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No . 498 . Oct .. 8 ,-1859 . 3- THE LEADER . - 1137
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m ^^^^ ^^^ ^ ¦ — ¦ ' "' . well calculated to instruct and amuse the rising ge pi-AiN ok Ringlets ( Part iy . abounds still in sporting humour . . „ Thorley ' s Fabmes ' s Almanac for 1860 will continue justly to command the large circulation -which it has hitherto enjoyed . It is now greatly enlarged . Gallery of Nature ( Part XH . > — The Rev . Mr . Milner continues to cater with diligence and success for readers of intellect . Charles Knight ' s Popular History of Esglanjd ( No . XXIV . ) is embellished with portraits of Jno . Wesley , Paley , and Porteus , and advances the narrative to 1760 , and the death of George the Second .
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BOOKS RECEIVED . Wait and Hope . By John Edmund Reade . 3 vols . Hurst and Blackett . The Minister ' s Wooing . By H . Beecher Stowc . Illustrated by Phiz . The Minister ' s Wooing . Popular Edition . Sampson Low , Son , and Co . Ten Years of a Preacher ' s Life . Chapters from an Autobiography by W . H . Milburn . Sampson Low , Son , and Co . My Note Book ; or , the Soy bigs and Doings of a London Physician . Sampson Low , Son , and Co . The Friend ' s Foes , and Adventures of Lady Morgan . Simpkin , Marshall , and Co . History of the War in Hungary , 1848 and 1849 . J . W . Parker . The Boke of the Pylgremage of the Sowle . Translated from the French of Guillaume de Guillville . Edited by Katherine Isabella Cust . Basil Montague 1
Pickering . Manli ? iess . By John Brooks . James Blackwood . An Inquiry into the Origin of Disease . The Vicissitudes of Families . By Sir Bernard Burke . Longman , Green , and Co . Handbook of the National Association . Longinan , Green , and Co . Extremes . By Emma Willshire Atkinson . 2 volumes . Smith , Elder , and Co . British Ferns . By Thomas Moore , F . L . S . Routledge , " YVarne , and Co . The Convert of Massachusetts . J . H . and J . Parker . The Combat of the Thirty .. Chapman and Hall . Mabel Owen . An Autobiography , in 2 volumes . T . C . Newby . The Count de Pesbruck . By Henry Cooke . 2 vols . T . C . Newby .-The Law of Banlmig . Effing-ham Wilson . The History , of Friendly Societies . Routledge and Co . 1 'horleys' Fanners' Almanack , 1860 . James Thorley .
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MOVEMENTS OF BULLION . THE trade in bullion has become one of the largest in point of value carried on by the country . The trade in cotton exceeds it . L-ast year we imported bullion to the value of £ 29 , 493 , 190 , and exported to the value of . £ 19 , 628 , 876 , nearly . £ 10 , 000 , 000 , being added to the stock of the country . In the first eight months of the present year we have imported . £ 26 , 702 , 568 , and exported £ 26 , 347 , 033 . Very little remains witli us this year . The trade is one of transit , but the freight ' and the insurance and the commission of the agents who distribute it add to the wealth of the community , and make this transit trade now of . rrreat-importance to the country . Though little , comparatively , has remained with us this year , and there is not now as nnicb . in the Bank— £ 17 , 541 , 119—as at the beginning of the
year , < £ 18 , 967 , 100 , yet the sum now remaining is large for the period of the year , and it is every day augmenting . It is so large , indeed , that the amount is comp lained of as indicating a want of enterprise in the country . In proportion the bullion at the Bank of France at present is still larger , nearly £ 24 , 000 , 000 , of which the sum in the ° branch banks there is hard on £ 15 , 000 , 000 , indicating , in comparison , much less enterprise in France than here . At the same time the sum in the Bank of France indicates that the resources of France are not much dilapidated , much less exhausted , by the late war . The quantity imported and exported shows how rap id is the movement of bullion ; the quantity retained in the two banks is an evidence of gene ral want of employment for it , just now , a subject that deserves some attention .
