The National Register.
London, England, 1811-05-12 00:00:00

'THE NATIONAL REG

not given for the guinea from the want of confi-
dence in the Bank; and a consequent distrust of
its notes: it is not 'bought from the advantages
it has in ciiculation over the Bank note ; in a word,
it is not bonght as coin, but as Bullion to he melted
down. Whatever that value may be as Bullion, as a
guinea, it is worth no more than a one pound note
and a shilling, and consequently its depreciation as
compared with Bullion (if depreciation it may be
called) is precisely the same with that of the- Bank
siOte.
But in answer to this we are told that the supe-
riority of the guinea over the note cannot be
doubted, because the former can so easily be melted
down. The law, it is said, can never prevent this
while the temptation is so strong, and therefore it
follows of course that the guinea is worth more
than it passes for, according to its denomination, and
that the Bank-note is in the same proportion depre-
dated. This, it is said, is at once the proof of the
depreciation and the measure of its extent. Now
whether or nut the law on the subject, as it at pre-
sent stands, be equal to the purposes for which it
was framed, is a question on which the wisdom Of
Parliament might perhaps do well to decide ; but
assuming with the Bullionists that it is not compe.
tent to prevent the melting of coin, ani its conse-
quent exportAtion as Bullion, still the depreciation
of the Bank note remains to be proved. Surely it
is not too much to suppose that the great body
of - the 'people feel it their duty to obey those
laws to which they look for protection. If this
be admitted, it then follows, that with the great
body of the people a guinea is worth no more than
it will lass for, according to its denomination.
'Why, then, the question comes to this—because the
law can be broken, and there ale individuals ready
to v.. ,laie it, are we to conclude the whole commu-
nity think themselves absolved fiom every obliga-
tion to keep it ? This must be proved before the
depreciation of the Bank note on that broad general
and sweeping principle, •on which it has been
attempted to be maintained, can be established.
And are we thus, for the vices of the few, to assume
anything so derogatory to the many, as even to
suspect that they have no longer any reverence for
those laws which, as subjects, they are bound to
obey ? Are we to ground our arguments on excep-
tions from a general principle, instead of building
them on the principle itself ? Are we to suppose,
that, because a law may be broken by some, that
it will be neglected by all ? Surely not ; and till
this be admitted, the Bullionist's strongest position
is perfectly untenable.
That there has been no injurious excess of the
circulating medium we think has been clearly

TER.

proved. On this subject we beg to refer our
Readers to the manly, elocitte it, and most satis-
factory speech of the CHANCELLOR of the EICHE.•
QUER. If the quantity cf circulating medium, of
which the country has been unavoidably drained,
had not been promptly supplied by a paper cur-
rency, what now must have been the state of the
nation ? Instead of the improvements which glad
the eye in every part of the country, of the en-
couragement given to industry, and instead of the
present flourishing state of agriculture (the effects
of a liberal paper circulation), spectacles of ghastly
poverty, groaning in despair, would have chilled
our blood, and want and misery, driven to madness,
would have convulsed the Empire with their un-
availing struggles. It is (as has been well observed),
the fruits of this so much despised circulation, that
'Constitute our national wealth, and secure to us the
means of regaining the goid which has been una-
voidably sent out of the country.
Our limits will net allow us to notice all the argu-
ments of the Speakers on this important question.
We cannot, however, refrain from calling the atten-
tion of our readers to the caricature of argument
and burlesque distortion of fact contained in the
speech of Mr. WHITBRE %D. Speaking on the al-
leged depreciation of Bank notes, he asserts, that
a man may as well try to eat them as to purchase a
dinner with them. This, he maintained, must be
known to every one who had travelled ; and he
would even ask, if at the neighbouring coffee-houses
a man could get any thing to eat or to drink her
Bank notes ? Now really this is rather too much.
It is true, that a want of change has been much felt,
and still more complained of ; but the experience of
any man who has travelled, or who has not travel-
led, must tell him
.that this is a most exag-
gerated statement. It may be that Mr. Wirer-
BREAD has frequently beard the cry' of " I can't
give change." Some of the people with whom he
has dealings may have even been averse to taking
notes, as it is rumoured his publicans were in 1797 ;
but will any man in his senses believe that if be
should happen to travel, the innkeepers on the road
will deny him refreshment till he has found means
i I to convince them that he has no intention of tender-
ing a Bank note in payment ? Or, still more pre-
posterous, can any man believe if he should go into
a coffee-house at Westminster, and call for a bottle
of wine or a beef steak, that the waiter would say,
" Pray, ~Sir, what money have you in your pock-
et ? Have you gold or silver ? Because if you
have only Bank notes, you must go somewhere else,
as in a genteel tavern we can't think of giving you
any thing to cat or to drink for depreciated paper r
, If there be a man who can suppose this, or Who can

rt. rTitE

• -
view Mr. WHITBICSADYS picture of the. present state
of things as being any thing but an
.extravagant dis-
tortion of the truth, with every disposition to deal
fairly with those who may chance to differ from
us, we must say of such a man—" Away with him
—TO BEDLAM."

It would be useless to go over the refuted argu-
ments of the Bullionists. The speech of the CHAN-
CELLOR of the EXCHEQUER) which we have given at
great length., contains the- best comments on the
subject which can he made. To that we again re-
fer our readers. From that it will be seen that the

causes affecting the exchanges are different from
those assigned by the Bullion Committee, and con-
sequently their conclusions could be no other than
incorrect. With this impression on the mind,
amidst the clamour and confusion of contending
parties, we think the public at large, even though
the patriotic WILBERFORCE spoke favourably of the
opinions of the Committee, will find substantial rea-
sons for being satisfied with the decision of Parlia-
ment.

IMPERIAL PARLIAMENT.

HOUSE OF LORDS.

AOUgGiffEit

...N. ,

shouldbe viewed. tiir concluded a very able speech by giviag
his support to the Bill.
The Earl of Limb tRDALL argued very strenuausly against
the Bill, as fraught with had consequences, and particularly re•
probated the insinuation, th.it the landholders v..cre actuated by
thy desire of *increasing their tents in their oppusitioti to the
Bill.
The Earl of ',Writ POOL defended the measure with much ar-
gument and animation, azainst all the arguments that had Ikea
opposed to it.
Lord GU►!NYILLE made a very eloquent Ppeech against the
Bill, in which he pointedly ani•nauverted upon the misconduct
of our CommerLial A dminkration.
The House divided on Lord Hardvvicke's amtnarrelt :
Contents 56 ; Non-Contents 36.—The Bill was therefore lost by
20.—Adjourned.