Star. — London, England, 1828-06-04 00:00:00

Wet much of mischief had emanated, would but expose the Government and Legiilature to be the objects of con emo An i iislicule to the country. As to the small notes ai p e•ent in . England. he would remark, that from the present amount of the general circulation of the c ,, untry, the proportion of small notes in circulation to' the whole amount was so small, as to be quite unim portant. It was but an inconsiderable item in the gross amount, as appeared from the returns laid before the House. To show how unimportant the proportion was, he would refer to those returns. From them it 'appeared that the amount of notes of the value of 51• and upis ards, issued by the Bank of England, was twenty ; the amount of similar notes issued by 'country bankers was thirteen millions; the amount of notes under 51 issued by the Country Bankers was 1,400,0001. The amount of sovereigns in circulation W 25 twenty-two millions, which, together with eight tniilioris of silver, gave the total amount of circulation, in strictest sense, at 65,500,0001. It appeared then, that the amount of small notes bore only the proportion 42,400,0001. to a total of 65,500,0001. which be con sidered he was justified in regarding as a very incon siderable one. Let the House only consider how small :he proportion was—se per cent. on the whole amount. How small, then, must be the effect of that small note circulation upon the general circulation of the country? And this, it was likely, would be rendered less by the increase of 600,0001. in the issue of large notes, which was intended partly as a substitute for the diminished amount in the circulation of small notes. He admit ted the force of the argument of the inconvenience that might arise from the withdrawal of small notes from certain districts in which labourers wages were paid in one and two pound notes. It was contended that in such districts the greatest distress would prevail; bat it would be a great consolation for those to know, who complained of this inconvenience, that both in reference to periods anterior to the present, and still more in re ference to the present, there were ample means of circulation to remedy any apprehended evils of this description. He would refer to four different periods, to show what had been the state of the circulation in those periods of , four years each. He would commence from the year 1810 to 1814. There were then 4,000.000 of guineas in circulation, which, though considered to be in circulation, yet it was well known that a considerable portion of that number was hoarded up. These guineas were subsequently ex changed for sovereigns. Besides these four millions of gui. nea,, there were then seven millions three hundred thou. sand of one pound notes issued by the Bank of England; there were also ten millions seven hundred thousand of one pound notes issued by country banks, which, toge ther with seven millions pounds of silver, including bank tokens, gave a total means of small circulation of twenty-nine millions. Taking the second period from 1814 to 1818, the total amount of circulation was 29,200,000/. The next period, from 1818 to 1821, was twenty-five millions four hundred thousand pounds. And taking, lastly, the present period,.it would appear that there were twenty-two millions of sovereigns io circulation, which, together with eight millions of sil ver, gave a total of thirty millions as the means of small circulation for the exigencies of the country. It would appear, then, that our means in this respect exceeded at die present period what they had been at any former one. If then our minor circulation now was greater than ithad been at a time at which taxation had been at the highest rate, and at which the commerce of the country and its pos.tion were such as to require all possible facilities of circulation, there were not, in his opinion, any rea sonable ground of apprehension that the amount now at our command would be found insufficient for our prevent exigencies. If, then, thirty millions of circa... lotion of this description would meet every reason able demand, on a fair comparison of •the present period with anterior ones, he did not think these was much dread of our experiencing the evils which some persons anticipated, from the withdrawal of the one pound notes from circulation. He trusted, then, that he had shown that the effect of the withdrawal of the small notes, in reference to the whole circulation of the country, would be inconsiderable at all , times. More over, he could further show, that even in, districts where most business was done, and where the greatest com mercial activity and enterprise•prevailed, it appeared that issues of 11. notes were not necessary. In many places—in Lancashire, for instance—such issues did not take place. And when the great extent of that district was considered, and the great trade that was carried on there, and yet that no issues of 11. notes occurred there, the House, be anticipated, would concur in opinion with him mat in other districts issues of this description might without injury be dispensed with. If they were ad• vaotagesius to trade, he was sure they would be touud is Lancashire. These considerations, he busted, would induce the House to grant him permission to bring in the Bill, and to withhold its assent from the motion of the Honourable Baronet (Sir .1. Graham) for a Com mittee on the expediency of assimilating the paper cur rency of Englind to that of Scotland. The Hon. Baronet endeavoured to recommend his motion by ac companying it with the notice that it was a motion to inquire. The Hon.