Chambers's Edinburgh Journal, No. 449

There are not wanting persons to whom this accession of treasure to the country is a subject of panic. The annuitant dreads a depreciation of the value of gold, equivalent, of course, to a general rise in the price of those commodities which conduce to his comfort; or, in other words, to a diminution of his income. The millionaire sees rivals springing up on all sides from the mountain of gold. Many in every class, who are at ease in their circumstances, and would fain have things remain as they are, look with dislike on a state of things so new, and wish that the 'diggings' in California, and the gold region of Australia, had never been disturbed by spade or pickaxe.

If gold were not our standard of value, no such panic could exist in any mind; but, on the contrary, the abundance of a metal so pre-eminent in beauty and utility must be universally hailed as a boon. Silver is now the legal tender in most countries of Europe, and used to be so in England, till it became too abundant; but where transactions are large, silver is too cumbrous: a man can carry L.500 in gold in his pocket, but L.500 in silver would require a horse.

The reason why these two metals form the money of the most civilised nations, need not be gone into here at any length. 'Their qualities of utility, beauty, and scarcity,' says Adam Smith, 'are the original foundation of the high price of those metals, or of the great quantity of other goods for which they can everywhere be exchanged. This value was antecedent to, and independent of, their being employed as coin, and was the quality which fitted them for that employment.'

We have printed the word scarcity in italics, because that is the point of alarm. 'If,' say the alarmists, 'gold, which has been in all the world's annals scarce, is to become plentiful, one of the conditions of its fitness for coin is annihilated.' To this we reply: Scarcity is a relative term. Actual scarcity of a commodity may exist, to all practical purposes, in the midst of an abundance of that commodity; because scarcity is occasioned by two very different causes—namely, limited supply and excessive demand.

An amount of gold coin which would be very large for a small community, might be very insignificant for the use of a great and populous nation. In August 1789, the bullion in the Bank of England amounted only to L.8,645,860; but we think that was a larger sum for the Bank to possess, in relation to the population and trade of England at that period, than L.22,000,000 now.

In 1801, the population of Great Britain numbered about from ten to eleven millions; in 1851, nearly twenty millions. Whatever quantity of money, therefore, was necessary for the former period, a very much larger, perhaps a double quantity—supposing an equal degree of prosperity to exist—would be requisite in the latter.

This necessity for a larger amount of coin is obvious when regarded only in relation to the increase of population. If population continues at its present rate of increase, a much larger amount of coin than we possess now, even with our L.22,000,000 of bullion in the Bank, will be required to keep pace with its wants. But this is not the only view of the question. The population of 1851, it must be granted, required a larger amount of coin than that of 1801, or of any former period in our history, supposing each period to possess an equal amount of prosperity. But how stand the facts on this question of prosperity? If it should appear that, while more gold is discovered, more iron, more tin, more copper, more of every other mineral is also found; that more wool and cotton are produced, more corn is grown, more ships built, more houses built, more towns raised, more countries inhabited, and last, not least, that railways begin to intersect every country, old and new, and in combination with steam-ships on the ocean, to facilitate the communication among them all—then it would appear that they required a larger amount in proportion to the population; and that if prosperity continues on the increase, so constantly progressive will be the necessity for more coin, that scarcity will be a term applicable to gold, in all probability, for a long period of time.

The fact is, that the increase of commodities has been, in many instances, far greater than the increase of population. In 1740, the total quantity of iron made in Great Britain was 17,350 tons; in the following hundred years, this quantity increased considerably more than a hundredfold, being estimated at the later period at above 2,000,000 tons. In 1801, the Cornish tin-mines produced 2328 tons of metal; it took only thirty years to double their annual amount. The same is more than true of the copper-mines of Cornwall, which produced in 1801, 5267 tons; and after thirty years, 11,224 tons. In 1828, the quantity of sheep's wool imported from Australia was 1,574,186 lbs.; in 1850, it was 39,018,228 lbs. In 1801, the coals shipped from Newcastle were 1,331,870 tons; in fifty years more than double—namely, 2,977,385 tons. These are only a few examples gleaned from many of a similar description, and to them we will only add the fact, of a kind totally new in the world's annals, that a sum approaching to a moiety of the national debt is now invested in railways in England alone—namely, upwards of L.350,000,000.

