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

SIR ROBERT PEEL.

TO THE MEMBERS OF BOTH HOUSES OF 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 tee merchants and
cit:zens 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 sue-
cesstul. 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 cones rns 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, bills admitted into circulation issued
evidently unable to meet a sudden and large demand
by persons of respectability, possessing property, but
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-
tinued; accompanied with a suggestion to confine future
issues of paper money, or tokens, to the Bank of England
that most of the
807;
aa
an
rdi otherty in competentland
the
publicbod i es
foufnmd
se,n ,e
awhonal wouldcanals,
give
buildings,
other tangible property ; amounting, at least, to one-
half of the value of their bills or tokens in circulation.
My proposition was not favoured with any notice, yet
astdroepsteendolwasalo opinionseovferely felt in,the nation would
eedenndisvoided. If such an improvement in the
banking panicaavd
ei t
been
been
banking system could be made available, gold would e
be-
come less requisite, and the country be supplied with ain discovesroinogne:
stationary medium of exchange originating with
a li resources.
sthan
the 011T-
seise&
Whilst directing the energies of the State •
Pitt evinced equal ability
want
applyingour e
cu internal
niary m eimproving, and
wTah 0 f
The war drained the
country of its
specie, and our enemies
be 1 n
effected war,
b Mr.
y
san-
guine hopes that our ruin would entertained
courage, dis-
cipline, and conduct in our
e armies.
Mr. Pitt was more
than a match for all contine' eneice.
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 utilitestablished. Ingenious y
of paper money were clearly
our manufactures, andth machines were introduced into
ti '
on afforded them greatly •
e encouragement and protec-
tion the demand for our
goods at home and abroa
our merchants easy access
to
aour foreign superiority
markets,
wealth derived from trade and commerce (tiough 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 peace
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 unac-
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 "wild speculation." Infant nations and
establishments are liable to miscarry from want of ex-
perience and solidity.
Trading and speculation being natives of this island
and parents of our wealth and independence, are surely
exempt from such an imputation. The same authority
has declared that " gold and paper money are incom-
patible with each other, and cannot exist togetbfr."
.. n
The population and trade of the empire 10,
he medium
much increased, a proportionate increase in _gs
d i found
of circulation is called for; and when go
r; which, if
sufficient, recourse must be made to p
°pose ted, the two
improved on the principle already nogg
a ocket without
substances would be found in the same p
disunion. a ameliorated, I trust the
currency may be amended
Anxious to see our situation
.
without changing or impair.
commercial character; which
measure,
if the national thepolicy of '
if resorted to, would resemble
river thath diverging
from its course a powerful
.had long given fer-
tilityand happiness to a large district, merely because
• it had
from excessive rains,sometimes exceeded
its na-
tural limits, and produced partial injury.
I am, my Lords and Gentlemen,
Tour faithful and obedient servant.
ROBEIIT PEEL.

Drayton Manor, March S.

-
We hear that the Right Hon. Sir Stratford Can-
ning, Ambassador at Constantinople, is to be raised to the
peerage by the title of Vi-count Stratford de Redcliffe, of
Redcliffe, iu the county of Somerset.—Berahl.
The Earl of Cawdor is to be appointed Lord-Lieu•
tenant of Carniarthenshire, in the room of Lord Dynev9r
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