0 
 
 CURE E N C Y 
 
 INQUIKY SOLICITED; 
 
 BUT 
 
 General lieclamatton, iuitljout i^ea^oiuiig, 
 
 DISREGARDED. 
 
 “ Pray, Goody, please to moderate the rancour of your tongue: 
 
 \Vhy flash those sparks of fury from your eyes ? 
 
 Remember^ when the judgments weak, the pr^udice is strong :— 
 A stranger why will you despise ? 
 
 Ply me. 
 
 Try me. 
 
 Prove, ere you deny me.” 
 
 Midas. 
 
 BY CHAS. ENDERBY, 
 
 AUTHOR OF “national STORE AND DOCK BANKS.” 
 
 Cliiti'oii. 
 
 LONDON: 
 
 PRINTED, FOR THE AUTHOR. 
 
 BY VV. LEWIS & SON, 21, FINCH-LANE, CORNHILL. 
 
 1842 . 
 
 [Price Two-Pence.^ 
 
CURRSNCSr. 
 
 Whh.st conflicting opinions divide the nation into parties, hostile to each 
 other, no government can legislate, neither can any parliamentary inquiries 
 be instituted, likely to remove the present pressure upon the productive 
 classes. 
 
 It is justly observed that the Corn-Laws, Poor-Laws, Currency, the mone¬ 
 tary difficulties of the United States of America, the Tariff, the war in India 
 and China, increase of population, improvements in machinery, with surplus 
 production, absenteeism, and emigration, as causes of distress, have each of 
 them their advocates, expecting that their separate claims to the consider¬ 
 ation of Parliament, should have immediate attention ; but how, and in what 
 way, could any examination be conducted, where the interests and opinions 
 of the parties are so opposed to each other ? 
 
 Although the difficulty of calming such conflicting interests appears insur¬ 
 mountable, yet, on investigation, it will be found that the subject of the 
 Currency is of paramount importance, and may be discussed independent of 
 all the others; whilst none of them, although perfectly distinct with respect 
 to each other, can be discussed without mixing-up the question of Currency, 
 of which they all form a part. 
 
 1st. As to the Corn-Laws. 
 
 What is the use of having corn cheap, if there is not money to purchase 
 it ? or, what perceptible difference would it make, if corn be dear, if the 
 monetary means of the people were equal to it? An exemplification of 
 this fact may be found in the eventful year of 1812, when the price of 
 bread-corn averaged 122s., and at one time of the year rose to 125s. per 
 quarter; but this was also a period when our sacrifices both of men and 
 treasure were carried to an extent never before known in the annals of the 
 world, and yet no distress was experienced by the labouring classes. This 
 is a question of Corn and Currency. 
 
 2d. The Poor-Laws. 
 
 If corn be cheap or dear, what effect has it on those of the poor, who 
 taste nothing but potatoes and herrings. The poor, to become purchasers 
 of corn, must have money; and how are they to procure money, if their 
 labour cannot command it ? 
 
 This is a question of Poor-Laws and Currency, but is no direct case of 
 Corn-Laws and Poor-Laws. 
 
 3d. The monetary difficulties of America, 
 
 This is a question of monetary difficulties of America and Currency, but 
 it exhibits no conjoint case of Corn-Laws, Poor-Laws, and monetary 
 difficulties of America. 
 
 4th. The Tariff. 
 
 An increase or abatement of duties on commodities, refers to an altera¬ 
 tion of the money price. 
 
 This is a case of Tariff and Currency, but although the Tariff may affect 
 each separate article, yet it exhibits no direct case of the Tariff and the 
 Corn-Laws, Poor-Laws, &c. &c. 
 
 5th. The War in India. 
 
 I presume that a suspension of orders for commodities gives rise to this 
 case. There exists no disinclination to continue to purchase from Eng¬ 
 land; a want of money is therefore the only cause. 
 
's.gSi's rt w 
 
 o 
 
 This Is a case of war in India and Currency, but no direct case can be 
 made out of any connexion between it and the Corn-Laws, Poor-Laws, 
 &c. &c. 
 
 6th. Surplus Population. 
 
 There would be no complaint of surplus population, if the people had 
 money to spend. 
 
 This again is a case of surplus population and Currency, and not of 
 surplus population, Corn-Laws, Poor-Laws, &c. 
 
 7th. Improvement in machinery, and over-production. 
 
 Over-production can only arise from an inability on the part of those 
 who have not money to purchase of those who have commodities to sell; 
 this is a case of over-production and Currency, and nothing more. 
 
 6ih. Absenteeism. 
 
 Complaints of persons drawing money from this country, and spending 
 it abroad, is clearly a case of absenteeism and Currency only. 
 
 9th. Emigration. 
 
 Urging a necessity for labourers to emigrate, because, not having 
 money, they are burthensome to the parishes, is a clear case of emigration 
 and Currency, but no case of emigration and Corn-Laws, Poor-Laws, 
 &c. &c. 
 
 In the foregoing I have endeavoured to shew that no one subject that is 
 urged on the attention of government can be discussed, except in connexion 
 with that of the Currency; consequently, if the Corn-Laws be again brought 
 under consideration, much time would doubtless be wasted, as has heretofore 
 been the case, in endeavouring to evade a direct inquiry into our monetarv 
 system, which is a subject standing alone, although, as I have before said, 
 forming a constituent part of all the others; and I fearlessly assert, that no’ 
 partial investigation of the Corn-Laws would produce any beneficial result; 
 the inquiry would only tend to make the subject still more complicated. 
 
 In the opinions here put forth, I am supported by no mean authority; the 
 
 late Mr. Huskisson, on the discussion on the Coru-Laws, in 1826, said_“ In 
 
 considering the object now before the House, it would be impossible to lei^is- 
 late wisely, unless the Currency, in which are the soul and elements of prices, 
 should have been first disposed of; and this reason, not less forcibly than 
 others, convinces me that the present period is wholly unfitted for the discus¬ 
 sion.” In this speech we have not only an admission that the Currency 
 question must be discussed in connexion with the Corn-Laws, but we have 
 further a right to assume that, notwithstanding the passing of the Currency 
 Bill of 1819, Mr. Huskisson was far from being satisfied that Parliament had 
 arrived at a right conclusion. 
 
 A few words on the foregoing alleged causes of distress :— 
 
 Ist- The advocates for an alteration of the duties on corn, or their total 
 repeal, except that corn would, as a matter of course, be abundant, and 
 consequently cheap; and, as all measures introduced, aflFecting the prices 
 of wheat, oats, barley, &c., tend to operate alike on all other agricultural 
 produce, so will the average fall in prices be comparative. 
 
