Chambers's Edinburgh Journal, No. 420 - Volume 17, New Series, January 17, 1852 by Various
page 46 of 71 (64%)
page 46 of 71 (64%)
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realise to themselves a distinct and accurate conception of. And
yet--and what an idea does the fact present of the multitudinous resources, the unrivalled industry, the latent power of this country!--all that heap of precious metals, all that is besides in circulation, with the addition of the bank-note currency, is comparatively nothing when weighed against the true and real exchangeable wealth of Great Britain; wealth of which this coined and convertible paper-money is merely the standard sign of value, the recognised medium by which all things are bartered. It is easy to give one or two significant and startling illustrations of this fact--significant and startling in other respects than in enabling us to see pretty clearly through the currency-cobwebs industriously woven from time to time amongst us. All the money in the three kingdoms, the whole circulating medium of the realm--gold, silver, copper, paper--does not certainly exceed, if it reaches, which is very doubtful, the national revenue for one year, to say nothing of local rates and burdens! And it would, moreover, require all the money circulating in Great Britain and Ireland, including notes to the last farthing, to pay for the spirits, beer, and tobacco consumed annually by the people of the United Kingdom! The note-issues of the Bank of England are about L.19,000,000; its reserve in gold and silver, as we have seen, is upwards of L.14,000,000 sterling: these amounts added together would no more than about discharge the alcohol and weed score of the country for little more than seven months! Lightning-flashes these, that throw vivid gleams over the industrial activity, resources, powers, plague-spots of this mighty, restless, enterprising, but far from sufficiently instructed or disciplined British people. But let us enter the great money-temple. Very imposing to me has |
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