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London, England, 1828-06-06 00:00:00

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part of the duties of the Committee, any inquiry into the debase-
ment of money by the former Acts of that House.

Mr. WARD (London), in rising, congratulated the
Right Hon. Gentleman on the tone in which he had
brought forward this very important subject. It was
not one altogether novel to himself, but he was desirous
tonight to collect what might be the sentiments of his
Majesty's Government on it. The coinage was the pre-
rogative & the Crown, and the substitution of bank
paper for coin emanated from the authority, and de-
pended son the will, of the Crown. The argument of
the Right Hon. the Chancellor of the Exchequer turned
mainly on the question, What gold was there in circu-
lation? Looking at it in that light, he had endea-
voured to obtain some authentic information on this
point from the best source. It perhaps was not possi-
ble, under such circumstances, to obtain exact in-
formation or precise accounts of the issues of the Bank
-It the periods to which he should allude. The Bank of
England had of course a right, like any other commer-
,:ial body, to transact its own business in its own man-
ner; therefore no fault could fairly be found with its
-Accounts in this instance. The Honourable Member
here read extracts from the accounts of the Bank of
Eirgland, to show that in the period from January, 1821,
to July, 1824, the issues of the Bank of England in gold
amounted to 1'7,373,0001. of which 2,550,0001. was is-
sued in exchange for guineas. During this period the
exchanges were continually in favour of this country;
and gold in consequence was continued to be imported
here. The next period was from August, 1824, to,
December, 1824, during which 8,660,0001. was issued
in gold, of which five hundred and six thousand pounds
was in exchange for guineas. During this period the
exchanges were against this country, and gold, of
course, was exported. The next period embraced only the
intervening time from Oct. 1825, to December, 1825,
which was the period of the. panic, pending which
2,000,000/. of gold was exported, leaving a total of
6,000,0004 of gold coin exported, in addition to bar gold,
from the coffers of this country. From Jan. 1826, to Jan.
1828,there had been issued 2,273,0001. of this 1,090,0001.
had been issued in exchange for gold, making thus a
total issue of 28,405,0001 and leaving -a balance of
22,000 000/. as the quantity of gold in circulation in
April, 1828. From this calculation, and the conclusion
thus arrived at, it would appear that the calculation
of the Right Hon. the Chancelloi of the Exchequer
was not. much exaggera:ed. Taking, therefore, into
consideration the demand for the issues, and the per-
manenee of the supply, there appeared to him no doubt
of the stability and permanence of the present state of
things as respected the currency. He would not dive
into futurity, nor speak with too much confidence on
subjects of that nature; but he was prepared to say, upon
his oiensresponsihility, that there was, in his apprehen-
sion, nn danger of any failure of the supply in the cur-
rency of this country. Neither was there any reason to
apprehend, from the state of the foreign exchanges, any
algal whatever—(Heet). If, however, he were asked
kehether he would, as they respected our currency, vote
for our present laws, he confessed he should feel him-
self in doubt ;s but as things at present stood, he
believed there wits gold enough in the state of our
curreficy:foe our present emergencies, provided paper
continued as 'heretofore a substitute in part for the
precious 'meth& The question whether we should
now stop 'Unit 'Wave a reference to three distinct periods
—those of 1811 s, 1820, and 1821 ; from which it would
appear, that when gold was brought in it was accom-
panied by 'low prices. This was in contradiction of the
opinion of 'some, who thought it Would be productive
of high privet. In this, as in Other points of our com-
mercial relations, there was an eiacts-equilibrium, which
it was desirable not to pass or exceed, on maxims of
sound policy. With respect to the creation and main-
tenance of a silver standard, which so many considered

