The British Press; or, Morning Literary Advertiser.
London, England, 1822-06-13 00:00:00

use albs deadfall power iotisdeii to them. But at the end
ofthe period. flecylid takers such measiires to reduce the cur-
rency, as to doable Ike value of that profit which they had
made. As to the complaints of those who affected to re-
present the agricultural interests, he thought that they
deserveal their fate. He could scarcely be Perry to see
thitse pers'aws Who had strutted the floor of the House,
arrogating the character of the supporters of Mini..
tees through the wbule of their vicious career—he could
scarcely GA for them if they were new to crawl out pau-
pers. They would only reap the just harvest of their owe
measures. But it was peculiarly hard upon him (er. G.
Bennett) sal his friends, together with their areettedlese,
that after having opposed the course of policy for 50 years
past—hitting stood with their might against•the isOniaice
and extraveigunmt of the late wars—having day after day,
and night after dight.fur succeeding years, dorm all in Birk
power co put a check to the exorbitant prodigality of the
ex-
petditure—it was really hard that they were at last to be
utterly ruined sad unclose by being compelled to ply double
the amount that bad ever been lent to the Government.
The law, indeed, compelled Inm to this—but the moral
law ought to save him. He bad opposed the last French
war throughout, and yet to pay double the expente
of it, lie WPM to he pillaged of his whole property.—
The question far the House was—would they recensider the
case with a proper stew to all the interests of the country?
Would they agree to put a cheek to this cancer of eoaBsca-
tioio
? Was there no dam which could be raised to repress so
destructive a flood ? He knew that Ministers would be
sited with punishment by posterity, and be hail hopes that
lee shoild live to see the consorts of the House fall on them.
It was true that if the questiuu were now put—
" Is execution done on Carder yet ?"
the answer would be—
" The These of Cawder livete—a prosperous Gentleman!"
Shit he doebted not het execution would be done upon them.
He meant moral execution, end not literal. lie would vote
for the motion of his Henonreble Friend. The subject ought
to be re-cousidered. He allowed that it might be impossible
new to repeal the Bill of 1819; he could never agree to give
the Bank that dangerous power of inundating the country with
paper money, though he felt convinced that if they were to be
phsteged into • new war, and the Noble Lord mid Rt. Hun.
Geol. held their places, they would again recur to the measures
which were pursued in the war of 1801. The Right Hues.
Genticlllllll shook his head. Ulm were to earnest let trim s&
a pledge to the Regulation of Amendment to bind those pre-
sent not to consent to a recurrence to that measure. He
confessed himself at a loss what to resolve on—he kuew sot
how they were in recede or advance. Their condition was De
stiaitested that ithom mewed to he safety iu nothing which
they could do. Au ioquiry is the Committee might lead them
to a recaecl),. • _
Mi. /aldermen nEvtATE exculpated the Government
from any share of the respinislbllity in the measure of 1819.
They bad cautioned the House against adopting it. the
principle upon which it had been urged by the Member for
Purtarlingturi, namely, that it would only cause a vacua.
from of 5 per cent. had entirely failed. No one could say
how tar priers had fallen—they might have declined 40 per
cent. He thought that there was within unsafe te voting
for the Committee, es it did not pledge the House to go back
to the Issues of paper money—• measure which he should
deem only inferior in enisehlet to the Bill of 1819. Many
'actives bad been thrown out un that Bill, some of which
were deserved, others were not. He did not know what
mould esiely he recomsweaded. Lowering the cote was rel%
jectionable. iThe reigaseieme, which had always beim a farm'.
rile scheme with him, was perhaps the most eligible; it world
give the public creditor the currency Osier ancestors, and
the country was only pledged to that degree of restoratiun.
Kethiseght it would he very objectionable to cut off the
public creditor from the advantage which he now enjoyed,
after causing him to lend his money at a time whet' lie had
perhaps little chance ofgetttng it back, and when it was well
known that they ware to recur .t some time or ether
to a metallic currency. He thought that if the House could
have foreseen the consequences of the measure of 1819, nut
the Measlier fur Pottsrlingion, nor all the philosopher',
hareem and political tconomists in the world, backed with
all the ellervirece, wit, reason, sarcasm, and isweettve, would
Yf Millat to tempt throe to adopt it. He lamented that for
Cho bet forty years, the country had been given tip to the
schemes of philueopliere said theorists, what were all props-
esiim free trade at a time when all other nations were lay-
ing un redeems. lie regretted the great increase of pam-
phlets of four ur or five hundred pages, with which Gentle-
men carried on the war of dispute. He quoted several ex-
tracts from the Bullion Report of 1810, and among them one
Inn which the unhappy tura of thought is which Priuce Reseeles
found himself when he supposed that he wee appointed to the
command of the wind and rain, and imagined himself re-
"eversible fur all the effects of storms and tempests—while, ie
fact, lie hail so more to do with their control than his neighs
boors. Even so it was, in his opinion, wit t the Bank Direct_
lora ever ',lnce 1810. They had been blamed fur till the ef-
fects of the Bullion Report, and the measures cousequeet,
while they lied been quite encoauected with the tufluenragqg
comics. He concluded by supporting the motion.
