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

at that period, that if that Aet Wert passed (and it Oen
passed by a majority, I think, of ten to one, for only eight
ultimately divided against it;, the mischief resulting from
it would he immediate—that tie Country Banks would
reduce their circulation, and that the evil would not be de-
ferred to 1829. Then, let me ask, after we have under-
gone that suffering, which was inevitable, from the attempt
to restore a metallic circulation—alter having, since 1822,
issued from the Bank 28 millions of gold, of which it is
calculated 22 millions remain, with eight millions of silver
--after having reduced the circulation of Country Bank
Notes to two millions and a-half, is it wise to retrace our
steps, and, by the commencement of this new inquiry, im-
ply a doubt as to the soundness df our policy ? If we do
retrace our steps, do not let us suppose that the injury will be
confined to two millions and a-half of Bank Notes; you will
never have an opportunity of considering the question
under time same advantages at at present, and no con-
fidence will hereafter be placed in comb decisions, if
von now attempt to unsettle a question which has been
eo long concluded. The Right Hon. Gentleman proceeded
to observe, that the country was now within sight of the
goal which, in 1820, it was so anxious to reach—a little
firamees, and another spring, would enable it to retch it;
and he believed that it could be attained in the present state
of the kingdom, without any material addition to the
existing pressuro. Having agreed to reduce the circulation
of time smaller paper currency, they were bound to provide
that it should take place at the stated period next year. He
maintained that they were bound to do this, without enter-
ing upon the eight points of inquiry proposed by one
Hon. Baronet, and the seven points of inquiry proposed by
another Hon. Baronet. The House might depend upon it
that the commercial and trading interests of the country
would, instead of being injured, be benefited by this sys-
tem, and that the general settlement of the currency would
be such as to insure the confidence and security of the
publie.--(Hear, hear; 's
Sir J. GRAHAM, in explanation, said he feared he
had net expressed himself with sufficient clearness in speak-
! ing upon the Scotch banking system. He must, however,
observe, that they had before thefts high afithnrity with re-
spect to the Scotch banking system, and that authority the
Right Hen. Gentleman had been unable to controvert.
Mr. ATTWOOD felt it sufficient to look at the preterit
state of the country, and would ask the Right Hon. Gen-
tlemen whether the revenue was thriving—whether the
farmer was content, and whether the agricultural or ma-
nufacturing labourer was in a state to go on without priva-
tion and distress ? Let the House look at the calamity
brought upon the country by the measure of 1819 ; let
them see what had since been passing, and they would find
that that calamity had never ceased to exist—that the whole
country still laboured under it, and that it could only be
relieved by a circulation of 1/. notes. The Right Hon.
Member had told them that the country was now in a most
flourishing state—that it was as capable of holding as
high a sway, as commanding a position, with reference to
Foreign Powers, as at any previous period. This argn-
ment might have held good previously to the Act of 1819,
but subsequently to that period he denied that such was the
case.--[The Hon. Member proceeded to address the Howie
at considerable length, but he was assailed with cries of
" Question, question !" and other symptoms of impatience
which rendered him for thy greater pint inaudible in the
gallery.]---If 1/. notes were allowed to be circulated in
Scotland, why not at least go into the inquiry as to the
propriety of continuing them in England also ? The
Hon. Member then proceeded to contend that the House
was guilty of gross inconsistency in declaring that the
paper circulation of Scotland was to be continued, while
it prohibited the extension of the paper circulation of Eng-
land, and concluded amidst loud calls of " Question," by
imploring the House to grant an inquiry.
Sir F. BURDE FT begged merely to give utterance to
the expression of his sentiments, in favour of the Hon.
Baronet's amendment, without going into any examina-
tion of the details which the vast importance of the sub-
ject might invite. Ile congratulated the House, indeed,
upon the opportunity which had been afforded it of hearing
the views of the Hon. Baronet, and the speech of the Hon.
Member for Callington (Mr. Attwood). The observa-
tions of the Right Hon. Gentleman (Mr. Peel) HD this
occasion might be regarded as peculiarly infelicitous and
unfortunate. That Right lion. Gentleman was nnfortu-
nate in his observations, but he was more unfortunate
in having his name so closely connected with a measure
which bad been, as it was truly said by an Honourahle
Member that night, productive of more misery to the
country than any other which was ever devised—a
measure which had weakened all the sources of our
wealth, and dried op all the springs of our industry,
and which had been only mitigated in its destruc-
tive effect upon the country, because the Bill which was
intended to enforce it had never been wholly carried into
operation. The facts of the Hon. Baronet had not been
touched upon at all by the Right Hon. Gentleman, and his
reasonings had received no answer which would be consi-
dered in any degree satisfactory. Since the time of Adam
Smith the public mind had greatly advanced in knowledge
upon these subjects. The acuteness of Hutne had, as it
were, thrown forth the first spark which enlightened us
upon these difficult awl delicate subjects. The Right Hon.
