Correspondent (Newspaper) - May 28, 1900, London, Middlesex THROUGH of ihc Proprietor of lot lor mny ho on the blank loft for pur from every Post Office provided such writing be not separately M THE IN it lins been officially i PCK nml THK no written iloni o nil as a single of or other the 28M both SECOND LETTER To the Right Honourable Robert IT is less my object o cavil nt the Resolu tions which Live emanated from evidence given the Secret Coi on the than to endeavour to good the proposition last week introduced to your notice on the Anniversary of the lute Right Wil liam Pitt great standing your presence on occasion you have politically and virtually The papers report to hove made use of this ex pression Was H possible for thn to regard the system which hnd existed for the lust twentytwo as ono that could be conti Was this language such as became who had hitherto been so so and so eminent a disciple of that nent Statesman the equivocal manner of thai becoming the cold dignity of Peel does not become It will not become you and I as your father that you will retrace your steps not indeed to procure a continuation of the Rank Restriction Act but lo give Pitt his duo share of for the political emergency from which it rescued Europe 5 and to thaC from the periodical continuations with which he conducted the men you felt that he the late Pitt would have been the first to have proposed a recurrence to a standard of I firmly that it pleased Providence to spare the life of that would long ere this he state vessel again to the from his pilotage hud in n stormy season shifted Take up the measure as a duty be you to perform by that great and good nan and you will then prolong unimpaired Jmt steady which has amidst and and hitherto preserved this great Do not with a faint and in a crt Acal condemn the whose skill we at this moment stand in need I never saw Pitt in my and know jim by the history of my country yet I eel his merit warmly BDd But 0 return to the matter of business between The evidence taken before the is in its contradictory in its con and doubtful in the causes from whence he mischief The made ipon that amount to no more 1 The best wLich such and doubt admit Yet this the evidence has failed to the Bunk of of un Time will do justice to this und us I urn not possessed of mnu of their nil have no and I dont curt low many on thin point my opinion nt Having failed then to the Co mill so lie nnd I but that mystery of Foreign has been dressed up on the too much in the of a form doth mystify us At nil the evi dence shews us one that in return ing to Cash we counteract among the Ghost of Foreign nnd to do we have only to bring into one To give a premium for gold among when we want But before I enter into the detail of my beg leave to ask you In the name of my coun ono solemn and serious question Suppose during the forced demand upon the Hunk for payments in a scarcity of coin took place j from what invisible mine is the liank to replace the which would he required for its purchase or by conundrum of calcula or mystical multiplication is It that whilst the Bank is converted into a for cible seller of they can replenish coffers I Governments should never tapon I do not that during so short a period in which the isto stand a chance of having nil their Bullion a scarcity of coin would probably But should it but a renewal of ihn Restriction would stop the drain This contingency suggested itself lo on perusing in thn Report of the House of the following passage It seems also that when this Bank is made liable to pay only in nnd only n exchange for Notes to a certain it would be chiefly subject to such demands ns might arise from the excess of the market price of lie mint and the consequent profit upon After a sentence or it continues contains in during the period which may elapse before the market price of gold falls to the mint a mark cautious n able guard even against this a guard which did not exist in the mixed slate of our It this very which has given rise o the propositions addressed to you nnd upon which I will enter without much on the part of tin te Coin twill admits i he to To u jou mu luu of lie uo of u At for ilu ou our Wr ahull lo The thai have ou but ill III I MU iu of I am ID I tia I In of llf UlUI lUT Ibry ill with 111 I nl till ti un iui u til Uu thi I Uuu U uu nl lit at jiu lu lute I but repent your own nnd remind that this is a subject of involving the various concerns of an important corporate and to the most minute and the most bumble transactions in the country nml n plan is proposed to assist these minute regula tions nnd humble which in its ope ration is in its preliminary measures to the cabalistic dealers in foreign exchanges nnd bullion and probably dangerous in its is like a good merchants but requiring discount for the it bus to Wit is always ready The evidence then is the scientific part of this affair and the deductions from it prove the From the most attentive perusal of nil the evidence of all the arguments used by persons of all I believe I mny divide the labour of the Committee and those ists into n few distinct points To return to cash payments To guard the Bonk in so doing from ind unequal demands for coin or bullion To retain in the country the bullion or coin so issued To check the magic influence of foreign To correct ho inequalities of operation between gold tied as legal cur To name time for doing all I beg to that the 12th pro position as it originally stood in the Correspond ent of last is now altered lo 12 and 13 and that the second plan Las come kilo warmed by the observations of many practical men of who understand these as well as gentlemen of higher consideration und whose sincerity of advice could not be better shewn than by starting in order they mny be Now allow me to beg your attention to each proposition in That it i expedient to continue the Restriction on h the Bank of beyond be time to which it limited by Thai expedient lhal a definite fixed for the termination ot the OH Oath and thai thould with a view lo and on thr arri val of the payment of ul Ilie ot in the com if Ihc 3 That tli Hunk Ilir I Mulct Ihiin tlw at ought In loi Ilir ot tlw tutu of Tm part of UiMI in itur I Uw oil of madr uj Cul thr in un Ilir pin under thr Million ot thr I llw Legislature Tbf fallowing by of W hotter he third U trj lu resumption of of lu thr would for They every note already out and every future referable lo cash Kvory month ns it arrives brings with it its of payment in month ns it contains within Issue and the cash payments of several previ ous will soon furnish to the Bank an average of they will hy this means enable commerce generally to con duct its concerns in paper nml particular brunches of to he satisfied with a balance The word outstanding will