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London Tallis London Weekly Paper Newspaper Archive: March 12, 1853 - Page 1

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Publication: London Tallis London Weekly Paper

Location: London, Middlesex

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   Tallis's London Weekly Paper (Newspaper) - March 12, 1853, London, Middlesex                                TALLISS 1 Hetoti nf roil Jtoigti THE GOLD TUE silver mine of Potosi wns registered by tho Spanish riovcrnvnent in the year according to Adam its effects began lo be felt in Europe about the year The prices of commodities rose and the relative values of gold and silver were The foresight of the statesmen of Queen Elizabeth prompted thnui to ailopl measures to sustain the rents of the Universities of Oxford and mid of Eton mid Winchester threatened with reduction by the increasing Hood of bullion in it was enacted flint a third of the rent of nil college leases should be reserved in to be paid either in or according to the current prices at the nearest public lilackslone states tlmt the money arising from eoru originally but onethird of the ill his double of what arose from the other On this sagacious operation Adam Smith remarks that the old money rents of colleges according to this have sunk almost to u fourth part of their ancient value or are worth little more than u fourth part of the corn which they were formerly And be this degradation in the vnlue of the money rents of collides 1ms arisen altogether from the iu the value of This legislative prece dent is worthy of the attention of trustees and assuming that Ihe mines of California and Australia pro duce a depreciation in gold similar to that which happened lo silver after the South American It is ulso worthy of notice whether the act which compels trustees guardians to invest the property of minors mid wards in the funds should not be modified or The mines of Potosi were discovered by an who pulled a bush out of the gromd to the fibres of wliiem a of silver globules was mid this led to inlive The vein was so rich that all the other mines were comparatively labour being concun Iruled on The eflect at the sudden influx of wealth was according to the hislorian lhat in ten years from the an iron horseshoe in the neigh bourhood came to be worth nearly its weight in II Prcscott gives some curious particulars in his history of of the rise of The most ordinary articles only be had for exorbitant lie tells us that a quire of paper sold for ten pesos do oro a bottle ol wine for sixty a sword for forty or more a pair of shoes cost thirty or forty pesos tie and a good horse could not be had for less than twentyfive Some brought a still higher Every article rose ii value as gold und the of Ciold and in seemed to bo the only things in Cuzco that were not According to Ihe quantity of silver taken from the American mines has exceeded that of gold in the ratio of six to one and Michel in his book to which we referred last estimates the total yield of silver from the Potosi mint since its discovery to the present time ut not less thai Tho conquest of Mexico and Peru thus led to a monetary and wo know precisely that it was caused bj the abundnncc of the precious metals and it is this accu rate knowledge which ought to teach nn instructive lessoi to modern It may be observed that our time and circumstances are widely different from thejse of om ancestors who lived in the period to which we havens yet onh Then there wus no monied class in existent similar to that by which we are The funding syslem was unknown Ihere were no insurance companies loaded with gigantic no private or jointslock banks no colossal trading on mid peting for monopoly tho labour of the masses wus not mortgaged to pay the dividends of Land was nearly the sole source of so that rent was the mil form of property that immediately felt the shoek of American But if the productiveness of CuUfornli and Australia continues to increase in the future in n ratio similar to the u monetary revolution may ensue us terrific in its action on all credit securities as the eruptioi of a volcanic mountain on the cities and fields of the sub jacent What happened in Peru may happen in We have seen in that the weight of metal in an iron horseshoe wus worth nearly us much as un equal weight in If u similar degradation is re for tlie fuudholders will gaze with rueful coun tenances on a and remember with bitterness of that famous definition of a pound in inspired them with confidence mid gladdened their In one of the early numbers of this newspaper we pub lished u tabular statement showing tlio variations in our Coinage from 1G01 to those variations being the result of the degradation of silver us compared witli in con sequence of the American supplies mid if we now reprint From tlio Spanish authorities consulted by Prescott it appears tlmt the ctutelluno and peso do oro wore of equivalent commercial each worth In our money two pounds twelve shillings mid sixpence latest MARCH PRICE it 03 illustrating our immediate we trust to be ex fused by our older as our circulation has in reased threefold since that and it is desirable thai ur recent supporters should be in possession of that table V now append Ounce ofgold Ounco ofsilvci coined into into Elizabeth James 321 tb James 377 1 3th Charles 314 2 d George 317104 It wi un observed that the money denomination o the mls never changed during this iicvcrtho t HtL legal tender to any amount equally with gold ind it 1818 that the ounce of