The Sun.
London, England, 1844-07-15 00:00:00

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tible into gold at the market price ;—that by this means
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. . That
what was called depreciation of the paper currency in
that day was really nothing more than the just opera-
tion of a symbolic currency, not intrinsically valuable
allowing the indirect
_taxation ex7sting in this country
to be added to natural price, that :A* say, the
pound to become less available in ath.,--0 irchase of
commodities in exact proportion as thr.,', of such
commodities had become enhanced by iniliteetYaaxation.
This state of the circulation, which is calculated to
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, and it became impos-
sible in future, to any just extent, to add indirect taxa-
tion to price.
That from its scarcity, and limited extent as a com-
modity, gold is not desirable, will not suffice, and
indeed is unfit as a medium of internal circulation
in this country ; although a most suitable com-
modity for measuring the transactions and 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 ancient and rude system of barter, admitting of no
modification arising from circumstances as they exist in
this nation. That the gold equivalent currency, pro-
posed for the future to rule in this country, can only
admit of a range of prices on the level of gold—namely,
the untaxed continenterl level.
That the paper-money proposed to be `issued by the
Bank of England and the provincial banks, under the
sanction of the Crown, to the extent of thirty-nine
millions, is intended ultimately to be based on Govern-
ment securities and on gold conjointly ; the latter,
being in the proportion of one-third, will have the effect
of keeping down the whole paper circulation to the
gold level. The Committee of this Society submit
that it would be far more simple, economical, effective,
and at the same time more sound, to adopt at once all
issue of paper from the Exchequer in convenient negotia-
ble amounts, to the extent of taxation ; or an arrangement
for the purpose might still exist iii 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
seem-Lies and bullion eleven millions only; it would
enable the Government to pay off the debt owing to the
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 currency, diminished
and rendered it unneccessary. The proposed issue would
lift up prices generally to a remunerating level—would
leave the foreigner to sell to eur merchants, or to wr-
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 sines-
the passing of the Bill in 1819.
It is only right, therefore, that the Govetenment
should show how, in this country, prices are to be kept
down—as Sir Robert Peel has publicly avowed he de-
signs they should be, to the level ofogold—and the taxa-
tion incident to the National Debt is to be defrayed. It
is right, too, the Minister should show with what 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 has the
effect of throwing so heavy a sum of taxation as that of
the Excise and Customs on the industrious classes of tho
nation—an effect most unjust and oppressive to those
classes, leading to the overstrained, because underpaid,
employment of the factory, and to the insufficient remu-
neration of agricultural labour.
Till these objections are satisfactorily answered, this,
Society respectfully submit that it is due to the agricul-
tural, manufacturing, and industrial classes of this coun-
try, that the Bill now before Parliament should be
thoroughly investigated. Delay would not interfere
with the proper notice to the Bank of England; and it
is most desirable that the reason or truth of the objec-
tions here advanced should form the subject of inquiry
before a Committee of the House of Lora:;.•
With these views, the Society trust your, Lordship
will be induced to take such a course as will ba:e the
effect of ascertaining the truth or error of the averments
made;—if true, they should have an important effect id
the regulation of the currency; if untrue, it is impor-
tant for the quiet and satisfaction of the nation, and the
industrious classes generally, that tilese rapidly extend-
ing opinions should be disproved.
I have the honour to remain my Lord, your Lord-
ship's most obedient servant,
ANDREW SPOTTISWOODE, Chairman.

THE CURRENCY.
In his speech on the subject of the New Poor-law, Mr.
Cochrane fortified his positions by arguments bolhrOTred
from Sir James Graham's work on " Corn and Currency."
The Right Hon. Baronet, in reply, sought to justify
once his former opinions and his present course of action,
"I still hold," exclaimed the Home Secretary, " that the
Act of 1819 inflicted cruel injury on debtors, and
on the agricultural body ; but in such matters
time is everything ; and I am ntt now prepared
to vote for a repeal of the currency law of
1819." Sir James Graham errs deeply in his conclusion
on this subject. In a matter like the money law of
1819, " time" is not " everything," nor will any lapse.
of time deprive . such a measure of its destructive in-
fluences. Within the last fifty years England has been
visited with two currency revolutions. Of these, the
first was the suspension of cash payments in 1797; the
second was the resumption of cash payments in 1819.
These two revolutions aimed at diametrically opposite
objects. The first involved a confiscation of a
portion of the property of creditors. The second
involved a confiscation of a portion of the property of
debtors and producers. Both the revolutions in question
may be described as dishonest in their nature. But
although equally dishonest, they have not been equally
destructive. _ _

