The Sun.
London, England, 1826-11-20 00:00:00

SPIRIT OF THE PX/1311 YbbIINALS.

. - Every sentence which issOts from the political press at
this moment bears I*.%tiful testiniony to the crisis nniV af-
- dieting the nation. There rennet be named s eingle class of
the community which does not suffer tinder more than coni-
-111011 distress. The journeyman manufacturer has been
beaten out of work by ptiCes which have enabled the fo-
reigner to trample over im ; the agricultural labourer is
forced to work for half wages; the emintiT getttleman,
mortgaged up to the ears, is driven to deaperation by the
approaching and inevitable repeal of the Corn Laws ; the
capitalist Las no prat fin his money. This conditinn of
things, of which all men feel the painful Ssi:Snsequence,
leads eachindividual to form his own theory respecting
the cause, end to propose a remedy, in the suggestion of
which he has 'considered very little beyond its operation
upon his own personal grievance, so far as he understands
it, divesting himself of nil care for his eeighbotOs ktenee
arises the paztling diversity of schemes for national relief;
which armus,t us numerous, and as ISposite, as the points
of view be place in society liven which the evil has been
conteniplated. There are 'home who-recollect enough of
.1m times and circumstances, to be convinced by exited-
, e that every thing must prosper, if a circulating medium
he abundant, prices high, and foreigo goods prohibited.
In this delusion the country gentlemen are partners with
a considerable portion of the manufacturing body,—that is
-IssUye the landtiwners take one half of the doctrine, viz.
.shires advantage of overflowing money, with high nominal
prices, and enormous rents in its train ; while the other
half, namely, that which recommend' a stubborn prohibi-
tion of foreign goods, is heartily upheld !ay the manufac-
turer. There seems, however to ,be a small number of
" facts forgotten by them both,' They are equally heedless
of the grand difference , between a state of war, which
gave England a monopoly of maritime cotnnieret,, and
a consequent Command of every market of Which the
wants could not otherwise be supplied than by sea; and
one of universal peace, which, opening the gates of the
ocean to all mankind, makes ivery, merchant-vessel that
tsiti swim, no matter under what flag or from what port
she may present herself, a, competitor with tN' flag of
°Eugland. ' The commercial monooly, end the demands
' a military and naval warfare wh(h spread itself over the
whole world, called for an himiense supply of many pro-
ductions of our industry,. The means Of purchase Por a
large amount of these were found' in enormous additions of
*lapital thrown yearly into, action in the form of loans, and
producing a perpetual and inceCising influx of circulating
medium, which served to maintain a scale of prices un-
known in former times—a rise of rents---a rise of wages—
At constant cry for more labourers in every department
--
a depreciation of the currency which Was not felts because
it acted equally on all classes, the habits and interests of
men having gradually adjusted themselves to it. But this
:state of things was not maintainable long after the peace
had broken up our monopoly of the ocean. The exchan-
gec were against us with the whole Continent, the , arbi-
trary power of coining Bunk notes, having been frequetitly.
end grossly abused. To get rid of this despotism of the
"stinkers, and of the terrible viciasitieles in the value of
commodities of which it had been the instrument, a res
tornotour old metallic currency was invoked by nine-
tenths of the nation es the only pledge of a sound and se-
cure condition. This • was attempted and if,
through timidity and want of foresight the principle of
Mr. Peel's bill has since been' littered away, mitt paper
Still been unduly encouraged, some progress has neverthe-
. "le•se beets made in restoring us to a level with other
statei4uortda•Snbstantial and (hirable standard ofprnperty.
T hitt a redundant amp uncertain currency should be redu-
ced, as well Its comparatively fixed, was a remedy which
brought with it partial subjects of complaint. It lowered:
prices, and rents, we admit ; but it did riot injure the
sales of our munotiwturers,—the peace did that, for such
deseriptione'of manufacture as had owed their prosperity.
,to the WaV j bet as to a contraction of the circulating
medium, so much railed against by the writers
in the two interests of which we, are speak-
, ing, bow could that be avoided ? Ninon other nations en-
tered the lists of industry against us, how could the En-
} lirjlt or the Dank of England, let them try
for it ever so hard, have kept More money of any kind
afloatoban the menet of sales and purchases,. measured
by the demands of a universal and open market warranted?
