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

1.

it • •

it as an snewientation of lb or SO per rent. nely. Bet
should they, the jealous parttime' 04 the public purse, have
consented to laying this additional weight on the public! ft •
sons monatenee that on recurring beck to a slumlord from
which they had departed for twetity-two years, they had
net made ibis the greatest consideration. Ile could as-
sure the HOUtc that he was not guisg to give them
irivestifiy- tin the theory of swath Vol there 1'44 Tome
treeetal oulastautive propositions os the uses, and Noe-
lions, and Datum of money, which it would be Receasire for
him to recite. He most particularly remark on the rpiestion
of a metallic currency. All the modern authorities main-
tained, that money was not of value in itself, hut only as the
medium of exchange, or steasve of value. and formed 'to
part of the wealth or revenue of a state. Dr. A. Smith roll
OidTtreT it as a valuable part of capital, emulsified ugly as an
terstruUnesi of commerce, but 001 as a part Or the revenue of
a state. Our essential principle is it die, that it' uncut to
he ei invariable as possible. By common Cosecs! of man•
kind, the precious metals had been adopted as the least
variable medium, because, comperatively speaking, they were
of beeselable value. In some Instances, hOwever, there were
marvellous veriations, even is this staedaid. There were
natural news which produced them—more or leas produce
from the mince —the diecityrry of new mines—ibt demand
r•nolog higher than the supply, or the demand falliag short
while die supply remained the same. Attollwr• great
cattail of variation had bees foiled • in aubstituting ■
credit eueverley. which went to -make up the aggre-
gate eurrency—in which case the metallic currency would
crane to have the same proportion of value as be-
fore Its connexion with the credit currency. The itsc
ef the reputation and wealth is the country had demanded
an tee eeeee of currency, sad unless it had been supplied by
she various arts of credit currency, so admirably olinseed
by the 'Bank and other establishments, the aggregate car-
vency enuld sot have been Neal to the burdens (dale world.
The Tatum of money would have increased so vastly as le
have-pressed dews the industrious classes to the worst. He
proposed to read two extreets from very high authorities, to
she* that there was a standatd of value lee. variable than the
precious metals—and-that was grain. The Hon. Gentleinao
read a passage from Locke, which went to shew that the only
safe sisedard of value for estates on an extended scateof years
was wheat in Europe, rice in India, and so on, except in cases
where money was made of a material which could not be aug-
`merited is quantity, and which sober people did not value at
ell—which would then be the least variable standard of all.
weraud extract was from Adam Smith, which recited the
conditions by which collegiate property was tented trader the
19th of Etrtabeth, • Ihiril of the rents being ed in
corn, which third, from the alteration in the quantity and
value of money, fetched twice as much as the other two.
thirds together, according to Blackstone. He went on
to state bigot/Mims of the effect of dishoshing the valse,of
money. He dirt sot believe that the *vestry during the Ito-
emietion Act had eitjoyerl merely a fictitious prosperity, but
a real and substantial wealth, which bad inetca ed to real
valne and amount in a greeter ratio than ever before.
Derr* twenty years, in spite of the bs,rdetisome ea-
ves,* of war, the country had made more rapid strides
in agriculture, commerce, and manufacture., in all the eir.
eumelemees and consequences of wealth, than at Rey former
period, And all the wealth acquired during that period was
available at the end of it fur every eational purpose. He
wits not prepared to say that the prosperity was ening to
the Increased amount of the currency, though eertpinty it
was very remarkable that those two circumstances ac-
companied each other, that they belonged to the same
per od. He would read a curious extract from an answer
given by Sir F. Neon to a libel published towards the latter
end tof the reign of Elaabeth. The extract set forth the vast
improvement in the resources of the country—the great
number of houses added..--the Increase of plate end jewels—
the'reclaineing and tilling of lands—the opening of internal
neviretion—and the general growth of commerce. He was
not ethud to decide to what cease the increased prospe•
my of that period might be owing; but the doctrine laid
down by btr. Hume in his E'tespi, aaactioned the opinion
that an increase of prosperity might be produced by an in-
crease of the contact. The Right Hon. Gr Irma.' (Mr. Peel)
himself had argued that the depreciation Of the currency was
tube measured not only ley the difference between the price
of gold and the 'aloe 'Of papte;hot that there was also
another proems by whirl a aitallintiois hid herrn effected in
the Value or ``old. He would refer tie the pekes of corn for
a ectuelderabhaperiodilbsek ; be would Wee to ISO years be.
