The Sun. — London, England, 1828-06-04 00:00:00

owe into general : use.. • • He had one morn remark to, make ; it was in respect of the duty on malt. The duty on malt was twenty Shillings a quarter ; on malt ,to be made into beer it was thirty-six shillings, which made a duty of fifty six shillings on every quarter of malt to he brewed into ale for the public brewer, while the rich, who could afford to brew for themselves, paid only 20s. a .quarter. This, he Contended, was unjust. The Hon. Gentleman concluded by presenting a petition from the brewers of Panties, pray ing that a reduction might be made uponAte,duty upon bier cortesponding with that which had been made in the duty upon ardent spirits. • • . The CHANCELLOR of the EXCHEQUER said that . for this year there had, been an increase in the beverage generally throughout the country. Be . thought the peti tioners laboured under a mistake in supposing th 4 "decrease in the consumption of malt liquors had been the Conse guaaco of • the reduction in the duty upon spirits. The effect of that reduction , had been to make all spirits subject to a duty, so that the brewer was saved from a competition with spirits, which came into that competition in larger quantities, . and on more advantageous terms. *He could not undertake to account for the diminution complairied of. Sir J. NEWPORT stated that, notwithstanding the increase of population, the same number of barrels of malt bad been consumed in 1772, as were in the last year. The fact was, the lower orders were debarred the use o f beer by the increased taxation. • MONCK could Say, from his own knowledge, that there were many parishes in which the lower orders were obliged to confine themselves to water. He thought it would • be advantageous to :the Revenue if' an intermediate duty of ss. a barrel were put upon malt, instead of the du ties now levied. • • Mr. HOBHOUSE said, that it appeared, from evidence given before the Police Committee, that -there had been a change for the worse in ' the morals, manness, and the k‘abits of the people of the Metropolis, since the' rishiction in the dirty open ardent spirits. The increase of crime ton, of late years, was mainly attributed to this. He agreed with the Hon. Gentleman who presented the petition that • the proper co urse wcroldlo to diminish 'the duty upon malt liquors, and not to increase those- upon spirits. He was glad M learn, upon the authority of the Hon. Member for Col chester, that the farmers in Essex were in so prosperous a condition, that they were in fact rolling in riches.—(Great Laughter.) For his part, be believed there was a general • Piepression. Mr. HARVEY explained. Sic FRANCIS BURDETT gave'notiee that lie should, ,on as: early day, 'move the House to take into consideration Report ofthe Comniksiriners appointed to inquire info thP quality, ga • of the Water supplied td the Metropolis. ' FORRIGN .WOOL. Mr. HEATIIC.( I Th presented a petition - 'from the OWners and OccitPiera'of Land in Crotvlanl an 1 else where, prayirm7for protection against the importation of Foreign Wool, under the existing scale of' duties. The flnn. 'Gentleman took occasion -to call on a Right Hon. Gentleman opposite to state why it was that Government had, long appeared so insensible to the pressing representa tisns made by the British Wool Growers of the prejudice which their interests were suffering under the'existing sys tem of duties. Mr. FRANKLAND T.EWIS, in reply, deprecated the nistltm, that FeCause the Covernutent, of which he bad so lately been a Mciinher, had not seen - reason to acquiesce in the petitions of this or that*particnlar class or interest of the community, such Government was therefore insen sible to its welfare.—(Hear, hear.) 'The Hon. Gentle man should remember, that the ditty of a Government was to ali daises, not to one in particular, of the king doin,—(Cheers.) Mr. Alderman WOOD ()heaved that it was Me to sap pose tiwv could exclnde, by any system of duties, the superior ram' article; when.it was notorious that in our own Colonies wool was grown and brought into the market, at about 6d. per lb, which our home growers here could not possibly raise tinder IN. or Is. per lb. • Sir CHARLES BITRRELL proceeded to vindicate the natural anxiety of the land-owner to 'protect the ten a in 'wool• of the home growth against the ruinous competition which foreign wool sustained in the, market. The landed 'interest was, on every cccowit, entitled to such protection as it now demanded. The property tax returns would show, that when that tax was in existence, the land paid; in' proportion to all other interests, in the State, as 9,000,000/. to 7,000,0001. 7 -01 ear,, hear.)—Protection had, et different times, been freely given by the Govern ment tdother articles of hoMe prodnee,"such as butter and Cheese, for example. should it not he giVen to wool ? Mr. F. LEWIS explained. Mr. IRVING supported the views of his Right Hon. Friend (Mr. Lewis), and argued, that - the free importation of the raw material , of the hest quality;andat the cheapest price, was absolutely'essential. • • , • ' Mr. MAI3ERLY, had he never heard any other - speeeit from the Hon. Gentleman who had just spoken, should have taken him for a warm advocate of free trade ; and yet, though he now objected to the impoSition of a duty upon foreign wool, which could not be . estimated at more than SO per cent., (and of which, upon principle, he (Mr. M.) equally disproved); that same Hon. Gentleman had ,strenuously supported a duty upon cOm—en article of primary necessity—of between 60 and 70 per rent (Near,' hear. ) 'Mr. F. LEWIS age;at explained, and the petition was brought up, read, and Ordered to be printed. Sir RICHARD VIVYAN presented petitions, very ntunefously and respectable eigneil, from St. Callow, and from Mils wick, in the county of Portman, for the repeal of the Act prohibiting the issue of' 1 /. notes. Lord WAI: PAULETT presented a similar petition from certain proprietors and les.sees of Coal Mines, Ste. "On the banks of the Weir, and in adjoining lands time, neighbour hood of Sunderland, in the county of Durhani. SILVER CURRENCY. Mr. ALEXANDER BARING moved an humble Ail. dress, &c. for Returns of all Silver Coin , coined in the years since the cemmencenaent of stir present system of silver coinage, distinguishing the crown, hail-crown, shil ling, and sixpenny pieces ; also for an account of the quan tity and value of the silver purchased, for the purpose of coinage,• in each of such years, showing the price paid at each purchase per ounce standard value; also for an ac count 'of silver now in hand belonging to the public,, but which has not yet l.een put into circulation.--Ordered. Mr. DACKINSON presented a petition froni the in liabitinis • of Frinue, in Somersetshire, for the abolition of Negro' Slavery. Mr. BUTLER CLARKE presented a petition 'from Latghlan Bridge, in the county of Carlow; in faVour of the Roman Catholic Claims • Mr. GEORGE. BANKES presented a petition from the Isle of Purbeck for the repeal of the One Pound Note Act. Mr. Secretary PEEL, seeing a Right,Hon.. Gentleman (Mr. M. Fitzgerald) in his place, who hada notice on this evening's paper of a niotion relative to the Union, re quested him to defer it (as.probahly the matter 'did not especially press) in order to allow the ChancelLor Of the Exchequer's motion relative to the Currency to come on for immediate discussion. 