 Take the whole annual produce of the soil at £200,000,000, wheat consti¬ 
 tuting £85,000,000, estimating the quantity at £25,000,000 of quarters, and 
 the price 68s. per quarter, and deduct from wheat but 4s. per quarter, or 
 1-17th, and all other produce in like manner, and it will appear that, inde¬ 
 pendent of any foreign grain or produce superseding that of British growth, 
 from the gross constituted proceeds, either of cost or profit, £ 12,000,000 
 must be annually deducted, being a sum short received by those dependent 
 on agricultural pursuits, and consequently a sum that cannot be expended bv 
 them in purchasing manufactures. 
 
 This sum of £12,000,000, lost in home expenditure, is an amount equal to 
 the annual exports to the United States of America. 
 
 2d. They, the advocates, expect large importations of corn from the United 
 States, Brazil, Spain, France, Germany, Poland, Egypt, &c. 
 
 To transfer dealings from one tradesman to another, to purchase from 
 
4 
 
 foreigners what we have heretofore obtained from our fellow-countrymen, is^ 
 only benefiting one to the manifest injury of the other; neither does it 
 appear that those who urge this transfer of dealings will themselves be other¬ 
 wise tban prejudiced ; they anticipate an increased demand for their manu¬ 
 factures. In return for 3,000,000 quarters of wheat, they now supply British 
 landlords, British farmers, and British agricultural labourers with 500,000 
 bales of goods, and yet, having an accumulation of bales of goods, for which 
 they are seeking a market, they imagine that by transferring their custom 
 for 3,000,000 quarters of wheat, to some one of these foreign countries, and 
 giving only 400,000 bales of goods for them, that they will, by some hocus- 
 pocus means, dispose of more goods instead of less. 
 
 By this transfer of dealings, it is not difficult to perceive that we should 
 give increased employment to the extent of £10,000,000 per annum to 
 foreigners; not, however, throwing out of employment a number of 
 
 those who have special claims on us as countrymen, equal to the increase 
 abroad, and who, from distress, may be compelled to seek, in those very 
 countries, the employment of which they have been deprived on their own soil. 
 
 If you are the sole customer of a baker, who employs ten men, and you 
 order bread from another who has but one man, the former will discharge his 
 men, whilst the other will employ them, provided he cannot get others. 
 
 It will thus appear that the value of agricultural produce is not only to be 
 reduced £12,000,000 per annum, but, in addition to this, the diminution of 
 quantity will be £10,000,000 more, making a total of £22,000,000. 
 
 How the manufacturing trade is to improve, so that the agricultural shall 
 not be prejudiced to the extent I have described, I know not; for land cannot 
 be used as pasture, and animal food come into general consumption, without 
 an increase in the wages of labour, which would make manufactured goods 
 more costly, and consequently stop all exports. 
 
 With respect to the landed proprietors, they would, as a matter of precau¬ 
 tion, reduce their expenditure to their income, by discharging their domestic 
 servants, and thus saving their food and clothing, give up their carriages and 
 horses, possibly a town-house, and cease drinking foreign wines, &c. 
 
 The manufacturer must be prepared to give employment to all those from 
 the agricultural districts thrown out of work, and either consume or enable 
 others to consume the wines, &c. now obtained in exchange for British manu¬ 
 factures, otherwise, so far from any improvement in trade taking place, utter 
 ruin must ensue. 
 
 If, from any unforeseen cause, wheat were immediately to fall in price, to 
 40s. per quarter, what evidence have we that the nation would rally and trade 
 improve ? Look to the year of national distress in 1822, when wheat was at 
 43s. per quarter : this low price of corn did not improve trade, neither did the 
 labouring classes consume more animal food; as is evident from the price of 
 meat having fallen to a greater extent than did corn. 
 
 If a low price of corn will improve the demand for manufactures, so ought 
 a low price of manufactures to improve the condition of the labourers, and 
 enable them to purchase more food. Let the advocates for the admission of 
 foreign wheat, duty free, show how it would cause any immediate increased 
 employment for labourers in England, since large quantities of corn have 
 already been imported and paid for; consequently foreigners would not receive 
 any very extended orders tor more. 
 
 2d. The Poor-Laws. 
 
 I am at a loss to imagine what argument can be urged to show that the 
 distress of the country has been caused by the introduction of any system of 
 Poor-Laws, neither do I perceive how any alteration in those laws can re¬ 
 store labourers to employment. 
 
 3d. The monetary difficulties of America. 
 
 This question must be pul on one side, as a subject on which we have no 
 right to legislate. 
 
 If America sends orders to England, it will doubtless give employment 
 to the labourers, but we can pass no law to compel them to trade with us. 
 
5 
 
 4lh. The tariff will undoubtedly have the effect of stimulating or depressing 
 trade. 
 
 5th. The war in India, 
 
 Orders from India would alleviate distress in England to a certain ex¬ 
 tent, but what law can compel one nation or individual to give orders to 
 another ? 
 
 6th and 7th. Surplus population, with improvement in machinery and over¬ 
 production. 
 
 Can there possibly be surplus population when the supply of commodities 
 exceeds the demand, and when vast numbers of people are compelled to 
 pass their existence in nakedness and misery; because, for every pair of 
 stockings or shoes, they might be permitted to earn the wages to purchase, 
 they are capable of producing double the quantity they consume ? Can 
 there be surplus production, or can the means of producing be too great, 
 when there are those who would willingly become the consumers, if you 
 would receive from them in exchange,—what is likewise with them surplus, 
 —their labour, or the produce of it? 
 
 8th and 9th. Absenteeism and Emigration. 
 
 You would compel those who are mere consumers of wealth, but who 
 produce nothing, to reside amongst you, whilst the ingenious mechanic and 
 youthful sturdy husbandman, who by their industry produce daily more 
 riches than they consume, (who for every one article they might be per¬ 
 mitted to take, would be capable of producing two,) you advise to quit their 
 native land, forgetting that every emigrant diminishes the demand for our 
 productions, and impairs our power. Whatever advantages emigration 
 may unfold to the mechanic, the field-labourer, or the small capitalist, in¬ 
 dividually, certain it is that the nation must lose by the separation. 
 
