The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-09 00:00:00

NATIONAL POLITY AND FINANCE.

Among our notices in last Gazelle, we intimated the intention of
laying before the public the outline of a great plan for improving
the currency and resources of Orem Britain, to which we attributed
very extraordinary powers and qualities, sod from the adoption of
which, we expressed our opinion the most unlimited prosperity
would result. Such is our conviction ; but at the same time we
bring this affair forward with diffidence, because it is not altogether
within the scope of those studies to which we have paid most atten.
tion ; and though it has not failed to attract a considerable share of
our inquiry, we do not feel competent to speak in anv other manner
concerning it, titan as wishing to explain the subject in the clearest
way we can, and courting the judgment of others competent to de-
cide on so weighty a matter.
In setting out, we are fortunately relieved from the necessity
for entering loto any of the various topics, which demand so much
discussion from writers, on what is ailed Political Economy. The
principle of the system unfolded to us may have been hinted at In
former times; but the system itself, its application, and its details,
appear to be absolutely new and original. Therefore, there is no
author upon finance, the science of money, the internal wants of
countries, international totem-nurse and commerce ; there is no poll-
tician of any school or determinate mode of thinking on those dif.
ficult points ; there is not one of those who may not, though differ-
ing front every other author or politician, agree in opinion that the
present proposition is at once well.founded. practicable, and highly
expedient. Time memurc, in short, stands by itself: it neither as-
' similates nor clashes with any theory, or the part of any theory,
which has yet been promulgated. It can therefore provoke no op-
position, while—earnestly indulging in the hope that it may pro-
duce the utmost benefit to the nation—it courts the mature and
deliberate consideration of all who are conversant with such sub-
jects. and solicits the favour Of their counsel, and objections, if such
ttri*e in their minds. _ .

We have also previously to say, that as we are confiaing ourselves
to that brief general view which the nature of our publication re-
quires. we feel that we can but very inadequately develop the
su hoc's comprehensive system ; and that we must do still leas
justice to his most complete and admirable details, which form, as
it were, the strength and essence of his design, and render it fitting,
pliable, and excellent in all its operations.
It shy be assumed as a truism, that not only the recent panic
and distress which have convulsed society, throughout this king.
dom, but that all the financial and commercial calamities recorded
by history, lending to the decline and fall of stain, have been
caused by a debased end fluctuating currency. No rank, no indi-
vidual, can stand in a safe, assured, and permanent position is the
social frame, while the representative of fortune, means, and
vain, is liable to great mutations and changes. Double the
amount of the circulating medium. and the effect must follow,
that several classes of the community rise unduly, while other
classes hill into embarrassment and ruin. Diminish or debase it,
and a similar result is equally certain: some gain, comparatively,
by the alteration, and many more are precipitated from their sphere
of use and deteroyeri.
It is impassible, therefore, to conceive any proposition better de-
serving of the mature deliberation of the statesman, patriot, and
philosopher, than one which has for its object to fix tile currency
of the country upon a sure foundation—to produce that emblem of
prnpaty for all turn to carry on their dealings with each
other, which shall never be doubted or fluctuating in value—
to give to the meanest holder of the smallest sum the same security
which is enjoyed by the richest in his large possessions; and, in
fine, to furnish for every transaction in life requiring pecuniary ad-
Mstinent, the means of completion with undeviating exactness on
all sides, the measure or medium being unsusceptible of rise, depre-
ciation, or alteration of any kind.
From the earliest times, we have seen a number of devices em-
ployed for this purpose with disadvantages, inconveniences, and
dangers, lesser or greater as the medium employed was better Of
worse, till at length gold has, by very general consent, been ac-
cepted nearly throughout the civilized world, air the most eligible
standard of value by which to regulate the interchange of all
commodities between man and man, and between nation and
nation. And assuredly there is no substance in nature every
way so fit for this important office as the precious metal, whose
combination of rare qualities has led to its being so preferred. But
gold, with all its rare qualities, is far from being a perfect standard.
It has always been liable to be affected by extraneous eircunistances,
the discovery of a productive mine, the interception of supplies by
war or otherwise, the gradual absorption by use and manufactures,
and a multitude of other causes ; and it is incontestable that what is
unstable in itself can never form a true scale whereby to adjust, on
stable bases, the relative value of all other articles. Gold may ap-
proximate this scale more nearly than any other substance; but gold
varies often to a great extent. and therefore gold (even were it not
objectionable for other very strong reasons) can never supply a safe,
fixed, and permanent rule, by which to estimate all other prices.—
When we allude to other strong objections, though we shall have
more to say upon the point hereafter, it may be well in this place
to notice, that we refer to the facilities with which gold is made a
source of speculation to swollen capitalists and traders in bullion
and foreign exchanges.
!laving thus very briefly shown that we do not possess the
standard so much to be desired, we shall proceed, with as much
plainness as the matter permits, to state the plan by which we are
firmly persuaded that object may be obtained.
In order to insure to the country a sound, settled, unchangeable,
and imperishable rorreney; a currency of real value, representing
absolute tangible property, and, from the ampleness of its security,
not being subject to question or deprniaticn from any cause what-
ever, it is proposed to fabricate a sterling national purr, founded
on and representing the property hereafter defined, and issued and
controlled under responsibility as doubtless and lasting as the Bri-
tish Constitution itself. We presume to affirm that such a paper
currency may be produced that no man M Great Britain will ever
question its real value for one instant ; and, further, that it shall
be preferable in every respect, and preferred by all, to gold.
bind!