silver wa mined into and limited as legal tender to a Linetime in nnl The old policy was to inaintai the relations between gold and silver as com thin values being measured in the labour ex ended iii them from the mines mid bringing them to thisio more in the bread corn consumed i their breadcorn being th universal stanclrm 1 of The monicd denominations o the1 coinai CMIKA SC1 those natural who une ounce of gold bullion wus exactly equivalent to te minces of silver ill the policy was to preserve tin purity when the bul ion was minted into money thei one ounce of silver coined into one ounce o gold would be coined u ito ten times or 8d By the third of Heorgu Hfthe vnlue ofgold had advance so considerably in roluti on to tlmt one ounce of th former hud become woifci fifteen ounces of the whe the ounce of gold was into We Urn arrive ut an easy rule of since every vuriatio of an ounce is indicated a corresponding variation o H is by watching iMiese changing proportions tha we shall know with absolutecertainty the effect of the no gold mines on disturbing the relations tlmt exist tween the two initials Im suppose that one ounce of go should only become worth fourteen ounces of the it would no loiiffiT be coined into but hit and us the proportions wonl have to In struck off for every It is in this niannc that the debtor classes would be relieved and the credito classes injured for according to the acts of 1819 an 18 the national debt and nil private thong called debts in a rereally debts in ounces o and in yold since the double standard was superseded in when the silver coiuag was depreciated ten per and restricted as legal tendc to at one The creditor classes are well aware of the danger tha threatens their aud some among them have already proposed to add to the weight of the sovereign in the even of gold becoming This is the argument 9 Professor of in a controversial corre spondume which he recently held with Francis Ben of hi the Belfast in whicli the professor invoked the authority of the late Sir Hubert Out of that controversy Bennoch came triiim and we could add nothing to the force of his reason but we can refer to a letter from Sir Kobert Peel to Sir Roderick from which it is evident that Sir liobert never would have consented to increase the weight of the sovereign to compensate for the deprceiation of the Iiu dated contains the fol lowing On the Jib til in bringing in the Bank 1 adverted to the rapid increase of the annual sup ply of gold from mines within the dominions of and recommended those who wished for a diminution in the standard of value to benefit the to consider whether their objects might not be etlucted by natural causesthe decreasing relative value of gold in consequence of mote abundant supply the aid of legislative interven Vuiir arguments are powerful to show that Is no probability I should say of precipitate and violent It takes a long time and a great dispropor tion in the amount of to allccl the relative vnliicj throughout the world of two articles us and The united iiitluunuu of Miboria and California I justify my inference of 1844 that there is a tendency toiiaidsditniiiistteil value on the part of An extraordinary increase in the supply of both gold and silver might concurrently take not affecting their relative value between each but affecting thepriceof all other estimated with reference to tho pre cious and the interests of debtor and Tlio only fair construction tlmt can bo put on this letter is tlmt Sir liobert Peel wns anxious to give tho debtor classes Ho was too much committed to the bullion hypothesis which rests on the baseless assumption tlmt is the eseenco of money to possess intrinsic to adopt the wiser courue of legislating for money ua tho symbol representative of value but wo feel justiBcd in assorting Quarterly j that he would never have interfered with natural such as the discovery of new and counteracted their effects by adding to the weight of the as Professor Hancock Such n course of policy would have been a repetition of the injustice perpetrated on the debtor classes in As individuals are not fair judges in their own private so also the different members of n nation uwy be suspected of partiality iu adjudicating on matters tlmt affect particular classes among themselves therefore we will appeal to the tribunal of two distinguished and listen to their Say thus speaks of the resumption of cash payments by England in This matter was very distressing to the industrious classes iu A number of engagements hud been made in u depreciated especially on leases which arc for long 1iirmers in consequence of the depre ciation had been obliged to pay heavy nominal which they did hivniiRe their being paid for iu a currency of less were paid for nominally ut a dearer When the value of the currency was restored prices fell in and they were obliged to iu real obligations which had been contracted in nominal Taxes which had been increaseil by reason of the depreciation of the were in like manner obliged to be paid in real value and the expenses of the especially the public the weight of which bad been lightened when its interest was paid iu u depreciated became heavier than They were forced to pay in a currency valuable as gold tho interest of loans during the twelve or fifteen years in n currency worth onefourth or onethird The salaries of public what is and nominally increased during the were paid in real value after tho restoration of tin It was bank ruptcy added to bankruptcy for engagements are broken not less when we are made to pay more than wp