Star.
London, England, 1827-11-01 00:00:00

1 saves :

nE sir

*gamey bet , eyes inspect
and with their pyre hands labour in manufactures.—
They form, the.links and fill up the interval between the
Itrovesepitiliititso the general consumer: they hinder
. the -great eipiolitst from becomietg a great monopoNst
and. paeset medibe4eneral minimum f.bm great • yaw+
tip • Da thisy•inentes• go • , • •
they. * chi *tisane• they nrornotethe pabliagesvA.
The ilsiem of the Bank.of England would prOititil,
overtkrok this humble, but most Rwneerous and usefal
class of men, and thus would dry up those small but
hummer able tills, which net only refresh the little fields,
through which' they &see, lot which at length unite, and
fortn,and 611 those majestic streams, which fertilise the
whole commercial world. .•
Monopolists flourish exactly in proportion as the teat
of the country suff•rs. Societies of monopolists have
neither responsibility nor feeling beyond their owe
body—that is- beyond their own privileges and their
own interest belt they .can feel, acutely enough.
when a dividend is diminished, or a privilege is
abridged.' The Bank of England, acting by stiptn-
diary agents, could have no kindly feelings of neigh-,
bourhood in the country: The manager of a Branch
Bank would be an insulated bring, like a Consul of
trade in a 'foreign cerintry. His heart and his country
would ever be in the Bank of England. Cavil.* sem.
ray, iro, ins, 'wart would be his constant watchwords
from the head quarters of monopoly. The tenor of his
instructions, and the salary of his place, would cause
him to pursue that cautious line of conduct which, ea.
eluding the shadow' of risk and the possibility of loss,
while it would please Ms commanders, would ger far
to annihilate credit, and ruin the country.
But the Country Banker, besides the kindly feelings
of neighbourhood, has a patriotic interest in the pro-
, . •
spenty of all around him. He is, therefore, more willing
to assist the agriculturist, who may need assistance re
the improvement of his lands; to help the manufacturer

in some slacknesoof demand ; aed to support a humble
but honest tradesman in some sddien emergency. The
Branch Banks of the Bank of England on the system f
monopoly could not in the above eases afford relief.—
And, witbeureelief, the agriculturist must dismiss his
" sable peasantry" to idleness, and the poor rates.—
The man,ufacturtr must discharge his ingenious work-
Men, and their families must b reduced from virtuous
competence to want and temptations. The humble,
but honest tradesman, on whose industry the star of
oestpeteocy was jest sussing, through some dark mis-
fortune, without any fault, must ball into hopeless de-
gradation, and all who depend upon him must partici-
pate in his miserable fall ! Branch Banks would never
supply the placed Country Banks; because the con.
IleZieflpetween Branch Banks and the Country could
never be so extensive, so intimate, and so useful, as be-
tween the Country and Country Banks. The extinction,
tberefore,of the Country Bankers would be a manifest
and irreparable injury to the comfort and commerce of
the country.
Fair competition is the healthy and active spirit of
commerce. It is the regulator of profits, the protec-
tor of the consumer, the stimulus of improvement,
the author of* invention, the extender of trade,
the increaser of the revenue, " the child and ths

champion" of a free and enlightened Governate
But monopoly is the-disease or trade, the murderer of
invention, the grave of improvement, the plunderer of
the private consumer, the enemy of the public weal,
a the child and the champion" of despotism. A mono-
poly of the Currency by the Bank of England will in
W libly lead to kinds ol monopolies; aed monopolies
will destroy all competition, and, wept • the monopo-
lists themselves, -will deeply injure every subject in the
realm. It is, therefore, the duty of every subject in the
realm to oppose the monopoly of the Bank of England.
Tbelteedom of wile van -never be reconciled with
stemptilly in Busking. Trade-cannot enjoy frocrindi,