4 31 r. M. FITZGERALD would postinMe Iris motion to the hest open day he could find on the honkii, namely, the 19th of Jails. irJAN!ES OR AIIAM, on an understanding from the' Chancellor of the Exchequer that his Majesty's Goiern „lent wou ld follow up the measures on that subject intro duced by the late gecretary for Ireland (Mr. W. L am b), consented to postpone for a fortnight his motion relative to the Commission appointed to inquire into the present state of Courts of Justice in Ireland. SMALL NOTE CURRENCY. The CHANCELLOR of the EN.CHEQUER—Sir, this Horse I first gave notice of my intention to submit to 11011 Se a measure for restraining the circulation of Scotch notes in England, I had little reason to expect that a mea sure of that nature would render it necessary on my part to enter into any extensive observations on the subject. I , rerceived, from what had before parsed in Parliament, that it had become necessary to withhold from the people syntland that privilege of eireulating notes in England, which it had been deemed expedient to withhold from bankers in England. On principle, therefore, f have always supposed that this Bill must pass ; 4ml with respect to the derails of the law, I should need only' ft) refer the Wive to the statute book, to show that Acts have already been passed to prevent the circulation of notes under, 295., which have bee n found most effectual for all the purposes eontemplattsl in their enactment: This being so, did imagine it would scarcely hi'el*en necessary for me to do tothis fact and precedent. As Dore than s im p l y refer, howe'ver, an lion. Member prOposes lion, to discuss - the whole subject of? upon' another gees- the Small N ote cw eu , lotion, with a view to prove the iMpott e y and lead to the repeal of the Aci for the restriaion 'of that ,circulation passed in the year 1826, and to take 'effect in the year 1829, I think myself entitled upon this mo tion to state the intentions of his Majesty's Government 'with reference to the resolution of - Parliament respecting the currency of 1819—And which resolution for the re sumption of cash plymerits will, I sincerely hops, 'b y t h e good sense of Parliement; and the firmness of the Govern.. merit, be carried into complete effect.—(Cheers.).:.-.And here, Sir, I cannot he)p adierting to an accusation brought against GovernMent,for not having at the opening of the Session made a declar.atiOnof their intention to adhere to the Bill of 1826, foi the restriction of the small note eir : culation. From the pet - sone milting charge against his Majesty's Ministers for not declaring their intention to abide by the previous resolutions of the House, I entirely dissent. I think it would be as inexpedient as unneces sary for the Government to declare at the opening of each Session the laws to which they mean to adhere. I think, with all the business this House has to dispose of, it would only embarrass its course fer the Government to take such a step, and, that it would, he far more conducive to the ge neral interest to confine itself to declarations respecting such measures, and upon such subjects only as come before the House to be dealt with.—(Elear, hear.)--And, Sir, if this be good in ordinary cases, how much snore so in a question of so moth delicacy as this—one upon which there hei been so much discussion throughout the country; and upon which 'so much apprehension and anxiety are felt, both as to the measnre s itself, and its probable results?— (Hear.) —I am sure, Sir, that the House will do me the justice to admit, that when I was called upon to state the views of the Government upon the subject, I did so most crplicitly.---(Hear.)—l said then, as 1 say now, that we are determined to adhere to the resolutions of the, Parliament in 1819, respecting a return to cash payments, an d th e , pill of 1826, restricting the_ circulation pf small notes. (Cheers.) We are most anxious, Sir, to guard-against any impression upon the minds of the community, that any change is in the contemplation of. Gevernment in this respect ; and I ass sorry to say, that reprehensible means have been taken to create such an impression. There never was a question upon which so many of the arts of misrepresentation have been employed to deceive the coun try ; and I think that I cannot do a service more useful to the country, or more acceptable to the House, than to put it in possession of the-real state and bearings of the law, upon which the House will have to form a AecisiOn. In order to accomplish this purpose, I will, in the first place, endeavour to bring before the House the number of small notes in circulation. Secondly, I will call to the recol lection of the House what appears to me to have been for gotten, the real operation of the law of 1826. And next, I will endeavour to show what means the country possesses for effecting the restoration of a metallic - circulation, which it was the object of the law of 1826 to establish at some period. (Hear, hear, hear.) With reference to the first branch of my subject, it appears to me, Sir, that in the several Acts passed for the regulation of the issue Of small_ noel% there was one great defect. It is their not having applied to the circulation of those notes some regulation by which Parliament and the country might know the amount issued. (Hear, hear, hear.) Many evils, there. fore, have resulted to the country from this-omission. Persons in different parts of the country engaged in - a similar manner, have gone on issuing their notes, without any knowledge of the *mount of issues of each other— which knowledge would, and ought undoubtedly to govern their conduct. From such an evil, we have at this moment no other means of. rescuing ourselves, than by endavouring to form a calculation from such data as we have access to, . correcting .t)!at calculation by such partial information as we may from time to time obtain. The House will, there fore, pardon me, if I detail minutely the particulars upon which I rest my .calculation.—(Hear.) The Mouse is aware that, by the Act, each note after it has been in cir culation fur three years, is not liable to be re-issued. If, therefore, the notes of the Country Bankers did not circus , late for longer than the period prescribed, by taking the amount of stamps issued in any three years, we should have the amount iu , circulation for that period. But, it has been found that these notes circulate for a longer period than that prescribed by law.--(Hear, hear.) And, I believe, Sir, that a Country Banker's note, taking. one with another, circulates during a period of about four years. I have accordingly taken the duration of four years as the basis of my. calculation. Thus in 1822,1823, 1824, and 1825, there was a circulation •to the amount of 9400,000/." of the small notes. But, those who are con versant with the business of Country Bankers will admit that a deduction must be made from the amount of stamps issued for the amount of notes which bankers retain in hand. And I understand, Sir, from those upon whose ex perience I can rely, that this amount is from one-fourth to one-third of the whole. I will confine myself in my cal culation to one-fifth, which. will give a more unfavourable view of the side of the question which I entertain. Deducting, therefore, from £9,700,000 1,900,000 £7,800,000 is the result. Thus, it appears, the total of Country Bank Notes under 51. in circulation on the Ist of January, 1826, tvua 7,500,000/. The calculation, then, -which we have to make is, what portion of this 7,800,0001. will be in cir culation when the law of 1226 will begin to take effect. For this purpose we must first deduct the circulation of Scotland. In the Report. upon the.paper currency -of-that country, it appears- that 2,000,000/. is about the amount of circulation of small notes; and this amount is ,founded upon a data more accurate than we have to refer to, be cause' the issuers of notes in that country fairly stated the , Amount themselves to the Chairman. But to this number R,00m001., we must add the proportion of notes, not in eiscaslation, remaining in the hands of the .bankers. This we midst gke at 400,000/. But, again, from these notes must be tistobaeste i d a certain number of unstamped notes in circulation , to the Amount of 700,0001. The gal, enlation will, therkfore, stand thus Circulation of Scotland Deduct, unstamped '700,000 Bslance„.,,. This will he the probable amount of the citculation for Scotland, which is to be deducted from the whole circula tion for Great Britain, £7,900,000 1,700,000 £6,100,000 which must be taken. as the total number of small notes in circulation in Great Britain on tLe tist of January, 1826. But, Sir, this •is the calculation of notes in circulation prev-iously to the alarm of 1825 and 1826 and it appears by tl►e best accounts that a great number of notes were ills, credited at that time by the failure of the Banks which issued them ; and a:2o.y were returned to the Stamp Office. to be destroyed, not having been issued. 