The Statesman. — London, England, 1823-06-12 00:00:00

~_ ~ : t. • 4 ~~ :. S r ..,,~~_ 11.6616 Ihr. BENNET said if the preaelliilaws Were repealed. e silk sannfactere would decline throughout the ki • • om. Tie danger of a numerous sad unemployed f mansfactitringivrOiltmen in a hsefre capital was gen ralipacknosviwkweel, and yet thebill of the Right Hon, Gmetiernan rota have the effect of increasing that *till etpmsent numbers w A driven from th e capital to the 4 -chtllktri in look list oement, whom this Bill would 1 • , mai:. ni:'coist sot sisentleithisimiseW‘a would lii-tiles. Mthlethan, and he wauld therein Vete for 4...... ..•,.. WARGO. after elitoting to. the hsconsletiliate of behignmeidi•M the tight Honourable the Lord Mayor 'srialfielintieuribli Member for Wiltshire. said that hi ad jolitedte sysk of regulated high wages would beer tremevely p_._shad ris .shad there zooid be A lways work eaoegh to gl . meet, but se this eras not the case.• sloth a system swig? duff 16 be equally injurious to the master lid the .weitilsep, He se && a . && lousto repel the inthreselois +broad, Abet they were Westing injuriously to the wettest+, kV be was setts ,shat the laws sure in force did more injury tri Dig *donee than the masters. When there was* emit .neisl• ni work, it .would be a great advantage tq the wors yen; if they could call for higher wages. At remit. when thiy : did.do, the Magistrates interfered ; and he weld show mina instances of resielenee on the port of the workmen to their• decisions. Ile would mention one uaresistible ,feet, which proved the isapolley of the present lawir.— A 'commodity manufactured in the country was sold in Landon ter 11.45., the manufecturieg of which in London, 1/0 , coustquenre of the Bill of Rates, would cost 11.33. .Theeffeet of this was, that the manufacture of such arts- eel could net be earrien oe in London: bat the moment .the present taws wire repealed. London "meld; from its great p petition and 'cleaning: ous position, possess a .proeteriess trade.ln every department of the silk Menefee tore. There would Deno longer, he was tended, *ay eons ,plaints for want of wort. The present alarm mesquite un founded,' sr,d be did not hear one good reason given tor de laylig thaßill. • Mr:'". POORE complained of the injustice In leaving tho Combination Aets ;Mouthed, while the laws peeteetifig thejoarliesraen were repealed. There were now twelve thireinsprisoned in Coventry under the Combinatiob Aels, though the masters, who petitioned in favour of the Right lion: Gentlemaies Bill, were at liberty to eomtline for the purpose of breaking their eneageoients and defrauding tie workmen. Till these Acts were repealed he eertaidly would oppose the repeal of the-laws now in force In favour of the workmen. He hid learned from the newspapers that the masters were week after week endeavouring to make some arrangements to comptomise the matter ; but this he sitoge thee deriled.and was enabled to prove that •it was not the feet: The lion. Member concluded by expressing himself ready to support the ArdendnimO. Mr. BRIGHT said thst though his constituents Were not interested in the fate of the Bill, yet as the interests of a eonalderable 'portion of the lower eisse of the people. whose rights he should always be anxious to protect. were con trotted, he felt it his duty not to'overlook them on the pre sent occasion. In the Bill of the Right Hon. Gentleman tbeir interests were deeply involved. and whether its ripel y:e was right or net, a Conmilttee of Inquiry ought to be anted. An lion. Gentleman hat said that he ho p ed the lents would grant an inquiry should this House refuse it; • buffo. did not think they ought to leave It entirely to the other House. it was their duty, and it was they, therefore. who ought to call for inquire. lie lamented that they bad All:owed some parts of • this Rill to pass in silence; but he bad learned a lesson hom it ; and whenever similar inter met *vete involved:in any BM, he would take care to attend Its progress from the beginning to the end. Wby not grant i Committee of inquiry now, before any alteration was made to the present hies, when we had before our eyes the Re port orthe Committee in the Rouse of Lords to IBMA, when elfin was letroduced for the extension of those laws? Se veral joureeymen, were examined before that Committee, abdthe consequence was that the Bill was passed. sod why new repeal laws, the extension of which was sane tioeed by n previous inquiry 1 The House shoad look at the Bill now before it calmly and deliberately, lest its enact ment should he attended with mischievous consequences to thejourneymen. The Spitalfields weavers were now con tented. They had plenty of work, which was daily in creasing. end the *hole manufacture was in a prosperous state. Thee, upon what reasonable ground, he would ask. bright they to change a system under which so much pros perity had grown up. The object was to cheapen labour — r good one ne admitted ; bat what binefit could be derived from it. if it were orly to he purchased by the ruin of many indirstrloes iniividusts 1 The moment this Bill was passed the masters would Insist upon low wages, and the melee thole consequence would be. that those who were now cob- Vetted and happy would be driven to Poor Rates for sweet, tekteh would demoralise their habits and degrade them in own estimation. We ought not to adopt a measure, which -'mild have such an eir ct, with our eyes open, without an inquirir, or without any knowledge or information on the Pet:sleet. and after a Committee had, In 1819, recommended yie extension of those laws. 