Star.
London, England, 1823-06-12 00:00:00

.
of a war, from the necessity of raising 74'14
'hie par of.' eseamodity ? The Han. Member had co
span thedifEculties which would.athe to thelnineoonein,tt4
tions which had occurred within them.
the Army: arid Navy-had been dciubled-L-1,11. Civil
in a currency of the present standard. I)
.7 ,T
Establishments and GovernMent salarieshad belly
_iiati-; la. fase
'creased in consequence of the currency.' 'Upon oFb , boas
• tit hoe
of the ibe required? 1174 millions had been formerly
principle, then, could they revert to thehigbeeloalues I did the Hon. Member prase that 71. millions coon
. , at. the same time considering the PST
ohms
the Member could not I
Army and Navy, and the allowances of the Civil soeT in ebe.aepragbeeravissoeoey, -s.nreirliceitrel.
List? He felt himself authorised to call upon able infert.tat 74 millions 4,4144
House to inquire whether the facts which he bad al-. be necessary
; fur that season an the piesela_eiev444
ledged were substantial, and to etainine into the cell- 'state of it. The
d'irehennomniiiNiolrs
ibnerLtad)rztnetd,- that
sequences of the change in 'the valuation of the cur-
rency on the monied interest of the country, and 1 aahbilomuststPsEl millions: did the Hon. Member
money contracts. The Ilan. Member then moved,_
.t at millions could not be raisedwithout supper
mimeo,
.ficulty than the 74 Millions had formerly ? So oilick " • That a Committee be appointed to take into consideration
from the year 179:tht: for Clint argument. Ti.
The 1.. a. Member had coo,
the change. in the value of the currency
the present time, and the consequences produced thereby o_
the
,resented upon the alteration of the currency as crocus
monied income of the country; to consider the atneent of.rise.
public debt and taxes, and their relation to the monied iewsuw; sary for the advantage of the State: tort would the
House, or would any Member of it suppose, eiii:At and to inquire into the effect of the change in the Taie of tb.,
currency on money contracts entered into between individuals would be; advantageous to the nation to li.tve A de,
Mr. BAItING
preciated cart ency ? Ile (Mr. Ricardo) had contendet,
tecontred the u.otion.
Ise
i‘fr.ltlCA R DO said, that the principles upon which‘,er and would always coniend, that it would be
the lion. Member had professed to proceed e
greatest injury to it, as well in case of war in of
pe
such as no man could dissent from. He would make a few comments on what had boo
propositions of the Hon. Member he dildlneuptaurptipc:llaer;
sptautbeldic.by the lion. Member in his pamphlets ee aa
be only differed from him as to the degree of depre-
The Hon. Member had supposed that tie
clarion of the currency and the alterations made by
House had injured the nation by having borrerei
the law
whO had of 1819. Then
at le were two
The Hon. classes
Gent of
lemonp ns
500 millions' in that de, rssciated currency; but ty,l
bad confined himself to the period since 1819.. But
lion. Member was mistaken in that slim; for if the
there was another class of Gentlemen who took a obected to thaw.
House had borrowed its that Currency, it had also paid
sortie of the antecedent debt in it. Instead, theref,,e;
different view, and among them was the Hon. Mem-
of the sum of 500 millions, the Hon. Member, aught
ber for Carrington, who in a publication which,
to have stated the di/faience between the suit bee,
though it did not bear his name, was supposed us
rowed and the sum paid in the depreciated einem.
not confined to the period since 1819, but stretched come from his pen, had said that his-arguments were
H , He would a,k the on. Member in what sate ilisse
very persons would he now in, in case the 131 i lAA
to an antecedent period. In supporting the Act of
had- been pa-sed to compel the acceptance of a lia,.k
1819 he had considered the Bank of England as
note hid not been passe ? 'Would they not beexaely
most prejudicial to the interests of the country, and
similarly tier timstanced ? It was e.% sae at that they
he had been glad when he had seen the House open
would. Toe arguments of the Hon. Me nhet had is
its eyes. He had considered it of no particular ins.
