IMAGE EVALUATION TEST TARGET (MT-3) 1.0 I.I 1.25 I JO '""^- 1^ IM It 1.4 IM 1.6 ^ ^^ >> c?m 0% '-'^ ■a. x> ^^ /S c^^^ Sciences Corporation 23 WEST MAIN STREET WEBSTtn.N.Y. 1458C (716) 072-4503 CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques y HO cliarging iiK details as to Iv'er our fixed V'rioo of (lold down to tlio tliat tlio Workiiig-C lassoH still remain so ignorant as not to know tliat the low power of money -or, iu other word:,, for lowering tlie eAclinngejiblfi valuo of j.rc long and most cruol txpcrionce, that tho pi-incipie tif the Money Law of UJI!) p Demand would naturally award to it, by leadiuff to the export of Oold I'which u •u:/u:;never the Foreuvner jirfferf (akivg (tohi. wbicli he of «:-c.ur?o doe-, linlcH th< (even although that mme h'ureigner did not import into this country '.old or otl price for the Foreign Commodities m payment of which the imbecility of our clearly, that the fact of Oold being absurdly tixed at tiie same low rat.' when it aa a commodity necessarily lixes down, as the general rule, to the same low, u Commodities, which ha/e to bo sold againef Gold :is a Commodiij to Foreigne Our Official and .Annuitant Classes thus participate in the mon.strou^dy undue a -Artisan, and this -acriJioe of our Workuig-CJasses operates a permanrnt reducti himsielf that ho ceases to be a consumer of other than the merest necessaries, a i Free-Trade system) i\w product of foreign labour, in payment of whicii the I'-m price of (rold in this country being at an udviince over the price abronu, k ,( profit whioh the free ami unrestricted operation of the natural regulator of prir would award him. And, as iu this state of dogradaiiou in the circumstanced of c be able to attend io Politics or Public uestion3 without fatally injuring their fan few leaders among themselves except bad men and bad subjects-- who. by ti f/NJVEKSAi ScivnAuE. Now, however, a total change in their views of whai which cannot fail to secure them the active sympathy and co-operation condition have eagerly caught at such absurdities as Organizations of \a wore excluded, just as sinking men catch at straws, but Uranm they havt ing Masses will no longer permit their reason to be in^;u!ted by /^(; silli; di the only possible cause of increased wages is increased tinployment, which i and 118^ the Working Men's distresses having led them into a niucli betto! of labour) than is possessed by the Mid«lle Clas-es, they see that to raii'mtf their nages p^'ntianentti/, .— Sir,--Tho lata cIovct article ot the ' Times,' on tite nuuner in whioh iin un- usuiiUy great iinp<.rt "f i^old niMild opvriit" on the curreni-y, lias >lc'lighti:d as muclt h.- it ii.is surprised all nion''tar\ I'efinners, whoso tear.-' iiad been i^oiuewhat rtlarmedby -.'ertain obs'iirc ami t'>rtM0iis hint- in a Do ceinl)cr numfier at' Sir Kobert ['eol's organ, tin ' Mornini; Chroniojo,' iis t rarn h ^.n!!*: sir II. P.M'l has beoa l.:i cm ^^• only "o understand the piactic; of ISIO. l.-ndor it (with ,.olu h jii-'co abroad) our couinio'cial li lie a Bucce.-^sion of ruonoy |>anic [)05siblc to attain pro,-})eritv wi ' au.so of innnediato di.ifcress in su.nce— witli ^ages near tho si countrv, tho foreigner iind.s he on ou(i!;e e:s, a ia)-k home Imdo inam rai.si perit} 'point thcr oiii-t 'hi.' ,bo ' o-en.)oted by our to-day- well leil iu'.. operatives. But there is Hk'. piospid, wi sup)ily of jicdd, of tl>e i.tblra hcio P<;tl and hi- Inll and it tho | !roii\ .f^.i to I . i t!'i ouTici tl < |V()('l>C({ it.'-.cit t _J_ JiU H cuiro II iiat! as usua J' J- 1- — I bad .ability to only g..t (i4 yards for L LATIOH ON aOLB ise cot of anv suooesslal attempt in Parliament to perpetuate the principle of Sir R, F'eel^ Money Lftv of ed \ rioe of hold down to llio value to which Oold may fall abrcad ; for we d H:eive onraelvcs if we suppose Bs not to know that the lowering of tli« price of Gold is an cr the British operates a permnncnt reductio.i in the price of British prcducls. by so prostrating the British producer an tho merest ncce-.