'bleb this Bill would repeal.— The lion. Member concluded by saying the Bill ought to be poortpored till . nezt Session. ' Mr. HUME said, that he iould not sit still and h ar ll t speech (lithe Hon. Metnlier for Bristol. It was no frontier Hear, the workmen should think themselves in jured when facts were mis•stated. The Hon. Member listfthill that the COmmitter, which set in 1818, apProv id'of those laws, bat he had the Repart of the Corn- I/fritter. thade od the 413th of June, WI, and would show froth it thet the Hon. Member was altogether mis 'taken in supposing that it approved of them. The Tian. Member then read some extracts from the Report. to the effect that the present laws were, the cause of producing several orders with a variety of prices, and there were instances of prices being raised which were teeter redbetd, sad that they had an injurious effect ifith regard to the workmen, for whenever the trade wat'cbeekesl, the masters were prevented front relieving themselves by lowering the wages, end the consequence 'Wag; that that branch of the trade. left Spitalfields. IT ore , then, were Members warranted in saying that there wits no inquiry upon this subject? It was fur thee stated in the Report, " That it was clear to the - Cintithittee, that unless some modifications were made in 'the laws, they would be injurious to the trade, the tecitlen.en, and the masters. He was satisfied that the . yretilt of the repeal of these laws would be beneficial to the Wolltfner, and he lamented that they should think Ihettf injurious to them. He supported the interests of the poor u strongly as the lion. Member for Bristol, lit Was'for tWat reason be would Vine for the Bill.so t il he was not t supporter but the opponent of this sma tter* who was ad enemy of the pour. - Mr. untowr etplaitted: . Mr. CURIVEN said that though lie thought this Bill *would ultimately bate a beneficial $ ffect, yet the Cons 'Wooden' stets ought in justice to be first repealed. ' Mr. BiaalCt thid, that as he saw there was no chance of successful opposition to the Bill, it would be sates. .fac‘ory if the Bight Hon. Gentleman stated that he woitti pledge himself to a Committee next Session. for : the purpose of removing the Combination /tots. He would support the intendment ; but if the Bill should he carried, it would be a consolation to . the workmen, 4f the Right Hoe. tient. eve the pledge of a C mit- Are for the repeal of those .tots they complained • i as oppressive. . Mr. iIf;S4iISSON said. that he bail no difficulty in seplying to the question of the Hon. Member. In _point of fact, his lion. Colleague had brought in a Bill, sail there was now one before the House in reference to these "-Ws. He was an enemy to t onobieation Acts. .end was ready to assent to a tionsinittee of Inquiry for the purpose of repealing them This was a• ism 411111, Aieet not one which was' to be general in its operation.— Alket what had been stated iry the Chief Magistratt,' ;Wit tie ktil tiouhl he, prejudicial to the wearers of Sr. tstlields, be/rusted that to not opposing the Coutinittee so theCoatbisation Acts, lie should stand acquitted ef 411$ deelgn to Were thee primes. In all his 0001/1)1610. nations with them. be lied soyeriahly !wol : them dis Pee .4 . a ;ro e the si4j•et c.4ll#' t ATIlt dkplriolia*. lilt owed have no /Se/sutra ustetrewhieret with respect lil -..~ - - TOE STATEStst • • %be tmettion; all he asanteriki It; eennat lie adiantage. • As.liMr• HlCHlVbeibi Woe we cop ist s. ltdd hArtsv"roitle togYekaly. ~› 'nil LORD MAY sad Mr. ELLICE ea#.l4. f r o. VIAHEir said he would not only sittlert the repeal of the Combination AM*, but e 150,100014 gpy mesearen* might bwproposed for allowing seiSekleg to'onii- grate. Hi thooglit VW the pritiefplirof "martrins vow to be of a I and not perthd netnrt. He kop,e44/ 1 1A the landedttlg i st would su e mtrt him in thistlew (tithe subject; for If arfilifet could hot get tows; Uteynitetbb. Mai a hordes to the Parma, and coasequently the landidast defray this additioaal Charge: Mr. BY NG saw no aeceesity whatever for repeal Acts. He wished to leave that which was well atllt There were many !meshes of large. mind wh o desired to see the Its aboltshed , but the lateresti of 'the pee* of Spitalfi s ought not to be sacrificed on that eCeetint. 