The Sun.
London, England, 1828-06-04 00:00:00

did not invest the proceeds of the sale till 1823, tvit'lett. L Out
:14 :1,
I et
"Thehrb_e
ue"
tnal
country--a
:din
).e
It,
oiciw d
ati
The
excuseoihri
,(Inthipurchasedhhcdseja obattr.rvn:e s:otes,:i
increased.
I.:)rvveu,Roe
iais,ft'sli,olittr:ehlni
:I, i
ei,, them
,hroon,;intesals,:ninrrryni.:
ip:o2.luil
nosgg,brei
i.
lialtenTat.ln ,
yieldstwt.
atai
sale. set:tip; oritt eehorrintegifs,:ith,inversea
def
creased
h,hsil
with
- adjoining
eeaus itbp tdilij ioauno:rrutegt
ocotbaehvhtlwi:
sea
sa
iiit:t.itsiefirial,
the
e,qte, bra
lla
r(tle00,01;101: ,
4:a , .7, -',, t "mans
t iiv:,
a:e:diii,iblvf
toe n
iudee
given to
Ti,iiithtttradeatsenely,4,
which arise fro'
ld
And if the supply of commodities remains the stun_,o f ' • "li% linuee's ' 1
there is a decrease in the quantity of money, prices fst'r "et': The conseeitu
the supply of money remaining the same, there is 1 ailleUllt of mon
crease in the supply of commodities, the prices equel4 ';, • l'rctrves of And
It is, therefore, indifferent as to the effw ect,hether, + lwk`itive amount
a decrease in money Or an.inerease in commodities.,, t.°...t, ia.aly °i/
the htnillieidere then, it is only a question of propors 7', ,neY May exit
for their interest, it is a matter if indifference whether, '' abut the iner
.a. ' to
currency is contracted or the porta are. opened to fi'l, . tt'very Branch
importatien., This is perfectly well known to those ~ kAow, what i
framed the scale' of duties that have lately been so o', ..`re refers? Il
discussed. They were well aware that, with the pr°e- .
4„
currency to be
' amount of money in the country, in years of ordinary titi4 measUre a
ply, the prices of grain could not rise much above
,"Itek,.. ncy, 1 pro
they were before the French war. . They knew when n ~.. thiiti
framed that":scalethat:it could not practieally range al eieus althoili
above:Xs., where theGovernmeat, he did not mewl to , al;eady dot
improperly, protecting the consumer against the gral • ttlhre. •Mr. -11
fixed the duty lower than it was hist year, althoUgh crl -1„:" The good
it reached sixty shillings, it was .higher. - Let us 4,7lting money,
to the effect of
.the more or leas supply of Money On, pests,
means, he
supply of corn. From 1210 to 'lBlB the average r` littritt, and Inc
renry of the Country Banks was 21,009,000/. This, cal, a . '"tg all 14.411;0
coio
tion I have taken from Mr. Sedgniek's tables, and 1.,,,tr' " A nation i
live it is a very near: approximation to the truth. Da,
.ti'l '1(1 more misers
that eight years, then, the amount of money being was', 410, re money, bu
have stated, and 'oils, be it. remembered, perfectly 0104 11°tts in the qua
foreign importation, during the whole period wheat 7, With propor
upon an average at 925. 4d. the quarter. For the l' :44ies ; there :i,
.tight years,. from 1619 to 1?a27, the currency of the lt, fisted to their r
has been' 10,750,000/., and the ports the whole time "'!
c'Qious to induct
inetically sealed. What, Sir, has. been the price 44f Vil''
,vl4tageous whet
during this period ? Fifty-seven shillings and ten-Pe'''.' ''' lame emplo
That is to say, that the currency during the last eight Y,1„,:, •!' ,lYs the same p
has only been one-half of what it was the eight prere°;4 '4lllter cannot
years, whilst the proportion in the price of wheat, dot`a asst pay the sir
the last period, has been, compared with the form'' 413fery,. and elm
575. 10d. to 925. 4d..—(Hear, hear.)—This, Sir, wig',
not perhaps be of such serious import, were it net that, J:ce "In every I
ing this period, nearly fifty per cent, of our national °ill ter abundan
was contracted. If we measure this by wheat, we abdi ll'e.,‘ ; the 'nerd
find that for every eight bushels we borrowed in 1810, '
„4"tacturer more
'have now to pay hack, instead of eight, thirteen bushelai "Ilows the ploui
_(Heal., bear.)-4 do solemnly declare my belief that,; The facts I h
this evil he not shortly put a stop to,a convulsion Intagt,4 'itieS I have add
the consequence. I ant glad to see the Right Honourt ' ceerie in the qus
Member 'for Liverpool in his place, as I have-tie On. 44Y rate the goo
respect for. the knowledge lie is possessed of on this sule,,, Mont is tried.
