The Statesman.
London, England, 1810-10-19 00:00:00

1,


Fiqux4COMAETZVTOLITIC.4I4. OEGIS T it K.

'll. These inn t poinwl +totes will eireslate chiefly among little
" sborkeepers, butchers,. bakers, marketiteoplc, renters
" of malt houses, lodgers, &e. All the high dell:mascots of
commerce, and the affluent station:, of'hfe, were already
11' 'overstocked,. as Smith asperses it, with the. Bank-Oates.
• "No place remained open wherein to.crowd' an additional
" quantity of Hanit.iotes but among the class of people
" have Jut mentioned. and the Means of doing this could be
" best effected by seining five nomad gales. But nn new
• "supplies of Money can, as was said below, mow anise at
!t the Btuk, asall the taxes will be paid is paper. What,
" then, would. be the ceasequence, were the Putilic•Creditors
to demand payment of their Disidends in Cask, or demand.
"''m Cash for the Dank-notes in which the Dividends are paid is,
'l. a circumstance always liable to happen ?"—PsiX 6. De-
cline and Fall of the English System of Finance. Published
in 1796.
•.• should,stop here, but there is a subject of so great import-
" &ace, and so nearly connected with the Coins of your Ma.
"Aesty's ltealpt, that I should not discharge my duty if I
Jeft it wholly unnoticed; I mean what is. DOW called Pa-
d prr;earreacy; which is carried to so great an extent, that
'I- It is become highly inconvenient to your Majesty'ssubjeets,
.loosed may prove, in its comet/peaces, if no remedy is ap-
" plied, dangerous to the credit of the kingdom. It Is cer-
tain, that the smaller Notes of the Bank of England, and
" those issued by country Bankem.have supplanted the Gold.
• "-Coins, usurped their functions, and driven a great part of
" _them out of circulation : in some parts of Great 110 mill,,
" on& esially in the wakens pads of Ireland, small Notes
*n haled to• supply the place of Silver. Coins, of
a• 4S itiliiikhere is ettrtalaly agree( deficiency."—Citaataa.
illettigrllecm, End of Liverpool. Letter to the King. rub.

P.

' V9IPZIt•AGA4NST GOLD:
114111111t9 .44C-111.14/04111a* 7$S REPOS? OV IMO IU.
419 cc mut ; Nauss Oilt LaTTCRS TO. Till •
'ARV LIIIIMIUM LR. APW *CIA %ALMOST.

LETTE 741.
Poorkeirfroit PVit t.* axe &Ned Algotoa—Ssispicipn hoar
'able after the Mrs !'oared Natesr.Patne's Prediftion at to
.IPeople's.going to the 11410.-71ard Liverpool's opinion agree.
isle with that of Mr. 14540.-Mistory of the Rank Stoppag,
of OW anti Silver' fayntents—Dnormaxs increase of lhh
Debt 1,11797--Othes causolaratiels—Meeting of.
ParlYA-
•entlrr Ogeabao, 1796-41aeis of Invegion—firming Acts—.
Mr. Foe's ophnM of CAW akras—Ergig e rated representations
of the cowl Prisdi--/Prench Flect appear. off t4e coast of
‘:lrelated—Effect of the Aileron begins le be felt at the Dank of
England— YenajPrints change their tone all of (*Redden. and
ocean the Jacobins if ceeittne alaras—lhee upon the Dank

