The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1833-03-05 00:00:00

TUESDAY MORNING, MARCH 5, 1833.

RUMOUR still asserts that Lord Althorp has only a sort
of dernkrtficial connection with the present government.
That he did tender his resignation within the last ten days
we are inclined to believe ; but that the offer was not
•then accepted we must infer.from• his continued support
of the ministerial measures in his place in the House of
Commons as Chancellor of the Exchequer. .His retire
went, therefore, may be considered as suspended until
the Irish Suppression Bill shall have passed the Commons.
But the reason, kind gentlemen ?—Why does Lord
Althorp resign ? We have seen some letters from well-
informed quarters, which supply us with the following
facts, and which, without further preamble, we shall sub-
mit to our readers upon the old rule, quantum valeat.
It is said that ministers have, at length, become sensi-
ble of the pecuniary embarrassments of the country, and
the difficulties which beset the Chancellor of the Exche-
quer. • They feel that the untoward blunders of Lord
AL burp, in all matters of finance, have exposed the go-
vernment to general obloquy and derision. They per-
ceive that the nation generally is -clissatistied with the
present system of taxation, and that before the session is
over they will be compelled either to make a considerable.
reduction in the pubiic• burthens, or change their pres-
sure in such a way as shall be tantamount to the removal
of part of the pressure from the middle and working-.
classes. They. see, that to reduce 01(). taxes, in such a,
way as would diminish the gross income of the country,
is, in the present state of affairs, impossible. To "change
the venue" of taxation, or in other words, to remove the
burthen from one class and place it upon another, would,
even if practicable, be a dangerous experiment.
In this dilemma—hampered by principles on the one
side, and by poverty on the other—jostled equally by the
philosopher and the pauper—ann6Yed by the obstinacy
of one man and the importunity of another ;—in short,
dunned for relief, and yet too poor to afford any; mini-
sters, it is said, have resolved to try an experiment upon
the currency, in order to repair, if possible, with the
smallest degree of risk, some of the evils of the unfor-
tunate bill of 1310. They propose•to allow bankers the
privilege of issuingyine pound notes to a limited extent.
For instance, supposing the present issues of a banker
in Liverpool or Manchester to amount to £1,000,000,
that banker will be permitted to purchase one pound
stamps to the extent of 2.5 or 30 per cent. upon this sum ;
thus, those who have a large circulation will necessarily
have more small notes than those whose circulation is
less. No security will be required. The banker will be
allowed to present a return of his issues before a certain
day afier the passing of the bill, in order to Ex the maxi-
mum of his circulation, which, if he refuse to avail him-
self of, he will not afterwards be permitted to claim the
privilege which the bill is intended to confer.
This, we are told, is one part of the financial reform
contemplated by his Majesty's ministers for relief to the
country. Another part of the project is to make silver a
legal tender to a large amount, and permit private bank-
ers in London to issue notes of and atiove five pounds.
This is said to be the plan by means of which facilities
will be given for paying the present taxes, and increas-
ing the produce. of the public revenue. It is calculated
that it will benefit the agricultural labour, raise the
wages of the overworked artizan, and restore prosperity
to all the great interests of the country. That it will
so we are not here disposed either to admit or deny. We
are not now discussing systems of policy, but merely stat-
ing what are alleged to be facts. And the most curious
fact of all is, that Lord Althorp, Lord Goderich; and Mr.
Poulet Thomson, as we are informed,•are decidedly op-
posed to the measure.- Lord Althorp and the other no-.
ble lord will not consent to any change in the currency,
and Thomson protests that he cannot be a party to a
line of policy which' he has reviled and condemned dur-
ing his whole lifetime. What Lord Holland, or Lord
Durham; or Lord John Russell means to do is of very
little consequence, and as to Mr. Charles Grant, before
pronouncing any opinion, he means to sleep upon it.

If our inforMation be correct, and such a measure is
brought forward, we can easily account for the resigna-
tion of Lord Althorp and Mr. Poulet Thomson. That
something must be done for the relief of the country is
obvious to every intelligent man: The current of pub-
lic opinion has, already, turned against ministers, fur
they hare disappointed the hopes of the people. In their
present circumstances they cannot reduce the taxes with-
out breaking faith with the public creditor. If Peter
inust•be relieved they must rob Paul, or they must resort
to some financial operation on public credit which will
answer all the purposes of a reduction of the national
burthens. . It is of very little consequence whether the
labourer er mechanic pays a lower or a higher price for
his bacon and bread, provided he has wages in propor-
tion. This measure is said to be the conjoint bantling
of Earl Grey and Lord Brougham. If, as is believed,
the government should be compelled to restrict cash
payments in Ireland, this financial' experiment will be
tried very opportunely.

THE LIVERPOOL TlMES.—Higher game than our neigh-
bour, " ;Young Times," attracted our notice last Friday.
We were, in truth, lost in admiration of the amazing
powers and foresight of its prototype,. the " real Old
*;" which, rat-like, beginning to feel the. house
-thatit has laboured so hard to undermine, shake about
ears, is now trying to make its escape, and shift its
snare of the guilt from its own to the 'shoulders of the
ministers,_wich a .view, We suppose; tU: rid the 'country
of their longer misrule. It will then turn round, with
is usual self-complacency, to assure its credulous-read-
ers, tiii);.—" we adviSed-flie ministers dilferentlY,"—" we
disapproved of the provisions. of the Suppression Bill,"
we suggested another and wiser course on this, and
on that subject," —" but as our advice was not followed,
we have turned-the ministers -to•the right. about." . Hav-
ing now recovered fromi• the- effect produced Upon us by
these portentous denunciations of Our-dread "Leader,"