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Thife " wWaV ^ i ^ tuifttttdHaalice -- ^^^ Si ^ St ^ on ^ C PJ ViffifeWt Eft ^ idetof W the f Poor 'I >* yr ' Boird ? pily iV Oi sjate of Qpnvaleacence ^ cpntenipjates , it ,.-W ¦ tKpd , liin artistic toucan $ ** manv ani England . .
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\ - ; i . •¦;• - ! . ! ¦ ' ; ¦ ¦ ¦ '' r . j / , ; ¦ ¦ '¦; - ' .. ? u- • i 'i—¦• ' •¦ ¦' . !»• ' , ' : •" . - - ¦ ¦ '' 1 Q&S&m QB jPO ^ IDi BNCE r A , ITE ^ lf dal&oratji article , in a ^ weekly con-- ^ V . temporaryv-lapjtSaturday , was deyoted . to . explaining that ^ cap ital is now very abundant in Lombard-street and the Bank , because trade is slack . This , as we hope our readers are aware , is ptir opinion ,- but we are riot of those who beh&ve that capital is the moving ^ ppwer of society , while our GOnteinpbi ' ary is- WithJ the doctrine that " the quantity of employttient in any society depends pn i t * s . capital , " and / . that . . " capital- sets labour it i motion , ; , wblcH' is not . our creed , we find it -hard to reconcile the assertion that loanable
capital is abundant ,, because commerce reigns nearly stationary .- According to the . theories of our political economists , the amount and ihe activity . , of" the national industry , including trade , sire aiw ^ ys'M ' prc ^ orfclbn to " the ¦; ' natibnaL savings . i ^ Jow they tell us the fact is not so . ' Saving goes on jmore , rapidly , tban enterprise ; the ^ deniand for capital does not . k ^ ep , pace with its . increase-There are plenty of men ready to . work ; capital cannot set than to work , and it falls in value . The rate of discount is low—^ 2 £ per cent . ~ becaTise trade is slack . ' Something more , therefore , is required to set industry -in aetion than saving or
capital , £ nd that something is hope or confidence . , In the Bank of France there is now about ££ 24 , 000 , 000 , and letter after letter from . Paris says the French merchant or . trader cannot be got to move . Trade is very slack in Paris , nbtvLthr etandiiig the abundance of capital . T-he traders there and in France generally are afraid , if they import additional commodities , they will not be purchased at- a remunerating price ; that if they manufacture more goods they will- ' not find a market for them ; ihWif they work up all the raw material they have on hand they will find it difficult to get more
at a reasonable rate ; they have little hope or qonfidence , and so wey ai-e not active , diligent and enterprising . Theindustry they have set in motion , with the wealth , it has created and accumulated , have been directed to purposes of ruin and desti'uctiou ; the 'enjoyment they anticipated from their exertions has been snatched from their lips ; they are afraid that further exertions will be no better rewarded ; they don ' t know what the Emperor -will do—how he will employ the national Resources ; they want confidence , and ¦ enterprise is , < spfls « quently stagnant ; . If they had confidence in . the success of their exertions—if they had
string hopes of future benefit— -they would bo scheming how to improve the agriculture , extend the railways , enlarge the shipping , increase the mkhtfftttJtuves . aji ' 3 augment the trade bf Frahoe . dfypy do riph ' eof these things , or do jfch'em inertly , bqea ^ e the jccen , t , course <> f the Government lias wea&enpOLthefr confidence in . the ' continuance of peace , and . prosperity , ,, Confidence in the . future , xather ' than capital , ia the mother and nurso of enterprise . In Paris and London and through'ottitrEurope this Tia 'nowa . plain matter of fact , ' ; ; We * nust not qMpect , therefore , because capital is'nfcw abundant , while confidence ia small , tkot fcfuflewil , ! rabidly extend . All the material eleinen ' ts DPprosperity , go 6 d crops , o large supply of