Wee the War. Ile *mad take the 'priers at the 'average of
lung periods, In erase iest to fatigue the Hustle by going
throbegh the details of smaller period!. He hut then eaten.
Jared at periods of tel. rats, but he Oronlr tette each
fpf fifty years. The average prike of telletat fur the Stet period
of 1114 years ending with 1695, was 441 e. 9J. per (railer; fur
liti'nekt fifty years; 355. pet quatti, 'snd for the last period
of By years, mohair 1793, it was 411 s. Id. The :image Of'ilte
sea-years front the last period to 113,3, was 755. 1 Id: ; andof
lbe following ten pears to 1613, it •as 995. per qOarlee—l-
The leverage price 6f Wheat for Ow err 'eon, before the' war
'of Tren, was If. Ida. per quarter, frog that period to 1703 it
eve. If. 17e. per erwirfer ; 41st *year after the war it
was rf. Is:, and Hit terries.' Oat fiFe years afire the war
6frsii. The average price of betted f&Slie lee years 'before
tt e American war was 21 11.. sort Intistribtei ftle average der-
-te the whole of the war Was V.ele., behik 511. pet ereirter less
th.sti before the war. Medford from **lib vacillate.. Hist
war did not necessarily increase the wire Of rain la this
cveotry, and, therefbre, the war con* hot be alligki
neehist his c:midterm, that the alieretiole le 'the currescy
el. the main cause of tare great changes %stile+ had taken
place. He founded soother argument in, favour of that
position, as a fact, which 'appeared on the Nee of's Retorts
made to the Order of the House, of the Corn' to the
London mei ket,• in 1112 and Hitt It nail iedeleally id- •
su'iteer that the populates of London was greatly lticeeased
during that period, red it would therefuee•h tie been eater/it
to expect an increased demand and euristimption of Wheat.
Bat he found by the Refers which he BO mcotioned, that In
118121 he quantity of *heat sold in Mork-lane .05 368921
qintriers, at Mt average price Of Itfis. per quarter; and
is 11121 it was 2135,500 quarters, at an average of 505.;
ao east the ensiality was less though the population hod in-
ereiredi and the price was so much totter. And lie shnold
be glad to trim how such au altelation in the prier could
lIPPIe occurred from limy other co:cellist:ince than the al-
teration of the currency. That the oimiuntiou of the cir.
el:lotion bad produced ibis effete, be would oleo endea-
vour to show by the fact, that not only corn and the other
products of the earth, but every other species* or eons-
moditiev, had been greatly reduced in pride. -After let-
tag the effect of the &meth° ma of Ilse. mummy !Or
stew period of twenty years Jeri,' the suepetisture of Iheralfh
payments, he came now to rossider the effect of (he reabotd •
coil of the chit:eery to the ancient standard. The Wet'
Hero Gent. (Mr. Peel) In proposing that measure,ekid Wit
ft was fur the purpose of returning to the ancient standard,
as bad been done is the time of Edward I. nod of ERetabetti.
But there was no voodoo whatever between the two cases.
lu the reign of Edward I. the currency was 10,4Prell in its
value by the debased State of the coinage, the circulation
alsood entirely eonaisling of base And euustrrfelt pieces.
'Flre iuteefereuces with the currency In the reigns of Whey
tMe Eighth and Edward the Sixth, produced great inj Red
disquietude It the bale. The diary of Ettsrard the Sixth set
forth, that the coinage at a reduced value was issued in order
ee pay the King sdiebte ; that was, iu piste terms, to defraud
Ine creditors. But that did sot Nast enure than six years. It
had no effect upset contrails either of a imblic'or a private
mature; slid after six MVOS Worm Of the rurreuey took place,
mad a *undyed was adopted, which remained muttered up to
pertodot the Bank terspeesiol : bitt eyed that *seism a ce-
tera se the ancieet• elaeolard from which they bad departed.
