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

Bacon a

London Dock ..
American Ashes,
Ditto
Wheat, Albert D

Ditto,
This dif
thar

Dock have a profit to
the Dock C

where)
only t

;arry out a crotchet a

IN consequence of the, length to which our
ye extended, we have

3 of the

,m to inform our readers
of the Liverpool Protest
ciety will be held on Frid

.t the Annual

int and Reforma-

he Key

and several emine

ill address the

in continental -cot

,s. and or

of Protestar

will of course be unu

ng, o doubt

may be procured at our Office, and other
the various parts of the building, to all

places, for
of which, exc

few rese

the entrance

AT the very outset of our free trade policy we
predicted, as a certain result, the loss of our North
the bulk of their

k.merican coloni€

them are, with
__ ~hmen bear with
them to whatever new land they may have chosen
to transport their enterprise and industry, it was
not difficult to see that ultimately they would seek
to be drawn in to that paternal system, whose ad-
vantages they see in the neighbouring states of theA
morningß K E T .
m receivedO N E
this LEmsTAßrrsAZ:ing of a
American republic, and renounce a country which The intelligence DO N'
satisfactory character, the Consol market has been firm, and the
has practically cast them off. The protection of price has ranged from 8711 so 88k, the present quotation being
, .
' Our pauperism, Cents. 86* to g,
about 88, both for money and account. The Reduced Three per
the Three-and-a-quarter per Cents. 86g to 7*.

inhabitants

that love of home w

our arms they no

which we

burthen to them'; and there is no tie of interest to
which we can point as binding them to continued

LONDON CORN MARKET

,-YESTERDAY.

. ..
allegiance. At this day's market the supply of English Wheat was mo-
The issue is approaching even more rapidly than asked, which
and i the early part
business,
morninghebot oo
odhvieceer raft es were
we anticipated.. Quietly and silently the people of quarter was paid on best runs, and other descriptions is.m met
Canada are preparing for the destiny which we ni,orrierreeady sale at fully the currency of this day week.
wasoou natbutftdeermfaenerhienttOororei beingnwitiho tilafoooodr cims
have forced upon them. The following extract tive andof seilline4-.
from a letter, the writer of which is a gentleman of Floating cargoes were also in better request, but not dearer.
Indian Corn dull, and rather cheaper.
considerable political experience in Montreal, suffi- Fine Malting Barley scarce, and Is. dearer; but in other
ciently tells its own story : descriptions, as also in Beans and Peas, we can quote no alt-

" While England protiCted her sovereignty in the
colonies by fleets and armies ; and while she protected
the industry of the colonies by treating them as her own

ration: The:supplies of Oats during the past week being short,
and the late low prices having attracted a few buyers frcm the
country, better progress was made in sales ; and although no
advance could be established, the trade assumed a more steady

to their products i

LONDON SHARE MAR

YESTERDAY

those of strangers, the simple principle of reciprocity, or
mutual exchange of benefits, left the colonies contented,
though all but partial intercourse with foreigners was pro-
hibited. A certahi protection in the English market
more than counterbalanced any even supposed advantages
foi 'ign trade, with countries where we had no pro-
tection but if by a complete revolution in Policy wo are
being part and portion of the British people ;
`-.gated as foreigners because seas divide
• - to feel as foreigners, and con-
- -;ance violated. hold to the
nnience for the time.

Share Market is &so more buoyant, and Nortl
ere last done at 119, Great Westerns 76k, Midland;
78i, South-Westerns 38k, and Caledonians 19i.

The Rail
Midlands

of for

THE ECONOMIST AND THE LIVERPOOL CUR-
RENCY REFORM ASSOCIATION.

if wee
us, we

A fortnight since we published some correspondence
which had passed between the Economist and the Liver-
pool Financial Reform Association. That organ of the
oullionists has declined to publish the Association's reply
to his last article, and we shall therefore do it for him.

3nditio

connexion not as a duty, bu
We see beside us, in ths. !hi

posing the United States, 6
products between themselvi
gene)

'ect interchange of
m impost
10. to ex^l

, while a
ude from

TO THE EDITOR OF THE ECONOMIST

port 1,

:ileac t

SIR,—On peru
r letter of the

it article of the 18th, in reply tc

only paragraph we

f and her cob

one empire, permitting the 1
,een all the parts; but prat

freedom of trade

find bearing on the point in question is the following:—
" Our Liverpool correspondents seem to think that if any
other commodity, which did not possess the function of money,

'ng all, by imposing

throughout a prole(
part could abunda
couraginy the industry of yoLt

og duty o

?very article which any
? This would be en-
own people—it is pre-

was exported, the loss to the country would be much less." - -
The correctness of this opinion is, we think, abundantly
proved by our last letter. You admit that when gold is
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
corn imported ? The whole matter in dispute will be set-

caely the.gazding princtple which has so greatly tended
to make the United States what they are. There was a
time when England might have consolidated such a
system, but can she do it now ? and without it may there

not be at
When

r and experience thus

of cal

ed by a correct answer to these questions.
Although there is little room for further comment on
the question under discussion, we don't think it out of
place to make a few remarks on other parts of your
article.

tion, it

next to certain that the

more headlong and pa
to act

mate masses are prepared
doors a country

e at their ver

whose people are protected in their industry, and
h'e growing in prosperity, and in all that can make
a nation happy and great. They weigh the solid
and 'tangible advantages to be derived from a
union with such a people against those which re-
sult from their allegiance to the mother country,
and the imaginative and sentimental tie breaks
beneath the strain of the tie of solid

We agree with you that " hoarding is a common effect
constquent 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---

worldly

" In times of scarcity, whatever article represented the en-
gagements of the country, even if it was only inconvertible
bank-notes, would be hoarded as gold or notes representing it—
because always exchangeable—are at this time." -

interest.
We have further evidence of the approaching
loss of these colonies in the following extract of a
letter, dated Miramichi,-October 7, which we quote
from a London weekly'paper
"A. great change_has come over the spirit of our colony

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 are 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
he has to receive at the expiration of the period of credit."
He 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
of the country endangered.
Liyerpool, NOY, 22, 1818.

lion to the United -8

y it is now
►tes. This
nge. You

true than stra

may startle you, but it is n
will see no trace of this in our newspapers, a wholesome
fear of going too far still operating as a check upon them ;
but the .question is daily and hourly discussed among all
classes is regularly debated in the clubs, and advocated
by men of wealth and standing everywhere. *

The people here cannot avoid seeing and hearing that the
people of the *United States are in a most flourishing con-
dition, that there is abundant business of a profitable kind
in all the American cities for all who seek it, and that
wages are at least double what are paid or can possibly be
afforded here. Is it strange, then, that thousands, without
waiting for events, should leave this colony and proceed
'further west, as the phras

7:1-te following is even more striking and to the
poiltt
"-You rill have noticed that Canada has sent two ica:m.