co ^ op , wpol ,, aW sdk , an unwearied populajtipn increasing in , numbers and , skill , are at hand , and the increasing wants ' , of society must 1 ) 0 satisfied XradjQ wilj extend , but not -rapidly . The moral elements of . prosperity are wanting-. The Governments of ! almost nit Europe , except our own , we iindasy , and some of them are unsafe . A'hpolitlcal condition" has been evoked in Italy tyhfcTi sO'ernBj'like a'fasee " , burning up to a hu ^ fo mass ( JFcdmbtostlble ' niatWr threntdniiij * nn explosion ' . ' Gbld'mu ' v ' ctod ^ it lit coining in iiicreabing cfuahtltid ' a , put fhis- ^ tnough wt fy ' iTsli&rt tihicw ' g-0 itwasiconeidorod tho-certuin forerunner < f > f > an ' ' jld / ttvo' trade- ^ chimio'tf now iredforef confidence IW'tMtf- t ) i 6 ftlt ) ftl " fuitrire ; '^ Tht ? w ^ nt of ' -TtlioMi , com * . bmya'Wfch k iStiir'lihtteririgiiWint of cotintierico 3 p O ' nef ' h'Atof . pr n ^ i ^ niW / 'th ^ or ^ hTitUo '' cWssCS , will
t , eep . ffade ., ojiiet and' keep capital . cn 6 ap . £ * obp ^ y c ati khowwitii Accuracy tKe reia | fpn . betw i eeri tlie ^ ^ punt ; of saying and ilie deuiaria . ^ £ > V ^ Capital Itifovly to be ascertained by , tlierate of discpuflit ^ b # i . iif , ' -. .. is said-r-and . seems highly . probab ^ eVrr saving -has . been , ; and ; is . now great—^ f ;; . large profits have been made while little !» ew enterprise has- been begun * then capital will \ continue abundant and the rate of discount will declinestill lower . The Bank minimum rate was 2-pef cent , in 1852 , and -we see no reason to assert that it will not decline to the same figure in the presfeht year . Now there are two causes , a want of confidence in political evenis and a want of cotifidencie in mercantile men , to keep dbwn the rate of discount . .
Believing that general rules prevail in politics as well as physics , we cannot allow the opportunity to escape . of extending this principle , and asserting that confidence rathei * than capital is the main-spring of social industrj . In Turkey there is a want of confidence ; there is plenty of hoardings , but there is no enterprise , or only the e nterprise which is started by foreigners aasui-ed of the protection of the Government . In Enghind , on the contrary , there is a large market for every species of produce . The people by free speech guarantee the security of one another and the continuance of domestic tranquillity ; they keep the
GOvernmentin check ; there is almost complete confidence and a continual increase of enterprise . There is less real saving or hoarding in Engjfahd than Turkey ; less idle capital ; but there is in England a continual creation of hew instruments and implements—of machines , bridges , roads , ships , factories , docks , &c ,, &c , in the full confidenpe that they wiU , ^ aciljita ' te or increase production , and add to the wealth of those who contrive , make , use , or employ them . The farmer drains his fields and sows more wheat than usual , because he hopes to grow more , and hopes to sell it at a good price . He has confidence that other men will be ready'to
buy it . He knows when he sells ' it / he can buy other things which he wants , ftnd he has full confidence that other men will be making them ¦ while he is . growing corn . The merchant , in like manner ^ imports more cotton and corn because he is confident that he will sell it to advantage . It is not capital , but hope or confidence which sets his labour in motion . This holds good throughout .. The capitalist has confidence in himself , and he is confided in by others , and so he is enabled to set the labour of other men in motion . The principle is universal ^ J&N ' ot capital , but hope or confidence , is the soul * $ f enterprise ,
