Tallis's London Weekly Paper (Newspaper) - September 17, 1853, London, Middlesex TALLISS nf i art SEPTEMBER PRICE OUR COMMERCIAL Tire unsettled state of the the known failure of the the continuous full in the the weekly of gold from tlie cellars of the Hunk of Kng are absorbing topics of conversation in commercial Notwithstanding the enormous supplies of gold from California and minca were unknown in onr present metallic assets only exceed those of that year hy paltry sum of for on the 12th Bank bold and on lust Saturday The drain has continued without intermission since the 2nd of the average weekly decrease being the aggre gate during that period amounting to Hence the rise in the rate of and us no immediate cessation in the is it is highly probable that the rale will be still further Whether we arc to have a renewal of the disasters of or are fated to escape the desolating scourge of we venture not to predict but it may he well to remind onr readers that in that most calamitous year from 250 to millions were sacrificed in order to recover from foreigners some four millions of sovereigns which had been ex This was the practical result of onr monetary legisla and legislation still remains in full The active circulation of Bank note at the last ret urn was in other these notes were in the hands of the and to that amount the public were creditors of the Now what had the Hank in gold to redeem these pro mises to pay on demand Just the deficiency therefore was so that if tin theory propounded by the on which Act of 1814 is were ho acted the Hunk would this moment be since it could not redeem its promises in the precious When Sir Robert Peel introduced this measure he made the following remarks whole foundation of my measure rests on the assumption according to according to according to the ancient monetary policy of this coun the meaning of a pound is neither more nor less than a certain of with a mark upon it to determine its and fineness and thut the to pay a pound means and can mean nothing than to pay to tlie holder on when be demands a definite quantity of the precious In the terms of this definition it is clear that the Bank is now insolvent but Sir Robert discarded his own definition when be began to It so happened that the country owed the of England eleven millions of permanent and always re quired advances to the extent of three millions on Exchequer so that the permanent and floating debt amounted to fourteen Now against that amount the Hank is allowed by the Act of 1841 to issue notes without 11113me basis whatever it is only when that sum is exceeded that it is bound to hold bullion in its Tlie whole scheme is composite and contradictory it asserts a principle only to violate and repudiates in practice what it affirms in If the legislature had not intended to mystify the it ought to have decreed that the inconvertible notes should have on their face some distinctive so that the public might know that promises to pay on fourteen millions of notes were mere The rule laid down by Lord that the notes are to contract or expand us bullion leaves or enters the of the Haul would be rational if the whole circulation Were based on the hut it is absolutely absurd in a mixed currency partly convertible and partly in The rule laid down by the Hank itself for raising and low ering is not based on national but is deter mined altogether by the pecuniary interests of that establish In the Lords on Commercial referring to the panic of it is stated that tlie earlier practice of the Hank of had been to discount at a rate nearly Used and 1701 to the 10th this rate never exceeded nor was less than four per 1 n the min of the rale was raised for some months to six per but it was reduced to live per in and remained at four to live as till after pass the 7th mid 8th which in the Hank Charter Act of JS During thin long period the object wan to ensure steadiness in the value of and avoid violent Now this rule was abandoned alter tin monetary legislation of and the following given by the Governor of the is printed in the Lords Report In regulating the rate of interest we of to the of the We are either to or diminish the amount of the as may be by raising or low ering the rate of or by the sale or purchase of Supposing the demand upon the for was and more than the Bank were able to it would he necessary to put np the rate of On the other if the reserve of the Hank was and it was not thought advisable to purchase naturally the rule would bu put The putting up or the lowering the rate would be guided by the statu of the reference being also had to the rate of interest in the It is that such n system is hostile to the best interests of us whole trade of the country is made subor to the profits of a privileged ly raising or lowering discounts at its the Hank can lower or raise prices and thus derange the whole business of the just us it may operate on dividends of its own Now it transpired in evidence before the Lords Committee that during railway mania the Hank invested in railway securities and when Governor mill were asked by the Committee in their were the causes of the they One cause of it that ninny