Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-10-30

9th That these notes should be put into circulation by
the Crown IN discharge Of its debts pass from subject
TO SUBJECT as legal tender in liquidation of all private abi
es ana DC al all times payable for the respective Of
cers of the public revenue after which thev ouId he
cancelled.
Iih That an office be established either at the bank or
the n where these should always be convertible into
goo ~ 'ne market price Of gold in the that
they would be convertible into any other commodity at its
market price.
18Th That the mint might still continue to stamp gold,
to certify ITS weight and ineness, either bars soveregns
any other FORM for the convenience of those who might
require that metal to discharge the balances Of foreign trade
or for any private purposes"
This scheme has many enthusiastic admirers.
The following passage from one of the weekly
journals enumerates, in strong terms, its great adj
vantages. If it could be proved 10 be capable Of
producing half of them, there would be great folly
in rejecting II J; but we may well hesitate in our
belief of the aH-hea properties of this new mo-
notary panacea
"We feel confident that the merchants and traders of the
metropolis will at rally round this organization Il
offers them permanent remedy. Under the system here
proposed pancs could again Gold, treated
commodity, would be put TO market-prce. 1t would be
puchasabe with the national legal tender at all times for
what really worth. If scarce, it would be dear if
PLENTIFUL cheap. II would longer be privileged metal,
but find lis level with those infinitely useful commod-
ue coal and ron the true instruments OF national great
ness II exported no contraction OF national money
would take place. for gold would longer master of
industry No insane cry of stopping factories and railways
would be heard The national instrument Of exchange would
always be present among ourselves neither contracting nor
expanding IN volume so long taxation stationary.
Every man would be able find employment; paupelism
would cease NO would be deferred from undertakings
which necessarily spread themselves long periods Of time
Every class but that Of and money would
elevated Instead of privileged classes growing rich the
whole body of the people would become independent There
would be no siagnation no gus no cutting down of
Whether the Government will take any steps to-
wards the repeal of g Pees restriction act'' is
doubtful question. The general opinion is that it
will not and this receives confederation from the
Chancellor of the Exchequers reply to deputation
OF bankers, merchants, and coal-owners, who waited
upon him few days ago respecting monetary and
mercantile affairs. Sir Charles said the worst
was past and the existing alarm would speedily SUBJ
side He appeared to consider the " existing
alarm to have arisen from transportation and
the competition of railways. Be this as it may,
one great argument, which was made use of during
the last session in favor of Sir Robert PEEPS bank
restriction bill, must now be abandoned. Ii was
then said that during former panics in the money
market numerous and large failures had occurred
in the mercantile world these things happened
when the bank was unrestricted in its issues; but
now, under the wholesome fight-ldcing Of Sir
Robert Pecls bill, not single mercantile failure
OF any importance had taken place. 1t would be
well II w could say the same at the present day.
We have now TO point TO such names Reid,
Irving d Co., Sanderson a. Co., Cover d Ne
phews, Giles A. Son, and Cockerell a. ,Co.-one
OF whose partners is Sir George Larpent, the late
candidate for the city of London, and who came
within twenty votes Of being elected. This morn
ing September 29) we have to add the very
spectacle names of Perkins, Schlusser &c Mullins,
Russian and Indian merchants, TO the list, and rumors
respecting other large houses are very rife. The
mischief has extended to Liverpool and Manches
ter in the latter place four rather extensive fail
ures took place yesterday.
The Bank of England appears to have been do
ing good business for it has just declared d.
vidend of A per cent. for the last six months 1t
has, however, sustained considerable disgrace by
the failure of its governor and two of its directors,
Sir John Reid and Mr.. AL. Cover.
There appears TO be good deal OF feverish ex-
citemeHt at present with respect to railways. A
numerous portion of the community and very re-
spectacle part of the press attribute the present
commercial crisis to the absorption of capital in
these adventures. "The Daily News" always
liberal and generally talented, has published
ries Of very luminous articles upon this subject, and
has arrived at the conclusion that the railway sys-
tenn, so far from being the monster that some per-
sons have depicted it to be, is the most valuable
material boon that this nation has received during
the present century. All interference with the pre-
sent railway progress by the Government is depre-
Gated being unnecessary, unjust, and highly I'M
polite. Those who would stop the further expen-
dture of money on railways for the present, are
asked how they prepared TO provide for the vast
number of the working classes who are now en-
poyed in this species of labor, and TO meet the des
ttuton which must be caused by the suddenly
throwing the greater part of these hands out of
work Admitting that some little ease would be
obtained in the money market by forbidding the
railway companies to spend any money or to
make any further calls, the mouths now supplied
with bread by honest labor must be fed in idleness,
and it would be large financial gain which would
counterbalance the evil of converting some hundreds
of thousands of handwriting laborers into paupers,
for paupers they must be if their present employ
ment be stopped. II is true the time mW arrive
when this mode of labor must be exhausted, but the
present would be most critical juncture at which
to make the experiment; the evil would be certain
and extensive, the good very predetermined, and, at
the best, very incommensurate. Some other mode
than that of stopping railway expenditure must be
found to relieve the present difficulties of the coun-
try, for it is not very easily proved that such ex-
penditure has had much, if any thing, to do with
producing them.
Whilst on this subject, let me add the following
painful items to the stock Of railway statistics The
returns just printed by order of the House of Lords
show that during the six months from January LIST