The Statesman.
London, England, 1823-02-25 00:00:00

4* TI(B COMPARATIVE ACTIONS UPON
THE CURRENCY, AND ON THE DIFFI-
CULTIES OF RETREAT.

TO THE EDITOR OF THE STATESMAN. •
Sta. Birmingham, 49th Jan. WTI.
In my last letter I 'hewed that the robbery committed upon
the public creditors. in 171)3 and 1707, Could not arnpulit to
more than 119 millions sterling of our ancient dint money ;
and that the robbery committed upon the private creditors
of the landed interest at that period, could nut amount to more
than 50 millions sterling of such ancient Mint money. Here
then was a robbery in the whole of 16$ millions sterling,
committed upon these two great branches of the social sys-
tem in Engl.md—supposing the actions upon the currency
hich cattsNl it, to have been uncalled for by any circum-
stances of national emergency.
Bat to the operation of ISM, I proved that the robbery
now attempted to be committed upon the public debtors.
amounts to full 400 millions sterling of our ancient Mint
motley, and that the robbery now dttempted to I,e committed
upon the private debtors, in the landed interest alone, amounts
to full 200 millions sterling of such ancient money. here.
then, is a robbery in the whole of 620 millions sterling of our
ancient Mint money, now attempted to he committed upon
these two great branches of our social system in England.
Without saying any thing upon the outrageous fraud which
has been committed in many other instances, and without
noticing, in ally way, the unmeasured plunder of which our li
manufactures and commerce are made the victims ! _

It must he home in mind, that this enorm;;;rObbery of 010
Imilliont werling of onr ancient Mint e ley, is equal in
vane, in its command over the comforts and necessaries of
life, to 1210 millions sterling of the money in use during the
war; and also, that it is altogether uncalled for by any cir-
cumstances of national emergency or expediency which
might probably be pleaded in defence of the operation of
1793 and 1797.

It is not necessary' to push the inquiry into the various
other channels, through which it branches out ; or otherwise,
.4 doubt not that the whole of the a ufvbcrics now attempted to
be committed, would be found to amount to 1.000 millions
sterling of our ancient Mint money, or to ?,000 millions
sterling of the money of the war, as represented in a former
letter.