Tle•-1111inisrent of that day taco that it Would nut have twee
practicable to restore the standard, which had bens departed
horn twenty.fire years before by Heavy VIII. evil withoht
that pressure upun'the resources of the comely to Whit% the
everts of the late war had 'objected' them 'al the pretest
period. What Was the care In the reign of Witham Ilf.l
There ass no altreatlie of the araredesd at Ihht
(War, from for Teasley Bewelt.)--There was a esan-
t:ry of depreciated celeste cieeolatibu •hieh • was called
su.--(flear, from the Treasto y Belch)-=-Rut this was
takers is psynseartsf mom ited' opt afhin tweed. But the
Art of 16111 wan of a veryilliffereatesaturefroneany siflbsae
whielehe lied jest ulleded ter. It Was be efeet to say, that
causeferet must be -feilfftled at whatever wee to Ilse fill
nossieet: smeltrat sst • whileis IMO Itairbefit Made, sithoegb
witatothoy weirs eneend • late meth Was the state Of Mee tar-

Jitney, gust the ministry had Twee invited to biter dolts sod
entigement. bush of a public and rhyme mature to an 'moist
thlt it meld Otherwirre hive done. Tie I &We of that
meager. Were litelollllll, more bud more apparent every boar, '
dud Were deeply felt from the highest to the Lowest by every
edam of the people of the country. He bound to warn Gen.
Hewn cf the der p responsibility which they were incurring
1. pe-meeitioc in the adherence to. that meaiere. If from
any false notion of prude, or the shame of acknnerledeisio, that
f (16 ..-re now Neu to have been pr,iluced hy it, whit h could
nut icsve been foreseers when it was adopted,they should refuse
In nieestioale the aulsject, they would by such conduct torn
their hacks upon their duty, and become trailers to the brat
noel des, est lettersets of the country. The Hon. Member
then read kernel tee from Hume and Locke, upon the
probilde result~ of alterations. in 'the currency, which In
considered to be singularly prophetic of the dishes. in
which the country Was now pleing-d. In order to sleeve the
effects of th it nvesiere in Isicrewang the weight of the bur.
done' iff' the rouintry, ii was y sot to estimate the
amount of the taxes hi pisoods, shillings, and pence; beet it
must be eitiniated by the propoeti sis of commodities which
weir re/pitied at different period; to rake that amount. He
had Iherctore converted tiresome into wheat, gold, and labour.
It appeared. than, that in'lBl3, the amount of the taxes was
74,674,70/0. The prlce'of wheat being at that time 108 a.
per giro ter ; 11,732,96 quarters were sufficient for the pity.
merit of those taxes. The amount of the taxes is 1821 was
60,000,0001.; mid the average price of wheat was 555. 4.1.
per quarter; Which required 21,863,724 quarters to due.
change the Isere; beisig Nearly one-hilt more than Is
1813, when the nominal amonut was 14,000,000/. greater.
&immersing the average price of wheat fur the present year
to be 45s per quarler. 27,000,000 quarter. of wheat will be
required to par 6/1,000,000/. of tales, being double the
quantity that suffirrd to pay 74.000,000/. in 1813. The
average price of gold in 1813 belle( 110 s. per ounce,
13,577;236 ounces were anfficient to discharge the taxes to
the amount of 74.600;0001. In the present year, the price
us 775. 10,1., at Thich price 15,6041,0110 °mores will be neer.-
eery to deo barge 00,010,00/1. of laxrs, being 2.000,000
ounce. more thou in 1813 saffi,sed to pay 74.000,0001. He
came new to the effect upon labour. lu 1813 the price of
labour war 10.. • week ; and the labour 61'5,1100,000 of per-
eons in righters week. and four days would have sufficed to
pay the taxes or that year. The price of labour to 1821 was
os. a.we, k, Rod it rigoired the belsme of the some numher of
perionsfor twenty-nix weeks and 6re days to ply 60.000,0001.
of lase being nearly cioe.halt more items 'minced at the for.
mer period to pay 47,1100,n00/. And supposing the
price of Limier to hare f sllen to 8.. a-week in the
present year, it would require thirty weeks, bring nearly
double the quantity isf tahoser required to pay the taxes in 1813.
That was the ratio in which the a'lerations of the currency
bad accumulated the burdens on all flames of people is the
country. The priers of commodities, which %verse the product
of labour, hail fallen in price at least 40 per cold.; and an
increased quantity was therefule required to discharge the
testes; so t1iat•60,700.000/ , the present sinouid of ibe taxes
regts:r.i a quantity which would have been isuffirient seven
years ago to discharge tel.7oo,ossol. The canine'', therefore,
was, ill pining 81,000,0001, instead' of 60 000,0001.
A propnrtionat., effect was also pro3uccel in the augmenta-
tion of the burden of poor rates, arseasnienhs, and county
"dea of every description. Nor was the effect' solely con-
fined to tleia country, hut it hid a correspondent operation
in other patty. The Hun. Member then proceeded to skew
the operation of the measure upon the other gaskets of Eu-
rope. It appeared by the prices current of Boueeleaux, Am-
elerdsm, and Lundell, that the various articles of produce to
those omitted' had fallen in the prssportieni of 15 pee cesium
rat Boirdeanx ;sat Amsterdam prices hail fallen 351 per etas.-
and at London 14 per cent. betweeq the yew-01814 and 1811.
