The British Press; or, Morning Literary Advertiser. — London, England, 1822-06-12 00:00:00

r ..,„•, 4 1 . it • • it as an snewientation of lb or SO per rent. nely. Bet should they, the jealous parttime' 04 the public purse, have consented to laying this additional weight on the public! ft • sons monatenee that on recurring beck to a slumlord from which they had departed for twetity-two years, they had net made ibis the greatest consideration. Ile could as sure the HOUtc that he was not guisg to give them irivestifiy - tin the theory of swath Vol there 1'44 Tome treeetal oulastautive propositions os the uses, and Noe lions, and Datum of money, which it would be Receasire for him to recite. He most particularly remark on the rpiestion o f a metallic currency. All the modern authorities main tained, that money was not of value in itself, hut only as the medium of exchange, or steasve of value. and formed 'to part of the wealth or revenue of a state. Dr. A. Smith roll OidTtreT it as a valuable part of capital, emulsified ugly as an terstruUnesi of commerce, but 001 as a part Or the revenue of a state. Our essential principle is it die, that it' uncut to he ei invariable as possible. By common Cosecs! of man• kind, the precious metals had been adopted as the least variable medium, because, comperatively speaking, they were of beeselable value. In some Instances, hOwever, there were marvellous veriations, even is this staedaid. There were natural news which produced them—more or leas produce from the mince —the diecityrry of new mines—ibt demand r•nolog higher than the supply, or the demand falliag short while die supply remained the same. Attollwr• great cattail of variation had bees foiled • in aubstituting ■ credit eueverley. which went to - make up the aggre gate eurrency—in which case the metallic currency would crane to have the same proportion of value as be fore Its connexion with the credit currency. The itsc ef the reputation and wealth is the country had demanded an tee eeeee of currency, sad unless it had been supplied by she various arts of credit currency, so admirably olinseed by the 'Bank and other establishments, the aggregate car vency enuld sot have been Neal to the burdens (dale world. The Tatum of money would have increased so vastly as le have - pressed dews the industrious classes to the worst. He proposed to read two extreets from very high authorities, to she* that there was a standatd of value lee. variable than the precious metals—and - that was grain. The Hon. Gentleinao read a passage from Locke, which went to shew that the only safe sisedard of value for estates on an extended scateof years was wheat in Europe, rice in India, and so on, except in cases where money was made of a material which could not be aug `merited is quantity, and which sober people did not value at ell—which would then be the least variable standard of all. weraud extract was from Adam Smith, which recited the conditions by which collegiate property was tented trader the 19th of Etrtabeth, • Ihiril of the rents being ed in corn, which third, from the alteration in the quantity and value of money, fetched twice as much as the other two. thirds together, according to Blackstone. He went on to state bigot/Mims of the effect of dishoshing the valse,of money. He dirt sot believe that the *vestry during the Ito emietion Act had eitjoyerl merely a fictitious prosperity, but a real and substantial wealth, which bad inetca ed to real valne and amount in a greeter ratio than ever before. Derr* twenty years, in spite of the bs,rdetisome ea ves,* of war, the country had made more rapid strides in agriculture, commerce, and manufacture., in all the eir. eumelemees and consequences of wealth, than at Rey former period, And all the wealth acquired during that period was available at the end of it fur every eational purpose. He wits not prepared to say that the prosperity was ening to the Increased amount of the currency, though eertpinty it was very remarkable that those two circumstances ac companied each other, that they belonged to the same per od. He would read a curious extract from an answer given by Sir F. Neon to a libel published towards the latter end tof the reign of Elaabeth. The extract set forth the vast improvement in the resources of the country—the great number of houses added..--the Increase of plate end jewels— the'reclaineing and tilling of lands—the opening of internal neviretion—and the general growth of commerce. He was not ethud to decide to what cease the increased prospe• my of that period might be owing; but the doctrine laid down by btr. Hume in his E'tespi, aaactioned the opinion that an increase of prosperity might be produced by an in crease of the contact. The Right Hon. Gr Irma.' (Mr. Peel) himself had argued that the depreciation Of the currency was tube measured not only ley the difference between the price of gold and the 'aloe 'Of papte;hot that there was also another proems by whirl a aitallintiois hid herrn effected in the Value or ``old. He would refer tie the pekes of corn for a ectuelderabhaperiodilbsek ; be would Wee to ISO years be. Wee the War. Ile *mad take the 'priers at the 'average of lung periods, In erase iest to fatigue the Hustle by going throbegh the details of smaller period!. He hut then eaten. Jared at periods of tel. rats, but he Oronlr tette each f pf fifty years. The average prike of telletat fur the Stet period of 1114 years ending with 1695, was 441 e. 9J. per (railer; fur liti'nekt fifty years; 355. pet quatti, 'snd for the last period of By years, mohair 1793, it was 411 s. Id. The :image Of'ilte sea - years front the last period to 113 , 3, was 755. 