1111;killi6etillt •
were, but in the Morropoly, not in the merargers, but
theisysletia r yet I do mean to t, that- the 7 ate be,
a company of traders in stoney ; aad by their syst*ott;
nikerly distinist•from all ether madets. And, ss Amadei..
ist mosey, their great object menet be inetresing pied*
isvteadie, Matti% a largest dividemd., Withal maitopatr
of the currency they would be able to ix at.sisair eitnis
,iost of profit. or to levy what tae they pleased (In all
preporty in England F
Na better system can be decked to preserve the in-
tegrity and steadiness of pablie credit than• the system
of Country Bankers. The integrity and steadiness of
peilicieredit ere of the utmost importance to agricul-
Marestsonanufacturen,and merchants; because by pubtie
credit only can the agriculturist estimate the produce of
his land—the manufacturer ;Wink, of. his labour—and
`the merchant the profits of -his tip*, Extinguish the
Country Bankers, abd yen remote the support and
balance of public credit. Give a monopoly of the cur-
rency toihe 'link of England, and you give them a
.powerby which they can so fluctuate pablie•credit as
`to ruin every agriculturist, manufacturer, and merchant,
in the kingdom. Fur the fluctuation, of public credit
directly tend, not only to stop agricultural improve.
ments, to paralyze manufacturing operations, 'find to'
check commercial enterprize, but to encourage the'
Iwlldeit speculations, and to cover an unhappy latuf
with bankruptcy* and gambling.
Money, strictly speaking. is not an arias but an inane.
'Went of trade; and so far as it ceases to be an instrn-
nient, and becomes an article of trade. it is not only a
sign that commerce is afflicted, but a warning that
agriculture will soon participate in the distress. In the
times of the greatest agricultural and commercial dis-
tress will be the greatest fluctuations of public credit,
and the greatest ,gambling in the public funds. The'
vulgar name so fitly given to the " Hells" in Sr. '
'street, may, in such times, be as fitly given to the Stock
Exchange. Money when it•becomes an'article of trade
has a sort of talismanic poster to convert both great
and small capitalists into speculators and stockjobbers.
In the late PANIC or sudden interruption of public
credit, nearly all trade, except the trade in money, was
suspended, and the whole nation fitted with lode
scramble distress and alarm. No man could tell the
value of his property or the mate of his affairs, void
the integrity and steadiness of public credit were in
some degree restored. Land sunk in value. The manu-
facturer discharged his workmen. Manufactures slept
in warehouses, or were sold at ruinous loss. Labour

would not support life. Labourers, with their fa-
milies, crowded to the poor hoes,. • Foreign com-
merce decreased. The Public Revenue was dimi-
nished. The Government was half confounded. Surely
it is the wisdom of Government to prevent, if possible,
the return of'" Londe ;" or, in other words, to preserve
the steadiness of public credit. Anti to preserve the
steadiness of public credit, they must oppose the mono•
poly of the currency by the Bank of England.
In the times of manufacturing sad commercial dia•
tress, the support of unemployed workmen and mecha-
nics falls chiefly on the land. And the Landowner in
such times not only obtains less for his produce, but is
obliged to give more to the poor :—His income dimini-
shes, but his ezpences Melees,. The interest of the
Landowner is inseparable from the prosperity of Cum.
merce: the prosperity of Commerce is inseparable from
the freedom of the Currency : the freedom of the Cur-
reacy is inseparable from fedom in Banking. It is
• iridium oily happen In baoilig as via as in trod& Bet fa
Mere similar eases ar failore, 411Proot gado of ifidpies Mow,
ploved. The failure Ole manufosSofer-ofteri deprives a workman
of oinploymeti,aod sir 6sWly d auippadt, for nosy ustothas sod
yet no me is so searakas Mre 411101411110 th* WV* ;9413
system 11w fain eta Oalmarellaoker seldom &Five=
lama of smelled to tk of a few Ulnas t bilt M abill errs
clor attire spiloosuf , without heavies, lastaatly
coodaralooli. osersoiog, samosproxiss?

