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tfo. 455, December 11,1858.1 T H E L E A...
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NOTICE. On-and after Saturday, the 18th ...
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>. s - . , ' 1 ! " Ever since the use of...
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NOTICES TO CORRESPONDENTS. No notice can...
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\ ^s - \ s _ - / — « SATURDAY, DECEMBER ...
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There ie nothing so revolutionary, becau...
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REDUCTION OF DISCOUNTS. On Thursday the ...
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OUR FOREIGN ALLIANCES. The condition of ...
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.
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Tfo. 455, December 11,1858.1 T H E L E A...
tfo . 455 , December 11 , 1858 . 1 T H E L E A P E R . 1353
Notice. On-And After Saturday, The 18th ...
NOTICE . On-and after Saturday , the 18 th inst . the Office of this faper will be NO . 18 , CATHERINE-STREET , STRAND , W . C ., The commodious premise 3 formerly occupied- by the Mobning-Herald . - NB . The CITY EDITOR of the Leader has an Office , No . 7 , GEORGE-YARD , LOMBARDSTREET , to whom communications can be made on commercial affairs . MR . W . JEFFERY , Bookseller and Stationer , No . 7 , Geobge-yabd , Lombakd-stkebt , Will act as City Agent , and supply Papers or receive Advertisements .
>. S - . , ' 1 ! " Ever Since The Use Of...
> . s - . , ' ! " Ever since the use of the Government stamp to newspapers became optional , and two prices have been necesiary , it does not eeem to be clearly understood that unstamped papers can be delivered to regular subscribers in the great provincial cities with 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 daW , as follows : — Unstamped , FIVE PENCE . Stamped , Sixpence . Quarterly , unstamped 5 s . 5 d . —— , stamped 6 6 Yearly ( prepaid ) , stamped £ 16 0 Unstamped , per year , prepaid , ONE GUINEA . xinwigements will be made with present Subscribers . These terni 3 , it is hoped , will meet the approbation of the large clasi of Traders and General Readers , to which the LEADER ( greatly increased in size ) appeals by its special attention to COMTVEERCIAI . as -well as to LITERARY and POLITICAL AFFAIRS . * * * Order of any Neicsman .
Notices To Correspondents. No Notice Can...
NOTICES TO CORRESPONDENTS . No notice can bo taken * of anonymous correspondence . Whatever is intended , for insertion must be authenticated by the name 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 , owing to a press of matter ; and when omitted , it is frequently from reasons quite independent of the merits of tho communication . We cannot undertake to return rejected communications .
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\ ^S - \ S _ - / — « Saturday, December ...
\ ^ s - \ s _ / — « SATURDAY , DECEMBER 11 , 1858 . '
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^ tiblfr affairs . "
There Ie Nothing So Revolutionary, Becau...
There ie nothing so revolutionary , because there is nothing so unnatural and convulsive , ns tho strain to keep things fixed when all the world is by tho very la > v of its creation in eternal progress . —Dr . Ak » qld . » - — -
Reduction Of Discounts. On Thursday The ...