1816 been exactly of the same descri n, as aist
portance whether they 'returned to the former value
which he (Mr. Ricardo) now advanced; let the Her.
or not, so that the standard had been fixed. He had
Member now blamed him fur m iirttaini .g thesi, lie
then said that the depreciation of the currency was to
aPpealed to the speech of the Hon. Member in lste
be measured by the difference between the value of to prove that fact. The Hon. Membei ha.' crimpled
paper and of gold. He would say the same now.—
the prices ut Amsterdam in 1814 and 1821 0.,;01ah,
But he never had said that the standard itself was not
and had contenced that they had varied only .:51po
subject to variation ; and he appealed confidently to
cent. whereas, according to the Honotirab.e 3hos.
every writing which had ever proceeded from his pen
ber, those of this country had varied forty lotiriisl
on the subject, to shew that he had always acknow-
a half per cent;making a difference of 19 per eta.
ledged gold to be a commodity subject to variation.
The Hon. Member had, in various pamphl4ts ono
He would for a moment recal to the recollectiOn of merited upon his opinions, and contended that he had
the House what he had said in 18194 He had been
been influenced by interested motives in his conduct.
accused of saying that the prices would not vary in He would state that his property was situated as %ell
consequence-9f that measure in a greater degree than in land as otherwise, and that it would puzzle tae
•five.per • cent. -Now lie would explain the circum- Honourable MeMber, as it would hinnelr, to decii,le.
stances underwhich lie had given that opinion: he whether he was more a gainer than a loser by the al.
had contended that if nothing took place to alter the teration. As to the present state of agriculture, he
value of geld it would Only be necessary to raise the rejoiced to find that the difficulties under which it
Price of paper to -the price of gold, and that to do had laboured , were now nearly 'over-..they would
that it would be only necessary to increase it five per soon cease altogether, and agriculture, as well.t
cent.—five per cent. would, of course, be the greatest the other b. arches of trade, wralld continue to its.
variation. He had at that time contemplated the Bill prove. A good system of Corn Laws was :lioness*.
coMmonly called Mr. Peel's Bill as having that opera- ing, its order to place the agriculturists on a fair (ca-
tion. That Bill had not required the Bank to pro- ing, and to prevent the chance of any of the esils so
cure a greater quantity of gold ; there had been. no much 'complained of recurring in future. He Lori
occasion to put a greater quantity of gold into circa ' that his arguments would not again be misters
lation, for if the Bill had been followed strictly -the 'Sleeted, as they had been by the Honourable Mend"
Whole currency might have been in papei-onle, and and by the Honourable %lember tin. Carringtos. a
therefore •he find contended that there had. beets their late pamphlets—(Year).—All he would sills
nettling in that Bill Which would produce a tiltinge lative to the motioa of the llotasinable Gentle:lM
in the value of gold. A.chaage, however, had takeq was, that perhaps the House might, as a punisbmin
place in •the price of gold, and why ?. Because the to the Honourable Member, grant the Comminer,
Bank, from the 'very moment of the passing of the 'in order to 'punish Isim,•by•placing him as Chairman
Bill, had set its face against its execution. It had and leaving him to maintain all the opinions which
Carried ail tier gold it could collect to the Mint, and he had advanced that evening—(Laughter). He would
had created a demand for gold ; and, in consequence, confess that he did not know how he would set gestalt.
an alteration in the price had been effected, which no The Marquis of TIC HFIELD said, that the House
man at that time could have expected. If the Hon. had, to decide by their vote of that night, who
Gentle Min had argued rairly, he would have said, ther the landed proprietors were to remain on their
that the value of the currency had increased.five per estates, or to remove to foretgn lands, and give place
cent. making .it accord with the value of gold. lie to a new set of asiopi ietot s. He thought a prim/aft&
ought here to have said, that, in consequence of Mt. case for inquiry had been Made out, and the facts
Peel's Bill, a demand for gold had been created ; that that had been stated by the Member for Essex fully
therefore the value of that commodity had . neces- jostified a call for inquiry. To the Resolution o(the
sanity risen, and that he estimated the alteration in. House in 1811, that a pound note and a shilling went
the value at.so Much per cent. But the Hon. Mem equal to a guinea when the guinea in the mai ket wo
ber had chine no inch thing ; he had not said a word equal to 275. a great Part of the subsequent distreo
about the quantity 'of gold, but had told them that was to be ascribed. He felt some consolation Mathis
his proof
.ut the alteration in the price of gold was Right Hon. Relation (Mr. Calming) had strenuously
the alteration in the price of wheat. That would be opposed that opinion, an 4 moved an Arnendmenes4a
just as legitimate an argument in any country, or at which, however, he and common sense had taped.
