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should have faith in th ofof the old ass...
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MB, COBDEN.-*-FREE TRADE. The great man ...
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-JL l Hii'lt^ I ?S r ? slWo ^ ^»>L t y »...
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ITALIAN LIBBRTY ^ No. »• Si»,—In asking ...
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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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May Carried The Bridge Of Lodi, And, As ...
should have greater faith in the ; probability of circumscribing the "war . In the V altelline the excitement against Austria is very strong , and the inhabitants of the Papal States only want an opportunity to rise . At present it would ' seem that Louis Napoleon has not enough troops ready to extend his operations to any other part of Italy ; but it is not likely that the struggle will be confined for many weeks to the . Piedindntese soil or the adjacent territory . Even at the risk of evoking the
spirit of revolution , the French will find themselves compelled to appeal energetically to the Italian people . We much deplore , the sufferings that people will undergo—the alternate prey of two aeepots equal in guilt . " We fear the success of Louis Napoleon , because experience has marked Tiim for mistrust ; but , in common with all Europe , we shall feel disappointed if he fails to execute upon the House of Hapsburg some portion , at least , of that justice which is due for its long and weary centuries of crime .
Should Have Faith In Th Ofof The Old Ass...
622 THE LEADER ; [ No , 477 , May 14 , lgss .
Mb, Cobden.-*-Free Trade. The Great Man ...
MB , COBDEN .- * -FREE TRADE . The great man to whom Sir Robert Peel gave the credit of accomplishing . the repeal of the corn laws is again returned to Parliament . Mr . Cobden is the avowed apostle of free trade , and how far he is likel y in his recovered position to promote its extension is an object of interesting inquiry . Reform of Parliament , which we desire , is only a means of obtaining good legislation , and good legislation secures freedom for all men to do all right things . We agree with Mr . Buckle that freedom is the one thing essential * , and , consequently , the legislator who gives ' us free trade attains one of the chief ends for which we have a Parliament , and now
of the old assize for bread , established by authority ? As if the relative value of gold and silver , like the relative value of wheat and flour , were not fully settled : by the action of the market , and may be ascertained by all who have an interest in ascertaining it . Is not Mr . Cobden going back to old regulations and restrictions and ante-free trade systems , when he so little regards rights , and hints at such a thing as feasible ? Following M . Chevalier , he adopts the op inion that the extraordinary and abnormal high prices of 1856 and 1857—the resultof partial scarcity , war , and excessive speculation— -wei-e quite natural and in order , and the equally abnormal low prices of
1858 were so much out of rule that they need not be taken into consideration . He concludes , from this exceptional view , that the very nature of the trade created by the . new gold mines is calculated to increase the evil of a general rise of prices . " It is a sterile commerce , " he says , " which yields neither ; raw material nor capital . " Exactly what was said , by the landowners , of free trade in corn- That was described as a sterile commerce for the country however it might enrich the manufacturer , as the trade in gold , now described as sterile , enriches all the miners and all the bullion dealers , and all the shipowners in ducing and distributing it through
engaged pro engaged 111 pruuuuuig axux uiouiuuimg *« . nm-v ^ n ^** the world . Gold , in fact , is quite as necessary to society in the present condition of man , as corn or cotton , and the gold discoveries , besides supplying the wants of the world with a large quantity of necessary capital , has stimulated the production of other commodities in Australia , California , and Europe , in an extraordinary manner . Compared to its effects , all the regulations and restrictions that were ever made about coinage by all the Sovereigns of the world have been completely futile and worthless . It is quite an error , then , to call the trade in gold a sterile commerce , or say that it is an evil , by increasing the demand for
tors in tindertaking to establish a standard nnVr fix the relation to that of other things wbP + £ r metals or food . But neither the transta *^ the original writer notice the circumstance » 3 accordingly , M . Chevalier , in spite of this failure instead of recommending that things should revert to the natural course , recommends a number of alterations , against none of which , though they all infringe the principles of free trade , does Mr . Cbbden warn his readers . In spite of the practice of the law of the seventh Germinal Year-, ; 'li , M . Chevalier desires that the value of gold and silver coins should be fixed by an official regulation every six or twelve months . He would re-enact , therefore . foshort periodsthe
r , very objectionable law he exposes . He does this , " to save individuals from annoyance" in making their bargains . This is the very principle . protection . The legislator being ignorant that b y annoyance , inconvenienc e and suffering , nature informs and guides , —man wants to save them from her instruction . He interposes between her and her children , persisting on being nurse to grown-up babies , and , instead of saving them from annoyance , he keeps them ignorant and dooms them to misery or destruction . Mr . Cobden , by translating , endorses the principle , and seems to us as thorough a protectionist , as to money * as ever Sir ° Edwarel Knatchbuli or Gaffer Gooch was as to corn .