and as lam curious to hear him explain the discrepar!; ir'ority of the Ri
between his opinions as expressed in 1815, and the cowilis1 itlilt, who, in
of conduct pursued by him since that period. With
,ie t,,4l't, the Mein
pet-Mission of the House I will read the opinion exnrei ',vi.g upon thi
by the Right Hon. Gentleman in 1815. ; ~r ft', the scale 0
"To think that things could return to what they o;,' I :'",et of increase
tl444te,eamthenng, the
ei
s Pt
before the war, was one of the most dangerous errors t':,
could be entertained. Our whole establishment beforetr,
u rest t hie tCv
, .! s
war, amounted only to sixteen millions ; our peace L4'o to increase the v
blishment now must entail on us a burden nearer Nig,;
than fifty millioni. 'When gentlemen talked of the 1' , ,
eZ,on '
goes,
creased price of bread, Was not every thing raised in Proi )?teatleman twee:
fortion ; and that, not in consequence of the high PriCepr i'lt that the wit
bread, but of the amount of taxation? It is impossible ~._.laa, even if th,
the country to return to the prices before the war.. It ''' ‘lte 4 the circul
been said 'that the remedy was to lower rents; but tbelr:e The smaller no
:„::iionutsltwo coiwrcia:
portion of the gross produce of the land which now et., greater rapidity '
to the landlord, however represented is money, is noW'
than it was in 1792. ,Previoes to the war, a far Mer cod, i therefore, the c,
sidered himself requited if he made three rents • nevi, 'l' previous
ii five-r
necessary to make five rents, or he would Oct be able to
on ; even if the whole rental of the country were reinit.ao ,',I effect, be I
it would be impossible to return to the price.; before '",t "I the one-poutt
war. He was not afraid to deplare, that the people ntur, extensively in a
not expect, be the law what it might, that with our hutal rqurn mote qui
dens, the price of bread can ever be less than donlkle 0' "turd them less
leaves before the war." •
. . • a
It wins,' however, that since uttering this the iligd •4t e enabled to pa
Hon. Gentlenian too found the urt of working miracles,, '4 their hands,
not only did he do that which he declared impossiblee---, fore liberally.
duce the, price of wheat to what it was before the war
,c nothing more th
but by tampering with currency brought
One time so low as 423. ; a priee,as I said before, jt.bad uhe tlteulation. I
To stop this at,
been at before since the Revolution. Let us examine .t !louse to the re:
effect of this upon the different classes of the communlitlo; tion of the 1/.
I will take the landed interest first. The increased 111,1,y urged by those v
of money bears down the rent, and at the same .time su .
0 44 small notes le
to all the fixed inc'umbrances, which I will boldly content iAll the authoriti
were the greater part of them incurred in a depreciate,' letter of i 826, 0
currency- during the war. The landlord had thus l'':
134uica Commit
rents reduced 25 per cent., whilst his fixed incumbrancf: %whose name
had been added to 30 per cent. What can a landlord
Fre
44 of Dr. Adaw
situated do ? He must either contract the hospitalityd •
0 paper into gold,
has been wont,to extend to his neighbours, or live degra b• 0 41
-Ply sufficient
in the eyes of. the world, or suffer his debts to eat out i , et,
ej t}l:-/ or may not
property till it came into the possession of some turti ve h 1.4 not sanction
it down '0
man. Attempts similar to that we have been making juii Z7.llaced upon an
before been tried in other countries.. In the time of Lod -.4ed any other
XIV. in France it was attempted, and the result is descrl; Nil to the Bank
by Bourdonnaye to have been such as it his been, here. . tilt too much, v
A; tro 4
value of money changed g 7 per cent., and the greatest •••I
ivo tl complicated
was experienced by eeery class in the kingdom. Therssnit,,,.... ~plea,,_ from ~chat
the debasement of the standard to the amount oft 7 pereen-tee 17 qui argument
But this, Sir, is' beside the question. We have mgnoar ,rely to give r
effect produced on the landlord ; let us now seethe lOC -, . leul me to turr
le %I
in which the labourer, the great working clam of 'the Cora,
it 4 panic is le
munity, is affected. The Hon. Member for Aber op ember in the I
showed in 1826 that the consumption of those coo° a bs,-'el, a thing as
ties which that class principally made use of, as malt, sag r,q,l'iciples npon
and tobacco, notwithstanding the increase of the 11141 rtaitl,them the
tion, so far from having been increased, had in many t' the 14,t their issue c
dimioiehed. The value of money certainly regulataa„,,,, ptrireat4:l;,,...o
price of bread ; but that is a small part of the cons"'"rre, itlehind.:they a
tioncif,the poor man; far the other articles which he. be ,pl'e most formid
quires and into which taxation largely enters, canon` and ,th excepting t
come cheaper. His wages become effectually reducer' lug i,;tolefedi 1„ II
Of the currency, coupled with the increased taxatiAt itev
Ltl4l, stances.of th
large.
his degradation follows. He finds the change in the Y. , :
eh:tremor' tqake,
fectly uhbearable. Now let us see what is the effect °' „
is
l'itdoe, iiif ie& ti
y siy, Sir, that at this moment the counter; ~lieeted, arrseit
system on the tax payers, ola the great body of the natty.. "One
gteatli
point of far., more heavily taxed than it was during 0s '
L4,3ie value. -1
were almut 81,400,000/. The extent of the deprej,:sf,:et
most expensive years of the war. In 1813 the spun ~‘rtatiorts that's
11;014 and "silo
was 36 per cmt. Now our taxation is between un,,,.. •,-"iieti iiiirltaibi
and fifty-five millions, paid at the Mint price of goda,
,th, ' iti.htillion*
If we deduct 36 per cent. for the depreciation fro 'l!4'neVirt• alter.'