The system of monopoly was maintained so long, that it
.was found to be more ruinous to English than to foreign
induettse. Tt ,helped (minus smuggling) to secure the
home, but it; lost its the foreign market, because foreigners
became monopoliats likewise. But see the futile and
unhappily fetal result of those experiments, which with
the: countenatwe both of the ,'shank and the Government,
where made to buoy up a paper, circulation at an unna-
tural. level. The country was,: within these two years,
sinking under the pressure of the superincumbent Bank-
notes, What, followed ? Why, the real transactions of
sale and purchase beerieg no proportion to the quantity of
paper, it could be no longer upheld. Property was over-
represented, and the representative of value dwindled of
,necessity, to something near the size of its constituent.—
Then, we say, it is physically impossible to enlarge the cur-
rency, for any length of time, at the mere will and pleasure
of the Government, :the. Bank, the manufacturer, or the
landlord; a demand for the productions of our industry
,is that on which must depend the amount of those pre-'
# ductions„ which again in their turn must, determine the
quantity of the coine If the coin be much increased, a
sensible; rise of prices must be the consequence; and is.
that. the eine we Seek ? Why, Our 'foreign trade al-
.reedy
,perishes Under the magnitude, of those pricei.
There is, however,, a reel connexion . between the two
wastiteti of redundant circulation and a prohibition
of foreign , goods. If the. circulating, medium be
increased, it will confine the sales of British wares to British
purchasers, and in that case, there seems nothing for it but
to limit the privilege of supply nettle manufacturers of
England, which will bring us to that happy and primitive'
state of a people trading only with: each other. However,
that.such is likely to be our situetion, even without an in-
crease of the currency, appears obvious, from the evidence
of, every merchant ,in Great Britain. A monopoly does,
.actually exist at this moment, which bids fair to be the
fruitful parent of tehundred others. One class of English
'menufacturers has a monopoly law in its favour, while every
other monopoly but that of Leadenhallsareet is banished
out of the bruit. -Bread, which decides the price of every
,Other article of consumption, is kept at an unreasonable,
and ti tnore unreasonable because a precarious, price; and
if 113i4sPOr0 he not lowered ac well as better defined by
Parlitiment, ourseallufectuters will be. fully justified in ex-
"claiming, " five rVif, heck .011 r prohibitions." Sir James
Graham, m .a.eleYer ;patephlet,,liair expressed his disappro-
bation of metallic entretier; said argued that without a con-
,eeepoedintt contraction of Coveranient expenditure, and of
:the .existing toxeg, m
the country gentleen:of England must
,be
ruined. -To that extern we tigree with the worthy Ba-
ron et ; but we reject with nnmeasined disapprobation his
recommendation of 'rims adjustment of contracts, nntit the:
t.q:ono?.iy T shall have been tried, and
farmer experiment of
.• shall have failed, if, with Sir antes stahern, we call for
high prices, we sacrifice with oil!! 44e$ foreigii
„trade or, tengtaed, If we . take most_ envious method
of admission of foreign torn, anddo
retlueing pr4les, by an n't
:which affect
not aimultaneously reduce the internal
taxesi .-.
a large portion of the community, the
be co altboughnerat
ntinued essse..i
toured by Act of Parliament, will not
E xchequer ; so that hi One case,
the
customs leaven
of both might ie.
hi the
other the excise, A nominal redo:
crease their evettteal prodoee.—Tnites
cellar is anxious,
:We have no doubt that the Lord Csi
the important
beyond measure to proeouneea decision
iir;
unlearn-tate'
came, of Mr. Wellesley and his children, ow
it,ii,:thett, that, just, whim the Noble , and Leartl.ee -1 ,rg.l_,
us
has announced his determination to ronounce:
ment, some unforeseen:circumstance atways occurs just at
the nick of thee to prevent him ! We were sore,
I all had not . been: fore-
.he postponed it to Saturday, that
be devoted to
d turned
Iteen; an out that Saturday must
another duty. But Monday was to- lie . the day escheat
fail ; when lo ! an atlithwit, an important affidavit, forces.