TRANSACTIONS OF THE SECTIONS. 199 



growing abundance of gold has led to its employment instead of silver. The most 

 remarkable instances of countries where such a system prevails are France and the 

 United States. To give an idea of the extent to which the demand for silver has 

 there fallen off, and that for gold advanced, in 1849, before the late discoveries, the 

 coinage of the former metal for both countries reached the amount of ^8,000,000, 

 and that of the latter about ,^2,000,000 ; while in 1853 the silver coined was little 

 more than ^2,000,000, but the gold above ^23,000,000. This new demand for 

 gold, it is true, has contributed to check its decline in value ; but, on the other hand, 

 the falling off in the demand for silver must have brought down its value ; and so 

 much, therefore, must gold have declined over and above the change manifested by 

 the slight alteration in the price of silver of from 4s. lie?, per oz. (on an average) 

 to 5s. Id. This shows what has become of the recent supplies of gold, a question 

 often asked, besides conveying an important lesson as to its change in value. 



In confirmation of the preceding, it is to be remarked that prices generally have 

 been rising of late ; and as there seems no way of accounting for the observed fluctua- 

 tions by reference to causes peculiar to each, they must be partly attributable to a 

 depreciation in the value of our currency ; that is, to a depreciation of gold, it being 

 our present standard of value or measure of prices. 



Before long, gold will have ended its effect in displacing silver ; and its extra 

 market being thus filled up, we may expect a rapid decline in its value. Should 

 such take place, all pecuniary contracts must be deranged by the resulting rise in 

 prices, and impediments to the formation of new ones created. To obviate the 

 mischievous consequences which would thence follow, the standard should be changed 

 from gold to silver ; bank notes and other instruments of credit thenceforward en- 

 titling the holder to receive a certain specified amount of the latter metal instead of 

 the former, as at present. The only inconvenience this could lead to would be, that 

 in England, where no notes for less than ^5 are permitted, it would prove trouble- 

 some to carry about one's person so much silver for making payments to any amount 

 under ^5 as the change of standard would require. In Scotland and Ireland no 

 such effect is to be apprehended, as there £l notes can be, and usually are, employed 

 in adjusting all domestic exchanges in which the sovereign exclusively must be used 

 in England. But is there any good reason why ^1 notes should not be permitted ? 

 There are several arguments to that effect certainly, but not one that appears valid, 

 at least under existing circumstances. The plain and obvious remedy, therefore, for 

 averting impending monetary disturbances is to adopt a silver standard, and allow 

 the use of ^1 notes in England as in Scotland and Ireland. And from this might 

 be derived an auxiliary advantage. The issue of ^1 notes not having been permitted 

 of late in England, is not the subject of a vested interest in bankers, as is the case with 

 notes of larger amount. Hence on the same principle that under Peel's Act of 1844, 

 .1^22,000,000 of notes unrepresented by bullion are allowed to enrich the banking 

 community, whatever amount of iCl notes might safely be left unrepresented could 

 justly be appropriated for the benefit of the pubhc and relief of the tax-payer. 



On our National Strength, as tested by the Numbers, the Ages, and the In- 

 dustrial Qualifications of the People. By John Yeats, JF.R.G.S. 



Great Britain has a relative as well as an absolute existence. It may be regarded 

 as one of the industrial communities of the world — as the heart of the British em- 

 pire, or as the home of the Anglo-Saxon people ; but in each of these points of view 

 it is becoming, territorially, of less and less importance. 



The soil and natural resources of surrounding states are improving, while the 

 superiority we once enjoyed, in the possession of raw material, has been sensibly 

 impaired, by the increased facilities afforded, by steam navigation, for intercourse 

 between the most distant parts. Unless the waves of the Atlantic subside, our 

 littoral frontiers cannot be enlarged, but the colonists who have left our shores are 

 spreading in every direction, and Anglicising so much of the globe, that we may 

 safely assert the English language is spoken, and English habits and feelings are 

 predominant, over a tract of the earth's surface fifty times as great as this our 

 island home. To maintain our position, we shall have to put forth all the national 



