The advocate., 1891-09-30

ing immigration because there we're zoo
many mouths TO feed. And he told the
manufacturers of Manchester and Birming-
ham, who waited upon him with respect to
their distresses, that they "mRde too many
goods: they had overstoCked the markets OF
the world" The consumption Of cotton at
the time being about one-eighth OF what IL
is now, and the make of iron and OF BIZ
mingham goods being not far from the
same proportion. Government, however,
became alarmed, and extended the time for
returning to specie payments to the year
1919, which caused a revival of confidence,
indicating, as it was supposed to do, the IN
tention of the government TO pursue
lenient policy in regard to the bank; con-
seQuently new life was given to the people,
but only for time, for the bank. in pre-
pairing for resumption in 1919, soon obliter-
ated all signs of amendment, and the de-
preston continued. In this dilemma it
called upon the government for relief, and
the call was too significant to be disregarded.
AOIU ObHbAoIotbSn ONOuSAO AAVO RoAAAAU'AAASNA"
five money bills in one night, one of them
permitting the circulation of one pound
notes ten years longer, viz, from 1923 to
1888, and all of them designed to increase
money facilities, passing them through as
rapidly as the forms of parliament would
permit. The effect of these measures was
great and immediate. Confidence revived,
labor everywhere found employment, and
ere long there was not cottage in the land
where the benign influence of an increased
medium of exchange between labor and
capital was not felt.
Mr.. James Harvey, of England, dis
cussed the situation as follows:
The war came to an end, and the nation
justly expected that the prosperity and
happiness of the community would make
more progress in time of peace. But dur
ing the war two causes had been operating
ON the nations welfare: There was the
war exhausting the resources Of the country
and making it poor, there was an adequate
paper currency developing the energies Of
the country and making it rich. We had
vanquished our enemy, and secured for the
country, as we fondly believed, the blessings
of peace. The very next step was to turn
our back upon our friend, Pitts monetary
system, and deprive peace Of its blessings.
Immediately after the proclamation of
peace the bank of England received an in
timation that it must prepare for a run to
cash payments. Il contracted its issue
accordingly. "Such a scene," says Sir
James Graham, "both of agricultural and
commercial distress ensued, as this un-
happy country, till that time, had never
Witnessed" The government was dismayed
at the suffering this merely contemplated
measure had produced. In their distress
the farmers fondly looked to the time Of
high prices, for, as this had been Coincident
with the time of war, they illogiCally deemed
the war to be the cause of their prosperity,
and not the paper money circulating at the
time. The circulating medium was again
increased, and by 1919 all the interests Of
the country were in prosperous condition.
Again Peel's bill became the law Of the
land, and in few months the severest dis
tress pervaded all classes. Again the gov
ernment of the day relented. In 1922
small note act was passed, and one pound
notes put into circulation. The country re-
covered rapidly, and the revenue 30 in
creased that the chancellor of the excheq-
uer acquired the name Of prosperity
Robinson" But it became advantageous
to export gold: the circulation was con-
tracted, the dogma of the convertibility of