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quillity reopened the Continent to our and credit was extended. We are industry. “In America the change far from thinking that it is a wise was equally great, and equally irre- and judicious system to make credit spective of Free Trade: our exports to of every kind entirely dependent the United States, in 1850, exceeded on the amount of metallic trea£12,000,000. This extension arose sure in the vaults of the Bank of from the general rise of prices, and ex- England : we only say, having done tension of credit, from the opening of this by Sir R. Peel's monetary systhe treasures of California. It not only tem, we have to thank California for created a new market for exports on having put at least a temporary stop the reverse of the Rocky Mountains, to the evils with which it was pregbat so vivified and animated every nant. It is not surprising that the part of the Union, as rendered them addition of even so small a sum to capable of purchasing a much larger the metallic circulation of the comquantity of the manufactured articles mercial world should produce, in a of this country than they had done single year, so great a result. The disfor a great number of years.*
covery of two millions of bank-notes, But by far the most important and in an old chest of the Bank of England, beneficial effect of Californian gold stopped the panic of December 1825; hitherto experienced has been in the the mere issuing of Lord J. Russell's extension of credit and increase of letter, announcing the temporary reaccommodation at home. This effect peal of the Bank Charter Act, put a is obvious and important. The notes period to the far severer crash of 1847. of the Bank of England in circula- The addition of five millions to the tion, have risen in the last year to metallic treasure of this country is L.20,000,000 or L.21,000,000 from quite sufficient to vivify every L.16,500,000, which they had fallen branch of industry, for it will proto during the panic. The circulation bably put fifty millions, in bankof every other bank has, as a matter notes and private bills, into circulaof course, been proportionably aug. tion. mented. What produced this great As the influx of Californian gold, increase in the circulating medium ? however, is an element of such imThe influx of bullion into the country, mense importance thus let into the which augmented the treasure in social world, it is material to observe the Bank of England to above what evils it is adequate to remedy, L.16,000,000. There is the secret of and to what social diseases it can be the whole thing; of the activity in regarded as a panacea. This is the the manufacturing districts, and the more necessary, because, while it general extension of credit and rise tends by its beneficent influence to of prices through the districts. conceal for a time the pernicious It is Californian gold which has effects of other measures, it is by no done the whole ; for it has at once means a remedy for them ; nor has it filled to overflowing the vaults of a tendency even, in the long run, to the Bank of England, and relieved its lessen their danger. It induces imofficers, and those of all similar estab- mediate prosperity, by the extension lishments, from all dread of a drain of of credit and rise of prices with which specie setting in. Gold was abun- it is attended ; but it has no tendency dant; the banks no longer feared a to diminish the dreadful evils of Freecollapse : therefore notes were abun- Trade and a currency mainly dependant also; the terrors of the holders dent on the retention of the precious of them were abated. Prices rose, metals at all times in the country.
Exports to the United States from Great Britain :
1837, 1838, 1839, 1840, 1841, 1842,
1849, VOL. LXIX.-X0. CCCCSXIIJ.
7,585,760 8,839,204 5,283,020 7,098,842 3,528,807 11,971,028
On the contrary, it may, under many ruin through the industrious classes. circumstances, materially aggravate Let gold, from its greater plenty, them.
