The New York herald., 1867-01-31


ussuooxsssuL vyoErs pos srAsGAI axvoaH
In June 1923, Mr. Alexander Barng-no mean
authority-spoks thus in the House Of Commons. He
said:-s'Asr all that had been plainly and dogmasi-
cay laid down on the sahset Of the currency. was
most persons both within and without these walls were
completely :. y were learning their lessons - upon
and these words might be repeatsd with equal truth In
The progressive growth os discomfort in England had
manifested tssf among the lower ciassss in spirit o
ncendiarism and in dispostioa 70 destroy lie and
property This disoontspted feeling NOT confined =
held in 1892 = anos every county Of England q which
the most extavagant sentiments in regard % the rights
al: wSeS ssS IL he
the middle and lower oiasssG ..aa.#a
.e .. = ~ g
About hi. tine d. fsvsrsh and dlsoon.sas.d .s...
Namsntau reform agitation ~ was seen that
thoes vhe were able and willing V make
properly gradually getting poorer wbils those IN
receipt q government s.lares the dealers u esnkrupe
s.ssss money dealer; ;, yer; s%oss ne S.o on
comoa sense knew that this not what ought % BE-
and many thought that these things could not Be Par
lament knew and did what ought 70 40, ana ne0oe
aross ths cry for Parliamentary reform
ran yoasr STOCK RANKS. 1
in rsfsrsScs 70 The currsnoy question unit. tho years
1888 and 1884 In those years raxe had scs n Ior
Sscs .. oro rSc q
lated further extension Of the system, and Dy
the end u the year 1856 many Of them were IN full
sSs agency " Of these banks an Addition Was made 70
the bank note circulation quito equal 70 that which
ssslthoas iussesd of Ell notes Is notes wers now
made OF. While these circumstances were progress
os similar q . whcn had taken
years before; and while the monetary circulation was
thus increasing and the prosperity lasted there was an
Ard for1 xuhiH N
the condition OF the laborer. While this increase IN
paper circulation was taking place the United States
government led By President Jackson to adopt .
change Of policy in regard TO
IHg AMERICAN SYSTEM
and In providing for increased circulation OF gold
It's value IN American money was enhanced about
six per cent In consequence OF this enhancement
it became very profitable TO export English sove.
regns to America Had this expor. OF gold continued
II must have proved fatal TO the Bank Of England
and therefore 70 counteract II the bank was compelled
to contract her banking accommodations generally.
but especially 70 those merchants who engaged in
this American traffic. This sudden contraction Of her
Issues inflicted grcat loss upon many trade. These
stringent Of the Bank OF England checked te
export Of gold aud the monetary pressure was somo-
KxroRr or GOLD ynoa ENGLAND RENEWED
But In 1889 the export Of gold again commenced and
the demand became urgent that the directors were
France and Hamburg Again British property became
deprecated and the working classes wero reduced to
slate Of great distress ~
In January 1S4O, the opening OF Parliament, tho
Queen had TO express her great sorrow "that CONNER
ciai endorsements were subecting many mauuactur
ing districts distress and TO acqusnt her Par
lament with deep concern that tho spirit Of insubor
into open violence While these troubles wore
increasing tho monetary question again attracted
mons was appointed to investigate the question; but
they we're specially restricted from carrying their In
Sy e the %S s o. ss D0ss not 70 haYs sSs
stltuted The basis Of tne in9uiry any practical god
were 70 come e = dssoution % q rsrsmcss lam s tsos
and bis party into power and Pool had wish pro-
mote the rc-appoiItment Of 2 committee on tho moacy
70 have recourse % income tax put under ths
PROMISE that II should not be continued beyond throe
A this tmo ss proacss Il T Brush AKIN ana ,naSsy
reduced such low scale OF opey prces a. 70
Gauss s considerable e sed e = hssssns into
vestment In productive Operations became unempoysd
this caused tho rac OF interest 20 bs considerably 20
duced and thus he facilities for getting bills Of OK
change discounted st low rss Of interest prepared the
- '-'t'-S RAILWAY sincurAr-ms, Il 81. III b
which commenced in lS&3. Under the excitement thea
produced The . raw,y wsr ~;ss pTSsSusS
sh.s brought INTO Circulation a.
change. promissory notes and railway scrp, ana work
ing beiDg generally wcll employed thcrc
moro the Appearance Of prosperity IN tho country
rEM's BANK or xsolAsD ouAnrHs Aor .
ant pasts Of this so arc as separation or hs issuing ana
the banking functous OF the Bank Of Engand The ab
mts.os S% o. the issues q ali existing banks q ssas 70
circulation OF each bank for the twcive weeks
preceding April IL ~. Ia Joint stock banks rcrs s%
bills being confined 70 dates Of mot lees than sx months
This measure was introduced by Psc for the svowca
purpose Of completing his own Aot 1919. IT. main
purpose compel the bank directors 70 control the
Foreign exchanges By reecng the issue OF bank notes
them on part Of the public be 20 great This
operation s what is technically called putng on tho
On bringing this measure before Pariiamoat Peel 70
fsrred in feeling tcrms 70 the casmtics which, at d
tern. nsss nss ma.Tsa INC pTcyous o ~ ~ sweG
Joint stock banks, whom remember the number Of f10
and Eso shareholders WHOM recclleca the ruin which
they haye occasoned into the detsils Of which will
NOT enter my grsti0caton will be Of tho highest
and purest kind Il prevail on the House 70 adopt
that win give seadiness to the character OF
resources will inspire confidence in tho circulating
medium, diminish all Inducements 70 fraudulent srccc
ation and gambling. and insure ts just reward 70
srcis enterprise Conducted With honesty and secured
Nov what il most wonderful a. that whom pccl was
recalling 70 the recollection 81 tho House the cslsmies
unconscious Of the condemnation he passing upon
% true @ scs s0i wA M - g
think OF Che prediction Just quotedf IN three yea
brought about sort Of mercantile Utopia monetary
panic occurred more fatal In many respects than any Of
Oh the 2sth October, ls47 the sct OF ls was sus-
pended ~ ~ order In council and what 10 rcmar-
abe, - Soon a. tho sct susp5udcd relief sx-
panic took place. and the act or I8s4 was again susl
pended on November 10. As you arc vet aware Eng
land has iu passed through tho agones ofanother
mercalcrsss and the act Of 1874 has been suspended
| for the third time. eka.
| ssras CONCLUSION or rsA wuoua AArrsR" X.
II would seem that this retrospect of facts In Eng
lands commercial history must convince any unpreu-
diced mind that the principle Of currency based upon
convcrtibity into gold al nxcd price fraught with
danger and only be beneficial 70 money dealers and
some few others but 10 directly opposed 70 The interests
and well being OF the great body OF the people.
Ortmists arc ever really to argue that the existing
Currency laws cannot be very bad considering how the
country u advancing In prosperity; but has been
clearly shown that whatever prosperity has had hes
been In spite OF the monetary laws not In Consequence
OF them.
We must congratulate the psopls or the United States
upon the great reduction that Ia taking place In the
amount or the public debt; $40 900 900 having been
paid Oh 10 the two months ending the La Of October
This 10 marked contrast 10 the miserable Of mil
ton or two year that EngaDd paid during her forty
Of pesce whatever chAnses may % made By The