The Sun.
London, England, 1811-07-16 00:00:00

; JULY 16, 1811.

RightHon.,Gentimmfin tiPposite triad said, that if a
person . had 15,0001. in the 5 per cents, and if he
rented a house for which he had engaged to par
3061. a-rear, how hard it would he if its were not
-placed in a situation in which he could receive the
300). with one hand and pay it with the other.: But
wait not evident, that td effect tbis•by law, wotild be
merely to, rertintie the injustice from the shoulders
of the pdblic creditor to those of his landlord; for
to the latter this snol. in parer wattld not be eritit,
valent to ''the law=ftifmoney of the realm," firr
anoi. of which the contrat with his tenant ,had
been originally made. As to the attempt to keep
up the credit •of paper hi. an A& of Parliainely, as
well might the Right Hon. GetarleMan dream of
counterading posvr 0(1,1,i-evil, and df prevent.:
ing a stone from falling to the ground by the sound
of his voice. jv the legal tender system, per
sons who had granted long leases, all persons whn.
bad lent money on mortgage, all annuitants, would
be defrauded out a ptirtiOn of their just property.
All credit transaaions would bd emburrass(Nt..--A
tradesman would very naturally say, '4 Give Me
guineas, 'and you shall have my articles at finch or
such a rate; but if I am to book them, I must
charge a much higher price, a 4 Parliament has an-
thut ised yon to pay me in a depreciated paper cur.'
rency." This country was pursuing the same steps
as France in the case of her assignats, and though
our protress to national bankruptcy WFiS 110 t so
rapi,l, it was nevertheless wit the less certain. He
repeated that the Bill would he • ringairtiy in *very ,
point of view. It would not prevent guineat frOM
being sold at a prernium for private hank notes,
which private bank notes -might, imrriediately be
exchanged for Bank of England uotes,.and thusilie
object of the measure would,be completely fins-
trated: • ' .

Mr. tALCRA,FT reprobated the comparison' of
Bank of England paper with French assignats. At
one period there were no less than. KW 'Killion» ster-
ling of 4Sdgrtats in circulation in 'France. The
whole of the Bank of England notes at prescnt in
circulation in this country did not exceed twenty-
'three millions. What just comparison eriuld there-
fore be made Oetkveen the i wn deuript ions of ;caper?
Tills language spewed • to whet a 'length ah 4 heat of
Controversy wobld carry thebest informed and best
intentioned individuals. Honourable Gentlemen
Ought co recoiled, however, that representations of
the nature to which he had alluded waste immedi-
ately spread through the country, and titbit neees-
saray produce impressions of the most unfavour-
ahleatietire, both with respect to the pres4in time
and to futority. He spoke 'on this muhjeel with
great pain, becatyle he differed upon it so material-
ly from those Honourable Friends with whom he
-had litittallyahe satisfaelion of ataing.: lie tad dif:
fered from them in a similar manngt on the B dlion
question. But he eoffiesSed that he did'nut think
he should do his dui unless he explained the rea•
Soils which.would induce him to •give the decided
vote, which it was his intention. to give in supprirt
of the Bill. - When this tnetiMe.‘vas first agitated,
it' appeared to him to be Uncalled fa, but he aftvr-
wards became persuaded of its ebeoltoe necessity:
He really was ntot aware of the strength of the oh.
jedions against.it. What did the 'Bid proposer todo ?
With respect to the tenantry if the country, only
that which individual'. but Laid King hatt.ab-
stained from doing, or had
,questionedtie
the prof miry'
of doing since the measure of fain; It was said
be unneeesiory, be it waif probable:that nn One'
would ',follow the Noble Lord's example. This
might be. But he for one would rather incur the
charge • ofsuperabendant citation on such a sub-
ject ; be, would rather pass - rt—law„ which should
never require.: to be pat id forge,' than leave. the
country exposed to all the confusion and Oppression
which must ensue,' if Atlvii"a mistAten and mil-
chievous example were by possibility to be-followed:
.Again, he would ,ask,, what- was the Bill tee-die It
was le declare that a guinea; should OA be-taken fur
more than 2i, and a pound note for -,lesa than Vf)
shillings. Was not that the case at preaent•?. its
any shop were not a guinea, and a: pound' nrde-seitli
a shilling, Tquivalent ? II his Hon. Friends would
forget t their theoretical opinions',' they,. would be
u are that this was the case, 'He NO elways found
it so. He lief horrietimes to buy and sometimes to
sell ; in the former instance,' he; elways orgeured
its full value for is Bank of •England note ; and in
the latter instance, •he was always glad to receive:a
pound note for tkventy shillings. Somelion. Gen-
derneu stated the depreciation of Berk raper to be%
15 net. cent. ; uthers 181 other,: 20. This' very
uncertainty reiewed the non-existence of the• thing
11,3 had closely attend, d to their iiegoinenasi
and he had never round that hey :assemed atangi-
ble shape.-r-lt was true that the prices meat, and
ether articles, have increased ; but When it was
consitletti Hutt there was an annual revenue of
millions,raised iu the country, that increase r`,f price
Could not fairly be attributed to any depreciation of
currency. The prevalence of luxury---the iticrease
hf population—and the enhanced price-of labour
(in consequence of former seasoes' of, scarcity), co.;
operated with the tsuormous Nventte M:prodacing
this effect ; and therefore, ahhottgli moneyi tin any
shape, would me :picture so much of tve6enniti;,
dity as it inig,e have done some years agoOet ultra
was no prool.whatiererut the depreciation'of Moe,.
The. depreciation, as it was termed,- was by xotne
attributed to tha. over-issue of paper by the Batik
of England. 'rids :was a most extraordinary soppO
•
. The amount, Batik notes at presen't..in
chcolleion mil-Huns. When the cirtmiation
of the country., Was,cernpesed r,i gild and paper,
that simulate :sue nonsisted nt efi ;milieus of the
former and ioaniilions id the littler+ inaking in-the
whole, a ,cireulation of a.i•tnillionti, --How
fore. Coe4l ir.kre ntend,-11 that a cirCulation
slairlitninisAnfti in coinparisini 'het etistioceiroe.'
lust tuts -was' And wit b Nipeo to, ihit
comparison ,sit- balk, of, England MACS Wilt' tits