The Sun.
London, England, 1821-02-23 00:00:00

mittee into the error of which he complained.—
The calculation that the difference in the pric'e
of gold would not be greater than from 41. 2g. fog-
31. 17s. 102 d: was founded. on an erroneous view,'
the effect of which the country had much cause.
to lament. With respect to the. state of the Agri-
ctiltOrists; he had heard the Noble Lord (Castle-
reagh) declare that he would not _object to a
Committee to inquire into their Situation, pro-
vided the Committee did
.not iliqUire into three-.
things—the State of Taxation, the Corn Laws
and- the Currency. . Now, he would object to a
Committee of that House going up stairs to con-
sume public time, when they could not hold out
any hope whatever tothe country.- It was better
for the House not to deceive itself ; the danger
' was-excessive, the country-stood on the verge Of
a great precipice, and Parliament ought, man-
fully 44.'104. into its situation before was
too late—(Hear, hear o—For himself, he bad no
wish to alter the principle of the Committee, if tire
country had the power to go through it—;(lle4r;
bear !)—IIe was one of those who endear6urfd
to bring the country back to the legitimate stand-
ard of, its currency ; for Ile was convinced -that
the, discretionary standard 'Which had existed be-
tweek the Bank-and the country tended to lead
the country to its ruin. At the time the Report
of the Committee bad been brought down to that,
Rouse be•*as of opinion that. it would have been
impossible for the country Coretnrn to its ancient
standard ; if that were his opinion then, how
much more forcibly, with the experience of the
last two years before him.. must be his opinion
now ? lie was .convinc:;d, that_ the measure
which the Committee recommended, produced
great and universal distress, it took away one-
third or one-half of the capital of every, man,
merchant, or ship-owner engaged in trade. its
effects upon the-farmer were not less severe ;-,he
was convinced that the- evils of which the far-
mers complained, were, to a great extent, cre-
ated by the change and -vacillation_ applied
to the currency o, the country for the last
twenty years. It left nothing Steady -or Per-
'rnituent—it raised and it depressed.ihe 'vahie of
property. In 1816, in consequence of the grant
issue-of Paper, prices immediately rose and the
farmers- saw.goed times attain ; depression sac-,
deeded, but vain, hopes of future prosperity re-
mained. Those hopes led men directly to their
ruin—those treacherous hopes of brighter days
were created by the Paper Cuirency, and greatly
tended to aggravate tire evils of the system—not
merely with respect to fawners and tradesmen,
but country gentlemen. He would put alarni-
liar. instance Of the nifects of the Paper Currenry.
In 1816, an individual possessed an income of
60001. per annum ; he owed 20001. per annum,
leaving-I-6m a sum of 40001. per annum to spend.
The average price Of. corn in 1816 was 100 s. the
bushel, and his rents were duly-paid. , Corn falls
to what he had no doubt it would ultiMately
reduced to, between 40 and 50 shillings the bush-
el—thus- his income' is reduced from six thdu-
sand pounds to nearly three thousand pounds- a
year—leaving-him but 1000/. instead of .40001.-to
spend. For the relief of such a Man, it would be
in -vain to interfere with the ptiblic creditor ;
taking away one half the interest of the_ public
debt would not. relieve him ;' nothing could re-
lieVe -him but high' prices. Anxious as he was to
give every relief to tire agriculturist, he yet would
not lend himself to the delusion of the Commit-
tee, which would be restrained from examining
almost the only questions worthy their attention.
P. GniNem:a regretted that his Tionouia-
ble Friend did not reserve. hiniself for a -.fitter
occasion.' • He had 'stated that the Cthmnittee had
been guilty of a great error ; he (M.r.G.) Was one
of-that-Committee, and without, at all:going' into
the question, he must say that he differed in 'that
respect with his Honourable Friend.' • He'wns,Uf
opinion; that every thing whiCh happened since
1810, demonstrated the soundness of the opinion
on which their Report had been founded; it Was
not correct to impute to the.measu'rerecoMmend-
ed by the Committee, any part of the distreSs
whiCh pressed upon thd Country. • Before:the
Report.of the Commit tee.Fiad been broughtdow. n,
the Bank Of England had the -optien to issue the
coin of the realm, but the Banks of England and
Ireland were about that time 'restricted, and. it
was not at present in their power to pay sums of
a limited amount in specie. lie looked upon it
as desirable that the restriction should' be
remov-
ed, and that the banks of the country shOuld'hale
the option to pay in gold. ,

• FALtcE explained ; he said that be would
not have entered into the statement which he hart
made that night if he had not received the ell.•
couragenient of the House.

Mr..llustussoN'expressed his regret that the
Honohrable Gentleman :should have So suddenly
lwought the House into the discusSion of a silt,-
joct which required to be handled with much
caution. Ile was never more surprised than, OR
coming into the Ilonse to find the. lonouraCe
Gentleman speaking on the subject of the Cur-
rency of the Country, at a time when the floino,
was generally employed on private business; such
a course of proceeding he laoked upon as ert-
tremely irregular.
Mr. I! ints“ cohceived that his lionourale
Friend (Mr, Ellice) had done a pnblic good *by
bringing. the question before ate House, and by
habituating the House to the consideration of the
subject. it waS not a subject to be. settled tin
what was called a grand flebatc, it was a subject
that required great consideration, and the Nome
should not shrinkfrorn the avowal of the truth.
Ile (Mr. raring) wus not disposed to touch the
'air which had been, lately made upon the snh-
iect, at least so far as would in the slightest de-
Gree amount to a breach of the pubiic-faith; yilt it