the iriain-spring of all social employments Capitalists play , however , an important part in society . What makes them of importance , if qapital do not set labour in motion ? This is a Question , of property not of prodtiction . Lawyers , surgeons , physicians , architects , authors , are , also , all very important parts of society , but they are not capitalists . They are labourers of particular classes , and their labour to supply their own wants sets other labour in motion and rewards it . So th < 2 roaster carpenters , master bricklayers ^ master masons , are labpui'ers of a particular class . Mei > chants and bankers ; too , with all other capit « li . ^ . s ,
aro labourers wjiosc work , is as necessary to the joint and combined production by which society ia fed ns that of the man wlio ' cavries a hod , Jays a briolc in mortar , or planes a piece of wood . As contributors to combined production , capitalists are as useful as any other class of men , but they ai'e something more than this . "' ' " ' ' ¦ The in ^ portirig merchants , the distillers , brewera and gi'owers of hops , hand over the cu ' stpniis arid excise duties to the Goyornmcint , and .. cor 5 sequeh ' tly they an 4 the persons , th ^ y commoiri ( ly deal ytwx . or sell theiv commodities to , are , the real ta . Knga (; herer 3 for the Qpvernment ; . . MQreover ^ t ^ ey , repeiiv ; e , pjifo - ' perty from the rich to use , for- wWcn , they , pay
uaanop , and tltis usance , like a tax , they . ' must extract fi'om > the labourer . A farmer , for example , receives' the loan of a fnrm from the 'landowner , on condition of paying him an > unnuul onent . < - The fnnrt ' ia not cnpltivl ; it is a mere portion of l « nd gunranteed - jn the posseBBiojsi of Sbnto' ' pni'ticulTir person by t ^ o rost of tli b pominuriit ^ . " TWp farmbr can diily pay t ) i , e rent by roVpy ^ fiiJg it irPin ^ tne pwc ^ u . Qp pf , ^ o " r APW ^ : ^ ' . ^» W » tK ^ WPJ ppasossihu , , tftwto : put .. , 9 f , ^ ho , jn ^ a , i ] s of „) iyfng , and wwtt » s . aQpondeoMn J » uv 1 Mo ^ ja , iy » w 3 ( . Gf » ab , ^ ^ o deal in \ masA ^ dvnnjtftgwwflKtwyns wi , i < U' fcUa Jlabquroi ' o ousted from ahr Bhare"pf ' ithe |/ lAndv 6 «< 1 tho ; adyant » gb po 9 £ K > sPe'dbj ! ihini ; 43 ' 8 hurod < by . aW othtapoapital-,. \ 1 \ U 1 i 1 . i . ' < m ™ . * '• '' vi ' . !«* .. ¦• iw « > ¦ --ill
ists . The wages of , agiicultural labourers have been the : siSriaara 0 F . Ma'ges Qirough 6 ut the community . Higher wages ^ tlian they received were the reward of stiperior . skill or a peculiar art , and iirere the' expeptJpn , not thc ; i-ule . So the capitalist tehant ^' rmer is the i ^ x-gatherer for the landlord . All / pihercapLtali ^ ts share his . advantages and his . ( iuties . . .. One .. rate , of profit regulated in-the main , ^ ac ^ prding . to all modern political economists , by the profit ; made by cultivating the soil , and one standard for wages , prevail throughout the community ^ In different occupations the rules of bbth aasey vary , but in all occupations they tend ^ 6 the standard of profit and the
wages obtained from cultivating ground . The peculiar importance , t h en , of the capitalist , on which he prides himself i § , that he is the agent of ail the recipients of rent , tithes , and taxes , and collects their dues from labourers . They are taxrgatherers for the bureaucracy . Like all such agents they share largfely in the spoil they gather , and it is in thid capacity ^ - * iotas joint producers oi the common subsistence and common enjoyments — -that they are cherished by the upper classes and disliked by labourers . Thiais the real source of the quarrel between them-. The time will come , though not yet , when they yvill be ashamed of being the instruments for extorting the fruits of toil from theii- natural , and right pw-JQers ..
