Star. — London, England, 1826-02-18 00:00:00

bad continued with very little variation at about four millions. In 1814 there had been an increase from four tO tittllions;'ind in 1825, one born six to more than eight millions ; so that at the commencement of 1826, that eircelation had actually mote than doubled itself. It might be said that this had been promoted by the in. creased kssugs of the Bank of England ; but it was a matersalfact to state that it was after the Bank had drain is in imam to an extent perhaps too great for s the rircuinstaivem of the tittles, that the greatest in• crease had taken place in the circulation of the country banks. In the quarter ending in October, 1825, there been a.. larger number of country bank notes _stamped than at tiny other quarter; so that all the good dbne by the reduction of the issues of the Bank of Eng land was more than coasterbalanced by the augmented hsies of country. banks. Was it tow Much therefore to say that the spirit of speculation, supported by a parer aud particularly by that of country banks,,' had-'bought the country whets it now stood? The' . fruit failure had been that of a great bank in the West of England. The mecca bad Certainly 'happened - in' isnroic but it was that of "a beam connected with forty COIIIO7 banks. The third bad beet a great banking 01/fishmeal in Yorkshire; and during the panic and the rue with which it was attended on all houses, and even oft the Bank - of England, those firms had been the thbirekposed which " were known to be connected with Country ti makers. It was now the duty of Peri. batman to apply a remedy to the gird. He blew that it mailed be said." Leave the matter alone; wait for quiet pines, and then apply a remedy e but those Who wosid say so had seen less of the world than be bad. The application of a remedy came with mach taste effect, and cached has clamour when its necessity was felt, than Irises the pressure had ceased. The nature of the owe ,pr was twoafold. Its first branch was a measure or the gradual withdrawing of one and tyro-pound notes out of circulation. Its second, one fur opening as much as possible the general system of tanking. The first measure was not actually before their Locdships, but as it was kisown by the votes of the other Houm to be in progressiA might be more satisfactory If he should state the. groilids on which it Was fouadoed, and should endeavbur to obviate the ob. jectiogs made to it in public. Its . chief obirct was tat which could not be denied - as far as it went ; it was by withdrawing one and two pesad notes and sulatitatiag a Metallic currency, to give a check to commercial speculations. But there.was another consideration which ought to be overpowering with their Lordships. If we were to be sibject to crises Orthat nature, and a great Ctiliperftlit country rake this must be subject to dft tiPiceriain 'Silent, the first cossideration should bets *hots she groat body of thepeopleobe poor, from the 'osibliotostith a circalarioa. The Jumble labourer could Ike tease a Dote; his wages must be paid t neither could be retails it. lie must *spend it kith daily-sup port. Let Noble Lords reflect trotbwmisory predated ter o owne/ town by the failure of a bank 'eoblidered solvent I(2nd aboilt seventy with that character -had failei4, where the industrious had deposited all thew hide savings, and having one pound notes,. were ob. ligod •to hawk than about for five shillings 'to per. &as* the necessaries of life. To such misery be bad been a personal 'Amen, and it was a case which could navor occur with a metallic currency. The neat point was the difficulty of establishing such a currency. But those who saw any great difficulty in the task forgot the actual situation of the country. In shit metropolis arid its vicinity Mere was nothing butt' In Lancashire, in Liverpool, and Manchester, with their three bandied thousand inha- Ifirahts, and in the whole district, containing two mil lions of people, there was nothing but a metallic circu lation. With impact Au foie millions of the pololation of England, therefore,. embracing 'two-thirds of the weilibof the country, nodtiofesisted but a metallic our. fancy. Where was .she difficulty of extending to the *hob country what .flontisbed in full:force in London, LeIV catlike, sod tl err dependencies ? It had been esto. bltsMlorki:bbth these plices without any obstacle, and Tit bad there bees any peril in .the attempt it would have been ten times greater there than anywhere else. bodied •Muftchester an attempt of a different nature ; *hatetitirtfly . falled. An endeavour bad bean made to establish a cis culatics 4 one and two pound notes, but tothe great trait of the inhabitants of that town, it -hod• bee* defeated,. sad they bad chosen to remain. where they were. There were, besides the accounts on theirUndships' table, other facts to chew that the dif-i llitiltpolemearling a metallic circulation throughout; . the imenterwast not great. It was pretty