There is no doubt that the late war generating much uncertainty about politics , which still remains—for Central Italy , though in a most hopeful condition , is very unsettled—is one cause for a partial suspension of enterprise . It certainly tends to Tceep down the price of public securities and shares of all kinds , and prevents that perpetual tendency to rise , which attracts money into them and makes rejoicing on the Stock Exchange . But we believe , seeing by our own trade tables
that there is no part of . Europe where trade is very lively , that the excess of trade and speculation in 1857 , which is still felt in straightened means and hard suspicion in every market , is ^ a more potent cause for the slackness of enterprise than political events . All the trade necessary to supply the wants of the several population ^ is now very great—it is a very soliil and substantial trade ; but all kinds of speculative and doubtful enterprise is in abeyance . Speculation is still sick from excess , and will yet require time to restore it to strength .
Wo refer , however , to this extensive trade in bullion to remark that its . very magnitude now requires that it should , like any and every other great trade , be free . There should not only be no restriction on bringing bullion in and sending it out , us there is happily none , greatly to the public advantage , but there should be no bounty or bias given to the use or disuse of the precious metals , or to use one in preference to the other . The
people have long ago discarded the interference of Governments witli their clothing , and generally with their food , which prescribed formerly what should bo worn and what should be eaten and drunk—or , at least , which influenced tlie consumption of one thing in preference to another by discriminating duties ; and people noMuwant to got rid of the regulations which make gold in one country and silver in another especially in demand .
Merchants and mankind generally arc willing to uao cither of these metals for money , aa is moat convenient , and , as the rule , will always prefer the cheapest But Government steps in and will allow only gold to bo used as money in England , and only silver in India , Holland , and some other countries . Politicians must huvo a standard for value , "which itself is very varying , and tliore is no standard in nature but man's exertions . Wheat , \> u ( if \ beans * , barley , mutton , augur , cloth . &a , &c , are continually exchanged for one another without the smallest interference from Government to determine the value of oithor , or inform people that they must buy and use onu or this other . Gold and silver , though oxtrumely useful , uro less
essential to existence than food and clothing , yet Governments insist that men shall use only one of them for money ; or , if they graciously condescend to allow poor human nature to use both , they fix a relation of value between them , and so are sure to banish one or the other from circulation . This is a remnant of old prerogative . Government , in the barbarous ages , seized the power to regulate coinage that they might have a monopoly of the power to cheat the people ; and they used their power to this purpose till the whole world found it a scandal . " Until a very modern period , " says Mr . J . S . Mill , "Governments never scrupled ,
for the sake of robbing their creditors , to confer on all other debtors alicence to rob theirs , by the shallow and impudent artifice of lowering the standard . " They have been compelled to abstain from " this least overt of all the modes of knavery , " but they still retain the old power to prescribe what metal shall be used as money , and they exercise it . In consequence , gold has - here an artificial value over and above its natural value , because it alone can be used as money : in India ,
from the same cause , silver has an artificial value over and above its natural value , and gold comes here to be stored up where it is not wanted , and only silver can be used there , where not enough of it can be got . If Governments were now to compel people to Use woollens in one country and cottons in another they would be immediately denounced as meddlers ; but they decree that only gold shall be used in one place as money and silver in another , and ignorance claps its hands with delight at the wisdom of establishing a standard of value .
Our fellow-subjects in India have long ago found out the inconvenience of the plan , and have remonstrated , unfortunately in vain , against it . The East India Company was too little under the influence of public opinion to heed remonstrances there or learn wisdom from it here . As yet her Majesty ' s Government in India is not wiser than its predecessor , ltecently the native shroffs and merchants represented to the Government through the Chamber of Commerce at Calcutta that it " would be desirable to introduce gold into India as a subsidiary currency , recognising the sovereign as equivalent to . ten rupees ; " and the Governor-General in council dec lined to accede to their
request . In India , therefore , the people are not allowed to use gold even as a subsidiary currency . The poor Governor-General is afraid to entrust them with gold . He knows better than they how trade should be carried on , and therefore he will insist on . their not using gold . For a great many years they have worn cottons : now they find that at certain times and in certain places woollens are preferable to cottons ; and were the Governor-General to prohibit the use of woollens he would
not be one atom more irrational than he is for prohibiting the use of gold as money , or than Government at home is for prohibiting the use _ of silver except as counters . In princi p le , meddling by Governments is decried—in practise , it is more than ever persisted in . Governments try to recompense themselves by new restrictions ^ or by pertinaciously retaining all that already exist , for the loss of those they have been compelled to give up . One obvious consequence of the regulations as to silver in India is to check the trade between it and , Australia .