[lie thee read from some document. a calculation of the fall
in the priori uf'
vsriovs artiel,i of .prn4scf, erbkh appeared
to be generally troll 30 to 40 and 50 per cent. hut the todie-
linetnies of the Min. Member's manner of giving lbw state-
mesas, tetettier wills the state of darkness in which the
House Yea+ left, the candles nut haring bees lighted until
nearly nine o'clock, rendered st impossible to make an inlets
littible mute of hir observations I It was impossible to ascribe
this to any oilier cause than to the measure which the Hues
had adopted. Its peniicimie consequences, be felt convinced,
were felt as severely by the commercial and malinfacturing
world a. they were by the strict, urea innocent. Commercial
men were carrying on commerce without profit, and the me-
ootheturer vas mareefactiering without profit. The Hein.
Member Meet went nitre an intricate talculatinn, to skew
that the tom/holder stond In the situ-inure now of receiving
forty-nine quarters erf torn for his 100/ stock, instead of
251 (ranters iii the year 1.193. He contended that the
toddle faith would be Its do *ay injured by adhering to
the emindard, from • which they Mad so recently departed.
In iegsrd to the poor retie, lets'lttiew it was the fashion to say
they bed decrements in amount' since 1813.—(Heir )—He said
they bad iucrearedov-(Heme )-4f calculated by the value of
commodity, as they wield to be, it would be booed Huse they
bad iocreaseet *early double aline that pariod.—(lleord
Would any Geollentan throw such a fallacy in the teeth of
the great belly of te=en is the country a. to tell them
shells poor rates we., diminished, when, in fact, they meal
payiug them with nearly double the quantity of the atone,
of their twos ? He contended that the grime
the aerobe, of peeler., sad of criminals within the last
few years was to hr attributed to the working of this
ineareee. iu producing • der-rewire in the demand fur
the labour of the pour, fru= the diminished paver he em-
ploy it.„Thet was the real cow of the distreas in Ire-
hod at Kea preemie moment.—(Neer, hear, hear.)-salie
should conclude by the sweet mad- humble wish that the
'abject had faller into bandit better •ble to execute the
task. But such was his opinion of the calamities and dis-
tress of the country—such was his dread of Hee future—
such wes his opinion of the cause of all that calamity and
distreas, that tootling could deter him from doiug that
which he conceived to be bra duly, iu besieging the subject
under the couriderstion of the House. lo thong this, he had
dune no lees than his duty; •sed be entreated the House to
resneneher that Ilse people of this country always applied
their sulker Roil good swore to the iovessigatiou of gatehouse
like the prerese*, sad he believed that they were sow begin-
meg to discover the fall consequences of the =ensure,
which they could not see •t the time it was adopted.
Would any geutleniao say—would the Baste Margins oppo-
site soy. that he did not ',egos to look with distrust and ap-
prehensioa to she future as so what *night ensue from the
effects.. of the memoir* The fact was, that ally one looking
at toe Report of the Casuoiiitee, would see that they did not
Knelt at the probable results sorrel uroiug to an ancient stand-
ard tor valve, after townie departed from it fur SO lon • period.
All they considered wai, the capability of the Bank to
meet slip &mind fur cash. Those result• were, indeed,
pointed out to them in a document presented by the Bask
Directors, bat soli effect.(llear, heard—The House
must not now he deterred from reviewing their decision,
by a reluctance to reinter their farmer step.. They tutu
look to some m which would MOM' prosperity to the
various intercede its the country ; mid that could only be ac-
complished by giirieg to the produce of industry the same
value its money which ft poasesaed previous to the adoption
of this measure. He moved—

" That n Coistmitleebe7a;pointril to consider the effect
produced by the .let of the aPili Geo. 111. esp. 49, upon tbo
Agricultuve. Manufsrlorro, soil Commerce of the United
Kingdom, end upon the general condition of the different'
el therein."