well known; minket• the cirroirniun of one and twapouad Bank notes! ults, and would be, in the total absence of During she so , peasiun of cash payments, regular i ratarna gone laid before Parliament, from 'which, it appeared that 'the whole circulation f Bank•of Eng.; led4.:gne'and two pound notes amounted to seven• me amount of country bark notes IMF lobo • derived from ether data. It did not exceed silt, or at' most seven millions, making a total. of thirteen or, 'fourteen trillions, asking years when no . eatmordinary •isinei had been made. -Now, between Isl 9 , and • IGO eke Mint bad coined, in sovereigns• and , half.; solerreigne, gold to• the amount of twenty-I'm i ! millinits. In one year alooe,lBBl, nine millions and a -balibaditeen coined. Frow-this-toud seas to deducted .thillomost legally exported out of the country, for that ithstoreiliereefileit frevented• the 'spoliation. of. British, mitt Mabel* eboltsbed. This amount wasl,2B. (rout 1619 down to the present time. lie was • aware that a essasiderable 'sum bat bees feobably en.l ported Os ins uggliog 'transactions, aid the. pockets obi individuals violas the continent, which had never goisi through 'his bkiftty COMM— This stun be would •elltanate at dam inillialmotere, though be blew• that was far above' dm real ansamie. lopposiag, tberefore, i , that out of twenty-B,a minima of gold coin leaked been eoliorted • stance 1819, than gal •would remain fifteen, taillions, pr rather, as one ieniliion bad been rate inspartast slam last year,in consequems of the favollfablal. stalwart)* Ettbarigeol• there could not be atpreseat the coporgless thin sixteen mahout 41/..gohd.caurter take ter. ly gf. a piper circulation, at as weft fourteen millions. In consenhence debt, thiuet♦ • Sr . ily Wag> saga. shire and London? Because there was no paper circu lation. Why was these a paper circulation in other parts of the country ? because there war not a.gold one. It was a fact that two mingled currencies could. not go on together. Say that there shall be paper, and you will find no sovereigns there. Say that there shall be gold or crown pieces, and you will find no paper. These were some of the grounds .on which the measure now before another branch of the Legislature was founded. .The other reasons which rendered it eirpedient were, that in some degree it gave a check to speculation; that it would make its evils - earlier felt, that it would secure favourable. exchanges, and above all that it would yield effectual peotection to the great body of the people. - In doing this, however, Parliament -would -110 t do enough. He had another measure to pro pose, and in doing so he felt that it was a deficient owe. But wbereiore was it only a half measure illecause the chattered rights of the Bank rendered it impOssible to go further. Further Parliament ought to go and must ga; bet at present it was not in its power. He had been surprised tb hear [any objection to this measure beyond the usual one, that it would do little good, for it possibly could do no harm: The pre sent system of laws, as to banking, was the most ab ward and inexpedient. It was a system which could not be maintained, lied which could not have been este- Wished at once, but must have grown gradually, in such a manner as to disguise its absurdity. Two modes' presented themselves. Ileum was a system of whole- 1 some restrictions, admitting of only one bank, often, or twenty, or if the number was not limited, founding them on such principles, as to render such establish mum secure. In the State of Massachuseftes, in Arne ties, there were only twelve chartered banks. No others were allowed, and if an of them were unable to pay in specie it forfeited its charter immediately. 'He m erited that such a system might be wise and beneficial in any country where it was-singly adopted. There was another system; one of full and entire liberty, which would in the end answer the same object; for there was, no doubt, the right of the Crown to grant char ter:being presorted, that whenever respeetable Banks wereestablished, they would skive out the smeller and unsafe firms. There was no other circulation in Low don but that of the Bank of England, yet every Lon don-hanker might issue notes if he pleated, hit none weak, do so in the presence of a superior e.stablish -nteat. So it would be in the country ihen great and secure banks were established; but by the present sys. tens there was libetty toall that was rotten and sta: sound, and restriction as to all- that was gopd, Any cheesensonger,' any *eche' ? Chandler, or *this shop keeper whatever, inlikt - ISt up a bauk.; bust opt, more than six respectable_ persons Are _assembled, and.l they may form no establishavenkriand the Crown -I may giant them no charter? Sigh a systeds aft continue to esist. Either have sound restiiivoisli; Of else have full liberty. 