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346 The Leader wad ScUv^dm/ Analyst. [Ap...
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STATE PAPER-eUltHEXCY. INDIA is to have ...
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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.
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Majok Veiisrs I Mtnol^, 1 P Ykllyboi) Y ...
point of view , seems rarely to have been very great on the ^ minds of the parties excommunicated ; and w . e might adduce further instances had we spaee for tlieni . ; . ¦ „ . And what beside these lightnings which gleam m the far-oil of time ; is the papal anathema which entertains rather than terrifies the present ? It resembles strongly the excommunications which were enacted in that earliest seat of Puritans at Jersey , as described by Petek Heylin , chaplain to Lord Dan by , who blames Elizabeth strongly for allowing the Calvmistic discipline to be there established . The processes were very much like those Ave have lately seen . On the -first- Sunday the oflending parties are prayed for and remonstrated with , then the persons are named-without the offence , and then the offence itselt . ijitts mild and gradual AVrts the Puritan method . But sheet lightning may do good ; even the sham lightning in the play ot the lemjiext is said to have turned one George Burton from a life of recklessness . What may , then , be the effect of the powdered resm of the Yatiean ? i Sometimes the lightning does the most harm to those who hurl it We do not know whether the Pope is a Latin scholar . Lucretius may be in the Index Expurgatorius of interdicted books , but we have no doubt one may be found in the A atican library . Did he ever read the following warning ?^—" Fulmina niitt . it et sedes Ipse suas disturbat . " As to those two philosophic Ejiaxkltn s , Lours Navoleqn and Vicrbit Emmanuel , they know , it seems , how to . draw ' the electric fluid from the clouds , and to render it perfectly harmless , though it seems to be descending upon themselves . - . ¦ Perhaps they- will resemble that knight of Burgundy around whose house , as the legend runs , meteoric bolts , some of them as bi » -as milestones , were foiling for three years , without pnce hurting him . -One Otiio , an exconimunicated German baron , ' whilst ° under the curse , could not even get his dogs to take food out of his hands : we wonder if our two offending potentates will find courtiers similarly reluctant . ,, The Church of Rome , with accursed hypocrisy , used to bite the hardest when she barked the least . Her " -vadr in pace , " go in peace , " was the form for walling up offenders alive ; and when she handed over criminals to the civil arm , it was with the request that they should be leniently treated , which generally meant burnt alive . . We have said nothing with intentional bitterness against the present Pope , whose Spirit , naturally mild as he is , seems . greater than his prudence or his resources . Tn trying to defend what he considers his patrimony he has acted at least more nobly than the King of Sardinia , and he has done what many of those who revile him would have done , if bred in his faith and placed in his position , He may be , saving their fatal end , the Chaivles the First or Louis the Sixteenth of the papacy . He has just the character of a victim , more weak than bad , and unequal to the exigencies of his time , with the additional curse of bad advisers .
346 The Leader Wad Scuv^Dm/ Analyst. [Ap...
346 The Leader wad ScUv ^ dm / Analyst . [ April 14 ^ I 860 .
State Paper-Eulthexcy. India Is To Have ...
STATE PAPER-eUltHEXCY . INDIA is to have a State paper-currency . Mr . Wilson has drawn up a plan to establish it , and SirCHAiVLEsA ) ooi > is qiute ready to sanction the " introduction of a circulation of Government paper , " In truth , the plan appears to be , in a great measure , his oavu , and Mr * -Wilson is only carry ing into effect some pre-niTungements with him . " Before Mr . Wilson left this country , " says Sir Ciiajiltss , " I had , in communication with him and the Governor , and Deputy-Governor of the Bank of England , considered the general question of a paperrcurrency for India , and the proposals submitted by Mr . Wilson in his Minute embody the general features of the scheme then suggested . " There is intrinsic evidence in the plan that it emanates more from Sir Cuaules than Mr . Wilson . With one or two trilling recommendations , his observations on Mr . Wilsqn's proposals are approvals . He cordially assists in carrying them into execution . Ho has taken measures , in conjunction with the Bank of "England , to forward a supply of notes fov Calcutta early in Autumn , and wo may confidently expect that about that time Government notos will bo put into circulation in Bengal . Tho most envious critic cannot accuse either Sir Chaiiltbs or Mr ., Wilson of a want of aeal to serve tho Hindoos in this matter , and bestow on them all * the blossings of a State paper-currency . We inny say tho . thing is positively to bo done , and all wo . have to do is to lay before our readers , from Mr . Wilson ' s Minute , a brief outline of his phin . ^ , i , . i i ' By the ngenoy and . help of tho Bank of Englowl , which has put nil'its resources at the servico of Government , foregone ) all its " exclusive privileges ,, with respect to pnpur , wator-niark , printing , " & p ., uotos like thoso ' issued by it uro-nt onco to bo