'any other period, as this. Th* Hon. Member would enced a defeat. If at acre time there were forty mil-
not deny, that if a counts y imported its corn, and if lions of money in circulation, and at Another On adi.
any obstacle.occurred in the way of that importation, lions, the transactions of the country, not being is.
and rendered it necessary for the country to change creased, 21. at the one time, would go twice ax tar Is
its character in that respect, the change could only be 11. at the other. But, should the transactions if the
elicited through the medium of high prices. That country be doubled, the2l. at the one time, would sot
was the case of this country, and' the low price of go fartheithan 11. at the other. The NobleLordthsh
corn now was to be attribeted to'the re-action which proceeded to state to the House the average pate
had been felt. For his own part, he could see no and war prices in every different period of War old
great. iajustice to the agriculturist if the prices of corn peace between 1688 and 1789, and contended-4
continued-in tature the same as they had been pre- from this statement, it appeared that peace eriear
vious to the war. He granted that the debt and taxes during that long period,- were ipvariably five per
were a burden upon the agriculturists, but were they cent. above those existing during a period -of wok-
e greater burden upon them than upon the other The present, he contended--a -time of peace ro nage,
classes ? No.' Let them consider the situation of the when war was not anticipated—was the best posses
stockholder. ' The Hon. Gentleman had argued, that
the stockholders had derived.benefit from the atheist-stateriod which could be selected for. inuiring walk
of our standard ; and if; it was found to be Po-
tion of the currency. In point of fact they had not. just, to alter it. - -
The Hon. Gentleman forgot that 500,600,000. L of the,, lf
Mr..BARING said, having-three yeariagehiwo
debt- had been contracted before the depreciation of brought forward a pioposition siciailas-to this!, it
the currency, and the loss whiehthe stockholder hid might now be necessary for hies to state his feigkOfh
suffered during that. pried h'ad been as Much as for opposing the motion of his Hon. Friefid ;10hile
would have bought a.perpettsal annuity equal to the he must at once say, this was i• eitiestidithuien
additional charges which the agriculturist now sus- with. time, and the time for chinigilleandiagoliet.
Mined. The Hon;Member had argued that. if he, It had been his misfot tune to differ with both .11Ognes
proved that the monied.lneenne of the agriculturists on on this important question; he.-kad7fully agreed
..
hail
was now 20,000fi0001.1iss thin is-had been in 1511,1 the evils of the. syeteM 44114.4 _out .by the Bull)"
lie proved that the amount of their taxation was Committee; bit be liad.disagteed eta* in the ''''
20,000,000 E more. That was not the case. Buthad Iliiedy
the landed interest derived no benefit in the years' which that Committee tecOminendfid; Indio
thought he had been Well Untitled in his opposing°
since 1795?.. Now, if it were allowed '
that from 1800+ to that rezommendifioti.-- He could notnow.Posag
to 1816 the landed interest had derived benefit from fa
-the appointment al a .Commiitee to carry ea°
the depreciation of the value of Money', he tfineghtiiimairy.. namentl
that that benefit 'should be allowed against thial-1 racoed, as.stscleinqniry toelskoallllg
Iversity of other years, and heteliel?ed 00 the araPillit.,' try, The
to unsettle the currency and-do mischief iethe coo?.
Cif benefit would be found-equal to the disadvin-injuries Which. had already arisen ten*
age oftheir subsequent sufrerings. The flont.Metn-liteakulat;le. ~
'Wash from this tampering with the currency.i.
ber araine o f a.n6 That there had been a de precilligs
hid said, that the alteration in the
p
30
e r recite -4 .le did' i man could doubt who had a guinea to spenalie
money might be considered- as
• liousekeeper who went to matlsct, but could tell !t
not thinkthat the alteration irad'ibeenahything. like Li went. mod, Lg.:beret:y than it did formerly,
that. He said that if the-Bank hid followed therßilli.
of 1818 the alteration would oid.fhavatse fi e Lord FOLKSTUNE said, he knew there werd*
n''-- v,---ker...,- vend Menibe6 who desired to deliver theirsenfwel
cent.. but as the-Bank had got &he vas writ inn
_,. -...- o-a,ll..,";V•oetliiituiportant 'quistione and thereforelli AO
111116 W is ccittougntitryta:bead.t;:d":t'ui!offenctillit terr:artiall.rt. .iirt."`ii:el !- at tl4late.hour move to adjourn the debate. ilf;
Sonic conversation took place between Lord Ftmairtmh

p