Gentleman had, however, quoted Locke upon this question
and expressed his wonder that the Hon. Baronet could so
much misapprehend the meaning of that author in the
quotation introduced into his speech to support the inquiry.
Now it appeared to him that the Hon. Baronet's quotation
of Locke was strictly in point, and the quotation of the
Right Hon. Gentleman calculated to support the very '
op-
posite side of the question which he wished to maintain.
The Right Hon. Gentleman had observed that Mr. Locke
was contending against Mr. Lowndes upon the injustice of
altering the standard of value, because the debt was con-
tracted in a legal and proper standard. Mr. Locke, like an
honest man, maintained that it would be unjust to contract
the debt in one standard, and pay it in a lower ; but he
would ask was that at all applicable to our case.—(Hear.)
Were we not paying a debt contracted in a debased cur-
rency ? a debt which no man could give any sufficient reason
for the country being thus depressed to pay up, and in pay-
ing which in the present currency we were net only doing
a lasting injury to the country, but at the same time com-
mitting an act of injustice to three-fourths of the nation.
The Right lion. Member for Liverpool (Mr. Huskisson)
was so inconsistent with himself upon this subject, that
his opinions were scarcely to be guessed at. When, how-
ever, he maintained the doctrine of high prices, he had
taken the sound and rational view of the question. It

was impossible, however, that the interests of all those
whose capital was fluctuating could, under this state of
things, be reconciled with the interests of annuitants,
whose property was fixed and nominsl. It was un-
doubtedly hard upon them ; but when it was understood
how small a portion they formed of the nation, and when
it was considered how much all the agricultural classes,
and the trading classes and shopkeepers, and every other
class, had suffered from the change of a depreciated cur-
rency to a higher, and when it was recollected in hew
short a time that change had taken place, he believed that
if Honourable Gentleman had understood as much
when they consented to that change as they do
now, and bad it to do over again, they would no mere
have consented to it than to the wildest project whieh
the imagination of man can conceive. The Right Hon.
Gentleman had also found fault with the Hon. Baronet's
quotation from Hume, and in that he was equally infelici-
tous, because, according to the Right Hon. Gentleman,
Hume advocated a constantly increasing circulating me-
dium. Mr. Hume in that point fell into an error, and the
Right Hon. Gentleman closes in with the error, and adopts
it for the support of his argument. It was now, however,
he believed, well understood, that nothing could possibly be
more injurious to a country than a currency either increas-
ing or decreasing, although the Right Hon. Gentleman did
not seem to understand anything about it. The policy of
a Government was to guard against these alterations.
Their object was, if possible, to keep prices always the
same ; and by that means only could they hope to do jus-
tice between man, and man. The Hon. Baronet then pro-
ceeded to'argue that the Chancellor of the Exchequer had
proceeded upon loose and insufficient data in his calcula-
tions with respect to the number of Bank Notes in circa-
lation, which he believed to be nearer six millions than
two, as the Right Hon. Gentleman asserted. The data of
the calculations were so loose, that they ought not to
legislate upon them, and that was another reason why
there ought to he an inquiry. _(Hear, hear.) After ob-
serving upon the great injury inflicted upon the country
by the withdrawal of any part of the circulating me-
dium—an injury which had caused a loss to the country
of late years to an amount almost equal to the whole
National Debt—the Hon. Baronet declared that the land-
owners were not opposed to the interests of the public cre-
ditor; on the contrary, he had heard many of them de-
clare they were willing to make any sacrifice to mtisfy the
just claims of the national creditor. Government were
innnoogwt ,
that
aperhaps,bott t
oßdai eght nHooefn t.
could h
Gentleman e
ec no
tnines consequences
however,n cfe sel
tofwmal ieva
avoid
misgivings
in werecgt
e
upon the subject, and that he regretted the course he had
taken
avote upsofotnheth Hiosuub
sej,*ect.
set
fee mustquestion feel that e
a trt.olit,
and cannot,tba that it
will press upon him again and again till he grants au in-
quiry. It was an easy thing to talk of decision, and to re-
commend it; but decision was not at all times commend-
able. It was well calculated to win campaigns and to win
Cabinets,—(Loud cries of hear, hear,)—but in such a
matter as that now under discussion, caution, deliberation,
and inquiry, were more requisite and desirable qualities. A