'l'l►e amount rif these may be fairly stated at £2,750,000 • And not less than £ 1,300,000 must be taken, as likely to be withdrawn from the cirett• lation s ubsequently to 1826 until 1829. Ido not found this conjecture upon mere.imagination, but upon the best informat►on of Country Bankers, who have been gradually withdrawing , , notes from circulation since 1826. The computation then is..— Scotch circulation Discredited, worn out, &c. ,„.„ 2,750,000 Withdrawn from 1826 to 1829 . 1,300,000 Total X 6,150,000 To he &a neted from the entire circulation of Great Britain, X 1,400,000 .5,750,000 Leaving --X2,050,000 • as the amount of smal?nntes—say, 2,100,000/. at present in' circulation is England, and to come under tie operation orthe Act of 1826. lam aware I shall be told, sir, that all this is mere matter of calculation..--(Hear,, hear.)- 1" 16 , 33 quite 'prepared for that objection. But if we re sort to another process of calculation, and find that by another roiti ;•7e arrive at nearly' the same result, then, Sir, I think we sisa3 Ipive the strongest additional confir mation of the truth' of the gale:dation. I will show, Sir, that 014 is the case, and that &ow another basis we reach the same point. I think, Sir, it may be caZce,lated that in April, 1829, there wily he no notes in circulation of date ante cedent to the Ist Jan., r 825.• Those notes being Mfg e ne rally in circulation owing fc the contraction of the issues, and the .eircumstance of there being no new notes, will be innch Mare 'worn than ordinary, and that against the sup: position of their standing out longer in circulation than the usual period. , 'rating 1 , 4 e Aumber of notes issued, tiled, from January, 1825, to February, )821i, at 3,292,081/. ind deducting from that amount, gene ont of circulation, from failure of Banks, X 592,000 . Cancelled ez Stamp Office '72,000 Scotch Notes wiCad raw n 216,000 . fBBo :bel e e i f r t c o u f l 2 at ,4 io o n o o ,f6ooj. England. . . it will Thu be JBBO,OOO — s it A s ij th al e an s r oa, e will notea)) seen by these two sets lit calculati o n th e resu lt s a ' " X2,1000)0 and £2,400,000. -'.. Under these circumstances the House will not, I think, I object to my taking two millions tom' a half as the amount with which the AO of Parliament , for the restriction of the Small Note currency i have to deal in a 829. Ruin g disposed of that branch.olthe subject, I Pr o p ose next to ad_ cirrss myself to a question of the litmoss importance, with , refereuce to the provisions of the Bill to 'ctideb I allude.' It has been, said, Sir, and studiously circulated 'for the. purposes of creating alarm and distruit, that after _th e 4 t h of April, /829, every note will he waste paper—that the, party holding a promissory note under ird. after that day can have nu value for it, since it cannot legally circulat e . Now, sir, 'this is arguing as if all circulation of these notes' were to cease in one day. Bnt this is not the case. The Bill provides against then-cue only of notes after that day, trit it equally prescribes the circulation, and provides not for the cancelling, but for the gradual and almost imper ceptible extinction oUthem. The House wills ee how great a difference this makes in the question.--(Hear, hear.)—lf all the notes were to be thrown out in one flay, there would.be a general stoppage of the circulation. Put when it appears that the law provides for their continuance " in circulation ? for as long as they will endure in the 'lands of the holder, the case assumes altogether a different cern: plexion. The next point is, the means possessed by the country fer substituting a metallic currency for this amount of circulation; and I can pabany upon this point, that on examination, it appears that the amount of gold available for this purpose so far exceeds what can he calculated u po n as the amount of small mites in circulation, that there can be no doubt in - any rational mind of the ability of the country to supply the vacuum.—(Cheers.) --Bat it may be said, there will". be some difficulty in distributing the re quisite amount of gold throughout the country. Here again I am happy to say, that the amount drawn from the Bank to different parts of the country is such as to leaves ' no doubt that there-is more than amply sufficient already distributed to meet the demand in all quarters which may be , gee:taloned by the withdrawal of the small , note circuletioo.—(Hear, -hear.)—lf, therefore, the amount of small ,notes in circulation, does not exceed, 2,400,0001. • and there aa.supply of gold more titan sufficient to meet the withdrawal of a much larger amount of paper currency from circulation, and it appears that the withdrawal need not be sudden hut gradual—what apprehension, I ask, can there be upon the score of this Bill going into complete operation ?—(Hear.) The qUestion, Sir, that we have to _decide is, whether or not we shall adhere to the law of 1826. , I am quite willing to meet the Hon. Member for Callington (Mr. Attwood), in placing this question upon the mere grounds of expediency. , But then, when we talk of expediency, I do not understand by that word the giving up of some future good to obtain some present advantage. I speak of that,sort of expediertcy which takes a view of thepast and the future, and legislates for permanent good. —(Hear, hear.) Upon that groond of expediency, I re peat, 1 have no fear of the full and beneficial execution of the Act of 1826.—(Hear, hear.) For, I am confident, Sir, that if the question be judged upon these principles— if we 'took at the , past and see the dangers an d a l arms created by a paper currency, or to the future, and contem plate the consequences of an indefinite small note circula tion, and the question he decided on both these views, the House will be in unison with his Majesty's Government, and the law of 1826 will be maintained. Sir, I co n f e s s I am at a loss in considering this question, .to understand how those who supported the measures of 1819, for the restoration of a Metallic Currency, can now support a measure.for the indefinite continuance, as I shall show hereafter,. of the Small Note circulation. The House will recollect that the circulation of Small Notes was not intro duced as a benefit to, the community. It was done as the , remedy of a great evil, Small Notes, Sir, were the off= "spring of the /tank Restriction Act. Their circulation fol.". lowed immediately upon that Act—they were made for it. And the Acts authorising their circulation were renewed as that measure was. renewed, until at last Parliament made the continuance of the one contingent 'on the other. We know, that. so long as there are small notes in circula tion, gold will not circulate. There is a natural antipathy between the one pound note anti the golden sovereign, which inevitably causes the one to drive the other out of circulation, and we, therefore, must deprive ourselves of a currency in gold, so long as we allow small notes to circu late. The law established by Parliament declares that the circulating_ medium shall be in cash and gold, while the continuance of, these notes prevents that salutary previ e sion from taking effect. But, Sir, the House of ConamOns witnessed quite enough in the events of 1825 and 1826, to induce it to support this measure. I need not recal to the recollection of the House how much of the alarm, which produced such frightful consequences in that day, originated in the extensive issue of small notes, which it was the object of the .Bill of 1826 to restrict. I do not say that all the evils of that day were caused by the issue of small notes, but I do say that the evils were greatly aggravated by that cause. It mattered not whether the alarm were well or ill-founded—it worked the same effects. It was impof Bible for the , holders—poor and ignorant in the mass—of the small country notes, to dis tinguish betwixt firms which were solvent, and those which were not. The alarm naturally communicated itself to every holder of a note. I knew an instance of one country town in which the bankers were perfectly solvent, and yet , so undiscrik - ninating was the panic which seized the people, that their one pound notes were actually sold in great num ! hers for 18s. on one side of the street, whilst on the other ! side the Bank was paying them in full, and continued so to do till they had satisfied every,demand. It is to be observed, Sir, that the holder of a twenty shilling note is more exposed to the operation of alarm than the holders of larger sums. It is of More importance to him, frequently being all the property he." possesses. I do not mean, Sir, to deny that the small note circulation has been a great convenience in different parts of the country. I may be permitted to ask , if there be any one who has had any experience, or who has perused history, who doubts that metallic currency is essential to the prosperity, and the se curity of this. country ?