The Sun.
London, England, 1828-06-05 00:00:00

SPIRIT O 1 E PUBLIC JOMVALS,

The dslate on the motion for restraining the cit.-
ealation of Scotch small notes in England after the
extinction of our own It. notes, was of a very satis-
ractry nature on Tuesday evening, not so much on
asseount of the insulated measure under discussion, as
for the light thrown- upon the small note question
generally ; which turns out, as, we have always pre-
dicted, to be a matter of no great moment. The
small notes have, upon the best calculation, so dz..
• crpqc.4l in number, from the measures taken prepara-
torily to their final recall, that there are now little .
more than two millions in circulation, the rest of the
circulating medium amounting to *beet sixty-five
millions ; so that the question is actually decided.
When the remaining two Millions shall be positively
withdrawn, probably the place of a quarter tf them
may be supplied by notes of five pounds, and for the
rest will be substituted gold, of which there is even
1101 V such an abundance, that the small notes might,
we verily believe, be withdrawn at four-and-twenty
hours' notice, and no sensible effect would be pro-
duced; whereas by the measure nOw in operation,
some of them may linger in the market till they are
worn out, and most likely will do so, as it is *fly
when once received by the issuer that they cannot
be re-issued. There has been even an excess of
caution in this affair : but the 'measure which is now
proposed by Mr. Goulburn rends yet farther to pu-
rify the circulation of England, for the Scotch had
1/. notes long before the suspension of 'cash pay-
ments by the Batik of England, and such notes cir-
culated pretty. freely in our northern counties; but,
from the passing of the Bill, such circulation is for
the first time prohibited, or rendered penal. In the
mean time, while matters are in this happy train, we
observe the good people of Lincolnshire.
" Verveemn in patria, crassoque sub arre natos,"
assemblin in good sober dulness, to petition Par-
liament "'not to withdraw the 1/. notes." There
is in another cohtMn of this journal, a report of such
meeting (certainly not apuhlie meeting) held in Lin-
coln a few days ago, for this very purpose of peti-
tioning Parliament " not to withdraw the I/. notes"
—meaning thereby the I/. notes of the private banks
—from circulation. The meeting, we are told, ori-
ssinated with the " farming interest." To be sure
it did : the thing is all in character, it is all in strict
keeping, and the motive of such petitionelst is as
clear as the sun. Rents must be kept tip by all
means. The landhirdS must he glutted with in-
come, as old Renault with blood. That high rents
may lse paids high prices must be forthcoming; the
farmers must have high prices, that the landlords
may have high rents ; and to secure both these nui-
sances against the consumer, and agninst the whole-
some part of the manufacturing and commercial in.
terest, the farmer must have plenty of paper credit
from the country bankers ;—that the same country
bankers, again, may have plenty of profit from dis-
counts both to farmers and to dashing speculators in
trade, the private bank-note system must be ex-
tended by every contrivance, however improvident
or nefarious. Thence comes the combination of
petitioners for 1/. notes,—the landlord and country
banker behind the curtain.—in the fore-ground the
farmer and secomkate merchant,—crying out for
something to " stir up business, and give life to
commerce." Alas! it is a *retched business and a
desperate commerce that can or ever have by such
foul means been enlivened. .It is, we repeat, a
ruinous expedient for staving. off the evil day of re-
trenchment and integrity in our national con-
...ems, as well as in those of individuals, to set
up this abominable system of accommodation—of
pure kite-flying—of paper promise, and rotten enter-
prise—and to call it a "support to credit." That
credit. which is well founded, and which alone ought
to exist among men, requires not the aid of 14 pro=
raises to maintain it. The man who is unable to pay
his workmen's wages in golden sovereigns, or in
Bank of England notes, ought to be spurned from 1
the doors of Parliainent, when he asks to be kept
upon his legs by a law protective of a current; :' %%Ariel'
represents, not his resources, but his wetessitieg
not his property, but hi* poverty,—and which
accommodates and encourages the scheming adven-
turer in his frauds upon the rich, who are dazzled by
him, and on the poor, who are compelled to trust
him. It is obvious from the report of the,"accommo-
datien" meeting at Lincoln, that had the worthy
tradesman who moved, and afterwards abandoned,
the resolution demanding retrenchment from the
King's Ministers, been altogether free in his own per- I
son from the pervading influence of the banking con-
federacy, he would have spoken more boldly, and
acted with. more decision. As it was, he opened
one beneficial view of the duty and interest of the
parties who assembled, in pressing for a petition to
retrench. With regard to the objection against a
gold currency, because the public burdens were im-
posed in a paper one, we have to observe that the
amount of taxation has been reduced since the peace
in an equal ratio to the fall or price produced by a
return to the metallic standard ; and that a re-opens
ing of the sluices of paper would but lead to ano-
ther deluge of extravagance, and a further aggrava-
tion of debt. Mr. Peel, however, remains in the
Ministry the pledged guardian and advocate of the
Royal prerogative of coining, indirect enmity to the
usurpation aimed at by the pirates of the 11. bank-
note fraud ; and to him, for the present, we shall
commit this branch of the rights of King and country.
—Times.