Mr. IIf2SKISSON said, when he considered the saMgak.
tulle and importance of the present question, ss affreliar
that it/orlon' of tulle which formed the foundation of pro-
perty, and of all eugageirir am, etliether of a public nature or
betweesi dianand min; which the Hon. Member proposed to
set loose And to alter; and When hr considered the disastrous
consequences to whirls the course prupove it by the Hum Mem-
ber appeared to him likely to-lead, be hoped for the toffy!.
reser of the Noose while he riff:reel a few observations upon.
the subject. had lieetemedivith the utmost attention in him
paver to the speech of the lion. Member ; and he had heard'
it with astonishment and regret ; with as imi.bment at the
statements which the Moo. Member bad sande, mid al the
arguments sod principles be had deduced hum those suttee
melts; 'arid Walt regret that the Men. Member, wholly mes-
sed& M he (mew iron to be of say deli bereft and convions art
of injustice, ',wild rseurameodlo the Home the adoption of
a sweasore,irbleh the' House must perceive would lead to
the meet injurious effects. The Mon. Membei appeared to
hem tom right not rifilja ow Principles of the measure of
111t9, 'hot if ill thugs prattlers obtth oiled to govern the

ilYtalEhrima.aiN•N!%caAL.

Muse is any pence, dings h might adopt upon aiis saltier t.
Had he beets wholly uolerpraisted with the nature of the
measure of the suspension of calla payments, and with the
iit7h9e9nriihong t the
the si
Flank
of
even" of the whole of that period, he should have soppoaed,
from
of
tEliertand was 11t authorisedHoo. Member, that it was
i
not to pay it specie its notes on demand; that from that
England
time a difference prevailed between the value of gold, and
th it of the paper currency; that that difference was well
known, owl g Ily understood throughout' the country,
and that all contracts and pecuniary engagements were made
with reference to it. The context of the Hon. Menabes's
speech would (nether have led him to the opinion, that at
some period of the existence of that diffecence, a measure
had been proposed to the House, to prevent the settlement ttr
adjustment of claim, to the rate of that difference, which
the further operation of that 'measure was intended to re-
move, compelling the performance of all contracts cad en-
gagements to their actual nominal amount, and render•
hug it penal in any man to make any adjustment of that
:.essnouut to the ratio of the alteration in the value of the
cnrreney, by the restoration of the paper to a par with
the riptallic eireolation. He should have thought that
any measure of the description would have bees at once
✓eject, d by the House with indignation; or, if it were for a
moment entertained, he should have thought that it muse
bare encountered the firmest opposition, more particularly
hum those upon whose interests it must have so immediate
and powerful an effect, the gentlemen of the landed Interest.
He would ask Hon. Gentlemen whether such boil been the
slate of thetountry during the Ilene of the restriction on
cash payments? lie would, on the contrary, maintain that
debts who to 1797 were compensated by the increased
value of money, and that in fact the law had prevented any
adjustment with ref-rence to the depreciation of currency,
and he (Mr. llnskteson) could out but look to see nut if the
immiewrat would relieve Om or that prowl, or class of per.
son., bat whether it was consisteut with good faith, national
honour, and the rule of right. Could the Hon. Member
contend that 114 re 'boatel be two rules ; onelur the detour
and 'soother fur the creditor ? The Hot'. Member had looked
a tittle to the case of an encumbered estate. Now he would
put this case to the Hon. Gentleman : he would suppose
that prior to 1797 he bed encumbered his estate with a
mortgage, which still remained, when in 1811 (the year of
the greatest depreciation) he hail encumbered it with a
fresher mortgage. He would ask the Hun. Member with
the fullest confidence of what would be his answer, whether
he would bare felt it right to bare gone to the
mortgagee of 1797, sod have tendered him payment
in • depreciated currency? The creditor would
doubtless have argued, that hr looked tat the time of making
the contract to the usual policy of the law, and what bad
been the state of debtor and creditor fur nearly three cen-
tittles antecedent to that period, and had considered that the
standard of sabre which bad been from the time of
Eliza-
beth unaltered was unalterable, asd that be therefore thought
the quarility of the precious metals that he had to receive
would have remained the same; " Hut, no," said the debtor,
here Is a law, and by that law I will abide, aid obit:thee
the depreciation he 10 per cent. or 40 per cent. I will give
you no More than the law requires of me;" and then
turning to the mortgagee of 1811, he would say to him.
" Ifom lent me the money in a depreciated currency, and
you were aware of the difference existing True,"
he would reply, " but I knew that the difference would
be but temporary, and you might have blown it also;
you cannot plead three centuries of es unaltered standard."
