Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-12-04
NATIONAL INTELLIGENCER.
FROM OUR EUROPEAN CORRESPONDENT.
LONDON, OcronER %, ls47.

ate matter, too many currency thinkers, who, in
stopping up one hole, make two. Scarcely any one
theory, perfect as il appeared TO be, has stood the
irst trial The true plan would really seem to be
o leave banks and currency alone they will take
care Of themselves as they did in Scotland, without
single exception, before the law intermeddled with
hem. The London bankers advised Sir Robert
Peel, when his bill to regulate the Bank of England
WAS before the House of Commons, to insert
clause which might operate as sort Of safety
babe upon the issues of the bank, in of an
emergency such as that which has now occurred.
This he refused to do. The present Ministry has
found il necessary to construct and open such
Ualve in the ponderous machinery of the bank and
great relief and security will probably be experen-
ced. Had Sir Robert attended to the suggestions
of the London bankers--and practical and experen-
ced men like them were worthy of all attention up
on such subject-hs bill would have been equal
to the present crisis, and would have remained in
tact AS it is, the relaxation which has taken place
in its enactmens will bring the whole subject again
before Parliament may endanger his entire system,
and lead to the establishment of new, and proba-
bly,, less efficient mode of bank management.
Douglas Jvrrold has, now and then, in his week
~ journal, some valuable information about cur
rency, although he is as full Of vague and mischiev-
theories any one. There is, in his paper
c the 23d, a statement of some very curious cur
debt of eight hundred millions of pounds sterling
He says, if all the precious metal on the earth
could be heaped together on Salisbury plain it would
not exceed fifty millions Of ounces, one-quarer
of our Indebtedness. This is certainly great cur
rency allacy, and deserves to be ranked as the first
and foremost
70 suppose that the 34,0OO,OO0 sterling in bank
notes which in circulation from the Bank of
England and the stock and private banks can be
81 n Il. Al
hold, is certainly fallacy the second.
In the savings banks are deposited about twenty
eg. millions of pounds, all Of which, after four
teen days notice, is, by laU, payable in gold.
DIV, these savings banks do not possess single
vereign in specie; all the money of the deposit
tors having been invested in the funds and other
curtes. This, therefore, is another palpable fall
lacy, and the last with which l will trouble your
readers
But, Notwithstanding these theoretical Pigments,
and the impossbity of really doing that which the
law has imperatively declared must be done, and
consequently the folly and weakness of all such i'm
practicable legislation, there is solid security to
h the creditors of England, whether public pri-
waite, in the real capital of the country. This
sts as much in the Skill the industry, and the cha
racter of its Inhabitants as il does in its roads and
harbors, its houses and shipping, its ocks and herds
hud its raw and manufactured materials. This lat
ter real capital of the country is estimated being
from five to six thousand millions of pounds ster-
ling. Here is the foundation of Englands credit,
here the security of all her public and private cred
tors, solid and enduring as the earth ITSELF and as
incapable of destruction. 1t is true that this real
capital of the country is not absolutely pledged to
he payment of the Government debt or the notes
f the banks, but it is the basis upon which the first
WAS created and the latter have been issued and is
firm and reliable security that the owners Of Gov
rnment funds and the holders of bankers notes will
pot suffer wrong. OF course we do not include in
his category the cases of bankers who act iniudi-
tiously or dishonesty; all men who issue promi-
les to pay are not necessarily wise and Just men
put, reasoning generally, we think that we reason
correctly.
John Bull, who is certainly good deal of
Eru lber, and who if he had nothing else to find
a" with excepting the weather, would meet with
nc Oh to stir up his gall in this neighborhood,
Fhce London smoke is added to English fog
oI st John is, at this time, holding meetings to
ring about separation between Church and State
Nearly one thousand persons were lately present at
meeting in London of the :" British Ant-State
Church Society,"" Very strong language was made
Sc of. One reverend gentleman "a Dissenter of
se) verify believed that two more Parliaments
lasting their natural term, would be sufficient for
carrying the objects of the association" Another
aid, /" the time would soon come when the people
would bear the thraldom of a State church no
longer. The establishment was doomed-nothing
could save it. The reason, the common sense,
re feeling of justice, the religion Of the 10Th
try, all declared, in the face of Heaven, that it
was monsrous wrong, and should not be. The
thing would and must be done and il was the
duty of the people, Christians, 10 see that it was
done in the spirit of the gospel As money
ueston it would interest the whole community,
,r the revenues of the church were now from ten
to eleven millions year, and such sum, if APP
piled to ciUa purposes, instead of keeping up
sort Of ecclesiastical militia and police through
put the country, would enable the Chancellor
The Exchequer to relieve the people from an i'm
mense amount of taxation" Supposing that
Proportional quantity of action was to succeed to
lis talking, it would become the bishops to be up
nc doing; they do not think it necessary to raise
be cry Of I" the church in danger; - and we may
bnfdenay rely upon their not being caught nap
ing when the loaves and fishes y are exposed to
Prious hazard. Without wishing to depreciate
''ler the motives or the objects of these Anti
tie Church Societies." we may certainly ascribe
more useful character, because their end will be
lore easily attained TO the various local literary
scientific institutions which are in operation
hin and around the metropolis. Scarcely any
opuous neighborhood within London, or any con-
derable village around il, is without an institution
this kind, where lectures given by professors
great eminence in the various departments of