By a late police report, it appears that 60,000 houses have been added to the metropolis of England in the last ten years. These would alone form a large city, requiring much gold and silver for money and luxury; and in this question of gold, the requisitions of luxury must not be forgotten; they form an important item, and are commensurate with the necessity for coin.

'When,' said Adam Smith, 'the wealth of any country increases, when the annual produce of its labour becomes gradually greater and greater, a quantity of coin becomes necessary, in order to circulate a greater quantity of commodities; and the people as they can afford it, as they have more commodities to give for it, will naturally purchase a greater and greater quantity of plate. The quantity of their coin will increase from necessity, the quantity of their plate from vanity and ostentation, or from the same reason that the quantity of fine statues, pictures, and of every other luxury and curiosity, is likely to increase among them. But as statuaries and painters are not likely to be worse rewarded in times of wealth and prosperity than in times of poverty and depression, so gold and silver are not likely to be worse paid for.'

It may, indeed, be predicted with tolerable certainty, that the qualities of 'beauty and utility' possessed by gold will be for a long time guarantees for its 'scarcity' whatever be its abundance. Its fine colour and brilliancy are not its only beauties. No metal is so ductile, so malleable, so indestructible by fire or chemical tests. It does not rust, it scarcely tarnishes, and it admits of the most exquisite workmanship. India alone would absorb the results of many years' digging; and when direct steam communication commences between it and Australia, gold will begin to flow into that great country, with its hundred million of people, in one continued stream, to supply their insatiable desire for it. They habitually invest their savings in gold ornaments, which they wear on their persons; and at this day, it is not uncommon to see the wife of a native under-secretary, whose salary and property altogether do not amount to much more than L.300 a year, wearing gold in this manner to the value of L.500. The treasure of this kind possessed by the rich natives is probably extraordinary; and so great is their desire to accumulate it, that it is impossible to keep up a gold-currency in the country: the coin is immediately melted down, and made into ornaments.

But whatever amount of gold is absolutely required at present as a circulating medium, and whatever amount is likely to be absorbed by the requirements of luxury, an amount far greater is likely to be needed to keep pace with the increasing prospects of prosperity in this country. Now that the restrictions on trade are nearly all removed, Britain may become the centre of the world's commerce: situated as she is in a temperate climate, between the Old and the New World, her harbours never closed by ice, there is nothing to limit the extent of her markets, nothing to check the development of her resources, nor the division of her labour. The extraordinary impetus given to emigration by the discovery of the gold-fields, has already begun to create new and great countries; and every emigrant that leaves our shores becomes a source of wealth and strength to the mother-country, which has cast off the fetters that so long restrained its enterprise, and is open to trade with all the world; while the discovery of rich coal-mines in most parts of the globe, favours the communication by steam-power between both hemispheres, and almost from pole to pole; and while we hear of new discoveries that may make the air a motive power instead of steam, and thus render railway transit possible in arid deserts; and while the electric telegraph not only connects us with the continent of Europe, but is about to cross the Atlantic. With all these powers at command, men will not long be confined to the narrow boundaries in which they are at present congregated; and in comparison with future improvements in every branch of industry, the present time may come to be regarded as one when they were bunglers in industrial art, and mere scratchers of the soil instead of cultivators.

And not the least important among the elements of national prosperity, will be found an abundance of the circulating medium. ''Tis certain,' says Hume, 'that since the discovery of the mines in America, industry has increased in all the nations of Europe, except in the possessors of those mines; and this may justly be ascribed, amongst other reasons, to the increase of gold and silver. Accordingly, we find that in every kingdom into which money begins to flow in greater abundance than formerly, everything takes a new face—labour and industry gain life; the merchant becomes more enterprising; the manufacturer more diligent and skilful; and even the farmer follows his plough with greater alacrity and attention.'