desirable, as constituting a double standard, he con-
fessed He did itit tuciw *hat they meant by a double
standard. They Might as well tell him of two different
bushels of wheat of differebt dimensions—(A laugh).—
The preciotis metals, even in a period of peace, had
been found of late years -to fluctuate so far, that silver
was at one time 4s. lid. per oz. whilst at another it
rose to ss. 7d. Gold, too, was at +l. Ss. en ounce,
and soon after at Si. 17s. 6d. Whilst this state of flue-
tuation tobk place, it was clear persons coniersant with
the Miner would avail themselves of it, 'and debtors
would attempt always to diieliarge their debts in the
cheapest manner. At one time there was a greater
disposition to produce silver from the mines, at another
gold was sought "FIR) greater avidity, and the debtor
seas sure to make his payments in that which pre-
dominated. If -such were unavoidably the case, it
were, perhaps,
.. not injudicious to ere either 'party
the benefit which as it happened arose out of the
fluctuation. A law rate of interest displayed that there
was a sufficient currency fcir'ilie use of individuals, and
for all our national purposes. When the interest on
money was found to rise, it would be found also to
affect the- principal, so as to increase its value nearly in
the same proportion. This principle would be found
to operate, whether 'Our circulating Medium were
*OOO,OOO, 50.000,000, or 40,000.000, which Mule,
fieknefv, believed it advisable should 'be cOnsideribly
increased. He was of opinion that sufficient regard. bad
IQ been had, in the course of the discUssion on this
subject, to the state of the foreign exchanges. If any
mistake were 11.0 W. committed in the issues of money at
this thonle'nt, It might have the effect of turning the fo-
reign eschinges against this country. We were' on the
tive Of a war, perhaps of great extent or continuance.
A large military chest would be constantly open, and re-
quiring to be replenished. A large quantity bad already
been &allied-item Various. reknit Ces, for he iervice of
other belligerents, 'as *AU: for our operations in the.
East. These were considerations of weight and general
interest which-shouhl nor be left out in examining the
reasons for passing the SU before them, or acceding to
the prOPositiOn Untie Elonotriable flaroaet. In that in-
glory it *as Mine iinpOriant to avoid making any mis-
take relative to the exchanges, as they must influence
the question very materially. What be had said had
been theorist (tut xvitb4n "sirlions Wish, imperfectly as
fle Materials ore. 4n 'which lie founded his inferences,
that the Iliissribou,Tcf be in posseisioa a all the infer-
mation he could obtain-for it, in order to form its judg-
*toe trFkro the treetiee• The Hon. Member assured
the Htlttie, coneitidieg; that whenever be possessed
any chandel of hstorinitien whit% was not generally
sr.ceisible, he iboild feel It his duty and a privile4e to
obtain for its use such materials is might in his opinion
be conducive to their forming a just conclusion on-sub-
jects of teth natal lisportance—(Hear, hear).
Sir H;PilfislgiLiaid, he considered thebank and
other paper circulation of the country its active capital.
Money most, from 'circumstances, often be locked up,
whereas the circulation of paper absorbed the dead
stock, and treated a larger production of goods and
manufactures of 'all descriptions. The basis of the
creation of wealth was to give activity to capital. Ile
thought there ought to be U. notes in circulation, but
Dot for any one of the reasons adeenced by the other aide
the House. The real reason was. the system of
Malt which still existed, and rend red it -accessary.

