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    STATE PAPER-CUltUEXCY.

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    point of view , seems rarely to , have been very great on the ^ mvnds of the parties e xcommunicated ; and w . e might adduce further instances had we spaee for them . _ And what beside these lightnings which gleam m the far-oil of time ; is the . papal anathema which entertains rather thaii terrifies the present ? It resembles strongly the excommunications which were enacted in that earliest seat of Puritans at Jersey , as described by Petek Heyun , ' . " chaplain to Lord Danuy , who

    blames ' . Elizabeth strongly for allowing the Calviuistic discipline to be there established . The processes were very much like those Ave have lately seen . On the first Sunday the offending parties are prayed for and remonstrated with , then the persons are named-without the offence , and then the offence itself . Thus mild and gradual AVrts the Puritan method . But sheet lightning may do good ; even the sham lightning in the play of the Tempeat is said to have turned one George ' . -Bitrton from a life of recklessness . What may , then , be the effect of the powdered resm

    of the \ atiean ? Sometimes the lightning does the most harm to those who hurl it . We do not know whether the Pope is a Latin scholar . Lucretius may be in the Index Expurgatorius of interdicted books , but we have " no doubt one may be found in the A ' atican library . Did heever read the following warning ?—. .-. ¦¦ . " Fulmina iriittit et iedes Ipse suas disturbat . " As to those two philosophic Fit an klin s , Lours N avoledn and Vierbit Emmanuel , they know * it seems , how to draw the electric . fluid from the clouds , and to render it perfectly harmless , though it seems to be descending upon themselves . around

    Perhaps they- will resemble that knight of Burgundy whose house , as the legend ruiis , meteoric bolts , some of them as bi g as milestones , were falling for three years , without once hurting him . -One Otiio , an excommunicated German baron , whilst ' under the curse , could not even get his dogs to take food out of his hands : we wonder if our two offending potentates will find courtiers similarly reluctant . The Church of Rome , with accursed hypocrisy , used to bite the hardest when she barked the least . Her " vatl < ' in pace , " " go in peace , " was the form for walling up offenders alive ; and when she handed over criminals to the civil-arm , ., it . was with the request that they should be leniently treated , which generally meant burnt alive .

    We have said nothing with intentional bitterness against the present Pope , whose spirit , naturally mild as lie is , seems greater than his prudence or his resources . In trying , to defend what he considers his patrimony he has acted at least more nobly than the King of Sardinia , and he has done what many of those who revile him would have done , if bred in his faith and placed in his position . He may be , saving their fatal end , the Charles-the First or Louis the Sixteenth of the papacy . He lias just the character of a victim , more weak than bad , and nnequal to the exigencies of his time , with the additional curse of bad advisers .

