The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-04-01
FROM OUR LONDON c0RREspoNDEgE
Loxpos, March IL, 1858.

on Political Economy,-the ''Prnciples of Curren-
cy; Means of ensuring Uniformity of Value and
Adequacy of Supply The main feature of this
work, after showing the Inconvenience arising to
commercial community from constant huctuation
of the price Of money-the rate of interest-and
from periodical spasms of Brightness and pletbo-
ra, suggests new species of EXchequer bills, which
shall be, not only circulating medium, to a GER
tain extent, but a convenience to the Government
and means of profitable investment to the citizen
The plan is more applicable certainly to a nation
laboring under chronic Indebtedness, than to YOU
who so frequently are positive sufferers from an
overfowing treasury. Still | consider the idea a
most valuable one, and deserving of consideration
in the United States.
of their power of aiding in the admiration. of |
the supply OF currency to the variations of the |
demand have two Defects viz: lst The defect |
of being rendered by general distrust, to |
large extent, unacceptable; and therefore. 50 far
incapable Of discharging the function of auxiliary
currency. And 2ndly. The defect of not always |
agreeing, in respect of their productveness, with
the rate procurabe in the market upon eouallv eli
gble securities Then, possible (Which il is notl
to cure bills Of exchange of these two defects, it
might in such case, not improbably be found that
any further provision for securing the correct adap
tation of the currency to the work it has to do was
unnecessary, from the object being bv such means
practically attained. If this be reasonable expee
tation, follows that the great purpose in question
ToWd be odindbe, cere possible TO decise and brnq
into use, an sufficient class of securities thai
should possess the useful properties of bills of en-
change, but that ocoud be free from the defects By ghiA
those properties liable to be oJscHred and rem
dered nndUuiliRg."
The Italics are his own. After some further ex
PLANTATION he says, Bearing all these considerations
in mind propose that Government should prepare
and issue, under the authority of Parliament an
adequate amount Of interest bearing securities almost
identical trh eechequer bills and that these be- made
illegal tender for their principal sum- together tch
their accumulated interest up to the dan of tender ac-
Gord,"9 to table TO be printed upon The face Of each
III IN ha ~
once week or once a month"; ''as NAV be found
| most convenient to the public" prescribed
amount of the bills to be disposed of by tender:
'he tenders to be made upon the rate of Interest and
not upon the principal sum-" to be sent in few
days beforehand, to give time for the bills to be
prepared. OF course the party offering to take the
bills at the lowest rate of interest, to be contracted
with for that issue. As the rate of interest would
not iuctuate very widely, Mr.. Hill thinks a set of
plates with the rate running between the two ex-
tremes would not have to be very numerous
This bill being legal tender for all customs, du
ties, taxes, or other sums due paid to Govern
ment, OF course will pass from hand to hand, with
the advantage possessed by the tree the laird adj
vised Jack to be planting now and then, for sit will
| be growing while you're sleeping. ave." From two
to three pence sterling is virtually dropped daily
into the holders strong box, for every dav that the
! possessor holds it. Of course the Government is
suing these has borrowed the amount of the citizen
and pays interest per the face of them. Mr. Hill
| proposes that the Government employ the money so
borrowed IN purchasing up the national securities
extinguishing the national debt so often as the hills
can be disposed of at rate of interest that does not
exceed what now paid. Suppose this bill changes
hands, say on the 9th of May at that date it worth
one hundred pounds, and in addition the accumu-
lated interest up to that time, namely 81 shillings
and pence.
The proposer of this method cites the fact of the
very untrequent instances successful forgery and
uttering of even five pound Bank of England notes;
and, OF course, the chances would diminish, with
the increased amount of the bill.
Mr.. Hill proposes that both the denomination of
these bills, and the time for which they are to run
be varied according to the want manifested and as
found convenient. He thinks at first one hundred
pounds might be low enough, but believes as the
people become used to them they will be convent
| ent as low as twenty pounds. The larger they
are the less trouble they will cause Government in
their management, and the smaller they are, the
more available will they be for investment by the
great mass of the people.