Ministers ought to be consistent with themselves
with regard to the Small Note circulation, Either
they regard that circulation as an evil, or they do
: if they regard it as an evil, then why allow
?e?tland to be afflicted with the evil ? From the
intimate connection between the two parts of the
Island, distress never can exist in the one without
being severely felt in the other. What is the dif-
ference between Yorkshire and Durham, and Nor-
•thumberland, but that the two lastare a little farther
North from London ? The difference between
Scotland and Yorkshire is the same; Scotland is
nrerely farther North. If Ministers do not regard
the circulation of small notes as an evil, then why
put a stop to it either in England or Scotland ? '
we thought that a paper circulation must necessarily
produce the effects attributed to it by Sir James
Graham, we should say, put it down by all means.
A standard which is perpetually varying in dimen-
sions must be a wretched standard. If a paper
currency must necessarily continue to fall hi value,
I hat is to raise the prices of whatever is measured by
it, the consequences must be a dreadful convulsion.
But this, we contend, is only true when applied to
'unconvertible paper. The paper cannot fall In value
below the gold, so long as gold can be obtained for
In the discussion great confusion prevailed.
from the not distinguishing between o paper circu-
lation and the security which the public is entitled to
demand from those who issue notes. If a paper
currency convertible into gold have the advantage
over gold, that is cheaper and more convenient for
commerce ; what is required i., merely to ITT, date
tlic mode of issuing, so that individuals without
property may not be enabled to defraud the public.
Much of the evil which England has hitherto
suffered front the issue of notes by individuals, with-
out property, was, no doubt, caused by the monopoly
of the Bank of England and the throwing the
and improving at the same
trade in Banking open,
time the law of Debtor and Creditor, miidat no doubt
to a certain extent operate as a rernedy for the evil.
—But still it may be doubted whether, under any
circumstances, it would be advisable in England
to allow of a circulation for which a ?rerim;
guarantee has not been given. But then small notes
form only a part of the circulation, and the evil of
abusive circulation of paper has been witnessed in
England when no small notes were issued. The
famous panic in 17.91, which led to the combination
in Lancashire rainst paper circulation, tosk place
while there were no notes in England under 5/.
and in Scotland, where there were 1/. notes in ch.-
ciliation, there were no failures, and no panic.--
here can be no reason; then, that security shout I
not be demanded from the issuers of large notes
well as from the issuers of small notes. In the edi-
tion of Smith's Wealth of Nations recently puL-