The exception of Spain alone is a curious example and warning to nations, as shewing how the best gifts may be abused and converted into a curse instead of a blessing; for, believing the possession of gold and silver to be the only true wealth, they attempted to accumulate these metals by preventing the exportation of them by absurd restrictions; and this policy, added to her bigotry and persecution, has left Spain to this day an example of the results of restriction, powerless and poor, a haunt of the robber and the smuggler.

An abundance of the circulating medium will always be found to be an important element in national prosperity; and so great has been the conviction of this fact, that a whole school of political economists have advocated a paper-currency, in order to escape from the danger of restriction. 'Give us,' say they, 'paper-money, the basis of which shall be, not this scarce, restrictive gold, but the real wealth of the country in commodities of every kind.' It was Sir Robert Peel who explained the danger of these views, by shewing that paper-notes issued against commodities would tend to increase the fluctuations of the prices of those commodities. By the act of 1819, therefore, he established that a pound sterling, or the standard, by reference to which the value of every other commodity is ascertained, and every contract fulfilled, should be itself fixed to be a piece of gold of a certain weight and fineness, and that whatever paper-notes were issued, the holder should be entitled to demand standard coined gold in exchange for them at the Bank, at the rate of L.3, 17s. 10-1/2d. of notes per ounce. Undertaking always to pay in coin when demanded, the Bank was allowed to use its own discretion in the amount of notes it might issue. Such discretion, however, was found to work badly, for the trading community in particular; and therefore, by the act of 1844, the issue of bank-notes was limited to the certain amount of L.14,000,000 against securities; and it was enacted that any further issue must vary with and be equal to the amount of bullion deposited in the coffers of the Bank. The reason why L.14,000,000 in notes against securities was the sum fixed on, was partly that this was the smallest sum that had been known to be in the hands of the public for a very long period; and it is probable that numbers of these notes will never appear again, so many being perpetually lost by fires, shipwrecks, or carelessness. However, it is said, that only the other day a bank-note was presented for payment, bearing the date of 1750.

'To what end,' it is sometimes argued—'since even the advocates of gold-currency resort to paper-money as more convenient for practical purposes—is the accumulation of treasure in the vaults of the Bank of England? Why, after all the labour of digging it out of the earth in the antipodes, is it buried again here? Why not coin it, and lend it out at interest?' The remark is, of course, not unnatural, but has a ready reply. The gold in the vaults of the Bank of England belongs, not to the Bank, but to the holders of the bank-notes. They prefer notes to gold to carry in their pockets, but these rags of notes have no value in themselves; their sole value is as representatives of a certain portion of gold. People cannot have notes and the gold represented by the notes at the same time: they may have either that they like. If they prefer to have gold spoons, or gold candlesticks, or gold watches, or gold anything else; or if, as traders, they require to make purchases in any parts of the world where their notes would not pass current, or where those from whom they buy do not require any commodity manufactured in this country, then they can have their gold at the Bank any day by presenting their notes. As, moreover, the holder of every bank-note has an equal claim, pro tanto, on the bullion in the Bank coffers, the more gold there is in them, the more will his note represent. In short, the act of 1844, above alluded to, established the security of the Bank-of-England-note in a way that seems perfect.