of those parties have been dealing in The capital which they ought to have kept in their business they have put out hi expectation of realising at a but railway shares have become nearly and their capital has boon locked So hero wo find the Bank Latest assisting to create very mischief of which the Governors afterwords So long as they made a profit for their establishment they encouraged the speculation but when the profit they turned round and set up n lachrymose whine about The Bank has avowed that the state of the reserve deter mines their conduct in fixing the rate of The ma is based on When the reserve is it discounts freely even at 2 per and thus encourages traders to extend their An abundance of money raises merchants become and both profits and wages are The condition of all classes is and the population is loyal and This is a state of things that wisdom would perpetuate but it is always of short for with rising prices a new clement is introduced which prevents the Bank from continuing to act on the reserve Foreigners then begin to take gold in payment of what is due to them instead of and the Hank puts on the As in the first case it lowered discounts iVi employ its reserve at a so now it now raises discounts to cheek the escape of its Thus the Hank causes prosperity or ad versity at its anil the whole trading community are at the mercy of the Now we are very far from saying that the Hani is wholly or solely to blame for these com derangements for the Hank itself is coerced by the stringency of the Act of anil may he bankrupt even with millions of gold in its fact would ho had it not been proved ill This is owing to the sepa ration between the Issue and Banking For in October when the panic was at its the Hank had only in the banking department to meet its while the total deposits were the deposits of the London bankers being more than at that The Governor was in reference to these if anybody hud culled yon far anything beyond that million and a you have stopped payment we added the we should have had in our We have little evidence here of parliamentary for the Hani was solvent in one room and insolvent in another in build Nothing saved it from destruction but the Treasury which suspended the Act of 1arliaineiit that had caused all the Now in reference to onr commercial prospects so far as they are affected by the contraction of currency and the rise in dis this important question arises Why do foreigners take our gold instead of onr goods in payment of the commodi ties they sell to uu Of course this is not done capriciously there must be a strong motive for it thin then is the mini to be for it involves the interests of all who live on wages ami His easy to distinguish the intrinsic value of com and their taxation The former is strictly limited to the labour expended in their and which labour they embody or but the latter implies that tax has been imposed when engaged in the act of pro Now suppose that two sets of workmen are engaged on the same fabric that in the one case the raw material pays no duty whatever to the and that no whatever is imposed on the or lodging of the workmen under these conditions the fabric can be sold tor its intrinsic or what menus the name barter further suppose that the other set of workmen have to pay duty on the raw and a lav on their clothing and lodg ing these it is sell tor mere intrinsic value they are entitled to something ami something more is precisely the have paid in In the first prices are said to be low in the they are said to he Of course among ourselves no such can as we have since all our working classes are placed on a and are subjected to one uniform We have only stated the distinction to illustrate the nature of the In this country we arc all subject to indirect when prices are that is when they range at the the condition of the working classes is for they pay a tax which they cannot recover from those who consume but when prices are that in when they range at tlie taxation the working classes do recover that and consequently are in comfortable circum This prosperous state is always enjoyed for a short period before a monetary hut it ceases so soon as the begins to abstract onr These remarks we shall now answer the question propounded Why do foreigners lake our bullion instead of our fabrics According to our monetary legislation the price of gold in our coinage is and fixed at the barter price consequently when commodities risn in our home markets to Iho become dearer Ihan gold it is in things that the foreigner prefers payment in cheap gold rather than in dear He sells in our dear hut ho will not buy in our dear Suppose thai wheat rises from forty to sixly shillings in then the foreigner gels three sove reigns instead of two hut all oilier goods have risen in the same ami he refuses to lie am supply himself on the continent with what he wants for two and thus has a clear surplus of one Thus it is that our monetary legislation offers him n premium to abstract our bullion then discounts the currency is and prices fall from the taxation to Hie barter level this is the lesson taught ns by the history of in in in and in 1817 