Mr. GURNEY lied always been opposed to the metalline
of 1819, and' comic! have nn objection to 3/I inquiry, to order
to see how far it was possible to redeem the country without
breaking faith or going back to a debased e•ereuey. Hg
thought the House ought to be very cautions how they
ventured un the •mendment, after harmg so grossly stultified.
themselves with the legislation of the Rt. Hoe. Gent on 18111. ,
He thought that imead of withdrawing the email notes of the
Bank of England from circulation, while they lel 'hole of
country bankers remain out, they should first of all hive
compelled the country bankers to withdraw their small cotes,
emit the gold coin had got freely iato circulation, and then
have called in the Bank of &wised Dotes. He bad nut muck
hope of any goad result from the inquiries of the Committee,
hut as a choice of evils be preferred that to the amendment
of the Right Hon. Gestleataer (Mr. Headsmen).
Mr. LF.STER deprecated any attack on the dividend". and
any alteration of Mr. Pet I's Bill. But as he had not beard
•ny 'newer gives to the argument of big Hon. Friend (Mr.
Straiten) as to the relent of the alteration in the cu cy,l
which that
alteration ought to lie the scale by which the redectiood of the
salutes. pensions, and other public charges ought to be re-
gulated, he should thertfure vote for going into the Comsails
tee, with a view to the asceristelug of the extent of that al-
teration.
Mr. HAI.DIMA ND said, the Hon. Member for F.asex ap-
peased to him to have considered only one side of the ques-
tionjor he seemed to think that no relief could be given to
'splashier', wiles" a constant depreciation of the currency
was permitted to go on. He thought most of the complaints
egaiust the. Batik ern unfueeded. It had been said that the
I rank bad acted unfairly in coutrecting its issuer; but the
fart was, that the Bask issues were equal new to what they
I verse in 1817. As long as the Bank continued to pay its
notes is gold, whether it issued twenty, or ten, or only lee
million@ in piper, was a question with •hich the House had
uuthing to do, nor could the Bank be charged with unfair.
ores to the public un account of the extent of its issues.
Thuse issues mast always be emulated by the public wants,
end their • or deficteuty could never upetaie in raising
or lowering the value of the curl rimy above one-half per cent.
Mr. RICARDO said, as to the effect of the purchases of
gold by the Itself upon the currency tie could entertain uo
doubt. The only 'faculty was to P4(4.01161 what was the
difference in the pikes of commuditica that had been caused
by the Hill of 1819, which difference would be the amount
of the itscri-sire w the valise of the currency. He could not
twee with the Hun. Member who spoke last, in the opinion
that the Beak was to be acquitted of all blame fur the sage-
oar ie which It had peutreedrd to miry that measure into
effect. The Kill of the Right Hun. Gest. (Mr. Peel) pro-
titled that the Bank should nut be obliged to pay its sutra in
coin pistil 1823, up to that period it was only requited In
pay la Wilms to certain quantities, sad at eta taus Geed
prices; end it was impossible to believe that the supply of
geld in the hands of the Bank would rot have Bien authored
I. met all the demands that might have been made we it
for that purpose. tie amended that if the Batik had nut
piematistely augmented its purchases, mud hunted on Its
ripetationo, the return to cash.payaseuts at the preeciibed
pi nod might have been effeeted with perfect ease, mud this
co en ir y would have been spared much of the premiere atheism
ens of the measure as it Isild
true, as had been stated, 0,
been as large attics the paean

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They had barn smelt smaller; bid instead of being coal l-
ed, as they h.d been, they ought' rasher to have bees wreath
in
gold to flow ioo rapidly into the country. As he proceeded,
ot
e speech
r.
ho
argument,
Nefl heurildfle: lcowifea°,:nll"asit PI:
en. proposed
ae:hvictguelp
al
Hon.t
csr p
they ro
ht tested
tiej td
iinge d the r
r. ! rise
Member
• t
ould nut tihhoe
Basesnes repeal
exchanges,th er
(nl
idi Membervodr.ohn.dirt6.,f.h. the
a: m
tur
syß caused
e
• uiry
vr..iewtottowsioe.churainbaelice.r,ari,inorOy.