1 Id: ; andof lbe following ten pears to 1613, it •as 995. per qOarlee—l- The leverage price 6f Wheat for Ow err 'eon, before the' war 'of Tren, was If. Ida. per quarter, frog that period to 1703 it eve. If. 17e. per erwirfer ; 41st *year after the war it was rf. Is:, and Hit terries.' Oat fiFe years afire the war 6frsii. The average price of betted f&Slie lee years 'before tt e American war was 21 11.. sort Intistribtei ftle average der -te the whole of the war Was V.ele., behik 511. pet ereirter less th.sti before the war. Medford from **lib vacillate.. Hist war did not necessarily increase the wire Of rain la this cveotry, and, therefbre, the war con* hot be alligki neehist his c:midterm, that the alieretiole le 'the currescy el. the main cause of tare great changes %stile+ had taken place. He founded soother argument in, favour of that position, as a fact , which 'appeared on the Nee of's Retorts made to the Order of the House, of the Corn' to the London mei ket,• in 1112 and Hitt It nail iedeleally id- • su'iteer that the populates of London was greatly lticeeased during that period, red it would therefuee•h tie been eater/it to expect an increased demand and euristimption of Wheat. Bat he found by the Refers which he BO mcotioned, th a t In 118121 he quantity of *heat sold in Mork-lane .05 368921 qintriers, at Mt average price Of Itfis. per quarter; and is 11121 it was 2135,500 quarters, at an average of 505.; ao east the ensiality was less though the population hod in ereiredi and the price was so much totter. And lie shnold be glad to trim how such au altelation in the prier could lIPPIe occurred from limy other co:cellist:ince than the al teration of the currency. That the oimiuntiou of the cir. el:lotion bad produced ibis effete, be would oleo endea vour to show by the fact, that not only corn and the other products of the earth, but every other species* or eons moditiev, had been greatly reduced in pride. - After let tag the effect of the &meth° ma of Ilse . mummy !Or stew period of twenty years Jeri,' the suepetisture of Iheralfh payments, he came now to rossider the effect of (he reabotd • coil of the chit:eery to the ancient standard. The Wet' Hero Gent. (Mr. Peel) In proposing that measure,ekid Wit ft was fur the purpose of returning to the ancient standard, as bad been done is the time of Edward I. nod of ERetabetti. But there was no voodoo whatever between the two cases. lu the reign of Edward I. the currency was 10,4Prell in its value by the debased State of the coinage, the circulation alsood entirely eonaisling of base And euustrrfelt pieces. 'Flre iuteefereuces with the currency In the reigns of Whey tMe Eighth and Edward the Sixth, produced great inj Red disquietude It the bale. The diary of Ettsrard the Sixth set forth, that the coinage at a reduced value was issued in order ee pay the King sdiebte ; that was, iu piste terms, to defraud Ine creditors. But that did sot Nast enure than six years. It had no effect upset contrails either of a imblic'or a private mature; slid after six MVOS Worm Of the rurreuey took place, mad a *undyed was adopted, which remained muttered up to pertodot the Bank terspeesiol : bitt eyed that *seism a ce tera se the ancieet• elaeolard from which they bad departed. Tle• - 1111inisrent of that day taco that it Would nut have twee practicable to restore the standard, which had bens departed horn twenty.fire years before by Heavy VIII. evil withoht that pressure upun'the resources of the comely to Whit% the everts of the late war had 'objected' them 'al the pretest period. What Was the care In the reign of Witham Ilf.l There ass no altreatlie of the araredesd at Ihht (War, from f o r Teasley Bewelt.)--There was a esan t:ry of depreciated celeste cieeolatibu •hieh • was called su.--(flear, from the Treasto y Belch)-=-Rut this was takers is psynseartsf mom ited' opt afhin tweed. But the Art of 16111 wan of a veryilliffereatesaturefroneany siflbsae whielehe lied jest ulleded ter. It Was be efeet to say, that causeferet must be -feilfftled at whatever wee to Ilse fill nossieet: smeltrat sst • whileis IMO Itairbefit Made, sithoegb witatothoy weirs eneend • late meth Was the state Of Mee tar- J i t ney, gust the ministry had Twee invited to biter dolts sod entigement. bush of a public and rhyme mature to an 'moist thlt it meld Otherwirre hive done. Tie I &We of that meager. Were litelollllll, more bud more apparent every boar, ' dud Were deeply felt from the highest to the Lowest by every edam of the people of the country. He bound to warn G e n. Hewn cf the der p responsibility which they were incurring 1. pe - meeitioc in the adherence to . that meaiere. If from any false notion of prude, or the shame of acknnerledeisio, that f (16 ..-re now Neu to have been pr,iluced hy it, whit h could n u t i cs ve been foreseers when it was adopted,they should refuse In nieestioale the aulsject, they would by such conduct torn their hacks upon their duty, and become trailers to the brat noel des, est lettersets of the country. The Hon. Member then read kernel tee from Hume and Locke, upon the probilde result~ of alterations. in 'the currency, which In considered to be singularly prophetic of the dishes. in which the country Was now pleing-d. In order to sleeve the effects of th it nvesiere in Isicrewang the weight of t h e b ur . done' iff' the rouintry, ii was y sot to estimate the amount of the taxes hi pisoods, shillings, and pence; beet it must be eitiniated by the propoeti sis of commodities which weir re/pitied at different period; to rake that amount. He had Iherctore converted tiresome into wheat, gold, and labour. It appeared. than, that in'lBl3, the amount of the taxes was 74,674,70/0. The prlce'of wheat being at that time 108 a. per giro ter ; 11,732,96 quarters were sufficient for the pity. merit of those taxes. The amount of the taxes is 1821 was 60,000,0001.; mid the average price of wheat was 555. 