The Sun. — London, England, 1811-05-08 00:00:00

01 Itr, 7 11 inl Id , . , . co of pvery clisl c)f inco ? It would ', A tillktit4itf'tiobt hial)•••,r 141 , 'n; :late I .. wi't l . i . 7. •iiiit the Mrtir Silio..ii stn'tn. ' Vrli;( ollie'r 'cllirt..ll. could lie strbsChit,cl in' the reibin. ,if coiri'ar,-;t4lAtik_. nhles? The cotri nty . triit3t,,,eilli e r have., onic; ci 4 .1 ! _44 /floe, et no ctirreney at n atl. ftrl bcv52,,y,e4,16.:1 .. '.:' re" I ! ) , r4 'let lo an :ths•ver •f2;v,.':ll));alt.iintioti,i-Sl, Priytril, 1 4 hh .(we believe i\ll-.. '!'burnt tint bA.or C 61.9- )tithe of - that How e in 1797 ;—Thlt Getilktirali 14 H, that if the ailioni,t of 'five nrillior, in Barrk 4 telh, was takon oni of ciieulatiOn, it Would iet.)(l to NI commercial einharrasilltelitS. Lit.sl.4 il1114t: 466140U1d itaVe,b,..lll priztil(4ll ta-I 797, b)'' telkin4 , umrif eircnlatibti fiVe: million.% in Bliik note . s, ' what 7 9 1 . 11 11 " the eireii now.? Why, bankruptcies OW ortitimber; of 'which thew had beer) ` . already though to tm , ke the heart' sick. He might .her c°ll . l:l 'i'le . what he hail to submit to the,Ciirnmittee re 'ktli4 the Resolutions tit his flon.,apd, Learned )Iqriendir bk it ttq,i nrci.s;i.ily tii a lie;should qdy a r letv wools res;,caing ths• lb.'sointipna wir i_,lt 11 , , ki himself taken the Ithvrty of sublirit'ild,', , tu the Mertihe,rs of 'the lionse :—lii the lint plac,, in ' iltiti of the ,et,:n first Resolut ions of the li , r4"" - able lionti-oriti, lie' in..ant to ;)r pest; a L'At?'-'lva] 1=4.. Latellol,loo, statii;, ; I h.. ti, , , , ,it ~ 1 1.4? Sovt•ft:igl.l ,t 0 I 'li' l - tho I,gli ~o 1.7,1), c ,iii of to, kiii6cloin. He. "rggttil here to ,ri!iird You, 11 , o,,tiost any :rtisappte liensiao brat 110 wi,,lreil to p;,, 1 clingi- In tlle pose . . ( t int' avy fit the kingdom ; rit , iiittg coul ,, be farther a 'iti his . I hoo,i,liti ; !ie ruerCly m,•:,, i i J o ady.i nee thc geseral propoittion., Aov attempt to alter the ciir /Oa coin under the preseet circuinststices of the th4e4rltrY, hlntleOvfl O , lWe kverv, A il h heavy debi, , ,v puld i la apt of high into,oi:c to 11i- pobo . c ereditor, :I]'‘ 1 I l *ft , i , t! Ito 110 P, il iliai it c .tikhna, tot a, Inc=:•ne:nt 6 "PPottl th," i tt , h 3,1 Ait, , h ,:n obi'o, iti view Ili" It in c ;:, " „ it "nitition was i . ,tieulat d to corree-A an ett or . -.tlile oltnic)i, of hi , : I I .)ltuuribteleriend, re,..pca ► - kt in f n i, the I,,,4li.tive__Pf ijk:iii,,.l)l`,ol.V iiotr-S, iiSUel.l bY:I i , -4. 4'oo WOO' 1 .' ' t rinly at •,, 1 . ' , .1 WWI ',lnt . (' 0 11 , , , ' ,4., y ,„ i coin:O,,,,'' "411 "Illina 11, , !ear n' T , bullion (plit , !c.iiii .ot t-flllllOll. fie tilr/ i.ol)o•.eci to cl,'.!:are, what \c"s roj'llY true, that for' a century thell.iiik fold faith edlgkhargtd its crbli:24iutia, tnileiS when prevent , th 'Tthe, Legislature. l' , Jr it W.IS I'd be teet,',leCte(l,. 0f:1114414434A1 Of C . l . itt ' paytlleols %vs., a Mei:lBllre , strP,,,9„,t4C,l'Olicy, not a li.rvour id' the llank, The re- ti t litin hail since been conwilled by the Leg 11% Millie. gerieral grounds, i istaturel i 41 not tr, , oti any re-, vi ", ( ' .. t: la the pecuiii.w, ati.ois , f!'.4l B •oic . l'' . er• iv ' i ,' ! oritlitri g i n the Ittliolttlioll NVI•cHt .e i)tOptiSt(l). meiit'l6 Wi)11111 have ,tit. • •t•it.c I of ' ".t",11'":' Phr".. g, . t , •, .: • . ••_,, • 1!.6111 Interfering to direct the 1 - oul , itr 0 tyrn , ' I lsw . ;,; (ll , l „ l " Vl ß'never ii, coul‘i be 41 , 11 , - . 1,0 ....,li. ti,t I'iett,nititallietlt, howl vet t.,) : , clel .t ilLtlie!'. 1 , , ii, t'lcurnitances which existed ;11 iiiti:. (wnon .rt 044 d which the rcstri,l lon ii,:pu the.B.:ik 1 th , tl g the war wag passol ,did nt , 1 ifx 1,,t now. NV t. • nt tolwaget of the cOti!ilry . t:xceii . , indeed, with t!'; : !