If that system was. still continued, be would say that
11. notes ought to be restored. Oar system was an un-
sound one, and there was,- perhaps, no principle con-
nected with it more injurious than that which prevented
more than six partners in any banking establishment.
The effect of this was, to exclude a proper amouot, of
capital from being embarked in such conceins; and the
consequences might be inferred from the simple -fact
th.it since the year 1792 no less than 352 commissions
had' been issued against Bankers. He was aware of the
existence of a clause in the charter of the Bank of Eng-
land,which imposed this restriction upon all other banks.
But why not enter into some arrangement with the
Mink of England to get rid-of the evil ? The charter had
now
_five years to run, but the arrangement to which he.
alluded might be made before the arrival of that period;
and if there was no other way of settling it, it ought to
be made a matter of purchase, rather than let it re-
main as it was. The whole mischief arose from legis.
lation. If we had no law upon the subject at. all, we
should have had a good system of banking. ' The
reason why Scotland had a sound system was, that there
was no law upon the subject. The consequence was,
that none but strong banks could exist there, because
the moment a doubful bank arose, the other bankers
combined to put it down, an object that was soon. ac-
complished, where the doubt turned out to. be well
founded. In Scotland, such was the advantage of this
system of banking, that in the coarse of 103 years only
two failures had taken place, and the whole amount of
those two failures did not exceed 32,0001. He hoped
it would not be supposed by any one that if the present
Bill was to pass, the whole question of the currency
would be settled. If this country were to rise again into
a state of-commercial prosperity, the sanseptecess would.
go forward excessive . issues, extensive ;speculations,
fluctuations, and eventually those evils whith bad been
experienced in the year 1825. .
Mr. Secretary PEEL said he cordially concurred, lei
one observation made by the Hon. Member for Calling-
tont namely, that it did not become 'any man to speak
with too much confidence on this subject. The ohjetti
they had to consider were so numerous—the elernfitts
of consideration were so multifarious, that certainly any
man must have great confidence in his own power
argument, who could make up his mind on this ques-
tion. He admitted that practically there could' be no
greater detriment- to the interest of this. country 6=l
uncertainty on this question. If in the month of June
(this law being to come into *nitration in. April next),
they were to retrace their steps, they ought at
least to make up their minds to hear it said, the
country would never have any confidence again in
their consistency. The act of retracing their steps must
be justified by necessity or expediency. Ten years since
that House agreed that the issue of small bank notes
should be stopped; and to be consistent, they ought- to
refuse to retrace their steps, unless the neceessity and
expediency was such as to tender it impossible to avoid
repealing their former proceedings. The Right Hon.
,Secretary said, he should prove there was no necessity
or expediency which could warrant them in retracting
all they had done in 1826. He should apply himself
to the argument of the Hon. Baronet, who had urged
that it was their duty, if they did not retrace their steps,
to go into inquiry. The Hon. Baronet had described
the resources of the country to be in a state of ruin,
and it was said that England no longer deserved
its ancient character; that it was a country on the
brink of ruin, and nothing but the adoption Of paper
currency could save the nation from sinking. He
(Mr. Secretary Peel) knew of nothing in the prospects
of the country to justify the melancholy description
given by the Hon. Barcner. They ought to be cautious
in prophecies respecting the prosperity of the country,
in Order to avoid raising false expectations; but there
was also another extreme equally to be avoided—they
ought not to indulge ill hypocondriacal despondency.
The Hon. Baronet never could convince him that the
resources of the country were paralized, and that there
was no cure for public distress but one pound notes.
He was assured on the contrary, that if the country was
to be forced to war, the national honour might be sus-
tained without small notes—(Hear, heir.)—There had
been no falling off in the productions of the country,
from which they could infer that distress the Hon. Bart.
described. Since the Ist of Feb. 1826, not a single coun-
try bank note had been stamped at the Stamp Office;
and if there had been such a diminution of theresources
of the country as had been described, the effect must
have been discovered. The fact was, the stoppage of
small notes since that period had produced no such
effect. No such diminution was observable. The Right
Honourable Secretary compared the consumption of,
articles in 1825 with 1827. Comparing the quantities
of strong beer, table beer, tallow candles, wax candles,
coals, milk, tea, vinegar and other articles consumed
from the sth of April to the end of 1825, and from the
sth of April to the end of 1827, it appeared, that on ,
every article, with the exception of wax candles, there
had' been a considerable increase in 1827, the year after
the stoppage of stnall notes. How was it possible, then,
to infer that there had been a great reduction in the re-
sources of the country ? Referring also to the quantity
of shipping employed in the two years before stated,
there appeared to be Considerably more tonnage em-
ployed in 1827 than in 1525. This being proved by the'',
returns before the House, he could not come to a con-1
elution that there had been a-falling off in the public
resources of the country. The Righalon. Secretary then
observed, that two questions were raised : they had first
to inquire Whether it 'was necessary to raise the standard
of value ? The Hon. Baronet's argument, if it meant
anything, went to the extent of raising the standard of
value. The second question was, whether it was neces-
sary to have a paper currency convertible to gold ?
Those two propositions he intended to contest and op-
pose. In 1819, Parliament was called upon to decide
whether any change should take place in the monetary
system. It was decided that they ought to return to a
metallic currency. The question at the time to which he
alluded turned on the depreciated standard. It was at
the present day a tinily different question, and he might
ask the Houk Whether, after the experience of cash
payments during twelve years, it was necessary to
alter the system ? He had heard it said, that the mea-
sures recommended by the Finance Committee of 1822
bid been the cause of great misery in the country, and
'he admitted that the adoption of their recommendations
'bad occasioned some distress; but if they bad not re-
turned to a metallic currency the distress would have
been greater. It was said that the national debt had
been contracted with paper, and that it was impossible
to pay it with gold. That statement was not correct.
A very small portion of the debt Was incurred *ith pa-
per,- and it bad always been understood that the country
*mild return to cash payments, and keep good faith
with the public creditts. if the national creditor was
paid in a depreciated' currency, it Would deter others from
advancing their money for the public service when it was
"necessary. The great question the House had then to
;consider was this, would they consent to unsettle that,
system which they had acted upon during ten years? If
the? did, the confUsion among all the money traasae-j
'curses Would hi sfah'is Mist enervate this Country. Ibt