M . Chevalier ' s attachment to % he old principle of settling by an official regulation the value of gold and silver , and his suggestions for a new coinage , & c , are the more remarkable because he recognises , in referring to the plan recommended by Mirabeau , the true principle of a . coinage—viz ., to certify that coins are of a fixed weight and fineness , and not to assign them a fixed value to each other , such as making a double Ibuis forty
francs , or a single louis twenty francs . Pieces of gold mi ght be coined of five grammes , or often grammes , Eke the five-franc piece , which is five grammes , and then they might each circulate the gold and the silver pieces of five or any other number of grammes for what each was worth . This would apply to the existing coinage . It would consequently only be necessary — in order to obviate most of the evils which M . Chevalier
dreads in France froin the gold discoveries—to abolish-the law of the 7 Germinal , to declare that the superscription of forty francs and twenty franca , on the gold coinage was an error which people should not believe ; and retaining silver as the unit , allow the two metals to circulate together for what they are worth . The babies of whom M . Chevalier desires to take such great care , would soon learn to make their own bargains very comfortably and very conveniently . AU the new coins should be of a certain weight , and not have any exchangeable value in other coins marked on them . Such a
simple plan , which nature and experience dictate , is , " however , very much disliked by all lands of political schemers . They must have a standard of value , though there is none in nature . They must decree a fixed relation of value between some metals , though it never exists for a day ; they must save people the trouble of finding out variations in the value of gold am } silver , as well as of other commodities , though they we doomea to this by nature , and cannot be relieved trowi w I ™ « nv flftatA nontrivance . In fact they , and not
the law , settle and determine by their bargaminff the variations in value of gold and silver , « md «« the things for which these are exchanged , i Wj getting Tnuoh of his own teaching , Mr . 'bobaen passes by without comment all those protectionist doctrines of the work he earnestly W f £ ?• Wo could go into more details to infl ate fs forgetfulness of the principles he onco advocatea . These must , however , sufhee . , We are obliged to come to the concluMO , ana announce it to our readers , that Mr . Cobden Uwugn a freetrader as to corn , is not a fioetzttUer as w gold and silver . On this point ho is on a , poi w » Mr . McCuUooh , Lord Overstone , and the . writers of the Times , to all of whom , when discussing go Corn Laws , ho was immeasurably sup 6 * ?*' . ' , of may still be regarded as a . faitliful ^ presentativc w the public , which , like him , does not carry out UW free-trade principles it professes to adnuro .
commodities to enhance the price . Mr . Cobden believes that this new wealth , which contributes to satisfy so many wants , will enter into the currency , and merely-add to the bulk of the instruments of exchange , without in any degree adding , directly or indirectly , to the commodities to be exchanged . So he joins the Frenchman in regarding with sorrow one of the great natural events of our time , which has already effected more to unite in one commercial league Asia * Europe , Amer ica , and Australia , than afl the trade companies that ever were incorporated .
