The Sun.
London, England, 1852-04-26 00:00:00

KR ROBERT PEEL.

TO THE MEMBERS OP BOTH HOUSES OE PARLIAMENT.
My Lords and Gentlemen,—Will you permit an old
man to address you on the subject of our currency? I
sat in Parliament thirty years, during which time I fre-
quently heard this important question discussed in the
House by Mr. Pitt, Mr. Fox, and other distin-
guished characters. On the passing of the Bank Re-
striction Act, I was entrusted by the merchants and
citizens of London, to present their petition against the
measure. Though my opinions were embodied in their
case, my best endeavours to serve them were not suc-
cessful. Having been long and extensively engaged in
commercial dealings, I often witnessed a national em-
barrassment arising from a defective and impure cur-
rency, which resembled the present stagnation in trade;
and I lament to observe, that suffering and experience
have failed, in this instance, of producing their usual
good effects. In the enlarged scale of business, carried
on by this country, embracing a great variety of pur-
suits, a reliance on a metallic circulation alone ever did,
and ever will, fail us. Gold, though in itself massy,
often disappears in consequence of war, or speculation;
nay, the breath of rumour itself is sufficient to disperse
it. Our domestic concerns are interrupted and confi-
dence lost, for want of an ample and approved medium
of traffic.
I am no friend to an unrestrained issue of paper
money, and saw with concern, in the absence of a due
quantity of specie, b lls admitted into circulation issued
by persons of respectability, possessing property, but
evidently unable to meet a sudden and large demand
upon them. More than two years ago I mentioned to
a friend high in his Majesty's councils my fears of the
mischief likely to ensue if the practice were not discon-
tinned; accompanied with a suggestion to conline future
foufnds? canals, buildings, or
men,
who would give m-
issues of paper money, or tokens, to the Bank of England
at least, to one-
ande uri otherty in l
competentsnd th e
public
es
hotheral
half
o f t h e tangiblevalue property i
r;
billsam oour t
n tinogk'ens in circulation.
My proposition was not favoured with any notice, yet
had it been adopted lam of opinion that most of the
improvement in the
gold would
wpanic and distress now so severely felt in the nation would
wldithbe s-
have been avoided. If such an
banking system could be made available,
SuppliedgO
come less requisite, and the country be
stationary medium of exchange originating with our
selve
Whilst directing the energies of the State in war, Mr.
Pitt evinced equal ability in discovering, improving, and
applying our internal resources.The
tinemie s war d
country of its specie, and ou
entertained r a i ne d s ts lin ea.
guine hopes that our ruin
would sooner be effected bywant of pecuniary means than the want of courage, dis-
cipline,our armies. Mr. Pitt was more
than a match for all contingencies. With the aid of the
Bank of England and other opulent houses, the energies
of Great Britain were maintained in full activity, and
the importance and
established. In utility of paper money were clearly
Ingenious machines were introduced into
our manufactures,
and the encouragement and protec-
tion afforded them greatly increased the demand for our
goods at home and abroad. Our superiority at sea gave
our merchants easy access to foreign markets, and the
wealth derived frotn trade and commerce (though to
some persons it may appear paradoxical) more than co-
vered the whole expenses of the war. When the Mi-
nister had recourse to loans, they were speedily raised
by British capitalists, and the increase of the public debt
was due from ourselves to ourselves, and resolved itself
into a family account without impairing the national
property. Mr. Pitt having succeeded in securing peat*
and independence to the empire, whilst devoting his sole
attention to the affairs of the public, suffered his own to
be very much embarrassed. Many of his friends wished
to extricate him from his difficulties, and requested me
to learn from Mr. Rose in what way he could best re-
lieve him. His reply was, " Mr. Pitt is the most unao•
countable of human beings, and will prefer living in a
garret to being indebted to the bounty of his friends."
Though disappointed, the opinion I had long enter-
tained of this able Minister's high character was not
diminished.
The present panic and distress in the country have
been declared by high authority to proceed from " over-
trading," and " will speculation." Infant nations and
establishments are liable to miscarry from want of ex"
perience and solidity.
land
Trading and speculation being natives of this is
_.
and parents of our wealth and independence, are 14114 g,
exempt from such an imputation. The same elnbouom.
has declared that " gold and paper money arer.''
patible with each other, and cannot exist tostving
Dees
The population and trade of the empire
in the m
much increased, a proportionate inureaseeld _l3
i mediafoof circulation is called for; and when g
aper; which, 'if
sufficient, recourse must be made
t os
d upggested, the two
improved on the principle alrea i
substances would be found in the same pocket without
disunion.
Anxious to see our Wan ameliorated, I trust the
lla()
awed without changing or impair-
currency may be am
the national own
wercial character; which measure,
• leg resemble the
if resorted to, would policy of diverging
from its course a powerful, river that had long given fer-
tility and hspeiness to 1
a at ge district, merely because
rains, it had so •
from eXceSeive sometimes exceeded its este
tural limits, and piothiced partial iLjury.
I am, my Lords end Gentlemen
Your faithful and
ROBERT Pitt

Drayton Manor, March S.

We hear that the Right Bon. Sir Stratford Can-
ning, Ambassador at Constantinople, is to be raised to the
peerage by the title of Vi-count Stratford de Redcliffe,
Redeliffe, in the county of Somerset.—Berald.
The Earl of Cawdor is to be appointed Lord-Lieu•
tenant cf Carrakthemilize, in tng ;voila of Lord Dynevat
at-cst meet.