The Sun.
London, England, 1826-02-14 00:00:00

and on that account—he had cherished* as the relic of a
great man. This letter was written upon the bed at Bath from
which he never rose again. The time wait about the period of the
sutpe.nsion of payment at the Bank, and the ccincluding sentence
of the letter was this ;—" Tell Mr. Pitt that if he ever issues a
11. note, he will never see a guinea again."—(Cheers.)—He had
before said that Mr. Burke was a great man, and now he thought
he had shown him to boneless a faithful prophet.. (ffear !)
M the time of the Bullion Committee the lion. Gentleman
(Mr. Baring) would remember that they were fighting in the
same cause. And when the celebrated Resolution was passed
which edged in the one pound note with a divinity which did
nit belong to it or to any species of paper.—( A laugh)—he
()ir. Canning) lent-his opposition to that step. And he would•-
ems say that an Hon. Member opposite did stand godAsther to
that measure, although he could also say, and he now spoke
knowingly, that the Hon. Gentleman was not its father.—
(A laugh.)—But he considered the existence of that resolution
es a strong necessity for passing such a measure as the one
before the House. There was still a feeling abroad in the coun-
try, as hed been 'proved by the case of the Bristol banker last
yr:motion the law did not compel the payment of these 1/. notes
in Bold. When any doubt existed upon such a question in the
nand of a well educated man, it proved thot there was an uncer-
tainty in the country, and he thought it was created by the ex.
'nonce of the resolution to which lie had alluded. It was upon
this occasion that the declaration of tho Government was issued.
An Honourable Gentleman opposite had asked, whether the
Government had not repented the sending forth of that declare
non. For himself, he 'Would answer, not for a moment. And
for his colleagues, he could answer, that they had not done so
11,t. any one period. The Hon. Member for Taunton described
tProPosied measure as being mere vapouring on the part of
the Government, and although they could not now be carried
Into effect, yet that the time might come when they would be
forced to resort to it. The time might come when the demands
of' the public creditor could not be met—he looked to the oc-
ciltrence as to a great convulsion of nature—but he would not
;1.41 that uo such a state of things could take place. But this
"g would say, that for himself, if such a time were to come, he
would never coasencto pet an end to the metallic circulation,
and substitute a paper payment in its place.—(Cheers.)—But,
with respect to a circulation without one pound notes, had the
experiment never been tried ? In one district, and a most inn.
losrtaat one, that species of circulation had never been known.
lie remembered that at Manchester, some years ago, a pro.
Poul was made to introduce the circulation of one pound
!totes, supported by names which were omnipotent in money
afrutr‘ He need only mention the names of Loyd and Hey-
wood to thew that the greatest confidence would be inspired
among all classes upon that head. Out when it was proposed
at it public meeting to establish the issue of one-pound notes at
Manchester_-without which they were told no business could
be carried on—the proposition was rejected. The population
in the district where this state of things existed were as numerous•
es that of thelnetropolis. Here then were four millions of peo-
ple who never saw a I!. note, and yet were engaged in the most
active occupations of manufactures and commerce of any Classes.
ill the kingdom. 'rise evils which the system created might
be illustrated by a circumstance which had happened in a dis-
trict near one of the small dock-yards. A deputatiOn had been
lent from thence to the Government to say that there was not
a one-pound to be had in that part of the country, that all the
banks liad gone, and no money could be got so pay the work-
men. Were not these, then, evils which imperiously called
upon them to supply a remedy by replacing such a description
01 currency by one compound of the precious metals. He would
not say what it should be, because he wished_ the plan of a
Mixed- standard recommenced by the HOnourable Member for
Taunton to receive consideration. But it was in vain to
think of Supplying gold whilst this description of paper ex-
'tette Here indeed the chiumels *ere choked up, when gold
attempted to flow in. The base must be irrigated with gold,
and the paper raised upon it. Although they should pile.
mountains of gold upon a-foundation like the present, it would
never keep its place in the circulation of the country until men
Were accustomed to use it in their common dealings, and to
rater the value of, Money to a metallic standard. The mea-
sure of his -Right Honourable- Friend would restore this
_steeling, and -he calculated to fix the currency upon a deter-
beea and immovable Wise ; so slight would
the effort—so large the benefaction. It was impossible to
look at the opposition arrayed against this measure without see-
ing that it was divided into two classes. The one—and that
the larger one—not objecting to it upon the grounds of time, or
the mode of carrying It into effect, but from an unsparing, indis-
criminate, inveterate hostility to any departure trom the cur.
trncY, aset had been established during the wan—(Hear, hear !)
