The Sun.
London, England, 1847-10-06 00:00:00

THE SUN, LONDON,

principle, and the currency regulations have in-
duced persons to pursue a more wise and prudent
course. The result is, there has been less of wild
speculation than in former years. People have in-
vested their capital in home works, and the people
have been employed upon them, and thus benefit the
Exchequer to a considerable extent." These re-
marks were made in February this year; commercial
distress commenced in April, which was alleviated in
September. Subsequently it had come upon them
with increased violence ; and, if, after the warnings
and experience he had had since that period, he was
insensible to correction they might well apply the
adage, " You may bray a fool in the mortar, and he
will not learn wisdom."—(Cheers.) He (Mr. Taylor)
thought symbolic money a great improvement upon
money of intrinsic value, just as he believed the
steam-engine to be a great improvement upon manual
labour. He believed that symbolic money would be
liable to be abused, but that the steam•engine had
been improved, and there was no reason why paper
money should sweep away all other descriptions of
money without some attempts being made to
cure the anticipated evil. They had the assurance
of Lord Liverpool that the country, under a system
of paper currency, was prosperous during the war.—
(Hear, hear.) The principle of Peel's Bill, when the
Right Hon. Baronet took up the opinions of Huskis-
son, was immediately acted upon in 1819; and if Sir
Robert Peel's opinion, that the essence of money was
value, was right, then also was Tom Paine when he
predicted the downfal of this country.—(Hear, hear.)
He (Mr. Taylor) entertained a different opinion. He
had read and written much upon the subject.—
("Hear, hear, hear," from Mr. Spooner.) He
thought that money not possessing intrinsic value,
but symbolic money, or paper, if brought into use,
would have the effect of raising their commercial and
manufacturing interests to a higher pitch of pros-
perity than ever before known in this country. The
history of all countries showed that wherever money
of intrinsic value was adopted as a circulating me-
dium it must end in ruin to the nation. They had al-
ways fallen when they came to this point.—(Cheers.)
His attention was drawn in 1828 to the fact that
money on metallic principle could not be carried
out without diminishing in weight, and thus doing
injury to credit and dealing. At the time Sir Robert
Peel brought forward his Bill in 1819 he said, in his
celebrated speech on the 24th of May in that year—
" The quantity of circulation which was demanded in a
time of confidence varied so materially from the amount
which a period of despondency required, that the
House must feel the absolute incapability of fixing on
any circumscribed amount. It was impossible to ad-
vert to the evidence taken before the Committee with-
out being impressed with this conviction." Here,
therefore, it was admitted by the Right Hon. Baronet
himself that it was impossible to fix any amount of
credit money.—(Hear, hear.) His (Mr. Taylor's)
opinions with respect to money differed frem those
of Mr. Muntz. His own opinion was such a system
might be adopted as would set the precious metals
at liberty, and render the price smaller ; that would
make money cheaper without diminishing the specific
quantity of coin. This would be by establishing a
tax-paying or credit money.—(Hear, hear.) He
was much pleased
.the other day in reading a speech
delivered in London by Mr. Jonathan Duncan, who,
to his mind, had clearly shown that a quantity of
paper-money might be issued without depreciating
value.--(Hear.) He (Mr. Taylor) could not help
thinking that it would be wiser if some distinct plan
of remedy, such as they were so often challenged to
produce, emanated from the present meeting in pre-
ference to the resolutions now submitted for their
adoption. He did think that commercial men, like
those he saw before him, were better qualified to
judge of those matters than such men as Sir Charles
Wood. Some years ago, just previous to the Reform
Bill, he was in communication with the Duke of
Wellington, and Mr. Irving, of the great house just
gone down, upon this all- important subject, and be
could not help but think that if Mr. Irving had
adopted his views and acted upon his principles as
then explained, he would, like himself, have been
saved from feeling the difficulties which the commer-
cial world and his firm in particular were now experi-
encing. In the year 1831 he had a conversation with
Colonel Peel, the brother of Sir Robert. They would,
perhaps, allow him (Mr. Taylor) to say that he was
a retail tradesman in the town of Bakewell, and also
carried on business as a banker, on a small scale, and
in the old fashioned way. He belonged, in fact, to a
race of tradesmen combining merchandise with bank-
ing, which was becoming scarce in the country. In
1831 Colonel Peel called at his counting-house and
requested cash for a Bank of England post bill for
201. " I presume," said Mr. Taylor, " you are the
brother of Sir Robert Peel." The Colonel replied
that he was. " I wish," said Mr. Taylor "he would
let us have more of this description of money."
Colonel Peel said, " I wish so too," and intimated
that his father was of the same opinion. In the
course of the interview he (Mr. Taylor) offered an
essay on the currency, written by a young friend,
and the Colonel requested that he would also give
him a copy of his own pamphlets upon the subject.
He did so, and requested that he would be kind
enotigh to forward them to his brother for perusal.
,T.4,Colonel promised that he would, and that when his
brother had more leisure he should hear from him upon
the subject. He (Mr. Taylor) had, however, never
received a communication from the Right Honourable
Baronet. The reason he supposed was, the Right
Hon. Gentleman thought that persons in his circum-
stances, and who had not the honour of a seat in
Parliament, could not understand anything about such
a subject. He might offer other remarks; but, if at
any future time some definite proposition was brought
forward, heshould be happy to lend his assistance in
the discussion. He should indeed with pleasure stay
over the next day, if -by so doing any good could be
effected. .
A conversation here took place upon the expediency
of an adjournme4, 4ut there seemed to be a general
wish that the business should proceed, and
Mr. TAYLOR. resumed. He regretted to observe
that their views had met with little support from the
public press. The Times had particularly treated
them with unbecoming and uncalled-for ridicule.
The spirit in which that journal treated other ques-
tions would have led him to expect differently.
After some further remarks, Mr. Taylor resumed his
seat amidst loud cheers.
No adjournment taking place, there were loud calls
for