4.1. per quarter; Which required 21,863,724 quarters to due. change the Isere; beisig Nearly one-hilt more than Is 1813, when the nominal amonut was 14,000,000/. greater. &immersing the average price of wheat fur the present year to be 45s per quarler. 27,000,000 quarter. of wheat will be required to par 6/1,000,000/. of tales, being double the quantity that suffirrd to pay 74.000,000/. in 1813. The average price of gold in 1813 belle( 110 s. per ounce, 13,577;236 ounces were anfficient to discharge the taxes to the amount of 74.600;0001. In the present year, the price us 775. 10,1., at Thich price 15,6041,0110 °mores will be neer.- eery to deo barge 00,010,00/1. of laxrs , being 2.000,000 ounce. more thou in 1813 saffi,sed to pay 74.000,0001. He came new to the effect upon labour. lu 1813 the price of labour war 10.. • week ; and the labour 61'5,1100,000 of per eons in righters week. and four days would have sufficed to pay the taxes or that year. The price of labour to 1821 was os. a.we, k, Rod it rigoired the belsme of the some numher of perionsfor twenty-nix weeks and 6re days to ply 60.000,0001. of lase being nearly cioe.halt more items 'minced at the for. mer period to pay 47,1100,n00/. And supposing the price of Limier to hare f sllen to 8.. a-week in the present year, it would require thirty weeks, bring nearly double the quantity isf tahoser required to pay the taxes in 1813. That was the ratio in which the a'lerations of the currency bad accumulated the burdens on all flames of people is the country. The priers of commodities, which %verse the product of labour, hail fallen in price at least 40 per cold.; and an increased quantity was therefule required to discharge the testes; so t1iat•60,700.000/ , the present sinouid of ibe taxes regts:r.i a quantity which would have been isuffirient seven years ago to discharge tel.7oo,ossol. The canine'', therefore, was, ill pining 81,000,0001, instead' of 60 000,0001. A propnrtionat. , effect was also pro 3 uccel in the augmenta tion of the burden of poor rates, arseasnienhs, and county "dea of every description. Nor was the effect' solely con fined to tleia country, hut it hid a correspondent operation in other patty. The Hun. Member then proceeded to skew the operation of the measure upon the other gaskets of Eu rope. It appeared by the prices current of Boueeleaux, Am elerdsm, and Lundell, that the various articles of produce to those omitted' had fallen in the prssportieni of 15 pee cesium rat Boirdeanx ; s at Amsterdam prices hail fallen 351 per etas.- and at London 14 per cent. betweeq the yew - 01814 and 1811. [lie thee read from some document. a calculation of the fall in the priori uf ' vsriovs artiel,i of . prn4scf, erbkh appeared to be generally troll 30 to 40 and 50 per cent. hut the todie linetnies of the Min. Member's manner of giving lbw state mesas, tetettier wills the state of darkness in which the House Yea+ left, the candles nut haring bees lighted until nearly nine o'clock, rendered st impossible to make an inlets littible mute of hir observations I It was impossible to ascribe this to any oilier cause than to the measure which the Hues had adopted. Its peniicimie consequences, be felt convinced, were felt as severely by the commercial and malinfacturing world a. they were by the strict, urea innocent. Commercial men were carrying on commerce without profit, and the me ootheturer vas mareefactiering without profit. The Hein. Member Meet went nitre an intricate talculatinn, to skew that the tom/holder stond In the situ-inure now of receiving forty-nine quarters erf torn for his 100/ stock, instead of 251 (ranters iii the year 1.193. He contended that the toddle faith would be Its do *ay injured by adhering to the emindard, from • which they Mad so recently departed. In iegsrd to the poor retie, lets'lttiew it was the fashion to say they bed decrements in amount' since 1813.—(Heir )—He said they bad iucrearedov-(Heme )-4f calculated by the value of commodity, as they wield to be, it would be booed Huse they bad iocreaseet *early double aline that pariod.—(lleord Would any Geollentan throw such a fallacy in the teeth of the great belly of te=en is the country a. to tell them shells poor rates we., diminished, when, in fact, they meal payiug them with nearly double the quantity of the atone, of their twos ? He contended that the grime the aerobe, of peeler., sad of criminals within the last few years was to hr attributed to the working of this ineareee. iu producing • der-rewire in the demand fur the labour of the pour, fru= the diminished paver he em ploy it.„Thet was the real cow of the distreas in Ire hod at Kea preemie moment.—(Neer, hear, hear.)