Honourable Baronet had recommended a change in the
banking system —that, however, was an independent
question. He was not insensible to the. improvements
which might be made in banking before the renewal of
the-. Bank Charter, but he entertained doubts whether
any, change or improvement could lead W theldoption
of paper currency to the exclusion of gold. Experience
in all countries proved that paper invariably dfovc gold
and silver out of circulation. With paper, gold would
not remain. The Hon. Baronet relied on the banking
system of Scotland. It was said that system was so
pure that no panic could occur:. The argument was
fallacious. The fact was, the banking system of Eng.
land was the support of the Scotch system. The Right,
Hon. Secretary read the Report of the Finance Com-
mittee of 1819, and contended that though the banking
of Scotland was eulogised, it was notthe best. A sys,
tem of uniformity was most desirable. It had lieenpd-
mitted that Scotch notes passed the Border, and there
was every reason to conclude that they would travel
further into England. Would it be fair, under those
'circumstances, to leave the English Banker without
protection? If metallic currency was given up for paper,
it would be impossible to guard against the excessive
issue of small notes, consequently no one could say.shat
panics would not ensue. Paper had a constant tendency
to excess, unless they kept over it that sentinel, the sove-
reign.. The Hon. Baronet referred to Hume, to show
that the only wise course for a country is to have a con-
stantly increasing circulation; and, no doubt, if the wit
of man could devise a constantly increasing circulation
which never could come to a stand, it would, no doubt,
much increase the active industry of the country ; but
the force of every stimulant must cease at some period,
and be followed by a proportionate depression. Mr.
Hdme is speaking of the circulation of specie, and
not of paper money. So far from thinking with
the Honourable Baronet, that it is wise to increase
the circulation of paper, Huuse says in one of
his notes=" We observed in Discourse 111. that
money, when increasing, gives encouragement to
"industry during the interval betwixt - the increase of
money and rise of prices. A good effect of this nature
may follow, too, from paper credit; but it is dangerous
to precipitate matters at the risk of losing all by the
failing Of lhaveredit, as must happen upon any violent
shock on public affairs." In the text he tells us—" 'Tis
only in our negotiations and transactions with foreigners
that a greater stock of money is advantageous ; and as
our paper then is absolutely insignificant, we feel by
its means all the 'ill effects arising-from a great abun-
dance of money, withoot reaping any of the advan-
tages." Home's argument 'relates to the effects upon
industry by the increase of the precious metals; but it is
quite different.from the position of the Hon. bat. who
quoted him in favour of an increase .oftßaper circulation.
'ien, as to Dr. A. Smith, I well recollect the beautiful
and most happily illustrative metaphor applied by him
ip the subject: he tells us, that gold and silver may be
rompared to roads, which are productive of no profit,
but circulate all the products of industry ; the roads
not being cultivated, are sources of positive loss, but
they are the means by which all property is trans-
ferred; and with -respect to paper circulation, he
says, it is like a *waggon road, if he might use so
violent a figure, in the air, which enabled the owner
of the soil to cultivate and convert into a source of
profit even the otherwise barren roads. It is clear,
however, that he was well aware of the evils of a
paper currency ; for fie makes use, in one place, of
this apposite expression: " It 'were better, perhapi,
that no bank notes should be issued in any part of the
kingdom of a smaller amount than 51." and he goes on
with a train of reasoning to show the dangers of-'a ,pal
per currency. In short, it is utterly impossible:to-quote
Adam Smith as an aethority for an unlimited issue of
paper, without a foundation and basis of gold. I have
thus shown, I think, that the main supports ot4he Hon..
Baronet, as far as regards the opinions of the illustrious
Men I have named, fail under 'him; and if it wore
possible for them to go into this Committee with me, I'
am sure I should have their -votes for resisting the pro-
position they are supposed by the Honourable •Baront t
to advocate, and would lefuse their sanction re the sys-
tem he maintains. Imust say, therefore, that neither
on the score of experience, nor of authority, do I think
'the Hon. Member for Callington (Mr. Baring) nor the
Hon. Baronet, have established such a case as ought to
induce the House to recede from the position it took in
1828. I entreat the House to consider what we' were
told at that period, that if that. Act were passed (and it
was passed by a majority, I think, of ten to one, for only
eight ultimately divided against it), themischief result-
ing from it would be immediate—that the country
banks would reduce their circulation, and that the evil
would not be deferred to 1829. Then, let me ask, after
we have undergone that suffering which was inevitable
from the attempt to restore a metallic circulation—after
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 circu-
lation of country bank notes to'two millions and a half,
is it wise to retrace our steps, and by the commence-
ment of this new inqssiry,lmply a doubt as to the sound-
ness of our policy ? If we do retrace our steps, de net
let suppose that the injury will be confined to' two
millions and a half of batik boles; you will never have
an opportunity of considering the question under the
same adiantages as at present, and no confidence will
hereafter be placed in your decisions, if you now attempt
to unsettle a question which has been so long concluded.
The Right Honourable Gentleman proteeded to observe
that the country was now within sight of the goal which,
in 1826, it Was so anxious to reach—a little firmness,
and another spring, would enable us to reach it ; and he
believed that it could be attained, in the Present state of
the kingdom, without any material addition to the ex-
isting pressure. Having agreed to reduce the circula-
tion of the 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 entering upon the eight points of inquiry
proposed by one Hon. Baronet and-the seven points of
inquiry proposed by another Hon.i Baronet: The• House
might depend upon it that the commercial and trading
interests of the country would, instead of being injured,
be benefitted by this system, andlhat the general settle-
ment of the -currency would be such
_al to insure the
confidence and security of 'the publit—(,Hear, hear).
Sir .7. GRAHAM, in explanation," said be feared he had not
expressed himself with sufficient cleameu in speaking upon the
Scotch banking system. He must however observe, that they bad
before them high authority with respect to the icotch banking
system, and that authority the Right Hon. Gentleman had been
unable to controvert.
Mr. ATTWOOp.obspived, that he paid no regard
to the details of Ate' INN Honourable Gentleman
respecting tallow anitiltsx and starch. • He (Mr. A.)
had said nothing ,Of these matters; he bad 'talked of
the distress, of the farmers, the misery of the labourers,
and of gao)s, burdeUed with criminals. The Right
Hapurable Gentleman should have shown that the
farmers were ea#, the., hibintrers contented, and the
gaols empty.' This-tioutitry. was not only unable to
support the -non* of a war, but even its present
bardeas.atere too heavy. With respect to the ap=