- Baronet was too dexterous a teed tiao not to know that this . was a captivating device toi recommend ,the motion to the favour of the House.— Ibis, the Hon. Baronet was well aware, would be a more acceptable motion than to submit one directly foe the repeal of the Act of 1826 ; and yet he was satisfied that the Hon. Baronet was too candid not to admit that the repeal of that Act must flow from that Committee. which it was his object to have appointed. If the Hon. Baronet Were successful in his motion, the impress tioa on. the country would be, that it was intended to repeal the. Act of 1826; and it could not be denied that much inconvenience and evil would arise from the pre. valence of such an impression. The Right Hon. Gen. Orman recalled the attention of the House to the men. sure of 1819, which was introduced as a permanent one, with a view of restoring and establishing cash payments. tie principle of that measure should direct and govern the House in all its acts of legislation on this sub)ect o aid he trusted they would continue to abide by a as they hitherto had done, with some variation, bat with a perfect degree of consistency. The Right Honourable Gentleman concluded by moving for leave to bring in &Bill to restrain the negotiating in England of pro missory notes and bills of exchange under the value of twenty shillings issued in Scotland or helapd—(Hear). Cis the question being put, Sir J. GRAHAM said, be bad expected much diffi culty in addressing the House on so important a sub lett ; but the difficulty he had naturally anticipated had been greatly increased by the course adopted by the Right Hon. Gentleman opposite (the Chancellor of the Eschequer). The Right Hen. Gentleman had spokes as if in reply to something that had been urged, or what' ' Le supposed would be urged. The Right Hon. Gentle- Ilan had said that those who in 1819 bad voted for the resumption of cash payments, would be guilty of a great inconsistency if they did not then support him in his proposition. He (Sir J. Graham) was one who had an voted in 1819. He was at that period extremely 4ed be had yielded to the persuasive powers of one to whose name he could never allude without feelings of attachment, affection. and respect. Through the influence of the late Mr. Ricardo he had unfor. tunately and unhappily supported by his vote one of the greatest fallacies which . had ever met with the concurrence of the House of Commons. Erne- tience and consideration, however, had convinced him of his error, and therefore he did not hesitate then to come forward and to declare openlythe change which had taken place in his •iews upon the subject. He would not then go into all the detailed statements made by the Right Hon. Gentleman; he was not prepared to do so, and even if he were, he should contend that a Commit• tee was the place where their validity ought to be tried, and into tha► Committee he challenged the Right Hon. Gentleman to go. And he would even say, candidly, he was not so wedded to his opinions as not to be able to pledge himself to give the Right Honourable Gen tleman his support, if upon investigation he should be found able fully and fairly to substantiate all those statements: Some of the statements, however, were of so extraordinary a character, that he could not avoid noticing them. That with respect to twenty-two millions of sovereigns being in circulation, he confessed surprised him. Such a number might have been issued from the Mint. but it appealed to him impossible to say what proportion of it was actually in circulation. The Right Hon. Gentleman also had laid some stress upon the state of the present law, which, as he said, provided for the gradual withdrawal of the small notes. But he thought that the Right Hon. Gentleman would hardly venture to assert that it would be prudent in a country banker not to be prepared on April 5. 1829. for the payment of all his outstanding notes. The effect, there. fore, of the present law, if enforced, would be En con tract the currency, whichwas the real evil to be appre hended, and if possible to be avoided. In another state ment the Right Honourable Gentleman had stated that small notes were unknown until after the passing of the Bank Restriction Act; but, by the 18th of the late King, they appeared to have been known much earlier. The Right Hon. Gentleman had elm said, that there were no small notes in Lancashire, and from that cir- cumstance appeared to think that they might be done without elsewhere. But it there were no small notes in Lancashire, there was a much worse system of giving credit. It was well known to be a common practice in Lancashire for persons without capital to draw bills at a short date upon others who were equally without ca- pital, and surely such a system was much less satisfac tory than that of small notes—(Hear).