-salie should conclude by the sweet mad- humble wish that the 'abject had faller into bandit better •ble to execute the task. But such was his opinion of the calamities and dis tress of the country—such was his dread of Hee future— such wes his opinion of the cause of all that calamity and distreas, that tootling could deter him from doiug that which he conceived to be bra duly, iu besieging the subject under the couriderstion of the House. lo thong this, he had dune no lees than his duty; •sed be entreated the House to resneneher that Ilse people of this country always applied their sulker Roil good swore to the iovessigatiou of gatehouse like the prerese*, sad he believed that they were sow begin meg to discover the fall consequences of the =ensure, which they could not see •t the time it was adopted. Would any geutleniao say—would the Baste Margins oppo site soy. that he did not ',egos to look with distrust and ap prehensioa to she future as so what *night ensue from the effects.. of the memoir* The fact was, that ally one looking at toe Report of the Casuoiiitee, would see that they did not Knelt at the probable results sorrel uroiug to an ancient stand ard tor valve, after townie departed from it fur SO lon • period. All they considered wai, the capability of the Bank to meet slip &mind fur cash. Those result• were, indeed, pointed out to them in a document presented by the Bask Directors, bat soli effect.(llear, heard—The House must not now he deterred from reviewing their decision, by a reluctance to reinter their farmer step.. They tutu look to some m which would MOM' prosperity to the various intercede its the country ; mid that could only be ac complished by giirieg to the produce of industry the same value its money which ft poasesaed previous to the adoption of this measure. He moved— " That n Coistmitleebe 7 a;pointril to consider the effect produced by the .let of the aPili Geo. 111. esp. 49, upon tbo Agricultuve. Manufsrlorro, soil Commerce of the United Kingdom, end upon the general condition of the different' el therein." Mr. IIf2SKISSON said, when he considered the saMgak. tulle and importance of the present question, ss affreliar that it/orlon' of tulle which formed the foundation of pro perty, and of all eugageirir am, etliether of a public nature or betweesi dianand min; which the Hon. Member proposed to set loose And to alter; and When hr considered the disastrous consequences to whirls the course prupove it by the Hum Mem ber appeared to him likely to - lead, be hoped for the toffy!. reser of the Noose while he riff:reel a few observations upon. the subject. had lieetemedivith the utmost attention in him paver to the speech of the lion. Member ; and he had heard' it with astonishment and regret ; with as imi.bment at the statements which the Moo. Member bad sande, mid al the arguments sod principles be had deduced hum those suttee melts; 'arid Walt regret that the Men. Member, wholly mes sed& M he (mew iron to be of say deli bereft and convions art of injustice, ',wild rseurameodlo the Home the adoption of a sweasore,irbleh the' House must perceive would lead to the meet injurious effects. The Mon. Membei appeared to hem tom right not rifilja ow Principles of the measure of 111t9, 'hot if ill thugs prattlers obtth oiled to govern the ilYtalEhrima.aiN•N!%caAL. Muse is any pence, dings h might adopt upon aiis saltier t. Had he beets wholly uo l erpraisted with the nature of the measure of the suspension of calla payments, and with the ii t 7 h 9 e 9 nr i i ho ng t the the si Flank of even " of the whole of that period, he should have soppoaed, from of tEliertand was 11t authorisedHoo. Member, that it was i not to pay it sp e ci e it s no t e s on demand; that from that England time a difference prevailed between the value of gold, and th it of the paper currency; that that difference was well known, owl g Ily understood throughout' the country, and that all contracts and pecuniary engagements were made with reference to it. The context of the Hon. Menabes's speech would (nether have led him to the opinion, that at some period of the existence of that diffecence, a measure had been proposed to the House, to prevent the settlement ttr adjustment of claim, to the rate of that difference, which the further operation of that 'measure was intended to re move, compelling the performance of all contracts cad en gagements to their actual nominal amount, and render• hug it penal in any man to make any adjustment of that :.essnouut to the ratio of the alteration in the value of the cnrreney, by the restoration of the paper to a par with the riptallic eireolation. He should have thought that any measure of the description would have bees at once ✓eject, d by the House with indignation; or, if it were for a moment entertained, he should have thought that it muse bare encountered the firmest opposition, more particularly hum those upon whose interests it must have so immediate and powerful an effect, the gentlemen of the landed Interest. He would ask Hon. Gentlemen whether such boil been the slate of thetountry during the Ilene of the restriction on cash payments? lie would, on the contrary, maintain that debts who to 1797 were compensated by the increased value of money, and that in fact the law had prevented any adjustment with ref-rence to the depreciation of currency, and he (Mr. llnskteson) could out but look to see nut if the immiewrat would relieve Om or that prowl, or class of per. son., bat whether it was consisteut with good faith, national honour, and the rule of right. Could the Hon. Member contend that 114 re 'boatel be two rules ; onelur the detour and 'soother fur the creditor ? The Hot'. Member had looked a tittle to the case of an encumbered estate. Now he would put this case to the Hon. Gentleman : he would suppose that prior to 1797 he bed encumbered his estate with a mortgage, which still remained, when in 1811 (the year of the greatest depreciation) he hail encumbered it with a fresher mortgage. He would ask the Hun. Member with the fullest confidence of what would be his answer, whether he would bare felt it right to bare gone to the mortgagee of 1797, sod have tendered him payment