 To those who may be ignorant of the subject of Currency, in its various 
 ramifications, it may be necessary to explain, that by law all promissory 
 notes payable on demand, and bills of exchange, are payable in gold of a fixed 
 quality, and at the price of £3 17s. 10|d. per ounce ; and this law extends to 
 the notes of the Bank of England, as well as to those of individuals. It is 
 urged that a tenant engaging to pay a certain rent annually, ought to pav 
 the same in so many ounces of gold, notwithstanding he cannot obtain the 
 gold to pay the rent without selling his produce ; and if gold be scarce, and 
 credit consequently restricted, such produce will, with a fixed price for gold, 
 be sold at reduced prices, 
 
 I contend that gold, like other commodities, should be free to find its price 
 in the market; and that, when notes are presented for payment, the bank 
 should be compelled to pay them in gold or silver, but only at the market- 
 price, which would vary as it did during the late war; so that the price of gold 
 for actual consumption could be as well ascertained as the price of corn or 
 cloth. 
 
 To adhere to a gold standard of value, is to coerce the wages of labour, and 
 hamper trade. 
 
 None of the distress of 1825, of 1837, or of 1840, would have occurred, had 
 we not adhered to the gold standard of value. A scarcity of gold in the coffers 
 of the Bank, caused the Directors of that establishment to contract their issue 
 of paper, for the purpose of altering the state of the foreign exchanges. To 
 check the importation of foreign commodities and import gold, was the pro¬ 
 fessed object. 
 
 Now this could have been better effected, had the price of gold advanced as 
 it became scarce; for then it would have been a commodity to be imported, 
 and would have been paid for in British manufactures, without prejudicing 
 the home-market, while at the same time it would have remunerated the mer¬ 
 chant. Whereas the present system of money makes it necessary to depress 
 trade, by making it no longer beneficial to import goods from abroad; and so 
 to lessen the vahie of our manufactures, as to induce foreigners to purchase, 
 paying for them in gold. 
 
 The following iinpf»r(anl evidence of the late Mr. Ilolhschild, before the 
 
 
6 
 
 Select Committee of the House of Commons, on the expediency of the resump¬ 
 tion of cash payments by the Bank of England, is in confirmation of the opi¬ 
 nions I entertain of the Currency : 
 
 “ Through the medium of the war, which continued for 20 years, we have 
 had paper currency. It has given facilities to the war, and to every business 
 on that account; everything has gone smooth, but if you begin to pay in 
 specie, every article will fall so much that there can be no loans. People 
 will be obliged to look first at home, and to think of themselves before they 
 send anything abroad.” 
 
 Question,—" What do you think would be the effect upon the public, if a 
 further reduction of from £2,000,000 to £3,000,000 of the amount of bank¬ 
 notes, beyond that which has taken place, it now being understood to be 
 £25,000,000 ?” 
 
 Answer,— "It would make money very scarce, and it will create a great 
 many bankruptcies, and do serious injury ; it will have an effect upon almost 
 every article in the country, if £3,000,000 of bank-notes are taken out of 
 circulation.” 
 
 Question, —“ What would be the effect of such scarcity of money upon 
 the manufacturers of the country ?” 
 
 Answer, —" It would be a ruin to the country, in my opinion, if it is done 
 too fast—if it is done all at once.” 
 
 Question, —" Do you mean, by ruin to the country, ruin to the manufac¬ 
 turers ?” 
 
 Answer, —" I mean ruin to the country, any one who is connected with 
 any commercial concerns ; not the manufacturers alone, but in every branch; 
 it will be like an electrical machine, it will shake everything.” 
 
 The late Sir Robert Peel, and other highly influential individuals, enter¬ 
 tained similar views; and now let me ask, could any prophecy have been 
 more literally fulfilled than the foregoing, both as regards the distress, 
 amounting to ruin, amongst commercial men, and the comparative inability 
 to raise loans ; for, although the crisis has been delayed, like the death-strug¬ 
 gles of a strong-constitutioned man, yet it has arrived at last, and will only 
 prove, not the more violent, but the more lastingly injurious, from the delay 
 in applying the remedy. 
 
 Currency, as Mr. Huskisson observes, “ is the very soul and element of 
 prices,” as it is the life-blood of industry and the seat of power. 
 
 To issue five millions of money, for the purpose of giving immediate em¬ 
 ployment to the multitude of labourers now in idleness, would stay all distress, 
 notwithstanding a high price for corn; and to diminish government expen¬ 
 diture in public works, to a similar amount, would only increase the evil, 
 though corn were at half its present price. 
 
 The disease and remedy are to be found in the Currency; and, as with the 
 human body, it is useless to apply blisters and leeches to the head, and poul¬ 
 tices to the feet, to cure a disease of the heart, so it is useless to meddle with 
 the Corn-Laws, or any other laws, for the purpose of curing a disease of Cur¬ 
 rency. Nothing but procuring immediate employment for our labourers, can 
 alleviate the present alarming distresses of the nation. 
 
 Whatsis more clear in Currency, than to imagine a person in authority—a 
 government—issuing paper-money to destitute labourers, who will readily 
 take it, in payment of wages for working gold mines, in the erection of cities, 
 and in the production of food and clothing; and that the paper so issued 
 amounted to £3,000,000, of which one-third part was for gold, one-third for 
 buildings, and the residue for food and clothing. We have here wealth, the 
 produce of labour, brought into existence, which, had it not been for the cir¬ 
 culating credit given to the paper (intrinsically worth nothing), would never 
 have been created. 
 
 These notes, to be in circulation, must be in the possession of those who 
 were previously wholly destitute ; and supposing these notes to be all returned 
 for payment, the return would be in the substance represented by the notes, 
 the gold, the buildings, food and clothing; the notes would then be cancelled, 
 
7 
 
 and the wealth would become the property of the producers of it, those who 
 were destitute. 
 
 If, however, gold be constituted the standard of value, it must be the regu¬ 
 lator of the wages of labour; and provided the notes are all to be made pay¬ 
 able in gold, either there should be no notes issued, except for the production 
 of gold, or the price of gold should be permitted to advance, as would the 
 buildings, food, and clothing, if the holders of the three millions of notes 
 should all wish to become purchasers of the buildings, food, and clothing, that 
 had cost but £2,000,000. 
 
 These views have to a certain extent been carried out in the United States 
 of America, whose general wealth and prosperity is at this time but second to 
 Great Britain ; but instead of producing in the minds of statesmen ideas of 
 what might be done, that by credit only real wealth maybe produced, the 
 present position of America is held up as an example to be avoided of the 
 evils arising out of an extensive issue of paper-money. The policy of the 
 day is to prevent present good being done, that anticipated evil may not arise, 
 rather than seek out the real cause of the evils, and endeavour to avoid them. 
 
