Star.
London, England, 1822-07-17 00:00:00

7.
.o",'

• 7

WPW'

Z.L.V.71

and farmer. Those who lent their money to the iltate
before the BanV Restriction in 1797, were intided to
some consideration, because they lent in an undepre-
elated currency ; net so those who lent their money
since that period, He wished to knew where the
Sinking Fund was now on which security that money
was lent? In fact, Ministers had been obliged to re-
duce taxes to the whole amount of that Sinking Fund.d
But the truth was, that by the change of the currency
the burdens of the country were as great as when the
whole arhount of taxes were to he paid. By this it
was that they had rendered the Sinking Fund unpro-
ductive without any adequate relief to the country.
Instead of an act of justice, and a boon, this altera
tion in the currency was an act of injustice and op-
pression. No one could engage now in long pro-
spective contracts, and such as had been entered into
could not for the most part be fulfilled. No instance
could be shewn in which such a complete change of
the curreac7 bad taken place. The country was told
that it was in a state of great distress, and was bid to
look to the natural course of events for relief. He
hoped he should not be told we had so often changed
that it would be useless to change any more, and that
it was necessary, at all events, to complete what had
been begun. The country was, in fact, in the state of
a patient who had been brought into a state of great
danger by a variety of remedies. It was necessary for
Government to retrace their steps, and by making
silver the standard of value much good might be done.
Lord LIVERPOOL said, that those who proposed
the* present measure (Small Notes Bill) never had
stated that it would produce a very extensive relief
either to the agricultural or any other branch of the
community. The Noble Lord had entered into a
long argument on the subject of the alteration of the
currency. But he (Lord Liverpool) could not con-
ceive that that change could have contributed mate-
rially to the present distress. That distress was not
to be attributed to a single cause, but to the com-
bined operation of many. The arguments of the
Noble Lord, from former wars, could, in no degree
apply in the present case. Then therm were Only two
or three belligerent Powers ; whereas, in the late war,
the whole civilized world was engaged, and exer-
tions, before unparalleled, had been made. He (Lord
Liverpool) had never complained of over-production;
but had only stated that the late war had forced into
cultivation land that was not worthy the expense of
it. Had the Noble Lord ever heard of a rise of rents
equal to what had taken place in the late war?—
From 1792 to 1814 the rents had been in every case
doubled, and in most tripled. There was no pecu-
liarity in the article of grain, for the same over-pro-
duction had taken place in everything else. The,
ports of the country had been shut for a period of
from three to four years, from February, 1819, to
the present time. From Ireland, instead of an im-
portation of from two to three million quarters, there
had latterly been an importation of seven and a half
million. The purchases of Government in Smithfield
market had been 30,000 oxen annually, and chili ex-
pense for the article of provisions generally, on the
part of Government, had been two millions sterling
each year. Should the Government be so absurd as
to engage in a contest that would call for an addi-
tional expenditure of two millions annually, all the
markets would immediately rise. The Noble Lord
proposed an alteration in the standard ; but the real
effect would be a partial national bankruptcy, by a
breach of faith with the public creditor. All the
loans had been contracted on the express understand-
ing, sanctioned by Act of Parliament, that, at the
return of peace, the ancient standard would be re-
stored. Up to the year 1808 there had been no con-
siderable depreciation; but it was impossible to make
a difference between the different portions of the
National Debt. He saw no necessity, in the state of
the country, for any alteration in the currency.—
Dining the war the great pressure fell on the an-
nuitants of all descriptions, not on the fundholder
exclusively, but.on him among others. Great changes
had taken place in the relations of wealth ; but there
was no diminution of the wealth of the State. Any
further change would shake to its foundations the
credit of the country throughout Europe.
Lord CA LTHOItPE expressed his conviction that
it would become the duty of Parliament, at some
future period to revise the last measure respecting,
the currency.
The Earl of CARNARVON explained. He never
could assent to the proposition of the Noble Lord op-
posite (the Earl of Liverpool), that it had been under-
stood at the time of contracting for loans that the
resumption of cash payments was to have the effect
as at present felt, of making an alteration in the
value of the currency.
The Bill was then read a third time and passed,
when the House adjourned.