-,ar)es, a large proportion of which being eatables, now are (under our irreciprocal m payment of which the I'oreigner will never take anything hut Oold till compelled to do so by the E) over the price ahronu, v. ,ual at leaht to the amount of the taxation paid by our Artizan, and the fair the natural regulator of prices (the irflucnce of the Law of Supply and Demand in his particular trade> :mou m the circnmstan<;es of our Workirg-CIassef. few Wurkino Men are in so independent a position as to hout fatally injuring their fanulies. it has necessarily followed, that the Working Men have been able to got and bad subjects, who. by their conduct, liave deferred the trirmph uf tlie'great Chartist Principle— [•hange in their views ol what i.s their true interests is coming over the convictions of our Workint! Men sympathy and co-operation of all our Propertied Classes. Tho Working Classes, in their sinkiug ties as Organizations of Labour, CommuniMn-- .nd Associationi.'ms, from which the Capital Cla.-ises traws, but straws they have found these delusius to he (however well intended), and our Labour. lo be in;;ulted by /^(; silh: durtrUu;. lliat laho'ur is a fCiaml-i interest. The Working Men now see that reased tinployment, which c«a only arise from iniprovina: the condition of the employers of labour- ;d them into a mucli bett.^r knowlc(igo of tho Money \>uestiou (which is in reality tho questloii JIa.i-es, they see that to i'Hi-ea.«e the number of bidders for their labour, tlw only me-tm of eration of cur .Money Laws must be n:ade as will permanently Keouce iny ExrHANOKABLE nailer .puintity of commoditie;-; come to stand for tho sHnie amount of Money, it is evident that less of the hing. 'I'l-"" 'I -'•••t — .- -.1? -.11 .1 , ii ,,.!,. .-,...... 3 'jpper 111 improv Thus the intere^ts of all -dasses e,x.!ept the Officials, Vnnuitants, an conduct •oved leadership, will .soon be in a po.sitiou to demand and lo carry Vm\ lr.sai.. Sufi-raoe as thb 6V. if the Money power is found to bo so stronj.* in Parliament, as at present constituted, as to prevent jastioo idiatiora of the Monetary Schemes of Sir Robert Peel and the usurers. bc'vii the I au.se of so rariib ::.ufl(f!riTi;; to tii- BiiIijCith a« Nil- II. P.M'l lias beou U> cm 'ivorking-clnsEi^s, »r havi' only '-o iin i-?7i/ he a Buccc-^sion of ruonoy |>aincs, for it i,s atti'rly im- possible to attain pro,-})eritv withnut iTfshf.'Oiniii!; the ' iiu.so of innnetliat<- di.strefis in this country. For ni-. su.nce- witli \';age8 near the .-^tiirvution | oini in this oountrv, the Ifireigner lind.^ he - ,m for \,A uet i iihcr on nua,-;f> nf gold "r SO vard- of olotli a; Is \vv yard, md hi' niiiy prohahly take tho clolh m preference , but ns .-oon :i« prohpenty raises prii'tis, say 'o Ics 'M pei yard, ll;e !oreigiie\ finds his a(]\,iiitui.ie in ,'iik:nLi ft-^ay our :;old. of which, from its heirs; fi.\cd iUfiic, he tan ,-tn! ^1 1 ;ni ounce, while of tho c!oth he i.nii m- u onlv g..t f)4 5ards tor \.A a state of thinos iht i';(!re gnliinjj; .\\\'\ positively iue:s, The luormrt liowever ^lir)-k home teiuU) inain rah-'C!- piiee'S to the • pre^- jicrit} ■point ther uiii-l 'he'., hove hi ruiv-ttarv- ws, operatives. But there is tlu; pniEpccl. itisoig frooi an increased ■ iipjd) of liohl, ul'the i.thleg heinj; turned on Sjr Kohevt l.\'tl and hi- ImII arid ii th>' pno' oi gold .roes down 'ri»ii\ J^.I to I.'i t!'i oiiiin tie f<^M.>ri'j'.'ii ■■- ill e- fen- <>i '\iA from scarceness, opjtosod the pound sterling being •<( ;(/■' tnruH e<(iifd fo a quarter of aii oaiico of g(iM, wr must, ill the now altered prospeft.«, resift not only liny iucriase of tho woi^rht ut the sovereign (or, ii) other words, any lowering i.f the price of gold), liut UlUi.K '..OLD AISUOAR Ii t MA I NS UNDEK OVIl NO.IVII- NM PEVri (IF L.4, 'iVE MUST I'RKl- ER Ttl.K I RESKNT .MdNK V LAW TO .