and we appear to he on the eve of from which nothing can save us hut and oven the casual arrival of the Kent and Marco with nearly half a million of may not deter the Hank from raising discounts to live per About two months since the Times printed an objurgatory complaining that the Australian markets were nuked of and reproaching our merchants and manufacturers with Now the same journal urges the Hank to check this trade by contracting the Russia wants gold to prosecute its crusade and drains it from us in exchange for her wheat wo are to suspend of necessaries for Sydney and Mel We are afraid to send our fleet into the lest Nicholas should sell out the funds he holds in our consols mid in the French and Dutch These several amount to according to the official Report of the Russian Minister of printed in the in How truly docs our present humiliating position the prediction of the Marquis of in the ho delivered in the House of Commons on the when ho explained the mistaken views on which the Act of 1819 was and the evil effects of that mea We quote the following which is pertinent to the present crisis of the question It was impossible to mention general subject of war without referring to the state of things on the since that had the most intimate connection possible with the pre sent discussion for upon Hill depended the ques whether the of should lie everything or nothing ut all on the there was still a greater mischief which was the knowledge on the continent thut financial embarrassment was the real key to onr present anil the encouragement which that re flection held out for wicked and ambitious The whole history of mid the wellknown character of its marked at to every foreign that nothing hut financial considerations could have restrained the impulse every true felt on the promulgation of the horrid sentiments in the kings to the They all knew full well that there was but one check to that of debt borrowed ill one currency and In he paid in The state of onr finances had been perfectly from that and had be come a matter of to the and of grief and dismay to the Since thai was uttered we have seen Poland oblite rated from map of hy Iho extinction of the Grand Duchy of free city of meow banded over to the despotism of rising liberties of Italy hy bayonets in Hungary abandoned in her generous struggle for Now sets us at and ns by declaring in a hypocritical and mendacious manifesto that the lad of fortifying capitals of Moldavia and the whole country with and depriving the of their is simply a pacific occupation and to add injury to the Czar permits the canal to be be may ns of supplies of and raise the price of braid to onr Such is one of the phases of the currency question in ils purely political aspects involving our national The is now as finas lie the ought lo receive from the repeal of the Let all who live by honest labour prepare lor a of for then can be no and when discounts rise the of giving employment is and when they become ex arc Let them carefully ponder over the bilter satire which embodied ill an lo one of the clauses of the drawn up by Sir Charles Wood when he It would greatly in of your to the safety of the if there should prevail among the mercantile and Working classes of the a clear per of the position in which they stand under the Act of Thai they should that when the gold is exhausted iu rollers of every and manufacturer is to suspend his and every artisan and labourer is to remain without work and without until gold be tlie colters of thu Of this amendment was for it would have completely exposed the fraud but we reproduce us a warn ing and an instruction to the working this article was in our expectation has been On Thursday the Haul raised the discount to four andahalf per CASH DP AT fatal accident occurred last week to a young gentleman while bath ing at His name was William Joseph It appeared from the evidence at the which was held on the that the with his two younger brothers went to bathe without a One of iu consequence of the under was out of bis being unable to called for assist which the deceased immediately attempted to render hut was himself curried mil by the whilst his brother was Unown on the rocks and As soon as it was observed that the deceased was in who was bathing swam to and endeavoured lo rescue becoming was compelled to save when a gentleman named of suc in reaching and supported him for until deceased grasped him round his when he was compelled to extricate himself or be He got hut returned anil supported deceased hy the hair of his head until be found himself when ho was compelled to leave and he was drowned shortly The body was washed on shore about mi hour and conveyed by the coast guard to where every means was used by Ince to restore but without The jury returned a ver dict of Accidentally drowned whilst and expressed their great satisfaction at the of Anderson anil which was cordially joined in by the or French coun try the Impartial tie the sudden in the small town of of John late of county a brother of the Irish The deceased during his long career tis u resident landlord on the margin of romantic u model of old Irish hospitality