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LONDON, MONDAY EVEN' 4G '9
- JULY 15, 1844.

tible into gold at the market price ;—that by this wane'
it became possible to extend the National Debt and
taxation enormously, and at the close of the war to dis-
charge,a large portion of the debt so created. ithat
what was called depreciation: of the paper eurresey in
that day was really nothing more than the just (Tern-
don of a symbolic eurredey, not intrinsically valuabin,
allowing the indirect taxation-existing in this country
to be added to natural price, that is to say, the
pound to become less available in the purchase of
commodities in exact proportion as the price of suer'
commodities had become enhanced by indirect taxati,,ii.
This state of the circulation, which is calculated is
facilitate foreign as well as the home trade, existed from
the year 1797 to 1819, when the system of such sym-
bolic money was abandoned, ;kad it became impos-
sible in future, to any just extsin, to addindirect taxa-
tion to price.
That from its scarcity, and limited extent as a cere-
modity, gold, is not desirable, will not • suffire, 'and
indeed is Unfit as a medium of internal oil culatietirz
hi this country ; although a most suitable com-
modity for_ meaauring, the transactions anti in-
terchanges of nation with nation. That to adopt
gold at its natural value as the national currency, is a
retrogression from civilisation—is indeed to revert to
the ancien,tatnd ruda system of barter, achnit:iir,;
modification arising from eireanistancea as tl:ey exiat in
this nation. That the gold equivalent corr.,. cc
posed for the future to rule in.. this country, c
adinit of a range of prices en the level of
the untaxed continental level.
That the paper-money proposed to be l's:ined by the
Bank of England fled the provincial banks, undee the
sanction of the Crown, ao the extent of thirty, eine
millions, is intended ultimately to be based on O'svern-
rnent securities" and on gold conjointly ; tb2 latter,
being in the.propOrtion of one. third, will hare the effect
of keeping down the -whole paper eirculsticii- to the
gold level.. The Committee of this S.‘ciety 411,nnit
that it would be far more simple, eeonnniival, etiestive,
and at the same time_more sound, to adopt , at (ewe ail. _
issue of paper from the Exchequer in convenient negotia- )
ble amounts, to the extent of taxafion ; or an arraneemrt
for the purpose might still exist in connection with the '
Bank of England—such paper, . after being issued for
value, to be receivable in the payment of taxes, and to
be convertible into gold at the market price in such
paper. Let it be assumed that the annual taxation of
the country is now fifty millions—the issue of Exchequer
money so proposed would, if required by internal-com-
merce, increase the amount proposed to be issued on
securities and bullion eleven millions only; it w oulff.
enable the Government to pay off the debt owing to thet
Bank of England, leaving the capital of that establish-
ment for its legitimate purposes; it would save the. -na-
tion annually in interest one million and a half ; it,
would diminish in extent, in proportion as taxation, the
cause of its adoption as a symbolic nuereney,
and rendered it unneccessary. The proposed lassie a
lift up prices generally to a remunerating level--ewould
leave the foreigner to sell to cur merchanrie or to lean-7s
chase from them with gold, which would exist abun-
dantly in the country as a commodity, on terms equita-
ble to both parties—and would remove those heart-
burnings and contending interests between classes of
producers by which the nation has been agitated since:
the passing of the Bill in 1819.
It is only right, therefore, that the Governtnctst
should show-how, in this, country, prices are to be keas,
down—as Sir Robert Peel has publicly avowed he de-
signs they should be, to the level of gold--and the tsexa-
don incident to the National Debt is to be defrayed. It
is right, too, the Minister should show with whet justice
—until the National Debt is paid off or extensively re-
duced—the Government of this country can confine the
interchanges of the nation to a currency that ha.' the
effect of throwing so heavy a sum of taxation as this( of
the Excise and Custoams on the industrious clesses ef the
nation—an effect most unjust and oppressive to 111,e-s2
classes, leading to the overstrained, because underr..,„
employment of the factory, and to the insufficient reins-
neration of agricultural labour.
Till these objectiesns are satisfactorily answered, this
Society respectfui,ly submit that it is due to the agricut-
tural, manufae:ouring, and industrial classes of this ccue-
try, that tide ,Bill now before Parliament should be •
thoroughly investigated. -Delay would not interfere
with the proper no:ice to the Bank of England; and it
is most desirable that the reason or truth of the ohise-
tions here !Advanced should form the subject of inquiry -
before a Committee of the House of Lords. • ,
With these views, the Society trust your Lerdship
will be induced to. take such a course as will have the,
effect of ascertaining the truth or error of the averments
made;—if true, they should have air important effect in
the regulation of the currency; if untrue, it is impor-
tant for thh quiet and satisfaction of the nation, and the
industrious classes generally, that these rapidly extend-
ing opinions should be disproved.
I have the honour to remain my Lord, your Laird-
ship's most obedient servant.,
ANDREW SPOTTISWOODE, Chairman.

PRICE sd.

.73;