lishea, with Notes by Professor McCulloch, in the
Note IX., on Money, this subject is discussed at
great length. "It cannot be denied," he says,
" that a paper currency is preferable to a gold one,
provided the paper is in every respeCt equivalent to
gold; and it therefore follows that oar object ought
not to be to force the substitntion of gold in place of
paper, unless it can Ite shown that there are nn
Means of ratablishing the latter on a surer e iounda-
tien•. But so far from this being the case, I am
entitled to conclude from the statements contained
in the third &ction of this Note, that a cerretitY,
tc*HtiPting wholly of paper, may be tittlo in every
'respect as secure as gdld;'and that it may be issued
so as very matetety to lessen the shocks that must
be given to confidence and credit by a 1..11 in the
Exchange,
tkehange, when the currency consists Who.ly of the
precious metals, or partly of then and partly of paper
immediately convertible into them. The suppression
of small :Toles will certainly shut up one of the easiest
el:annels by which the inferior order of Ceuntry
Bankers get their notes into
.irettlatinin; and will
prevent the poorer claY:c, wno are the principal
holders of small holes, from directly suffering by their
failure, liut as a means of affording adequate security
to the public, the measure is completely rte.: gory and
ineffectual. This is a point's 10 which the expe-
rience of 1793 renders it impossible that there can
be any dot 'or difference of opinion. There were
then to notes either of the Bank of England or the
Country Banks in circulation for less than 5/. ; but
did that limitation prevent the 'Violent revulsion of
that year, and the stoppage of more than one-third
of all the existing Country Banks ? Nothing then
can be more perfectly visionary than to stippose that
the mere suppression of low notes elm gi'vti stability
to the pecuniary system of thZ country. As the
law now stands, worts for five pounds or upwards,
may be issued without check or control deny sort,
by any knave or impostor who can contrive tb cre-
ceive the unwary, or to get himself falls credit. If
such a system be allowed to continue—. if every
cobbler or aheesemonger, who chooses to style him-
self a banker, may usurp the Royal prerogative,
and issue money at his pleasure,' it is test possible
that we can es,ilpe the in.,,eleant 'recurrence of re-
vuhiionl similar to thbie th'at happened in 1792-3,
in 1814.14, end 1825-6. We de not want a system
that will alto:LI Banking establishments with large
capitals to be set on foot—for there IlWays have
been, and are at this mornettt-, n great number of
such establish mente in England—but a system that will
exclude the possibility of discredit and bankruptcy,
by preventing every individual or association from
issuing notes which have not been previsusly gua-
ranteed.

" It seems, therefote, to he indispensible, either that the
Country Beals thould be compelled, at has been 'priViously
proposed, to give full security for their issues, of that their
paper should be suppressed alftether, sad the paper of the
Bank of England -eto4.ilAtted in its stead. Either plan
would reader taper currency equivalent to gold ; and as
the saus, 'means that are required to give Fecerit7 tne
51'. and 101. notes of the Country Platt might, supposing
that these establishments trete allowed to issue paper, he
with equal facility 'Matte to apply to 1/. notes, there could
be no pretence rot withdrawing the latter from circulation;
so. that the country would save the whole expense of the
metallic money that would otherwise circulate itt their
place."
The measure of Mr. tloulburn is petty, and
every way PA:tailed for. We confess that there
were many things in Mr. Huskisson's speech which
seemed to us utterly irreconcileable with any prin-
ciple. One-pound notes to him are, like the Wind-
mills to Don Quixotic, molt foiliiidahle giants.-
3forning Chronicle,
A shanvetal, in our-opinion, and infamous proCeed-
ing was yesterday enacted in the Port of London—
we mean the despicable trick of inducing the master
of vessels in port to hoist their colours in honour of
Mr. Huskisson'r, resignatiflu, because, having been
the author of commercial treaties, and the promoter
or reciprocity acts, he was no longer a servant of the
CroWn,- and could not extend any more ot his bene-
fits to them. It is not a 'symptom 'of generosity at
any time to triumph over 'a fallen enemy ; but the
proceeding becomes still more ridiculous and inex-
cusable when it is considered, that although Mr.
Fluskisson originated the obnoxious Measures, al-
most all the Members of the present Cabinet, and
most certainly' he Who dismissed Mr. Huskisson from
his late office, gave their sanction to them, and are
equally responsihle with him for the consequences.
The Duke of Wellington, in fact, has as much rea•
son to feel aggrieved at the petty triumph which
.was yesterday enacted as Mr. Huskisson ; and we
shall—as we are sure the country -will generally—
be pleased to learn that he treats those who promp- 1
ted the proceeding in the same unceremonious man-
ner as he has done the late Secretary for the Colo-
' nial department.--Morning Adtcrtiser.