-

Ate lei; t
The Prime Minister of this ilea i" Entintry.shosid ben A
may a scientific financier, bat be 'practican f
r
ea •
eith the principles of trade, and frith the- ' O
raatiod
Oldie Credit. t'or " where public credit% ' '• :
a financier, however able, resemblei Priorpeto, •
mita is-broken, And his book.44lt.into the sea . '-•'
'•
1,74
0 for the ipitit and wisdkf rrfttr tn•presidPkanier
national Councils! Pit was a man irifiust-iy• siipesjoe,
to personal or to party interest!, • His lupins',
object was the welfare of his country, and he sought:
the good of individuals only in the good of all..
Ifs mind," as Windham said, " war like tba:
'proboscis of the elephant, which could piCks tip
. pin •or tear tip an oak." No. subjest was toti
mantic for his gtlasp—no subject was too sni owe- forhit
ij no subjects vest or small was by him evetlo4c4
iiilikb promoted the prorpetity of his coulA 't %
was confessedly one of the most 'tsa and
~ibeei
+kait of mankind, Never had a.36vectiliplii..ii t
fey:sot—never had an able servant a llitt erf._!titt:Ourl
Sovereign! Pitt was well aware that' Baidt or.
England alone would have afforded but fY ' support,
is
to the nation in the Tate Orifter. 41th )4c4tphi•go. ,I p.,.,
eitfore, erisonf lige I Covet il Dab king. ' and envie-lied'
i entry Bankers in his pattlotie scheme.; and thuslairt
(held of the nearr of the country lii.the Defence : 01.11
icottotry, In ttattrentendiltis conflict, the difEcul ties /A
costiesethe coald not have been venquished—the twerp
praise a( trade eclat not havebeen ttiumikaot —.petite pa.
the salvation of the country could siotitayalren iecdi
wirwoirr rut AID OP Tat CoMIKT.B4IOOIIII,. iftOrsl4
yoti, then, extinguish the Cduntrj Binkers:•inti life a;
monopoly of the currency to the:Wok of Elgland?—
'This would neither be grateful, nor wise, nor jilt.
Moss than one Country Banker' was raised to the Peer-
age for seconding William Pitt in his patriotic eserti int.
I said at the outset, that it is " the high duty of the
Sovereign, or of Government, so to regp'ate the .cur-
rency of the realm, as will best ensure the public cledit,
and most advance the public good." Enough surely
has been said to chew that the monopoly cf the cur-
limey by the Bank of England would not but ensure
the public credit, nor moat promote the [mac welfare.
iNay, I believe that this monopoly would not only
!directly injure the public credit, and impait the public
Rood, but would indirectly be subversive of Govern,
ment itself. For, if the Dank of England is to be the
despotic monopolist of the currency, and is to fix
Branch Banks through the land, tbvt. the Dank of
England, like the Tower of Loudon, will command
the metropolis; and the aranch Banks io the prof.
winces, like the baronial castles in feudal times, from
ing on all arowid, will command the rest of the Ems
pre. The Sovereign will they be despoiled of his
golden prerogative—his Ministers must truckle iq
every pecuniary emergency to a company of timers
in money. Loans must he negopimerl, rte.. ,jl4
equal terms as formerly, but be dictolid by the Wok
atone:—The questions of war and pe.ce most be ee,
cider', not in the Royal Cabinet, but in a priuoie ;Janke
lug Room : —The property of every matt in the real
must rise or fall in value, at the wi:l or the whim of
Bank Directors:—The royal aims& and sapenciir
tioa" must vanish from oar imperial coinage, and'" Bank
Tcrkeos,"—with a figure on the obverse, of a &real
cold woman, and, on the reverse, the Legend ""epso.,
romr," must be the " DEcos er,TuT4stes" of the Eri?
tith Empire!! .
Them few, and imperfect pages,liart been hastily
written. to excite, some abler / - .
giodart vastonnemad with the
Ili* Cfmtelßeakerst but