-Ivd It:II11.4On, 84 great now as it wasp then ? 1,09.") g lii Llt ilale 01 the country ill a 't:t/tUtikt'Cial point of w ' W'te Ilikle any reasons now for ihitikiiig tl.*: than . t it:,,, ' , ) 11 1 1i1)11 t r m net' eossry in i e();.; ? ilia ihirtt *hiti, ' lit nin Went to rieelire 'tltat Bank 'totes %vete in 0, , ,,,,, I : ; r 2 : t ri i th, r)-“,,14; . e vartitti.),..; .tt order to contra o,- , , ii3;"erlien nrhis IA .11. Fritta He tliOul;lit; p,Il , _slibi t 7 l , : () tight to deeltne i , .s.si'litin . tents upon this of 4 . `' bte3 "be 114 4 wt.ulti intriiti.ttee.the opinion . th,,,lt -ottiory', r.ett folloWed 3 prcPuSit4)°, the ~,I T : :1 of wh ich was ( . 0 anew timt period's had oc. o i tlio,the hisiory of ► this enuotry, when the ex.. ii„ii n , ,e ttviti MI tavolirablo, and w hen the price of to , 1 4 v4ts very high, and th.tt t twee eireds - couid :.. . t , l ', (A) intritiwett to' .the tit,piOial ion of paper, be ii,;!,,te al 1114 Se Ilitte's the 8.10 It paper was eonvrtible, i h ) I"itt. When the • trade With the Continent titl.4eo) lie gree! µltll those . who said that the tiref,Putg6 11;41.a tett(Vney to e'orretl itself i but ctr hnuntN4eo.s were now entiiely altered : our ini-; iti„,(l4.Rod' exliorts, oia not depend upon any eo,r • ;i t - , ad pfinetple, \Ye; ixi;orted what we c ""' (-1 ' and • ‘,:lti'rle(t tint), hecly, wit iin,ortaticin, ot.Ei.iciKihs' hot ,nsta'tt', was the elf4 , tt of necesiity,,4qd,could: it, . .I.)t. toverned ny commetcial principles. Thoo 10 , , o a ` c y ,': , l , 4 ir . ~(11.11tiOlt iehnvaitig tile fesuruptioll of cash, Ni l . i n . 16 by ilh• ii.mk, winch he wished to be as' h e f., I'Po.,sildr, ~,,,„i5,,,,t ‘„,,,itt, publi(ysajety, But' k it f i stikl mi lt)"' illi.lt: 1 ke to fix the titne!...rite could, wh o , '.''''' the (ionise 01 events—he could . not tell. 15,4 i i ( . mr sittiatinti,rniO he itt two yearti—k! dia tr ir I t 44 . wiltlher our hrnis would I lien be victorious tritte 't i , rVvilr.t ----he old riot kric,rw whether (1411 cum' mu te 4r t*1 " 00 1,13 with the Conttnent would be tbe,ll ti„ t t . , :' "•S3 tavouratdo thin) they v.•ere now- did, . t ,-1:,),v wimi *thud then he the Internal situation, . I(1 , 4 `,.' (;,(I'lltry--and therefore he could trot .presutne' N o ) , :" 41 ill tWO ytiliS, Or to Any 11XPd Peliills tt..)'''' tart e titlll roll:nip! its catill p:iyineirts. Mr..N.am4'' . .oneittriod w' t i -i, 1 ' c •t a Jor.the alttilik-,-, r , . e . i 1 I I iti itll4 t i me- , nmant e , Mr, fi g ' v." 11 wi li, 1 :11 key had heard hint. ~,. tinii4tkleie , it, ouir3r4s e x ':4 o f IN litil`t"Veli t 'l'illt lecvherhhal'i haeileritlial:BllPee:Y' ecth° lisd' 1 ' wil() k; eki,ting systetu, it was that winch L Just be e t • uati km L. 11"elivi•ted. The Iti;lit Hon. Gentleman. • ronyli o f 1 ils " k i ll , lite ftcpor t of the • thillion..Cutritnittee Ike, b eL t', "ne bt the noldeSt ( !xp - riletits that haci 1 1 4 0 , . 11 hurtl e on ill, public mind ; .and gave it itS • 1,10101) i , . . ' 4 prt • - ' !' ) ( 1 ' hl , v Inr , tßiw rt:liched the brink of I,lol:'inc,e, those by ,:Crlient that Report 'had been tOr) 4 ; W e t e Cortstrailsed to p,iuse, affrighto tit the thep i c i t t il le tA ll : o 6 . 4 4 ilicli thtv feac.d would result from 1,,1, I N : - % by which their condu6t had been re., (Miry, ht. Vl'altkur rnight' be the etreet of 'llte 4.17 teo,,,,„,couid 0"1Y 'RV) Owl. it . was ;lot always ex act h eti , - le llotluelive of mischief. NO opposition 414 4. , Aii ' . i ntidtl ill, Ilia! House milieu ilieHotitGOUtle. iorii3O,,,".obrnught the Stilbjett forward, niOsgett for 4iti n r 1,4 )t)e.ery one seettled to lima: it- IleCeSSaty. e ttri t .,i ill'it) Part, Le kin not bo't n inoividtiany con- At till 1,11::ItIty, it on foot; a: lie w. , s'otit of town *41(. 