The British Press; or, Morning Literary Advertiser.
London, England, 1819-02-03 00:00:00

need further, as it has been from time to time,
when yOu wish, in the exercise of your sober
jidgment, to restore. the circulation to. its ancient
standard, the constitution of the patient will have
bren so vitiated, his habits will have become so
rooted, that he will not be able to bear the remedy
by which alone lie can hope to be benefited.—
The existing system could not, Sir, have arrived
at its present height, if it had not been supported
by persons of considerable weight and consequence
its the country. I hope I shall say nothing that
can be eousidered as uncivil to any Gentleman in
this House or nut of it. But I should lint ilia
charge my duty to the country, if I did not call
things by their right names—(Hear, hear)—and
I sow awe my belief, that there is a poweiful
money party in this kingdom, chose sole object iv
to avail themselves of their wealth to continue the
present system—to exasperate public feelnig--cud
to control both the conduct of the Legislature and
the acts of the flank itself.—(Near.)—Altiongst
those to whom I have just alluded are persons pos-
sessed of very large fortune, and of known inte-
grity—men, whose woof would pass from suite end
of Europe to the other. its eminently commuted with
stealth and honour. These individuals, I have on
doitht, lend Ilitanselaes to this project, thinking
conscietitinusly that they are acting correctly. But
there are others whose feeling are of a very different
description—and I know, that in offering this ino-
hion to the House, I am at wikr with the whole
hotly of gamblers, speculator its the funds, stock-
jobbers, and all those who exist by the fluctuations
in the money-marker.—(/hear, heur, heur.)—
Uvery word I shall nih r must be ivtirinwouil to
them, and will, of course, be liable to misrepre-
sentation. I kinsty that I, and the Geittleinen who
act with me, will be held up as persous perfectly
regardless of the public security. But, if the
whole tenor of nay life lir not a riefence lig:1111st
a shuttles, I imi content to bear it.—/Near.)-1
111,0 110) persntEA interest in the (inefitiOn. I take
upon myself, voluntarily, a most painful and la-
borious duty. %VII do I undertake it ? Becarise I
feel, as an himest anon ought to do, for the welfare
of my countre !—( 1 fear.)—Those respectable per-
sons, whom I have just noticed. are assisted by
others, who have no chains 115 respectability ;
sons who have over-traded themselves—mei' who,
without capital, have adopted the profession of spe-
culators.—(llear.)-1 state this without fear of
contradictiou—and ask the House, if they cats
wonder that persons so circumstanced wish to keep
up the circulation as full 114 possible? Under every
circumstance they are desirous of continuing the
system, becsuse they know that their hour of ex-
tinction comes as soon as the Legislature inquire
into the evil, said determine to remedy it. But un-
fortunately the patriot! of examination has so long
been postponed, that those who, a few years ago,
would have been ashamed to pot their names to
Petitions, calling fur a confetti:nice of the restric-
tion, now conic forward (I cationt speak it a ithout
shame !) and, in this chaeacter of Eil„vlish mer-
chants, demand that England shall wit possess that
lidVaiilage whirl is ettiuyell by every other country
iii the world !—(Hear.)—But, Sir, the great op-
position to au alteration in the system comes from a
quarter which is peculiarly calculated to defeat my
object. It conies from the Chancellor 14 the Ex-
chequer. I mean nothing disrespectful to him ;
but this I must say, that lie is, siecessarily, if oat
an instrument in the hands of those who favour the
restriction, at all events, cowed and subdued by their
machinations. Their whole course of speculation has
been made by him to depend on paper. There has
been no plan of finance., that we can call a system,
since the retort' of peace. For what was done in
the course of the war, the circumstances under
which we were placed, may form an excuse. But,
what are we to think of a finance Miniver, who,
peace being concluded. thinks of nothing hut how
lie shall puss over host Session to Session, without an
attempt to emancipate the country from liar debts,
without once daring to look the difficulties of the
time boldly in the face! fits system must lie up-
held by paper. lie di, t•is leis attention to nothing
else—and all the I:ollsolnittuti he gives to the f louse
is, that things avill ultimately mend—that, by and
by, the iocostie and espesulituie of the country will
balance each other. Thus lie goes on with a
sinking fund, cleating so much debt, at one end—
and with a burly of exchequer hills, cruutiog a cer-
tain quantity or debt at the lither.—(lleur. hear.)
—The Bight lion. Gentlenian says, he will ended..
your by every means in his power to raise the re.
venue. This is a very laudable object. Butt the
question is, has he discovered any article on which
new duties can be levied, or has he made those al-
ready its existence more productive ? He has
',either done the one nor the other. The Right Hon.
Gelitleniait's triumphs are all on paper.—(Hear,
heur.)—lit the year I when we were chant
to escape from very deep distress, we know that
the quantity of paper its circulation was
ex-
tremely small ; from one cause or another it was
ve.y low indeed. Almon the month of June,
1317, the Right Honourable Gentleman came
down to the. House, with an air or trialliph which
I shall out easily forget, and declared that every
thing was going ou most prosperously. The
revenue' said he, rises—stueks are greatly im-
proved ; and, in a short time, I think the interest of
money may lie lowered, by paving off Ilse 4 awl
5 pet et 'its.' Soon afterwards the Right
Gentleman was Po elated. that he or i.iim-
datiog even the 3 per cents. But, Ili a few months
afterwards, the Rank of England were, from day to
day, iiirreasing their issues—the country banks fol-
lowed their example—and this constituted the ex-
traordinary triumph of the Bight lion. Gentleman.
This explained the state of prosperity its which the
country was supposed to have heels placed. The
Right Hon. Gentleman hid ail interest its all this—
for, if you take away this prop on which he at pre-
sent leans, he must adopt some decisive system.
At present it matters little to hint what deficiency
appears to the revenue. since he Can create paper at
will. But still his system is fallacious. For, if
Exchequer bills he issued to make up a deficiency,
which Exchequer bills are held by the Bank, who
send out notes to the amount, the cousitry equally
feels the oppressive increase of the paper currency.
In this way the Right Holt. Gentleman has long
gone on—but, however easy and pleasant it may
be to him, it is most undoubtedly destructive io
the country. If, Sir, we are not to examine our
situation in time of peace, in the name of God !
where are we to stop ? We are uow its the fOurtli