—He would then apply himself to the proposition which he intended to submit to •the House. By the Report of the Committee which sat in 1826. he was supported in setting a high value upon the Scotch system of banking. Among other passages in that Report he found one which stated that the paper circulation of , Scotland did not in any way interfere with the metallic circulation of England. To say the least, therefore, of the proposition of the Right Honourable Gentleman, it was premature. But he contended that it was also impolitic. He was connected with that part of England which bordered upon Scotland, and he had presented a Petition, signed by persons of all descriptions, who were interested in the question. That Petition stated, that far seventy years the Petitioners had enjoyed the be. befits arising from the Scotch system . of - Ban,king, and that during that time there had been but . peg failure, in which case there was a payment of 15s. in the 20s. The Petition spoke in the highest terms possible of the ..benefits. the Petitioners derived from the sys tem, and prayed that no alteration might be made; and he. himself , could speak as to the security of the system, and its• beneficial effects. Seven-eighths of the rent upon the estate which he possessed had for the last seventy years been paid in Scotch currency, and net the slightest loss bad been sustained in consequence. There the effect of the system would so completely weaken the neighbouring Banks as td'VerldW them incapable of supplying the wants of that part of the • country, should it be deprived of those advantages which it bad so long enjoyed; and that district had told the House, that if the alteration was made, it would be for the purpose of introducing a theoreti cal remedy for a grievance that did not exist, and throw it into , confusion and alarm. And when the Right Honourable Gentleman thought that there was a striking anomaly in permitting the circulating of Scotch small notes in England, he would reply that the true anomaly was for a Government which professed to act upon general principles, to have one system for two parts of the empire, and another system for the remainder. The anomaly consisted in an imagi nary line, over which he could actually jump, causing a difference in the currency—(Hear). The Hon. Baronet then alluded to the Report of the Comm i ttee,which after noticing the effect of the Scotch system of banking as most admirable, went on to say, that they (the Com mittee) should not be inclined to change •the system, whether of banking or of circulation, at all, as it was calculated to econonsise,the use of capital. and to ad vance the happiness and prosperity of the country. Mr. Secretary PEEL- said the Coeunittee alluded also to the system it cash credits. Sir JAMES GRAHAM was content to adopt the view of the Right Honourable Secretary, and doing so, l he would ask whether it was .not desirable to inquire whether the country banks of England could not with advantage be put on a similar footing'—(Hear).—The instruments in use were the same.. In Scotland their effect was good, and theiefore it was but consistent with common sense and sound principles to conclude that the system of bankitig in England was bad, and not the small notes, and in that view he was confirmed by the Report of 1826; and he, therefore, contended that. the • view was not in the nature of the currency, Lint in the system of banking. What he asked for, there fore, was, that the House would inquire into the system, and see if a paper currency could not be so ameliorated as to become, as it was in Scotland, a benefit instead of an injury. The propositions, made by the Govern. ment to Parliament were two—the establishment of Joint Stock Companies, and the withdrawal of the smaller notes from circulation. The first and principal measure, and which was intended to remedy the defect in lour banking, had been rendered entirely nugatory, by a clause which was understood to have been inserted at the desire of the Bank of England. The second and subsidiary measure it appeared only was to be carried into effect. The small notes were to be with drawn. He would then briefly trace the practical effect of every attempt to tamper with the currency.- 7 At the close of the war, in 1815, the bankers prepared for the change with which they were threatened. They contracted their circulation, and what was the conse quence? Why, in 1816. the wheat fell alarmingly. In 1815 the bankruptcies were 1,000, and in 1816 they were 2,090, and 'distress prevailed throughout the. country. But the apprehension of immediate change was removed, the evil day was deferred, and prosperity was gradually restored. Then came the Committee of the Right Hon. Secretary for the Home Dep a rtment, in 1819 , - and by that Committee it was entirely decided, that, leicome what might, cub payments shouldpo., sitively be resumed in 1825. Well, what was again *bow it 4. Aineci ; by the ice, tit 1,11,,n i ). aced ,-are of causer n from Iseirityt i small in that >olfioe of the ei.thet in wa nd duo 010004 about being calve, nearly , he c4l. er basis Stamp : would period. tccestit iasure Office* om the the two n *boot by-the [by the liar:sent is and a the pre. :he con )11826. words, entatiost he. n re became i1,1529# tad any ted from it all the Nothing, t simper iti.ce of 2r 18$5; and ,m -'owe that to saddest , and tie Kainue iR and e.e lace attar ild adesit tituting be with !n an fit. t - for that he itimoit c b ar .could. , y. the. et. 1. There Icy is sob ut he wee seedy dis nds of the te . dereers& 11 notes.— eact; that el:ageism hdrawal teems, and ient to Sep re country. :r it might the iteso don. Ades imn ground r which, bet up .the cer• diency of a once at the the fates; rests of t h e and.casting ed alarhasst vice of edema we, be had almost ono the Leglslo. 