_(Hear, hear. )—Some persona, Sir, admit the expediency of a return to cash payments ; bat argue that thus is not the time to withdraw the small notes. But, Sir, if this he not the time, I confess I can• not anticipate the time that will be favourable for that mea sure.—(hear, hear.)—l maintain that the House is called upon to declare this night, whether thesmall notes shall now be withdrawn or never. Circumstances never Were so favourable fer the measure. We have fresh in our re collection the alarms of 1825 ; the issues of these notes have been gradually growing lees in amount, and the quantity in circulation is now -less than it has been for a long time. If the Parliament, however, will now turn back and yield to those demands, there is no knowing when the House can be bold enough again to venture on withdrawing this circulation. The country is now pre pared for it, not only by its knowledge that the period for the purpose was approaching, but also by the prurient and judicious conduct of the country hankers . They have taken measures for the reduction of their circulation, and they have provided gold enough to give stability to their business. Gold is also, by other means, abundantly dis tributed through all parte of the country. But who can say; if the measure be not now effected, that there can be any guard against the excessive issue of paper. I know it is said, if it be allowed, that the result will be greatly fkvourable to the operations throughout the country, but I also know that another result, an inevitable one, must be the recurrence of the greatest distress, in, the event of which we shall , then be called on to 're-enact this measure fir the suppression of sniall notes, aid of eonrse be held up as an object of ridicule to all. who (Wire to see our currency fixed upon a correct and stable principle. I cannot help thinking that those who enlarge on the great inconveniences to proceed from the withdrawal of small notes, argue on principles entirely erroneous, I do not believe that it will either contract the circulating medium, or limit the advances made by country bankers,. nor do I either believe that it will diminish the rents and profits of land, It may not be nnimportant to know the amount of the present circulating mediutn, whether composed of the notes of the different bankers or of gold, not from ignorance that in the country there is a vast amount of other circulation, but because I wish to show how small the quantity of this ,species pf cur rency is us compared . With the pneFal circulation, and how very limited must be the effect of its . with ,din's). The circulation, then, of the country is, ac cording to the rstern which I now hold in my hand, at present— Bank of England Notes ~£20,000,000 CountryZa4kers' Notes over Five POunds:.. 10,000,(:)00 Country Bank .Notes under Five Pounds.,., 2,0 0 , 0 0 Sovereigns at present in circulation.......'.,. 22,600,000 Silver Coin Thus making the total amount of present 65 500,00 0 circulation x,_ manner at present hoarded throughout the country. The circulation, then, in that period, was— Guineas 4,000,000 Bank of England Notes, IF. Country Notes of Same value 10,700,000 Silver, including Bank Tokens 7,000,000 Making in the whole aly.ut £29,000,000 of small currency. . The amount in circula tion, during the next period was 29,200,000 and from ISIS to 1821, it was 25,400,000 In the period next to that, and the amount of which con . - tinues to the present period, the amounts issued were— In Gold £7,000,000 Gotd, in exchange for the Guineas 4,000,000 Issued for the . general use of the Country 10,000,000 Thus making► the total in Gold .02,000,000 which, with Silver 8,090,000 . . makes the whole of the present circulation in specie 30,000,000/. If then, at former period's, when, the greatest activity prevailed in iheinercantile and Other interests, the whole amount of' the citculating medium was but. 29,200,0001. e I do not think there can he the, slightest apprehension; but that with a circulation of 30,000,000/., the country will he able to meet every demand. It has also been stated, that an adherence to the law will diminish the power of bankers to afford the accommodation they were formerly able to de, but on this subject I entertain very, considerable doubts. It may, 'perhaps, he true, that this withdrawal may diminish the profit derived by country bankers, by whom small notes are issued; but we also know, that those bankers themselves haVe declaied that the profits derived by them from this source are (lithe insigni ficant, when compared with the other branches of their business, wherefore, when' we speak of the power of the bankers to aceotairinidate being diminished; we must also consider that diminution to be merely in the proportion of the loss of their profits upon their issues, which they de e dared to be that portion of their businese which produces the least profit. 1 will, however, go farther, for I will say that this very measure will increase their profits, as they will thus not he liable to the sudden demands which this species of issue subjects them to, and thus give them greater confidence and stability; and on the principle that the liberality of bankers is in proportion to the security from inconvenience, I am of opinion: that the absence of this small note circulation, With its accoinpanimente of runs and panics, will, instead of being a hindrance, in fact con-:j tribute to render them more instrumental in forwaiding the commercial interests ,of the country. I ' would also ,aele, is this one pound note circulation necessary? Is there not a large portion of the country where there is no such .issue? • Is there not Lancashire, for instance? . And I will ask whether,any one acquainted with that part of the country will deny that there cannot be greater accommoda tion extended to manufacturers and traders any where than there, or -in Which advanced' and cash credos are more favourably made than in that pert of the country where there are one pound notes. S Under these considerations I. am induced not only to press the motion on the House to grant me permission to bring in the Bill, with the motion for which I shall conclude, but on the same consideration I will implore the House to resist the motion with which it is menaced by the Hon. Baronet opposite. I know that his motion is shaped inn captivating way, being merely for. inquiry; he is too dexterous a tactician to seek at once to acquire that which would at once be refused him,' the re peal of the Act of 1826, but I know the Hon., Baronet will admit, that he and those who act with him look as the result of his motion to the repeal of that Act. With this view it is that I rre et the motion of the Honourable Baronet, and if he should succeed this night, 1 have no doubt that his good fortune will have an effect far beyond what he anticipates. Whatever may 'be his views and however limited his designs, let us say what ire will, if his motion be agreed to, ,the impression will be general throughout the country, that the Act of 1826 is ' to he ree pealed, and that the establishment of the'Small Note Cir e culation by law is in 'contemplation. I think that this alone would be productive of not only a great, as iminie nent, but a permanent evil ; but by the decision on the motion, with which I shall conclude, I hope the HOuse will evince its determination to act on that system which it supported in 1823, and which, with some occasional va riations, has been that acted upon ever since 1819: In consequence of some obServations across the table, ' The