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Friday Kvowng . Theke is a good demand for money ,- as thero generally is at this period of the quarter , just before the dividends aro paid ; but it is only temporary . Terms are unaltered . Gold continues to flow in contrary to expectation , and the probability is , that aftor tho dividonds aro paid money will be very oaay . Tho news from Italy to-day , though extremely favourable to tho liberal cause on the whole , is for tho moment ilisnuiotinor . and , continuing a check on ontorpriso ,
will keep tho demand for money limitod . Tho funds have boon without animation in tho woolc , though tho French Routes aro gradually bocoming bolter , and as they arc now influential , our mnrkot should improve To-day tho funds wore flftt prices tho saino as yesterday . Consols at 05 g to it . liusiiiofls is very dull , and not much is oxpeotod till , tho dividonds aro paid . Railway and other shares ftro about as they wore Joint-stock Bank shares have Improved .. Tho Dank returns show increased strength , though they bogin to display tho offoots of tho payments
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MONEY MARKET & STOCK EXCHANGE .
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SERIALS . Blaclucood ' s Magazine . No . 526 . W . Blackwood and Son . Fraser ' s Magazine . No . 358 . J . \ V . Parker . 27 ie Westminster Review . New Scries . ' No . 32 . J . Chapman . Titan . No . 175 . James Hogg and Sons . The Bclcctic ( for October ) . Judd and Glass . The New Quarterly Review . No . 3 , Ilardwicke . Dublin University Magazine . No . 322 . Hurst and Blackett . The Universal Review . ¦ No . 8 . W \ H . Allen and Co . The National Review . No . 18 . Chapman and Hall . Tho London Review . No . 2 y . Alexander Ilaylen . Kinriston ' s Magazine for Boys . Bosworth and Harrison .
Revue Bntannique . No . 9 . Revue Indepcndantu ( for October ) . W . Jeffs . The Constitutional Press . No . 7 . Saumlers and Otley . The Journal of Mental Science . No . 31 . Longman , Green and Co . The Journal of Psychological Medicine . No . 10 . John Churchill . The English Cyclopaedia . Part IX . Bradbury and Evans . Recreative Science . No . 3 . Groonibridf ? o and Sons . Lord Byron ' s Poetical Worhs . Parts VIII . and IX . Joint Murray . Tho Art , Journal ( for October ) . No . 58 . Hall , Vir tuo and Co . Tho Englishiaoman ' s Journal . No . 20 . Piper , Stophcnsun , and Co . Tho Gallery of Nature . Pnrt XII . W . and It . Chambers . Moore ' s National Aim . No . 5 . Longman , Green , und Co . •'"
Tho Ladies' Treasury . No . 32 . \ Vnrd and Lock . The Parents' Cabinet . No . 11 . Smith , Elder , and Co . La Follet . No . 167 . Simpkin and MnrshnH , The Virginians . No . 24 . Brnclbury and Evans . Once a Weolt . Part 111 . Bnulbury m » d Evnns . Popular History of England , No . 44 . Uradliury nnd Evnns . Plain or Ringlets . Pnrt IV . Bradbury and Evmih . ItoxUltulge ' s Illustrated Natural . History . Purt VII . Tloiitludg'o , Wavno , and Co . Cauvll ' s Natural History . Pnrt VII Pettor , Gnhilii , and Co . Castell ' s Family Paper . Pnrt XXII . Pettor , Galpln , « nd Co . Camel ' s Family Bible . Pnrt VI . Putter , Gulpln , niul Co . The Christian Examiner . No . 215 . K . T . Whlttteld . ¦ I ho Working Men ' s College Magazine . No . 0 . Mnoinlllan and Co . Rt'ouo Internationale . ( Aug . 1859 . ) Fowlur , Parlu .
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Citation
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Leader (1850-1860), Oct. 8, 1859, page 1137, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2315/page/21/
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