The creditor still argues the currency was depreciated 40 per
cent. and insists that be should make as allowance to that
amount. tVheu the Hon. Member reflected on the case which
he had thus stated, he (.Me. Western) would feel that
the practical trmedy which be proposed was exactly similar.
With respect to the public creditor, could the House exa-
mine each loan, and make a proportional abatement from
each creditor, accurdini; to the different valise of money at
the time the loan was made, mad when be talked of tee pub-
lic creditor as beteg 'subjected to this adjustment, did he
really think it possible to carry it into effect Could he
distinguish the loans' of one year from another? Could be
distinguish from what source individuals bad drawn the
money width they had lent ? To carry the proposition into
execut,on it would be seem:try to trace every single transac-
tion since 1797, and prior to th mad that is privare4S well as
public detainee ; but the loans had been so divided and sub-
divided that it was utterly impossible to find the parties, and
if Cored might not the individual have lent the mosey from.
a mortgage paid off perhaps in consequence of lbe
increased value of land, and would he nut be entitled
to go back with his claim of eqviitablir justice, and
so us through an in6ntly of nisei.: so that if the coin of
the country were new to be doubled (and the Hum. Meta-
beer proposal went to that), it was not enough to say that
it would serve an unfortunste tenant, but the House must
go in its inquiries to the extent he br d stated. He thought
he bad skid enough to abew that it was imposaible to apply
the proposed rinciple of justice between debtor and credi-
tor, without involving both the Government and the coun-
try iu tuextricable confusion. It would be a measure fatal
to the security of proiorty, 'and being SO, would be subver-
sive of the Government. If he had been surprised at some of
the Hue. Creetletivaa's due:trim of right and *roof, he was
equally surprised at some of his theories in political economy.
AM011( ahoy extraordinary thowire the Hon. Gentleman bad
laboured through a miss of details to prove that the pros.
pevity of the corn:try was always to be ascertained by the
de-opera of all the ennumortities which 'conduced to the sap-
port or comfort of life. The Hon. Member had told them of
tie peke of wheat in 1813,'•ad of the small proportion of
cure with whisk the taxes were pea mod that had led him
(Mr. Huskiesos) to look at other periods, with reference to
the Hun. Member's doetriue of high prim-being the chee-
rios of peosperity. In the year 1813, that o•fortunste year
when the manufaetering districts were in a state of distress
mad ecealMaion, sod nearly in rebellion, if they were to take
the Hoc Member% eriteront, we were be a stale of the highest
prosperity, with wheat al lOUs. a quarter, sad 11 Entine:ma of
quartswe sofficing fur the whole of the taxation. The Hoe.
Member haring selected 1813, as his year of great prospe-
rity, it was natural that either Gertleasso should look to '
other years. He (Mr. Hualsiameo) would take 1815. lu that
yeas ho found ties taxation amounted to 79,000,0001. Pro-
manias were cheap, wheat had faller) to 64.. per quer ter, and
the coeatry, according to the Hoe. Menaber's view, ono
nearly valued, the taxes thee requiring 25 millions of
quarters awhile to pay them. Is the yeas 1817, the country
was again in what be (Mr. Hoskins's) should call distress;
the whole of the manufacinrinkdistritria were complaining ;
the taxation had fallen from 79,000,0001. to 55,000,000 i. and
thit prevail' wheat had advanced considerably; sai 'hut accord.
hog to the Hun. Member's principle, the number of quarters
of *beat required to pay those taxes was greatly dinsiaohed.
If Ow Hue.- were so adopt it,. tiovel doetrioe of the Ilon.
Member, yet the years 1815 and 1817, did nut bear out his
inferences, and be (Mr. Humanness) should cunt Moe to think
that the power soil reroutes of the country would flourish
when the piers of cummedities were moderate mud resems-
' able. Atwitter extraordinary roiliest' Ist the political eco-
nomy of the Hununrable Member oar, net it was the duty
of the Governmest to rah* prices by n diktat:aeon in
the value of mouoy. That might appear ritemmeut enough
with other parts or tbe Hon. Member's due trine, but he (Mr.
Horkisson) would telt him that it wss inconsisteut with the
security of Governnont or the existence of civil society.
The stand.: rd of value, he coot-rived, was a g tee of the
State that the pecuniary engagements, contracts of its sub•
jects,Slblilll4l be fixed and , aver, is ble.—(Hear, bear.)—Hot
how could that he the ease if the standard of value was to he
changed mad adjusted se it might suit the interest of certain
classes of the commusity? The dem are of the Hon. Mim-
i,. oils not new ; it was the &emir of Law and Lownder,
which fort oately was not very high authority in this country.