26 preserved very mace Ippor led the 19, cAn nos' ystrm. • The I 'for 'the be upon, rdients of Me as long aa old for the i~er all kne e n ehe• so"' achy so greats ,t into Cir..' I to. Ide . so l, delltaDd d sopisrt "'" 11 recollected' reated in Ito 66, from the ound notes•-•- ie pec uliar oir" A y be of sow contend Absta kis was i'c' t " g° ,4 but he m ea k ,... De w not leg , w , " ght • en. the canatN the full sew— ' The COheir! I n of Cooler $ c 210 be watt, Dada. he -done r the inc( d .aatursilt W had issa" ° "2 haw r — g ; w ere such not tot inur4s ly s t tes...sha t at ;pain the consequence? Why, the circulation was contracted, the price of %%heat fell to 435. and distress prevailed. And what did the Miuist , rof that time do? Why the late Marquis of Londonderry very properly said that it was a currency question, and treated it. as such. In the first place, he forced the circulation by an issue.of tour millions., of Exchequer bills, and then said the withdrawal of the small notes cannot be carried into effect. That threatened measure was put off until 1853, and expressly from the consideration that in that year the Bank .of England's Charter would expire, and then the whole question of the paper currency might properly be, taken into consideration. And what was the effect of those measures? Why,the price of wheat rose to 60s. and prosperitf again appea-ed. The Hon. Baronet then al luded to the speech of Mr. Baring, in which he said that his Honourable Friend had wisely detected the great fallacy maintained by Mr. Ricardo, and predicted that the change would increase the value of money at least 25 per cent. Nor had the Hon. Member for Cal lington changed his opinion ; for a short time since lie maintained that the •alue of money had actually been increased SO ptr cent.; and in doing so he was borne out by facts, for he (Sir J. Graham) knew a Gen tleman who died in 1812, and left an estate to two sons. The eldest bought the younger's moiety; but the younger purchased land lately, and he received nearly as much rent for his half as his brother did for the whole estate purchased in 1812. The value of money increased in the same ratio as the supply was diminished ; and it was in fact a matter of indifference to the agriculturist whether the quantity of money was decreased, or the ports thrown open to the grower of foreign corn. That was in fact tully felt to be the case by.those who had taken a part in the discussion on the +late scale of duties, and the effect of a contracted cur rency would be still further seen by a reference to the remount in circulation at two different periods. During the eight years between 1810 and 1818, the country bank notes in circulation amounted to 21,000,00 W. and the price of corn averaged 925. 4d. per quarter ; while during the eight years following 1818, the amount of the country bank notes in circulation was 10,750,0001. and the price of wheat,-although the ports were her metically sealed, was 575. 10d. per quarter. Such . SVar the fact, and if they were to go on contracting the cir culation, he very much feared that still worse conse quences would be the result. He was glad to see the Right Hon. Member for Liverpool in his place, because he hoped to hear him explain the discrepancy which appeared between the opinions he gave in 1815 and those which he had since acted upon. The Hon. Baronet then quoted from a speech made by Mt. Huskisson in 1815, and among other passages one to this effect: that with an establishment requiring between 50 and 60,000,0001. to support it, it was utterly impossible that the price of wheat should fall to what it was before the war. The farmer was then satisfied with a sale which produced him three rents, whereas now he required at ;east one of five rents for him to be able.te go on atall. -Such were the Right Hon. Gentleman's opinions in 181$ ; but the Right Hon. Gentleman had nevertheless accomplished an impossibility—for by tampering with the currency, he had reduced the price of wheat to 435. per quarter, which undoubtedly was the lowest price it had been at ever since the Revolution. Most of these incumbrances upon the land were incurred during the depreciation of property, and if the system of contracting the circula tion were persevered in, the Agriculturist must live wretchedly, or be content to go on but for a short time longer, and give up entirely to the monied man. A simi lar attempt bad been made to restore the currency in the reign of Louis XIV. He contended that the effect to the labouring classes was also most prejudicial—they were [ deprived of many of their comforts. With respect to the bus then of taxation the effect was most injurious. In 1813, - the heaviest year of the war, the taxation amounted to 81,000,000/. which, allowing for the alteration that had taken place in the value of money„ was only equal tV 5'2,000,0001. The taxes tar the preseit year amounted to 54,000,0001. and therefore the taxes, in consequence of the tampering with the currency, *me more bur thensome by 2,000,000/. at present than they were in the worst year of the war. To his own opinion he would not• of course ask the Hoarse to attach the slightest impor tance, but to prove to the House that be was not ad. vancing any new and unsupported system, but that the 'diminution of the circulating medium was what he had represented it to be, a very great injury to a communityi ' he would beg leave to quote some very high authorities. The Hon. Baronet then quoted from Locke, Hume, and the Hon. Member for Callington, in support of his proposition. He