The Sun.
London, England, 1833-04-23 00:00:00

kcent system of legislation. The moment the House had
taken the course which was now adopted, the reputation
of thousands of honest industrious subjects was blasted.
and they were put, as it were, in opposition to society. 1-1.
called tor inquiry into the causes of these unhappy and
moat distressing tacts. He showed that all these melan-
choly- doings came with the relaxtions in the currency--
with the establishment of the principles now in operation.
He did not wish to fix them down to 1819. The princi-
ple had been carried further by other measures of leers],
tion in 1828. and its final effect must be dated from 1829
From that could be traced the ultimate evils which 1,,
spoke of. The market, it was well known, would not give
a remunerating price to the manufacturer, and how could I e
dispense comfort and sufficiency to those dependent or
him ? Here they had a monetary system, which admitter
of no increase along with a manufacturing power, whirl
was constantly and rapidly augmenting. The people tee,,
perpetually increasing in numbers, and Parliament roe.
that increase with what inflicted certain ruin on the most
industrious, by crippling their powers and means of action
'The effect was—the unhinging of commerce, and the
beating onwn of the people in the most cruel manner.
And all fir this monetary system ! He adjured the House
to agree to his tnotion, and net to get rid f it by wine
was at once a mockery of legislation and of justice
Dangers, forsooth, were talked of, if inquiry were grantee.
By whom were these dangers talked of? By their grew
power—that funded interest (us we understood the Hen.
Gentleman) which had been PO immensely and so un-
justly benefited by the eli..nge. But let them look at the
system in i'self, What it inverted en the B ink was f
the most irtecontilable and inconsistent character. It
imposed the protection of public credit, and th
power of determining the 'quantity of the circulating
medium.—(Brae.) They had the power of getting an
quantity of gold to meet the eiroularion ; to neet-t the,
ciiculatieti of paper. The Rink would naturally look o
their own interest, and extend the circulation as tree
those. If a panic wok place, ittnt immediately nartowet
)it, reardless of the Immenne public suffering which w.
menisioneti. Whilst this state of things existed, the true
`Elena.; syttens nauet be exposed to fluctuations, which rent
'2.errel ape:tole tions uneete.—( Hear, Leer.) It was well
kero'non 'that, jest b• here the failure of the bankers at a er r
'Wit period, 1,300,000 pounds of gold was all that gist
Hank could produce, This small sum Was all they ha.'
with which to loy the in:me:ore obligations ter which they
were liatale—obligations which, on their own and on ti
Government's account, amoutited neatly to eight hundree
midi ins. Wiest w.s it, at a t rest that saved thi.
country. according to the ir owls of a eel brated statesmen,
from t slog " in fuity.eight hours in a state of barter ?" A
box of these derided one-pound mees—(Cheere)—disco
-erred by the merest accieent, and, in his opinion, by the
greatest good luck. Now, he should much like to know,
what or wh-re was the authority for this vaunted staneart•
of value? The conseqw-nce would have been a state o'
barter, and no one could doubt, if that had been este-
bibbed for a wrek, or even for a dey—(Hear)—thers
would not have been an hour's security hardly for
man's life—certaimy for his property. To that danger
we were now again exposed. In February, 1832, the
country was reduced to a position as dangerous as any po-
sition could be to the monetary system. He called on
them to do what they could to avoid the possible recur-
rence of such a danger. He should detain the House no
kengen but to say that he addresetei to them this motion
'orith a perfect confidence as to the result. Tile Hon.
Member cenchicien by moving_,, That a select committee
be appointed to inquire into the state of general distress,
difficulties, and embarrassments, which now pres ed on
the various enders of the community; how far they were
she results ot the operations of the monetary system ; and to
consider the effect produced by that system on the agri
cultural, manufacturing, and Commercial itrerests of the
coun•ry, and on the industry of the people."
Lord ALI'HORP---1 do not differ, Sir, from the Hon
'Gentleman in the view he takes of the great importance of
this question, nor do I differ from him in thinking that it
ia desirable that it should be brought under the considers-
lien of the House.—(flear.) I think with him, too, thz;t
a question of this importance is one which this House
ehonld now decide, and should say whether they are pre-
pared to stand by the system on which all the contracts—
(Cheers)—on which all the contracts of the country de.
pent', or whether they are prepared to adopt a course of
teonfiscation and robbery ?—(Cheers.) If the Hon. Gen-
tleman thinks he is right in the opinion he entertains, I
am not sorry that he has given a Reformed House of Par•
liament the opportunity of deciding it. But if I may
make a criticism on him, I should say that he does not
come in the most straightforward way to the decision of
the question.—(Hear, hear, hear.) Ido not complain
of the mode in which he has brought fo:ward this ques-
tion; for he has most candidly pointed out what is the
object of it—namely, to effect an alteration in the
antedated. of the currency.—(Hear.) He has, however,
ebstained from stating in what 'Tiede he would effect
sthie—(Hear)--and what is the degree to which he would
effect it—(Hear, hear)—nor has Le ventured to observe
upon the consequences which must occur from an altera-
titin such as the one he contemplatee.—(Cheers.) He
evidently contemplates a depression in the currency.—
(Hear, hear.) There is no part of his argument that has
von:rnon sense in it, if that is not his object.—(Hear.)
But even taking it to be so, he bast not distinctly stated
how or to what extent he would effect that depression.
We have heart! at different times different prepositions
brought forward with this object ultimately in view ; but
the proposition he desires to agree to is, as the Honourab'e
Member declares, perfectly consistent with the public
with. It appears to me west difficult to understand this—
bow is it possible to have recourse to a greit increase in
the issue of paper, without at the same time restarting to
statue other measure. Is that the mode in which he pro-
Firmer to raise prices, without committing any breach of
else public faith ? We have elready bail experience enough
of that —(Hear, hear.) We have had experience of wit t
it is, and of what must be in; necessary consequences.—
(Hear, hear.) If the amount of currency in circulation is
greatly increased, no question that the effect must be to
render the value of money, as compared with other coin-
rnoditi• s, less than it was before. Though we know that
in this manner we can increase the amount of currency in
circulation in this country, we cannot du so in other
countries. and the effect it this will be, that the sovereign
will not remain here, but will pass from this country abroad,
•and the consequence of that wilt be, a run upon the busk,
wr ich must then either stop payment, or a bank reetnc-
tion noon follow. It is impossible but that every gentle-
man who reasons on this etere of things [oust ere that this
would be the necessary cum.. quenee of the proposal of the
Bon. Mee her.—(Hear.) Well, then, we come to
a Bank restriction. What wituld be the effect of that?
The Hen. INl,,iiher has nut answered that question.
states the difficulties that have occurred in this country
since 1819, but he aright t eve gone a little further back.
lle teems to imagine that there was net any distress to
the country before the year 1819. Yet every one knows
that the distress it itifie.ed before thet /retried was exces-
sively severe...---(Hear.) The Hen Member would I estwe
the Bank reetrictlon system, so that e very thing on wh ch
the contracts of the country now depend, would he at
—he would place in the bends of a commercial body the
power of saying what every than in the ere:wry should be
worth—he wituld enrich one, but to impoverish anon er.
He would:do that which must inevitably produce a state
of confusion and what would be the effect o- tha