The debate which will decide whether One
Pound Notes are to form in future a branch of our
currency, is expected to be resumed this evening in
the Ilouse of Commons, The moment is, there-
fore, come for the friends to the comfort and prospe-
rity of the industrious classes to muster in their
strength. The abolition, as a nuisance, of that which
has hitherto proved the only effectual remedy in
times of difficulty and distress, is, we fear, a settled
point with some of his Majesty's Ministers ; and when
all appeals to their good sense have failed, there re-
mains nothing but the agency of political or repre-
sentative power to rescue the country from the ►m-
pending danger. Neither is the contest without
• hope. All the might of the Government was once
' united and exerted to perpetuate the Income Tax.
The country felt its peril, its Delegates did their
duty, and the permanent burthen was thrown off.
Equal will be her success now, if her friends are
''equally active and devoted. It is not an idle feel-
ing that makes her view the projected change in
her circulation with alarm. She proceeds on the
broad basis of experience—she adheres to a system
which works well—and she sees no reason and little
safety in abandoning a positive good, to return to a
state of things, the regular operation of which has
been to render that necessary after immense suffer-
ing, which she may now retain without any suffer-
ing at all! Let it not be said, therefore, that the
abolition of small notes is to increase her security.
Small notes convertible into gold are as secure and
more elastic a description of currency than the most
abundant supply of the precious metals. Nay, they,
are at this moment, in parts of the country, more
valuable. It is a fact, and one both remarkable and
important, as it bears upon the question, that in Li-
verpool, bankers and merchants will now ask one-'I
fourth per cent. less discount if you take gold, than
if you require notes. With such a proof of the
superior estimation in which a paper currency is
held, and of the boundless confidence which it
creates, is it too much to ask for inquiry before a
system so approved, so convenient, and so beneficial,
is broken up and extinguished ?—.New

CRIM. CON. EXTRAORDINARY.—A sailor,
who had been bred to the sea from his infancy, happening to
come on shore to see his frientals ~i ini a short t
, netwitliayionng woman to
whom he paid his addresses,afterwards,
they were married. They lived together veryre
the time arrived when the tar was to sail for India.hpilAyi tillnit
three months after the sailor's departure, hie wife attracted
the notice of a young lawyer of the Temple, who,
):
presents, soon obtained her consent to live with him as
mistress. The sailor returned to England on Sunday lost,
t
and the arst thing he learnt was the infidelity of hi; wife
He asked a friend how he wds to act, who told him he
ought to bring an action against the lawyer for crim. con.
The honest tar, who understood the meaning of no other
action than an action at sea, promised to pursue hie
friend's advice, and to show his enemy warm work. Ac•
cordingly, yesterday morning, he provided himself with a
large oak stick, and sallied forth to the lawyer's chambers.
As soon as he saw him, he told him who he was, and the
purpose for which he had paid him a visit; and, without
further ceremony, gave him such a severe discipline that
he will not he able to stir out of his bed fir at least a
month to come. The tar then carried his wife off in
triumph; and as soon as he got her into the square, he
gave three dicers, to the sio small entertainment of several
spectators, to whom, and to our informant, he told the
whole &fair.

stCONWEDirrioN.
SUN OPFICE, Seven (Mod-.

IMPERIAL PARLIAMENT

eiwis VENINb.)

