The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-09-06
From the Philadelphia Public Ledger.

queen, lately delivered at the opening Of
parliament, notice will be given in the
course Of the present year, to the Bank of
England concerning revision fits char
ter. The speech also recommends exam
lnation Of the laws Of England which reg
ulae banking. This is important, as II
indicates disposition, IN the government,
10 make some important modification Of
the present system, if not to abolish il en-
lrclv. The charter of the Bank Of Eng
land was last renewed for twenty wears,
which period has nearly expired if we re
member correctly; and we have some
reason for believing that dislike Of the
whole paper system Is rapidly increasing
in Britain. Whether the system could be
abolished now, is doubtful. THE abolition
would find many opponents among the
merchants and traders, whether debtors
or creditors. The debtors would wish to
retain the bank, as a source oiborrowIng
to sustain their business on borrowed cap
llal; and the creditors would wish to re-
tain it, as a source Of borrowing TO their
debtors, and consequently of payment to
themselves. The same may be said of
the manufacturing interest, portion of
whom are largely indebted to the bank
and its branches. Then the agricultural
interests are straining every nerve to main
tain prices, which must be greatly reduc-
ed by the extinction of a paper currency.
But with these exceptions, a large portion
Of the inteligen, and well informed in
England are beginning 10 regard the sys-
TEN as one of the greatest evils which
could he inflicted upon the ! country;
and some of them, men Of great influence,
admit that while the sudden extinction Of
the system would produce national ben
eits to a much greater extent. Such men
say that with inflated currency, England
cannot manufacture for all the world, nor
for any civilized countries whose curren-
cy is dear; for a cheap currency can ne
yer afford successful competitor with a
dear one, where all other things are equal.
Let us see how far these conclusions are
justified by facts. England has nearly
lost the market OF continental Europe
The French, Germans, Italians, and
Swiss, people without paper currencies,
not only manufacture for their own con.
sumption, bu, are rapidly driving Eng.
lIsh manufacturers from foreign markets
These nations with no corn-laws for
the exclusive benefit of a landed aristocra-
cy, and no paper money to initiate prices,
can manufacture cheaper than the English.
We know that the latter have great ad
vantages in capital, machinery, and starv.
alton of laborers. But all these advantag.
es are lost in some markets, and are rapid
" departing in others through the initiation
Of prices.
And here the English suffer under the
paper system, precisely as we have suffer
cred greatly heretofore, and suffer still,
though less extensively. In England pa
per currency neu,ralzes the advantages
afforded by capital, machinery, and cheap
labor.--ln the United States, paper mo-
ney neuralzes the advantages afforded by
high duties. Thus losing the continent
tai markets, and even our own, the Eng
lish are seeking new markets in Asia and
Africa. Hence we see them forcing by all
means in their power, their manufactures
into British India. Hence we see them
seeking commercial relations with Persia,
and sending exploring expeditions up the
Tigris and Euphrates. Hence we see
them invading Anghans,an and China -.
Hence we see them seeking markets on
the eastern coasts of Africa. Hence we
find them exploring the world TO plant
new colonies, that may depend on the
workshops of the mother country. And
such must be the course of English com
mercc, while It's paper system endures.
As countries become civilized become
wisely governed, they manufacture for
themselves, or depend on countries who
can supply them cheaper than the English;
and the latter, continually losing old
markets, must continually seek new.
While the British statesmen could keen
Europe in arms, and thus prevent it from
manufacturing, hey were sure Of its
markets and conducting its commerce, and
therefore sure harvest for English
workshops and English ships. Hence
they lomented the wars of the French re-
volulon aud deluged Europe in blood
from 1900 to 1915.
But this system, the stupid advice of
Pit, and his co.adju,ors, men of limited
intellecls, cost money; and the results
are the present debt, taxation, and s,arv-
alton of the British Isles. AS the cont.
mental nations are too wise to be longer
! 4 l. AL. al.