The Sun.
London, England, 1822-02-26 00:00:00

AGRICULTURAL DISTRESS.

, As the general Agricultural pressure speaks
, too feelingly to be contradicted or resisted, and
. tends to involve the whole community in one
common ruin, it is the duty of every thinking
man to turn his thoughts to the subject, and en-
deavour to contribute his mite to the public re-
lief by any suggestions in his power. To the
writer of this it most plainly appears, that the
limmediate distress of the country arises almost
wholly from one cause, which removed, and some-
what assisted by certain collateral aids, all the
distress arising from immediate pressure would
at once be done away, and the country restored
to what it was, at least within these two or three
last years. Of all the weak or wicked measures
that can be adopted by a great commercial coun-
try, unless urged by absolute state-necessity, is
a change in its currency, which sets afloat all ex-
isting contracts, and wholly disarranges all the
monied system of the kingdom. To make great
efforts, when a country is struggling for exist-
ence, or the support of its constitutional rights, a
measure of this kind may be adopted : and, in-
deed, in the long war in which we were lately
engaged, nothing but a change of currency would
have enabled us to have carried it on, or, indeed,
have prevented us, in common with the rest ofl
Europe, from becoming a dependant or province
of France. By the establishment of payments in
paper by the Bank, we carried on the war with
that paper, supported by the general credit of
the country, and in some years raised larger sums
by those means than could have been produced
by all the precious metals of Europe. In some
years, 100 millions and upwards were raised in
this way, enabling us to take the lead in Euro-
pean politics, and oppose with effect the over-
ruling despotism of our determined enemy, when
all other nations, no longer able to resist his over-
ruling power, quietly submitted to his yoke.—
When all those other nations tacitly acquiesced
in his domineering influence, we alone single-
' handed opposed it, and set that example which
has finally been attended with such beneficial
effects. Under this currency, necessarily sub-
jected to a certain degree of depreciation, when
in concurrence with the precious metal,. were all
our loans contracted, all our taxes laid, and every
'species of contract, public and privateradjusted,
so as to create a perfectly new system, and alto-
gether substitute one species of currency for ano-
ther. At the termination of the war, a faction,
always adverse to the real interests of the State,

and, availing itself of every opportunity to clog
the wheels of Government, raised a clamour on
the subject of the subsisting paper currency, re-
minding Government of its original engagement
of returning to the old metallic currency, as soon
as the pressures arising from the war were at an
end, and all the relations of commerce once more
placed upon their ancient basis. In an evil hour
did Government listen to these suggestions, and
without duly weighing all the consequences of a
total change of system, years before such a
change could be effected with any degree of
safety. to-the State, changed, by a single vote of
the Commons, the whole currency of the King-
dom, altered all its contracts and relations, pub-
lic and private, and caused at once that general
depression of prices, of which the whole commu-
nity, the funded portion of it almost alone ex-
cepted, has but so Much substantial cause to
complain. It was at first calculated that the de-

preciation would not exceed 2 or 3 per cent.,
but now they talk of 5, and if all things were
duly appreciated 20 or 25- per cent.. would not be
found to exceed its real and' substantial amount.
Sir It. PEEL, a gentleman, who, by his unwea-
ried attention to business, his intimate know-
ledge of it in all its bearings and relations, and a
due application of capital, has accumulated an
immense fortune, is reported to have said at the
time, that he would not interrupt the unanimity
of the vote of that Committee, of which his son,
was Chairman, and most sincerely wished success
to the measures about to be adopted, but that he
totally differed in opinion with the Committee,
and foresaw consequences which he was almost
fearful of exposing in detail. That prophecy has
been but too fully verified, and we have now to
lament that, carried away by fine speeches and
erroneous calculations, we are reduced to that
pitch of distress, which pervades almost all ranks
of Society,. and reduces some to the very verge
of ruin. Was it not to be foreseen, that every
million raised, every tux imposed, and every pub-
lic or private contract entered into under the
sanction of one currency, could not be maintained
without the greatest injustice under another
totally different one. The contractor for a loan,
on the part of Government, stands fairly entitled
to the monies advanced, with the interest, the
bonus, and all the advantages fairly attached to
his contract, but upon no principle of common
justice cart he stand entitled, over and above all
these advantages, to receive more than he ad-
vanced, and having lent his capital subject to
one species of currency to receive it under ano-

ther of considerably higher value. This prin-
ciple, in fact, attaches to all contracts, public
and private, and cannot be violated, without the
most evident injustice. The sums borrowed be-
come increased in substantial value, and the taxes
raised for their security in a like ratio, whilst
the improvident private debtor finds his lands

mortgaged to a much greater extent than was
ever in contemplation, whilst his means are sen-
sibly diminished by the depreciation of his lands,
and all their articles of produce. In fact, to the
unhappy debtor, mortgager, or otherohe candle
may be said to be lighted at both ends, his pay-
ments being increased, and his means of payment
diminished at the same time, and in a like ratio,
so that a large portion of the landed property of
England must almost immediately change hands,
and be transferred to the mortgagee, or to any
other party, to whom the auctioneer can sell
them to the best advantage. Can any thing be
more unjust or more decidedly opposed to every
principle of fair dealing, and can any community
maintain itself under such discouraging circum-
stances ? It is commonly said depreciation has
reached its lowest ebb, and that things will very
shortly find their level, and come round to firm
and fixed principles. Even were it so, that very
depreciation is, for the present, ruinous, nor can