Mr. SPOONER, who rose amidst enthusiastic cheers.
He said—Mr. Alderman Weston and fellow-townsmen,
I can assure you that I am exceedingly unwilling to
obtrude my opinions on this meeting, for very many
reasons, which, I believe, the assemblage will agree
with me, are deserving of some little weight. I first
began the consideration of the subject in the years
1810-11, and the subject again came before the con-
sideration of the country in 1819. My opinions are
formed on the great principle of the currency in 1819,
and from that time, I can safely say, I have given to
the subject the most thorough investigation of which
my mind and powers are capable. I can honestly and
conscientiously say I retain now the same opinions I
then formed ; and every day's experience convinces
me those opinions are sound and correct. Now, Sir,
in 1810, certain propositions were laid before the
House of Commons by a very talented man—a man
whose acquaintance I had the honour to enjoy,
and who took what I think a clear and luminous
view of the danger in which the -country
was placed by the very unlimited extent to which
paper was issued, and the want of any check to its
depreciation. I so far agreed with that Hon. and
Learned Gentleman ; but at the same time he proposed
a resolution which I was assured the country was not
in a state to carry out. He proposed during the war
—during the heat of an arduous contest, when we
were burdened with an immense and increasing debt,
with an annual expense which we cannot now but
wonder how it could be raised—he then proposed,
Sir, to return to the ancient standard of value. There
I dissented from him. I agreed that there existed
great depreciation. I agreed that there were many
causes, and that they demanded to be deliberately
considered, and that steps should be taken to arrest

the progress of the depreciation; but I could

not agree in a resolution which I was convinced
was impracticable--a resolution calling on the
nation to realise their obligations in the me-
tallic standard of the reign of Queen Elizabeth.
Now, Sir, how was that gentleman met by Sir
Robert Peel in 1810.11 ? That resolution, as to the

depreciation then proposed, was long argued, and it
was solemnly determined that a one pound note and a
shilling, after six or seven nights in one House of Par-
liament, and five or six in the other, were for all legal
purposes the same as a guinea, and the Right Hon.
Baronet was of the same opinion. Now, I ask, how
can Sir Robert Peel reconcile that view with the one

_
he now takes ? Was there a depreciation in 1810-
11 ? He then said " No," but I said there was—
and everybody who had investigated the subject were
of the same opinion then. The Right Hon. Baronet
would not depart from the standard of value then,
when the debt was increased from four hundred mil-
lions to upwards of eight hundred millions, when
there was in 1810-11 a depreciation of some 15 to 16

per cent., and yet, in 1819, he called on Parliament
to enforce a return to the old standard of value,
which, in 1810-11, he said he would in no way de-
part from. Sir, I ask you, is that not enough to make
us doubt whether he is right now ? It is impos-
sible that he can be right in both cases. If he was
right in 1810-11—and I think he was wrong—
what becomes of his opinion in 1819 ? If he
was right in 1819, what becomes of his opinion in
1810-11 ? Well, we went on until 1819—in 1819.
In 1816 the law was changed altogether as to the
standard. of value which existed in the country, the
original standard of gold and silver conjointly, with
metal. In 1816 the silver standard was taken:away
and gold alone was adopted, :with an increased weight
of taxation and an inerease in all our debts of seven
or eight per cent, That, Sir, was the first step of