The Express.
London, England, 1847-10-06 00:00:00

his Tote that there had been any depreciation in the value of
the paper medium. He said there had been 110 departure
boa the standard of value, whilst be (Mr. Spooner)
insisted there had ; and yet, notwithstanding that fact, i
in 1819 when four or five hundred millions had been
is the meantime added to the national debt, Sir
Robert Peel voted for a return to the old standard, which in
1%0 (she Mid) had never been depend from. (Hear.) But
it should also be florae in mina, that the law of lbid had
completely changed the standard of value; it had been
originally gold and silver conjointly, but in that year the
salver was taken away and the gold alone adopted ; thereby
Increasing the public debt u some said seven or eight,
although es he (Mr. Spooner) believed See or six:per cent.
And when the standard of value by various absurd enact.
manta was made higher than it was in the reign of Elizabeth,
the only reply Lord Liverpool could give to Lord Stauhope's
very proper question was, • That the richest country in the
world ought to have the richest standard," an observation
which could only be likened to the sentiment of Dr. John-
sen '• Who drives fat oxen sh mild himself be fat."
(Laughter.) The prime minister of that day ought
to have known that nothing could be more absurd
than to limit the power of the standard, and at the
same time to increase the burthens of the people. The hon.
gentlemen next reviewed all the circumstances connected
with the agricultural and commercial distress of the years
1820 and 1821 immediately after the paring of Sir It. Peel's
Bill, and declared that he had said at that time unless that
measure were repealed the foundations of society would be
shaken, and that even the King's throne would not be safe.
Further, he asserted that the father of Sir R. Peel had, in
addition to supp acing him and subscribing to the expenses
of his election for Warwickshire at the time to which he re-
ferred, told him privately that he did so because he (Mr.
Spooner) had, in the House of Commons, delivered the best
speech in exposition of the evils of his son's bill. The hon.
gentleman next, in elucidation of his argument, adverted to the
distress amongst the operatives of Nottinghamshire and the
riots of the Luddites as evidence of the miseries brought about
by the bill of 1819 ; and he drew attention to the manner in
which Lord Castlereagh had found it necessary to tamper
with the measure; because (as his lordship sent) they had
gone too low and needed • little wholesome speculation.
Then came the complement (as it was called) to the bill of
1819—the bill of 1844, by which the Bank was barred from
issuing beyond fourteen millions; and the effect of which,
as he had told Sir Robert Peel at the time, had been to
prolueo a drain of gold from the Bank ; and, further, he
had told him that unless he abandoned his bill the people
would never be able to get employment. (Hear.) That
prophecy, unfortunately, also turned out to be true. And
was there anything more distressing than that in their pre-
sent circumstances the Bank of England should be tied up
—that with the best possible security, and an abundance of
it, it could render no assistance to the country ; but that
consequent on the complementary bill, they could only make
a complimentary bow and say, "Gentlemen, our fourteen
millions are out." (Hear.) It was for the people to say
whether they would consent that the whole commercial
interest of the country should be stopped—that their hands
should be tied behind them, and the whole producing power
shut up, because fourteen millions of circulation were the
extent to which the Bank was allowed to go. If such were
the case—it could only mean—perish trade, but keep up the
complement of the bill of 1819. (Applause.) Ile (Mr.
Spooner) had been reluctant to enter again into the discus-
sion of this question, because he knew there would be re-
vived the old story of its being a " Spooner sad Attwood
dodge s" it would be said, all they want is their intern-
verhble paper—their dirty rags—it's what they've always
been harping at, and they re very harmless. But (continued
the hon. gentleman) I care nothing for all their raillery;
and a couplet which occurs to me fully expresses my senti-
ments on that subject
You break the web of sophistry in vain,
The creature's at his dirty work again.
(Cheers.) Are you, gentlemen, content with things as they
are? Do you believe things ore at their wont? I say they
are rot. The labour of the country cannot be
employed whilst its circulation is barred to art
issue of seventeen millions of bank-notes. I doubt
whether you have such a circulation as you had
fifty years ago. Taxation enters into the price of every com-
modity ; gold is a commodity, and it has of course entered
into its price. Why then should the Bank of England be
bound to find it, or the foreigner get the same quantity for
his paper as he did in the time of Qaeen Elizabeth ? (hear.)