Ainether principle which be 'could collect from the Hun.
Member'. speech was, that the brut slander(' of currency was
not gold ur silver, but corn. Hr would put it to the House
if they could conceive any standard so variable and
mutable as a corn standard. The Honourable Mem-
ber nays be would make it the standard because it
waa an article of general reasumption iu the conutry, and
because taking periods of fifty years he came at a certain re-
sult US to the piers of coos ; but would be tell the House
• wire the cirennotancen which had affected the value
of that to tide ? With respect to great part of the time to
which he bud alluded this cowgirl produced more corn then,
it consumed ; but did it make tiu differe•re to his
Dowel rtandaid that me bad sue booms an iMPutt-
ing cumoiy, and that &trio( bast war the impottatiou

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LA groat a variety of eireumslatires hems tarsal impeded.
Did it make no diffesence, that how !reined was admitted—
(wisely and properle admitted)—to import its steeples turn
into this mutate'? When he would make wheat the standard
because it was an article of general consumption in this
-country, whet would he do with respect to Ireland, where it
was not so, but where potatoes were generally consumed—
would he make potatoes the standard of Talus? If so,
he (Mr. Huskisson) would like to know what sort of
staisdard they would have hod during the present year?
Another thin which the Honourable Member wished
to impress on the House, that between the year 1814, when
Corti was high, and this year where it was depreciated,
the consumption of the metropolis, in spite of its increased
population, had been less in the latter than in the former,
inasmuch as the quantity of earn brought into the port
of London was less in the latter period than its the fur.
mer. But in Mt we had imported all we euuld from
foreign countries; the supply of home growth was quite
inadequate to the supply, mid the country miller. were
obliged to resort to the London market. Was it r ble,
then, to draw a competition between that period mid the
pretest, when every market in the country is overstocked,
sod the London market is only supplying the London con.
gumption? He thought boils the modes of proceeding pro.
posed by the Honourable Member were impracticable, both
that which looked to every individual t lion, and
that which regarded the formation of a regular scale of
depreciation. The Honourable Member then proceeded to
argue at some length, that during the depreciation of the
currency, the laudliolder, as compared with the annuitant,
had no disadvantage in consequence of that measure, and
that his future position, when cosh payments shuuld be
resumed, would be equally favourable. He maintained
that the situation which had beets acted to be that of the
landed proprietor was altogether • misrepresentation, hatless
resits should fall permanently tower than they were in 1797.
He admitted that the alteration is the value of money had
diminished the capital of the tenautry, bat that was
one of the evils arising from having been so long without
soy Reed 'Worked, and he begged Gent Imre would look to
that before they dashed again into that state of confesiou
*bleb- the Honourable Member's proposition would intro-
' duce. But was it possible that any Gentleman could interior
that we could go on avowedly diminishing the matidard of
value, and that to be a part dour system, without putting
an end to all credit, trade, commerce, and menefactures?
The Hon. Member had referred to something which had fallen
from him on a farmer occasion. sod stated that the depre.
ciation was not to be. measure.i by the difference between
the market and the Mint price of gold. He (Mr. Huskisison)
had always maintained, as he DOW did, that the vale*
of mosey might be diminished by natural causes, by in-
creased fertility of the mine, by a more economical use of
• money, and from other circuinsi•nree, bet he had never con-
tended that any compensation should be made to creditors
for that alteration. If the depreciation were not to be so
measured, he should be glad to know by what :it wall to be
measured. A Esau in • foreign country has a bundled
bank notes with which he proceeds to purchase a gives saw
her of guineas, must nut the difference he the measure
of depreciation ? If the Houoursble Member was cur.