111 Spltalfields the poor were not burdensoine to' the pith& for the present system offordedthelwanflielont means of sith shoetree. Flu never desired more bushiest meted in thels than would give clutter,* emploratiet 10 the labouring-70 potation. Ile knew that iwthe great mansfacturtagdistriella the ordinary rote amigos durissr the war was 30e. a veil& but whoa peace came and a redoettos took place, theeoitall queen that followed were too notorious to be fortieth.* The conduct of the weavers of Spitalfields under all &MP stances was highly commendable. • Mr. Alderman C. SMITH said a lieeravords which mete not audible in the gallery, and a Mettles htivleg then tali place, the numbers were—Ayes, 411—Noes, 40-slajorityin favour of the 13. On our re-admission into the winery we found the SPEAKER putting the question, and. the Dill was this read a third time and passed. ALTERATION OF THE CURRENCY. On our return to the Gallery, we found 1. • Mr. WESTERN calling the attention of the House to the subject of his motion relative to the state of the Cur rency. He had failed, he observed, in two attempts to induce the House to take this subject Into their consi deration, but he was not the less persuaded that his views were correct. He should do his best to impress them upon the House, and to point oat that the working of 1 1 events since he had last addressed them con fi rmed rather than confuted his opinions. His object was to endeavour to persuade the House to enter into a full consideration of the subject, In the shape of an enquiry through the Medium of a Committee. The doctrine which he was prepared to maintain wee, that the measure renting to ' the currency, which commenced is 1814, and was cos summated in 1819, was one not only of spoliation, but of absolute confiscation of property. In order to settle the question, whether this was the right view to be taken of the measure or not. he wished an inquiry to be insti tuted into all the variations of the value of the currency since the year 1793 to the present time, that was to say, since the contraction in the quantity of circulating me dium which had been carried i , to effect. Were this done, he was convinced the House and the country would be most effectively assured that they acted in error in projecting the measure in question. For his own part. whatever might be restored to hereafter, he did•not con template the re-establishment of an unlimited paper cur rency, which no man in that House, nor any where else, regretted more than himself. Neither did be contem plate that by possibility there could ever be again that foil extent of currency which hail existed betore. He btgged, before lie proceeded any further, esplicity to de clare that he did not expect that soy Gentleman toting for his motion of inquiry, would pledge himself to the adoption of any of his (Mr. %V.'s) opinions. There was no occasion for its altering the state of any one's views. He did not know that be should object to the experiment of the Hon. Member for Portarlingtun, provided be could shew that his plan propounded in the Committee of 1319, viz. to pay in bullion instead of coin, would not have in• creased the value of gold tried by the measure of commo dities. But by the operation of the Restriction Art, be considered the value of gold bad been greatly altered.— That since 1819 the value was much raised was proved, by the fact that in that year wheat was at seventy-two shillings and a fraction, and at that 'period one ounce of gold would not have commanded more than nine bushels of wheat. He did not consider this question merely as an agricultural one, but he must at the same time say that it was an agricultural question as well as one affecting all other classes of the community. Con sidering that this tneasnre bad deprived every class, from the aristocracy to the artisan, of a portion of pro perty, it mite • iunably affected all, and not one branch in particular. His opinion with respect to the returning prosperity of the agriculturists, was that it was a most futile and fugitive notion ; and he was prepared to argue, from the average prices of this year, that the depression arose front the increased value of money. The present price of wheat was, up to May this year, 465. per quarter, and barley 3.55., which were lower than the average of 150 years before the war. But he did not, as he said before, treat this as an exclusive agri cultural question ; he was prepared to contend that the standing income of the country had been reduced; and even those who were most opposed to himself in opinion admitted that it had been reduced by this measure 10 per cent. According to the property tax returns, the total income of land including Ireland was 50 millions; but to elbow the actual total value of the produce of the land, they must estimate it at 200 millions, deducting from which 10 per cent., gave 20 millions, which ope rated as so much additttonal taxation. The redaced value of land might be fairly stated at 30 per cent. The price of wheat he considered would never go above 555.; so that the total reduction on the amount of mo ney actually drawn front the produce of the land, was 60 