After some further observations, explanatory of the injurious '
operation of the present system, Mr. Spooner proceeded. to
observe that in the year 1820 he discussed the subject with
the late Mr. Ricardo, and in the course of the conversation
that distinguished individual remarked that in his opinion
the return to the old standard would have the effect d nee
ducing prices four per cent. ; he (Mr. Spooner) expelled
an opinion that the reduction would be thirty per
cent., upon which Mr. Ricardo replied that if such
were the case it would be imam ateempthig to
carry the measure out ; not only that, bat (he said)
even though the depreciation were 10 per cent. it
would be unjust and impracticable. Now he (Mr. Spooner)
contended that till change of 1819 had bad the effect of
depreciating prices, not 4, but 30 per cent. Notwitistandiag
this the national debt remained in full force, property
was depreciated in value, and the effect of ear legislation en
money matters had been to rob the debtor to the united
beneht of the creditor. (Hear.) Unless there was some
ohmage in our ',stem very speedily, he wat.qeite satisfied
that there would soon be • scam of confusion m the country
which it was painful to contemplate. (Herr.) He was not
disposed now to rob the creditor to benefit the debtor' but of
this he was quite certain, that if there wasone class of men
interested more than another in the speedy and equitable
adjustment of this question it was the creditor, because it
was the onlycbance there wasof his maintaining that position
to which he was entitled. This would be effected only by the
employmeetof such acirculating medium as weld be su Melon
to meet all the exigencies of the nation, and as would pre-
vent wholesale distress, which could only lead in the end to
anarchy and confusion. (Applause.) He (Mr. Spooner)
was anxious it should go forth to the world that neither lie
nor his hon. oelleague had taken the slightest part in getting
up that meeting; but if the people themselves would stir
they would cheerfully assist them. It was in the power of
the people to take such steps as would prevent a repetition
of these calamities; and he had reason to believe that, how-
' ever muck the currency. doctors (as they were called) had
been annealed, the opinion was rapidly gaming ground that
• change was necemary. Within the last few days he had
cenversed with members of both houses of }ornament, who
had said to him, " We thick you are right at last—there
must be an inquiry." (Applause.) He suggested that
deputations should at once wait upon government ; that the
facts should be fairly set before Sir Charles Wood,
and that he should be made fully sensible of the peril in
which all commercial interests stood, and eonvineed of the
danger, unless like the ostrich, the right hon. gonthunan
chose to hide his head in the sand, with a determine lion
not to see what was clear to all other men's eyes. (Ilea T.)
The hon. gentleman next read a passage from • sort of pro-
sperity speech made by the Chancellor of the Exchequer in
kebruary, and proceeded to observe that the speculation,
and the railway works, which were the admiring stars of the
right hon. gentleman then, were, according to him, the
curse of the country now. (Hear.) But, the hon. gentle-
man said is conclusion, on the speedy settlement of the
question depended the happiness of our fellow-creatures—
the safety of the crown—the safety of the whole nation. lie
hoped that the prime minister would follow the ex-
ample of Pitt, and take the advise of able commercial
men, who, from their position, were best able to form
an opinion upon the merits of thie question. (Applause.)
He contended that it was possible for this great nation so to
adjust its circulating medium—its debts and credits—that it I
should work beneficially for all dames of the community.
That by so doing they would ensure permanent prosperity •
that by such a measure the labouring classes would be placed
in that comfortable position which they expected and Chad •
right to demand—to command work, and at a fair remune-
ration, instead of haying to beg that they might give their
labour and their sinews for a morsel of bread. The hon.
gentleman resumed his seat amidst much applause.
The resolutions, which we priated yesterday, were then
put and unanimously carried by the meeting,which consisted
of many of the principal merchants and manufacturer' of the
town. A subscription was entered into to provide the means
wherewith to promote the movement.