 The derangement of the monetary affairs of America has been caused by 
 attempting to adhere to a gold standard of value, at a period when the drain 
 for that metal for England took place. The prices of all property in America 
 were depreciated in value, as compared with gold, which was fixed by law, 
 but which should have risen in price as it became scarce ; the various banks 
 contracted their issues, and private engagements could not be fulfilled; thus 
 it caused numerous banks to fail: and such would be the case if any foreign 
 nation could obtain from the Bank of England but five millions in gold-then 
 we should be equally open to the charge of having over-issued paper-money. 
 
 Suppose liberal views of economy to extend themselves, and that landed 
 proprietors (those possessing the richest soils) should adopt the suggestions of 
 the declaimers against high rents, and that they should reduce them to the 
 very lowest rate ; such an act would throw all poor lands (those that pay little 
 or no rent, but yet employ many labourers) out of cultivation. Or, suppose 
 the editor of the Times newspaper, instigated by similar feelings, (considering 
 food for the mind as necessary as food for the body,) to reduce the paper to its 
 lowest possible price,—this would doubtless increase the circulation of the 
 Times, to the ruin of all the other newspapers. 
 
 Let Messrs. Barclay, Perkins & Co., the eminent brewers, together with 
 the most extensive manufacturers, pursue the same course, and all minor 
 establishments will soon be closed. Apply this rule to the labouring classes, 
 and suppose the most skilful and powerful workmen as willing to submit to a 
 reduction of their wages to the lowest possible existing point, it must be evi¬ 
 dent that (notwithstanding we should have everything cheap) three-fourths of 
 the whole population would be utterly ruined. It is, doubtless, as important 
 to have cheap railroads (roads costing £1,000,000 instead of £5,000,000) as 
 cheap corn ; but ask the excavators on the line if they are willing to admit 
 Irish labourers to work at reduced rates. Ask also the Irish coal-whippers, 
 or ballast-men, if they will admit of low-priced workmen amongst them. 
 Again, ask any mechanic, waterman, &c. if he will admit of others than those 
 brought up as apprentices working at his trade; especially at reduced prices. 
 Unless the hard-working labourer sustains himself by good living, he will 
 shortly fail in the quantity of work he is capable of performing. 
 
 Let every one apply the cases here set forth to himself, and (if he be an 
 advocate for free trade) he will be sure to discover some special reason why 
 his own particular trade or calling should form an exception to the general 
 depressing or levelling system. How well this has just been exemplified in 
 the passing of the bill for the alteration of the tarifl ! 
 
 In accordance with the foregoing plan of operations it has been stated, that 
 a statistical inquiry is about to be instituted, for the purpose of ascertaining, 
 to a mathematical certainty, the actual loss the world has sustained at various 
 periods, by the wasteful expenditure of public properly. It will commence 
 with the Pyramids of Egypt, and the great wall of China; it will then eiu.- 
 
8 
 
 brace the Cities of Babylon, Athens and Home, with the cost of the Trojan 
 War: the first part will conclude with a distinct account of the expenses of 
 the wars of the Ancients, with the denominated value of the precious metals 
 in circulation among the Persians, Romans, &c. &c. 
 
 A curious discussion is likely to arise as to whether the loss of property was 
 greater in the building of Babylon, or in the wars of Artaxerxes, seeing that 
 there now remains nothing of the former to show where it stood. It is ex¬ 
 pected that some member of the Antiquarian Society will be able to furnish 
 the requisite information on this head. 
 
 The second part will comprise the expenditure in the erection of the various 
 cathedrals, churches, universities, bridges, &c. &c. in England, including the 
 defensive towers on our coasts; and it will conclude with the expenses of the 
 holy wars, and all subsequent wars. 
 
 Some of the members of the proposed Committee of Inquiry, who are all 
 sexagenarians, have expressed a doubt whether the production of gold is a 
 creation of wealth, seeing that the production of stone and other minerals 
 causes its expenditure; and this doubt has given rise to another, viz. whether 
 the erection of national buildings, is a creation or a destruction of wealth. 
 
 These statistical results will be of inestimable value, surpassing anything 
 of the kind hitherto attempted; and will be a sure guide to all future legisla¬ 
 tors, enabling them to define what is, and what is not, wealth. 
 
 The Committee will increase their usefulness, by explaining how much 
 richer the nation will be in a century, if we discontinue our annual wasteful 
 expenditure ; the old adage, “ that a shilling saved is a shilling got,” will not 
 be overlooked. It is their intention, also, to show in what shape the money 
 that has been thus lavishly expended would now exhibit itself, had it not been 
 spent.—A wag of our acquaintance asserts, “ that the accumulation of riches, 
 under the above circumstances, would exhibit itself in a mountain of sugar¬ 
 plums ;” but I will leave the question in the hands of the Committee, to be 
 decided as their united wisdom may decree. 
 
 The following I extract from Voltaire’s Dialogues of the Embellishments 
 of the City of Cachemire : 
 
 “ Philosopher, —What do you call being rich ?” 
 
 “Bostangi, —To have much money.” 
 
 “ Phil. —You deceive yourself; the inhabitants of South America formerly 
 possessed more gold than you will ever have ; but being without industry, 
 they had nothing of that which money can procure; they were really in 
 misery.” 
 
 “ Bost. —I understand: you make riches to consist in the possession of a 
 fertile land.” 
 
 “ Phil. —No; for the Tartars of the Ukraine inhabit one of the finest 
 countries in the universe, and are in want of everything. The opulence of a 
 state is like the talents which depend on nature and art. Therefore, the riches 
 consist in the soil and the industry. The richest and most happy people are 
 they who most cultivate the best laud; and the best present that God has 
 given to man is the necessity of working.” 
 
 “ Bost, —Agreed ; but to do the work in question (embellishing the city of 
 Cachemire), ten thousand men for ten years will be required ; and whence 
 are they to be paid.^” 
 
 ‘ Phil. —Have you not kept one hundred thousand soldiers in pay during 
 ten years of war ?” 
 
 “Bost. —It is true; and the state did not appear to be impoverished on 
 that account.” 
 
 ‘‘ Phil. —What! have you money enough to send an hundred thousand 
 men to be killed, and are unable to give the means of living to ten thousand?” 
 
 “ Bost. —The case is very different; it costs much less to send a citizen to 
 death than to make a sculptor of him.” 
 