11 hiut. l''eeoitlinitc<,o W.thiQuinecl, ?l ti[ therefore othtl. ttil'iLik4rne was placed on toy; COltlill,teti like of. liiii i4)oo'''''o,ll,!. had no choice for the iegulation ;litl,4tity.,, 401 1 " ; rvi,d could only . take 'a part in .the tvitt,0'..;:.911.,e to a eciit'in oit' the subject ' from !hvilke !) d, i that criight be pricia"ced 'This . had tik i wn , iiii . , ' .6 ., the C.:oininittee; and it the result of iv" ‘watritit`ittilbtki lie,.ullionitely neubject.of regret, l " 4 tiii i i _, vu, l itiittSt to visit With • Censure those had be",,,!t.),eseteittiously cibchated a clUty, which coiiiq tit ~ upoiilhvin. ' N-Oihing, hoWever, -4 inoro. itn .- . Il vi ttli t ot ti,,, in PolLnit 'Lo t an inquiry into the t\i"uld refer ti, '".tpr oli he !cants: Olt ii. l, lsul.)ject lie -, NI. io st , eliOnjielitioillini.tu a to-zitwr pei lot! irlt t'1.3% When - t' - fi - I i., t 1,1,.,,,,, , tii li9 a Sttli ,ir I „ 4lltry was tutu; ortr.tir,,e. tloveriiincia or that iloy t„tilefl oil :is Ziir. L o A 11 . 1 / 4 t 0.1 - . t... "0 1 0144 C. a leport Lii I ll' fd' •i . "; win c ie. prrcee ling on. ie subject. •• I made . , his report iloeoilliugly, Igcl. what was then, They..444:44—prcietvd -t , i-aei-Ripon it directly, briton the, contrary, they eauii.ql it to be printe,l at the King's ilress,' circulated it all Over the conotry, and invited the. people: to discuss it every where. The, consr9a. i ...nce was, those 116 . 11044 es were Confuted,, which, ,before Set down heitoped overthrow;to a acid a remedy, wag f for the evil, of W hid) they complaine,i. So much for the bad ef fects of Ruch an inquiry .? He .now would -call up. on 'those who lief rd fi m to deny, if ilicy could, that the only legal tender of this cottutry w:is gold and silver, coin of a certa . n finer ess,- and contain ing a certain 'quantity of the prccinus metals to be ascertained by. Weight. This was the standard and untluctua Ling, measure of all other commodities.-- • If it were idwi'ted that the legal tender was regu. ated by those,two then it .followed,that :lie oo'ii of, the Ttylon.mut,coosist• of bullion of, a certain titiciws4; aFid.oaty perfect as it approached a weight. Re would ask if :it had not been Aiways a grand objea with the legislators and mo nar,lis of termer tirrits, to - preserve. their money tiwieteciohed finL'neii, and hot below the stimd.; atd in woignt ? When they talked of prices cur rent, it was necessary to kn ow wh at , was meant by the word price. nice-meant nothing but the relit the value of comniotittica bore to the standard. 'l'h w;ight 'of coin had in former , times, in a '•great . degree, determined Ihe value of money, as well in this as .in other, countries. If proofs were , wanting of.this, • he would refer the sceptre to.. a regu:ation made in the reign of Henry the Third, determining theproportiou quartern loaf should bear to the weight of certain coins. This of one,. of many trouts, that the names of colas were given with a tefe:retiee, •to , their weight in' riuMerous statices: In ancient proclamations, many directious retebblouad foiqeghlating the current valhe of according to its ,k eight, and suatetimes spe cifying the allowan. es ..hiett were. .to he made I , i r ine depreeiarion,occahlenoi by wear and tear. Tlia itight HiltiouribleGehtL:ntaa, : ivas not even aware of u hilt was said on this • head in medern . Ads of Parliament. Tire:Jaw:of the laud was, so eiptc t tare this thaCwhen he (Mr. ''Vatisititirt) ass.