Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1865-11-22
IHistOry--Suspens Of
Guoc1a Pa men ts In Emgland.

history covering the suspension OF specie
.f,,ayments In Great Britain from l15l 10
4iSi9, including recomhendations for hnal
resumption In 1921, embraced IN report 70
the British Parliament which was pre-.
sented on the 9th of May, 1917, oy secret
committee appointed lot the purpose vi as
certaining what Legislation was necessary
! TO oalleviate the serious consequences lhat
would be likely TO 1ollow lorced su9uen
resumption, or 10 reporI an act eACenuIS .aiI;c
the time for restoration TO the mesaiii'
standard. -.77 ;...s,.-sl,,1.
BY this report 1t will be observed III .naI ..9
first law authorizing the BANK OF ~ Eus SaS ssas
to suspend specie payments ior ~ noysa n.s,I,
was passed by the legislators o. uIeay nS,.a pr
ain and received the sanction u MY, MY f1a1.
George as monarch on tile ou VI. VI w W p..,sn
and that by supplemssnSai aots a. VI .naranu
ment to the nnmoer q eleye,,, I,S az NJ,
sion was lega!lzed anu cA.s'iuSt ~ FAY,
lSzlr-empracins = pe'tt'''' SI-i'nS ,HJljTT
years, IA, ,.aa..gs-.. ,,.,, ,,vod ito
when the patk pt waS iils' ;ss,'asY nver ;ts
decline the passlllS ~ nhtt t,S i,,rnn
counter IN TeasniPs!om " SnS ny avs was
all OF when tne plvmrse ~ PtII -ehu
prominent no pan!c was SasI,er - her.iJsd ~
ano no IBnanc,a, uaS nhicS becanIe ptac-
event. Paper money, wl,lch UeIas .i.a - api,', n
tically the legalized CON q tue rea,,,., nnr.
was as iplenuIu1 tneli m mSnele trI.ho az ~ an,,Ss
and the prospective success ~ tno puWgITtI poIIT
elected the admiratlYn ~ %o s,,,ns mo ,hc
EVERYBODY was nusn Will :. ~
spirit Of speculatlon was rrS allu .tsuil %
the burdens OF 'he WAT wnivh Wse iS oiSn .Is.Ss
ing with france were llSn,Seneu, any ',,s
perity seemed 10 fringe vhe enClro h.nS
dom. Bntrwhen the ,puDilc pegali sooetiy
to consider upon the IraliCy o pap.
wealth, 10 seriously con Cnen " u..on'I, t;,a
to look upon tne tliYuss'nus !, VI a.
schemes ehge.uereS vy vmv ni.n,,nh tbe
easily acquiring prtunes, .n,oS a ooo a,,;n,, ;no
lenses Oh reasoI, enoT es,so,.,ooood that
became apparent. inen Ia ooui, ..,t;,H arau, ,ar,
series OF nnaneiai GisSs.T MI,a,a W aSv.ncaI c
ecliptic sna9oWs o'eI Eussi L:n.s"a.,,,
ment. Panics and revuisl0hs, Iiots any any
bloodshed, running tnrougn a ueSauo y
years, succeeded, whlch shook tne olu hiug,
dom, as, by q Peruvian earthquake, lron
center to coniines. .,....I
The report being an autnenelc nistoly
will be found to contain magters Oh lhIeresl
to philosophic writers on oomestIc econohJ
and financial propaganulsts. IL conCal.'
the sentiments Oh some OF tne niose Promi,
nent financiers IN England AZ tnaC tllne, anu ~
as the monetary conuitloii oi snat couhsty ~ y
was somewhat simllar 70 siias os tis vi,
United, STATES Az presenc sonle pion.aii .,rs,Sai
ideas may be obtained Dy carslui Pelusai
OF the evidence OF tnose men. NJ. AseAali' iii
der Barring, 1t Will be observed, was Oh opli. pm
ion that the operation OF reuuctio,' VI vi.
currency necessary 1or tne PURPOSE oi re-
sumption would De accouPanleu VIII ~, ii
straint and inconvenience 10 every pramcn ~ !,
of industry In the country, ana tnaI, u II
were forced with rapldity AZ al appr,oacan' p ~
ing to what would De REQUIRED ior Ine le'
sumption within year rom tne tlme NAY M
lSl9) at which the evidence was saSSit, ti,e
injury that would De eoccasloneuwou,dl De ~, III,
tolerable. Mt. Barring lurther says Inae sl'
consequences OF q contract'oh VI eApan,
sion OF the amount OIL money III cVum.i
seem more ieit curing Che proSlees y, suo,
contraction and expansion tlah iron an! any
positive amount ?I mohey a y U'
given period. IL Is not VI saoas a,, pv,;S,
ance whae amount .. Iionoy ,h yaSt;on ay %,
In any country o9s lne qea dooroa.o M
whether IL Is on Ihe increase VI .. e'Ir avorv
IS one OF greaC imporsalceH H, - Hatd;y. IaIy
Dranch Oh 'lS Lnu9s.,y. 9;Say. ~ Tho hanl,
mapd, one oi the ulreIsUe J5 od,n.;ns ua Un. u n,
thougnt tnat Dy ieIa suudeh d;saSva, dS ~ re ~,
Cne currency evely poseiho,o .hn nbi;o moniS
anu inconFenietee TN therefors ~ snr recommenJed
allse asoi anu uontr.otion ne sIo NJ Gladstone. q