The Sun.
London, England, 1840-02-17 00:00:00

THE CURRENCY.

MEETING OF THE MERCHANTS AND
MANUFACTURERS OF MANCHESTER.
A numerous and highly-respectable meeting of the
merchants and manufacturers of Manchester was held
in the Boroughreeve's-room, Town-hall, on Thursday
morning, which had been convened by a circular, of
which the following is a copy :
" We, the undersigned, strongly feeling that a large
portion of the losses recently incurred by the merchants
and manufacturers of this district, and of the consequent
privation and suffering entailed upon the industrious
classes, is attributable to periodical fluctuations in the
value of money, request the favour of your attendance
at a meeting, to be held at the Town-hall, on Thurs-
day, the 13th inst., for the purpose of petitioning the
House of Commons forthwith to appoint a Select Com-
mittee for the purpose of inquiring into the operations
($ the present laws relating to the currency.
" John Chippendall, Samuel Fletcher, J. H.
Wanklyn, W. R. Wood, James Atherton,
Robert Barbour, Rupert Ingleby, Robert
Gardner, Richard Atkinson, Thomas Cooke."
JAMES ATHERTON, Esq., was called to the chair,
and, in opening the proceedings, said he might state
that many individuals, resident in Manchester and the
neighbourhood, had felt deeply the importance of
petition being got up, with a view of calling the at-
tention of the Legislature to the periodical fluctuations
in the value of money, and the consequent injury in-
flicted by it upon the manufacturing interest of the
country, and more especially of this town and neigh-
bourhood. In his opinion, it was a question which, of
all others, should be approached with an absence of
anything like political feeling, and he trusted sincerely
that in the observations which might fall from any
gentleman this day, care would be taken to steer clear
of any thing that could engender political feeling, or
promote disunion.—(Hear.) The question was one
of deep importance to all classes—not only to the
merchants, manufacturers, and traders of the coun-
try ; but also more especially so to the working
classes ; and when we looked at the privations and
misery which had been inflicted upon them by the fluc-
tuations in the value of money, and its consequences,
it wes impossible not to feel for their condition ; not
only as regarded their comforts, but with reference also
to the disease ever attendant upon their sufferings, and
also its influence upon their moral character. Enter-
taining these opinions, he thought it would be well,
therefore, to confine themselves to the object of the
meeting, without introducing into the discussion any
thing
ofa political tendency. He had had an opportu-
nity of canvassing the opinions of persons of different
political persuasions, and he was happy to state that
every one agreed in the importance of a meeting of this
nature, with a view to petitioning the Legislature on the
subject of the fluctuations in the currency, and praying
for an investigation of the causes which had led to
it. And he thought that we had a strong claim upon
Government to institute that inquiry, not only on
account of its effect upon ourselves, but upon them,
for when the manufacturing interests suffered, Go-
vernment suffered in an equal degree from the loss of
their revenue. He understood that Government had
contemplated an inquiry of this kind, and he thought
that this meeting was the more important because it
would strengthen their hands, and because it was ne-
cessary that we should give them every support in it.—
(Hear, hear.) He might explain, that with a view of
obtaining the concurrence of all parties, upwards of 200
circulars had been sent out to the most influential
members of the community, without reference to po-
litics, inviting them to attend and give their assistance,
but it had been thought desirable to have it a private
ha preference to a public meeting, because by adopting
the !atter mode persons would have been let into the
meeting who might have wished to pursue a course at
variance With the object for which it was called. If
they had erre'd
adopting this course, it must be attri-
buted to want or judgment.
Mr. CHIPPENDALE said he had great pleasure in
submitting a petition that had been prepared by a num-
ber of gentlemen previonsly called together to consult
upon this subject, and who ztad prepared it after mature
consideration. It was as follosss
" The Petition of the undersigv.e:t Bankers, Merchants,
Manufacturers, Traders, and e.leor Inhabitants of
Manchester.
" Showeth—That heavy losses have or ate been in-
curred by the bankers, merchants, mart:sfacturers,
traders, and other inhabitants of this town anei neigh-
bourhood, through the fluctuations in the value of mot, 'l7-
" That severe privations and suffering have thereby
been entailed upon the industrious classes of this im-
mense population.
