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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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OUR FOREIGN ALLIANCES . The condition of Italy , and the more than ordinary oiicitude shown by France and Russia in her affairs , inevitably suggest the consideration , How is Austria preparing to maintain her ascendancy south of the Alps P We know what sho is doing in Lombardy . Civil arrests and military reinforcements take placo
day by day . The people are exasperated more ami moroby new measures of rigour , while all relief from old oppressions is contumcliously denied . Many believe that the sinister motive of those proceedings is to provoke premature and ill-orgnnised resistance , and so to let off the steam beiore the boilor bursts . The actual force in the garrisons of Milan , Venice , Padua , and Verona 1 ms been greatly strengthened , and the possession of railways nmt telegraphs gives enormously augmented power fenny government having to deal only with partial revolt . On tho other hand , ft is obvious that these appliances are tho easiest wronqhod out of despot 10 hands in tho event of a general uprising , and that tho habit of reliance upon thorn tends to moi-caso tho administrative paralysis caused by their sudden interruption . Upon tho whole , however , it cannot ' i i : i i ' i
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Ever since tho use of the Government stamp to newspapers became optional , and two prices have I been necessary , it does not seem to be clearly understood that unstamped papers can be delivered to regular subscribers in the great provincial cities vith a very trifling addition , and in some cases at the same price as charged in London . In order that the Leader may in no instance be charged more than Sixpence , cash or prepaid , the proprietors have determined to settle the prices , on and after this date , as follows : — - Unstamped , FIVEPENCE . Stamped , Sixpence . Quarterly , unstamped 5 s . 5 d . .. ' . , stamped > 6 6 yearly ( prepaid ) , stamped £ 1 6 0 Unstamped , per year , prepaid * ONE GUINEA . Arrangements will be made with present Subscribers . These terms , it is hoped , will meet the approbation of the large clas * of Traders and General Readers , to which the LEADER ( greatly increased in size ) appeals by its special attention to COMMERCIAL as well as to LITERARY and POLITICAL AFFAIRS . * # * Order of any Newsman .
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NOTICES TO CORRESPONDENTS . No notice can bo taken of anonymous correspondence . Whatever is intended for insertion must be authenticated by the namo and address of -the writer ; not necessarily for publication , but as a guarantee of his good faith . It is impossible to acknowledge the mass of letters we receive . Their insertion is often delayed , owinp to a press of matter ; and when omitted . it is frequently from reasons quite independent of the merits of the communication . . . Wo cannot undertake to return rejected commuiucatioiis .
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- — v . s ~^ SATURDAY , DECEMBEB XI , 1858 .
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" ^ REDUCTION OF DISCOUNTS . On Thursday the Brink of England lowered tho minimum rate at which it will discount bills and m ^ ko advances on stock while the books arc shut for tho dividends , from 3 per cent ., at which it has stood since February 11 th , to 2 h per cent . Great surpriso is expressed at this reduction , although it has boon imperatively 1 demanded by influential writers of City articles for many weeks , and no inconsiderable discussion has ensued as to tho motivos of tho Bank Directors for now making it . If thoso clovor and commanding mem had consulted tho Bank accounts which they publish weekly , thoy would not havo been surprised , nor would they enter into idlo discussions as to tho motivos of tho Bank Directors . Tho solution of tho whole matter inuy i be found in tho Bank accounts . But our ovorwiao ; contemporaries aro a great deal too much occupied i
with preconceived theories , and too resolutely the advocates of the Bank Act , ever to question its beneficial effects . The easy and simple explanation of the present alteration , is the great abundance of money now in the Bank , the very favourable state of the revenue indicating a still greater redundancy of money in the Bank hereafter , and the continual influx of gold , which carries with it by law a continual creation of money equal to double the quantity of gold imported into the Bank . It was made this week probably because the gold * continued to accumulate , and the returns of the Bank of France show that gold is not needed abroad . Though we did not know , till our contemporaries announced the fact , that the Bank had made this alteration , we had previously prepared the following paper , which we now submit to our readers with trifling adaptations as affording a full explanation of the conduct of the Bank .
EASE IN THE MONEY-MARKET AND IN THE EXCHEQUER . " The extraordinary ease of the money-market at a season when stringency is usually experienced is noticed by our contemporaries without being accounted for . On looking at the Bank returns , published last Saturday , it will be seen that the bullion in the Bank , including the coin , was 18 , 77 M 14 J . ; and if we look through the Bank returns for the same week , the last in November in each year , we must go back to 1852 before we find an equal amount of bullion . In the last week of November , 1852 , it was 21 , 321 * 994 / . The rate of discpunt , which is generally determined by the quantity of money in the Bank , was then 2 per cent ., and it had been 2 A per cent , in the early part of 1852 , with the bullion at 17 , 300 , 000 / . ; so that th . e present reduction seems consistent with the general conduct of the Bank . The average amount of bullion in the Bank in the same week of the ^ five years intervening between 1852 and 1858 , when the rate of discount varied between 2 J and 10 per cent ., was 11 , 521 , 536 / . ; consequently the bullion at present is 7 , 254 , 778 / . in excess of this average , and 11 , 419 , S 47 / . in excess of the minimum amount of bullion in the same week of the interval which it was at this time last year . The following aro the figures in detail : — Bank of England Returns for the Last Wees . in November .
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- ¦¦•—•— ^—¦ There is nothing so revolutionary , because there is nothing bo unn / itunil ami convulsive , as tho strain to keep tilings fixed when all tho world is by tho very law of its creation in eternal progress . —Dr . Akkoi-d .