therefor e contended, that the decrease of money,. if not ruin, was at least the high road to ruin. He would then apply himself to the effect which the suppression of the small notes would have. And 'upon' that point he was directly supported by the declaration ' of the Right Hen. Secretary for the Home Department. The other evening that Right Hon. Gentleman, speaking to the Hon. Baronet the Member frit Kent, had saiti, that it would increase the value of money. With such an admission he did not think it necessary to trouble the House further upon that point. The reasons assigned for putting an end to the small-note circulation, was,' first—its tepdency to produce an over-issue. Now the authority of Mr. Horner, of the Bullion Com mittee, of Sir T. Baring, of Adam Smith, in fact, the very highest authorities, concurred in the prin ciple that convertibility into gold was a sufficient protection against over-issue. The opposite opinion rested merely on the authority of Government and on Lord Liverpool's Letter to ,the Bank of England. The second reason assigned was the effect upon the value of the currency, and the tendency of a small note circulation to produce depreciation. Now, in Scotland no effect of this kind was found to follow from small notes. When people talked of the calamities of 1825, and the effects of the panic which then occurred, they should recollect that in 1793, when there were no small notes, a similar panic was felt, and produced similar consequences—(Hete theHonourable Baronet read from a work of Professor Playfair an account of the circum stances which followed from the panic of 1793.)—Tha evil went on increasing in 1793, until Mr. Pitt, the Minister of the day, came forward, and ordered an issue of Ova millions of Exchequer bills. This, though not more than three millions were demanded, had the immediate effect of removing the embarrassments of the time. The evil of 1793 did not arise from an over issue of paper, because the currency was then a metallic one; it arose from too cheap a metallic cur rency, sent into circulation without the paynient of any seigniorage. It seemed somewhat contradictory that the putting down of a small note circulation should be now proposed as a preventive against future incon veniences, while in 1825 that species of circulation was had recourse to as a remedy for the evils which then occurred. If the country small note paper was lobe put an end to country banker: must make preparation for the event, either by the sale of Stock or of Exchequer bills—and they must ultimately come to the, Bank of England for gold.. There were six hundred country bankers. Suppose each to have a circulation of small notes to the amount of 8,0001. This amounted to between font and fire millions. They must ) besides, make pre portion to pay the large notes in specie, so that at least 7.000,0001. in gold would be required for this operation. For this arktountthpy must have recourse to the Bank of England, which would, as a matter of course, be under ' the necessity of contracting its issues. The destrilles of the country would thus be in the hands of 24 Gentlemen of the Bank of England: Suppose, then, a bad harvest to occur, specie must go out of the country to procure a foreign supply of corn, panic would necessarily be the consequence, and all the evils of )525 would , reappear. These were subjects well worthy of inquiry before a Committee. Indeed, there were seven or eight heads of inquiry connected with the subject, all worthy of the most serious attention. The late perild of the Session was no reason why the investi gation should be refused. They all knew that the result of investigation, as it regarded Scotland and Ire land, was to suspend the operation of a similar me4sure. In place of the sth.of April next, suppose the measure should be postponed to the end of next Session; there would then be time for consideration. He was not ena- moured of a paper currency, but having had it so long, it would be just as foolish to throw it away becaur some inconvenience arose, as for a child to dash a watch against the ground. because there was an irregularity in the movement. A paper currency seemed to him one of the greatest inventions of modern times. When con vertible into gold, it was safe, convenient, and cheap. Having had it so long, it was impossible now to get rid- of it. He fully concurred with the observation of the Honourable Member for Westminster OW,: Francis Burdett) on this subject in 1811 — 1 ! He who enters here must leave all hopes of return behind ;" and with Mr. Fox upon the same subject, that it was impassible, once having had recourse to a Bank restriction, to devise any remedy unattended with incorivrenience. He firmly believed that there was no al ternative but to adhere to their - paper system. He had no hesitation in asserting that the cause of the French Revolution was its debt. The remedy recommended by Neckar was a paper circulation. This Mirabeau had opposed, and persisted in his opposition, till the King was brought to the block, and the N. , bles expelled the • country. Subsequently, however, Mirabeau himself turned the screw, lifted the flood gates, and completely inundated the country with paper, paying all debts in assignats--CHere the Hon. Member read a passage from Hume, on the subject of currency and public credit.) —All he desired was, that the subject should be iqquired into, for the purpose of ascertaining whether ' improvements might