ought than when we cannot pay our cretlitors all that is their Say rives it as his opinion the course ought to have been to have fixed the standard at per ounce of instead of at being a depreciation of forty per which he considers to have been the depre ciation of He distinctly says f this measure wns required by justice and and let no one suppose that evil inflicted in 181U has passed It is repeated every payment of the dividends to the for though the race of fundholders may have personally olianircil the pressure on the indebted classes remains iu force it is to satisfy these aggravated 100 ner if measured in the price of brend eoruthe only true standard of valuethat progress of free is brought a dead Tor Thmsday week Mr Hume mmodn series of resolutions respecting the duties on imported He showed by returns on the table of the that there are 233 entries in the Customhouse tariff list of foreign manufactured articles charged in the year 1851 with duties of import varying in amount froni one to fifty per on the value of such which he classified ill live in the an import duty of There are also entries in the Customhouse tariff of foreign agricultural on which the aggregate duly amounts to notwithstanding we have loudly proclaimed the principle of unrestricted they cloned the revenue would must we feel the permanent iullucnce of act of We will now refer to Chevaliera ipinions oil tlie hnpemding The depreciation of gold It is the sole stmidnrd of injuriously nilcct the recipients of and of all and mul fro those who have undertaken provide or Let us for the Hake of that gold hhunld fall half its present in of the influence of the anil Australian If a a supposition whieh bo ere nn In tlmt the interest of the nationjfl vhich amouiiU to about jv vould not then press more upon the tnxpnyhi r mil1 thci or would difference of il is nearly equal lol xpciidilure of jreat Britain for her J Such mi alleviation of the burdens of tiijtaliou boon to the community at 1 of the Yet thcj complain tlmt laws of oqlut woro vio uch treatment of The pu0iic creditor e clear and application of thetow HI it was passed aftev grave and cxismoutious delibe In the strict justice of sentiments we but ve oro not hlmd lo tjna calamities that would follow We havouropotition of tho same evils as uillioted society n but the creditors would suffer instead of tha aiiero may be yet time for some honourable the mines may uat produce the esulto anticipated by amt we wiu elamme hat side of imbjoct In our OUR PARIS March of domestic ge of engrossing the ttVB For Ono can tWO o prin so tons excta IN the continued absence of foreign affairs have still the privile attention of The en and even if they as it is ho fov have the effect of inspiring consu by showing how and by hr general war might spring up in hardly couceive a serious u powers which should not sooner or lat w tt cipal European Conversation thepol of Pans during the fcw daya sively on the proDaMe results of such a strife TJ chsmembetment of Turkey 1ms been mooted and In such n France would of course strike iu fc or for an If tho international fcries Europe are to he altered and old treaties treated as dei the hankering after theUhine frontier may revive Egypt and Syria might be acceptable to England us se curing her communications with India and strength the of fortified posts with which she spans the orld These are specimens of the speculations suggested by tlm Montenegro and by the Austrian interference it 1ms As regards the position England would nssu Me in the event of any serious attempt on tho integrity of i Ottoman peoples opinion have licen somewhat u settled m consequence of the fluctuating tone taken by cer tain English and especially by tho which two or three weeks ago talked in a sneering and tnous manner of as a country of hardly worth tho fuss often made about Since then the seems to change its note a and to attach more importance to the country whose prcscrvatioR and independence have certainly long been licld indispensa ble to the maintenance of the balance of European Few things more piteous can bo conceived thnn the jy tion of tho Austrian empire in the event of a gcmnV SI the Danube to tho r inre of land to it would be convulsed and distr every mans hand would bo against bis neighbour Jl up of the most dissimilar many of bitter animosity to each most of the Government tlmt keeps them tocsthe wnnlil 1m nein r er tb would bo one vast might mid supposing that Rnssi g mi supposng a Rnssiu1 again reduced to PruW Pussa the rel maintained bv nill could sin puisson iii consiucr Austria us in Muscovite B0 accns whenever u movement is made ut Vii immediately glances Petersburc The in too well known for us to imagine hisdoi i i DIP miff covetous of a share of the innitn l it or hiA with tllc In case t g of Austria Were to take so pcttis enn hardly the chief there can be small doubt the most prominent all English If and silly a which 1 sufferer would be since won u lie nerselt and other r vcaled Austrian gas com to perfectly well pccidative Austriu boa8t the olher without England was the Lbov have yet day of the Austrian Lloyd the v o Icarn jovevmue illcoiidi juanels tower of strengtUo of admiration of terror and detestation llothinff m Fnnch politics have beconio un exploded subject The hmperor and Empress take tlicir and co to theatres the committees of the Legislative Chamber Ibv courtesy so styled hold their lecret sittings fte papers receive when they venture to a two or threo dayfe together in oppoSu   

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