per cent. loss from the considers led
the same cause reduced American Wheat,
....i°2ll,ttierit
the Liverpool merchant 30 per cent. also. I"eecatig.d
indeed an evil to the English manufacturer, b the
tends to cut the throat of his best customer, t,"
and colonial trade, (which is based on agriculture;:tbeil:e:
Now if the American had no fear the export ofgol°bec,
pignno
rr3yt
renarfnwheoihanedlsditffiehracvnivel
difficulties,
cielttexrccianalnedygaeeffsv.ia/rbsderitenomogoaiv,y.enadaifhnrgsoe,r77:o,
U
t.llxacsl itahnegsa
bosnt
tLu ot
inndao
paper
as
caused the mice
_sold there to
r(ofi'sr—rtiownatvcii
choi su
nßt ,i)la rol (Ifolesetlik;
IN ENGLAND, is vital to the Manchester manufgeet,
is also, in a less degree, the same change being
America.

It is equally of vital importance that paper bee-ef tl
toted for gold IN AMERICA. whether the interes'ea,
agricultural or manufacturing producer is considersrAl4',
ISAAC BUCHAy rti
P.S.—Let me, to prevent misconception, shop !"
' OO
capitulate the views I formerly explained of what+bet a
whetherofa debt tdhuees e
to be
us. paper
.i‘i
o noery ,
therefore, metal
to be done in MONETARY REFORM, premising . iic
greatest advantage will flow from our closely adhtsior
DEFINED TERMS in monetary and currency clisper- nize?
MONEY means the emblems issued by 60c- na
I ,
tender. CURRENCY means the issues of Banks oltei
viduals, which we are not bound to receive in acqui 0
CURRENCY (properly so called) is only Money
OP"
RECEIVER chooses. ~ 0 of
Ist. I think that IN ALL COUNTRIES the PaPel 0 t'o
should represent a certain amount of gold only 'ic Ifisito
gold is a certain price (for instance in ENGLA.l'll,est t`'i
have the note which we make a legal tender to
this
" the Treasury or Bank of England in lieu of tVS gra:,,
if
Curreni tbs
note have laid up gold and will pay 5 dots gnu 3g Pni,si
when the price of gold is £3 17s. 101 d. PaAses, "ipi
portionably less gold when the price of gold frails, i!
proportionably more when the price of gold
Did
amount these paper evidences of the deposit of tallg
gradually in?reas:.)d as gold riser , and grad • IA
creased to the extent gold falls in price.") nbsOlitolo
2nd. I think that IN ENGLAND change is "d toP of
necessary except to compel the Bank of Engl39' eallti;"
madei by inw r 04'
never less than ten millions of gold, to which le y/ e 0
as much more as she holds in gold and silver, 5, tos of
be entitled to issue paper which I would by lawoorfed
legal tender, redeemable not as at present at 811 nie 9%
gold for £.3175. 10Id., but AT THE QUANTITY ' Veil
INDICATED BY ITS MARKET PRICE AS ADOV!.I.‘ 10°01/
the price at which gold could be demanded, Y—rn toop
might appoint five London merchants, supe.rl.,"osvl
government and bank influence, as commisinm Pio'
would daily publish the market price of gold it pi?,
don Gazette, and in all the large towns of "Ic•
Kingdom.
.........,......................21,,,,....."

LAW INTELLIGENCE.

COURT OF CHANCERY.-FRIDAY
THE ATTORNEY-GENERAL V. THE HEY. AyF

114
,rte .0;
MUNRO AND OTHERS. 113,1
Mr. J. Russell applied to the court to disc 40°411.
order it granted this day week, staving the excl. Pltite
the decree pronounced by the Vice-Chaneelloo% of o'
Bruce, removing Mr. Munro from the minist„re,
Scotch presbyterian church, hi St. Peter's-squ,"atc,o6
chester. and also displacing all the trustees of til-aciv,
except two gentlemen of the name of Shepherd niol'
The. Lord Chancellor, without hearing 311.* tiollipec;
Mr. Selwyn, who appeared to oppose the Orva
that he could never sanction the course that'cultiiV,:i
pursued by Mr. Shepherd, who, without cotile,,C,i4AP
he should be doing great injustice if,
co-trustee (Mr. Grant), or asking the leave °lle 071
of such a course by one trustee,
had taken forcible possession of the churcb•
after the
application ; and such being his opinion,
he ustencia tom
must cito).,4 I
the present application, and order the par"
to pay the costs

Lord Campbell 013b1i4 :::
tporne
attendpted acnrhi
tiaminii
dn,
but whoproceedingahg
At the br n n311'11:09:
wascameradraphgaes
Ainstsro:de:----7Cdhaiebfilßl
Baron
exercises. sedea.atnetd,ool%icaeccrudtupsyreiiinsi:g
(aiehgor,
eues,o
tis:ltr-jtorritloo,lol;i,
saCmAutielTlllo
oNoTpoerl:BsrooLevktEhNoTrpsi—faArtmtehr,eanGdi ol:er: al' 1)11t1
) ' r
Court on-Friday, the Judge (Mr. FrancilloW ,tigi )00,
prisonment for selling off his goods andtc)etfuleir:itel(o3lll3:f6P‘li)
ing the proceeds (£600) to his relatives in 0 '„i 0
whilst his landlord was deprived of every Pell" ~I rili
justly due to him. 1 e jeA3.sefii,e
LIBEL.—An action, most interesting to tile o,:fortii°
cession, will be tried at the ensuing Glow'e': fo'c'for,Pf
which Sir Fitzroy Kelly is said to be comil''' i'veti iitie`ipi
plaintiffs, Mr. Serjeant Taltord being retaibr a ogioi,
defendants. The action is reported to IT ,i.E. •)tylte,
Messrs. Mutlow, of Ledbury, against 3'-e'ice ot:,joopfc,
and Chamberlain, of that place, in consequiel„rofroltl); of
ter having convened a meeting of the legs' .! flot'alic"
siding in the neighbourhood, at the Feather', coo ,f
in reference to certain alleged unprofession3' , clifp
the former. ~, 7;,,10‘,1. yo
THE COUNTY COURTS—THE Will- vero,-"Air 0,
JUSTICE."—A party recently recovered .iiatv; the tto
and costs from the County Court of I),"'fotell,tetitg
going to take his money out of the cow'', 0101.1ige oi
IT
ill t%
lcoc,ll, 1
lot
eict
key
oAt tit
lexeofstlstshsaa.srl4. axsdl.loowlnselsyd:
7avvcigiaii
:iinessotthtethhacoet
sitltesl e fbe: di
pay up to that time for court fees alone willis °oo'4
wcoemaipthenysadteiofenndfanor
defendant,) the
itnhjeu rysurme ceoivfped:Li(l::".tiibW tliartre4ici
£4 Os. 3d. court fees, which are not allo"od 0.1 (parka
cost of his own solicitor ! And so the g?unty . jO-4101 0
pretended would be effected by these i.(':),cllol)ritY
neutralised, and the tempting fruit 01, :to:0
Itouch it;, •, - -
."41111)165 "lio Oust, when alb buil'er ng Pw