 “ Phil. —You deceive yourself again ; thirty thousand cavalry alone are 
 much more expensive than ten thousand citizens; and the truth is, that 
 neither the one nor the other are dear when they are employed in their own 
 
9 
 
 country. What do you think it cost the ancient Egyptians to build the pyra* 
 raids, and the Chinese to make their grand wall ?—Onions and rice. Were 
 their lands exhausted for having nourished laborious men, instead of fattening 
 the indolent and lazy ?” 
 
 “ Bost. —You push me hard, but I am not convinced. Philosophy reasons, 
 but custom acts,” &c. &c. &c. 
 
 A kingdom, such as England, may be likened to a steam-engine, whose 
 only office is to pump water and raise coals for its own use, disposing only of 
 so much of the coal, in exchange for oil and tallow, as may be absolutely re¬ 
 quired. The engine is in itself one of the most perfect kind, pumping, how¬ 
 ever, more water, and raising more coal, than is required for the boiler in sup¬ 
 plying the steam. A mountain of coal is in process of formation, and the 
 waste water is constantly flooding the works, consequently something must be 
 done to check the evil. 
 
 The experiment of working the engine short time has been tried, and is vet 
 in operation; but as the consumption of coal and water is not equal to the 
 supply, the heap of coal and inundation still increases. The engineer. Sir 
 Robert Peel, appears to consider that the engine with its machinery is too per¬ 
 fect and too effective in its operations, and is ready to aid his indefatigable 
 stoker, Joseph Hume, in economising the fuel, and thus punishing the boiler, 
 by supplying it with dirty water, and feeding the fire under it with cinders 
 from a neighbouring engine, m exchange for coals, and stinting it of water used 
 for condensing the steam; and by these means they reckon they will remedy 
 the complaint of over-production. 
 
 It appears to me that, as this engine has no other work to perform than 
 what conduces to its own benefit, it ought, under the foregoing circumstances, 
 to be for ever stopped working, or some measures adopted for getting rid of 
 the excess of coals and water. 
 
 This cannot be effected by the engineer and stoker cooking their steaks 
 under the boiler, and boiling their vegetables in the steam from the engine, 
 in lieu of using the coals and water in their own fire-place. 
 
 The working of the engine keeps it in good order, and the greater the con¬ 
 sumption of water and coals for this particular description of boiler (the 
 labourers), the better its condition; but it cannot be called an economical 
 boiler, such an one as the engineer and stoker would recommend. 
 
 A number of knowing engineers have been consulted as to the best mode 
 of preventing any further accumulation of coals and water; but, like their 
 chief, they all appear to be in favour of making the engine less effective, and 
 give no attention to increasing or making the boiler more expensive in the 
 consumption of this excess. 
 
 As, however, spontaneous combustion has broken out, they hope that the 
 accumulation of coals (riches), will shortly be consumed, and the water dried 
 up, BO that the engine may again be set fully to work. The disappearance of 
 the accumulated riches of the country appears to be matter of congratulation. 
 
 But to resume my subject, which by ray long digression I fear may be lost 
 sight of—Whilst the people are suffering unprecedented distress, let them 
 not imagine that by depressing others they can save themselves ; nor let the 
 manufacturers suppose that by depressing the agriculturists themselves will be 
 benefited. 
 
 How often do we hear the advocates for the abolition of the Corn-Laws 
 declaim against those dependent on agriculture, for wearing foreign silks, 
 satins, gloves, shoes, &c., and how feelingly do they appeal to them in behalf 
 of the poor Spitalfields’ Weavers, and the Manufacturers of Paisley; and 
 how promptly are the calls answered, and how fully are meetings attended 
 by those appealed to, dressed in the manufactures of those particular places. 
 
 Reduce the price of corn, and you throw the poor lands (that pay little or 
 no rent) out of cultivation, but which give employment to more men (the 
 heads of families) than do all the cotton, silk, wool, and Jiax mills combined. 
 
 What more can be urged in favour of the poor Spitalfields’ Weavers, as 
 competitors of those more favourably located at Macclesfield, than in favour 
 
10 
 
 of the labourers employed on poor lands, as competitors of those on more 
 fertile soils ? 
 
 Would the same charitable feeling be displayed by the manufacturing 
 interests, if agricultural distress should be prevalent in Scotland and Ireland, 
 consequent on the consumption of bread made from foreign wheat ? 
 
 It is assumed that a high price for British goods will check their exportation, 
 and such will be the case whilst we adhere to the gold standard; but, pro¬ 
 vided we will give a correspondingly high price for what the foreigner has to 
 sell, trade will not be checked. “ All trade is barter.” 
 
 Those who contend that the advocates for the abandonment of the gold 
 standard of value are justifying an act of dishonesty, can only arrive at such 
 a conclusion from their total ignorance of the first principles of political 
 economy, and which ignorance is the standard of value of their opinions. 
 
 It is iniquitous to contend that there can be surplus population, when at 
 the same time it is asserted that the nation is suffering from over-production. 
 It is accusing Providence of having created man without providing for him 
 the means of support, and also of having produced an excess of commodities 
 beyond a demand. 
 
 Our monetary system, in addition to the evils it entails on us, has spread 
 ruin and distress throughout the whole world: no foreigner can purchase 
 British goods one day, without being undersold the following; and having 
 been encouraged to cultivate and produce various articles for our use, a 
 sudden contraction of our circulation, for the purpose of regulating the ex¬ 
 changes, stops his trade, and ruins him. 
 
 Let all those who advocate doctrines which they imagine should take pre¬ 
 cedence of the question of the Currency, put forth their opinions with a state¬ 
 ment of their case; otherwise let all combine to have that subject taken into 
 consideration. 
 
 It is much to be regretted that any allusion to an alteration or inquiry into 
 the Currency, a subject generally admitted not to be understood, should 
 create in the House of Commons a sneer, or a laugh. 
 
 The following imaginary trial, printed some months past, but never pub¬ 
 lished, will show the benefits which might result from the operations of paper- 
 money, notwithstanding the prejudices against its extended introduction. 
 
COURT OF QURSN’S BENCH. 
 
 THE EAST INDIA COMPANY, versus LORD STENLEE. 
 
 This interesting case, which has of late occupied so much of the public 
 attention, was decided yesterday before the Chief-Justice. 
 
 There were for the Plaintiffs, the Attorney and Solicitor-general; 
 and for the Defendant, Mr. Sergeant Doall and Mr. Helpum. 
 
 It was an action brought by the Directors of the Honourable the East 
 India Company against Lord Stenlee, late Governor-general of India, for 
 the mal-administration of the Company’s affairs whilst under his government. 
 