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    prepared . Mr . Wilson and Sir Charles differ a little on this point , for while the Minute proposes to have the requisite machinery for manufacturing the notes sent froin England , and that they * should be ' made , in Calcutta for all India , Sir Ciiakles suggests that they should all be transmitted ready for issue from tMsTcomitry . ¦ ¦ ' But having notes promising to pay sums of five , ten , twenty , one hundred , and five hundred rupees , to the manufacture of which there is no limit , they are all to be placed by the Government in the hands of an exclusive Board , to be called the " Currency Commission , " composed of one chief commissioner , the master of the Mint , and some other public functionaries .. The chief commissioner is to be the acting officer for the management aiid issue of notes and the others are to form a cheek on " the conduct of the department . " They ' arc to take care that the provisions of the law relative to the quantity of coin to be maintained in proportion to the notes issued , the amount of securities possessed , &c ; , are carried into effect . This chief commissioner , with the necessary adjuncts of secretaries , clerks , &C , is to have his place at Calcutta . There is to be another commissioner for each Presidency ; and deputy commissioners , one for each currency circle— -the circles are yet to be marked out- _ are to be ' appointed , with whom , in like mariner , some local functionaries are to be connected as checks . These deputy commissioners , under the direction of the chief , will perform in the various districts functions , similar to t hose of the Calcutta establishment . The business of the Chief Commissioner will be to manufacture :, as Mr . Wilson proposes , ' all the notes required for the whole of India , or , as Sir C . Wood proposes , to receive them ready inanufactured from the Bank of England , to adapt the notes for the circles , causing them to be dated from the place of issue ; to change notes for coin and coin for notes ; to purchase bullion ; to supply the local banks with notes ; to purchase arid hold securities in conformity with regulations laid down by law , and to give orders upon district banks for notes , in exchange for coin , Or in payment for . Calcutta notes , on terms to . be stated and published monthly . This is with a xiew to inland exchanges . In short , this Board will exercise in the main the functions now exercised by the issue department of the Bank of England-In order ' to avoid any danger of the system being " tampered with by the Government of the day , " the duties connected with the iss ' ue of notes are . to be intrusted to officers rendered as independent as possible of the executive Government . The Board is to do iio other business whatever , either for the Government or individuals . The members are to bo appointed by the Governor-General in Council , but removable only by the Secretary of State ; and their functions are to be strictly defined by an act of the Legislature . They are to be bound , under heavy penalties , to adhere to the regulations . The whole business is accordingly provided for by law . The notes which the chief Board is to provide , or to have provided for it , are to be declared Legal-tender throughout India for private persons and Government business , except only at ^ the different places of issue , where they . must be paid in coin . They are , therefore , to be substituted for money , of which they will perform all tho functions , Mr . Wilson lias some doubts whether all notes miiy not bo . made payable at the " presidency capitals within which ' they are issued" ;—a condition considered by Sir C . Wood to . be of * importance . " He would be sorry , " lie says , "to niul . it impracticable , " though it may involve sonic difficulty iu securing nt every such onpi / al , at all times , coin sufficient to * pay the notes which might by possibility be . presented . Assuming this difficulty got over , tho- " notes will be payable for revenue every where ; each note will be payable in coin at t noplace of issue , and nil notes of the Presidency wherein ¦ issued will be payable iii coin at the ? capital of the Presidency . " It is an essential condition of bunk-notes promising to pay on demand , in order to maintainconfidence in them , that , they should be always pnid on'demand . To secure- this payment , or the instant convertibility of tho note at the plnco of issue , the commissioners , Chiefs aiid deputies , are to bo obliged to retain , at all times , an amount of coin in their possession nevor loss than one-third of the notes issued ; and for the remainder of \\ w issue ,-. they arc to hold Government securities . It is , imeordingly , supposed that by regulations in India that may bo aoeoiuplishetl which no regulations have yet sufficed to accomplish in Kuronc , and under all contingencies ' ,.. without any further liulp iVoui legislation , such as suspending its own enactments , secure , tho instant conversion into cash , at the option of the holder , of every , note issued . TJvis ia probably a mere dream , but the practicability ts assumed , and on tliat assumption promises to pay on demand aro to be issued by tho Government , and niadq legal tenders !' - >» ' 1 U purposos for which money is used . This is a very complete and gigantic-system for n rotate paper-currency , —obpnt its probable effects tW . ro will by very tUlleivnt opinions .

    INDIA is to have a State paper-currency . Mr . Wilson lias drawn up a plan to establish it , and SirCiiAK . LES Wood is quite ready to snnction the " introduction of a circulation of Government paper . " In truth , the plan appears to be , in a great measure , his oavu , and Mi \ Wilson is only carry ing into effect some pre-arrangeinents with him . " Before ^ ' ir . Wilson left this country , " says Sir CiiA ] itLT 33 , " I had , in cominunication with him and the Governor and Deputy-Governor of the Jlank of England , considered the general question of a paperrcurrency for India , and the proposals submitted by Mr . Wjlson in his Minute embody the general features of the scheme then suggested . " Thore is intrinsic evidence in the plan that it emanates more from Sir Cuaultcs than Mr . AVilson . With otic or two trilling recoinmendfttions , lus observations on Mr . Wilsqn's proposals are approvals .- He cordially assists in carrying them into execution ... - Ho has taken measures , in conjunction with the Bank of "England , to forward a supply of notes for Calcutta early in Autumn , and wo may confidently expect that about that time Government notos will be put into circulation in Bengal . Tho most envious critic cannot accuse cither Sir Cuaiimss or Mr ., Wilson of a want of aenl to serve tho Hindoos in this matter , and bestow on them all tho blossings of a Stut . o paper-currency . We may say tho thing is positively to bo done , and all wo . have to do is to lay before our readers , from Mr . Wilson's Minute , a brief outline of his By the agenoy and help of tho Bank of England , which has put all its resources at the service of Government , foregone all its " exclusive privileges ,, with respect to paper , water-mark , printing , " kcs ., notos like " thoso issued by it aroat oneo to bo

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    346 The Leader and Saturday Analyst . [ April 14 / 1860 .

    State Paper-Cultuexcy.

    STATE PAPJSR-CUltHEXCY .

• Citation
  • Leader (1850-1860), April 14, 1860, page 346, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2342/page/6/