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I NOTICE . I On and after Saturday , the 18 th inst . the Office of I ¦ u this Paper will be I NO . 18 , CATHERINE-STREET , I STRANP , W . C ., I The commodious premises formerly occupied by the I . Morning Herald . I jj j 3 The CITY EDITOR of the Leader has an I Office , No . 7 , " GEOBGB-YABD , LOMBARDI STREET , to whom communications can be made on I commercial affairs . ME . W . JEFFERY , Bookseller and Stationer , No . 7 , GeOkge-yaed , LOMBAKB-STKEKT , Will act as City Agent , and supply Papers or receive Advertisements .
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Years . Bullion . Reserve of Notes . £ £ 1852 2 1 , 321 , 994 12 , 506 , 195 185 3 14 , 990 , 08 6 7 , 049 , 825 1854 1 3 , 709 , 794 7 , 352 , 645 1855 11 , 139 , 937 5 , 492 , 645 1850 10 , 411 , 3 97 4 , 785 , 180 1857 7 , 356 , 467 2 , 268 , 340 Five years 57 , 607 , 681 26 , 948 , 635 Average 11 , 521 , 536 5 , 389 , 727 1858 18 , 776 , 314 12 , 324 , 040 Above the average 7 , 254 , 778 6 , 934 , 313 Above the minim . 11 , 419 , 847 10 , 055 , 700
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Bullion ani > Reseuyis of Notes tooetiieh . " £ 1858 31 , 100 , 354 Average of five years , 1853-1857 16 , 911 , 263 Excess in 1858 14 , 189 , 091 Minimum in the period 9 , 624 , 807 Excess in 1858 above minimum ..., 21 , 475 , 547 Turning' from tho bullion to tho notes in reserve , we find that thev , in tho last week of November , 1 S 58 , amounted to 12 , 324 , 040 / . To find an equally largo reserve in tho samo week wo must also go ' bnek tp tho year 1852 , when it was 12 , 500 , 195 / . Tho average amount of reserve in tho same week in tho five intervening yoars was 5 , 389 , 727 / . Thus tho amount of reserve at present is 0 , 934 , 313 / . in excess of the average of tho sumo week in tho five years intervening uetwoen 1852 and 1858 , aud it is 10 , 055 , 700 / . in excess of tho minimum amount of reserve in the same week of the interval whioh it wns fit this time last year . Now , adding togothor the bullion and tho reserve of notes , both 6 f which are money , wo boo that at prosont tho Bank hns 31 , 100 , 854 ;/ ,, while tho avorago amount of money in tho Bank during the
five years was 16 , 911 , 263 / ., and the monej at present is consequently 14 , 189 , 091 / . ii excess of the average of the five years intervening between 1852 and 1858 . It is 21 , 475 , 547 / . excess of the minimum amount in the same week in any one of those five years Which end in 1857 . Does it require any ghost now to _ tell us why money is so easy when it is so much in excess , ana why discount is lowered ? If this were the natural result of free trade and of the unbiased diffusion of capital and its representatives , the precious metals throughout the world , not one ^ word of criticism should we utter on the subject . We should accept it with thankfulness , as we do the
return of day and night . But the half of this excess is entirely the creature of a banker ' s whim , incorporated by an ignorant Minister—we say it unhesitatingly , though that Minister was the late Sir Robert Peel—in an Act of Parliament . By law the Bank of England notes , to a specific amount determined by the law , are made legal tenders , and as truly and completely money as the sovereigns in the Bank , or in an individual ' pocket . The bulk Of the reserve is the creature of the enactment which absurdly compels the Bank to issue a legal tender bank-note for every ounce of gold it , receives , or to coin legal money in proportion as gold—also money—comes into the country . The ordinary
banknotes— promises to pay on demand- —no more add to the money of the world than do bills to pay after date ; but Bank of England notes , made a legal tender by Act of Parliament , received at the Bank in payment of taxes , are money . They are a factitious creation of fictitious money by Act of Parliament . Thus making money in excess , like the old-fashioned plans of issuing debased coin , the real good money , which can be made use of in other countries , goes thither , and the consequence of the law ordaining the creation of so much real legal tender , but fictitious money , is that gold , or abroad to be invested rail
capital , is readily sent m - ways , or lent to Chili or Turkey , or embarked in any kind of schemes in which it is likely to be profitable . To have an equable money-market , neither excessively easy , as in 1 S 52 and in 1 S 58 , nor excessively stringent , as in 1857 , we must get rid of the absurd enact ment which creates legal tender currency when it is not wanted , and extinguishes it when it is wanted . There is another sign of an easy money-market and of easy times for the Finance Minister worth notice . The public deposits last week amounted to 8 , 245 , 211 / . They are an index to the receipts in the Exchequer , as well as so much addiback to
tional money in the Bank ; aud we must go the year 1 S 50 to find an equal sum to the credit of the Government in the last week of November . It was then 9 , 398 , 752 / . The average of the same week , during the seven years which intervened between 1 S 50 and 1 S 5 S , was 0 , 234 , 291 / . ; so that at present the public deposits are 2 , 010 , 920 / . above the average , and 3 , S 05 , 622 / . above the minimum in the same week within the period which occurred in 1 S 55 . The Government will have no oc ^ casion to make any demands on tho Bank to pay the dividends ; tho Bank will bo still more flush of money after they are paid than now ; the Exchequer is flourishing ; and the people may look for , and ought to demand , the abolition ot some taxation .
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Citation
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Leader (1850-1860), Dec. 11, 1858, page 1353, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2272/page/17/
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