in • depreciated currency? The creditor would doubtless have argued, that hr looked tat the time of making the contract to the usual policy of the law, and what bad been the state of debtor and creditor fur nearly three cen tittles antecedent to that period, and had considered that the standard of sabre which bad been from the time of Eliza beth unaltered was unalterable, asd that be therefore thought the quarility of the precious metals that he had to receive would have remained the same; " Hut, no," said the debtor, here Is a law, and by that law I will abide, aid obit:thee the depreciation he 10 per cent. or 40 per cent. I will give you no More than the law requires of me;" and then turning to the mortgagee of 1811, he would say to him. " Ifom lent me the money in a depreciated currency, and you were aware of the difference existing True," he would reply, " but I knew that the difference would be but temporary, and you might have blown it also; you cannot plead three centuries of es unaltered standard." The creditor still argues the currency was depreciated 40 per cent. and insists that be should make as allowance to that amount. tVheu the Hon. Member reflected on the case which he had thus stated, he (.Me. Western) would feel that the practical trmedy which be proposed was exactly similar. With respect to the public creditor, could the House exa mine each loan, and make a proportional abatement from each creditor, accurdini; to the different valise of money at the time the loan was made , mad when be talked of tee pub lic creditor as beteg 'subjected to this adjustment, did he really think it possible to carry it into effect Could he distinguish the loans' of one year from another? Could be distinguish from what source individuals bad drawn the money width they had lent ? To carry the proposition into execut,on it would be seem:try to trace every single transac tion since 1797, and prior to th mad that is privare4S well as public detainee ; but the loans had been so divided and sub divided that it was utterly impossible to find the parties, and if Cored might not the individual have lent the mosey from. a mortgage paid off perhaps in consequence of lbe increased value of land, and would he nut be entitled to go back with his claim of eqviitablir justice, and so us through an in6ntly of nisei.: so that if the coin of the country were new to be doubled (and the Hum. Meta beer proposal went to that), it was not enough to say that it would serve an unfortunste tenant, but the House must go in its inquiries to the extent he br d stated. He thought he bad skid enough to abew that it was imposaible to apply the proposed rinciple of justice between debtor and credi tor, without involving both the Government and the coun try iu tuextricable confusion. It would be a measure fatal to the security of proiorty, 'and being SO, would be subver sive of the Government. If he had been surprised at some of the Hue. Creetletivaa's due:trim of right and *roof, he was equally surprised at some of his theories in political economy. AM011( ahoy extraordinary thowire the Hon. Gentleman bad laboured through a miss of details to prove that the pros. pevity of the corn:try was always to be ascertained by the de-opera of all the ennumortities which 'conduced to the sap port or comfort of life. The Hon. Member had told them of tie peke of wheat in 1813,'•ad of the small proportion of cure with whisk the taxes were pea mod that had led him (Mr. Huskiesos) to look at other periods, with reference to the Hun. Member's doetriue of high prim-being the chee rios of peosperity. In the year 1813, that o•fortunste year when the manufaetering districts were in a state of distress mad ecealMaion, sod nearly in rebellion, if they were to take the Hoc Member% eriteront, we were be a stale of the highest prosperity, with wheat al lOUs. a quarter, sad 11 Entine:ma of quartswe sofficing fur the whole of the taxation. The Hoe. Member haring selected 1813, as his year of great prospe rity, it was natural that either Gertleasso should look to ' other years. He (Mr. Hualsiameo) would take 1815. lu that yeas ho found ties taxation amounted to 79,000,0001. Pro manias were cheap, wheat had faller) to 64.. per quer ter, and the coeatry, according to the Hoe. Menaber's view, ono nearly valued, the taxes thee requiring 25 millions of quarters awhile to pay them. Is the yeas 1817, the country was again in what be (Mr. Hoskins's) should call distress; the whole of the manufacinrinkdistritria were complaining ; the taxation had fallen from 79,000,0001. to 55,000,000 i. and thit prevail' wheat had advanced considerably; sai 'hut accord. hog to the Hun. Member's principle, the number of quarters of *beat required to pay those taxes was greatly dinsiaohed. If Ow Hue.- were so adopt it,. tiovel doetrioe of the Ilon. Member, yet the years 1815 and 1817, did nut bear out his infe r ences, and be (Mr. Humanness) should cunt Moe to think that the power soil reroutes of the country would flourish when the piers of cummedities were moderate mud resems ' able. Atwitter extraordinary roiliest' Ist the political eco nomy of the Hununrable Member oar, net it was the duty of the Governmest to rah* prices by n diktat:aeon in the value of mouoy. That might appear ritemmeut enough with other parts or tbe Hon. Member's due trine, but he (Mr. Horkisson) would telt him that it wss inconsisteut with the security of Governnont or the existence of civil society. The stand.: rd of value, he coot-rived, was a g tee of the State that the pecuniary engagements, contracts of its sub• jects,Slblilll4l be fixed and , aver, is ble.