become of only half its value, or a As the effect produced by a great sovereign be only worth ten shillings, addition of the metallic treasures of and prices, in consequence, rise to the earth is universal, it must affect double their present amount, the danprices equally in every part of the ger of a monetary crisis, as long as world. The largest part of the bul- onr currency is based on its present lion, indeed, will be brought to the footing, will remain the same. Still, richest country, which is best able to any considerable drain of the metalbuy it, and has most need of it to lic treasure of the country, such as form the basis of its transactions. it is-either from the necessities of But still, some part will find its way foreign war, the adverse state of into every country; prices will be foreign exchanges, or a great imeverywhere raised, and the relative portation, occasioned by a deficient proportion between them in different home harvest- will send the specie countries will remain the same, or even headlong out, and, by suddenly conbe rendered more unfavourable to tracting
the currency, ruin half of the the richer state. That is the ma
persons engaged in business undertakterial circumstance; for it shows ings. It is the inconceivable folly of that it must leave the greatest and making the paper circulation dependmost lasting evils of Free Trade ent on the retention of the metallic ; untouched. Supposing gold to be- the enormous error of enacting, that, come so plentiful that the sovereign for every five sovereigns that are is only worth ten shillings, and the drawn out of the country, a fiveeffect on general prices to be such pound note shall be drawn in by the that the average price of the quarter bankers ; the infatuated self-immolaof wheat is raised from forty to sixty tion arising from the gratuitous negashillings—which, in a course of years, tion of the greatest blessing of a is by no means improbable-still the paper circulation—that of supplying, relative position of the British with during the temporary absence of the the Polish and American cultivator metallic currency, its want, and obwill remain the same. The price of viating all the evils thence arisingthe wheat may be raised from 15s. which is the real source of the evils to 258. a-quarter, on the banks of the under which we have suffered so Vistula or the Mississippi ; but still severely since the disastrous epoch of the ability of their cultivators to 1819, when the system was introundersell our farmers will remain duced. The increased supply of gold, the same, or rather be augmented. so far from tending to obviate this Prices will still be so much higher in danger, has a directly opposite effect; the old rich and heavily-taxed coun- for, by augmenting the metallic treatry, which absorbs the largest part sures of the country, and thus raising of the metallic circulation of the earth, credit during periods of prosperity, it than in the young poor and untaxed engages the nation in a vast variety one, that in the production of the of undertakings, the completion of fruits of the earth, to which machinery which is rendered impossible when can never be made applicable, the the wind of adversity blows, by the inability to carry on the competition sudden contraction of its currency will only be rendered the more ap- and credit. And to this danger the parent by the increasing, or at all mercantile classes are exposed beyond events, permanent difference of the any other ; for as their undertakings prices.
are always far beyond their realised In the next place, how cheap soever capital, and supported entirely by gold, from its augmented plenty, may credit, every periodical contraction of become, there will be no cessation, as the currency, recurring every five or long as our paper circulation remains six years, exposes one-half of them on its present footing, of those dread- to inevitable ruin. ful monetary crises which now, at Let not the Free-traders, therestated periods recurring every five or fore, lay the flattering unction to their six years, spread such unheard-of souls, that California is to get them out of all their difficulties, and that at a cheaper rate than we can ever do, after having, by their ruinous mea- because in poorer and comparatively sures, brought the nation to the very untaxed countries. It will leave the brink of ruin, and destroyed one-half commercial classes permanently exof its wealth engaged in commerce, posed to the periodical recurrence of they are to escape the deserved exe- monetary storms, arising ont of the eration of ages, by the effects of an very plenty of the currency when accidental discovery of metallic trea- credit is high, and its sudden withsures on the shores of the Pacific. drawal from the effect of adverse Californian gold, a gift of Providence exchanges, or the drain consequent to a suffering world, will arrest the on vast importations of food. It will general and calamitous fall of prices leave the British navy, and with it which the Free-traders have laboured the British colonial empire and our so assiduously to introduce, and thus national independence, gradually sinkdiminish in a most material degree ing from the competition, in shipping, the weight of debts and taxes. So far of poorer states. Nature will do much it will undoubtedly tend to relieve the to counteract the disasters induced industrious classes, especially in the by human folly; but the punishment rural districts, from much of the mi- of guilty selfishness is as much a part sery induced on them by their oppres- of her system as the relief of innocent sors; but it cannot work impossibili- suffering; and to the end of the world ties. It will leave industry in all those who seek to enrich themselves classes, and in none more than the by the ruin of their neighbours will manufacturing, exposed to the ruin- work out, in the very success of their ous competition of foreigners, working, measures, their own deserved and whatever the value of money may be, memorable punishment.