-ttea the. Cain called a passed cot rent without any refer,:nce to, weighr, he `( cbold out but feet-surprised.. Cau)& it be poi,sibie, he Was not a w4re that there.tva-ao Act of the 14th of his prehent, Ma p.sty, entitled `f An .A.ct for-regulating tut weights to be • ode moot . tor dt.teruitningthe. value'ot Gar Sisy(gr of , ,which_the :first ptovivioo art' tot th'what. the weights sin:uld be for -trying.." Cer tain pieees oftuici;coth called g.iiireas, and rot silver called si,illiogs ?" •It . was . Oulywith 'arieference their weight-that these pieces were to be taken as ney. Were They then be told that a thing , but.which he could' , only call k coutner, couldiegalty pass curtent, without any tereilCe to, its weight. An , ther'provision •On this. wtbjeta was made - determining the currency c6sary to lotm a legal tender for a - sum exceeding twenty-five pounds.. :Guineas. i grand tiaa chum to which payments were made, it %v as enact.. ed that ;they 01010-n6lopr pass current, if by any circumstance they became so doetioratetkas not to 'weigh 5 (Wits. 8 grains. The depreciation of coin walit-:an.injury deny to the' public ; and At a I • when our silver currency was debased :as ipPch as it was in the - time of King William, he was surprised to hear such assert ions as bad been 'adVanced. , wished to establish still further what he had urged with respect to .the weight of coin, he would call the attention of the Committee to -what passed iii When. Some regulations were Made es •to the currency of gold coin. The guinea was prohibited from passing as money if it did net weigh 5,1w15. Bgrs. The Privy,Council , at that timecotitejtil,i~i tioti to allow it to pasi current; although it t s. . less* an a scale of diorinished value according ,to its weight. Silver coin, he:would further observe, was only tn legal tender for sums not exceeding 251. In ipayment'Of any debt above that sum it could only, legally be tendered- for whatever' is might be . ,worth Seoul its weight.; and go ld though it might be le gally teudOed by tale to any amount, was yet Ilable . - to pass, not according - to the tale, but according to its .weight. , It had been often,said, jhat.all - money, was merchandiz i e, but - it might be more convenient to makb all inerchandize matey. The price . of any. one thing ,could only'be'determined by a' cefetence to-sotto -other cotrirtiodity. ',lf, then, Our Orreucy, consisting of paper, standing is it doei with respect to coin, as in the. case supposed coin would stand with a ref6vOce, were it not depreciated, in the same : proportion,•he knew. not what depreciation was. He . would ask any on e if go ld were dere-, Oared gb per cent. would it not be. in .tlte same state as paper r at pleient ; In King. William's time, the silver currency experienced A depreciation of :ft) per cent. iftire were at that ; time . Bko i lt notes; and when silver was thus depreciated, could any aye, doubt, but they were depreciated also ?, Tie currency wai•depreciated, and when the new coina g e t oo k eed.the.Silser- recovered from its depreciation,. the Bank notes recovered also: They bed nowtmly: to invert the oider of. things, and the condusien which they must come to was obvious, Bank ~he might be.trlld, Were.not tender for a'stim exceeding twenty-tive pounds ilhat the creditors, el . the Bank could only get notes, though he k new itwas,ntattlie intention of Parliament to make them a legal tender: He :would now call their attention' to that admirable Report made= to the Lords. oithi! Treasury in 17143, which stated, , that f' The Mint regulations having established-- she currency of the country at a rate higher -thee the' market price` of bullion, acted'as a premium„for the exportation silver coat. Tire market puce win s then 14 ounces And 3- f lths, but by the Si.;tit regulation was .raised to- 35 ounces and 1 7.51 h for one ounce of gold. It went Ma tu..atale, that thele,Was: an. inducement . to perao.hato buy ~t iver with paid for the purpose; of exporting it, which called for the interference of the L t tli t ) o tt, r.c .it The I,Ohis it!ttr wab oidered sobie queodi to pos ror 17s. hatteAd of 17t. lid: attiA'illta; . t front but one trotting' helow the effed of brin6itigguineA, to the Bank,. and removed the evil complained of thnliull thrfericeo, be con tended, could lint ex.