The British Press; or, Morning Literary Advertiser.
London, England, 1821-12-22 00:00:00

•
' pounds; end, ill• makeup lit. tea, the occupier
moat now purchase so oz., thus making an 'addition
of one fourth to the quantity of gold which he had
engaged to pay hie landlord.
As it appears of great importance that this sub.
ject should be rendered as plain us possible, to those
who are not mush accustomed to think and reason
on political economy, no apology nerd be made fur
adding another illustration to point oat the effect
produced by • variation it. the standard of value.
Let it then be supposed thus. instead of gold,
rents were paid in corn, and that the occupier of
one hundred acres of land had covenanted to give
the owner as rent, one hundred bushels of wheut,
cootsiseiageight gallons each. A theoretical rcono.
mist imagining ten to be the proper number of
gallons ti constitute a bushel, prevails upon the
Legislature to enact that, for the future, the standard
English bushel should contain ten gallon.. The
stlodard of value being thus increased from right to
ten pitons, theoccupierof these hundred acres would
be compelled to add one-fourth to the amount of
rent which he had contracted to pay, supposing the
owner still to exact from him the same number of
bushels of this incrensed standard. He had agreed
to pay 100 X 8 gulloris of wheat to his landlord as
rent; but all addition of two gallons having been
mode to the standard, by *lnch the bushel is
measured, he is now called Upon to pay him
100 X 10 gallons of the same commodity. Every
one, in this case, would instantly perceive that the
share of the produce received by the landowner
as rent had increased in the proportioil that 8 beam
to 10, and the consequence of both •ao addition to
corn rents would inevitably be found similar to the
ruinous pressure which the agriculturists feel at
present. For whether rents be paid in corn or
gold, an addition to the size or weight of the stand.
and by which the quantity of either of these com-
modities is measured, must product results pre-
cisely similar.
The statement* of those individuals who have

been examined by the Committee appointed to in-
vestigate the present state of agriculture, prove
that the depreciation which has taken place in the
money value of agricultural produce since the pass-
ing of the Bill enacting the prospective resump-
tion of cash payments, amounts to 2/1 or 90 per
cent.; and this constitutes, very Dearly, the differ-
ence between the present standard of the pound
sterling and the real value of the paper pound of
the Bank of England, which was the only legal
measure of value that existed in England from
1797 to 1819, while the obligation of the Bank to
pay specie for its notes was suspended. A bushel of
wheat will at this moment exchange fur, pretty
nearly, the *erne quantity of all other commodi-
ties ; it will exchange even for the same weight of
gold which it would Bove exchanged for before the
resuasptiou of cash payments took place in 1820.
Gold and wheat, when bartered fur any other com-
modities, bear nearly the same exchangeable value,
at the present moment, that they did during the
suspensiou of cash payments ; but, exchanged for
pounds 'tering, they are depreciated in value one
fourth : no change has taken place in the real value
of gold or wheat, but the value of the pound ster-
ling is altered ; these commodities are still of the
same relative valise in exchange, but the standard
by which they are to be measured is increased.
During some portion at least of the period which
elapsed while cash payments were suspended, ass ox.
of gold was equivalent to fire pounds sterling ;
the standard" of the pound sierliog, therefore,
contained no more than g 6 groins of gold : and
all enutnicts, in money transactions, were fixed
and settled upon this standard. When a landlord
therefore let his land for 100 pounds, he let it for
100896 grains of gold : but the late regulation
of the currency having raised this standard from 96
to 120 grains, and no reduction having taken place
in the number of pounds. sterling claimed by the
landlord, the tenaiit is obliged to pay hint now, tint
the quantity of gold which lie had bargained to
pay, nut 10006 grains of gold ; but he is com-
pelled to pay his rent in a different *titular(' ; he
must now pay him 100)01 120 grains of golf. A
grain of gold exchanges now for the same portion
of wheat or any other commodity as it exchanged
for before the lute regulation of the currency ; the
occupier of land is now therefore forced to pay
1,400 grains of gold fur the lam which he had
rented of his landlord for 860 grains ; the value of
wheat, compared with gold, bring the same, the
tenant must sell one-fourth more wheat than he
suld before to procure the orlditiorrol quantity of
gold which this increase of the standard obliges Jilin
to pay his landlord.
1 am, therefore, disposed to concur with those
who are of opinion dint the difficulties under
which the agriculturists of this kingdom at present
labour, most be attributed priocipolly, if not ex-
clusively, to Chia cause. 'rhe.slotre of tlir produce
of land which the occupier pays in the form of resit,
has received an addition proportioned to the increase
of the standard by which
_this portion is measured:
• pound sterhng wtll' now exchange for or purchase
at the least, one fourth more wheat, or any other
commodity, than it would hove bartered for pre-
viously to the repeal of the Baiik Restriction Act;
trot because the quantity of wheat is increased
when compared with gold, nor yet with any other
commodity, but because the politic! sterling HOW
represents a greater weight of gold than it pie-
vinusly represented : the pound .i. &sag, as fixed
by the late regulation of the ruireocy, contains
140 groins of gold, and is equal to rate pound ster.
hog of the period between 1797 awl 1819, control-
ing only 96 grains, and the fouith of soother. It
omit therefore follow, as a matter of course, that
where tile nicotine of the landlord remains obtain-
-1114, the same, AS exchangeable 'riot., calculated
oil the command over the tiecerawrirg of life o !itch it
gives bin), hiss been improved foie-fourth by the
operation of this recent regulation of the time-Hey :
and fur the correctness of this a•orrtiost I ap-
peal to the experience of vvery landowner,
and of any other individual who bees twins
a fixed money pnyrnrtst. Alt rw,i Illtrilley 1 villa
continuing still immorally the as Inv, . ilotw i di-
slander% the addition made to the standard of vols.-,
ti aiee who are entitled to ;,osier them ate all
tweuty-five per cent. richer than tiny were before
the resuutptinst of cash payments. Let ally man
examine Iris butler, Ins baker, or hie corociniiirtlei's
1011. mid be will find that, obitli the some I romminp.
lum at these articles, the uourount of hi. cspetadtture
iha. been 11111 tt 100 .lly ilassioodiril woe-foisith. At.
isseisr.ilual wills aa iiii•otate of 4,01.101. al the rstsciit

_ •~-