'He might be sold that it was in vain to look for the establidtasents of spch safe and respectable Joint Stock Compaiiieso-- Whether they would be formed or not he could not, say.; but a similar measure bad been adopted slot long since is Ireland, and although much time had not yet elapsed to make it a matter of experience, he understood that reap -ctable Joint Stock Companies were already established in that country to carry on Isiah's. The masa Welfare would be imperfect till the -country. were free from engagements with the Batik, or till-the Bank should free the country. One consideration might operate. with the Bank to do the latter ; the desire of establishing branches of its own in various places. ft had a right, he believe* to do so, and he was n-o,t wil ling that it should mike the experiment. If, on con sideration, the Bank did not feel it prudent to make that experiment before the expiration of its charter in 18SS, let it at least leave-the public free, and it would derive much benefit from such a course, for whatever placed the circulation of the country on a secure foundation must turn to its advantage. He had now got through the most material points upon which he Wended to address their Lordships ' • but there was one doctrine which 'got abroad, and which was mentioned by a Noble Lord on a .preceding evening--it was said that there was nothing better than a paper circulation con vertible into gold. He thought this doctrine was most 'erroneous. It was true to this extent, that a paper cur- . rency convertible into gold would cum itself, whilst a paper curreneynot convertible would go on, and people suspect nothing about it until it involved all in ruin. The paper currency c uvertible into gold carried with it its own cure ; but involved the ruin of thousands, and produced those convulsions in property which were fol lowed by such dreadful consequences that he could never cease to look on a paper circulation of any kind as a great evil. This was no evil to -which a great country like Eng larid was particularly subject, which could not have the advantage of that steadiness of proper ty which poor coun tries had. These fluctuations in the value of property were a great evil, and affected all great political ques tions. He was not inclined to give an °potion upon the Cora Laws, but whenever that question camas to be dis cussed he feared it ,would be met with Dutch passion and heat. It was one of those questions which should not be taken up, on the question whether rents would be.higher.or loser ? because of the- way in which it should be settled, but what settlement of that question would lead-to the least violent fluctuations in property. The truth rested there ; and whatever maybe the merit. of the question, whoever solved that problem, came so a wise conclusion. Whenever the qoestion was brought forward it s h ould be considered coolly,-and without re , (enact In this particular interest or that particular in. r latest, but with reference to the whole community.-- lie sow came to the question of the measures of relief which were afloat as desirable to be applied in the present exigency.. He knew-it was expected that the remedy applied under other circumstances by an issue of 'Eschewer bills should be now attempted.. If he had cons tid bii own ease, or, if be usay...be allowed , the expression, his popularity, be could not - have doom so better - than breasting downited prupodas such as issue; but it wile his thoCongb sia4. deep sueviitiott, that such a coin . ' 'was sot. coassisi4 *ith his duty. Re' should always- think that therm:4*W of 17101 - wits at ,most dangerous precedent. It was true there was a itself; expecte. of their edict of Some landed in terest were in great distress. At that period he (Lord Liverpool was beset with applications for specific relief. and the ground of those Applications was that specific -relief bad been afforded to the commercial community in the season bf distress. There was a short practical answer to those applications. The answer was that the thing was impossible. The commercial community in their.distress were able to *ford the Goveriiment their goods for security, which it 'was impossible could he afforded upon landed property. Yet notwithstanding this practical answer, it was impossible to make the landed interest believe that as the state had come in en behalf of the commercial community it should not also have come in to help the landed interest in its distress. Besides, it was urged; add truly urged, that commercial men may confederite and assist each other, but that the landed interest had no such adrantage. Alluding to the present measure, and to the existing distress, he would now say, that if without violating any _principle it was possible to Word relief and give confidence to the money market, 'it was the duty of Government so to do. One plan had beta proposed, which it was thought might be attended with the best effects. Go vernment, having a debt with the Bank to the amount -Of about six millions, it was thought, that if the Bank porches:ft a limited quantity of