81,000,0001. paid in 1913, it will be found that tre•t •of tt "On "such oei
then only in point of fart taxed to, the ,•aloo my the Bank;
52,000,000/. of money of the same value that we new io. 1:a-ntity ; surh
54,000,000/. of. The comparison shews tha
t this c 0
10.
,tth the credit-el
try is now more'heavily taxed by 2,00,0p0z. than. it„,.) tlPleeulation to g;
during the most expensive year of the late war.--(Clr'''ae, vgehl in . the'
I know that .the House is not very Willing to follow
103
~" But though
tails of this kind—(Hear)—or, to hear long . quotattcliay ~,'th its credit it
'hut I ant anxious to chew that lam not setting tiP of t`lY•want of cot
~ a
the currency must lead to: the mast injurious consequ oes 4.:` In 1793, it
theory a ray own, when I argue that the contractioe„
There is a passage Of LaCke's which bears so directlY,,,l'ot thud for guin
the present state oVitis country, that it would al.-flow kl'ltth 27 livres
tki in reality th
iteQ A
seem to have been Written with. a veiw to what ig
he v.. at this
passing. He sayi— . 0.10 1,, '4ess away, d
" The exigencies and or of money not leesening
eol, ;14 II speedy ref
its quantity; and it being in the same proportion to l) ler 4ow „6,,,,,e,
ployed and distributed still, so much as its quantity 130 0 41 0a,,„1 &mini,
sened, so much must the share of every one who oltler 11, I°.lldens 011
. and falling short, people have iley ja ,:41til had are
right to this money be the less, whether he be landli; for 'll'll orders not
for his goods, or 'labourer for hie hire, or inerchatov, 11.11* general, a
his brokerage. The landholder usually finds it Orsttet ea e 4 in *effect fo
as formerly to lay oot, and so less ulatj- est tl4*, without az
The labonrer feels knext, for whO'er'i
• r g° ta.
brought to Market, by Which the
price of thing tbe k `5ll of its re
cause
money
yy failing
0.
landholder's ratlt falls, he must either bate the laKchot htbber of Ban
wages, or not employ, or not pay him. The oar oat, ~ evil was goi
feels it lest/ and will be sure to leave our native con3o_, , le',,Y Wisely step
ties unb,ought. on the hands of the farmer or manss4ii. 1" i, v.;telsequar la
~ People nsitpereeiving the money to be gone, 0 litoA ri'll merchants
11%1444* Ahoy,
be jealous one of another; anti each suspecting FlOrraill ikk to Rive. T
neeeesarily falle
inequality of gain, to rob him of his l'a-,e, iseity !0°• ' if,. 1
~., ' i - to r 5 le, ~ 4 (In y
be employing his eltill Rd power the best he can the csci(td. • °solo,
trie7e it again, and to bring money into his pocket in I,llll't of what V
salne.plenty as formerly. hoe t,IL towel and 1
" But this is but scrambling amongoti*:,(o, and shor' et,11!4, saved il
no more against our wants, than tIsS pulling off 3
614 iitti It', and Gol
coverlet will mpingst children that lie together, Pref9sa , 1, Profit."
them all. from cold: Some will'starve, unless the el tiq 'ere then is
4
of the tainily provide better, and enlarge the 1,04 I sir' Which ''lr
Iti "'ease of •
Ter ing. . PI faet "'ease of tl
.
rt Ilia 114111%1 andcnntest is usually between the
nov
ilertviltich I do
man and die Merchant, with whom.r join the nicniead",/ 0 Poy,li mention
The landed man finds himself aggrieved by the i:..ltirlbe tel woe art
/nonrents and the straightening of his rtnoe, wniteriee4 aa 411 they hae.
ied num keeps up the nits ,I en. the merchant
_ti,i_ ify I,l„tnedie, for ,
and grows rids by trade. 'These, he thinks, steal bore . theirm.:2s the
cod
cooly, into their pocket, build their fortunes tin hicls_,,, I Ilp,sit'NlSure, w
acid engross more of the riches of the nation than c nor, r„ir.; Yof one-p
their share. He therefore endeavours by law. to liletpt; .....icTnnediatel,
the value of land, which he suspects lessened by theme, 00 4' ' neers.)_l'
- pot
°,l of ti
excess of profit ; but all in vain, the cause is mistaltll,4 t 4,
ex a these not
the remedy too. It is not the monied man's, gal' 4tater° to
""
makea laud fall, but the want of money, and 1e5,9•13'. In emove