Confining onr views, however, to only two parts of the
great social machine, we find thnt a robbery of 168 millions
*testing was committed in 1797 upon the public creditors,
and upon the prieute creditors among the land-owners;
mot that a robbery of 629 millions sterling is now at-
tempted to he committed upon the public debtors and
upon the priealc debtors among the land-owners. In
the -former ease the creditors received all the mon, y
that they were entitled to, and one-half of the value
that they were entitled to. the fact of their being credi-
tors furnishing proof dint they possessed the power of subs-
'hitting to this privation without absolute ruin. Bat in the
bitter ease the debtors are compelled to repay old, the *me
quantity ig- money whirls they really owe, but fall doable the
spiantity of name which they really owe, without any re-
gard whatever to the important question whether they possess
the power of discharging their doubled debts or not, the
fact. :of their being debtors furnishing not the smallest grotind
of Surmise that they will retain possessed of unc-huff of
their just property. after repaying rattle equal to 40,. in the
pound upon their just debts.
Many of the individuals insured in 1797, have long since
passed to their paves: others have transferred their property
into the hands of parties who have not equal claims with
themselves ; and others have grown grey under the long ac-
commodation of their habits to the altered circumstances
. which the Paper System had,imposed upon them. If we sup-
pose that one-tenth of these aged individuals are yet alive,
and yet remain possessed of the respeetive credits which
they possessed in 1793 and 1797, we shall probably be mak-
ing a pretty fair estimate ; and there can be no doubt, that
these individuals have strong claims upon the justice and con-
sideration of the country.
It should n9tbr forgotten, however, that when injusticeltas
been long (committed. and new circumstances and obligations
have been suffered to grow up under its effects, which other-
wise coted not have arisen, la this case, it often renders ue-
cessary still greater wrong and injustice to be committed,,
beftere it is possible to remedy the former. When the Public
of Privste Debtor of 1797, by some strange operation which
site could not understand, found himself eased of his old bur-
thens, which become diminished one-half in weight and value,
be was naturally heinced to contract other obligations, and
to make other arrangements, which he otherwise would not
shave done. Finding himself in possession of More wealth
than he expected, lie world of course commit the more
readily to the imposition of new Taxes, and to the increase
of any monied obligations or encumbrances. In making any
family arrangements, he would necessarily charge his estate:
with correspondently greater buttliens. lf, therefore, the
Legislature adopt new and unprecedented measures, which
' lead to permanent consequences of this kind, they cannot pos-
sibly at an future period redress their original errors, with-
out committing far greater injustice in attempting to work ,
such redreis, than in suffering the ancient wrongs to continue '
noreitressed. Nor. indeed, is the nation much in the habit
of making any great sacrifices with views of this kind.
Whenever private interests happen to clash with great public
messities, the nation is not much in the habit of regarding
the icluries which those private interests sustain. At one
period. 10 millions of British property are confiscated by
Orders i:: Council. At another, 10 millions were sacrificed
by Declare duns of War. These great measures are deemed
-
neces.sary to the interest or honour of the country, and the
injured parties are left without redress. But waving all con-
• sideratir. tts of this kind. I am willing to ailow that the indi-
viduals injured in 1703 and 1797 have claims upon the na-
tions' justice which ought to be attended to. What then Is
the amount of these Claims ? Why if one-tenth of them con-
tinue in exi tense, and remain possessed of the credits which
they pus ed in 1797, the whole sam which we have to pro-
vide 444 fo hein is about sixteen millions sterling ! !
Here thhn is an act of madness, unparalleled in the histbry
of nations ! For the sake of restoring 16 millions to ear set
of men, we are at this moment robbing 619 millions from
another set of men, and are giving this enonnous plunder to
a laid set of men. who hare no claims xpon if !! And this
only In two branches of our social system ! And we are told
that we must not " tamper with the currency !!" At the
very moment when this tritolcsair tampering is in progress,
whilst It is as yet. but just commencing it's career of ruin,
we are coolly told by the very men who are conducting it,
and who are profiting by it, that ire mast on no aceonnt
'• tamper with the currency."
The audacity of this uouduct is certainly enough to try the
temper of an angel. Why, who wishes to " tamper with
tAe currency!" I have no such wish. lam emitmit to
leave the currency as it is. with Bank-notes for a legal ten-
der, in the same state, and of the same value as I have known
theta ever since 1 was a child ; or I am content to form a
coinage depreciated in the same degree as the Bank-notes
have been depreciated on the average of twenty gears. Is
there " any tampering with the currency" here! It is they
who are " tampering with the currency :" it is they who are
at this moment in the very act of affecting a secret and
fraudulent change in the currency, which laughs to scorn all
other changes that ever were effected in the world before,
which literally doubles the national debt, and every other
debt, tax, tithe, rent, and obligation existing in the kingdom,
without regarding fur a moment whether the unhappy millions
who are thus plundered. without money and without mea-
sure, have power to endure such wholesale confiscations
or not !
And wonderful it is indeed, Sir, to see the pertinacity
with which men cling to this week, and vi irked, and mon-
strous measure. When they first brought it forwards. they,
conjured up a hundred delusions for the purpose of cloaking
its disastrous and mortal character, and now, when that mor-
tnl character is laid hare to ell eyes. they conjure up a hun-
dred other delusions for the purpose of presenting its being
abandoned ! They firm frightened us out of our very senses
with all mintier of calumnies against the paper system. al-
leisting that it ass fraught with some tremendous prieci-
pies of national ruin. which they could not, indeed, explsln
or describe. but which appeared the more awful from the very.
obscurity which surrounded them. They then told ug, that
although we had made use of this estras agent system fur
more than 24.1 years. mid had been enabled be its means, to
contrnct two thousand millions sterling of public and private
monied obligations, which could not otherwise have been
contracted, yet there 18145 no diffiettlty at all in our repay-.
ino these enormous obligations without aid; that we could
not indeed have erected such a prodigious superstructure of
public and private confidence, without the assistance of the

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