*, as tile perfett iiart wZnid quickly 'tallish, and the debased currestcy,alitne re , Wail!. Tit izt wits deiitly prot'od pfp.plyvro Watilvd), , -by what took ni-Jc, to the reign of 4ing . - wilco tlia silver, not :b e i ng, secure d from deterietit iitinJtke the-g01d..-aurreneyirwaidepreciated not less • , than. ..2.5 or.-au ,pes cant, Wotch t 9 ,tlC6 to time, <lid. not re. m:t'tu in etrculatton. They were irtimediattly melt c";.l o n o : a tICIXed . cuircpcy followed, whitli diqpeiired. When there, ucre.tto currencies, the one t'roin 25 to 3u per cent. depteci,tted, the other full value, t his M ust e v e r b e the cas e. - -- lint then , aid, to alter the system would be to encourage..lraud and perjury. why, . they all - kin.w that the laws on the•subject were of no avail ; and he thought the existence . of the. law at present twee, v.'ent to encopragotiAnd 811,1 perjury. The llon. Gentleman then cited an'A6l cf 1774, against clipping the 0 4 in (it the , realm, which spoke of the new coin itS behig/;Constantly melted' down ; and added, the practice :ae enie d likely to continue, pieces of the same dent:ruination were -dill - crept in value, and tboseunderweight,were'to pais . for as much as the others. He would n41,-, if this were not. 'now the ea:e ?: It was . ridicublus to suppose the laws could ptevent theft exportation, when by ex portating them 'het:ft, was a Kohl of "45. per cent, To s'• w this a little more plainly, he %mild call their attention .to a citcomstance of the ethane. ing the v.due, or (As to advancing_ the value was impossible) the making the duller pass for ss. 6d. instead of ss. Its . intrinsic tattle' was 4s. Gd. and, ihr advancing its denomination was 'indireNly raising the.,Lietiontinittion of the' coin ,the realm ;_ though he might be told , the 'dollar was only Bank Token. If a foreigner were to ask What was t htl nviney of. England Wie would be bold that a pound of silver w; n into sixty two shillings, ,411 d a pound of gill(' into forty-tour guineas emit a halt. IL be.were told that the silver were to the. geld . as 15 .:ut a fraction to One - , and that in addition to the grounds whieh•other natit4ns had to secure the„ vaults of Alien'. n ;uory, it uieed never be.taken but by weight, the tor , ; : igner would say ,it • was seCUred by as perfect a s." siva) as cuul4 devised. But going a iittie her, he • was told, that a .foreign. piece worth 4 , i, hot. pasq.::d for 53. Gd. he would say, ," :flow c o o this-bear a proper proportion to., your slullitr,;• There was Qur,silver coin is .so degraded, that our shillings are„pot worth more thiu nine. pence each, se they.j)Uar Inoportion- to the dollar.',' l'ne,foreigner would reply, But - how ; then, can yolur silver bear its •proper proportion to )ori gold ?",,In at to this hi otust be.told;uf All roll. old has been sold, so..:we rnake,o , se of a substi i a ,,,d• solistilute, bests a very, good pro ;,ottion to our aittepenny shillings." Tl.ll Him:Gen ► an now, totik.; % ley. of the. price.of gold. from the fear 1718, •Tt,e• issues of the Bank, he thought, a.,,premintunr. bounty d;:- exportation of gold too ounces of, gold, he sheared, coat the country 130 otnicvs in Ille, , exunange'between thi, country and, 4inst , .. edam, • This bappeoed every day. He had c,olled for ,papers which he thought would throw soot, upon he .subje6t, but wh tch had been reflased. Settle ducumeots bad, however, by chance, coma into his hands, which he could read to.the Comtuittee. rrlere Mr. H.:, read two letters ammo pers , ql in Loglandin..hi s c or re sp on . dept. 4rnai, in Able!) he intertned, him that he had collet , 4'd tur lii l l l I I- 1 ,8?g Aniticas; as: he understood they %ere' at o per cent, premium. He further. 