 The charges set forth were:— 
 
 1st.—His having knowingly given employment to a vast number of desti¬ 
 tute natives, whereby the wages of labour advanced, to the prejudice 
 of the interests of the Company. 
 
 2d.—His having issued an immense amount of paper-money, not payable 
 in gold at the fixed price of £3 17s. lOfd. per oz. 
 
 3d.—That having so put into circulation paper-money, he did (for the pur¬ 
 pose of preventing it from becoming depreciated in value) cause it to 
 be funded, and by so doing, he created a National Debt, amounting to 
 £2,000,000,000; to pay the interest on which, it became necessary 
 greatly to increase the taxes. 
 
 4th.—His having opened communications by land and water throughout 
 India, by which he has created in the natives a desire to extend their 
 knowledge, and caused in them a disposition to consume more of the 
 comforts of life; to gratify which, it became necessary to increase the 
 wages of labour, which thus made the products of their labour 
 more costly. 
 
 The Attorney-general opened the case by stating that the Defendant had 
 been appointed to the high situation of Govenor-general of India in the year 
 1842, and that he continued to fill the important duties of the ofiice until the 
 year 1861, when, from certain information obtained by the Board of Direc¬ 
 tors, they were induced to apply to H. M. Government, for the recall of that 
 nobleman, and the present action was instituted at the suit of the Court of 
 Directors, and with the sanction and approbation of H. M. Government. 
 
 He stated that he should not trouble the jury with a tedious detail of facts, 
 but proceed at once to call his witnesses. 
 
 The first witness called was John Knowing, 
 
 Stated that he had filled the situation of Secretary to Lord Stenlee whilst 
 in India. 
 
 Is well acquainted with the country, where great distress used to exist, and 
 where the wages of labour were very low previous to the year 1843. 
 
 Remembers Lord Stenlee directing inquiries to be made into the condition 
 of the labouring classes. Is quite certain the Governor-general issued orders 
 for the formation of railroads, the excavation of canals, and the erection of 
 national storehouses throughout India. 
 
 Knows that the same were constructed. 
 
 That the wages of labour in 20 years increased amazingly, in many cases 
 from 100 to 1,000 per cent., or from 1 rupee to 10 rupees per week. 
 
 A rupee is worth about 2 shillings. 
 
12 
 
 Remembers hearing Lord Stenlee remark, that he did not know why (if 
 India was capable of providing the commodities) the labouring classes should 
 not be as well paid, and provided, as those in England. 
 
 Attributes the alteration in the condition of the people to the issues of 
 paper-money. 
 
 Considers that an extended paper circulation stimulates production. 
 
 Is certain that the introduction of paper-money has not only caused an 
 increased production, but has also created an increased consumption of 
 commodities. 
 
 Has no doubt but that the people who used to stop at home, because they 
 had not the means of going abroad, are now enabled, from their increased 
 means, to travel in steam-boats and on railroads. 
 
 The number of steam-boats in India have been yearly greatly increasing, 
 and they are constantly filled with passengers and goods. 
 
 The railway trains run much more frequently. 
 
 Cross-examined by Mr. Sergeant Doall ;—Will swear that the wages of 
 labour did advance, and great difficulty was experienced in obtaining workmen. 
 
 Never heard the people complain of not being able to obtain work, or of 
 not being well paid since the year 1843. 
 
 Is certain that as the people received more money, so also they spent more. 
 
 Is certain that the prices of goods advanced in consequence of the increased 
 demand for them. 
 
 Does not think the prices of goods would have risen (notwithstanding the 
 advance that had taken place in the wages of labour), if there had not been 
 a demand and ready sale for the articles. 
 
 Has often heard people complain of not being able to buy cheap, when 
 those same persons were selling their own labour and produce dear. 
 
 The purchases of the lines of railroads and canals, and the land for the 
 national storehouses, were made when the nominal value of property in 
 India was very low. 
 
 Great part of the works were completed when the wages of labour were 
 not more than two rupees per week. When many of the railroads were first 
 completed, the returns were not sufficient to pay more than one per cent. ; 
 but from the increased amount of money in circulation amonst all classes, 
 and from the prodigious quantities of goods that are now conveyed on the 
 lines of railway, they pay five per cent, as the interest on the outlay. 
 
 Remembers that, previous to the year 1843, no great accumulation of rice 
 and other commodities took place; and that there were no large storehouses 
 in which goods could be deposited. 
 
 Is quite aware that the people were frequently starved to death (during 
 bad seasons), which checked population, prior to the year 1843. 
 
 Is fearful, under the present system, the population will increase. 
 
 Every large town has its storehouse filled with rice, and other produce, 
 sufficient for two years’ consumption. 
 
 Attributes this to the paper issues, which have stimulated and created this 
 over-production. 
 
 Ardaseer Cursetjee examined :—Is a native of Delhi, where he carries 
 on business as a merchant and banker. 
 
 Could obtain as many labourers as he pleased, in 1842, at one rupee, or 2s. 
 per week ; is now compelled to pay five rupees, or 10s. per week. 
 
 Could formerly live cheaper, and produce articles at less co.st, than he 
 can nowt 
 
 There were very few merchants in Delhi, in 1842; there are now ten 
 times as many. 
 
 Notwithstanding there are more merchants, he does much more business 
 than he did in 1842 ; and is, consequently, compelled to keep more labourers, 
 and pay them higher wages. 
 
 Sees people go into the bazaars, in India, and purchase articles they for¬ 
 merly could not afford to buy, and thinks it melancholy to see such extravagance. 
 
13 
 
 Admits that he lives in a better house than he did formerly, and that he 
 keeps a carriage; but that he invests annually, out of his savings, £5,000 
 in the East India funds. 
 
 Remembers the condition of India before the issue of paper-money. 
 
 The people were unemployed and destitute. 
 
 Remembers orders being received, at Delhi, to employ 8,000 labourers in 
 the construction of a railroad. 
 
 Knows there was some diflBculty in obtaining so many. Is certain that, 
 after these men were engaged to work on the railroad, no beggars were to be 
 seen, and labourers became very scarce, and demanded higher wages. 
 
 Thinks the labourers on the railroads were the first year paid one rupee 
 and a-half per week, or 12,000 rupees weekly for the 8,000 men ; but that 
 the wages have annually increased, and that the weekly payments, in 1861, 
 amounted to 40,000 rupees for the same number of people. 
 
