The Sun.
London, England, 1811-05-08 00:00:00

the guinea as the twenty one fortieti part bf ti• IWO
d notel and if 'they did not think- so, it was
equally incumbent on them to avow the sentiment;
fir-some onderstandingahould be hadopon a matter
b 0 essential .to the discussion arid theAiottiolstandieg
of the question. In the vat iwy 'dr opinions, or if he
trobritt be permitted to retort the expression, of theo-'
ries
,resorted to noon this head, thrre Were some
who wrapped it op in a sort of mysteribus obscurity,
who considered, the btandarci as 'sonitthing not' cor-
poreal, loot talked of, abstract
.currency in+ a manner
p'culiarly congenial to their clear and laity concep-
trOtts ; but while they talked•of abroad currency in
so suitable astrain, he would ask, did any one ever'
hear of abstraat payment, or of an abstract dinner ;
It was absurd to talk of payment in any oilier man-
ner thrm by the coin of the country. But the rea•
honing of ihOse Gentlemen .was'not always so de-
cidedly in favour Of their own principles ; they were
obliged to admit that if the currency was`compared
with what was called the standard; inkould 'appear to
be dvprociated ; and flan the eonsequem'es of this ad-
m;sition they endeavoured to escape,' by saying, that
it was A viand, and not a real 'depreciation. This
distin6tieu was. of the same. school with the abstract
parrlent. Aware of the Inconvcnienee of proceed-
mg without a standard, they found 06e, whiCh they
thought would answer their purpose ; this was the
interest of 331. cis, et This new doarirte of the
standard amounted'siMply to this, tine whenever an
int:revs,- should take place 'in. the gold and silver of
any couotry, with reterenee to other rommodities,
h. the' cause of the 'Mere:lSe - what it won,d, the
Bark should' be empowered.'" issue 'a quantity of
Taper„ Out convertitee Mho cash,. for the ,purpose of
preserving the proportion,- -In order to show what •
this standard w is, in order to prove that at bet 'it
was :nothing but an ingenious 'deception, he would
talc one quest ion, and that was, Whether such a de-
flunks!) 'would nut adapt itself to any depreciation
of the currency boWtiver extreme •stich a prin-
ciple Was to bei avowed, thee sooner it vvies done the
better ; for then every marl would know. in what
sitoation he stood; :and be to spared to:A:sped, thk
-irtcase a depreciation should occur, that depreciation
would, be rentedn.d by an issue of- another deserm-
thin. The wlt amount 'of the' resuming as to
the reason of Ike exportation of gold and silver to.
France, was, t bat in' France) gold and • sliver, were 20
per cent. What, then, would they take fur
theircritonott t He belieted the best way would be
to take the value of eoineenjointly with the value of
labour, and inquire whether the Bulk restriNion bad
not -produced a material aheration in the standard so
oOtrtidered. With all the relit-seer which tie most (lit-
tertein (or that institution,' tie was still. obliged• by
his duty, as a Member of Parliament, to look utrion
it ay lister ; and li•ace the.operatiou of that power ,
upon thecoitt of the country, in' altering its value,
or, perhaps, involving 'political conserrences of
much greater iniportanee. It had been said that
the/ (Wive" part of the coltmunity would suffer by
tare measure proposed, He certaidy would allow
that there were inconvenienck's kt 1.14 C hed to it ; but.
ife thought that introit vetrience should at all times be
sohmitted to in deference to, 510 justice, especi-
ally as he agreed with kin Hop. Gently nian who
spoke on the preeediog-night, deo; the „very iticon7
'vemenee Ines a tendency to correa Itself. Money.
Wes only a stipulatien with reference to the value
stS tlr tune, aid 41)601L1 be fixed and inyariable in its
triality. • lt,there Was not soots security to the eon.
tratt betweeno he: boyer and, the seller, 'with rele-
renee'M the stisnoarrl, there waa"an'end Of all con-
fide nte,f 'and-people would be reduced to the net:tris-
sity-ot derthording to be paid, not by such a snip of
Money, but by so ntftny Ounctl of Silver tir ,nit!. '
It
liad been sad, in allusion tO what been already
known sit 111 s Sentalienth, a.)l he wanted to injure
ciettit:' eoula be more 4v 6)61 tlian he Wag
to see In,' coi'ueiiet'ctal grit ii Of thecaint' y
eStatiltsl ed tin its proper basis, the Paper cur-
rency vartied further. When the k.ero• Conyier-
ttble inlet coin,' Ins thOught it the best mode of cir-
culation in a country 1.314 e this. Tire wcra two lithos
of .banks, one SInAl 34.011,e 474 t tie emit nYent ittOrvr
ly -besnlit of deposit ; but this Bank of England when
in,, paper was et:invertible into coin, combined all the
advantagni of' the deposit abd discount banks. to.
gather.' He Lnked upon it as, the most perteo
model that - had yet been discovered ; and thoirght
that lotrg as it served I's' proper purpose, it must
'he of t greatest possible setvice to tile community
pt Jarge. But when it' can:mut be restrained iii `its
cash paymrots, he could not admit there was the
same state of security or of advantage to the
Zle justifie f his polfklicatio" from some 'attacks that
had been made on it by his Right Hon. Friend (Mr.
Rose), particularly that port in s Itch he was said .to,
havte compared the Bank of Eugland with, the Mis-
sissipi -schemeof Mr, L,aw All he had said, was,
that the principle of banking laid downby Mr. Law,
wits very like that which 'wits adopted by the Bank
ijireliers. Mr. Law had stated that there could be'
tiro picecot ed paper currency, :for the value of money
,would always equal thedemand. It was quite im-
possible to fdlow all that had been said against the
Report of the Committee. His Right Hon..Ftiend
bad, stated on the. authority of the Bank of England,'
that, tie standard price of gold was 41. per ounce ;
but what was the nature of the authority oia which
*his ,statement rested ? it was nothing more than
is 14!solution of the Bank' that they would not give
more for it, but though they might not chute to give
more, their determination could not regulate the
market-price, and therefore Could hot be said rto
est a.,ltott the standard. His Right Hon,' Friend had
that the 1/voor-A were not in 'all iii-
tosnees, prepared for the qoestioui pot to them, and
5,,,,.med to itaiindare as if :he Committee had talcen
them, hy ',uprise ; but so tar from that. being the
cnae, lie would osier', in the most positive man-
Lirr; that amide tithe was given for the considera.
rein of every Vest ion and-that in cases .w hare the
chtlicohy W 46 nt any. insane perplesing, they were
perrMuted to take the questions away, and answer
them at some footle. tune. Sa far he thought it
re lit to state in justice to the Committee. As to
the question itself, he thought. it yopessible that
onx,,reviii4k.onfinue much longer in their present
c Until something etlectual was done to
olate the' coin of the country, the exporte-
r of gold would continue to go on io spite
-ii the laws by which they ;would endeavoor
home. He would give Ins aid to

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