To contend with these Gentlemen was hopeless, and' not to
be undertaken. They-meant a thing so totally different from
what was proposed by the Government, that there could be no.
thing gained-by argument. They were for unceasingly main-
-4,, tang that system by-which the promise was ever kept to
die eye, but-never to the understanding,—(Cheers.)-1 here
:were others who wished to resort to a sound principle of cur-
rency, but 'objected to the present time. He was sorry that the
Step bad not been taken long ago ; but it was due to the Go-
wenunent to any, that they did provide for it when a Bill was
afterwards untortunately passed which extended the time ut
which the law should come into effect. He confessed that,with
regard to ilia future, he could see no time more appropriate than
the present. -How stood the law at pres Ont ? Let those who. wish.
eel to decree the perpetual prolongation of the paper system re.
Member that, as the law now stood, it would put their favourite
H. to death in 1833. Was that a period, just at the expiration
of the Bank Charter, when such an operation as that now pro.
Posed, could be conveniently carried into effect ? In the vari-
ous recommendations of delay, some had suggested a year; and
one Hon. Member had stated that a month would be aeceptable.
Aow he Was convinced, that any delay would serve to defeat the
meilettre.—(Hear!)—The Country Bankers said they wanted
•titne for preparation. Now would lion. Members answer
that the. interval, if granted, should be occupied in making
that preparation ; or would it not be used to strengthen their
'tn, sing of opposition so as to make it effectual in the end ?
sing
• 1i0n..--Friend's countenance was too ingenious to deny
that they were already laying their schemes.—(A laugh.)—
bet they had experience of the offects of granting delays. The
House had deterniined to throw open the channels of commerce
fto all the winds of heaven and all the quarters of the earth, and
to launch a system of greater liberality in trade. In respect to
the article of Silk, a measure, of this nature was adoptedoind the
parties interested in It asked only for a little time.. This was
Wanted, and how had it been used ?..-.(llear 1)—In raising up
(le greatest • possible 'obstructions to the measure ever being
corded into effect. They had pushed their manufactures to
thA greatest excess, and iMported the raw material in such
quantities as to overstock the market., and cause a state of
shocking distress among the labouring portion of the menu-
fecturera—and this was now- to be used as the ground for de-
Mantling a farther protraction of the measure. Was this a rea-
rtonable encouragement to induce the Government to fall into
the snare a second time, anti so stultify another of their own
Theeaures. Ile hoped it would not be considered unworthy of
fly Minister, or of any Member of Parliament to say that he
contemplated the present state of the country with the deepest
pain, and with feelings of great anxiety. And much as.lie
differed from some lion. Gentlemen who had spoken in this de-
bate, he would say that there had been, on all hands, a most
Praise-worthy abstinence from topics which might have been le-
gitimately pressed upon the House, but which must haveadded
to the distresses and disordered alarms of the country. The sub-
ject had been submitted to fair and free discussion, but with
entite abstinence from all that might appeal to the passions,
and disarm them of the deliberate and serious reflection,
without which the question could not have been duly con-
, Caere& Bat how could they, as an Assembly of Englishmen,
so far refrain as not to say that they did deeply sympathise
:with the sufferings of a delis for -whom, either from acquaint-
ance, habits of connection, or from a general admiration of
their conduct, all felt what they could not express ; and upon
whose ease, prosperity, and comfort; the welfare of society
at large so mainly depended. There was an end of all national
feelings if these sentiments were not common to all. They
441 not mean to say that the measure they proposed would
go the present relief of that distress which they so much le.
merited; but it would, give an immediate protection to the
Poorer classes against the recurrence of such calamities. And,
as had been said by a King* France, that he wished the day
would come when every peasant hi his kingdom would have a
fowl in his pot, so they could say at least, that if the poor man
lied the power to earn it, they wished to see the day when he
would have, not a piece of paper, but a piece of gold in his
Peeket..--iClicers.)
Mr. PhARSE said,• no man wished for an arrangement of
public embarrassment more than himself. At the same time
its was desirous that the measures to be adopted should prove
afflictive. He had no disposition to become an alarmist, but
ne thought it possible for a case to arise In which no Issue
of bank notes could answer the purpose of the Govern..
Mont, without It came from a Coinpany chartered as the Bank
&sow( abglAnd then was. The lion. Member wished to make a
.14W Observations with reference to what had taken place on the
Inti..hiect of the Bank. He was ready to praise the mtehtions of
biajeaty'e Ministers, but could not avoid saying there had
"Veit much delusion in the speeches of lion. Members, with re-
Vett to the profits supposed to have been derived by the Bank.
--The Honourable Member for Tauntonshad.been quite incor.
• The Bank had been held up as taking large profits out of
bad POlic money is their hands, but the necessary.explanation
not:lmen given. The Bank paid money for the advantages
elweldwid-stheyadtraneed 3,000,0001. without Any interest what-
'''vers The panic bad made greatsacrifices during the war, and
it would aPtelte that all the advantathe bank. ges were not on the side of
The Hon. Member dial not wish to see the bank
:deprived of the chatter. .He thought it would be most inju.
slobs id the country whenever that charter was taken awsj.—.
Ile did at want any-exclusive privileges, but he wished never