prehensions of the Right Honourable Gentleman (the
Member for Liverpool) who spoke of the panic and
the terrors likely to be created by revising the Acts of
the Legislature, those apprehensions had no foundation
but. in the fancy of the Right Hon., Gentleman. The
same predictions had been uttered respecting another.
question, in \which however the Noble Duke at the head
of the Government had not been *amid to grant a Come.
mittee of the.other House. He was happy to perceive
that the Noble Duke was'not likely to be moved by these
apprehensions so much as' at the consequences of preci-
pirate
legislation. There was a Committee now sitting
totinquire into the doubtful state of our finances ; and
yet, strange to say, that Committee had not power
to inquire into the manner in which the taxes -of
the country had been enhanced by the change which
the House had made in the value of the currency,.
A Committee, acting upon an error so capital was
not, in his opinion, likely to prbcluce much benefit to
the finances. A depreciation of meuey had existed al►
many former periods of history: The depreciation of it.
which took place in 1797, was the act of Mr. Pitt.
The alternative was presented to him, of abandoning
either the war in which the country was engaged, or
the standard. He considered the war 'to be necessary.
for the preservation of the country, and so preferred;
abandoning the standard to abandoning the war. ,A-n.
Honourable Member hail said that that depreciation
was the work of the worst Governinent that. had ever
disgraced this country—but did the Hon. Member
recollect, that by the very same means by which Pitt
carried on the- revolutionary war, Washington and
Franklin carried on the...war for American' indepen-