he
gewuoinuthtldhar sot but entire, woe the
at the wrong end, and that they uhgbt to have made the
country barkers stop their issues of one.pound notes before
they called upon the Bask of England to atop their. A
r
w *pa
usbEr 'eindo‘a ninlbou monstrousitlwdoeee d.bl.trihittiaote
obliged
without
to
atP
einp▪ ti
tdid t:ittaPuusshboheiwi
we:sees:brier:at:di'
demandd
gthhitidk
131
vceeeolialfuet I,l.tobnibew:3:eB:::acik:ts.
Wight enlarge them, so as to reduce the vslee of the one-
poundtim
s
'totes of the Bank of England. Could any thing be mane
tut no' of the Y House,il"" t?o bleiembucd bad the h
• niter; 'Toe Ibisi' be
uhjaer"
be therefore felt it necessary to offer a few oliservatious in
explanation of Isis peisousl opinions. An Hoe. Aldermau
(Beygate) had that evetnaig dit as his (.Me. lt.'s) doc-
trine, that the alteration in the cm reecy produced by the
that of
nilsluBnl9deriMidjiangotaresee from S
simPL Ididelleprewchiootlt iotio..l
He world put a plait case in explanatiiiii. Suppose that se
had only s metallic circulation, suit that the whole of the coiu
bad bees clipped 10 per cent. Would that be a deprecia.
lion of the rein, or would It not ? Hr thought it mutt be
-allowed that it would. Nun, it was quite possible while the
coat was is such a state of depreciation, that, from many of
these circumstsnces which had heeu stat..l by the Honourable
Member fur Ewe, gold might rise in price, or, in idler
words, increase its value, sod that in sort. au . atria as ilot
the sovereign which bad been clipped Its per cent. should
cad un-
drEithei4t eir;l:lenya toseafri °lel iv: lutuleei entephyrai:cebsoulfet gild ieliltds wasles
r witthh:e.il et': di
de He
:oaf:
it was
the index of the value of the cerseory. He had said that if
the difference between the mice of gold slid the value of
the currency were only five per cent, itwnoorottri;alystaiesodneeesagt:autgitirdey
to raise the currency five per cent. order to raise it tie
bpear ; and that the
tU oofneolyenessffcitlitioefs five such
a
ore cent
would still maintain was right. These were, eadonlitedly,
many causes that might operate on the price of gold ; sad
that be had at no time denied. What he *shim there.
sited of the introduction of the Rill of 1419 was, that
after else adoption of that
liable to no more nor pester variations than it experienced
before the Batik Suspension, or Ober in other countries, ex-
cept the S per cents which had been added to raise the
standard to a par with the price of gold. It had never heon
his meatsiug that there were not other
venation of the currency that affected the price of gold,
just as the prices of commodities themselves were acted
I by tbe greater or less expense of their production, the ilffer-
ence of wraiono, and other causes. Woe it possible to deny
that the distuirbed stale of the South American provinces for
some time past may have impeded the iupply of gold to the
European States? Would it he seppome. that he had either
overlooked, or refuted to Omit that, and other MOWS
And yet he had been chargesl saying, that after the
adoption of the Bill of. 1010, gold would never again be
liable to variation. The Niirt- Member then proceeded to
read some calumets from a pamphlet which be bad publiahed
fn the subject iu 1819, to shrive that et the lime that
he was recommending the adoption of that manure;
he had admitted the liability of gold to variatiou. Thia
Meet extract seated, that "the variation to tibias gold and
silver were liable was much greater than was generally
supposed, and that, therefore, dory did not ferns an good a
standard of value as might be desired; hat that, whik More
metals continued to loins the standard, the currency ought
to be made conformal'', to them." The Drat extract" re-
comineuded to the Batik to pieced with caution is the
redaction of its issues, and no, to buy up hellion;' addiae,
that if he bed the mateigetuent of its strode hr would rather
' proceed boldly to sell " The plan, t licrefore, •hich belled ad.
worsted hail nut been acted oar ; avid be had been made respon-
sible for that which hail been put ..execution. return to
the general epseetioe, it did I/01 •I/I/E/11, to hove been at all frilly
argued us shay premium. The !tank of &misted was a row.
pally of merchants, uniloubtt illy of the first rank fur prutniy
arid respectability of character, but understanding solids'
at all of the fair and trite principles of currency, aid they had
had the manageraint of this imminent proceeding, of regu-
lating the circulation, with s view to the resioratiun of rash.
payments. The tummy under their inanagemeut bad been
perpetually vacillatiag; it was never fixed, but varied back.
wards and forwards. 1u 1813, the value of the one pound
Bank note was 141. and no more, hut in 1819, and eves fir
four years before' the Bank hod by its operatives brought
the currency bock to within 5 per cent. ot its nominal vaae.