HOUSE OF LOitliSl

Loan Pr.uNKEiT took seat iit the I-louse this evening.
Sir* Ati`ANnEa GRANT, and others, brought up. the
kotel•Lieensing Bill;- a Bill inettable the Bishop of Win_
cheater. to fell timber, on the estate of his See', and to apply
the money ariSing, therefroni tot certain PurPoSes ; and a Bill
for enclosing Land in treat Horsham. •
Sir G. HILL and others brought up a Bill for making a
navigable canal in Ireland.
Mr. Bvsc and others brought up the Covent Garden
Market Improvement Bill.
Earl ELDON Rresented petitioos frtirn the,hthabitants of
Cheltenhami.aicilestoti in the county of Northampton,
against further conce.sions to the Roman Catholics. Also
a petition from the Planters of property in the West Indian
Colonies, residing in and near Edinburgh, praying that
before any, alteratku:i i•,hould be made in the law as
it t &Red Slavery, their Lordships would be pleased
to send out Commissioners to see how the Slaves
were fed, clothed and treated, and that the proprietors
might 'be properly indemnified whenever any alteration
took plsesk „ , •
VOA tr,DESDALE presented a petition, from a 1111.
Banks (we thought he said), on the subject Of the Leigh
Peerage, but in so low tone, of voice that we could not
ascertain the subitance.
SegTCII SSTTLPIENT 13ILt:
Lord_lloStl3tllitt moved the second reading of the
Settlement Bill. In doing so, the Noble Lord
stated, that in consequence of the great influx of Irish poor,
particularly into the western parts of Scotland, ,the, sup-
porters of this Bill,had A necessary that it should
beintrti_ oeil, and its object was that such Irish poor should
not be entitled to a settlement there, until they had been
seven years resident in Scotland. As the law now, stood,
they were entitled to claim a settlement as well as
the Scotch themselves after having res,id,l thet:e th! years.
The Foneeelpence wsa th4t !haft'' amtl. people froth Ireland,
Unable any longer to work, flocked into Glasgow, for in-
stance, that in a,short time they might gain support for their
future lives. Crowds of the younger Irish population
also glutted other parts of Scotlimd, underrated tlP:.Stotch
labourer in perforniiog tits ihnl,:e parts, and where
14,fult theli arrivals there had been no lack of evils, which
was a great evil, and productive of considrable misery.

- .
Lord MELVILLE gave his strenous opposition to the
provisions of the 13111, be objected to the principle,, and
considered that if it were evtn n, parsed it Would be
impracticable to carry its provisions into operation.
It was the first, he believed, that even siich a principle
had been attempted to be broUght into karliathent sihee
the Union; and was highly reptignant to every measure that
had beets passed, with the view of giving effect to the
legislative union He thought it would be a,harsh enact-
ment. Why should their Lordships take upon themselves
to legislate that the Scotch should he entitletV,to a settlement
after three yews mitletittl and tile Irish not entiled till after
a seven Yeah residence. The Noble Lord moved as an
amendment, that this Bill be read a seeond time this day
three months.

The Earl of LIMERICK cordially joined with the Noble
Lord who had last spoken in opposing thi3 Bill. Tht
Noble Lord who intt Muted the )6ill had Laid that poverty;and be WaS iiot quite sine Whether he bad not added pro-
fligacy, was introduced into Scotland by ship-loads from
Leland. It was quite new to him that Scotland, for which
he had the greatest respect, was not to besoiled by the foot of
an Irishman. What would the Noble Lord (Roseberry) say,
iJ this Bill passed, and the inhabitants of this country
were to r;a4j., at he bilieVed they did once say,—Por
Heaven's sake keep us from Scotland !—(Laughter.).—
He trusted that the House would not go back to
m-astires of antiquity which he had hoped were exploded
from thir countrp. It had been paid that the worthy
Scotch labourers were ousted of their employment by the
Irish performing the work for less wages—did the
Noble Lord not know, that only a short time ago
the majority of Weavers in the West of Scotland, consi-
dartd that they ought to have more wages than their em-
ployers deemed necessary, and that at that time their
Masters put advertisments in the Papers cclut over these
hishrneth-(A laugh.)---I e trusted the House would not
sanction the, • : .

Lord ROSEBERRY, in explanation, said that no, man
out of Ireland could be more anxious than he was to•have
some measuretidopted'for the relief of its inhabitants.
He meant nothing tlisrenpretild either to Ireland or its
inhabitants : it was ffnown to the great influx of Irishmen
into Scotland, that this Bill was originated, but the enact-
ments were to apply to the English as well as the Irish
residing there.
The Earl of HADDINGTON supported the Bill.
The Earl of ROSLYN opposed the Dill in its pre&
sent shape. And after some obseriations from the Earl
of BETHAVEN and Lord MELVILLE, it was agreed that the
Bill should pass through its present stage, and also through
a Committee; that. it should be presented as amended in
the • Committee, and that it should then lie over until the
next Sessions. .