becomes seriount-Inana.,ed by a report of the French fleet, '
with troops on baud, being elf BeacAy Ifead-.Folimeed im-
ntedjatoly by the Uniting of Tu:e and his raj:gam:ons in
Walsi—Dank receives its finishing blow--rain attempts to
check the run upon the Bank-;-.Order of Council Wassi---Dis-
appointment of the Crowd at the Rank in
street
GENTLUSIEST,—;n the foregoing Letter, we traced
the National Debt, and the Interest thereon, it;
their progressive increase from the year 1793 to 1792
inclusive, in which latter year we shall 'find that the
Stoppage of Gold and Silver payments, at the Bank
of England, took place. We hate seen, that, in the
course of the aforementioned period, the amount of
Debt and Interest was nearly doubled; we have sect
that the Bank of England had, of course,. nearly
doubled the sum to pay in Dividends, or interest;
wo have seen haw this increase of payments at
the Bank, of Eagtand produced a new family of
notes, so low in amount as PAUNDS there
baring been before the Anil.,lscoliin War, no Bank
Notes under Tea Pontius ; we shall soon see bow
the lame still growing and ever-prolific cause
brought forth, at last, a still in ore numero us and more
diminutive litter; and, when we have gime through
the history of the Two and ONE Pound Notes,
we shall want scarcely any thing further, to con.
since us, that, in such a state of things, it was
, imp to impossible for Gold and Silver to remaip
efeculation.
IL was observed, in Letter I. that, when notes sa
loin amount as fAirtt POUNDS came to be isstied
when reetej s dories,
.yearly wages, and almost all
the taxes came to be paid in paper ; tbir be.
came the case, and when, of course, every part of
the people, except the very poorest, possessed, oc,
casionally, bank-notes, it was impossible, that men
shottld not begin to think, that th4rr has seine dif-
ference between Gold and Silver and Bank-notes,
and that they should nut become more desirous to
pOisess thelorMer than the latter. In ether words,,
it was .impossiblk.., that men shonl4 not begin tai
lowa some surp.iciets relative to the Bank-notes ;
Nal, it iii very clam, that the moment such stispi-
Mon eifiei, • there is an end to au pisper,money,
FVl.._llith f Coriteitible into .Gold .and..S.ilver at the
OP of thlOb?arer, .svhti AHI, of course,' lose not at
butent in turtling that of which he luts 4 suspicion
'OtOreier,.sll.ght) that of which it is ippossibl,
fur. av,gprto hale 1' Suipitio4.
Thin; Ilt—kappened in 17 7, :as. Pone, in hi;
pampMet;=Pliblistiad only the year before, hisd fore,
,raid; in the fiords of the first of my mottoes to this
Letter: Ile there told' hia reader; how tittilseniitg
of Piro Pound Dotes would ,operate ;, he pointe.4.
ticit‘'islitti measareyhalaiceep rvooeuer front
Mile Btink°l- and fie-asked what meat be the Faroe,
'ttnence,:if (al it Mtini any dciy.harpOthe iipopio
00100 to the panic and 401a4d dish for the
sates.., This-did hatipea.the nett- year'; :and,
'as be Ttiratisid in another put of his pamphlet, those
'Who went 1.6 pt eat their sates:Ars( came beef off,
`Load trotnandil in the wsa.,49.whi,ch b have se.
ICetett :for, my.:second motto to this Letter, beets,
,!hen .he wrote, seen the thing happen I he had
seen the fulfilment of what Na. Paint had fore,
tOld,and sp4s, therefOre, .of the '” dangerous"
'Onstiattences of an excessive Wife of paper, with
the fact before his eyes, Experience, which, says
the proverb, cti mattes fools wise," had taught his
Lordship, in 1805, whit he might have learnt froth
Mn. twig in 1794. • NeVertbileis, the Opinions
of 7Vord Liverpool` have some weight, and 'arc)
wohy of attention with us in England ; becaipe,
though his talents and mind wcie of a cast quite
Infinflor to those of such men as Unpin, dad PiiNE,
avid &Inas, and though !there is no thinif in what het
has said,' which 'I had not said, in tha Register,
• 'mini before, still as being a man of great experi-
ence in business, as having„ (News this *hole reign
'been a great favourite at Court, and especially as
haying, upon this occasion, addressed himself di.
rectly to the King, his opinions, though of no con.
, eminence elsewhere, are worthy of some notice its
country,• and mar possibly, in some minds.

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