101,1 his. Friend, that he hal .sent hint .5,000 ,pore olilitspstm .twvo.i.na fox oi, which he sincerqy hoireri . vpuir4l. saying,. hu ,could.. get as many ta,;.ive lit a3rrl, stating ate, terms en • w hie') they .were; ta.t.), , iqid; anti ,to: insure: tht.rn•for motterite',preinitma l 3 lii King time. a part of . our 'currency 'Wa-S dt:bilseLl as now, ;rite value,of the grimes was taised fit pto poi t iou as the silver • was .deprecial ed , and passers for 0 54 . ~ ;(j.;.,ailti - The. eonsewaenco .faveurable state of the exchange to the • amOurit of ; 25 per cent.. He did not kuow but it woutd'have been better for the . guinea to. pats now in the state :way a* it did then. Guineas would then bavebeen in circulation instead .Bank notQs. • The public eStiniation in w hieli . BaPk paper was Said' Co be held, was a. public estimation 'growing ant of'thepenal TThe, laws, however; could.: not have the effe . a.of presorying them ~in estimation. Guineas ~~+golt not sill daily .iii the streetslor more than then ;.vbilae,: if, Bank , notes - were In proper estimation: 1.16 . Wterl a letter- from a respedatile Goldsrnith' to a : ,Mornber Parliament, stating ; that betitly ; cat ions ,'were, made to, hint , to ktrovi , how much he woulAgive for a guitle4.', Every body cowing from the , country'broughv their guineas with 'titer?), rind thrl, were sold hourlyat a premium:of half-a-0 - 0w n. Wera,notes, he would ask, in fuhlic estimation in Irelano Was it not stipulated there, in - inahyof the leases, that the rents should be r paid in guin6asl And.irkconsequence::of this, :did not the landloids •otten compel their tenants to , buy gold' at a great loss? The eemtnedity taken as'the measure of the' valuo,of others becanu money: GMd had many advantages as a measure of value over commodities; and nut •conceive it, therefore, iii ire,' as i o i rne , thought,. merely fit 'to motleerby , virtueof a convalatioti in which men had agree i d that it should be so. He contended that gold 'and tilvef werrtt 4 . thon'er . oetore they were col t be; coinage made, in that resperq, no alt'eratitio. '1 he preeioni - ntettla wpr , '.: likely to be afft,..fted, like. ot her COMModilici, by ciri;calligabeesi Which enil lit close abundance ur scat city. *inn this cireurtiaiairce, thotigh,' of their b.:log niatle - equiValent to each stber; what yas called price could be out mare than ifiti'VAlne'whiil one,. as in eoinitiolily, bore to the Other. When they talkod (A the y.uhle of Old an d suit e r, was Ps thtfy rke.ro in ;:isured by i.trell other: The pticeofgold was only to be ascert:ori ed tiorwthe 9uaraily of silver, to which it was held to bti'an aqui% alant ; and that 'of wart only to be determined-in the same manner, by a reference to wild. 1f gokl or silver' btrainie scarce,` a • less tiaglOy Of :either would prtrive statictolit 'to the pnr poses.fOr which it was wrintr.tcl. it,' for instance, 'pi, a Country where t,116 gold in ciiculition airro tt i' i te,l to iill4llphl4, It hthiden scarcity of the preeititiii ial.fnertieduce.h . to tenth' part - of that ;Mil; itA this - W -441d' bu tbund trclaal to The wah . t.4 c,t na _ two; -,str. the eunsetitience %Voulci be. ati unititillafe tall r ill the' prices- , ol'all 'other commodities. Ott the if a nation so cirentilittk,63, sh ou l d, ' from a sudden intink of .builion hlvo it prices ot t o l l 4 18 twenty articles.o tll t i t V I I i s de , ;ulditio it wts w ri ( cl u ic l u d lo b it: l- ; % ri Pe t! * l ll4' lk :I ti: 00 S t r a t or of MI thcf;,l . 