deuce ? Washington and Franklin sanctioned' a depre.
ciation of the standard for that great purpose ;lad he
did not suppose that the Honourable Member'*ould
venture to call those illustrious mat' great tzysants.
There had been no depreciation in our standard-froth
the time of Queen Elizabeth dawn to the time of Mr.
Pitt; but before that time they ,had been frequent,. as
was evident from the fact that the pound of siller, which
originally was twenty shillings of silver, was coined is
Queen Elizabeth's time into 625.6 d. That.d'epiecia•

tion was not the work of tyrants, but of thegreatest
and wisest Princess in our 'history—they Sanctioned it,
not for the purposes of fried, but for the purpose of
preventing fraud—they had recourse to it, not for
the purpose of raising prices, but for the purpose of
preveniing prices from falling—they endeavoured to
obtain an adjustment of prices—and such ought to
have been the object of the law of 1819, which
ought neither to have appreciated nor to have demos
ciated the currency. Though he said thus much re-
specting the depreciation of the currency; he begged
that he might nut be considered as its advocate; all. ha
wished to do was to set it right after it had once. been
set wrong. To revert, however, to the Act of 186, the
question was, whether, after abolishing the emendation
of English 11. notes in England, you would petnait the
circulation of Scotch notes of the same value'? Now,

the Act of 1826 was adopted on the avowed prin.
ciple that it was to apply equally to all pairs, of the
,United Empire; and after it was adopted, the Chan-
cellor of the Exchequer of that dal went so far
as to say, that he would 'bringin a Bill for the sup.
, piession of small 'notes in'Scotland.' The House had
now discovered, that as fir as Scntland was coaderned,
the ideas whiCh it had formerly entertained whiz' erro-
neous. It, followed the process which' it essilly4ll,
lowed on questions of this nature: - it first tondeltitted
the circulation of small notes, Ilrenit appointed.a..e4m-
mittee to inquire into the subject, :Ind ihen it toured itself
:entirely in the wrong. Was not that a reaum, he wriuld
ask, why the House should now institute furtfaesirin-
.quiry? Ought they, on authority which they hattpre-
riously found erroneous, to proceed to suppress thezcir-
culation ofsm4ll notes in. England? He thought that they,
ought not, and he was convinced that this measure secs-
dictated more by a desire on the part of Ministers to pre-.
serve their own personal consistency at all events,'thart
!by a due regard to the interests of the country. He was
sorry•ta say chat it appeared to him that Ministeri scat.
(Fred about their arbitrary edicts on this subject; uterly
,careless whether they crushed or protected the people.
'The Honourable Member.proceeded at great length to
compare the system of English and Scorch' bunking.
He contended that England was as much indebted for
its prosper ity to the banking system as Scotland was)
and argued that paper had never. been mere converti.
ble intogold in• Scotland tharpit had been in England.
He concluded by stating that he gave his strenuoug
support to the amendment which 41114.- §een moted by
the Honourable Baronet.

Sir F. BURDETT, said, that at so late .an hour of
the night it would be an unwarrantable trespa.st upon
their patience, were he to. take any other eotiim Brad
that of expressing a few general 'sentiments and pro- •
positions, which struck him as directly connected with
this-subject. Indeed;te might-content himself with a
general declaration in favour of the principles and a- •
guments so ably explained and expounded by his Huh.
Friends (Sir J. Graham and Mr. Attwood), without vent
tuting upon any discussion of details, however impor.
tent undoubtedly they were, if time and season admitted
of their perfect elucidation. If the views of lrie
Hon. Friends had been attended to as they ought,
the less necessity there would be for him to urge the pro-
priety of prefacing the consummation of the business
before them with just and adequate inquiry—and that
was all which was asked—before Parliament stood com-
mitted upon the result—(Hear). It was peculiarly in-
felicitous for the Right Hon. Gentleman (Mr. Peel) to
take the tort of stand Which he had made, when he
knew his name was connected with a measure regarding
an unwholesome tampering with the currency, which
was capable of producing much mischief, suffering, and
misery ; tempered, it was true, with the corrective, that
on the treshold of its completion (once or twice
ap-
proached) it was found impossible to execute its pro-
' visions, and Ministers were compeller) to arrest its course
just at the moment when its mischievous consequences
must have been directly realized. No reply had
been attempted to be given to the pregnant facts and
cogent reasoning of his Honourable Friend (Sit; James
Graham). The errors of even such men. "as Locke
and Swift, upon these abstruse subjects, even the!
acuteness of Hume, had been detected and eXtiosed ;
and the Right Honourable Gentleman (Mr. Peel) had
misconstrued the sentiments of these great names in
the judgment which he had pronounced upon them.
His reasoning upon Mr. Locke's argument with Mr.
Lowndes was entirely misapplied, because there the con-
troversy was upon the.injustice of paying offe at a lower
ratoof money, a debt contracted at a higher;. while the
present condition of the country was the payMent in a ,
metallic currency of a debt contractedia a depreciated
one. It was this ,4 paying up" to the legal standard
which made the whole difference in the argument...
It was this ill•judged system of coping with. unequal
things which pressed upon all ranks of the community,
absorbing resources that ought to be sparictoereserved,
and mingling concerns of separate Alitieefiralueste the
great prejudice of. the community. The Right Hoo.
(Jentleman opposite had, indeed, faintly shadowed out
thesetbings, but who so ,inconsistent asihiniself in the