Government securities, Government should bold the Bank harmless in the transaction. It was the opinion of some commercial men of great eminence, that this measure would pro duce the best effects. There was no possible objection to it in principle. The Bank would be allowed the amount of its purchases, in the debt, and this was no thing more than paying the debt, a debt which was acknowledged. which was no secret:and which had bead contracted with the cement of Parliament., The whole debt due by the Government to the Bank did not ex ceed six 'millions. This debt had principally arisen from the payment of the dissentient five per cents. The wishes of Parliament in 1819, had been completely ful filled by the Government. The deficiency bills were, no debt at all; they were nothing more than an anticipation of the quarter's revenue. He had now gone through every point which he thought it necessary to advert to. but should be happy. in the course of the debate, to give any information which their Lordships should deem desirable. There were two points which he just recollected, and to which he ought briefly to advert. One was as to a modifies. tion of what was originally prOposed respecting the one and two pound Batik notes. The proposal wits; that: no new notes sboold issue from a certain early date, sad that from the' Sth April. 1829, one and two palm* notes should 'Xo iirstulte e • altogether. The original pmedtion thlii 4 the Bark of England alsealkisepest tipsy thse same fencing aith the other bilks, both aVregaraled she issue and the circulation eg g In erienseqatence - of representations from the eountry banks, it war now deemed advisable that the Bank of . .Englaa4 should hart thepower of issuing one eta two pound notes !wadi the loth October neat. As to Ireland kiwi fieotlasd, k was .highly desirable that they should be put 'OS the same footing with England; but not immediately. separate NI wiled be introduced for 'lreland ; but he thought it advise* that tlll issue in that country should pot cease for some dm& Me underetood front those who were well acquainted with that country, that it would be necessary to give Ireland more than one or at the furthest, two years. As to fleagand, the general prit;eipte should be strictly kept in view; but be thought it desirable that the issue in that country should not cease so soon. Perhaps it would be a proper arrangement that the banks In Scotland should cease to issue whets the English banks ceased to circulate. The state of circulation in England and Scotland, and in Ireland, should be asibuilated u soon as possible, and tb. same principles should never be lost sight of. The Noble Earl concluded amidst loud cheers. The Earl of LIMERICK begged to state, in refer ence to what the Noble Earl had observed respecting the extension of the period previous to the suppression of the circulation of small notes is Ireland, that in that country there was no circulation whatever but whet consisted of small noted under five pounds; and as po the coin of the realm, there was no such thing as gold to be had. He bel eyed, in point of fact he knew, that them were, no large notes issued in that country ; nor was there sufficient gold to supply any abstraction of the small notes from circulation. He, therefore, hoped the Noble Lord would, before any measure was brought forward to alter the state of the currency in Ireland, be :pleased to take into consideration whether it would not be necessary to bare an increase of bullion intro. duced into that part of the United Kingdom. Lord LAUDERDALE did not expect that any men tion made by him of the Corn Laws on a former occa sion, could hive deserved censure from the Noble Lord who moved the present question—much less did he anticipate ,that it would have been made the ground of a charge of intemperance in his arguments. He (Lord Lauderdale) had supported in those • arguments the interest of the agriculturist, as well as of the manu facturer—he had united both into one common cause in his observations cif the Corn Laws—he had con tended that a moderate steady price of corn would be advantageous, as well to the farmers as to the manufac wren ; while prices were moderate they would be less: subjeinto sudden fluctuations. nit was the tenor of his arguments, and.in the same spirit be should argue again when the subject should come before their Lordships. He did not, in the course of his speech separate the interests of the several classes of the, community, and be was surprised that the Noble' Lord should have imputed such conduct to him.