4,:oulti i4l tart no *tacit tltittg, :in' Oil pr,,4tt,nt ‘4l.l4Eivi4 of thincrs w‘? • t ' • :s - - d• 1;z1 „ oft trerptentty,neartr,4uch, 4rgutnentr.,as these-,- -" 1.(1a tan be n o excess of ril:A . ..I:Cy, bc..causa the st,ll}Vr. never exceeds,thr.s. deitiatid. " Tro matt mould fol . it if he bad nu uso lOl' it," " It cannot be sup posed !fiat any, , 11140 y.001(i prociire it (or tl)e\puri.roS.: of hoaiding .ife,tt.ltt all, I Lie.; ti,at tits . suppl} , did not exCee . I lie detnand,;; 111,4 no ,n nrt would ask"or it it 'he had pot soinensib,r it ; anal that he ~ voultiriot,t., , ,el it fort h e purpose of hoarding it; but he wished to asit„.if ail these atgument.s, would hot:Opply as well it tii! , l'clennruitlatiloot 11:311, a-guinea Vveie to scd 10-inotrow,, so ' as to•niakT.:it p,Ne., for a guinea ?or if - tit, 11. ifote . lowered ' as 40 pa.s for a shtilito; ? The partie i t v,. u ld only a ppty for the ,currency, , berat.n.e. they. coind turn it to s me Use, and still there would be no•ab. , olu,te:deiicier..cy or excess., it w.is . useletti;• thot fore, to s thu bit•colation was.,so ' and' sn. at,. sttth a 'day. The anoipetit of the cuilln,y , 'ttotild. not be. eta6ly traced, Bcforo the; Bank,' „ restriaion, no , man thougnt of inquiricfg • ;uto: the amount of Bank uch;s s in circor.eiticia. No . 'man was solichoui to know ; and :ate :lily of cilculat int; ~ medintn in use was 0' 'Now, howLler, it siwukt seem, a scale.' yal:s ftiriliik; • ed, by which its posk:oors cokild g4t/i,st tie e, •li - frit e )! in the -natioti with as rnuctoeAtie as, an.ekci4entant ' Fould gauge tte cop t,:nts oP s o cask; He claw. ;procteed 10 state what he cunerived•to be the 'Aiso of the word " excess," as - used, and,, in his o r i- properly used by the Committee!, and also to st.ite Litt; probts of tiidt " excess."—l'he coin Of the • realin had no value out that vt•lncli. ose Terence ',ifs wtigia in gold or siNtre 1 bat, be• no ulito would ,presume to d en y . . Ha t8on1:1 also assume that paper . Curn.-uicy 11,41 ~a.veth ue, but who a refulenceto tne coin it purputtpd to tvpre:elit. Now it:these • poin•l were C 011020.4 ',IO O i should scrip that the curremmey of the cidun ry, consisting , partly,. of chin amid Noll) , of pai.ti,,c...t.od not be excessive, Utlitss: it.'exceedea what. it wA . J ,, d hae been had 'Coin alone brim in circulation, It it did excetd 'that, the proportion in .w hicit it, w tit beyond what `it wiufid have ben iti . the ua,e sup prised, was at ()lice tam titastirt.: Of ,its of Its depreciatli an . viilue of tbe mouty.of any (*::otiritty was in the inysrse ratio, of 44 and it it exceided the suu it be 0.. pie - Cia . ted, or et.t . .i:iper,thao . it would other i? , ise,trito I t dolt a diminution. were found, an tti t t yak of Papar 4 it must be frorn, ijs excess; and the, de precia..lon must 46h -, ;iroPprtion. to th , eoitfertoce between Abe p:lp't'r and, t as s ompared with he ' stundicds of the latter , This•was utce-t tic 'proot *or its ex tht‘ nett and the meapre of, its e • xtent. If paper had no ‘ ,. llrie but with rt ieterence to coin, :and -coin but with a tetereace 'to . - its witriklard,:itlol- lowed, that if coin wai of, iis,,iull siandard ‘ 'and' Piper Would not prOdUce.,t.h.it, quannty of coin, .ot which'Zt Was'tl4l representative, that paper must , be.depr-ciat ed. The opinions,o(a,,late Noble Eat '(Lord Liverpool) on that aubj4t, he thought 01,00 greatest wcight. 