JY NOVEL; OR, VARIETIES IN ENGLISH LIFE.—PART v.
BY PISISTRATUS CAXTOX,
BOOK 111.--INITIAL CHAPTER, SHOWING HOW MY NOVEL CAME TO BE CALLED
“I AM not displeased with your Mr SQUILLS.—“Certainly; there is novel, so far as it has gone,” said my not a catchpenny in the world but father graciously; "though as for The what goes down, if the title be apt Sermon"
and seductive. Witness Old Parr's Here I trembled; but the ladies, Life Pills. Sell by the thousand, sir, Heaven bless them! had taken Par- when my Pills for Weak Stomachs,' son Dale under their special protec. which I believe to be just the same tion; and, observing that my father compound, never paid for the adverwas puckering up his brows critically, tising." they rushed boldly forward in defence Mr Caxton.-" Parr's Life Pills! of The Sermon, and Mr Caxton was a fine stroke of genius! It is not forced to beat a retreat. However, every one who has a weak stomach, like a skilful general, le renewed the or time to attend to it, if he have. assault upon outposts less gallantly But who would not swallow a pill to guarded. But as it is not my business live to a hundred and fifty-two ?” to betray my weak points, I leave it to PISISTRATUS, stirring the fire in the ingenuity of cavillers to discover great excitement.—“My title! my the places at which the Author of title !—what shall be my title ! ” Iluman Error directed his great guns. Mr Caxton, thrusting his hand
“But," said the Captain, “ you are into his waistcoat, and in his most a lad of too much spirit, Pisistratus, didactic of tones.—“From a remote to keep us always in the obscure period, the choice of a title has percountry quarters of Hazeldean-you plexed the scribbling portion of manwill march us out into open service kind. We may guess how their invenbefore you have done with us ?” tion has been racked by the strange
PisistRATUS, magisterially, for le contortions it has produced. To begin has been somewhat nettled by Mr with the Hebrews. The Lips of the Caxton's remarks—and he puts on an Sleeping,'(Labia Dormientium)-what air of dignity, in order to awe away book do you suppose that title to deminor assailants. — “Yes, Captain signate ?-A Catalogue of Rabbinical Roland — not yet awhile, but all in writers! Again, imagine some young good time. I have not stinted my lady of old captivated by the sentiself in canvass, and behind_my mental title of The Pomegranate foreground of the Hall and the Par- with its Flower,' and opening on a sonage I propose, hereafter, to open treatise on the Jewish Ceremonials! some lengthened perspective of the Let us turn to the Romans. Aulus varieties of English life-"
Gellius commences his pleasant gosMr Caxton.—“Hum!"
siping Noctes' with a list of the BLANCHE, putting her hand on my titles in fashion in his day. For father's lip._F. We shall know better instance, · The Muses' and The Veil,' the design, perhaps, when we know • The Cornucopia,' " The Beehive,' and the title. Pray, Mr Author, what is · The Meadow.' Some titles, indeed, the title ?"
were more truculent, and promised MY MOTIIER, with more animation food to those who love to sup upon than usual—“Ay, Sisty-the title?" horrors—such as · The Torch,' • The
P18ISTRATUS, startled. -- " The Poniard,' • The Stiletto '-" title! By the soul of Cervantes ! I PISISTRATUS, impatiently.—“Yes, have never yet thought of a title !" sir; but to come to My Novel."
CAPTAIN ROLAND, solemnly. – Mr Caxton, upheeding the inter"There is a great deal in a good title. ruption.—"You sec, you have a fine As a novel reader, I know that by choice here, and of a nature pleasing, experience."
and not unfamiliar to a classical
It is your
reader; or you may borrow a hint that I ask you to remember-it is to from the early Dramatic Writers." invent a title for mine--My Novel!'