- -When the inter* of the agricultural classes should become the topic of debate he sbould discuss theft with the same gelidness and temperance which he had used on all other subjects, and with the same regard to the welfare of the poor, manufacturers or labourers; and if he was moderate on that occasion, in his defence against the Noble Lard, that moderation proceeded same from a respect for that Noble Lord's 81E64 situ ation than frem any deference tor his ladividdal opinion. The Noble Loxd had proposed the abelidon of one and Eve pound not% as a. remedy foe the present commer cial distress.. Ng (Lord tendevdele) was,not i orepared to say that amass o f that *ancient aught not to be abo . litbedt or' thattivaprivileges of the •Bank soCEngland mak not huvadmitting that (hawses or Mating ibe ditsciddei were just its themselves,. ' 11w nist o the !Itipetteut.questien was, whether 'the Go. Imminent wad acting wisely in provoking a discussion .. ._ . . . ... *NS N. . .., -.• • • lis -. . ‘..., refusal of a hasher at Bristol to .. I i n . gold, bet ween that aftaar yri t ti t :: . .... , May •. • itatootz and it continued the re- of the rg ror t., • ~ 411 at :imaged anues'our el a c . . _ _ %lir ..a _ • .i ts ev . • ." Attila puma nuMthBt* !it' tIA' . A " ;.: • - ...li —.•- • sent ro , *Wins ItaCatr.c . . • erith_lui _pica . ) . , .• . rte, • t - t was the eau- uomn t . • • • ,aa rurcaleta. whatsoever : VAM)Alitleaeventi I utiiy "-' ' '.'" • -Act • — ir- - ''"' at that very period ? , But Wait ta th 0, in tibp • • fecoeiralite - ipsti.n proceeding. he•wo.d ilk nevi say,' f u r what before he proceeded, he wished to say once for all, all Of iibik' there iiiii4 if not actitilly . eneugb, at least , . 4iitthe effect of stab a measure, hat to leave tili piople ' iehherloietwa apparel:4 it cOusaquance of -a paper to much less than enough gold cent la,thof,ommtry wet true to themselves. It was counteracting the doc- cijiiklA4,lo3lia pas, , a1k4041,44t he had cast an impu- carrry on a completely m etallic circulation. Aot it was trine be had alluded 01,- to leave thi evil to cure itself, tigepuss.emintry baiiluirco skit he knew of country not intended to propose the ithosecliate-establiseat cr and was leaving again to the commonity the expecte- baubirfellyowteapeetisithirtialnry-iiriiiwn, and that all such a circulation. _Three yearswere to bcalloweri for tion of specific relief from Government in one of their be . bad artd related to the general system of banking, the purpose, and if the example co Lancashire were taken awn. eatracagance or rashnesi. But see the erect of ' aisdasec,to particulaiestabliihMents in the country. in into consideration, all the appreheaded Vacuities would such a precedent when applied to other interests. Some 1821, 1822, and 1883, the cirselation of country banks vanish. Why was there a gold circulation in Lancs. years age it would be remembered that the landed in- speculation, . _ by the *motto _ country hank gdpei • In fact, the quantity of paper in circulation was at" more than what was required by the necessities of cum' coerce; it did not incretse the quantity of market saleable commodities; it had bees egged against paper, that, as a medium currency, it s was unstable and insecure, inatnsuch as it was particularly espined to sudden 'depreciation ; but, whde A out pound note war convertible into a sovereign, and 'while , a sovereign contained 12.3 grains of gold. surely the paper note , aird 'gold coin were the tease thing ; tild ft t , ) speaulat49%li !it ivEuldhave eiisted concurrently .with ,4_ 1/01d cur = rency, as soon as with , a paper clrchlition convertible into gbld. The excess of paper was. calmed by she , . rise la ' the puce of commodities; byte . what uses 'the came or - that rise? He did not bol4titir 40 ascribe it to the five millions thrown ,unto the market by the Commissioners of the Sinking Fund.— 'That sum tended to redirce the present rue 01. interest ; ' the reduction of interest raised the prices of merchandise 'brought more money into circulation, and fostered-the 'spirit of commercial scheming. Bat their Lordships *sight be surprised at such an unusual effect of the Sloping Fund. - It was, it a novel feature in the financial system of the county ; he meancitt effeets on the market. They were not so obvious during chewer, for while; through its aid, Minittcp were saving 15 millions with one hand, they were expending SO mil lions with the other; its influence dating peace was, therefore, unperceived by the public, up to the present time; but now it bad made itself known to them by encouraging a system of commercial speculation which ended in spreading ruin over the country. Its original institution had produced the same effects. In 1716 it lowered the rate of itnireit,and gave rise to that notorious scheme, the Soutit Sea Company,wbich brought so much discreet to the speculators of that day. The Noble Lord 1110 saidspecularion spread by means of country banks. Niiti; diptigh*thaf 14.,b1e Lord had declared last Session that the. tiovernmeit . Would grant no relief by any advance of money to be distress arising frOgo rash speculations, yet did be at that time ascrilpe that•dis tress to an excess of the country hankers paper•?-.