1,1 this,part.ot the, sub, jea, tine said . , .that piper curtepey could ,uttly !t ots vaine. twin itt, reference to cuittthat.all eerntro•., dities t Ike their iiric.4 Zir,v,:due from' their reference:• tO coin, that tefcrlnce to the oniuttily : of gold. for which could he,echaitged. t . P,aper, fore, Lould have a 2 vahle brit porn a .reference to. &Ai); filial . to the gniq ~which. 4 •prO.ltlei:. Stich WAS the opioiou sof that Nyble Earl. 'When' these 'qen,lcine it said the. paper at. the r. 2. sent *day was not tliey went raked) , 'contrary to the best authorities, and, tiroached.a new that tine, while they, accused Choke, Who atiript• , -d of •t he thillion . i'iepo.rt of poisoning the, public: Mind, by, publishing new theories, though they , promt qa4tett, nothiti but what thq ,must, have I:!orned ~trotn a„. 'sfudy . of 'the Ilw's of he tt4lrn, stated. ~ t o the , Coininittee, !hat the.,l3anit 'one pound, not in, gold, but in cormnottnies. He ‘vonld'adthit . tilis ; but its .the 1:7.410e - of CUMmuLli"iei 'was measUred by,a 4 - efere'nce i , they canto main to the Satne . point, and the effect produced 'upon corninhditi es stilt tended to [ale elation Of paper. 'But, then. tthisrlepteciacion had .been !dated to ayise from the,,dinysinition,of gold i 4 complothtyaj Ale; . f,ettotl.. To;the ,caution aribing from sucli a cause there were nattio , , .r:11 limits, he tlipreciation coutemilated lay the. , COinniittee,was ;bat which otte.part.itf.the currency horb tc) tilt; .standard, of, that currency, vi hith ap. peared to'.. have no bounds. When, theretoil, tie Was asked, whin was the prelent depreciation t I.li reply Was, it is that which has , a rcterence totoin if arising, front the debasenicut .of the . coal, die ‘‘ , ollld compare war ,the. star d4rd of the illirtt ; arid which being p;sper,,.haVing ne,'valu..!•hut in, re* fet'etiee to coin, he must cutup:ire in a:similar t-tutti ner with the'saine standard. ,it. the . eurrency con sisted of ,guitleast weighing hut. threeyfoarth*ufwitat they ought to weigh, they would %he depreciated *fit' per cent. Pailiainent was under . the. necessity .of creating a law to oblige,the people to reeetve two ounces or silver, fur one ounce of gold ; and this measure was, of course,. followed titil)y nuinher penal den unciatious, tor the purpotteof enforeihg obedierme. Sitch was the, policy adppted 04, period, that. a litshop, of Unimpeachable thara6ter,„ 1•5::11 exposed to the charges Of ,disaffetliob itad• se:• dition'v merely hecatt.e lie' suspeded. that the iiet6.' iioNited cmjc.oey vyall not so good as, that which 'ilad experienced no,dpierioration. '• The same Inev, he ti tatted, would. nut be found to exigi in the ppisent day apintit ilrose who permitted their.oti •derstatuling! ii Similar Ikense. The'inSeription On the Copper.coin, , klien.it was first intnittned,-sh;!w e d that it 'wiqi.coitsidevt-.-i deviation born the custom ary coin,:ptiaGlid Lot eotulituto a pa*t.-0 Altai Mc,. - diurn; provelly the circalati4lg medium of that . country. , The m4s ieription •w, For Chlange, Charities." But ItAe would elk iti6 •Get)11601:11 thi.ty been they Watkiad , at ;lit 7his, quesnon which .ithvy.liad theito clt,ded, nithca dectiptd CATO.. lul ' w,sre: they of committing .thetuseLirs, or to an,xtp,o; tiot: 10 Cncuinber thernselvci; witk,the pero pie'xify of 't, It cqnside.tai ion, than. evert , the avoid! poi :pi ntfoii 4 in thOr ptlbliguton4,4tritil 'it, was presseci upon ,them tousepttatedly to b.,.1 overlooked-; •a, R T th el i it . r v,as LitspoSed : oh by --411.,e3tpFdttut .as •utk,(k4tl ; . t., any, other part cif thqtriavouritelyisfetn. The axial ocetion W. 48, wlittlhzriaank .tiot;us.or Loin were to b copsiderecl as the stantild ? .The Coui. hurl a right roan ;Ms , . et upoo !, if Gentkuitql would have it that.liatik note, wer e i h ; stiintiard, .1 should say so they • ; thev sl littd,t