The irregular menagemest of the CU! refill proved the ne-
cessity of removing to some Axed siandard or other. if the
price of gold had been much higher than the paper, if the
difference had Bern as great as iu 1813, lee @humid have said
that the most edvaullyttpus way would have brew to lkit the
currency at 14.. Mit II having herr, brought within fire
per cent. of its. ogiginal valise, they might have fixed
it at that; heft as they gut so far back, it appeared
'then to be the wisest coarse, and be thought so still, to CO
the whole Way, and restore the formrr standard ; and atter
the efforts that had been already made, after what the
country had already unstained in the .11(1,411,00r to atlases
.that object, be thought it ought again to he altered.
The Bank, if it had understood the maitre and prinriples of
currency, aught have kept it at par. by regulating its stuck.
Quantity reeritatee valve, sod the B oak had it in its
power. to regulate the quantity of the circulative whe.
thee in piper or in gold. While the ,lint was open for
old
ttwrohorrufloMrd:celi :Puri takecouvpen wereito at hhlpeuhaete,puieatCrli Ilk prottei erbeet;
Icquionuiiintoreeoi dsputi ig;
hißm rijo vvjfeeurbprlaitgrrblie;:; buta
ti that
siikiit
till
e
value its Iwo scntielena in gold. It h it equally in its
power to have kept bullion op to the Clint price, mud the
'orgies exchanges nearly at par. If he rightly enderatood the
moseying of the Hon. Member for Essex (Mr. Western), re-
spect Mg the adoption of corn as the stmadard of valise, it way
that as, on an average of year.', it was Imlde to less vans-
hnioond etittoanv a°rlyhtchre tausrd commodities,oriihe
auecua's"f' r. "ads :h1 ea el:ire:el:at iboel e
7irriePe"umfeeoruteu tsailldenc;oftr" araccetia,
um e
numberconcerned, o t
cadhereioientrot
sal
s. That
as :apart:: ourirdn ded
involveu t
allhe ievalueaiborys:otorhni:tehhaneevierent
which sudden alterations weir so likely to create. For,
whenever the period arrived rat which the avenge was In
be taken, the effect of that •reeige nozht lie a rid. or
fall of len or Afters per cont. on all trohlraclo is the rover
of one day. Ihe Honourable Member had gusted lock:
and Adam Smith, to phew that corn was less variable
iu value on an average of ten ye am than gold. Tro
that poeitiou, Locke, Adam Smith, and the Hosonrable
ip(M:r.reiectnimie,
sibtei:prin:r:lirod;
onassoF,etoi
,frf
ern y
soil ;:eirenstezirresin)eti,yegtbusytviewh:hlyileice,hea therefore,otbrme cyasinetitf::o,diceim'f:
those prices was isvariable, is which case it was a more
fixed standard than the core or it was variable, is which
case it was impossible for them to any how far the tent
itself 'night or might not have eir,,it with it. For his
own port, he should be inclined to ronsidir corn a wore
measure of
pfi
pnlnus Mtral,le. IM~Mece obliged, for the rat*
PIP of their ewe mtioii, to grow cone MI land of
feriae piality, and consequently at a venter espenor of tee
pital mot labour. im peter therefore to eumpeloale the
grower, aired coati-queenly the value of each corn most he
higher; and the same quaintly of curt, would pay for 81°"'
commodities than it woold before. the population hot so
• minis iftereaseil. Here, therefore, • ors nee cause of a va-
riation is the valor of cora—athe "woods of topelatinn,
which raised it in price. But it was also liable to venality*
from every improvemeitt in aviculture, whether by a Pae'
r ferable mud cheesier mode of unser, oe by the toleration

Osat the mot.* of the Bask kiwi
ui 'see" se"."1" jo'orriemoaruu"rereolitrrofnotmuucrhut‘„e7;wto"'ee7tatlYitte7ttthe co" lel
I: of labour, all which tesoleal to 'educe tl.e ;pyre. 11.5 e
Ing of the 8111 " the, were lu 1617' Menabrr satJ iliere •fte many tanks wbich orrard "
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