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No.498. Oct. 8, 1859.] THE LEADER. 1137
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BOOKS RECEIVED. Wait and Hope. By John E...
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' SERIALS. Blacl.wood's Magazine. No. 52...
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COMMERCIAL. ^^^^ m ._
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Though, little, comparatively, has remai...
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M0WET MARKET & STOCK EXCHANGE.
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will koop tlio demand for monoy limitod....
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Transcript
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Westminster Review (No. Xxxii.) Contains...
well calculated to instruct and amuse the rising ge aN ° o * R Ringlets ( Part IV . ) abounds still in sporting humour . Thobley ' s Farmer ' s Almahac for 1860 wiU continue justly to command the large circulation which it has hitherto enjoyed . It is now greatly enlarged . Gamjbry of Nature ( Part XLT . ) . — The Kev . Mr . Milner continues to cater with diligence and success for readers of intellect . Charles Knight ' s Popular History of England ( No . XI / IV . ) is embellished with portraits of Jno . Wesley , Paley , and Torteus , and advances the narrative to 17 $ 0 , and the death of George the Second .
No.498. Oct. 8, 1859.] The Leader. 1137
No . 498 . Oct . 8 , 1859 . ] THE LEADER . 1137
Books Received. Wait And Hope. By John E...
BOOKS RECEIVED . Wait and Hope . By John Edmund Reade . 3 vols . Hurst and Blackett . The Minister ' s Wooing . By H . Beecher Stowe . Illustrated by Phiz .. . The Minister ' s Wooing . Popular Edition . Sampson Low , Son , and Co . Ten Years of a Preacher ' Life . Chapters from an Autobiography by W . H . Milburn . Sampson Low , Son , and Co . My Note JBooh ; or , the Sayings and JJotngs oj a London Physician . Sampson Low , Son , and Co . The Friend ' s " Foes , an . d Adventures of Lady Morgan . Simpkin , Marshall , and Co . History of the War in Hungary , 1848 and 1849 . J . W . Parker . ¦ ¦ ¦ , The BoUe of ' the PylgremagebftheSowle . Translated from the French of Guillaume de Guillville . Edited by Katherine Isabella Cust . Basil Montague
Ricicering " . Manliness . 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 . Longman , Green , and Co . Extremes . By Emma Willshire Atkinson . 2 volumes . Smith , Elder , and Co . British Ferns . By Thomas Moore , F . L . S . Routledge , ' Wame , 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 . New by . The Count de Pesbrtlcli . By Henry Cooke . 2 vols . T . C . Newby-The Law of Banking . Effingham . "Wilson . The History of Friendly . Societies . Routledge and Co . Thorleys' FarmersAlmanacJt , 18 G 0 . James Thorley .
' Serials. Blacl.Wood's Magazine. No. 52...
' SERIALS . Blacl . wood ' s Magazine . No . 528 . W . Blackwood and Son . Fraso- ' s Magazine . No . 358 . J . W . Pnrkcr . TJic Westminster Review . New Series . No . 32 . J . Chapman . Titan . No . 175 . James Hogg- and Sons . The Eclectic ( for October ) . Judd and Glass . The New Quarterly Review . No . 3 . Hnrdwicke . Dublin University Magazine . No . 322 . Hurst and Blackett . ' „ The Universal Review . No . 8 . AV . II . Allen and Co . The National Review . No . 18 . Chapman and Hall . The London Review . No . 25 . Alexander Haylen . Kinaston ' s Maaazine for Boys . Boaworth and Harrison .