^ JVYSM'EM OV I'Al'.EK MONEY lONVER- TlfU 1-; \\ ru K MA (i K K T i'lUCB iSV OOX.D, ,VS 1 HE FUK- ,«EU tIND.S MORK T.HAN 'lllK LATTER TQ IMIEVENT THE liWuiiT OF GOLD. In tho latter way there would be '(10*0 inducement to export gold as a sjieculation, ,is tho tor-'igner weuld get more weight of gold for tlie p;ipei po>ir,d. In tlie latter way if the gold wtis worth L,'J in the market, the paper pound would buy h;i!!-ai:- ounee of if, while in the lornicr way tie p.iper pound would only buy n, sovereign, or a quarter of an ounre ofgohl. On the other hand, it is equally denr, that with the priie ahovo L.4 our iLvrd price, the paper system U-. aid I'est checV the expert of gold, as tlien, with L^'dd at \i,'t the ounce, the l.cariTof a pound iiote would .oily ;.r,.t l..">th ot an ounce by thi.s sy.«itein. wliilo by tho other he ■vcould demand a sovereign. T'tl 'CIS I'll "i .- AViili iiii' loii'igii price .'fffuid beion" ourllxcd nric, I'J is BI'l. l DKDLY THE INTr-I! KST (.'K Olh INiyi.'sl'RY THAT wr SiU)TLD6iU>'l'.'il,NTHE LaW ■v.? n NOW -^TA-VOS, AN[' VTiEFKU THE liOLD TO THE I'ArKU COUNTER, A.'i TENDIM.i MOKl' TO EMinRACiE THR IMt'OI! J'ATION VROM A.MERICA uF THE I, \U(JEST r-ll'^SlULE .«HAHE ()!• Till GOLD NO -.V (iETriNi. I Nf (ALI h'CK.M A, Tho Aincican will bring lootegold • !. rti if he (■ -. ,. tf> get. at the Briti.sh Mint, four i-'VC' ri i'lr') lio iii > rii,:c:o of «old. til n if t!,-! roiiun,,! rtu-.rket if to only g.t -rnary contend against trie law being .iltcrod so as to ri'iime its prion to the foreign level when tho value of gold falls abroad, U'bi rtin consistB, I fihould like to know, the .lifferem-e l>etveen the j'tti'^eut position of the 'Times" and lli't vit'ws of the monetary rf- formers against whom it has so long and ho ably battUid '■! They have insisted that gold should bo per- mitted to riso from liA tbo ounce, say to L.5, and tiie ' Tinits' does not now object that j^old in price? 6hi>uld rcvr'iu iixed lit L.i, although ita value altroad reduces to L.3. No oito can help praising the consistent liom sty of tho ' Times' in its de :isiou that, as in 181!) ujoM was by law jixed down to a price lower than its natural or average price in this country, without the debtor class being enabled to dischaigo t. cir Uebt.s with proportion • ably Ies8 gold, so in 1849 tUo debtor should have the same nojust advantage over the creditor <'las.s. as tlie ' least reparation the latter cnuld ofHu-. Monetarv i refoitners must however deplnre that the ' Times' asid , the biillionists should have taken so It>w n position in ' 181') in regard to money ana curren<:y as to view tho the lazy rich, tmnuitant.-^, or iion-pro. ; ducoi-s of wealth. And wo can neither be certain iliat ' the bullionists v/ill act like the • Times' at the presint juncture, nor that the present fortunate decision of the ' Times' flows from any other or higher jiriiiciilo | than "lid its most unfortunate o;iinion .is to the money change in 1819, In fact, as bulliouism in tlu past ! has been the antipode.s of patriotism, 'vc can scar"oly expect the bullionists now to adopt thk primiple | OF THE MONETARY HKFORMERS, THAT THf. DI'.VELOP- ; AIENT or TIIV NATIONAL INDISTRiT, OR THE INTE- RESTS Of LAFiOUR, IS THE ONf.V THfNO I'O UK HAD IN ! VIEW IN THIC KlXiULATlOX OF I'HE MONEY I.AWS; 01- ANY COUNTRY. Wo ought to be prepared ibr their ; attempting to reduce tho priee of gold with ns when h : reduces abroad, and to //,( it at a low foreign jtrico, thus perpetuating and increasing all tho present mis>?- ries and degradation of our workiog-rl.isses. And it ; behoves us then to think wliether we can expect that i the working men will stand quietly by, and see tlie ', throat of their now golden prospc^cts thus audioiously rut by ft 'onspiracy of Jews, money-mongers, an-l cos- , niopolii^os, headed by Sir Robert I'eel. The attempt of the rminey power to neglect or t,\ ranni,:e, a- hitherto, over the labour power of tho country, would at least drife thous.i,nds of the middle and upper ciasse.