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TTriday Evening . MoStet is easy . The dividends are now . in course of payment , which helps to make it plentiful . The best bills are discounted at 2 ^ to 2 £ . But it is remarked that the Joint-Stock-Banks are not over done with money , and gome persons , therefore , think that the present ease in tlie market may any day be terminated . The iBank of England * it is noticed ^ a great amount of private securities , £ 19 , 700 , 000 , by the last return , though _ they are somewhat abated by the' present return , which- ¦ ¦ will be found below . In general , a very easy money-market is anticipated , but some foreseeing men , remembering the panic in the early part of the year , and the sudden rise then
of the rate of discount , warn us that the present condition of things is not to le relied on . For our part we see no reason to anticipate any great infcrease -of enterprise , any new loans , or any extra demand for money , and as it is at present very plentiful it seems likely to continue so . Good bills are said to be scarce . The general speculation is ratfier , What'will men do with their money ? "In what securities will they invest it ? . " Will they find any but Consols , and railways , and Indian Bonds , in which to invest ? and will not all these go up ? Will they go into American or Russian securities ? That is a question which we cannot answer ; but we think that most securities will go up . Capital is abundant ; profits are high ; saving is going on ; and there are none of those gigantic enterprises now
a-foot , such as railways , which a few years ago tasked till our resources ; and people , therefore , must invest largely , it is supposed , in existing securities ; In consequence of the riae in the money market , and of some rumours from Paris of a Congress ; with more favourable reports at the close of the day from t » e Paris Bourse ... pur stock market liacf been firm to-day . Yesterday , it yas depressed , and so was , the Paris T 3 oiifse . To-dnv Conspls have been rising , and closed at Off for incney . After the usual warfcet iiowrs , tjiey . wqre done at 90 ^ . AU otljer stpcjcq and shares are , firm . Business was unceasi ngly abundant , aWl . seems JifceJy , for some fovr days at least , to cpntinue so . ^ .. ' ** , T 1 We hear very favourable reports of the Indo-China " bank—an ostapHshnjcnt wWoh se . pms lifcoly to be , serviceable to India ,, « ud probably tp \ ta pro-* &C f $ \ Q batik returns will be found in tliq following . ' page . ¦ ¦ ¦ ?• ' . ¦ . ¦¦¦
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. iTnday JBventng . Trtio corn markets fleenvgeiKpUyihardeniug ' .. They are flwner on the Continent t ! i » n at lioiwe , and flemjr in the markets of tho agulonltural diabrJcta than in tho other markets , wliich indi «» toa > that a slow but ceneral rise is coining . iBarloyfor njnlting continues very - scarce ^ and is per l » u » bel « 0 j ) er contiidearpr than wheat . They aro about tlie sama money , prlqe , und the bu » li © libf / wJ » eAt *» r « Ol » lM ft » w » ten , to .. twelve pounds-riioro 1 than ibaeloyv i , Jftrani ; lilic Unitc < l . Stattea we 4 » ot » r / of eorlyi fffOBtfl-.-vthialu IwvoHlftrawgodnthe maiisoCcorn ^ . but . wO'lififtr . fjoOnn ;» O , plhor quorle » x > f au 3 f - KJ « a or diwvjtor . iwhloljmaliOMUMOCcauiQUiavriemin puioo . - Jfrobably thoilmrwostitiinotfuartUn ^ atit qulto so . wxjll aaiwaa ; ant » cipfttcol j ^ vliiioitho . consumntion ;| ,,,, ( ... T . . /; ' ( -111 ; 1 - * . * kij ( >/ 'ji . l Hi'l / Hll l . U / y 11 ) . l JJ
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MONEY MARKET & STOCK EXCHANGE .
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GENERAL TRAW REPORT ^
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Leader (1850-1860), Oct. 15, 1859, page 1161, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2316/page/21/
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