- Did he - then declare as intention to suspend one and five pound country bank notes? No. He described. the distress to a rage for Joint Stock Companies, anikatave no warning then to the country bankers of hii present, act ot hostility against them, nor did the Noble and LearnetLord - on the Woolsack, Who at that time-roost creditably adds face against such speeelationt,,,eveit that Noble end LearnedlLud did not ascribe them to stis excess of country bank use?. 'lf -the le Loy d . at the head of his . Majeitr . if;leYerninent d rite ipcommercial state c 3 the eSitstrY alone ' Ufa siosald come round to tI * former condition. As to What bad been said of the probable amount of the lite failures, and the limitation or 'the' general sum of them to two Millions, he (Lord Lauderdale) would contend, that the 1011601 arising from those sp culations would be found to exceed in amount all twiner losses, and that they were solelj'attribitable to the Noble Lord's me*. sures readve to the Sinking Fund, and not to the issues of country banks, or the institution ofJu:st Stock Companies. And here it was worth remit, king,that those muchabused c .mnies bad been patronised by many of that Noble Lord's pa friends, by massy Members of both Houses, and several (Meets of his Majesty's &teem ment ; indeed, he himself (Lord Lauderdale) bad been requested to give his name to them in Scotland ; hot as he did not approve of the principles of them, he declined becoming a decoy duck_ to catch the pubic when he had no with to become a shareholder. When he re membered chit fact, he could scarcely believe 'the Noble Lord to be sincere-in his condemnation of Joint Stock Companies, or in his impetation to those asso ciations of all the evils which affected the present gate of public credit. Did the Government exercise their Authority in discountenancing those official speculators? No such thing. it was plain, then, ti ey did not think Joint Stock Companies the cause of the existing distress. How then could the Noble Lord expect their Lordships to pass the proposed measure ? The Noble Lord had stated the whole amount of the gold coin at present. current was siateen millions; namely, six millions circulat;ng within the kingdom; seven millions exported legall y,- and three millions illegally ; by what items the Noble Lord made out the general sum, he (Lord L) did not much care ; it was not very important; but of this he was sure, that.* did not require mote than one million of gold to support five millions of paper in one pound notes; and that the Noble Lord, by calling in the present amount of one pound notes, would create a demand for five millions of currency, and how he could get that sum to supply the vacuum which would be caused by the Bill before the House, was a subject of astonishment to him (Lord . Lauderdale). Could the Noble Lord fancy that be *add persuade country gentlemen to subscribe their money for the formation of Joint Stock Companies at. the risk of their entire fortune? if be could, the event would confound him (Lord Lauderdale). The greatest bankruptcy in 1772, was that of a Joint Stock Company, Dowels and Co.'s. The acting put out were in such distress, that they were obliged to come to London and borrow*toney, by way of annuity. The Noble Lord would maintain that there wail much danger to the poorer classes from Joint Stock Com panies, as under the present system of banking. It be was right in his supposition, that the present distress arose from the great mass of capital generating it dis position to scheming, the Noble Lord would like to know how *remedy was to be provided by the calling in alone pound notes, and establishing of Joint Stock Company Banks. Of one thing he bad not the shadow of a doubt, that if die pretest 'Remotes were carried, and the country stood at all 411 AbillOs 4 MOlll4l be in-an unpararled state of asisere4d. &rem. —There was one subject to which be soda not 10 P al luding, though it halises overlooked by the Noble Lord opposite inbittpeerl that evealie--namely, the present -*ate of the - Mint regulations. rhece . was a 4 eigaorage on our silver; Government would not allow • _• 4 4 • Pon tike stkhject at 04 40, ,gaitiorkerietts,4 Roura,_, eft te Slued' wiai tinnier ,wtashi ttivis• safIKI *iii= out. Re lesplotild the )(oh* 4,4 not tb AO iutlA the discussion thit night, particularli" as Oki ildbie I Lord's ammo* was founded oh an errootous opinitki of the commercial distress of the tonistryotad causes of that distr'ess. The diteassicc o instead, oi Mitigating the evil, wOtiVd tont lendiwaggia*Ate ; Wl= It was necessary that ParliiAtilet.thpilrd f tWeptuifibi nature of the etil before they-mad Pnr,0444.404Y "st remedy; td it: The N011014:artill0 lakititissosof the existing distress to a disitpalsonKtchtillittS.9l44l- lations, and a conseclueht Om . aspkof paper • C 1 7 eflay • Re (Lord Lauderdale) dittted film the. Illoble:Lpod on chit point. Was it possilske tbil; A recliklion isf, the price of land, of stock, and: of all public settles/4;os; could have been effected by a spirit of etimorieicisi speculation, of by the amoOtt of coqntry hank p'pci