millions. This amount, he maintained, was for ever lost, and thus laid like so much taxation for ever on the income of the country. If he could show reasonable ground for supposition that in 1814 and 1819 the real value of the existing currency was misunderstood, then be maintained, the House was bound to agree to inquiry. If, in a matter in which the income of the country had heed decreased in an unprecedented manner, the House of Commons were apt on the alert, what would become of their basted jealousy in regard to Money Bills ? (Hear.) The Income tax of 10 per cent: woo* have been a boon compared to the measure of 1919; and ne contended that the value of the currency might he so changed that the whole income of the country must be handed over to the tax-gatberer.—(Hear ) That the House had not understood what would be the efect of their measure in 1819, he thought was sudi ciently proved by the fact of their never baying turned their attention, in their previous inquiries, to the effect upon taxation, front any alteration in the value of the currency. The lion. Member for PortarlingtOn thought he had done enough when he proved that the difference between die value of paper and metallic currency was only 5 per rent. But rvither lie for the House seemed to have Made any examination into the value of the ag gregate currency; they seemed to have nusdieno eon: minstion into the elfect_of a change of currency upon the necessary wrictes of existence; and yet all former writers on the subject enjoined a strict vigilance over the fluctuations of bread-torn in making any alteration in the Cahn of the currency. Even the Right Hon. Gentleman opposite (Mr. Secretory Peel) told them th a t the price of, labour was at all times the best criterion of fie value of Money. Mr. Itorner'copluiore on the con trary, most decidedly was that the price of bread-awe was-the best and only certain criterion. As a proof that he ass right, they bad wiry to rider to the rise and fall in the price of wheat after the itedrictione on the curree oir were put Oil, and after they were taken off. The present sure of the country was, that it was loaded with a rlekt. a great part of which it never incurred, and altattgrd oath the repaymeot of which it never received. tiae branch of burley jut° which he 10'1E4 iirill jfir.ilivsn 116 e effect of the Change)* thwitherof tint cayr l aiit on asentry contracts. net: it Ind' ears& ll! i 4ll l,lfff i . reit in to then could be no diebts-iltite, 11`....1ict alt hiroLotail the contract' ,betwisdo 1 ant tenant altogether. la all eases, whit but emir : ,Catntiani; the= liandisitil :laid - been. (Waged IA ntip' 14 ..o sent thirty per amt.; and that he was as wimi** bring. title greet' landed proprietors to beg y. li .these Amp • meet- es they woeld have a pole eirsristoslmey, a haltered nary. and a swarm of :i. kick farmers, anti palate...fed populition.—(Heart plassintry - woad 'be degraded blond any thin ever NM bitivret 111*Se detleathe Meese to contempltitg this fewlect with. trawitailtiir, 'Phis depreciation wo n !. nut stop is its operations with the agriculturalist &lose. Willem Idwaseredly alined to mg - other elan of the nai -1 munity. But it was men triettbattlas min of manefactur. las lobes! . had notfalfea .so leer as egrioultiral labour, fat the said. anpresclon weal.* soon melt that part of the cola sanity. la proportion es wises frit, tbe burden of taxation would he felt in exactly - the same ratio. He would not pram fay other arguments on the House to Indere them, to paean elpate In his views op this euesdon. He felt consdent that Ratak, sever be answered told* that the House was not lo error when it passed this measure. Taking the most ex pensiyelkeriode a the ' , delver. he emended, without fear of contradietini that Them our expenditure was seventy four and• eighty-four millions. the real valve of that was only fiftyokight and sixty miltions.Such was thedepreetated , stateot the eemeleyin then periods; and then he yokel whether this country was to be paylve for such borrowed sums. seventy-four and eighty-four millions. Upoft this point he threw down the gaint:let to the Hon. Member for Portarlington, (Mr. Ricardo.) and challenged contradiction. The currency appointed in 1819 was, in truth, the establish ment of a new currency. The tray to bate estimated that currency was, by the standard of all the debts incurred dur ing the long departure from the ancient standard. To have , established. in 1819, a new mecum antes, withont recur ring to the ancient rate of salaries, and ail money payment was s Manifest injustice to the whole (*mull . . He called upon the House to examine into the truth of the ellegatims he bad made. In consideration of the diminution of income, caused. as he bad shown, Ike asked tin Hon. lalember fur Pottarliabton, whether thig country dead ever again be able to meet an expenditure of eighty-four millions. Tre Army sad Navy. cud those whose salaries bed been raised and not loweted since 1814). were those only who had