We cannot fancy a free-trader translating M . Chevalier ' s work without drawing a lesson in favour of free trade from the facts there stated , and giving his readers a warning against M . Chevalier's conclusions at almost every page . The gist of the work , so far as France is concerned , is to set forth the great evils which have resulted to that country , and are yet likely to result , not from the gold discoveries , but from the operation of the law of the seventh Germinal Year , 11 . This Jaw , M . Chevalier informs us , was much considered by the greatest masters of monetary science of that day , and was wisely intended to establish and secure
in all time the full arid honest payment of all debts . But events have overthrown the hypothesis on which , so far as gold is concerned , that law was framed . " By the unexpected increase of gold the intentions p f the legislators have been defeated . " . Is the * ' increase "—are the " events "—in fault , or the lawmaker ? M . Chevalier thinks the events are to blame , and that the gold discoveries ought not to have disturbed the honestly meant law of the seventh of Germinal . The French' legislator fixed the relation between the value of gold and silver at 1 to 15 *; This relation ha s only actually existed at short periods , and , in general silver has been less valuable than this proportion to
gold , so that silver has generally been kept in circulation in France ; and at one time . the value was so much less as almost to exclude gold from circulation . Now circumstances have become different . The new supplies of gold , and the great demand for silver in the East , have raised its value in relation to gold , * and those who have gold , and want silver , send the 'former to Franco and exchange it for the latter , according to the proportions ordained' by the ZaiO i not according to the value settled by the market . -A . gold coinage is graduall y ^ in consequence , ' ¦ taking the place of a silver coinage in France . These facts are an admirable , UluBtration of , the great principles of free trade , and of the foolishness of
legfslainsist on reforming it . If Mr . Cobden returns to public life invigorated by repose , to enforce free trade on reluctant ministers , and ill-informed public writers , he will be the most valuable acquisition the new Parliament has made . But ' . will he enforce it ? Is he so deeply embued with its principles that he will introduce them into every part of politics ? Does he believe them to be permanent rules for conduct universally applicable , which will command attention and consideration when parliamentary reform , and all similar political Subjects , will have passed jnto oblivion ? Is he not rather a practical politician , who , like other
politicians ,- will seek some immediate end , which he arid others fancy to be good , utterly disregarding the free trade principles involved ? We have our doubts on this subject ; and to express them , so that hopes of obtaining great things by the honourable member ' s exertions may not be formed , and serious disappointment damaging him in the public estimation may not be incurred , is our present purpose . Besides his letter to Mr . Bright , professing his agreement with him on the subject of Reform , and his journey to America in the interest of the proprietors of the'Illinois railway , Mr . Cobden has distinguished himself in hia retirement by undertaking the " most humble of literary tasks , that of ti ¦ i i I In I i ¦ i 11 » < 4 « T »*^ m / vnbi *^ 4 ? ^ flP tfr ^ lv * HM * l . ' AM * ^^*^ 4 tl % « ^^« .. # ^ UU
itX < 4 UDJLCliU ** ££ UJUC HUJUXUl XU .. V ^ JUTO VUflXK ^ i . KJUC L « V » — bable fall of gold , This might have been no jbad preparation for the discussions and for the legislation likely to take place on the subject , had the original author been a real good free trader , and had Mr . Gobden even had the great principles of free trade present to his mind . TBut we find him , lit the preface , advocating " the interference of the Government , at least to an extent necessary to facilitate voluntary contracts involving payments other than in gold . " He does not claim , as we should expect a good free-trader to claim , a right for every m , an to determine for himself the conditions of every contract he wishes to make , whether it regard com , or silver , or gold ,
He is perfectly well convinced that every man should be allowed to . buy corn where and when he likes , and that the law should enforce the observance of all such contacts , but he is not convinced that every man should be allowed to Qontract to give so many ounces of silver , or any Other metal he pleases , for the corn , and that the law should , in like manner , enforce the agreement . Only some contracts , extending over a long period , & ei would graciously allow men to form by any other than the gold standard , and then it would be a ( j owveniencQ , ho thinks , "to have the relative Tnhie of gold and stiver periodically , published , w « der the authority of a law , by the Bank of ? England : * I > oeB not tbi 3 remind w » flreG-trfcdejreaOer ft
-Jl L Hii'lt^ I ?S R ? Slwo ^ ^»>L T Y »...
-JL Hii'lt ^ ? S ? slWo ^ ^»> L t y » J in yWnw . l ! though ho ¦ Bloetn th ^ prinolpio of tB « 3 Troi * to euloglBo tho writer .
Italian Libbrty ^ No. »• Si»,—In Asking ...
ITALIAN LIBBRTY ^ No . »• Si » , —In asking publicity , through your column ^ for a few observations in an GP wtPlw / , / 0 S rive not wish it to be supposed that you thortbyP your assent to any proposition which may JW "
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Citation
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Leader (1850-1860), May 14, 1859, page 18, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_14051859/page/18/
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