 Knows that these men spent their wages in Delhi, and thus caused a 
 greatly increased demand for everything. 
 
 To supply this increased demand required more labourers, which added to 
 the previous deficiency. 
 
 The wages paid weekly to these labourers were in small notes, issued by 
 himself in exchange for exchequer-bills of £50 each, which were sent to the 
 contractor at Delhi. 
 
 The labourers did not object to receive the paper-money. 
 
 The paper-money was of no other use to the labourers than to spend. 
 
 The shopkeepers did not refuse to take the paper-money from the labourers, 
 otherwise they would have lost their customers. 
 
 The government had not gold or silver to give the people, consequently, 
 if they had refused to take the paper, they could not have been employed ; 
 and they would have returned to their former state of idleness and misery. 
 
 The government could no doubt have issued small notes instead of 
 exchequer-bills. 
 
 Those who spent the paper-money caused an increased demand for com¬ 
 modities ; whilst those who did not spend it invested it in the savings’-bank 
 or the funds. 
 
 Cross-examined by Mr. Sergeant Doall :—Never heard of people refusing 
 to receive government paper-money, in any country, although he has heard 
 that it has been depreciated in value. 
 
 Is aware that there are some gold and silver mines in India. 
 
 Has been told that it is not profitable to work them. 
 
 Presumes that, if the wages of labour be increased, that either the price of 
 the metal would be increased, or the mines would cease to be worked. 
 
 Has had communication with the proprietors of gold mines in Peru, and 
 is informed they yield little or no profit. 
 
 The labourers in these mines are very poorly fed and clothed. 
 
 Cannot be belter fed and clothed without making the product more costly. 
 
 If the paper-money had not been issued in India, there would not have been 
 any alteration in the wages of labour, consequently the product of labour 
 would not have altered. 
 
 Is not certain that paper-money was not issued for the purpose of stimula¬ 
 ting labourers to produce the precious metals, as well as other commodities. 
 
 Should be sorry to see any change in the government of India. 
 
 Thinks, if the British authority were overthrown, that the National Debt 
 would be swept away, and that he should lose his money. 
 
 Thinks this is the opinion of all those who have invested their monev in 
 the savings’-banks, knowing it to have been funded. 
 
 Would lend his utmost support to uphold the British Government, and 
 would sacrifice one half his funded debt to save the other half, if the Empire 
 were to be invaded by any foreign power. 
 
 [Numerous other witnesses were called, but their evidence added but little 
 to the information given.] 
 
14 
 
 Mr. Sergeant Doali. then addressed the Jury on behalf of the Defendant. 
 
 He observed, that his worthy friend, the Attorney-general, had laboured 
 hard to prove that Lord Stenlee had been guilty of all the grave charges against 
 him. Now it was not his intention to dispute the correctness of these charges, 
 for he had been instructed by his noble client to admit them, but he contended 
 that no evil had resulted from the course pursued by the' Governor-general, 
 and that he had not been actuated by selfish motives. He (Sergeant Doall) 
 did not pretend to say whether the measures adopted by Lord Stenlee were 
 the best for carrying into effect his intentions, but he nevertheless contended 
 that under any circumstances much good had resulted from them. 
 
 Lord Stenlee, when he went to India, was not enslaved by the custom or 
 opinions of others, neither was his mind grovelling amongst little things; his 
 object was to aggrandize the British name, and to minister to the comfort 
 and happiness of his fellow-creatures. On Lord Stenlee’s arrival in India, 
 he found an empire, the richest in the world, capable of producing every 
 luxury that could gratify the taste and appetite of man, a great wilderness, 
 containing a population of upwards of 100,000,000 of inhabitants, in a state 
 of barbarism, and without provision for either the mind or body. In confir¬ 
 mation of a part of this, he would quote the observations of a former Gover¬ 
 nor-general of India in 1826 :—“ Terrible are the accounts of the wretchedness 
 of the poor Indian weavers, reduced to absolute starvation.”—“ Numbers of 
 them died of hunger.”—“ The present suffering of the numerous classes in 
 India is scarcely to be paralleled in the history of commerce.” What could 
 be more deplorable than such a state of things ? could any act of the Gover¬ 
 nor-general have made them worse ; how then was Lord Stenlee to relieve 
 this distress, and how did he effect it? His object was to improve the condition 
 of the people, to strengthen the hands of government, to extend the adminis¬ 
 tration of justice, and to make available to the world the hidden and amazing 
 resources of the Indian empire. 
 
 Without money in the Exchequer, he could not have given employment to 
 the labouring population, and to collect a sufficient revenue for the purpose, he 
 must have commenced by cruelly oppressing the people in quadrupling the taxes. 
 
 What then was the course pursued by Lord Stenlee ? On his own respon¬ 
 sibility, and without any personal benefit, he had issued a sufficient amount 
 of paper-money, to provide employment for all who were willing to work. It 
 was not given, except for work done, or in the course of execution, a quid pro 
 quo was obtained for all that was issued, whether for the construction of rail¬ 
 roads, canals, or storehouses. The debt was not like that of England, which 
 (although necessary) left little or no evidence of its having been expended. 
 He (Sergeant Doall) contended that the paper-money had been the means 
 of providing food and clothing for the (otherwise) destitute of India for the 
 last twenty years, and that no person during that period had cause to complain 
 of want of employment, or of insufficiency of wages. He admitted that the 
 prices of commodities had advanced ; but he contended, notwithstanding such 
 being the case, the consumption had increased in a still greater ratio. He 
 observed, “ we have now the power of communicating from one extreme of 
 India to the other in the course of four days, and may go from Calcutta to 
 Delhi in three days, a journey which formerly occupied a month ; in addition 
 to which, we have the products of the interior, and the immensely-increased 
 imports from England and other countries, conveyed with the same rapidity to 
 any situation where they may be in demand. Was this of no importance ? 
 had the railroads and canals proved of no benefit to the country ?” He (Ser¬ 
 geant Doall), however, did not confine the benefits referred to as the only 
 good that had resulted from the government of Lord Stenlee, he was prepared 
 to prove that the British power in India had been more firmly established. 
 
 What said Cursetjee ? 
 
 Why, he tells you that he is attached to the British Government from 
 selfish motives, that he will support the British empire, because there is a 
 national debt, and that he has an interest in it. 
 