CHANCELLOR of the EXCHEQUER observed, I stated in the outset thee while the circUlation of small notes continued in England, that of Scotchnotes was not to be prevented. My design also is, that those who cir culate Scotch notes should he subject to a Firnilinjurisdic tion with that provided against persons guilty of violating the Vnilisli Act of 1826, namely, that of being brought before a Magistrate, and being amenable to a fine. I shall now move that leave he given to bring in a Bill to restrain the negociating in England of promissory notes, and Bills of Exchange tinder the value of 20 shillings issued in Scot land or Ireland. On the SPEAKER puttin g the question, . Sir .I.' GRAHAM said, I always feel einbarraseed when ever I rise to address ' the House, and I must say that I feel more so thin ordinarily at present, from the considera tion I entertain of the great magnitude and difficulty of the subject lam about to speak on. I will not; hoWeyer, en large further on this topic than to say, that I shall endea vour to merit indulgence by not wearying the House, al though I feel that my difficulties are consideredly increased by the course taken by the Right Hon. Gentlemanoppo site, which, although I entertain no doubt of its correct ness, appears to me to be very uri4ial. His notice on the paper is for leave to bring in a'Bill to restrict the 4ircula:- tion in England of Scotch small notes, and I appeal to the Reuse, whether he had not, until it was recalled to his re.: collection, discussed every other part of the question save that ' which relates to this standing anomaly—the paper Currency of Scotland and Ireland. In the commencement I shall, apply myself to that which has latterly fallen from the Right Hon. Gentleman. First, then, he says that those who were friendly to c tsh nayments in 109 will in act inconsistently nowif they vote support of nieNsThotion, Upon this subject I can only say that at,that period I had the honour of a seat in this House, and that I then voted in favour of the measure of the Right Hon. Gentlethan at the other side (Mr. Peel). I. was then a very young Member, and certainly I did then believe in the correctness of one of the most palpable fallacies which was ever palmed on any as sembly. I then, however, deferred to the authority of a la mented and respected friend now no more,l mean Mr. Ricardo, who stated that the whole difference in the standard was to be estimated only by the difference between the price nf gold iii the market and the Mint price. ' Yielding, then, to the force of this poiltion, which I new hOld a most palpable fallacy, -I did then, inadvertently, unwisely, and unhappily, give my support to the measure of the Right Hon. Gentle man ; wherefore I admit if the charge of inconsistency be urged against me I must with patience submit to it. But no fear of a charge ef this kind, after an error 'is perceived, ought to prevent any one from ,avowing his having fallen into that error ; and this avowal I stiall'therefore oppose to any charge that may be made ' against 'me on this head. I think that the Right Hon. mover has been very vague in his statements as to the amount of the circulation; but to this I elo not object, as it falls in with the scepe of the rnoliOn with 'which I mean to conclude, •• if hiS state mentsbecause, can be well borne out by evidence, the Committee is the most proper place for the examination of that evidence. 1 shall not go into the Cominittee if the House consent to grant it, with my mind entirely,made up against the law of 1526 ; but I certainly shall do so 'With a strong bias of the inexpediency of carrying it,ieto effeCt ; bet at the same time Lam open to conviction, and, if r all that the Right Honour - 'able Gentleman has stated to-night he" made out, 1 s h a ll Now if we eceaspa r ee this 2,500, 0001 . with 65;500,000/. cordially agree in the propriety of that -Jew. One of the only consider how small 41e• proportion the one bears to facts stated by hint, I consider extraordinary, namely, that of there being 22,000,000 of sovereigns in circulation I whether, the . Riebf . lion. Gentleman means the other; and that this will at the eteeeist be but a re duellers' of three and a half per cent. on the whole cirstela- do not kn.ow.. a e4 e .eeheee is thoi suns exclusive of the treasure in the coffers thin, 'which too is not to be made suddenly, but atier . . considerable ( pee iod,and we can at once perceive' how 'small of the . , Iv, The CrIANCaLQ4 of the E.--C41;91144,77-Yes Beink 7 , aN w effect the withdtaalof this sere must produce. aboundalio take inin 'COneideisition that 600,804. of this certainly. . SireJAMES GRAHAM—For this I certainly was cwt 2,1 - .)00;000/:will 0 io augmentation of the issue of 5/- notes, and that the rema' t peler will he fully made up by, prepared, yet, as there is no seignoi age paid on all the gold the supply of gold and of Silver ghee, if that should be nee , ,that goes out ef the Quetta , ' the Itighe lion. Gentleman costars fur the support ef the circulation. 'BUt it hag beep cannot be p re p are d t o s t a t e th a t a ll this amoun t L i i n c i rce . ! aid, that itie not with reference to the general circulation. latign , a. , there: ie ep possibility of knowing howy . much that 'Spill notes are necessary, but to the minor circula - ma y be expeited, Or what tittantity may be melted dawn. tion 1 - isil titat if they be withdrawn, the people will not Considerable stress was laid ; by the Right; Hen. Gentle he able to pay laboUi.4s w;ii luny earn from 1/. to 21. ; man on the supposition, that if the measure of 152f1 be and that, consequently,* if withdrawn , s%::-Al districts will J carried into effect, the rush for gold will not be simulta untlerge a great pressure of distress. .1 will, in Oesler.P nexus. But he will, h owever , l am ; p ers uad e d, agree with me et this argement, beg the House. to. consider what has ate that every prudent country banker must b e prepared b ee n the circulation a the country at diff e rent periods .on the s th April, e,o meet all. his outstanding: circulation. an t e rior to the passing of this measure, periods too, when Tints , although the whole amount may oat come in, ye; the the commerce of the country was in its moat busy state; country banlier must be ready, and, therefore, as regards the effect on the c urrenc y, it is AO matter whether there and if they shall be. convinced that the present ciScge lotion is not only equal, but superior, to that at th ose ma y he a call me ek on the country bankee for specie or periods, when no complaint was uttered, it will, I . Bank of geglend n o t e s, which, unless they be immee thi n k, be a grea t can i o l a ti oo to thou who • anticipate I diately exchang e d, mus t i nev it a bly curtail the circulation so much ev il f rom th e measure of :1826. I hav e of the country. The Right Hon. 'Gentleman has also divided the tirae from 1810 into perioda of four years said, that small notes were not kuowp until after the Bank each, bemuse by tut doing I take the total amount of Restriction Act, lint he sorely meet forget the Act of the country bank motes then issued, as being, the amount of 19th of the late King, when, Sp ;9 ng ago as I'ilB, there the circulation at these times. From 1810 then to 1813, were provisions adopted to regulate thieepeciee of currency. I will sly that there were 4,000,000 of guineas, e W ill not He has also spoken pf Lancashire as ,a . place where there say in circulation,- bat in the country. haps, hoarded or stored; They but they ate to he taken into ace which were , per- Are no small notes, bot I believe there are.fiye banks there 40 issue them; and, although they do not, in the count, as they were afterwards exchanged for sovereign% gross, form any considerable proportion of, the general cir of which, I dare say, there may be a similar amount in like cuiation, yet 1 most remtiwi the Honor,' thjt _there, is another species of currency there, of a much more unsound description—l mean small bills of exchange, drawn by and on persons without any capital, andwhieh it is well known circulate there to a most enormous extent. I shall now apply myself to the consideration sof the intended Bill of the Right Hon. Gentleman, to restrain