—(Hear, bear.)—Hot how could that he the ease if the standard of value was to he changed mad adjusted se it might suit the interest of certain classes of the commusity? The dem are of the Hon. Mim i,. oils not new ; it was the &emir of Law and Lownder, which fort oately was not very high authority in this country. Ainether principle which be 'could collect from the Hun. Member'. speech was, that the brut slander(' of currency was not gold ur silver, but corn. Hr would put it to the House if they could conceive any standard so variable and mutable as a corn standard. The Honourable Mem ber nays be would make it the standard because it waa an article of general reasumption iu the conutry, and because taking periods of fifty years he came at a certain re sult US to the piers of coos ; but would be tell the House • wire the cirennotancen which had affected the value of that to tide ? With respect to great part of the time to which he bud alluded this cowgirl produced more corn then, it consumed ; but did it make tiu differe•re to his Dowel rtandaid that me bad sue booms an iMPutt ing cumoiy, and that &trio( bast war the impottatiou , . . i‘ LA groat a variety of eireumslatires hems tarsal impeded. Did it make no diffesence, that how !reined was admitted— (wisely and properle admitted)—to import its steeples turn into this mutate'? When he would make wheat the standard because it was an article of general consumption in this -country, whet would he do with respect to Ireland, where it was not so, but where potatoes were generally consumed— would he make potatoes the standard of Talus? If so, he (Mr. Huskisson) would like to know what sort of staisdard they would have hod during the present year? Another thin which the Honourable Member wished to impress on the House, that between the year 1814, when Corti was high, and this year where it was depreciated, the consumption of the metropolis, in spite of its increased population, had been less in the latter than in the former, inasmuch as the quantity of earn brought into the port of London was less in the latter period than its the fur. mer. But in Mt we had imported all we euuld from foreign countries; the supply of home growth was quite inadequate to the supply, mid the country miller. were obliged to resort to the London market. Was it r ble, then, to draw a competition between that period mid the pretest, when every market in the country is overstocked, sod the London market is only supplying the London con. gumption? He thought boils the modes of proceeding pro. posed by the Honourable Member were impracticable, both that which looked to every individual t lion , and that which regarded the formation of a regular scale of depreciation. The Honourable Member then proceeded to argue at some length, that during the depreciation of the currency, the laudliolder, as compared with the annuitant, had no disadvantage in consequence of that measure, and that his future position, when cosh payments shuuld be resumed, would be equally favourable. He maintained that the situation which had beets acted to be that of the landed proprietor was altogether • misrepresentation, hatless resits should fall permanently tower than they were in 1797. He admitted that the alteration is the value of money had diminished the capital of the tenautry, bat that was one of the evils arising from having been so long without soy Reed 'Worked, and he begged Gent Imre would look to that before they dashed again into that state of confesiou *bleb- the Honourable Member's proposition would intro ' duce. But was it possible that any Gentleman could interior that we could go on avowedly diminishing the matidard of value, and that to be a part dour system, without putting an end to all credit, trade, commerce, and menefactures? The Hon. Member had referred to something which had fallen from him on a farmer occasion. sod stated that the depre. ciation was not to be. measure.i by the difference between the market and the Mint price of gold. He (Mr. Huskisison) had always maintained, as he DOW did, that the vale* of mosey might be diminished by natural causes, by in creased fertility of the mine, by a more economical use of • money, and from other circuinsi•nree, bet he had never con tended that any compensation should be made to creditors for that alteration. If the depreciation were not to be so measured, he should be glad to know by what :it wall to be measured. A Esau in • foreign country has a bundled bank notes with which he proceeds to purchase a gives saw her of guineas, must nut the difference he the measure of depreciation ? If the Houoursble Member was cur. rect in bi• principle when the discovery of the Amee rieau mines diminished the value of money, we ought to have made an alteration is the standard. The Honourable Member would have led the Iluem to suppose that there Never bad been any derangement of the standard in this country before the present time ; hut if the Histories of Ring William's time were looked into the difficulties would be found exactly similar to the present from the re coinage of 1695. The correspondence of King William with the Duke of Bbrewsbery, lately published, furnished additional proof, if may were wanting. The Honourable Member proceeded to read some passages from the Preface to Archdeacon Comes publication, and some extracts from 'Xing Willfeebie Letters, to shew the difficalties is which that Moesreh wee placed its consequence of the recoinsge ; but notwithstanding which, sad that there were a variety of petitions presented to Parlierneut, praying that the Clift money might pass again, he