REDUCTION OF DISCOUNTS . On Thursday the Brink of England lowcrod tho minimum rate at which it will discount bills nud make advances on stock while tho books arc shut for tho dividends , from 3 nor cent ., at which it has stpod ainco February 11 th , to 26 per cent . Great surprise is oxprossod at this reduction , although it has been imperativel y demanded by influential writers of Cil , v ai'iioles for many weeks , and
no inconsiderable discussion has ensued as to tho motives of tho Bank Directors for now making it . If theso clover and commanding meu had consulted tho Bank accounts wliioli they publish weekly , they wguld not have been surprised , nor would they outer into idle discussions as to tho motives of tho Bank Directors . The solution of tho whole matter may bo found in the Bank accounts . But our ovorwiso contemporaries aro a great deal too much occupied
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-MAEKET 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 , 776 , 314 / . ; 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 discount , which is generally determined by the quantity of money in the Bank , was then 2 per cent ., and it had been 2 £ per cent , in the early part of 1852 , with the bullion at 17 , 300 , 000 / . ; so that the 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 £ 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 are the figures in detail : — Bank of England Returns fob the L . Asr Week in November . Tears . Bullion . Reserve of Notes . £ £ 1852 21 , 321 , 994 12 , 506 , 195 1853 14 , 990 , 086 7 , 049 , 825 1854 13 , 709 , 794 7 , 352 , 645 1855 11 , 139 , 937 5 , 492 , 645 1856 10 , 411 , 3 97 4 , 785 , 180 18 5 7 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 tho average 7 , 254 , 778 6 , 934 , 313 Above tlie minim . 11 , 419 , 847 10 , 055 , 700 Bullion ani > Reseuve of Notes together . £ 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 notos in reserve , wo find that they , in the last week of November , 1858 , amounted to 12 , 324 , 040 / . To . find an equally large reserve in tho same week wo must also go ' back to the yenr 1 S 52 , when it was 12 , 500 , 195 / , The nvcrago amount of reserve in tho samo week in the five intervening yoars was 5 , 3 S 9 , 727 / . Thus tho amount of roserve at present is 0 , 934 , 313 / . in excess of the average of tho same week in tho Rvo ycura intervening between 1852 and 1858 , and it is 10 , 055 , 700 / . m excess of tho minimum amount of reserve in the same week , of tho interval whioh it was at this timo last year . Now , adding together tho bullion and tho reserve of notes , both of * whioh tu'o money , wo soe that ftt present the Bank has 31 , 100 , 354 / ., while the average amount of money in tho Bank during the
Reduction Of Discounts. On Thursday The ...
five years was 16 , 911 , 263 / ., and the money at present is consequently 14 , 189 , 091 / . in excess of the average of the five years intervening between 1852 and 1858 . It is 21 , 475 , 547 / . in 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 , and 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
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 ' s 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—ito 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 Sank 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 capital , is readily sent abroad to be invested in railways , 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 1852 and in 1858 , nor excessivelv strinsrent . as in 1857 , we must get rid of
the absurd enactment 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 au index to the receipts in the Exchequer , as well as so much additional money in the Bank ; and we must go back to the year 1 S 50 to find an equal sum to the credit of tho 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 185 S , was 6 , 234 , 291 / . ; so that at present the publio deposits are 2 , 010 , 920 / . above the average , and 3 , 805 , 022 / . above the minimum in the same week within the period which occurred in 1 S 55 : The Government will have no occasion , to make any demands on Ihe Bank to pay the dividends ; the Bank will be 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 oi some taxation .
Our Foreign Alliances. The Condition Of ...
OUR FOREIGN ALLIANCES . The condition of Italy , and the more than ordinary solicitude shown by France and Russia in her affairs , inevitably suggest tho consideration , How is Austria preparing to maintain her asoendaucy south of the Alps ? \ Ve know what she is doing in Lombardy . Civil arrests and military reinforcements take pluce day by clay . The people are exasperated more and more " by new measures of rigour , while all rolicf from old oppressions is contumeliously denied . Many believe that tho sinuitor motive of those proceedings is to provoke premature and ill-orgmuscd resistance , and so to lot off the steam bojoro t lie boiler bursts . The actual foreo in tho garrisons of
Milan , Ycnice , Padua , and Vorona has been great ly strengthened , and tho possession of railways uinl telegraphs gives enormously nugmentod power to any government having to tloul only with purlittl revolt . On'tho other hand , it is . obvious that Ucso appliances aro tho easiest wrenched out of despot . 10 hands in tho cvont of a general uprising , and that tho habit of rcliauoo unou thorn tonds to inoroaso tho Administrative paralysis causod by their sudden interruption . Upon tho whole , however , it cannot
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Citation
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Leader (1850-1860), Dec. 11, 1858, page 17, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_11121858/page/17/
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