the circulation of Scotch small notes in this country, and which is, in 'the first place, unnecessary, ae I think I shall prove by testi, rnoay which the Right Hon. Gentleman will be the last to reject. " The - Report of the Chairman of the Committee of 1826 says— " That while - Scotlimil had a paper currency for - the dis charge'of all elms above twenty shillings, Englend had, at least 20 years preiiously to the Bank restriction, a cur. rency consisting of the precious metals, to the exclusion, by law, of notes below 5/. That those different 3y-steins co-existed, and that no proof can be adduced that thepaper circulation of Scotland displaced or interfered in any . . material degree with the metallic currency of England." ,This, I think is, at, all events, a proof that the measure has been premature, for ehere could be no necessity to sup ply a remedy for an evil that had no existence. Then, this measure is also compulsory ; for the persons on the English border,. best aCquitinted with this subject, have, in a petition signed by all the respectable inhabitants, land owners, merchants, yeomen, and manufacturers--men of all parties, and who 'do not agree on scarcely any other subject, all 'unite in stating that no greater evil can befal them, than being deptived of the Scotch currency. They say it has existed among them for .7(1 years, and that during that peritid hut one hank "failed, which paid Iss. in', the peund. I will also state a that I have always rec e ived seven-eighths of the rents Of my estate in Scotch notes, and I never sustained the slightest loss. The effect, too, of the Scotch system Was, to Weaken all the local etta blishmente near this side of the border ; for an English Bank with a few members could compete with a Scotch Bank, which had 500 or 600 partners, and, as the peti-. tion I have alluded to says, this meesure by way of meeting a theoretical grievance will inflict a serious practical evil. This measure too i an anomaly, for although the Right Hon: Gentlemen to-night says that paper and gold cannot co-exist, yet Ministers themselves say directly the contrary, and yet it is wanted to introduce distinction on one side of an imaginary line over which ,I can positively jump—and I appeal to the House, whether there can he anything more anomalous than the Bill now proposed by the Right Hon. Gentlemari.—(Hear, bear.)—l shall further say, that the Government itself has declared the paper currency of Scot land to he worthy of the highest approbation, and this too his been agreed to by the Legislature, led on by the Right Hon. Gentleman (Mr. Peel), as I shall prove, if the House will allow me to read, another portion . of the report I have mentioned. That said— " That, coincident with the present system of currency,. if not immediately owing to its effects, there has been a great and progressive increase in the manufactures, agri culture, Commerce, population, and general wealth of the country : l ' The Committee was thus not convinced that the sup-. pression of one-pound notes would have a good effect on cash credits, yet they were afraid to limit the iseues,,Of this species of circulation, from . what muse may it be - suit e posed ? Not froM any fear of the injury their continuance Would produce—but from that very system tending to eco nomise the 'use of capital and improve the moral habits of the country. These are the terms in which they express theniselves ' "Your Committee are certainly not convincedthat it (i.e. the suppression of 1/. notes) would affect the cash credits to the extent apprehended ; but they are unwilling, with :out stronger proof of the necessity, to run the risk of de ranging, from any cause whatever, a system admirably cal culated, in their opinion, to economize the use of capital, to excite and cherish a spirit of useful enterprise, and even to promote the moral habits of the people, by the direct inducements which it holds Out to the maintenance of a character for industry, integrity, and prudence," • The CHANCELLOR of the EXCHRQUER—That merely refers to cash payments. Sir J. GRAHAM—I do not ask whether it refers to 1/. notes or to cash credits, as the foundation upon ,which the poor man may be paid, and it matters not whether that may be done • by cash credit's or by a bill with two names on it, as I look merely to the principle, and not the instrument by which it is carried into effect. Lord Liver pool and lord Goderich 'say the same in the letter which they wrote on the subject.—(Here the Hon. Baronet read over an extract from their Lordships' letter on the establish ment Of Joint Stock Banks.)-- ; The effect of the law at present in England is to prevent every description of bank ing except that which is solid and sound.—(Hear, hear.) — I' contend, that I have the atithoriti of the 'Right Hon. Gentleman opposite, and of his colleagues, that it is the vice in the system of banking and not the system itself, which might to be. complained. of. Let us then inquire whether this system be not capable of amelioration, whether it is not possible to do away with its vices, but preserve the benefits it confers upon us. That letter, Sir, suggested two very decisive measures as necessary to the attainment of this object. One was the suppression, of one pound notes, but that, She does not strike at the root of the evil, and the other was added, for that purpose. :That other, Sir, was the formation of Joint Stock Banking Companies. A Bill, Sir, was introduced to carry those suggestions into effect, hut a clause was .inserted in that Bill, at the sug gestion, I believe, of the Bank of England, which quite negatived the Joint Stock Banking part of it. This, Sir, the primary and essential measure of the Bill was defeated, while the second and subsidiary measure, the suppression of the one pound notes,, was carried, and that is the part of the Bill, Sir, which will come into operation in 1829. Will it not, Sir, be better and wiser to continue the paper circulation under a better sye tem of banking than put down the paper currency altogether, 'because the banking system wants improvement. It would be alinost as absurd for the Right Hon. Gentleman, be cause the Report of the C,ominittee .on the Supply, of Water to the Metropolis, has decided that that which we obtain from the Riyer Thames at 'present' is impure, to bring in a Bill to prohibit water being drawn from the Thames at all, as to stop a paper currency entirely, .be cause the manner in which it is supplied might be amended. I will now, Sir,"briefly trace ac the practical effects that, have followed from every attempt to tamper with the one pound note currency. It was first resolved, Sir, that the one pound notes should be suppressed at the close of the war. , The Bank of England and the Country Banks accordingly prepared for the great expeCied Chan; e, and in 1915 contracted their issues. What, Sir, was the con sequence? In 1916 the price of wheat rose to . 'loss. per quarter from 645., which, it had been a year or . ',iwo pre tvoi o unsoly, moreand the than l, b anko7oo, n tciies' wlh6ich in ou B te l . em Distress, Sir, 'was general throughout the country: Then the Government, in compassion to the su ff e rin g s of the totonteod . people, postponed the, s t ippressien . of the one pound notes 181nct ain 2oi,s to a more remote period, and prosperity returned. In 1819, the Right Hon. Gentleman opposite will remember it well, it was determined, come what might, that in 1825 the one pound notes in England and Ireland should be abolished. Again, Sir, the Bank of England, and the Country Banks, prepared to pass through the ordeal ; again they contracted their issues. What, Sir, this Hine was the consequence?—Wheat fell to . 