war fdt Amply hi tie vailia9M.
liter the sae atchisda..—

• or

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- 40111liallr . -1:4111111=1.1111111111.W
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Rlr
,FID. :TOE BANK OF ENGLAND, MEP 7'tii ". unless Banking be free.. to ail. li
.....the ire*.
of 40.. Lberofees_ the satellelse_ shtwtrif li,v_w Laminas*
tiaLant. THI‘COUNTICT BANKERS. rlittot "ti r• • trade with munapoly. in itha tailting the Ma.
,meaatnta,..as well as of..thfr.triommueepg. . ttetvpinek
Ind TAO. , , , , • freedom of motion ma mawarbolll are in fetters. Io_
,onoly,ft% pa_,
.nk•nt , =Winn. cued .19 itepnla ' i
- . •
The first object of a veTs76—avetaineni, is the general Soap the numb Eetteesotedlarwillihaseiiberty 16 Nene. . iiirasysteta or e Cainiqt.llasiketl.,
de' lb. Peftect welfare of the nation. The general weliiii Of the ma- k'r'ive freedom to Bankioe.przolula enfant beim*. Tin '''Flie'gr'elit Oticiicebt GoliensiAlliit•slikiti 10
__ ,t 0.401111, ._
• New barest .
ell.
non- depends on the integrity of the public eillilit.. The foster- British. wit:mercer, assayed, iriandly dreams by.. ,ceopinymensto its jabolidnir glidihtitoAntstoodigtimit : , 6
nd she ended,: .
_, ; integrity of public credit' depend, on the repletion- of monopoly of the currency, ie like fosun•iag- the •Beitilu 1 se-sg,actliesde and weadnifecturec, .111bi,ongebilioni.e0 . ..
C4diagn""' " the national current,. The regoladoerai the cuarenay nape by plintin,g oak trees is Bawer pinta. Thecton., w Cting9c, should asatise sabotsiimadat to,:dosppwlia . , - ...
. is the golden prerogative of the SovereiLra, It is there-. •rnerce of England must out. be. eircliassaribted by any obit. For the provqoy of a netitakismit tebikeisr
lova/taut 1, fore the high duty of the Sovereign.; or of Qavernment. Rower-pot monopolies, Inst. by a pesint liberty in Bank- • •
:,: . , ,Imated'hy tlie greatness of its revenue, orh:y the quantia.
•a- •so to regulate the curnbley. as wiH bait bait* the pub- ing,-berallenVed te.radioak freely is she native toei..of Irsf its accumulated wealth : but by the' qattkeeit.- k
ulbre±irge.a :lie credit, and most arreinewthe public good. . *elm* • 'freedom brks eirchlitiOn, by the tnitgrity end sine&
'IPS 1.11.111"7' • By “ Pusue Climate" I, do net mean any phantom The monopoly of• the Bank of England *field teed .nevs oi its credits and by the ensplovnenuembradidedf
of political econetists, who scarcely do any thing but so destroy that gradatierrof pearporepoef trade, and of ;oho', ~,, toboodos and intassassaavpiagaiosswamankak ,
mystify the subject, and contradict one another ; nor by- rank, which in this country is the mule of freedom, the •q„ichnss, of its eircsdatiats saastato dast,awil#s*--;-- ,
.‘ p.ibliC credit" do I mean the validity of the national ipring of industry, the source and the support of na• •Justry in agriculture and manufactuiesi the mai
nirsaktssedto securities to pay the national debt: but by "'public tiosmf apospetity. Is would eltiontety Weak:down this snd steadlnise of Its creep vtove the' Iteitthhiss's
credit" I mealy that commerciat confidersee whieh• man greeds/Mum hensderd sad so bessellopolomt one , .diciao vivo, of ki•eradai. Aaid:ebeni.644scat useakuliwwas
, reposes in mac, from the humble trader in a enemy the whebiload.intis despode ns s, eta' • ' ; seimiwidetivmseitalvdoilismecoldunialsedelhesdemiki
village to the princely asertheet in the imperial dap itioperailesstv...Thiesysiessord . • ja=sossassellowriahlifis the. 1111.141,1114
Coots. '*his confidence in man, as able and willing, to pay i• heap abet 0P01N111604 at ibbiebutlir est 1 ' _
.1.41* . • .i..• .
• •.!ZI ser i
.3.41 T• commercial transactions, is the very. life of public cre- teemed' sailjdetiutheilaid r which fisersbroegb sir
~ .
mapele '
dit.' If this confidence is unbroken, industry will be yens of salejests, in she nuralser and st ialirsTrllhne acitiired, thane) it may in Vailo'es
rosLicr here.
Ft. ' • Ain', trade will liollfihi and the nation will pros. of its link.-as it rim, (teal it is:banned to.slie Minna 4d, -frAs•thortio the ...weiff; yet, win it eyes..
n:w.ll..lbewstiO •011 e if this coalmines is removed, public credit will of the Tbrenct :Wee 'oche anon lon, inseam, .
' Agate: WWI eilieCillii 7 l* Illst toners," *lsere imilisairl
. _
1110,15. expire, trade will stagnate, mad national &Olaf . • •-ealtiela• .• - aNsomakerassraenatied, and,' miss .aboaseds s 111 ,
pomp. sus a the inevitably ensue. kiividit the poorest of his Majesees sarksjesie fries rising , iiodjiittj, dindasappAgo. are osasucagAises de m tweas i ;
,
select here If, therefore, the integrity of the public credit is the by.ithloitty and latest to thehiglwest rook-in this resin seliherelial4,goieb..sno staid, traveler aboriffamt,,, r 1
ITLIIIMIL chief support of national welfare, it becomes a question of freedom I There was a tide wheel the hnu.es of Ark-. i