mid public conciliatory and truly of genuine and universally On many na tional questions ho took views at variance with those of his late brother and not only but acted iu for what he deemed the real interests of OUR PARIS September TUT Turkish which for n moment everybody here was disposed to consider as good as being again in an or at least a very dubious I need hardly say that no other political subject excites interest as to that all engrossing it has so much and twisted and and viewed in every possible that there really remains nothing to be The state of the case is known to nnd it must a very ingenious mind that broaches n new idea on so a The gene nil current of opinion here runs in two parallel being indignation at the surprise at the want of prompt and vigorous decision shown throughout the business by our Lord has gained ground prodigiously in French opinion hy the contrast of what nil feel convinced ho would have hud ho held the seals of Foreign with the vacillating actions and leanings of Lords Aberdeen and The injury to the general that have now been so long solely to the Turkish ques disposed men to judge very harshly of the persons ou whose shoulders the responsibility and especially of the upon whom countless maledictions are as the prime and only cause of nil the I see that leading London which began its discussion of Iho dispute between Russia and Turkey by one of the most egregious blunders a ever is now whether acting under influence or it is hard to but it certainly looks rather like il trying to cast the odium of further delays upon Many here believe Unit the Czar would be extremely glad to get out of the and to withdraw his who are very sick and very costly in their but that his stubborn pride will never permit his doing so unless thu road back to he carefully smoothed for In probably nil he or least to do when ho picked this unhandsome quarrel with thu lie has greatly weakened bis feeble hi has compromised the reconnoitred the ground paved the way for Pretty well for a blood less summer campaign There can be little doubt that he at no distant returning to the he bus proved himself the most dangerous and untrustworthy of reigning and the other great powers will merit if they allow his moderation again to hill them into fancied The other the man who was lo be so but who shows himself NU bus relumed In us from for a few previously to his visit to and went on with the lo the opening of the season at Iho Grand About nine a parly of those looking the came clattering along the boule ill rather loose clearing Urn broad and followed by the Imperial behind which a parly of Other carriages outlined Imperial The reception on the boulevards was quiet enough just enough to prevent its appearing Considering that the visit to Dieppe has given opportunity for a considerable deal of puffery and claptrap in the 1aris il might have been expected there would have been nil her more In Urn theatre the reception was really good and and the audience select although not as prints comprising the of thai con In consist of the limited number of really distinguished persons the have as yet managed to get about The was the not very by a long the best of the great triad of famous but yet always pleasing and always highly popular with n Parisian The cast was very but not and it was impossible mil to feel that the Academic is much in waul of the infusion of a little fresh Superhuman it is have been and are Hlill to obtain Thu one of the numerous French musical and tells its readers that is would lake immensely 1 have no doubt he seeing that any unusual quality of voice capti vates connoisseurs who net mure by til tit than by his general great merits as a been a nearly tii sing at il burin iu is closed but for a very few weeks out of the says the because he can gel francs for Iho London francs for that at singing the music he best bril liant the same authority assures have been made lo that great with the like ill success and Sophy has also fished hut not she having made up her mind not to slug iu in which she is probably right since her accent could hardly fail to jar on the sensitive ear of a Paris It argues a grievous lack of native talent when Die first French lyrical theatre is thus obliged to go begging and to meet refu sals amongst foreign Hut Russia and America carry oil French artists deserting Iho national boards for the showers of dollars and diamonds that there await Whilst on the of I must warn yon not to be imposed by the fulsome lavished by various French papers on new production al the Opera The as they The cant of criticism certainly never attained greater eminence than at the present moment in the artistic Success is prepared when marvel is the Hood of praise is absolutely says one of these can be more French is this praise or when music is theme of and nothing learned and which yet has less appearance of Ihe effort of the composer of La as the saying may do for the Monsieur measure has been taken in although Frenchmen will of course laugh horribly ut the exists a much sounder and purer taste in music than iu Thero the public copyist of Meyerbeer a on the strength of a when