not be made in the present sys tem. The Hon. Baronet concluded by moving, (hit a Select Committee be appointed to inquire into the currency of notes under 51. and to report their opinion with reference to the expediency of making any altera tion in the law. _ Mr.LIDDELL seconded the Amendment. He fully agreed with the general arguments and views of the Hon. Baronet, to whom might justly be applied the commendation— " Nullum fere scribendi genus non retigit, Nullum quod tetigit non oilmen." The subject was of the greatest importance; and although it had oiten been discussed, there still existed so much diversity of opinion, and such varieties of views, that he thought the question ought to be settled by the in vestigation of a Committee. The arguments were pretty nearly balanced; but it was impossible to observe the state of the country, and the extieniety low rate of profit at which all articles were brought to market, without seeing the necessity of settling the present question.. He should object to the measure brought forward by the Right Hon. Gentleman opposite, because he considered it a partial measure, introduced upon an eft oneous view of the subject. He could not in every point agree with the opinion of the Honourable Baronet ; for if the Right Honourable Gentleman opposite was determined to carry the question, lie was cossvieced it would be neces sary to pass some law to confine the circulation of Scotch one pound notes within that part of the king dom. Nothing could be more easy than for the present bankers of Scotland to transfer their establishments-to the Borders, and the English counties would derive an equal supply of small paper to that which at' present circulated in those disci icts. The question had created, very great apprehensions in the pats of the country next to Scotland. He had contesn plated not. merely the difficetty of withdrawing .the one-pound notes from circulation, but what the country was suffering from the apprehension of the _ measure. The Honourable Member who had spoken on the subject upon presenting a Petition previously to -the commencement of the debate, had held language similar to that which had been used by the Honourable Member for Caliiugton (Mr. Baring). He contended that low prices and high taxation could not co-exist, and he called upon the Government, as low prices were likely to continue, to reduce the taxation in a corres ponding degree. ~ B ut unfortunately, the Governnient had borrowed many hundred millions, arid it had the interest of this loan to pay to the public creditor. if the Government were to reduce the fleet and army to the.standard before the war of 1793, and if the Pen sion List were abolished, still would they be under the necessity of maintaining a high rate of taxation in order to pay the interest of the debt., He, therefore, hoped to have the vote of the Hon. Gentleman for the appoint ment of a Committee. He (Mr. Liddle) knew the im pression which prevailed oil the subject in the northern county which lie bad the honour to represent. He placed the firmest confidence in the respectability and credit of the Bankers at present established in that county; but it-was a hard case to be deprived of the services which had hitherto been derived from them, and he thought that the privileges allowed to the other side of the border might be extended to the English district. -It might be proved before the Committee, that it was perfectly practicable to have a paper cur rency, under regulations consistent with the security of a metallic currency ; and considering the necessity of examining the subject in all its bearings, he should. vote for the appointment of the Select Committee. Mr. SMITH O'BRIEN would support the circulation of one pound notes, under a system of regulations which would secure the public against the insolvency of the banks that issue them. The abolishing of the circulation of one pound notes offered to the country no security whatever that it did not at the presentmOment enjoy. The question, however, ought to be thoroughly investigate 4, and he should vote for the appointment of the Committee. . Mr. F. LEWIS said, that the speech of the Honourable Baronet was not only against the motion, hit against the whole of the Bill of 1819; and it would have been a clearer course at once to have attacked that BilL Let it be remembered, however, that over ind over again the House had decided that such Bill should nut be re versed—that it ought to be carried into effect—and that io the carrying into effect of such Bill the House stood pledged. Not only the faith of Parliament, but the state of things of me. tOrbade them to think of disturbing the Bill. The Hon. Baronet had told them of the evil consequences that had resulted from tampering with the currency, and yet that same Hon. Member, when we had a settled standard. would send them to a Committee, to inquire, amongst other matters, the !expediency of altering the standard.— Could any thing be more fatal than to agitate such a question — more unwise, more calculated to produce all sorts of schemes? Nothing could be more fatal. They had travelled thus far. arid successfully,' in their efforts to restore a metallic currency, and he trusted that nothing would induce them to swerve from such a course—(Hear, hear). He trusted that they shoirld.not again see events like those of 1825; and how were shey.to be eowirdiew .fully averted as by 'checking that power, the abase of -*bleb • v •