had the firmness to persist in the measure, which was of the greatest benefit to the nation, He defied either the Honourable Gentlemau (Mr. W ), or any other Member, to chew a case in which any country had gone on following such • course as he had recommended without leading to roevulaion and destruction. He knew the motion was only for a Committee, bet the Holm was bound to couple with that motion the views with which the Houourable Gentleman would eater the Committee, and the alterations which would arise out of it. Hs would ask, what would be the immediate result of this measure to the peace of the country? Must they not see that before it was car ried into effect there would be an end to all dealing is the country ? Gold coin which now passed for 20s. would be ranted to 30a. or 355. It would prove, undoubtedly, fatal to the paper credit of the country; it would produce an imme diate Feu on the Bank, mid a demand for all the coin exist. Inc ie the country. All engagements would be at an end. le fact the result would be that this country, which the Hon. Gentleman bad represented in so calamitous a situation, but which he (Mr. Huskistro) considered fallacious and erroneous, would be convulsed. To-morrow morning, if this motion were seceded to, the whole metropolis, end when the news were circulated, the whole country would be thrown Into • state of coofusion o There would be a general staple. lion of trade, and an entire stoppage of the circulation of the tawdry; sod that was the remedy which the Hon. Groat. man would propose fur the difficulties which be stated pressed so heavily upon the country.—difficuliies which lie had stated pressed equally sloe all closeted the community. But he thought the House was not only called on to Kira that motion a negative, but to go somewhat fu r th er , t o quie t the apprehensions of th e public mind, and to give permanent tranquillity to the country. He was deeply impressed with the unfitness of the iedlvidual, and the difficult situation in which he was placed, in suggesting that pommel; bet he fell, at the same lime, that it was necessary to conclude by pro posing that the House should adopt the resolution of 1696. They were called upon to do it by similar eirconistauces And tiotwithatandiug the immeasurable difference between • the illustrious individual lobo proposed it at that period, and the humble individual who thee stood before them, yet be (Mr. Huskineon) felt as strongly as he could have done, the necessity of maietainieg the rigid princ!r:ss of justice and humour. And after the prupuattiou which hat! been sub mitted, he begged to propose that the House do adopt the Resolution of 1696, which That this House will sot alter the standard of geld or silver, either its fineness, weight, or denumiumMe."—(Cbe! re ) Lord A. H A MILTON then rose to address the Home. He said that in rising to support the proposition of his How. Pitted, he begged to protest against the whole fruiter of the *meek of the Right Honourable Gentleman who had just sat down, namely, that the motion which had been proposed went to repeal the Bill, contumely known by the name of Mr. Peel's Bill; for he felt that be could support the propo sition without any intention to alter the standard, or repeal the Bill; and his Honourable Friend very well knew that if he be.l proposed the repeal of that Bill, he should not have had lilt support. It was acknowledged care all hands ' that the must alarming distress existed in the country. lu. deed he might refer the Right HoisoorableGeolsman to that document, which was commonly called his Report, which stated that the farmer was obliged to pay out of a reduced capital. Now, all the present =cities proposed was as ha ' quiry into the means whereby the least portion of the evil could be dose to the community. But the House would do cell to consider whether this Bill could lung be maintained. 11 was no later than yesterday that as Houourable Member, be larlieved the Member for Wiltshire (Mr. Betteit), Lad staled that the !Reds of this country were mortgaged to the public creditor —(Hear, hear.)—lf these words meant soy thing, they mesas this, that if the existing taxis failed, new ones must be imposed, and if they failed, new ones must be put on, and if they failed ilie public creditor must three!~ the mortgage and seise the lan& But whenever • proposition same Cosa his stile of the House, it was in 'tautly set down es a wish to break public faith. All they wattled who supported that motion was mi inquiry into the best meatus to remedy the evil, which they had already dose. He had on confidence a Ministers oat that question, foe he was persuaded they were the authors of all our present diffi culties. The House could ()sly come to • sense of wisdom by stultifyiag their former proceedings, and as the motion Merely proposed the necessity of as inquiry, be should sue it his most cordial support.—(Hear, bear.) Lord I.ON DON DERRY rose einidlat cries of" AJjoatur He said if the scum of the Meuse was its forcer of as ad- - . ,A" P V M . .. joursatest. it wm better that they absula come I. that understanding. For his own part, be thmight it entretnely desirable, if possible, to come to a decision before they Illeperated. Mr. BROUGHAM felt the eatiediency of catalog to a de. Maims that evening, hut great diteroltses had beta thrown in the way by lb. Resolotios propwed by the Right Hon. Gra. Sterna,, (Mr. Haskimou).. Bat stiff if the debate weird Mt b e prot r a c ted to an aussually late hour, it would perhapa be bluer to proceed. Mr. MINN err moved that the question be adjourned to this day. Mr. PETER MOORE seconded the motion. 