prepared . Mr . Wilson and Sir Charles differ a little on this point , for while the Minute proposes to have the requisite machinery for manufacturing the notes sent from England , and that they * should be made in Calcutta for all India , Sir Chaules suo- <> -ests that they should all be transmitted ready for issue from tlnscountry . But having notes promising to pay sums of five , ten twenty , one hundred / and five hundred rupees , to the manufacture of which there is no limit , they are all to be placed , by the Government iii the hands of an exclusive Board , to be called the " Currency Commission , " composed of one chief commissioner , the master of the Mint , and some other public functionaries . The chief commissioner is to be the acting officer for the manaoement niid issue of notes ; and the others are to form a cheek on " the conduct of the department . " They' are to take care that the provisions of the law relative to the quantity ot com to be maintained in proportion to the notes issued , the amount of securities possessed , & c ; , are carried into effect . This chief commissioner , with the necessary adjuncts of secretaries , clerks , & c ., is to have his place at Calcutta . There is to be another commissioner for each Presidency ; and deputy commissioners , one for each curreney circle—the circles are yet to be marked out _ are to be ' appointed , with whom , in like manner , some local functionaries are to be connected as checks . These tleputy commissioners , under the direction of the chief , will perform m the various districts functions , similar to those of the Calcutta establishment . V The business Of the Chief Commissioner ayiII be to maiiufacturei as Mr . WilsoX proposes , all the notes required for the whole of India , or , as Sir C . Wood proposes , to receive them ready manufactured from the Bank of England , to adapt the notes for the circles , causing them to be dated from the place ot issue ; to change notes for coin and coin for notes ; to purchase hulUonr-tasupp ^ to purchase and hold securities in conformity with regulations laid down by law , and to give orders upon district banks for notes , m exchange lor coin , or in payment for Calcutta notes , on terms to . be stated and published monthly . This is with a view to inland exchanges . In short , this Board will exercise in the main the functions now exercised by the issue department of the Bank of England-In order ' to avoid any danger of the system being " tampered ¦ with by the Government of the day , " the duties connected with the issue of notes are . to be intrusted to officers rendered as independent as possible of the executive Government . I he Board is to do no other business whatever , either for the Government or individuals . The members are to be appointed by the Governor-General in Council , but removable only by the Secretary of State ; and their functions are to be strictly defined by an act of the Legislature . They are to be bound , under heavy penalties , to adhere to the regulations . The whole business is accordingly provided for by law .
The notes which the chief Board is to provide , or to Have provided for it , are to be declared Legal-tender throughout India for private persons and Government business , except only at ^ the different places of issue , where they . must be paid in coin . They are therefore , to be substituted for money , of which they will . perform air tho functions , Mr . Wilson has some doubts whether all notes nmy not be made payable at the " presidency capitals within which ' they are issued" ^—a condition considered by Sir C . Wood to . be of * importance . " He would be sorry , lie says , "to ftud . it impracticable , " - though it inny involve some difficulty in securing nt every such capj / al , at all times , com suflicient to *' pay the noti-3 which might by possibility be presented . Assuming this diflioulty got over , tho- " notes will be payable lor rcveu-uo everywhere ; each note will be payable in com at theplace of issue , and all notes of the Presidency whereto issued will be payable iii coin at the ? capital of the Presidency . It is an essential condition of bunk-notes promising to pay on demand , in order to maintain oonridence in them , that they should be always paid on'demand . To securo this payment , or the insttwt convertibility of the note at the place of issue , tlio ' commissioners , Chief ' s aild deputies , are to bo obliged to retain , at all times , an amount of coin in their possession nevor loss tluui one-third of the notes issued ; and for the remainder of tluMsaim they arc to hold Govenunent securities , It is , aocordingly , supposed that by regulations in India that may bo aceoniplishetl which no regulations have yet sufliced to iicconipliali iu Kuroyc , and under all contingencies ,, without any furthc . T liulp i ' roin legialution , such as suspending its own enactments , securo tho instant conversion into cash , at the option of the holder , of every note , issued , TJvis is pi ' oliably n mere dream , but the practicability us nssuinod , and on that assumption promises to pay on denmnd uro to be issued by tho Government , aud uindq legnl tenders tor ni purposos for which money is used . This is a very complete and g ' ii > 'antio system for n rotate pnper-currenoy , —obpnt ita probnDlo ( ,-Hects thw-o will bu very diU ' crent opinions .
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Citation
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Leader (1850-1860), April 14, 1860, page 6, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_14041860/page/6/
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