198 REPORT — 1855. 



only, and not paid. This shows the folly of deeming high wages the cause of the 

 existing distress, as well as the worse than folly of attempting to remedy it, as is 

 done to a pretty great extent, by immigration, at the cost of the very labourers whose 

 wages are to be beaten down by the competition of the new-comers, the funds for 

 the purpose being raised by import duties on the articles principally consumed by 

 the lower classes. The true cause of the distress is shown to be the insolvency 

 of the proprietors, which prevents them from turning the land they own to a pro- 

 fitable account ; and this state of insolvency was prior to the Emancipation Act, 

 or withdrawal of duties in favour of colonial produce, as appeared by some memorials 

 of the House of Assembly which were cited in the above-mentioned returns, referring 

 to periods intervening between 1772 and 1811, as well as from various other sources. 

 The evil had been growing up steadily for many years under a vicious system, and 

 there must have been a break-up sooner or later. The disturbances resulting from 

 emancipation, and the removal of duties in favour of colonial produce, contributed, 

 it is true, to hasten the crisis ; the alarm occasioned by the measures leading creditors 

 to force their debtors to a settlement ; but had not this revealed a pre-existing state 

 of insolvency, the inconvenience would have been but temporary. As it is, it cannot 

 be removed until much of the landed property of the island has been sold, and trans- 

 ferred to solvent persons. But it is impossible the Court of Chancery in Jamaica, 

 with all the faults of its original in the parent state, can fulfil this requirement. Its 

 procedure is so slow and expensive, that creditors often fear to set it in motion ; and 

 should they muster courage enough, they may find no solvent person willing to pur- 

 chase, owing to an apprehension of the title given by the Court proving afterwards 

 bad. In the meanwhile the lands get under the management, or rather mismanage- 

 ment, of Chancery receivers, and so matters proceed from bad to worse. And 

 these defects multiply with tenfold powers according as there is more work to be 

 done. Business gets into interminable arrears — is only begun and continued, but 

 never finished. The remedy for this is plainly the introduction of Encumbered 

 Estates jurisdiction into Jamaica. By a cheap and expeditious process, creditors 

 are encouraged to come forward to realize their demands, and the land is quickly 

 disentangled from the fetters of nominal ownership, should purchasers also come for- 

 ward. And this they will do, because the title given to what they buy is indefeasible, 

 being parliamentary. Such a measure has already been prepared, and will, it is 

 to be hoped, soon become the law of Jamaica. 



The price of Silver of late years does not afford an accurate measure of the 

 value of Gold. By Richard Hussey Walsh, LL.B.., Professor of 

 Political (Economy in the Dublin University. 



The supplies of gold of late have risen from about ,£3,000,000 per annum, their 

 amount in the beginning of the present century, to from .jg30,000,000 to ^-'40,000,000. 

 Notwithstanding the magnitude of the previous aggregate supply of that metal, 

 gradually accumulated as it had been for many ages, recent increased production 

 has by this time been proceeding long enough to have imparted a very appreciable 

 effect to the entire stock throughout the world, and we are thus led to imagine that some 

 analogous change in value should have manifested itself, and abundance produced its 

 natural result — cheapness. Such is not the general opinion, however. The price of 

 silver, it has been observed, which was 4s. \\d. per oz. a few years ago, then rose i. 

 little, and has remained since on an average at 5s. \d. Its supply, unlike that of 

 gold, has been pretty steady for a long time, and has not varied much from J?7,000,000 

 to ,£8,000,000 per annum within the present century. This steadiness in supply 

 has induced the belief of a corresponding steadiness in value ; and as the price of 

 the metal, measured in our currency, of which gold is the standard, has varied so 

 little, as before stated, it is argued that gold also must have remained steady in value, 

 as otherwise it could not have preserved a relation so nearly constant to the worth 

 of the other precious metal. But the mistake here is as regards silver. It is true 

 its supply has remained steady ; but the demand has fallen off considerably, and 

 therefore the metal must have declined in value. In countries using a double 

 standard, that is where payments to any amount may be made indifferently in sums 

 of money containing fixed relative quantities of either of the precious metals, the 