15 
 
 There was nothing very extraordinary in this attachment of Cursetjee to 
 Great Britain, but he much questioned if it would have been equally strong 
 if no funded debt had existed. The learned Sergeant then proceeded to draw 
 a comparison between the former and present condition of India. He 
 described the country in 1842 as being without railroads, canals, or store¬ 
 houses, and without any accumulation of riches; he admitted that the wages 
 of labour were low, and commodities cheap ; but, he added, the demand for 
 them was proportionably small. It would, doubtless, be urged that in 1842 
 the taxes were light; this he was ready to admit, but the means of paying 
 them was comparatively nothing. In 1862, Lord Stenlee was recalled, and 
 he left India full of riches, it signified not to him (Sergeant Doall) whether 
 they had been created through the instrumentality of a metallic or paper 
 currency ; all he knew was, that they had been created—that they were the 
 produce of labour, and consequently that labourers had been employed to 
 produce them. He would admit that a large debt had been contracted, but it 
 had strengthened the hands of government; and as to the taxes, he was certain 
 they were not oppressive ; for, notwithstanding what the people were called 
 upon to pay, they had added (from their surplus means) to their comforts and 
 luxuries. He would suppose the government to cancel the National Debt, it 
 would surely not be urged that India had not been benefited. A vast popu¬ 
 lation, depending on the interest of the debt, would doubtless be ruined ; but 
 the mere act of striking-ofF the debt would not cause the railroads, canals, and 
 storehouses with the riches deposited therein, to melt away. The labouring 
 classes, who had tasted the comforts and luxuries of life for twenty years, 
 might be again reduced to a state of idleness and misery; but they would not 
 be worse off than they were in 1842, neither did it detract from the benefits 
 they had received. His worthy friend, the Attorney-general, would probably 
 wish to know if there was never to be an end to the contraction of a National 
 Debt ? He would answer that question. Lord Stenlee never contemplated a 
 larger debt than that contracted; he thought it sufficiently large to interest 
 the whole population of India in supporting the British government. It 
 might also be asked, how, if the debt ceased to be increased, the people 
 would continue to be employed? It was a fair question, and one from which 
 he would not shrink. Whilst the debt was accumulating, the government 
 became debtors, and the public the creditors; and, as Ardaseer Cursetjee 
 had informed them, he, amongst many others, had become a creditor to the 
 extent of £5,000 per annum. The National Debt was no more than a large 
 savings’-bauk, the Directors of which had determined that it should not 
 further extend its business by receiving new deposits ; not, however, object¬ 
 ing to the transfer of stock from one person to another. Under such circum¬ 
 stances, what could Ardaseer Cursetjee do with his savings, presuming he 
 tras able to realize any. Now he (Sergeant Doall) contended that Lord 
 Stenlee was not to blame (if the people were not employed) because he did 
 not think fit to increase the National Debt, and that this money of Ardaseer 
 Cursetjee, and others (to the exact amount of that expended by government), 
 should be employed in giving occupation to the people, and that the expendi¬ 
 ture of individuals should take the place of that of the government. He 
 (Sergeant Doall) had been desirous of calling a witness (Amicus Populi), 
 but he could perceive that there was no disposition to receive his testimony- 
 It might, probably, occur to some of the Jury, that distress arose from over¬ 
 production; such, indeed, was supposed to be the case in England; nothing 
 however, appeared to him (Serjeant Doall) so unreasonable. He would 
 ask whether distress arose from not having commodities to consume, or from 
 not having consumers for them ? The remedy proposed is to dmm/s/i pro¬ 
 duction ; if then the people again become employed, they will produce more 
 than there is demand for. He was of opinion that the government should 
 rather encourage increased domestic consumption for what was produced, 
 than recommend diminished production to correspond with a declining home 
 trade; nothing could enable the labouring classes to consume more, whilst 
 the prices of the products of labour were kept down by the price of gold being 
 
16 
 
 fixed at £3 17s. lO^d. per oz. He had hoped to have seen Messrs. Me. Cul- 
 i.ocH Loyd and Norman in the witness-box, as he liad some questions 
 to ask them, but he was disappointed. He (Sergeant Doall) should con¬ 
 clude by observing that much good had been done by the creation of the 
 debt, the resources of the country had been opened and made known, and it 
 was unjust, because the Governor-general did not think fit further to increase 
 the debt by employing the whole population of India, to attribute to him the 
 distress amongst the unemployed labourers. He requested the Gentlemen 
 of the Jury would consider whether the charges brought against Lord 
 Stenlee (if proved) had been to the prejudice of the Indian Empire; and, 
 if they had not, he relied on a verdict for the Defendant. 
 
 Baron Judge summed up in few words, and the Jury, without retiring, 
 returned a verdict for the Plaintiffs, damages £- 
 
 It has been reported that the Defendant intends to appeal to a higher 
 tribunal, but we think it doubtful, as Judge Peel presides there, and it is 
 well known he has frequently expressed his opinion openly on the subject, 
 and it is feared that he has been influenced and has prejudged the case. 
 
 The foregoing has been written for the purpose of stimulating those to 
 think who have hitherto been enslaved and biassed by the opinions of others. 
 
 Let them read what I have written, and if in their views I am in error, 
 let them explain, and give me the benefit of their thoughts, if not let them 
 promote an inquiry into the Currency. 
 
 The National Debt, taken literally^ is a debt contracted in shoes, stockings, 
 army accoutrements, military and naval stores, &c. &c., equal to a certain 
 value; and, if in existence, would form a stock of what is mis-termed over¬ 
 production. If, however, we suppose the debt to be in money (gold), and 
 that £800,000,000 of sovereigns should be discovered in the Treasury, such 
 an amount of specie would be equally an article of over-production, and if 
 brought into circulation would cause the price of labour and all commodities 
 to advance so enormously, that persons with fixed incomes would be utterly 
 ruined, and we should find our condition (although without a National Debt) 
 in no respect improved. 
 
 Since writing the foregoing, the accounts received from the various manu¬ 
 facturing districts are stated to be more satisfactory, and there is a prevailing 
 opinion that Trade is about to revive. Be not however deceived, persons 
 entertaining views in accordance with those of the ministry will doubtless 
 become speculators in merchandize, and consequently a partial revival in 
 trade will take place; but notwithstanding a most abundant harvest, a reaction, 
 in my opinion, must occur within a few months, and probably the agricul¬ 
 tural interests will be involved in the general distress. There may be specu¬ 
 lation, but there cannot be any settled demand for produce for actual 
 consumption, until a wholesome system iS restored, by giving constant employ¬ 
 ment, at remunerating wages, to the labouring population. 
 
 PINTS. 
 
 \V. Lewis anit Son, Printers, 21, Finch-lane, Comhill.