April — sept. 1859.] Ancient and Modern times. 117 



awaiting the time, as yet apparently remote — when that institution 

 may be in a position to resume cash payments ; and the rest has pro- 

 bably been generally diffused over the Continent or been worked up 

 into various forms. As a matter of course, France received an 

 equivalent, which was chiefly in gold. Indeed, according to the 

 official returns, during the three years referred to, the imports of 

 gold into France exceeded the exports of gold from that country 

 by a total of £36,392,000. Deducting from this sum £25,780,000, 

 being the excess of exports over imports of silver, there remains a 

 balance of £10,612,000, which the French economists seem dis- 

 posed to regard as constituting a positive addition to the metallic 

 wealth of the nation. As a comparison of the returns of the 

 Bank of France at the beginning and end of this period of three 

 years exhibits a great decline, instead of an increase, in the Bank's 

 stock of bullion, it is clear that the ten millions and a half alluded 

 to has not been absorbed by that establishment. French writers, 

 of an optimist frame of mind, allege that it is circulating in the 

 shape of coin, and facilitating the enlarged commercial transac- 

 tions of the nation. Other parties are inclined to suspect that the 

 amount in question has been principally hoarded in the interior of 

 the country, this process being stimulated by the sense of politi- 

 cal insecurity, which is still unfortunately too rife, and the only 

 legitimate means of obviating which — we mean freedom of politi- 

 tical discussion, the Government still obstinately rejects. 



" It would be hazardous to assert that the drain of silver to the 

 East will prevent a reduction in the value of money, for very pos- 

 sibly this adverse element may be counteracted by other more 

 favorable influences ; but it will certainly, if it continue, promote 

 a good demand for money, divest large masses of gold to the Con- 

 tinent, and thus prevent a return to low rates of discount. View- 

 ed in this light, the silver drain deserves the attentive considera- 

 tion of every one engaged in commercial pursuits." 



I have given the article entire, it is ably written, its facts seem 

 to have been carefully collected, and it throws light not only upon 

 the subject with which I have been more immediately concerned, 

 but also upon others previously examined in this paper. 