gained, Including always the stockholder, in whose fa vour all variations of the value of gold had been made. — The Hon. Member concluded. by moving for the appoint ment of a Committee. "To take into consideration the changes in the value of the Currency since 1793 to the pre sent time, and the consequent eft ct upon the money, In come, and industry of the country ; the amount of the talic Debt and Taxes, with reference to their money value. and the effect which such chains have wrought upon all Money tecontreets between individuals." • Mr. RICARDO expressed his concurrence in most of the principles laid down by the IlOnourable Member. — But he thought it a strange mode of reasoning, though often practised, to lay down the most sound and correct principles, and then draw from them inferences which they did not warrant. The Hon. lientleman contended that by restoring a paper currency to a metallic currencv, the circulating medium was diminish-1 Nu one .1). jected to that argument. On the contrary; he (Mr. Ri earde,) mentioned formerly, that in consequence of the restriction on the Bank of England in 1797, by which the Bank was empowered to lame paper money, the cur rency was deprecisted. The restoration in 1819 had of course the effect of raising the value of money. In that they all agreed, and the difference between them was only in degree. There were two classes of persons who made different calculations On the change of the cur rency, and he differed from both, as much as they differ ed among themselves. The Hon. Member (Me. Western) confining himself to 1819, said the ratite of money was increased 30 per cent The lion. Member for Callington (Alt. Attwood) steed it differently in a publication which he gave on the subject, computing according to the year antecedent. lie was not at variaece with respect to the variation in the depreciation of the currency. The ob ket in 1819, was to have some fixed standard of value. — The Batik of England was entrusted with a power that was most formidable to the country, and it was fee that reason necessary to put an end to it. Ha therefore as sented to the measure of 1519, because he knew it was calculated to obviate the dangers that might arise flout the power of the Bank. To him it was nu object how it was to be accomplished, so that the standard was fixed. In the discussion which took place in 1819 on, the tun sure, he did say that the depreciation in the currency was to be measured by the difference in value between gold and paper, taking gold as the standard. He woul I main tain the same thing at present; but he never said that the standard itself was not variable. He appealed to any trifle that had come from his pen, for a proof that lie al ways.maintaincil that gold, t's well as any other comm.). dity, was liable to variation. He was accused of having said that prices could not vary more than 5 per cent. in consennence of the alteration made in the standard of va lue of the currency in 1819. He maintained that in order to bring the currency to its true value.it should he brought to such a standard,and to effect that it wasonly necessary to raise the value of the paper currency 5 percent. Mr. Peel's Bill did not require the Bank to procure any id Mien' quantity of gold ; and if that Bill were followed up steadily the currency might be carried on without more gold than was then in the Bank. There was nothing in all that to make the value of gold change. But it was a matter of charge against him that gold was altered in value. It was altered in value because the Bank of England put their face against the Bill. They collected all the gold they could pos sibly find--they sought for it at home and abroad, and they turned the exchange against us in all countries. In conse quence of those measures, unnecessary as they were on the part of the Bank, they caused the rise in gold to go beyond the amount at which he had calculated it. But notwithstanding that unexpected and unjustifiable conduct by the Bank, he did not see how the Hon. Gentleman could support ids arguments unless he meant to say that there was no other cause of distress but the alteration in the value of gold. But the lien. Member took no notice of the change made in the price of gold by having It collected from all countries at any rate it could be purchased at, bnt came down and said the price acorn only should have been made the standard of value. This eoantry was an importer of corn before the war ; but in consequence of the state of hos tility in which we were placed in towards other States, less corn could be procured from abroad. The price, of course. became very high; the consequence was, that more capital was applied to the raising of corn. The low 'prices at pre sent were to be ascribed partly to a reaction, which was na tural, because all persons had turned their capital to the pro duction of a commodity so profitable. Over production and abundant harvests were another cause of low prices for agri cultural produce. That the burdens of the country were great was not surprising. During the war the farmers did not complain, because they had high prices. Was a war to be serried on with a profit /— (Hear, hese) Was the bnr den greater than they ought to beer I The Hon. Gentleman (Mr. Western) said that the stockholders were benefitted by the change in the currency. Tiara was natural enough; but they had no benefit on the debt of about five hundred mil lions. contracted before the currency was deprecided. Ho would maintain that the stockholders were losers, in those years daring the depreciation, to an amount that would pur chase a perpetual annuity. equal to that part of the debt that was mod/noted since the commencement of the depre ciation.