include all occasions requiring gold nnd exclude nil transactions conducted in This is he economy of a circulation in J That on nnd from the lay of the shall be pay ite the nnd in the some monthly l Looking forward to the when notes nre lo be payable dn this proposition an on he part of the nnd on ibis proposition may possibly admit of some The months of and to be payable in The months of March and of Mny and in The months of July nnd in The months of and in The months of nnd De in The months of January nod in The months March in Au The months of nnd in The months of July and in The months of September and in And the months of November and in Thus bringing up gradually the two and leaving one only remaining This alteration will correct the partiality of the as it by which became pay able before The inducement to the first arrangement that notes drawn in similar though in different became payable in its current nnd might render t he public more ready at the operation nnd pos sibly the payment of the preceding whilst the one was bringing might satisfy any public should circum stances create That on nnd from the dny of Bank shall be liable to pay the issues of the preceding in monthly and name time resume payments on Having brought forward the arrears and limited them lo the outstanding demands ofthe preceding this includes a return to cash payments let ns you profess having I ulu J I mull Il n itw I IK I i in Ju H ill UH tit tuti uil t it ns I sincerely believe you have no other good but that of your country nt will be pleased to determine within yourself this ques tion Whether this be not n mode of gradually restoring a circulation of proportionate to any fair demand for without distress ing the machinery of mercantile operations it introduces into the an im mediate though moderate circulation of It feeds that circulation nnd does not confine its exclusively to demands fin but pays some regard to un internal In the next to which I beg your continued and the reten tion of such coin in the That for every one pound Note ao periodically ftom the then hall be paid a gold coin intrinsically worth accord I ng to the Mint price oi golf and aba a silver of the value of one together paying in taU the frne hereafter 10 That inch gold coin of the value of nineteen shil hall at the moment o pasting into become by of the value of br no taken and in from the in uf thru periodically in And thaton and from the day of the Mid coin of ball IK Uken and ai of the valur of twenty in all caib made on In issuing gold coin to the two prin ciples were obvious payment in full b the of of its notes mid plan holding out a future tion to take plan between that public mid tin wight retain if circulation the TUf pu incut iu Uon HUB payment tn The lo die public In the following not conic out of ho pocket of o Kugland u arises from I bud luid uf n fur u pold Awl in thr Jiar by tne low it fur tit coin ou tbr holder of a Bank Note appears to n one year after its yet the do no more than pay its actual 1 may perhaps by the adoption of the prin ciple of periodical Issues of ns the Bank Notes successively arrive nt an imme diate but moderate circulation of coin takes place and such coin will revert and issue again from the without restraint thus enabling them to feed the periodical Bat when the of foreign and the price of shall have continued lor n certain dii nf to be decided by the wisdom of Par no and favourable no to m inducement for the exportation of the coin then the aid coin Khali upon notice to expire In nix f roin the date thereof ceane to be of more than value nf nineteen and nhall be replaced at thu intc of nineteen gold coins of the value of twenty in exchange fur twenty gold no previously of nf nineteen each again the coin and tin Possibly he reverse of the nineteen shilling might be distinguished by the Provisional Coin because operation is now to be which brings back the and restores the gold nnd the pound to its balanced The that the impression on the public always unwilling to up any previous concession might that the exchange of pro visional currency for gold would be attended with suggested to me the tion of this idea of such ifc visionary and gave rise to the second I will not detain in any longer discussion or explanation on thirteenth but proceed at once to the principle of the SECOND The former propositions nnd remain as The some principle of con the public and the Bank in Hlle rior which shall have the effect of inducing the former to await its Is the foundation of the second The variation is confined to the following That for every one pound Note so periodically Ae from the be com worth nineteen according to Mint price of That such goldcoin of the valae of nineteen shall at the moment of pawing into by of the value of Iw RO taken nnd But when Iho Mate of Mutt he price of shall have continued fork certain du ration of lobe decided by the of ment no sternly out no induce ment for the exportation of the the Bold coin shall upon notice to expire in six from dm date thereof to be of njore its of nineteen nnd shrill hfe replaced I y the Bank with coins of the intrinsic twenty in exchange for every coin of value current for coin of tlw of twenty shall not circulate for more than the coin of nineteen provided always that the Bank shall have the option of delivering such gold coin of the valae of twenty in the proportion of one nineteenth exceeding the weight ot the cofn to to e exchanged that they may that be protected from lie or other defacement The Bonus is taken away the coin issued short of its intrinsic bat payable in u provisional nnd the deficiency of Intrinsic value U to be made good by the Bank whenever the wisdom of Parliament sees a proper period The retain In their hand one nine part of the as a trustee for the until the price of bullion shall render it secure from exportation upon I have ac shortly as gone over the principles of these which arise from a consideration of the and varied submitted to tbe Parliamentary and have preferred ratter o run being thought re main under a great national which comes home to I ho interests of every in There is one final observation has occurred to me on he subject of foreign The variations to bo most accurately marked but I do not And any ques or answers as to the amount of at Men of business know that prices are often un articles of but thai they are fre often nut real uod such a mystery of foreign it mny cause loo much pressed our I have the honour lo Your muM obedient mi JI I und IIM of b itt oui of llii u Tl would be uf lln in u ul IT ul ill loill UK U Ill old H i uf lo in in I llf uf uf ootu All be HI i be II I lif U ill Utt ttu MM 1 lit iu lI lU till ul tUr iwu iu In tir if he lamil in 1itru ul Mr Ilir CuuM lite ill uf Iw ul NIMM uf until i Hi M I UM