Now, suppose the United States should 90 into
the money market as borrower, what appliance
could be used, at once simple and convenient as
Bills like this? They would be treasury notes
with the convenience of having expressed on their
lace their exact val at any and every day. A
currency-so to speak--like this would offer induce
ments for people to become economical; and have
advantage that of depostes in bank as the
latter always has labilityto failure, and certainly
over the mere boarding of hard cash. for the latter
does not while in the old stocking, show any accu-
mutation of interest. The power that these bills
would have of regulating their ISSUE rather the
demand for them would be palpablc. As the price
or rate of money ranged higher than the interest
on these they would at once flow in the treasury
through the custom-hOuse and other sources; and
as interest lowered these would be more carefully
boarded and drawn ont of circulation. To those
wfo wish to see Mr.. Edwin Hills remarks on cur
rency, more an e.ctenso-a 12mo. volume in Plea of
ZIG pages-l will mention that it is published by
Longman Co., of this city.
The examination of Bernard, from time to time,
Tor participation with Orsni and his companions in
the late murderous attack the life of the Emperor
Napoleon, is going on before the Bow street police
magistrate. Tomorrow he will undoubtedly be
fully committed" without bail, for trial on the
charge of felony. Strenuous efforts are made BY
his counsel, Mr.. Sleigh to have him admitted to
PAIL but it will not be done. of course in that case
ne never would be seen again. The Times of yes
terday has copy of pamphlet that came translated
Tor that Journal by its Partisan correspondent, the
pamphlet being pronounced as the 'work of a noted
publicist," and receiving the appreciation if not
the virtual aid, of a "still higher authority
Parliament meets to-day, and it will soon be seen
what measure Lord Derby means to take to give
satisfaction to France and the loyal French people
for such dastardly attempts as the made on the
18th of January, to kindle fire in Europe that
years could not quench. ] see the Emperor, with
that tact and jud gment for which he so noted is
introducing every good Improvement that he can
obtain or command, to advance the agriculture of
the Empire. The best breeds of stock, the most
valuable implements of husbandry, seeds and pro-
duets from every country, and encouragement to all
scientific men, inventions and improvements, show
that he looks to the best means to establish only
d.stfonS ana stable government, put great,
wealthy, happy and prosperous people.
There is little of note to record in the trade and
money affairs of the Kingdom. There is a little
more confidence on the stock exchange, than at the
date of my last week ago, but still there is little
expectation that the noble earl at the head of the
Government" will hold the rens of power but a
few months and then there will be dissolution of
Parliament, and election.
A trade report giving the exports and coasting
trade of the northeast ports-New Castle, Sunder-
land, Harblepoo and Shielas-shows a great fall
ing OFF in February from the February of last
year.
The Postmaster General has not published his
annual report, but enough is known to have it a
ilXed fact that last year over five hundred million
letters were written and sent by mail in the United
Kingdom. The profits of the year amounted to not
far from six million dollars, showing clearly that
the remunerative point of postage is somewhere not
lar from haf-penny, or one Yankee cent. Tell
the magnates OF Uncle Sans circumlocution office
TO put these facts in their official pipes and puff
away at them for century two and then give
us their sage opinion thereon. As for any reforms
IN your Post-office it is evident that they will
er come till your Congressman learn, what never
seems to have been fairly understood, that with
you cabinet officers not members of the Ma
hona Legislature in this country, but simply
what old Hickory, or some other sledge- hammer,
has called them "the Presidents clarks." Let
the press keep pummeling the subject; and by and
by breach will be made in the walls. After the
victory the verdict or epitaph will be chic jacet
circUDttocMion.'
LONDON, March 10, 1855
The execution of Pierri and Orsini, the expana-
tiOns and apologies between the two governments
of France and Great Britain, and better feeling
generally, both political and commercial make the
leading news items of the present week. The Bank
OF England has just held ''court and declared a
dividend of 81 per cent. for the last six months
The profits during the half year were fsOs, 294
9s I'd. -...f -. 4. ..,..I' .-.
The Bank made large profits, and met with more
than usual average Of losses during the late panic.
Specie all the time going to India and Chna but
perhaps not to greater extent than the usual bal
ance OF trade with those countries demands.
There is one failure of note to record during the
present week. that of Mr. A. r. Lafone, of this city,
who failed on Wednesday the 18th, to the amount
OF t20O,OO He was LARGELY engaged in the river