On the whole, therefore, it appears that a condition requisite to national prosperity is in prospect for our country. Individual exceptions there may be in the persons of annuitants, but even here counteracting circumstances are continually at work. By improvements in machinery, and facility of communication, the cost of production is so much reduced as, in a greater or lesser degree, to balance the rise of price consequent on an abundance of gold, should any such condition of things actually occur; and an abundance of gold would undoubtedly, as we have shewn, be favourable to all these improvements. Already, the cost of production, or small amount of labour with which commodities can be produced, compared with former periods, is an important fact in all questions of income. The quantity of cotton wool, for example, taken for consumption in the United Kingdom in 1814, was 53,777,802 lbs., and in 1849 was 775,469,008 lbs.; but its value, which in 1814 was L.20,033,132, had only increased in 1849 to L.26,771,432: so that fifteen times the quantity at the latter period cost only about a third more money than the much smaller quantity in the former. The price of cotton-yarn was 8s. 9d. per lb. in 1801, and only 2s. 11d. in 1832, owing to improved machinery. Such examples might be multiplied, and would increase in accelerated ratio in times of increased prosperity. Other compensations would not be wanting. If the actual income of an annuitant should be lowered, his taxes would be lightened, his poor-rates perhaps abolished, his sons and daughters able to find openings in every direction. He would not be called on for charity; he might become enterprising and successful like his neighbours. It is scarcely possible that individual adversity should long co-exist with national prosperity.

A period may indeed arrive, discoveries may be in store, which may render a change in the standard of value an absolute necessity. Such a period, however, must be remote, and must be met by wise legislation as it gradually approaches. Meanwhile, we see nothing to stop the development of our resources, nor the increase of our wealth, so long as we use our good gifts and do not abuse them.

FRENCH COTTAGE COOKERY

CONCLUDING ARTICLE. 2

It may be gathered from the two former papers, that I am not in affluent circumstances; the intimation, therefore, that four distant relations, occupying a sufficiently high position in society, intended to dine with me, was received with a feeling the reverse of pleasurable, both by myself and my single servant. The dining-room and its table were so very small, that I never gave even family dinners. Rose had no idea of waiting; and, moreover, to cook and wait at one and the same time, is by no means an easy task for any one. I could not bear the idea of hired waiters and cooks, and the attendant noise, fuss, and expense. What was to be done? I thought over my dinner, but there was no room to place it on my small table, and the apartment would not hold a larger one conveniently. Rose could cook two dishes very well for my solitary self, but how were her unpractised powers equal to sending up a dinner for five persons, two of them men! It never struck me that Madame Miau could help me in this particular dilemma; nevertheless, as I wished to consult her about a sauce, I unconsciously unfolded my cause of annoyance.

'I see no difficulty at all,' said the worthy widow; 'and if you will only let me manage for you, I will answer for its all succeeding à merveille; but it must be à la Française.'

'But the fish?'

'Oh, your fish shall come first; soyez tranquille.'

'Anything you please, then,' answered I, gaining comfort from her easy, confident manner. I resolved to follow her instructions faithfully; for I was persuaded somehow that, whether she managed well or ill, her plan would probably be better than mine, and the result shewed I was right.

In the middle of the table, fresh flowers in a valuable china bowl did duty as an epergne; port and sherry—the only wines I would, or, indeed, could present—stood at each corner; and round the bowl the little dessert, tastefully decorated with leaves, looked well, although consisting only of common dried fruits, preserved ginger, oranges, and cakes. But the plate was bright, the crystal clear, the table-cloth and napkins of the finest damask, and there was abundance of room for sauces, glasses, plates, and all the little things we might happen to require. As the company consisted of my private friends, not inhabitants of our town, Madame Miau herself—attired in a Bolognaise cap, long gold earrings, cross, fluted lace tucker up to her collar bones, and black silk gown—condescended to wait upon and carve for us. She had each dish and its proper accompaniments brought by Rose to the side-table, where all was neatly divided into portions, and handed round, one dish at a time, hot from the fire. We had, first, ox-tail soup; second, fried soles; third, oyster patés; fourth, Maintenon cutlets and cauliflower; fifth, roast lamb and potato-ribbons; sixth, pheasant, with both bread-sauce and toast. Tartlets and creams followed, and a cream-cheese finished the repast; then we were left to our dessert and conversation, the latter of which we soon resolved to terminate with our coffee in the drawing-room, where a purer atmosphere awaited us. All went off quietly and comfortably; no noise, no bustle, no asking will you have this or that; everything was brought round without questioning, and conversation was never for an instant interrupted. My fastidious cousin, Jack Falconbridge; his foolish fine-lady sister; her common-place lord; and her 'talented and travelled friend,' Miss Scribbleton, expressed themselves equally pleased, although there was nothing recherché, nothing expensive, nothing extraordinary. At the rich Mr Goldscamp's, where they had dined the day before, things were, they all agreed, very far inferior. Five or six inexperienced young footmen jostled against each other, whilst rushing about with sauces and condiments; the table groaned under a gorgeous display of plate, and loads of unnecessary glass and china.