Revue Britanniquv . No . 0 . Revue Indopendante ( for October ) . W . Jefis . The Constitutional Press . No . 7 . Snunders and Otlcy . The Journal of Mental Science . No . 31 . Longman , Green and Co . The Journal of Psychological Medicine . No . 10 . John Churchill . The English Cyclopcedia . Part IX . Bradbury and Kvnnp . Recreative Science . No . fl . GroombridttO and Sons . Lord Byron ' s poetical Worlt * . Tarts VIII . and IX . Jolin Murray . 27 <« A rh Journal ( lor October ) . No . 58 . Hall , VirUie and Co . The Englishwoman ' s Journal . No . 20 . Piper , Stophenson , and Co . The aallcnj of Nature . Part XII , . W . and 11 , Chambers . Moore ' s . National Aim . No . 5 . Longman , Green , and Co . ¦ * Thn Lai linnTreasumNo 02 Ward and Lock . 11 ^*
' . . . JL IIU J *( l If ftiO - * f Vlttrli / If A 1 \** IS *** «!»*• «•¦•*• . mw ... Tho Parents' Cabinet . No . 11 . Smith , Elder , and Co . La Follet . No . 157 . Simpkin and Marshall . The Virginians . No . 24 . Bradbury and Evans . Once a \ Vech . Part IU . Bradbury and Evans . Popular History of England . No . U . Bradbury and Evans . Plain or Ringlets . Part IV . Bradbury and Evans , Routludao ' s Illustrated Natural History . PurtVIl . Routludgo , Warne , and Co . ; Cumill ' s Natural History . Part VII Potter , Gnlriln , and Co . CasteWs Family Paper , Part XXII , Potter , Gal pin , nnd Co , Caasall's Family Bible . Puvt VI . Potter , Gulpln , ami Co . Tho Christian Examiner , No . 215 . E . T . Whltfleld . The Working Man ' s College Magazine . No . i ) . Mncmillan and Co . Rvvue Internationale . ( Aug . 1850 . ) Fowler , Pads .
Commercial. ^^^^ M ._
COMMERCIAL . ^^^^ m . _
Though, Little, Comparatively, Has Remai...
Though , little , comparatively , has remained with us this year , and . there is not now as much 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 complained 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
MOVEMENTS OP BULLION . rpHE trade in bullion has become one of the largest J- in point of value carried on by the country . The trade in cotton exceeds it . Last year we imported bullion to the value of . £ 29 , 493 , 190 , and exported to tLe 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 with 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 great importance to the country .
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 rapid is the movement of bullion ; the quantity retained in the two banks is an evidence of general want of employment for it , just now , a subject that deserves some attention .
There is no doubt that the late war generating much \ incertainty 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 keep 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 populations is now very great—it is a very solid 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 . extensive tradin
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 . Mil-1 , " Governments never scrupled , for the sake of robbing their creditors , to confer on all other debtors a licence to rob theirs , by the shallow and impudent artifice of lowering the standard . " They have been compelled 1 to abstain from of
" this least overt of all the modes knavery , " but they still retain the old power to prescribe Avliat 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 delijrht 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 tliere or learn wisdom from it here . As yet her Majesty ' s Government in India is not wiser than its predecessor . Recently 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 declined 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 arc
preferable to cottons ; and Avere 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 , meddling by Governments is decried—in practise , it is more tlian ever persisted in . Governments try to recompense themselves by new restrictions ^ or by pertinaciously retaining all that already exist , for t he 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 .
Wo refer , however , to this e 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 nnd sending it out , as 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 with their clothing , and generally with their food , which prescribed formerly what should be worn and what should be eaten and
drunk—or , at least , which influenced the consumption of one thing in preference to another by discriminating duties ; and people now Svant to get rid of the regulations which make gold in one country and silver in anothor especially in demand . Merchants nnd mankind generally are willing to use either of these metals for money , as is most convenient , and , as the rule , will always prefer
the cheapest JJut 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 have a standard for value , which itself is very varying , and there is no standard in nature but man ' s exertions . Wheat , beefi , beann , barley , mutton , sugar * cloth , & c ., & c , are oontinually exchanged for one another without the smallest interference from Government to
determine the , value of either , or inform people thut they must buy and use one or the other . Gold and silver , though extremely useful , aro less
M0wet Market & Stock Exchange.
M 0 WET MARKET & STOCK EXCHANGE .
Will Koop Tlio Demand For Monoy Limitod....
will koop tlio demand for monoy . Tho funds have been without animation in the woek , though tho French Rentes aro gradually bocoming bottor , and as they are now influential , our murkot should improve To-day tho funds wore flat—prices tho same ns yesterday . Consols at 95 J to : ] . Business is very dull , and not mueh is oxpoctod till tho dividends aro puid . Railway and othor shares aro about as thoy wore . Joint-stock Bank oharos have improved . The Bunk returns show increased strength , though thoy begin to display tho effects of tho payments
limitod Friday Evening . Tiiisrk is a good demand for money , as there * generally Is at this period of tho quarter , just before the dividends aro paid ; but it is only tomporary . Terms are unaltered . Gold continues to flow iu contrary to expectation , and tho probability is , that after tho dividonds aro paid monoy will be very easy . Tho news from Italy to-day , though extremely favourable to tho liberal cause on tho whole , is for tho moraont disquieting , and , continuing a check on enterprise
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Citation
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Leader (1850-1860), Oct. 8, 1859, page 21, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_08101859/page/21/
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