confusion, but a great increase of the very calamity h-
.now deplores?.-(Hear.) I had bdieved it possible that
the Hon. ',Wernher had exp, rience and knowledge of the
-evils of the B ok restric•ion ; but from his. sp., ch, I
shoul.l almost fe or. that 16.-d been mistaken in the sup-
position.—(Hear. hear.) Then another plate has been
propose, namely—an alteration in the standard of the
cutren•y, hut how the mere tran•f-r f property flout on:
class of persons to ano,ber can increoie the advantages,
and tie prosperity, or improve the situati,n of the labour-
ing classes, I am et 1..1083 to know.---( Hear.) All I know
is, that the labouring c a.s a, in such a process as this,
are the first to suffer.—(Hear, bear.) Wages do not re-
gulate themselves so quickly in alterations of the standard
of value as other things, and the labourer is, thetefde,
the first and the longest sufferer, as he still works far the
same wages which he received bel,re the alteration, while
everything around him has increased in value.—(Hea ,
hear.) That was the case when the Bank restriction was

first introduced, and would be the cast: again, if that ex-
p.riment shoUld be renewed,—( Hear, hear.) The Hon.
Sleniber then turns to another part of the subject, and
seems to say that the poorslaws were innocuous up to the
the year 1814! Ido not agree with him in that opinion ;
I think the bad effect of them wis felt during the period
of the war.—(Hear.) After the famine of 1801-2, the
labourer lost his spirit of independence, and was driven to
seek parochial relief, and that continued from that period
during the whole course of the war; and to say, there-
fore, that this took place at the beginning of the peace, is
to lay that which is contrary to tie experience of *lir,
gentleman
,who is old enough to recollect that period.
(Hear.) Well, then, the Hon. Gentleman argues for
this Committee of Inquiry in this way--he says tb,it
granting sticha CommitteK would be a mere mockery, if we
excluded. from the consideAtion of the Committee the que,
tion of the currency. I fi'el, therefore, that I could not
consent to the Committee, and yet exclude question
that
from its consideration. I agree that every gent.entan who
entettaina the same views as the 1-1011. 31erober

eoznplain of a such a Committee as a mocker}. If I
threaten, nut to enter into the consideration of the cur-