'I was,' said Miss Scribbleton, 'really quite afraid to move, lest I should overturn or break something, and felt like a bull in a china-shop.'

'The cookery,' continued the Honourable John, 'was atrocious; everything half cold, and we rose hungry, to partake of watery coffee and lukewarm tea.'

'Ah!' sighed his sister, 'I was bored to extinction by everything and every person.' And then followed compliments to me upon my little unpretending entertainment, which I felt were sincere, for everything was good of its kind, and I presented nothing that Rose could not cook perfectly under Madame Miau's directions, except the soup and patés, which the pastry-cook supplied—all was hot, and all was quiet.

I have forgotten in the above enumeration the crowning dish of all, the Braousa, which drew down applause from the company; the Mayonnaise, in short, which Madame Miau concocted with her own hands. Every one thinks they can make the Mayonnaise sauce, because they find the ingredients given in various treatises upon cookery; but there is a secret, gastronomic reader, a very simple one; and this small secret I shall now unfold, by which, if you try, you will see that oil, vinegar, and egg, end in a very different result than when the usual mode of mixing them is employed. But ere I enlighten you, let me suggest to the Mesdames Jones and Thompsons, who will persist in giving dinners with few servants and small means, that if they adopt the above plan, they will better content their company, to say nothing of saving their money, than by pursuing the accustomed mode of killing off their acquaintance—namely, a huge 'feed' dressed by a common cook, and served by hired waiters, who, scuffling amongst strange plates and glasses, invariably crack many and break some.

A Mayonnaise.—Beat the yolk of a large quite freshly-laid egg, adding a little salt, with a teaspoonful of lemon juice: use a flat dish and a silver fork, and beat them thoroughly well together. Then take nearly a pint of the finest Lucca oil, which has been kept well corked from the air, and drop one drop. Keep beating the egg all the time, and add another drop—drop by drop at a time: it will take half an hour to do, and must be so thick as to require to be lifted by a spoon. Prepare your cold meat, lobster, chicken without skin, veal, or rabbit. Cut all in neat pieces, and set them round the centre of your dish; then take the very inside hearts of two or three cabbage lettuces, which have been well crisped in cold water, and place them round the meat. Cut two hard-boiled eggs in quarters, and some beet-root in strips, and place them tastefully, contrasting the colours. Now, with a spoon cover all with the sauce, laid on thickly, and upon it an anchovy cut in strips. Finish off with a nasturtium at the top, and also a row all round the outward edge.

Several days having elapsed since I had seen the friend in need, who had proved to me a friend indeed so lately, I went to ascertain whether her unusual exertions of body and mind had not made her ill, but was happy to find her in perfect health, seated at dinner with a very fine gentleman, all curls, compliments, gilt chains, and earrings, whom she introduced as 'Mon neveu Antonio'—the son of her husband's sister, who had married an Italian, and who, like his father, was at once cook and courier. Their dinner consisted of the following friture, from M. Antonio's own private recipe-book: Have ready, half-cooked, 1st, thin slices of calves' liver; 2d, artichokes cut in half quarters or quarters, according to their size; 3d, cauliflower—only the flower, divided in small pieces; 4th, calves' brains, previously soaked in salt, vinegar, and water, for twenty-four hours, cut in little bits: make a light batter, and fry each separately of a golden brown in the right order, having the dish in which they are to be served on a hot hearth. Cover the dish with the liver, then the artichoke, then the brains, and, lastly, the cauliflower, each distributed so as to decrease towards the top, which is covered with a larger sprig of cauliflower.