The Sun.
London, England, 1821-06-09 00:00:00

FOR TIIE SUN.

GN THE PAST AND PRESENT 'CIRCUMSTANCES
OF THIS COUNTRY,

"PYITiI 3 VIEW TO THE RELIEF OF AGRICULTURE,

MANUFACTURES, AND COMMERCE.

•
(Continued from our Paper of Yesterday.)
Within the last six years we base seen the
afflicting effects of losing from circulation the
gold coins which were issued instead of notes,
white the Bank of England has been obliged to
diminish the amount of circulating notes to pre
pare for cash payments. In profound peace
what have been the distressing consequences of
this double compression ? How much more dire-
ful, how far beyond the power of imagination,
had been the consequences in the midst of wide-
preading war, and many internal difficulties ?
Upon the whole therefore, if it be established
as a valid principle, that the depreciation of the
value of money has been occasioned by the effects
of taxation having increased the component parts
c.f price to four, namely, labour, taxes, rent, and
j•rofit ; if upon all other grounds it was either un-
founded or inconsiderable ; as the market price
of commodities ought to be sufficient to compre-
hend retribution of taxes, as well as labour, rent,
and profit, to enable the producers to live by
their industry ; as the community is chiefly com-
posed of labourers, producers, traders, and mer-
chants, equity towards the great body of the
people would suggest that no controul over the
circulating money be exercised to attempt to com-
mand the cheapness which formerly existed.
This can be only beneficial, principally, to rich
consumers and fixed annuitants ; but cannot be
perpetuated, while the amount of taxation re-
mains the same, without becoming more and
more the cause of the distress of all producers ;
converting mastery into servants, and servants into
paupers ; continually lowering the level of natio-
nal adversity. •

-The same view of the depreciation of money
would also suggest, that no controul over the cir-
culating medium be exercised upon the assumed
principle of keeping down the market-price of
gold in case of falling exchanges. Such a fall
must be the effect of payments becoming against
England upon balance. In such case, inrtead of
contracting the circulating money, and checking
the exportation of goods for paying the balance,
policy would dictate the liberal increase of Bank-
notes, in order to animate and stimulate enter-
prize towards the exportation of manufactures for
paying the balance by means in the greatest de-
gree promoting the industry and prosperity of the
country.

It is true that part of price which consists of
labour is reduced -by the existing abundance and
cheapness of food ; on which account manufac-
turers and artisans are in better circumstances
than when the fall in the price of goods was sud-
den and unexpected, and the price of labour had
not yet accommodated itself to the lower price
of provisions. For the same reason the growing
price of corn must be somewhat reduced, not-
withstanding the increased poors rates. But un-
less that part of price, or expences of production,
which consists of taxes, be reduced, cheapness
cannot be combined with national prosperity in
all the present circumstances of this country.
Regarding population and the occupations of
the people, England, about the middle of the last
century, was essentially an agricultural country.
Scotland then depended upon England for a con-
siderable annual supply of corn. Our cotton ma-
nufactures were trifling, even compared to their
circumstances in 1782, when they annually pro-
duced goods amounting to about two millions.
In England the great body of the people were
chiefly agricultural; in Scotland and in Ireland
principally pastoral. According to the Par-
liamentary Returns estimated by Mr. RICKMAN,
the population was,