—(them. hear.) Who else gained by the Alteration in the currency? Why, the pay of the Army and Navy was increased. But that was the can in all countries as well's this. to many of the statement's of the Won. Gentleness he tweed. The lion. gentleman had said that the motes come of theigricultural classes 1134 reduced about twat, millions, andthe effect teas such aks if so tench was adsledds the been° of taxation. That ,;,....au extraordinary eon*. si a. If the earreecy was altered to the amount of Mir* par c wt., the whole texatin of the country was so made leeward, heaths tend oysters could ant sae that they paid that thirty peestent., for la fact all classes contyibited their proportion Tine llonourable Gentlemin dhould not have left out of his account the advantages gained by dm landed wants degas the time in whirl corn "bore Nigh prices. If they caketated Ihr ailment of those titan oos be the farmers by the doped Won of the currency, they would be found to cover all their losses since the fall of 'prices. He could not agree with the Hon. Gentleman that the alteration in the currency did amount to 30 pee' cent. If the 84nk of England followed dtrietly the Bill of 1819, the alteration, as be then toed, and as he now z li n c t e a r. i a n al et a would j atag be .. au li t per cent. But ied a as p ail th the e t t oo ha k y, could' get, It was by that means a further difference, which, at the utmost, be would allow to br 5 per cent. same; if roost, was hetes-he arid, alit* Histroarable Itienticm an contended, it would be shewn in a fatting off l a the Legacy Duty or Probate Day. The same quand ryof preseertrwoold bet op as average of rein, dispaed of by will, as be believed that people then died in the same ratio as.they 'diet formerly—(A laagh); and if the value of w o a f s i no )ro t a f propert y pay off either d: t" be ee i st r in the La imatedby eg that er or Probate Ditty. So fir as that proof went, it was e ve _ elusive that there was no alteretien.—(A 'herr from 31r. Western.) Ile did not know why the Honourable Ora -1 Orman nas cheering; he .could nut tell whether it nal a cheer of epprolotion or dissent, .and would have be ers satisfied was tt of support. anal not of dissent. There was no falling off in the receipts of ad valorem stamps, an .' if there had b en a falling off in the vale* of all commo dities. the stamps by which the transfer of all o f t a me was made, would serve as the most direct ulnae to show it. Then there was the increase' of the Revenue also Realist the arguments of the lienourable Gentleman, • for how it wes possible to believe that the velure of money, as he said, was altered 30 per cent., while the mem. bad Continued to increase as it had done. To him this argument was decisive. as a proof that there was no alters dnt in the value of money, while the actual money re venal increased, itself increased. The Hon. Gewletnai asked him whether, with the present seirrrney and state I of all coin nodities, in the present value of child undertake the expense of a war to the Went of sever ty-four millione. HMV the comparative value of th queerer currency and the present be as seated by hint, h e should have asked how lifiy-eight millions cou ld b e provided. He world answer him, asl give it as his opinion that the country could still bear the same calls it the lane-agau•ssity made them. It WAS inconsistrat to speak of altering property. Alter the vaht •of currency as you please. you cannot alter the property i!seif. He dented that any alteration in the currency took any thing from tire power of the country. Although he street wirli merest many of the opinions of the Right Hoe. President of the Guard of Trade, there was one opiniu which he could not subscribe to,and which was hell wire rather with too mach confidence. Ile said th st the alteration of the currency was a useful measure as a war measure; but to that he (Ur. It.) coahl not subserine. There was no effect at Uhl front it, when you went ire* the market as a purchaser, because you had to par an additional price for the same quantity in the reduced currency. And there was, consequently, no advantiver from it as a war measure. Ile gave these opinions de cidedly at p r esent in reflation of the deetrine, as he intended in future to do away with the value of the ar guments. It was mutes