435. the quarter; lower than it had ever been at any period since the revo lution. What was then the course taken by Ministers to check the evils which this occasioned? Lord London derry, with Statesmanlike decision and admirable dis cretion, did not treat this 119 a question of redun dancy of production, or of superabundant harvest—(A laugh)—but as a question of curremey. This, said he, is occasioned by a contracted currency ; to remedy the distresii so occasioned I must enlarge the currency. With that view he forced an issue of Exchequer Bills, by an advance of money to the Government from the Bank. Ile said at the, same time that the small note Bill "which was to come into circulation in 1825, should be postponed till 1833. And why was it that he Kxed upon that term? The reason was, that that was the period at which he knew the Bank Chartek expired. And he then expressed his opinion that it was expedient to delay the subject till then, when the weo e equestion of the tanking pepit System 1 h Could be discussed together. Then, he qaid, w 0414 lie 'the time to alter the system as might be wged. It beilig priderstopcl,, them that else paper cureepey was to remain undielerbed till 1833, the price of wheat rose to 68e. and prosperity again:visited us. I will now, Sir, direct the attention of the House to a point' in which I shell mainly rest pppn the authority of my f : fon. yriepd, the MembeA* for Callington, whom I now Zee on the floor, who in,18 1 !) ... forewarned the House upon - it. 1 allude to the chap, f f fur c e ni c te li d n t n o n t envoatl yielding of t he t c o u t r i r r e e n f c2i a e i T o l o w s Ricaruin, who maintained that it would !lo t . p 4 . 0 • h House that it would not above 5 of 6 per, Cent. warned t . a have since t . beleSs than 25 per cent. The experience W that • miOn ; has not, induced my Hon. Friend t u i rognu .. ! t e i ri e t i c n oi af ad to aft b er "P li g :vin hi Op for the,other evening he assfrted, y e a y ed naf i t n dci:sal. ne wished changed 24 per cent. but actually' Tf t l: e 4 l t ot. c ti g vell3o, 4tt :e n e; lop ll tta R the fallen under my tc i r nY i l e d n :t i r l S o e w iP c r i o h i b a u t t ii; us .F ; ta ti a c: have y lion. erated the ygar 1912, leaving two sops. Iti h ee ele x i v i a d s died e o d e in n opiniontt t i n rye Kaye itnhkei P t er l I s 'a.k t i en te lei , dneY a tx n ln leP d 4:Pas;: therefore r, anti a bought his younger brother's 41f, Thu ,younger brother bad it valued, and did not invest the proceeds of the sale till 1823, tv i t 'le tt. L Ou t :14 :1, I et "Theh r b_ e ue " tnal country -- a :d i n ) . e It , oici w d ati The excuse oihri ,(Inthi purchased hhcdseja obattr.rvn:e s:otes,:i increased. I.:)rvveu, R oe iais,ft ' sli,o l it t r:e h lni :I, i ei,, them ,hroon,;intesals,:ninrrryni. : ip:o2.luil nosgg,brei i . li a ltenTat.l n , yieldstwt. atai sal e . s et: t ip ; orit t e ehorri ntegifs,:ith, inverse a de f creased h,hsil with - adjoining eeaus itbp tdilij ioauno:rrutegt ocotbaehv h tlwi: sea sa i i it : t.itsiefirial, the e,qte, bra lla r(tle00,01; 1 01 : , 4: a , .7, -',, t " m ans t iiv:, a:e:diii,ib l vf to e n iudee given to Ti,iiithtt trade atsenely , 4, w hich arise fro' l d And if the supply of commodities remains the stun_,o f ' • "li% linuee's ' 1 there is a decrease in the quantity o f money, prices fst' r "et': The conseeitu the supply of money remaining the same, there is 1 aill eUllt of mon crease in the supply of commodities, the prices equel4 ';, • l ' rc trves of And It is, therefore, indifferent as to th e effw ect,hether, + lwk ` i tive amount a decrease in money Or an.inerease in commodities.,, t . ° ... t, ia. aly ° i / the htnillieidere then, it is only a question of propors 7', ,neY May e x it for their interest, it is a matter if indifference whether, '' abut the iner .a. ' to currency is contracted or the porta are . opened to fi'l, . t t 'very Branch importatien., This is perfectly well known to those ~ k Aow, what i framed the s cale' of duties that have lately been so o ', ..` r e refers? Il discussed. They were well aware that, with the pr° e- . 4„ cu rrency to be ' amount of money in th e coun t r y, i n years o f ordinary tit i 4 measUre a ply, the prices of gr a i n cou ld no t ri se m uc h above ,"Itek,.. ncy, 1 pro they were before the French war. . They knew when n ~.. thiiti framed that":scalethat:it could not practieally range al eieus althoili above:Xs., where theGovernmeat, he did not mewl to , al;eady dot improperly, protecting the consumer against the gral • t tlhre. •Mr. -11 fixed the duty lower than it was hist year, althoUgh crl - 1 „:" The good it reached sixty shillings, it was .higher. - Let us 4,7lting money, to the effect of . the more or leas supply of Money On, pests, means, he supply of corn. From 1210 to 'lBlB the average r` l it tritt, and Inc renry of the Country Banks was 21,009,000/. This, cal, a . '" t g all 14.411;0 coio tion I have taken from Mr. Sedgniek's tables, and 1 .,,, t r ' " A nation i live it is a very near: approximation to the truth. Da, . t i'l ' 1 ( 1 more misers that eight years, then, the amount of money being was', 410 , re money, bu have stated, and 'oils, be it. remembered, perfectly 01 0 4 11 °tts in the qua foreign importation, during the whole period wheat 7 , With propor upon an average at 925. 4d. the quarter. For the l ' : 44 ies ; there :i , .tight years,. from 1619 to 1?a27, the currency of the lt, fisted to their r has been' 1 0,750,000/., an d th e p orts t h e w h o l e time "' ! c'Qious to induct inetically sealed. What, Sir, has. been the price 44f Vil'' , vl4t ageous whet during this p er i o d ? Fifty-seven shillings and ten-Pe'''.' ''' lame emplo That is to say, that the currency duri ng t h e l ast eight Y, 1 „,:, •!' ,l Ys the same p has only been one-half of what it w as th e e i g h t prere°;4 '4lllter cannot years, whilst the proportion in the price of whe a t, dot` a asst pay the sir the last period, has been, compar e d w ith th e form' ' 4 13fery,. and elm 575. 10d. to 925. 4d..—(Hear, hear.)—This, Sir, wig', not perhaps be of such serious import, were it net that, J: c e "In every I ing this period, nearly fifty per cent, of our national ° il l ter abundan was contracted. If we measure this by wheat, we a b di ll 'e., ‘ ; the 'nerd find that for every ei g ht b us h e l s we b orrowe d i n 1810, ' „ 4 "tacturer more 'have now to pay hack, instead of eight, thi r t een bushelai "Ilows the ploui _(Heal., bear.)-4 do solemnly declare my belief that , ; The fa c t s I h this evil he not s h or tly p u t a s t o p to,a convulsion Intagt, 4 ' i tieS I h ave a dd the consequence. I an t gl a d to see th e Ri g ht H on our t ' c eerie in the qus Member 'for Liverpool in his place, as I have-tie On . 44 Y rate th e goo respect for . the knowledge lie is possessed of on this sule,,, M ont is tried. and as lam curious to h ear hi m e x pl a i n th e discrepar!; ir 'ority of the Ri between his opinions as expressed in 1815, and the cow ilis 1 it lilt, wh o , in of conduct pursued by him since that period. With ,ie t ,, 4l 't, the Mein pet-Mission of the House I will read the opinion exnre i ', v i.g upon thi by the Right Hon. Gentleman in 1815. ; ~r f t' , the scale 0 "To think that things could return to what they o ;,' I :'" , et of increase tl444te,eamthenng, the e i s P t before the war, was one of the most dangerous errors t':, could be entertained. Our whole establishment beforetr, u r est t h i e t Cv , .! s war, amounted only to sixteen millions ; our peace L4'o to increase the v blishment now must entail on us a burd e n nearer Nig,; than fifty millioni. 'When gentlemen talked of the 1 ' , , eZ,on ' goes, creased price of bread, Was not every thing raised in P r o i ) ? t eatleman twee: fortion ; and that, not in consequence of the high PriCe pr i 'lt that the wit bread, but of the amount of taxation? It is impossible ~._. laa , even if th, the country to return to the prices before the war.. It ''' ‘ l te 4 the circul been said 'that the remedy was to lower rents; but tbel r : e T h e smaller no :„:: i i o n u t s l t w o c o i w rc i a: portion of the gross produce of the land which now et., gr eater rapidity ' to the landlord, however represented is money, i s noW' than it was in 1792. ,Previoes to the war, a far Mer c o d , i therefore, the c , sidered himself requited if he made three rents • nevi, 'l' prev ious ii five-r necessary to make five rents, or he would Oct be able to on ; even if the whole rental of the country were reini t . a o ,', I effect, be I it would be impossible to return to the price.; before '", t "I the one-poutt war. He was not afraid to deplare, that the people nt u r , e xtensively in a not expect, be the law what it might, that with our h u tal r qur n mote qu i dens, the price of bread can ever be less than donlkle 0 ' "turd them less leaves before the war." • . . • a It wins,' however, that since uttering this the i li gd • 4 t e enabled to pa Hon. Gentlenian too found the urt of working miracles, , ' 4 their hands, not only did he do that which he declared impossiblee --- , fore liberally. duce the , price of wheat to what it was before the wa r , c nothi ng more th but by tampering with currency brought One time so low as 423. ; a priee,as I said before, jt . bad uhe t lteulation. I To stop this at, been at before since the Revolution. Let us examine .t !louse to the re: effect of this upon the different classes of the communl i t l o ; t ion of the 1/. I will take the landed interest first. The increased 111 , 1 ,y u rged by those v of money bears down the rent, and at the same .time su . 