To rob creditors is, generally speaking, to rob the rich
of their superfluities. To rob debtors and producers is,
frequently, to doom these classes to the deepest misery.
There is another distinction between the character of
the two operations. In robbing creditors, a Goveraiment
can impart completeness to its work. In robbing debtors
and producers, the process, if on a large scale, never can
be brought to a close.
The Act for the suspension of cash payments may
have robbed creditors of one -third, or of one-half, of the
money which they had lent. The money had changed
hands, and the authority of the law absolved the debtor
from the necessity of paying the full amount of the
money which he had borrowed. The debtor held in his
own hands the power of profiting by an unjust law.
The Act for the resumption of cash payments did not,
and could not, lead to such decisive issues. The money
law of 1819 has indeed added fifty per cent. to the
mass of debt existing at that time ; but the severiey
and injustice of that law have not led to a settlement of
our public and private debts. The mass of debt has,
in other words, been ordered to be paid, at a fearfully
enhanced rate ; but the order has been obeyed, only to
the most inconsiderable extent.
What, in fact, does Sir James Graham mean, when
he declares that, " in a matter like the currency law of
1819, time is everything ?"
Has the efflux of time, since 1819, paid the national
debt ? Has the efflux of time, since 1819, paid the al-
most incalculable mass of private debt which existed at
that period ? In reference to the operation of a mea-
sure like the suspension of cash payments, " time " is,
indeed, " everything," because, in such a case the
debtor has received and spent his creditor's money; but,
in reference to the operation of a measure like the cur-
rency law of 1819, " time "is nothing—for the creditor
class has not, except to an inconsiderable extent, been
able to realise the principal of that debt, which it has boen
the pleasure of the Legislature so unjustly to augment.
Leaving, however, the case of mere debtors and cre-
ditors, let us consider the case of producers—a class
whose interests are always identical with the interests of
debtors. Producers have an interest in the establish •
ment of high prices : so have debtors. The higher the
reward of industry, the more easy does it become to dis-
charge debt.
Take, then, the case of producers. Can it be said
that with reference to their social position, the operation
of the currency law of 1819 is changed in its character
by " time ?" The currency law of 1819 destroyed
the relations of value which then subsisted betwon
money and labour. Has the lapse of time since
1819 restored those relations ? Has the currency law
of 1819—professing, as it did, to restore the standard of
value which existed before 1797—restored. those rela-
tions of value between labour and money, which pre-
vailed before the introduction of the AetP for suspending
cash payments ?
To assume, as the bullionists do, that by the money
law of 1819, they restored the old standard of value, is
simply absurd. They merely re-adopted the old Mint
price of gold. They did not restore the old standard a
• value, inasmuch as they did not restore to labour the
Ile, relative value which it possessed before 1797.—P05t.

DISSENTERS' CHAPELS BlLL.—This Bill, which has
passed both Houses of Parliament, and was to have be6n
brought up in the Lords on Monday last, for considera-
tion of the amendments introduced by the Commons,
was, as our readers may be aware, postponed till thu
Thursday following. The reasons of such postponement
may not be known, and we therefore state them. On the
very eve of the consideration of the amendments it
came to the knowledge of the Lord Chancellor that the
Bishop of London had been canvassing several of
the aged and infirm members of the House, and
had obtained their proxies, for the purpose of obtaining
a majority against the Government, and enabling him to
carry his proposition for considering the amendments
" that day six months." It is reported the Bishop had
obtained no less than seventy proxies, and if the mea-
sure had been brought forward, the Government would
have been defeated, and bigotry and illiberality trium-
phant. However, Lord Lyndhurst is not the man to be
humbugged, and, therefore, on discovering the plot., he
postponed the measure for a few days, and has further
postponed it till Monday next.—Sunday Times.
EARLY HARVEST.—On Monday last Mr. Rigden
cut a tine piece of oats off his Moulscombe farm, near this
place.—Brightou Gazette. Part of a field of wheat in the
parish of Eglesheale, near Wadebridge, was cut on thei.99th
of June and on the Ist of this month. Harvest might have
also been seen in the adjoining parish of St. Breock. We
have heard that Mr. Rowe, of Lamaile, in the former parish,
intends to carry several bushels of new wheat to Bodinin
market, on the 6th inst. This is much earlier than for several
years past.— Wiltshire Independent.
A sparrow, with a bent ring of gold on one of its
legs, was shot at Fulford, near Taunton, on Wedrislay last.
Dorset Chronicle.

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