rect in bi• principle when the discovery of the Amee
rieau mines diminished the value of money, we ought to
have made an alteration is the standard. The Honourable
Member would have led the Iluem to suppose that there
Never bad been any derangement of the standard in this
country before the present time ; hut if the Histories of
Ring William's time were looked into the difficulties would
be found exactly similar to the present from the re-
coinage of 1695. The correspondence of King William
with the Duke of Bbrewsbery, lately published, furnished
additional proof, if may were wanting. The Honourable
Member proceeded to read some passages from the Preface to
Archdeacon Comes publication, and some extracts from
'Xing Willfeebie Letters, to shew the difficalties is which
that Moesreh wee placed its consequence of the recoinsge ;
but notwithstanding which, sad that there were a variety of
petitions presented to Parlierneut, praying that the Clift
money might pass again, he had the firmness to persist in the
measure, which was of the greatest benefit to the nation,
He defied either the Honourable Gentlemau (Mr. W ),
or any other Member, to chew a case in which any country
had gone on following such • course as he had recommended
without leading to roevulaion and destruction. He knew
the motion was only for a Committee, bet the Holm was
bound to couple with that motion the views with which the
Houourable Gentleman would eater the Committee, and the
alterations which would arise out of it. Hs would ask, what
would be the immediate result of this measure to the peace
of the country? Must they not see that before it was car-
ried into effect there would be an end to all dealing is the
country ? Gold coin which now passed for 20s. would be
ranted to 30a. or 355. It would prove, undoubtedly, fatal to
the paper credit of the country; it would produce an imme-
diate Feu on the Bank, mid a demand for all the coin exist.
Inc ie the country. All engagements would be at an end.
le fact the result would be that this country, which the Hon.
Gentleman bad represented in so calamitous a situation, but
which he (Mr. Huskistro) considered fallacious and erroneous,
would be convulsed. To-morrow morning, if this
motion were seceded to, the whole metropolis, end when
the news were circulated, the whole country would be thrown
Into • state of coofusiono There would be a general staple.
lion of trade, and an entire stoppage of the circulation of the
tawdry; sod that was the remedy which the Hon. Groat.
man would propose fur the difficulties which be stated
pressed so heavily upon the country.—difficuliies which lie
had stated pressed equally sloe all closeted the community.
But he thought the House was not only called on to Kira
that motion a negative, but to go somewhat further, to quiet
the apprehensions of the public mind, and to give permanent
tranquillity to the country. He was deeply impressed with
the unfitness of the iedlvidual, and the difficult situation in
which he was placed, in suggesting that pommel; bet he fell,
at the same lime, that it was necessary to conclude by pro-
posing that the House should adopt the resolution of 1696.
They were called upon to do it by similar eirconistauces
And tiotwithatandiug the immeasurable difference between
• the illustrious individual lobo proposed it at that period, and
the humble individual who thee stood before them, yet be
(Mr. Huskineon) felt as strongly as he could have done, the
necessity of maietainieg the rigid princ!r:ss of justice and
humour. And after the prupuattiou which hat! been sub-
mitted, he begged to propose that the House do adopt the
Resolution of 1696, which That this House will sot
alter the standard of geld or silver, either its fineness,
weight, or denumiumMe."—(Cbe! re )
Lord A. H A MILTON then rose to address the Home. He
said that in rising to support the proposition of his How.
Pitted, he begged to protest against the whole fruiter of the
*meek of the Right Honourable Gentleman who had just
sat down, namely, that the motion which had been proposed
went to repeal the Bill, contumely known by the name of
Mr. Peel's Bill; for he felt that be could support the propo-
sition without any intention to alter the standard, or repeal
the Bill; and his Honourable Friend very well knew that if
he be.l proposed the repeal of that Bill, he should not
have had lilt support. It was acknowledged care all hands '
that the must alarming distress existed in the country. lu.
deed he might refer the Right HoisoorableGeolsman to that
document, which was commonly called his Report, which
stated that the farmer was obliged to pay out of a reduced
capital. Now, all the present =cities proposed was as ha-
' quiry into the means whereby the least portion of the evil
could be dose to the community. But the House would do
cell to consider whether this Bill could lung be maintained.
11 was no later than yesterday that as Houourable Member,
be larlieved the Member for Wiltshire (Mr. Betteit), Lad
staled that the !Reds of this country were mortgaged to the
public creditor —(Hear, hear.)—lf these words meant soy
thing, they mesas this, that if the existing taxis failed,
new ones must be imposed, and if they failed, new ones
must be put on, and if they failed ilie public creditor must
three!~ the mortgage and seise the lan& But whenever
• proposition same Cosa his stile of the House, it was in-
'tautly set down es a wish to break public faith. All they
wattled who supported that motion was mi inquiry into the
best meatus to remedy the evil, which they had already dose.
He had on confidence a Ministers oat that question, foe he
was persuaded they were the authors of all our present diffi-
culties. The House could ()sly come to • sense of wisdom
by stultifyiag their former proceedings, and as the motion
Merely proposed the necessity of as inquiry, be should sue
it his most cordial support.—(Hear, bear.)
Lord I.ON DON DERRY rose einidlat cries of" AJjoatur
He said if the scum of the Meuse was its forcer of as ad-

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