-- to g) for the immediate ailoptiou of Unisersa I Suifr.igc. as i the only means of preventing gre;iter poHtieal changes ! N'olhing but the most abject political ho!;)1(:6sncs5 ; coiUd havti made tho working- clnaties endore tip to thus l day Sir Roljien. TenW money law , To nee tin.'., and u, i b« latljU^d that ao t>rant jr> any country Iias ev^r j onh p..tH4 jaids for !,,-) ;i -t.!! oalling ,md poeitixely iiirust to it is cletir that for tbo cr.: imodit hiiiitelf imported hi- niufct haveg pcrity' price, The export of g( facilities, and thiH le« ens the em; ing-dassi;*. M ages ;irc thus standard of our fixed price of gi again comes into our unukets. a liri-ik home tiado .nawn raisei perit} 'point, tin n must tho ahoy. I e-enacted by our to-day- well ted- ing operatives. But thero is tho prospect aris supply of irohJ, i,f the tables being Peel and his lull, and if the pr from L.4 to L.;J the ounce the tially have lu.-covue the sam(t i which it h,isbeen the object of ra at through the establishm. ut < money without intrinsic value). Robert Peel built his <;rront)ou8 embodied in his bill of 1S19), m tho ounce. Iieing no longer t!ie st gold as an aiticlo of export wil competition with our manufacti tho foreigner who cpurned gooU because he had in his v)ptioi GOLD at the forei',!;n price, will the ket, and by s\colIuip: the nutahe British labour, will still more wages. Tho issue of piipur pounc (or payable at the London murk. tho only remedy while the foreign our fixe.) pric.', In no other w" i prices long be got by our mauutuct even when they had an exteusi wares --while the art^''lf' gold ah cheap when scarce aii when ' onntry But if the foreign to be greatly and permiun |j.4 tho ounce, or a quiirter ot for our pound pose of enabling prices fd' liritish to tho level of the demand for ther out; ] iSl.l) PRJCI. AliOVE THE 1 I SE BY VH 01' THl, nOLt) MONI'V j WILL HE Far I'RETERA tit.E, as ha vantages which in oar circumstan^ ed tho principle it (roe import-) ' |iortatiee in increasiiig tho emploj taining ilio wages of our work in. continue to make gold tho basis o culation and facilitiC'-i, it is es ide ciur industr',' that tho v.reti'test gold bo imported, as est. nding th import of g((ld bein;r an evidence tho export of it is im evidence ]ii>rting Br;tis1ilab<.>ur, All therol CC'VO that w:i ought to prefer tli l''jal t< I'dci- for n jur ml ,w\vin the 13 below \i.\ tho ounce if therel>y )io!nts of preventing gold being oouraging gold being imported ii titv. FIR8TLY.--0n tb<. samo pri oi British indniitry) on which X when jfold teuded to advance a,! our retention an on lice of gc terling, Will 6 nU p. t H4 )ui prlco of gold >;!oc.s down oni Ij.4 to L.;{ the onnce the sovereign 'vill e;:Son- ally have bijcorne the samct iiiconv crtibh* counter hich it h.isbeen the ohject of monetary reform to get I through the establishm. iit of paj.er money (or oney vithoat intrinsic value). The faefon which .Sir obert Peel built his <;rrouoou8 theory ofnioi]ov(«^ nbo.iied in hU biU of 1S19), no Ioniser e\i-tiiig'. L.4 ounce. Iieini,' no longer t!ie standard of the worJd. lid aa an aiticlo of export will no mon- conic into nipetition with our manufactures. The monov of foreigner who ppnrn'>a jjooUa at a British i>rico. Ccuiso he, had in his option THE iiiMMOlMTV (LD at the foreii^n price, will then como into our mar- it, and by sMolluip- the nutahec of c(.nipetitorj for •itish labour, will eiill more enhance prices and i,','t3. The issue of paper pounds ua the le'j;ai tejid( r 1 payable at the Loudon raarkot price of li'ld), was only remedy while the foreign price wa.s as high as r tlxeil pcic, [u no other vay couM remunerative icesJor.gbe t;ot by our mamifacturert; and produeers, m when they had an es-trinsive demand for their ires --while the an:''If' gold always existed . (jaally eap Avlien scarce aii when plontil'ul in this antr,) But if the foreign price of gold is be greatly and pernian(>ntly lower than i the ounce, our retention of the .sovcroi^n, a quarter ol an ounce of gold, us the counter ■ our pound -terling, will suit the s.iiHe {"ir- se of onablinj^ prices of I'.ritish coninioflith's to rise fchclevol of the demand for them; and indeeil WiTU K J-ISI U I'RJCl'. AliOVE TKE TORCIUN I'RiCE, Till E BY DS Of TUl. .iOl.t) MONirV AS A 1.EGAT. TENDEP. [I.L i.'