The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-31
The Currency Question In Great Britain.

powerful party Is springing up in England,
in opposition to the Bank Restriction Act of
1874. league has been formed, and we have
no doubt a systematic effort will be made to
bring about the repeal of the Peel act, similar to
that made for the modification of the corn laws
The success Of the free trade league, has, no
doubt, induced many to believe that the opposi-
ton to the present bank bill will ultimately be
equally 80. A convention had been called, and
we may receive by the next steamer from Liver
pool, something more definite relative to the pre-
gress of the party. The following is synopsis
of the currency system proposed by the league
lst That gold ought to be be treated q commodity
Illustrating its price under the action Of the law Of
al That In accordance with this principle the mint
price Of gold established by act Of parliament ought to
3D. That perfectly safe and efacent substitute for
gold, the instrument Of internal exchanges may be
found IN paper money 70 % .qsd s1ciuys BY the
lament.
4th That to guard against the possibility Of dsprs-
legal tender paper money should exactly correspond with
the annual amount Of taxation, augmenting dimn
ishing As taxation Ii increased or reduced.
5th That this legal tender money should consist Of
paper notes varying from one pound to higher values
sueh note: to be in the nature Of small cxchsquer bills
9Th That these notes should be put into circulation
b the Crown IN discnsrgs o. ts current dsbts pas:
al private liabilities and be At all times payable
to the respective ooers Of the public revenue after
It'll That an ofaos be established either at the bank
OF the mint where these notes should always be
same manner that they would be convertible into any
other commodity at s market price.
a. me %.oh ana sS.s %
sgns or any other form for the convenience Of thoss
might require that metal TO discharge the balances
pf foreign trade or for any private purposes.
he AT Mt fba hsn not
under which the Bank of England now operates,
ire the private bankers Of the provinces. Many
members of the league are partners in large mer-
antile houses, who are opposed to the restric-
i've system upon which the issuing department
4 the bankl has been conducted since 1874
These Individuals have, no doubt, been compelled
reduce their operations in the commercial
korld, in consequence of the contracted state OF
he currency, and are therefore disposed to adj
ocate any new plan calculated to create an ex-
hnsion OF this department of the bank.
We admire the substitute proposed by this
hrty, much more than the principles actuatng
Every restriction placed upon the issuing de-
artment Of banks, for the purpose of preventing
70 rapid an imitation of credits generally, and
Decking speculations, is certainly desirable, and
lould by all means be sustained, and we look
on those who would do away with these re.
Fictions, as set OF SPECTATORS, with limited
pitfalls, who depend principally upon bank
edit for means to operate, and bank expans,ons
the imitation of prices.
II the capitalists and commercial classes os
gland know when they are we'll of, they will,
the present bank charter alone. 1t is the
ever enforced; and the very evils COM
med Of, have been the means of saving hun.
de, we might say thousands, Of mercantile
ess i,om ruin,