0 44 small notes le to all the fixed inc'umbrances, which I will boldly conten t i All the authoriti were the greater part of them incurred in a depreciat e ,' lette r of i 826, 0 currency - during the war. The landlord had thus l'': 134u ica Commit rents reduced 25 per cent., whilst his fixed incumbrancf: %whose name had been added to 30 per cent. What can a landlord F r e 44 of Dr. Adaw situated do ? He must either contract the hospitalityd • 0 paper into gold, has been wont,to extend to his neighbours, or live degra b • 0 41 -Ply sufficient in the eyes of. the world, or su ff er his debts to eat out i , et , e j t } l :-/ or may not property till it came into the possession of some turti ve h 1 .4 not sanction it down ' 0 man. Attempts similar to that we have been making jui i Z7.llaced upon an before been tried in other countries.. In the time of Lod -.4 ed any other XIV. in France it was attempted, and the result is descr l ; Nil t o the Bank by Bourdonnaye to have been such as it his been, here. . til t too much, v A; tro 4 value of money changed g 7 per cent., an d the greatest ••• I ivo tl compl ica t e d was experienced by eeery class in the kingdom. Therss nit ,,,.... ~plea, ,_ from ~chat the debasement of the standard to the amount oft 7 peree n- t ee 17 qui argument But this, Sir, is' beside the question. We have mg n oa r ,rely to give r effect produced on the landlord ; let us now seethe lOC -, . l eul me to turr le %I in which the labourer, the great working clam of 'the Cor a , it 4 panic is le munity, is affected. The Hon. Member for Abe r o p ember in the I showed in 1826 that the consumption of those coo° a b s , -'el, a thing as ties which that class principally made use of, as malt, sag r , q ,l'iciples npon and tobacco, notwithstanding the increase of the 111 4 1 r t aitl,them the tion, so far from having been increased, had in many t' the 1 4 ,t their issue c dimioiehed. The value of money certainly regulata a „,,,, p trir eat 4:l;,,...o price of bread ; but that is a small part of the cons"'"rre, i tl ehind . :they a tioncif,the poor man; far the other articles which h e . be , p l 'e most formid quires an d into which taxation largely enters, canon` and ,th excepting t come cheaper. His wages become effectually reducer' lug i , ;to lefedi 1 „ II Of the currency, coupled with the increased taxatiAt itev L tl4l , stances.of th large. his degradation follows. He finds the change in the Y . , : e h:tr emor ' tq a ke, fectly uhbearable. Now let us see what is the effect °' „ is l'itdo e , iiif ie& ti y s iy, Sir, that at this moment the counter; ~lieete d , ar r s eit system on the tax payers, ola the great body of the natty.. "One gteatli point of far., more heavily taxed than it was during 0s ' L 4 , 3 ie value. - 1 were almut 8 1,400,000/. The extent of the deprej,: s f ,: e t most expensive years of the war. In 1813 the s pun ~‘rtatiorts that's 1 1;014 and "silo was 36 per cmt. Now our taxation is between un , ,,.. •, - "iieti iiii r ltaibi and fifty-five millions, paid at the Mint price of g od a , ,th , ' iti.htillion* If we deduct 36 per cent. for the depreciation fro 'l ! 4 'neVirt• alter.' 81,000,0001. paid in 1913, it will be found that tre• t • o f tt "On "such oei then only i n po i n t o f f ar t t axe d to, the ,•aloo m y the Bank; 52,000,000/. of money of the same value that we new io . 1 : a -ntity ; surh 54,000,000/. of. The comparison shews th a t this c 0 10 . ,tth the credit - el try is now more'heavily taxed by 2,00,0p0z. than . it„,.) tlPleeulation to g; during the most expensive year of the late war.--(Cl r '''a e , vgehl in . the' I know that .the House is not very Willing to follow 103 ~" But though tails of this kind—(Hear)—or, to hear long . quotat tcl ia y ~,'th its credit it 'hut I ant anxious to chew that lam not setting tiP o f t ` l Y•want of cot ~ a the currency must lead to: the mast injurious consequ o es 4. :` In 1793, it theory a ray own, when I argue that the contractio e „ There is a passage Of LaCke's which bears so directlY,,,l'ot thud f or guin the present state oVitis country, that it would al.-flow kl' lt th 27 livres tk i in reality th ite Q A seem to have been Written with. a veiw to what ig he v.. at th is passing. He sayi— . 0 .10 1 ,, ' 4 ess away, d " The exigencies and or of money not leesening eol , ; 1 4 II speedy ref its quantity; and it being in the same proportion to l) ler 4 o w „6,,,,, e , ployed and distributed still, so much as its quantity 1 30 0 41 0 a ,,„1 &m i n i, sened, so much must the share of every one who o ltle r 1 1, I ° .ll dens 011 . and falling short, people have il e y ja ,: 41t il had are right to this money be the less, whether he be landl i ; fo r 'll'll orders not for his goods, or 'labourer for hie hire, or inerchatov, 1 1. 11 * general, a his brokerage. The landholder usually finds it Ors t t et ea e 4 in * effect fo as formerly to lay oot, and so less ula tj- est t l 4 * , without az The labonrer feels knext, for whO' e r'i • r g ° ta. brought to Market, by Which the price of thing tbe k ` 5l l of its re cause money y y failing 0. landholder's ratlt falls, he must either bate the laK ch ot h t bber of Ban wages, or not employ, or not pay him. The oar o a t , ~ evil was goi feels it lest / and will be sure to leave our native con3 o _, , l e ',,Y Wisely step tie s unb,ought . on the hands of the farmer or manss4ii. 1" i, v.; telsequar la ~ People nsitpereeiving the money to be gone, 0 li t o A ri' l l merchants 11 % 1 444 * Ahoy , b e jealous one of another; anti each suspecting FlOrr a ill i k k to Rive. T neeeesarily fall e inequality of gain, to rob him of his l'a-,e, iseity !0° • ' if,. 1 ~., ' i - to r 5 le, ~ 4 (In y be employing his eltill Rd power the best he can th e cs c i (t d . • ° solo, trie7e it again, and to bring money into his pocket in I , l l l l't of what V salne.plenty as formerly. ho e t, I L towel and 1 " But this is but scrambling amongoti*: , (o, a nd s hor' et, 1 1 ! 4 , saved il no more against our wants, than tIsS pulling off 3 6 1 4 iit ti I t', and Gol coverlet will mpingst children that lie together, P re f 9 s a , 1, Pro fi t." them all. from cold: Some will'starve, unless the e l ti q 'ere then is 4 of the tainily provide better, and enlarge the 1 , 0 4 I si r ' Which ''lr Iti "'ease of • Ter ing. . PI fa et "'ease of tl . rt Ilia 114 1 1 1 %1 andcnntest is usually between the nov ilertviltich I do man and die Merchant, with whom . r join the nicn ie a d ", / 0 Poy, l i mention The landed man finds himself aggrieved by the i:..ltirlbe tel wo e art /nonrents and the straightening of his rtnoe, w ni t e r iee 4 aa 4 11 they hae . ied num keeps up th e n its , I en. the merchant _ti,i_ if y I,l„tnedie, fo r , and grows rids by trade. 'These, he thinks, steal bo r e . their m . : 2s the co d cooly, into their pocket, build their fortunes tin hi cl s _,,, I Ilp , si t 'NlSu re , w acid engross more of the riches of the nation than c nor, r„ ir .; Yof o ne - p their share. He therefore endeavours by law. to liletpt; .....icTnnediatel, the value of land, which he suspects lessened by theme, 00 4' ' neers.)_l' - po t ° , l of t i excess of profit ; but all in vain, the cause is mistaltll , 4 t 4, ex a these not the remedy too. It is not the monied man's , gal' 4tater° to "" makea laud fall, but the want of money, and 1e5 , 9• 13 ' . I n emove