.E Pa FU'REPERAlitE, as haviuij two indirect ad- ntages which in onr circumstances (as basing adopt- tho principle it free import-) vvill be of \iral ini- i-tauce in iiicrea.biiig the employmont, and thns sus« niiig the wages of our workiiijj-elasses. '\\ hile ive atinuo to make i;o)il the basis of our bank-note cir- lation and faciiitie-^, it Is es idently the interest of r industry that the greatest amount posiblo >f Id be impovted, as oxi.nding that basi?, besides the port of gold bein;r an evidence that v.-o are, juit as 3 export of it is iin evidence that wo ai o not, ex- rting British labour. All therefore will readily per- ve tluit iv:) oie.Tht to prefer the sovorei;j:n as oitir al Ui',(kr /or n, /n'lt'l, wlvm thi' foroii^n price of g lUl i>eb)W Jot the ounce if thereliy we attainfold tbuded to advance ibo^ c "ur Jixo^i price . 'per pi would only buy a sovertigii. or a quarter cf an ounce 1 of gold. On the other hand, it is equally clear, that with the price above L.4, our Hxcd price, the paper system would best check the export of gold, as then, with L'ohl at L,.''! the ounc<>, the hearer of a pound note wonUl only get l-.'Jth of an ounce by this system, wliile : by the other he would demand a sovereign. j 8E('01S UL v.- -With th(! foreign price of gold below ! our fixed price, it I.S DECIIUiULY the INTKIiKST OK OIK INDUSTRY THAT Wi: SHOULD SUsTA IN THE LaW AS II NOW STANDS, AND I'REFKK TUK tJOLD TO THE I'AfEU COUNTER, AS TENDING MOltE TO ENC'(H;RAretent the low fixed price of gold ( hietly operates on jirices by upsetting our currency through leading to its export), the price of goM has only an indirect and often remote effect on them to the extent it increases or decreases the demand for goods. Now (supposing wages to have risen 50 per cent,, or the cloth to hii,\c risen in price to Is dd, whose Peel or ■itarva tion price I assumed as Is), the American, if he got 4 sovereigns foi his onnce of gold, could buy 53 yards of the cloth, whereas, were the market price of gold down toGOs an ounce, he being paid in paper pounds, woidd only get 40 yards of the cloth at Is (id for bis ounce of gold. Thus it is clear we should get more gold from America by sustaining our ]>resent money iaw, and this is vital for us, not only as securing us larger sales oi" manui'actures, but as the less gold the Americans retiiu to themselves the slower will be tho (levelo|iment of their banking system, and the less ability thoy will possess to hold their cotton for high ])rii'es, and to increase their manufacturing opposition to lis in their own markets and those of other countries. Had the Americans not required to send away, to carry on tiieir w^r in Mexico, the gold they drew i'romus in 1847, they could have held their cotton for speculative priciis last year, and thus aggravai:ed indefinitely our manufai'turing distress in ciiie e.ountry. I lr;p(; the \ ast importance of the subject or MONEY at this particular moment will be held sulli- cient apology for the great length of this attempt to -ati-fy thos« who have no time to reflect on such sub- jects, or whotie habits disable them from forming a judguii'nt for thimsehes, that (although with gold s 'arco and tending in value above our fixed price, our money ought to be ]>!ipor pounds convertible into gold at itsinarket price in thiscountry), it will become the inter(;iit of our industry to sustain our present monty law if the price of gold shouhl fall so much abroad as to leave Tin, sovEUEliiN so far above the foreign price as to be what monetary reformers have always desired to see the pound, I'IIactiuallv an INCONTrovkr- Tiiu,E 1 ouNi i;k. Yours very rG--pecttully, ISAAC BIJCHAN.VN, f orin^^rly Member fnr Toronto in riie first p5