"•••-•

47T-""i

sue-
4Plic
atlas of these important doctrine!? Hard indeed
was the result Of such a system' upon the fundholder,
eomplientrand difficult as was his condition ; still tiot
so much ea Ile Vi exclude some teasonahle terms to save
i certain body of annuitants. By abrupt political move-
Ments, the real interests of these bodies became not
only affected. hat sacrificed; and when the Rt. Hon.
Gentleman (Mr. Peel) quoted Hume, he omitted, in
the scope of his argument upon the doctrines of that
great historian, tl,e necessary effect of the sudden
and capricious alteration of the currency upon the
crude views of the Government,without pausing to look
et' the real Condition of society, or reTforming that which
was the indispensable duty of the Government in keeping
the currency in a u liotesame and unalterable state. The
policy undoubtedly of oily country was to keep the.
Measure of the currency fixed and not fluctuating; in-
stead of doing that, the amount was floating, indeed un-
known; even the conjectural amount of bank notes in
general circulation was in itself sufficient grdund for the
inquiry that was called for. It was easy to enact measures
affecting the currency, but it was dreadful to contem
plate their consequences—annihilation and transference
of property—jails filled by honest insolvents, not impro-
vident men who fai:e.l in their pursuits, but industrious
Men, who' were sacrificed to the prevailing system. He
went& not admit that this injurious juggling was cart,
lied on for the benefit of the country Gentlemen; they
were ready in make every fair sacrifice to set thogs
ride, but the G ,vernment thwtrted and deceived them
at every step, and puhlic credit was sacilficed, not
preserved, by this prevailing delusion. The itiet
tinnonrahle Gentleman (Mr. Peel) made a grand mis•
tate, whi4t he thong •t that in such a question as this it
IV*4 Sie volo, *lc j*Geo. He could not get rid •of the
effects of such a system by a vete of that House.—
The evil would remain unmitigated and unhealed.
By a coup de niaia in politics a Minister might win
both campaigns and cabinets —( A laugh, and cries
Of " Hear, h?ar"). But his triumph would he with.
Out sticcess.in such a question as this—'he evil would
remain in seite of t: e majority. Tney 'had better
then take the rational course—namely, pause And
inquire, and then decide—(Hear, hear) —A blind and
heedless decision would produce nothing but dissatis-
faction. The country had strength, he knew, to bear
these drawbacks, but that resource ought to be sparingly
appealed to. It reminded him of Voltaire's remark,'when
improvidently pressed upon, " Give me a little strength, i
ind.then I can bear these applications." Such was the
item of England ; she had health and strength, but she,
Minted a wholesome application of nourishment. He
was therefore desirous of pausing ro see how that could
be supplied. He had commenced with stating that he
truly meant to allude to general principles, although the
detaas-were pregnant with useful information.
' Mr: HUSICISSON rose amid loud cries of e ques-
tion" to explain, that although the
,reference to the
bather night's 'debate *as irregular, and although he
Iftas ptecloded from touching upon the many and
ss inconsistencies of the Honourable Baronet and
Honourable Member (M4Attwood), the principles
5o
'which were so' sufficiently imposed by his Right
litottarible Erienkfldr. Peel), yet he felt called open
tit rely, The appeMeillikes of things' was that of a gradual,
steady, tendenepiiindvance, and his arguments built
*pea dist grotintinkin, that the danger consisted in in.
dated plies, and ipsenlative rain. It was not per-
inittleil to him, at that hour of the night, to expose the
IlliOtistrbus inconsistencies of the Honourable Baronet
and Honourable Gentlemen i all he could compeodi-
Ms* say, therefore; was, that be hoped his name would
, elleneerise arranged with any shameless and unprincipled
select for impairing the public credit.
lie. ATTWOOD—w Does the Right Hon. Gentleman for owl
'moment impute to me a shameless wish to impair the public credit,
—I desire an answer." .
Mr. HUSRISSON—ft The tendency of your argument wen
to a result of that hind, and therefore implied a fraud upon thu
getiblic creditor."
✓ Mr. ATTWOOD—wg Your measure was the fraud, the genteel
fraud ti( not; when you established. or tried to establish, 6•25 tkLi
Is the determinate value of the pound weight of silver"— (Lead I
cdea of " Question.")
• The House then divided upon the Amendment proposed by Sr
Jesta Gaittan, When there appeared
' . For the Amendment . .• 45 1 Against it .. . • . i 54
Majority againit the Amendment, 109.
s • •
The original motion was then carried, and leave was given to the
Chancellor of the Exchequer to bring in a eon to restrain the dr-
eribties of Scottish notes liallingland.
The Annual Approptiatiess of Aids Bill was read s first time,
sad ordered to be read a second time (to-morrow.)
' The other Orders of the Day were then disFosed of, and the
Rouse adjourned et a QUAIITeII To Tears o'Ctoca.
-