" That similar fluctuations in the value of money,
producing similar calamitous results have been within
the memory of your petitioners of periodical recurrence.
" Your petitioners, therefore humbly pray, that
your Honourable House will forthwith appoint a Select
Committee, for the purpose of inquiring how far the
present laws relating to the currency have beon instru-
mental in producing these evils, with a view to pro-
viding a remedy.
In moving the adoption of this petition, and that it
be presented to the House of Commons, Mr. CHIN
PENDALL observed, that with reference to what was
stated in the petition of the fluctuations in the value of
money, and the privation and suffering consequent upon
it to all classes, they would consider them as mere
truisms, coming home as they did to every man's ex-
perience. As to the causes of these fluctuations, there
might be different opinions on that question, and it had
been the object of the gentlemen who prepared the pe-
tition to avoid stating en opinion as to these causes, merely
pointing out the effects, and calling the atten-
tion of the House of Commons to the importance of an
investigation of the ,subject. Enlightened views had
been displayed on this question by a gentleman con-
nected with Manchester (Mr. Samuel Jones Lloyd),
and he had given us his opinion as to a remedy, but
though many of us might entertain the same views, it
was not perhaps desirable that we should urge them
upon Parliament, but leave them to pursue the inquiry
and adopt such remedy as might seem most likely to
effect a cure for the evil.—( Hear, hear.)
Mr. WM. RAYNER Wool), in seconding the petition,
said it had been framed, as had been already stated,
with a view to meet the views of different political par-
ties. Some gentlemen certainly entertained strong
opinions as to the cause of the fluctuations complained
of, and as to the remedy, and were anxious that they
should be stated ; but it was thought that if this course
were taken, a counter meeting would have been called,
and would recommend opposite measures ; so that no good
would result from either. Besides, he thought that the re-
commendation of any specific remedial measures would be
premature, as it was not likely that Parliament would
adopt any recommendation before it had instituted an
inquiry upon the question. There was also another
reason why we should not recommend a remedy to par-
liament, and that was that we should be recommending
a course which would be disputed ; but in seeking for
an in luiry, we were seeking for what was reasonable,
and for what we bad a right to. For his own pert he
rejoiced to think that the question could be brought
forward in such a shape that all parties could unite
upon it, and he had been extremely pleased to see that
at a late meeting in London, where the Lord Mayor
presided, a similar feeling had been displayed ; and that
thus Mr. Grote and Mr. Horsley Palmer were seen
acting side by side for the common good.—(Applause.)
In the same way he hoped that this petition would be
introduced into Parliament, under the auspices of our
Borough members ; and that we should see Sir Robert
Peel, Lord Stanley, and others, laying aside all party
political feelings upon the question, and acting together
for the benefit of that commerce in which they, as well
as well as we, had a common interest, and which so
deeply affected the interests of tens of thousands of
onr poorer countrymen.—(APP • lause )
Man or. DAVID PRICE said, pini
on had been thrown
out by Mr. Samuel Jones Loyd, and adopted in the pe-
tition, that the derangements the currency were of
periodical recurrence; but he of
thought it would be seen
that this was not the fact, for it would be seen that
the present crisis had _followed much closer upon the
Only
last than usual ; for it was nowtwo years since
the country was placed in a similar
position.
sug-
gested, therefore the alteration of theliweord
suggested
" periodi-
cal " in the petition to " frequent."
the insertion of the words " with the leasstu d also
possible de-
lay," instead of " forthwith." The alterations were ac-
ce(led to and carried.
Mr. SHUTTLEWORTH moved the appointment of a
committee to take the management of the petition,
and that the petition should lie for signature at the '
Ex-
change, and such other places as they should determine.
Mr. J. HIBBERT WANKLYN seconded the resolution,
which was adopted.
Mr. MACVICAR moved that the petition be presented
to the House of Commons by the Members for the
Borough, and that the Members for the County, and
also of the neighbouring boroughs, be requested to
support its prayer.
Mr. SAMUEL. STOCKS seconded the resolution, which
was adopted.
After appointing a Committee to watch the pro-
ceedings of Parliament on the question, and take such
steps thereon as should be advisable, the meeting sepa-
rated.