tof incalculable moment to every Irter of his country.... wriolts aosiof Peel were us the bottom of this chain; but 411 tuna Hy .eitar. •41 'tit di*.te ot R ..tre, to wlslkh4
for a ttnarsand refs or•Piisat deltislosi and domloitiomi
--.
r:yeaseeee- ' , w. " Hass can peldic credit b e bast preserved?" .4. W ill it they have honourably risen, ce by step, to acquise nsoto the ways& al .taadpao Ass,sd in.despi and npesi sea .
er, ifte. be best preserved by a monoeutor or THE cusarsct ,hen the wealth -of Princes, 'and to stand in •the soossmill „5.,„,..„. 4., wassefinimafs:it home, 11,401.4 .
by the Berk of England. and the arriscrios oe preseoce of Kings.- Meanwhile by their ingenuity in most ....p.p7irolii6.4abte.st ate in kaly... . gpainosaft
P Cosii. Couerftv Baetensr. If 01 will it not be bt.t pre- manufactures, and their enterprise in trade, they have the most mighty and .afikuent power in chlivendnentN 4 ‘
"served by the CONTINIJANCIK or Cotrwrer BANKING afforded employment to millioas; cheapened the cloth. which for four centuriesoectived as 8 Ini/fiblibilie alr
re . with some mootrzestion Of the Bank of England?"— ing of nations, and rendered the Commerce of &Maio
' The welfare Of million, jserhspii the salvation rf the triemphant through the world! But grant it monopoly the piefious instals finial tl)e new wrorld-:for wan
,of
industry it' tome, has beconte• the fenoresti :Seed the _ .
-
country, turns os the right answer to these questions. of the currency to the Bank-of England, audit will be waciamat kiatdoevia saaare I,_,Nistaassa **dui" is st
r. . ' It is, I believe, impossible for a monopoly of the as disponible for such-men as Rithard Aiken:iglu
' 1 '
Res. Tannal. sicker wise of weelth .tb In. MilliiirO‘ggiti. But outitosial
- • Bank of' England to sustain the present magnificent and Bobert Peal to rise lions their loallness to become
' • v.. ;industry a ill.be hest promoted:by-ems and II eedoet in
• , i ' height or public credit; or to prevent•it Imm limentably the benefactors of their eountt yt end of asankfott. • the national currency; and eausaid freedom in th
Mtn.
~.... -If falling.. Fur it is impossible, bryt, for the Bank of If the Bask of England me am 'edified with their national currency can use
*Teed ertli by freedom is
ail ... Englend so to extend its ramifications thrthegb the land present dividends; if they fancy that they ate not so/4- •
Banking.- . - ' •
Tail - .
Ht„„„. . ...
~.., to meet the eAsigeocies ofd the country. or to support ciently compensated for the use of their capital. and 4, ~. • ,•
. Money, it has be ullentsserved, " isant
a, - . publif credit. And, raco, a lys were it.possihale. sap ea- the employment of their talents, let them resign their
on, . . of . •
_e of the wheals the co clued machine isf tom-.
and•beim ' tend itself, the spolt of its system, the pm? . and re. Chaf.teroind ratite float their post. Other Companies
te;
.but
it
is the oil, which', scluly eppard: relekirli
•fii•F !'..ki '' pulsive spirit of monopely.is•directly opposed to the of Beaker's, eg rabic as themselves, will yeti esidly be
' askl''' it h- • spirit of public credit, anti directly• desttoctive of the formed, td manage the business of Clovernrnenr, with
004061-11114‘ the motion of all the wheel* of that vast end4hifik -Ms
and smooth." Arche GnraffilWint, IBA ,liej,ol-ri '
,--
,- Life-of free trade. Ttis spirit Of mnnopoly would. never lev,expense.tothe.State, and more advantage to the
r 7 ~ oil, or so regulne ie currents as to i.e Pe?
*11( ;• '. condescend tonotice miser capitalists-.it would never public. For may I not boldly but respectfully ask, ,_ _• .. :_,., Els
- kb moodiness to ail the 1110LNIPS Vi, vosnmerce. t.,?..,.. . • : sympathize with that class of . men, sho, except their .. Poe. the Bank of England csecopolise all the
Most assuredly, the smooth fondest of Comelier. w. •
~ : honesty, their ingenuity, and their, industry, have- but and .wisdom of the country?" ,' Were it. not easy to
and Aar freers A; be better cecnitd by freedom thaairbT Pionot I*..
• J
5• .• little capital; but the honesty, ingenuity; and industry form Out of the Cosset,* Batters, ifts'
Met Banti.ng. If gore:amen...! patronise':
._or. 91911'ip, ~.
t.
"k- . .
Of Stich' itlit, i'., as every sound Statesman knows, rat Hu NDRED COMPA mita as wealthy and as wise as ilte. : . r
3/11
A riculture and ivlanufactures; will be instantly felt;
r. Y• 11000. meat* the "Ina& minions," act net by depot, or the slightest Imputation on the individual members Of froml3 , ._ . _ ._,
of_,_ ~..,.,,,. ,_ ,__,
Mrs gamic* 1
•_. agency batsidt Abel owe eyes inspect their business, thirst:indigent establishment; the fault is not in the ~,_l..,,e_c_gti,e_!_t.l_le_!!,7,ein_
_7_7l
.:_inl .)-2-
-,y,'P"c 1
•

abler oee-who I
I the ilkek of Enslo4 mil
but who now feels, gll4
'WINO of his. Coss'Pfs phe
predhop era *Op sows di
/rob. u