THE 'EVENING STAR.

LON DON.

FRIDAY, JUNE 6,1528.

STOCK EXCHANGF„ TWELVE O'CLOCK.
Consols opened this morning at 86i for the Account, and up
to the present time scarcely a bargain has been done. Reduced
May be quoted at 85} to 86.
The Foreign market is also very inactive, and the prices
Maratha.

CITY, HALF-PAST ONE O'CLOCK.
Within this hour, the Consol market has become lively, and they
thy be quoted at 871 1. Consols have been fluctuating, during
the morning, between 661 /, and 871.
• CITY, TWO O'CLOCK.
We eederstand that Lord Srzwswr is going as Ambassador to
Vienna, and the Marquis of Artissonv as Ambassador to P.iris.
A large remittance is coming from the Brazils, in a frigate to the
Brazilian 'Minister in London, both in bills and diamond&
Consols for Amnia ST to 4.
PRICE OF STOCKS AT TWO O'CLOCK.
Italia Stock 2051 India Bonds
lire Cent. Rid. 36 51 61 South Sea Stock
iter Ct. Cons. Shut Old Annuities
par Cent. 931 41 New Ditto
1 per Cent. Red. 911 4 41000 Excheq. Bills 60 1
4 pet Ct. New Shot A5OO Ditto 61 S
4 per Cent. 1824, 1031 4 4100 and 4800 Ditto 62 3
VAR Ana. 19 5-1 8 Advertised 59 60
has sack Sllut Consols for Acct. 861 71
FOREIGN FUNDS, TWO O'CLOCK.
Ontillan isik Sp LI. Of DoAcce 351 61 51 61 61 1
Do Actual:4 Portug. Eids. SpC. MI 4
Columbian Hoods, 6 per Q. 191 DoAcet 584 44 4
D6•llc3uls.l asts, Ls Press. Bonds,s p Ct 100
Wiest Bds, 9p Ct. 89 . Ru55.8d5.1622,5 per Ct. 904
a.1id5.18114,6pCt.56 si ci Do Acct. 901 1
IBBATISH AND FOREIGN SHARES, TWO O'CLOCK.
watt. FA to.
kilo ltlezieta 100 90
Baum : 300 275
Ilessillen 3S 20
=I.
a SO
71
50
s
E
Csorosy st Ireland 25 4
Wile= 40 34
British sod "'assign 100 10
Monk and Palest Salt 10 7
i

S 5
195
81 79 SO
51
761
SA
ISA 111
91
I

The Sill for restricting the use of the Scotch Notes
Ins passed lad night by a majority of 109. there being
11ip4 for, and only 44 against it. The doubts expressed
Isy Orr SAIIU GRAVAPit of tbs accuracy of the state-
ettUtt• 4i the Cheseemscut niche EICHEQUZItp were

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