PISISTRATUS, more hopefully. - Mr Caxtox, clapping his hands " Ay! there is something in the Drama gently.-" Excellent-capital ! Noakin to the Novel. Now, perhaps, I thing can be better ; simple, natural, may catch an idea."
pertinent, concise — ". Mr Caxtox. For instance, PISISTRATUS.-"What is it, sirthe author of the Curiosities of Lite- what is it! Have you really thought rature (from whom, by the way, I of a title to My Novel ? " am plagiarising much of the informa- MR CAXTON.-" You have hit it tion I bestow upon you) tells us of a yourself—My Novel.' Spanish gentleman who wrote a Co- Novel-people will know it is your medy, by which he intended to serve Novel. Turn and twist the English what he took for Moral Philosophy." language as you will—be as allegorical PISISTRATUS, eagerly.—“Well
, sir?" as Hebrew, Greek, Roman–Fabulist MR CAXTON.-"And called it The or Puritan—still, after all, it is your Pain of the Sleep of the World.'' Novel, and nothing more nor less
PISISTRATUS. — “Very comic in- than your Novel.” deed, sir."
PINISTRATUS, thoughtfully, and MR CAXTON.—" Grave things were sounding the words various ways.then called Comedies, as old things “My Novel—um—um! ‘My Novel!' are now called Novels. Then there rather bald--and curt, eh ? " are all the titles of early Romance MR Caxton.--" Add what you say itself at your disposal - - Theagenes you intend it to depict – Varieties in and Chariclea,' or "The Ass' of English Life." Longus, or The Golden Ass' of MY MOTHER.-My Novel; or, Apuleius, or the titles of Gothic Ro- Varieties in English Life'--I don't mance, such as “The most elegant, de- think it sounds amiss. licious, mellifluous, and delightful you, Roland ? Would it attract you History of Perceforest, King of Great in a catalogue ?" Britain,'”—And therewith my father My Uncle hesitates, when Mr ran over a list of names as long as the Caxton exclaims imperiouslyDirectory, and about as amusing. “The thing is settled ! Don't dis
"Well, to my taste," said my turb Camarina." mother, “the novels I used to read SQUILLS.—“If it be not too great when a girl, (for I have not read many a liberty, pray who or what is Camasince, I am ashamed to say,)—" rina?"
MR CAXTON.—"No, you need not MR CAXTON. “ Camarina, Mr be at all ashamed of it, Kitty." Squills, was a lake, apt to be low, and
MY MOTHER, proceeding.--"Were then liable to be muddy; andDon't much more inviting than any you disturb Camarina' was a Greek promention, Austin,"
verb derived from an Oracle of ApolThe CAPTAIN. “ True.”
lo; and from that Greek proverb, no Mr SQUILLS.--" Certainly. No doubt, comes the origin of the inthing like them now-a-days!” junction, Quieta non movere,' which
MY MOTHER.—". Says she to her became the favourite maxim of Sir Neighbour, What?'"
Robert Walpole and Parson Dale. Tue CAPTAIN.—-The Unknown, The Greek line, Mr Squills, (here my or the Northern Gallery'
father's memory began to warm,) is Mr. SQUILLS.-" There is a Secret; preserved by STEPHANUS BYZANFind it Out!'"
TINUS, de Urbibus PISISTRATUS, pushed to the verge of human endurance, and upsetting
• Μή κίνει Καμάριναν, ακίνητος γαρ tongs, poker, and fire-shovel.-— " What
αμείνων.' nonsense yon are talking, all of you! ZEXOBIUS explains it in his Proverbs; For heaven's sake, consider what SuidAs repeats ZENOBIUS ; LUCIAN an important matter we are called alludes to it; so does Virgil in the upon to decide. It is not now the Third Book of the Æneid; and Silius titles of those very respectable works Italicus imitates Virgil which issued from the Minerva Press "Et cui non licitum fatis Camarina moveri.'