1111. BROUGHAM estmermd, that • motion of an R oc Baronet twee him (Sir T. Lethbridge) siLod fur that even. tug, and would probably interfere With the itiscuuiun. At the suggestion Of Lord Londonderry —Sir Thomas Leilihridge withdrew his mottos. The dsbate was limo adjourned to this i'ay. INSOLVENT DEBTORS' BILL. The ATTORNEY -GENERA I, muted the Order of tte Day for receiriag the Report on this Rat. Mr. BENNETT and Mr. CREEVEY opposer/ the rerip. tiun of the Report at that late hour. The ATTOIN EV-GEN ERAI.p erseeered, w hen— M e . CHREVEY winged t►at the House be counted, wd there not being forty Members present, they forthwith ad. jourued at HALF-PAST TWELVE O'CLOCK. FOREIGN INTELLIGENCE. PARIS PA PERS. PAMIR, BUMF. 8. Thursday, after the sitting of the Cliamr.er of Deputies, M. Benjamin Constant demanded Lois faction of M. Forbid des hearts, for a letter in serted by the latter iu the (lawn liensee of the Sill, in answer to one of M. Benjamin Constant, itherted in the Cs/esti/allow! and she Cowriee of the 4th. 11 ithont any other explsnation the Dr o. Deputies proceeded yesterday morning to the round. M. Benjamin Constant was accompanied by Gene ra l Sebeatiani a d M. Gil-audit', Members of the Clam her of Deputies; and M. Forbin des Issarts be General the Count de Bettnay, Member of the . Chamber, and Colonel Chainion, Lieutenant in the King's Gerdes do Corps, Company of Luxemburg. 110. Benjamin Constant being lame, he and his ad versary were placed at ten paces distance oh chain. They fired together by signal, neither was hurt, and M. Benjamin Constant appearing satisfied, the seconds dreided that the combat ought to terminate. It is impossible to 'hew more sang-froid than ass manifested by the Hon: Deputies.—(Quotidinne.) In the Chamber of Depeties yesterday, on the scrutiny for the election of five eancidates for the Presidency, the number of Deputies present being 287, and the absolute innjotity 144, the numbers were, for M. de Is Board ye 220, M. Itsvezlo4, M. de Ronald 103, M. de Vanblane,"lB9. M. Chs brol de Crusted 178, M. R. Coll ar d 73, Al. t er _ faux 42, M. de Bouville 31, M. Teyssere 22, M. Lavas Plainville 6, M. Marcella(' I, M. Martig. arc I. MM. de la Bourdormaye. Rime, de Do nald, tie Vaublanr, and Chabrol de Crossed, haw ing an absolute majority, were proclaimed (with dates for the Presidency. The rost of Ilk. Pitting wan occupied in discussing Election Returns. The accounts from Germany received yesterday contain nothing new respecting the great quertion of war or peace.--/Constautleanet) The accounts from Spaireare to the 27:h May; the insurgents have been defeated at nll points, red the capital was newer more tranquil.—({bid,) The budget for 1823 will, it is said. be imme diately presented to the Chamber of Deputies. It n stated that the Spanish Ambassador has re ceived a dote from the Spanish Ministry in answer to that of M. Zr,, Envoy of the Republic of Columbia, and that by this note the Spanish Go vernment invites the Powers of Europe not to re cognise the new States of South Atherico. Prevented this year, as the No, from assisting at the service which auto be celebrated for the young Lallement, the father of that unfortunate yonth and a great number of his relations and friends, pro ceeded on Thursday to the cemetery of Pere U rbane, and paid at the tomb of the unfortunate Lailernant a ice tribute of friendship, esteem, and regret. French Fends—Five per Cent. opened at falf. 90c.; closed at 91 f. 15 e ; Mack Stock-1,030f. I,6?Se. Exchange nu Lndon—Out Month 23 f. 35 c. ; throe ditto, 25f. 15 c.—(Cours uthentique, JUR* 8.) Extract of a letter from Voris dated Jane 6, 182 " Nothine new here. The march of - Government It not yet publicly avowed. We are iseellenbly on the eve of a change in the Ministry. Peet of it is not Wile enough. Others, however. !intend that Chatesuhriand is to creep in. 64 With respect to a war with Turkey, if it take place, it is said that the great Powers will make COM- M/PO cause nith Russitr, and share in sortie way or other in the spoil, that this balance insy not be dis turbed. If war do not take place, Russia is to re ceive an indemnity in money, to be assessed on the different European Cabinets. Our part is said to be already fined at fifty •tuillitins of francs. What will be the result of such ext - riordiusty measures, f rashly cauuot auticipate." FRANKFORT PAPERS. •RMI.IN, MAT 20. The post from Saloniebi and Serer at length ar rived yesterday fruns Belgrade, and bruillopt counts very unfavourable to the Credo. Ti, Puha of Salonichi had received reinforrensentr, bad defeated the Greeks near Terisza. After thi,h,- fell spot. 30 Greek villages, and curled away tbr seer men and children as alarm The Chrialiuna at Salo nrchi hare 'purchases! many of there unfortunate per sows 6.r three or four piasters, in order to recur thou from the wretched frit that swatted thens.—( AI:- genuine Zeitsug, Jane I.) PILAIMFORT, JV7l' Among the lastest arrivals 01 chstioginoed 11e ' a dri of Brui f il 66 tea is -Oels ; their re Wic h k iiß.Ylli S ig ...e " hlle I%reste N 1 lt• rtes.,. the re.gning Duke of Saxe-Cobing sad the Dischess hie cuusort ; his Excellency M. Stor mer, Minister Plenipotentiary from. Austria at Court tlx of Portugal. ITUTOARD• MIS 4• The debates in the Engli►h Parliament respect ing p.n►ious here drawn attention to this subject hi re also. Thr expenditure fur pensions is e.ll. mated in the last budget of Withinberg at 642,00 0 dories. ()ti the English principle this annual psY• men! is cqual to a col ital of 6,4e0,000 florins. P. --11111111 r 1ii..~