The Sun.
London, England, 1819-05-28 00:00:00

LITERARY REVIEW.

All ADDPESS: to the PUBLIC on the PLAN proposed by
the sEcRET COMMITTEE of the HOUSE of COMMONS,
for cxateioillg the AFFAIRS of the BANK.—By EDWARD

( OOKE, L'q.

Above is the molest Title of a very small Pam-
phlet of very great importance to the most pressing
ii‘terests of the whole British Empire. Its Au-
thor is wtll known to his Countrymen. as Otte of
-Mr. PITT'S Colleague-Statesmen. ile distin-
guished himself greatly timing many years prior
to, in, and after, the periods of the Rebellion of
1798. lie was also one of the chief promoters
of the Union. Ile. was their in 'the situation of
Secretary for Irish Affairs ; and, doting 00 in-
consirltristile period of our late contest with
France, filled the Office of Under Secretary of
State tor the War and Colonial Departments,
rents unquestioned ability. Thus inut:la we pre-
Wise, to impress the Reader with our own con-r.
viction, that he will discover throughout this biief
Publication, only the soundest and most States-
man-like %keys, grounded on a lock of facts, ren-
dered plain and cor»prehensible to every oue•—
ln addition to the Title by which Mr. COOKE has
thought fit to designate hisimemorial, he should
rd,o, in justice to himself, have added " the
real cause of the high prices of all the necessaries
and luxuries of life and of bullion, the imniittent
tionger of forcing a return to Cash Payments by
the Bank, and the expediency of some new arrange-
ment of the Currency." When we astute our
Readers that all these topics ate adequately dis-
cussed in the compass of 70 pages, they must
infer that it would require the powers of no
common mind, thus to condense matter, which,
for so great a number of years, has baffled the
efforts of all our Politicians, and now threatens
the Commercial, Agricultural, and Landed lute-
rests, which have borne us triumph a tidy through
the horrors of an Unprecedented and Revolution-
ary Warfare, with almost immediate destruction.
Not that we apprehend (though we cannot but
feel anxious) actual Ruin ; for we think with the
Author of a little Pamphlet, published in 1812,
eat itled Hints to all Classes on the State of the
Country, at this momentous crisis," that it never
will be actually ruined, unless tire middle class of
Society is annihilated ; and, while th,st is nut the
case, this Class will, on any great emergency which
really calls forth the energies r. the People, FURNISH
VIRTUE AND ABILITY SUFFICIENT TO RESCUE THE
COUNTRY FROM EVERY IMPENDING DANGER.

It appeals that in the eloquent and ingenious, ra-
ther than able, discussions of this matter in both
Houses of Parliament, the speakers all studirmsly
avoided noticing Mr. Secretary COOKE'S powerful
facts and 'arguments, because, bad they done so,
they must have refuted them, which seems to us
impossible. Mr. PEEL, indeed, alluded to them,
but it was so slightly that he had better have
omitted the notice altogether.
For our own parts, e have delayed entering
on the inexhaustible theme, from a belief that the
wisdom of Parliament would have thrown such
new lights upon it, that all further consideration
would have become unnecessary ; but we confess
that we retire from the deliberations of our great'
'ational Councils merely in state quo ante, and
therefore consider it as our duty to submit our
lamp-light reveries to the country.
it is oow of necessity-admitted that Gold, as a
commodity, is variable in its relative value at
market ; yet the Committee and the Legislature
say to traders ill it, '' if you want to boy Gold,
you may .buy it now at the price of 4!. 13. under
a certainty, for it is to be rendered certain by en-
actment, that you shall only be able to sell it at a
twilit! period at 3!.- is.„10(1.'! Now this' is a view
every shopkeeper can understand. " What,
(tie will say,) buy at 4/. IS. to sell at 3/. 17s.
10d. !" '1 his is the effect of Gentlemen legislating
for practical 'Traders.

As we wish to follow our Author's admirable
example, we will endeavour to compress this ar-
ticle as much as its importance will permit, and
with that view we will extract his proofs without
corying the details on which they are founded.
0.4 ex-official Author, in reference to the 'colon
of his Pamphlet on the high price of Gold, says—

• ,
" I therein described the tine nature of the standard of our
gold coin, unikr the law and the royal prerogative.
" I proved, that the rise in the price of Gold could not be
attributed to an excess of Batik Notes in circulation ; as the
a4munt of our circulation was extremely deficient in compa-
tison with the proportional circulation before the.war.
" I suggested, that the increased price of-Gold Bullion, as
the increased price of all other commodities, arose from oar
augmented taxation.

I demonstrator(, that any reduction of the quantity of our
currency, by increasing its value, would proportionally in-
crease tf,e rabic and pressure Or our tau,s, and thereby pre-
vent any decrease of prices, Which such a measure might
seem to promise. . . _

I pointed out the evils which were to he apprehended,
and ,Which are already in a degree felt, front the reduction of
th, amount of our currency, and that further rednetions
could only lead to stagnation of credit, and deo ease of acs i=
city, and to genetat non-production.
Arid in order to prevent these evils, which apparently
must follow front a scarcity of currency, suggested that the
hest/hie for the country to pursue, Was to Allow the course 01'
thn market, and, under wise regulations, to enable the Bonk
of 4'nbriaurt to tlLychutere their Notes
,AT ALL TIMMS, in gold,
at nuirket price.
" According to the line which my duty pointed
.out, I
caused my suggestions to be conveyed to the members of the
Committee, in order that, before their ultimate decision on
the great questions before them, the value of such sugges-
tions, it atiy, might be appreciated."

Couid any conduct have been more liberal,
more pAtrioitc than this ? Has the resqlt proved
that tic value ot his suggestions" has been" sp-
- preci,ded ?" Yes ; they have been appreciated by
the practical, the commercial, the mottled, the
rradme, and the manufacturing interests ot the
metropolis, loiwever disregarded by the wisdom ot
the Secret Committees and those who are about to
legislate sun their recommendations.
It may be worth while to account for the ilis-
regal d shewn to suggestions so rational, and
coming trout a quarter of such high authority.---
'I hose %eh() lead in the Committees and in the Par-
liamentmy discussions which have taken place on
the Bank Restriction, &c. seem, for the most part,
to have formed in their mindscertaio systems which
they hove adopted with all the enthusiasm, of pa-
rental tolidlicli and absurdity, and one couse-
yie.ice is, that all their views have a tendency
ratntr to establish their own theories, than to as-
certain, impartially, what will be the best measure
ex,rwaie the Country front its difficulty. :the
dcky, ut publications no the subject, trop

* It is stated in the Iteptitt, that the Bank desire the re-
pftywcilt of these 10 million's, lout this request seas founded on
the suppt.sitifin that they were to apply large aulus for accu-
mulatiog