better when the necessity comes ,_ that the currency should be suet bubbly, o ithout resort ing to sophistry or subterfuge to conceal realaies, lie could not help snaking a few coinmepts on the obser vations of the lien. Gentleman which appeared throlig4 another channel (a pamphlet published by Mr. Western.) When that lion. Gentleman spoke of !aO9 millions of National Debt, he was erroneous, so far an allowanee should have been ma le for the 11 )1 ) millions pad hack, and his calculation should hare been foopded on a suite borrowed of 400 millions only. The Han. Gent: here read several long extracts from the pamphlet, which he commented on them as he read thmo. If the Gill. which was brought in, anti which was said to have the effect of depriving Lora liiiog of one of his rents ; if th at Bill had been theo'wo out, would' it ma Imre altered rite I standard of gold from—H.l6s to 3'. 17s. the next el ty. Was no , he tumid ask. the lion. Gentleman venting iri his prop hetic view, when he supported that Bill in 1311? What grace there was in the alteration of his opinions .from five per cent, in five years, to 15 per cent., as he at present declared in one year. He should like to contrast the opinions, then held, with those maintained by the same lion. Gentleman in 1316. As for himself he (Mr. IL) contended that he insintaitel the same argue menus which he then held, at all forma. periods. He could nor, however, object to a fair change of opinion in others. An honourable change from convicion was praiseworthy ; but there were opinions befa e him differ ing at various times, by these very gentlemen who re proached others with a want of consistency. Ile wished to know whether the arguments in the pamphlet which he read, as to over production, were not the same as they lately held. And when be agreed with the opinion Maintained on former occasions, by the Hon: lientlernot himself ; he turn• round and reproaches him with hold ing the same opinion. The Hon. Gentlemen illustrates the state of th e currency by a comp trison e id% that of Am sterdam. Prom 1314 to 1321, time fall there was 251 per cent, anti a similar change in this country was 441 per cent. The lion. Gentlemen next spake of the Fundliold ers, but as lie thought that the fundhohler received o n ly what was their right, taking . them as a body. He 113,/ explained on a former occasion, that there was a perfect equality with reference to the periods when the debt was contracted, so that the payers of taxes had no right to 'complain. The Hon. Gentleman was, therefore, not war ranted in using the term robbery, and he went ra her too far to assert that the debt was a robbery of the public, maintained by force, not right." The Hon. Gentle man charged indirectly on bins that he was deeply inte rested in supporting .the interests of the fundholders, at the expease of all other classes of time community ; but the Hoc Member was deeply interested himself at one side of the question. lie was a large proprietor of land, his Income was dependent on the price of its produce, and every measure which lie recommended evidently bed the effect of raising time price of those commodities hose ficial to himself. He (Mr. It.) on the other hand, bed s certain property In land, and an equal amount in funded property, so that it would baffle the nicest calculator. even the lion. Gentleman himself, to say at which side of I the subject his chief interest lay.--(Here Mr. R. real reonsiderable extracts from the same pemplet,) He then commented on the effects of Mr. Peel's Hill, which% be contended, would generally benefit the country, and that l agricultural as well as all other interests would flourish through its operation. The question of currency was made of too much importance, and a degree of alarm was endeavoured to be excited upon it, totally uncalled for and unnecessary. Ile (Mr. IL) then read an extract free a pamphlet of Mr. Attwood's, on which he made a few re marks. He then concluded by saying that he should vote against the motion for a Committee; theagh he might almost agree to it, as a punisliment to the WO lion. Gentleman himself, who should be obliged to acts Chairman, and to provide and arrange matter fur its fit' liberations. The Mammies of TITCHPIELD snpported thermion. He had no wish that the agricultural class shoed benetitted at the expense of airy other, but he whhei merely for inquiry. For inquiry be contended that prime facie case had been made out by his Ron. Het. The united talent sad information of all lion. 30 441 ," 'maid tie aught to hear upon the sublet:tin a Cowed tee. He thought the former Ressintiens of the Betsaa respecting the Currency had Ibsen the cause et all us calamities which had since fallen upon the eessessyt they e hat eneouraged die Land Proprietor tociaimard ls poorerillsittat an increased earner. /fad theme dons avowed, rather than colicealbil• the tlep---a t i evi our paper currency, men itOultlithrtie - itauwa ltottvr2: guide their contracts. *lt dile toir befog dams 1P" 4 - , i •