The Statesman.
London, England, 1823-05-03 00:00:00

LONDON, SATURDAY, MAY 3, 1823.

" Cause for which 11411PDEN fell in the Field, aad SYDNEY died on the Scaffold!"

SCOTTISH HOSPITAL OF THE FOUNDATION OF
KING CHARLES THE SECOND.
NOTICE is hereby given, that the ANNUAL
SPRING FESTIVAL of this Charity will be
held in the Freemasons' Tavern, Great Queen Street, os
Saturday next, the 10th lost.
His Royal Highness Use DUKE of CLARENCE, President,
in the Chair.
STIVIA
The Earl of Errol H. H. Drummond, Esq. M.P.
Lord Fincestie Hen. W. Fraser, Treasurer
Lord Gleocorchy . Maj. G en. Macleod
Hon. J. Abercromby Tao Rev. Dr. Macleod
Grant Allen, Esq. M.P. John Maxwell, Esq., junr.
Sir Frederick Baker, Bart. of Pollock, M. P.
John %Mumma, Esq. of Air- M. Stewart Nicholson, Esq.
docb, M. P. of Carnoch.
Archibald CampbeKr Esq.eof John Pringle, Esq. of Clifton
Blythaswood, M.P. and the Halning.
Tickets Vs. each to be bad of the Stewards, the Trea-
surer, and Secretary, and at the Tavern.
ROB. AULD, Secretary.

JAW LIFE ASSURANCE SOCIETY.
AGENERAL MEETING of Proprietors will be
held at New Furnival's Inn Hall, Holborn, on
Thursday the Sth day of May inst. at eleven for twelve
o'clock at noon, for the purpose of finally approving and
settling the Rules and Regulations of the Society, and tran-
sacting such other business as may then be necessary.
By order, JAMAS ANDERTON,
Secretary (pro. tem.) to the Committee.

CONO3IY IN DRESS.—CHARLE.S and CO.
E TAILORS and BREECHES MAKERS, No. 181,
FLEET-STREET, two doors west of Fetter-lane, respect-
folly inform Noblemen and Gentlemen, they can have a
Fashionable Cut and well-made Coal, of the best superfine
Cloth, made to measure, from 21. 12a. ad. to 31. 3s. Blue
or Black Ditto. 21. lbs. to Si. 13s. ad. Submit Coat 21. Ws.
—Ditto, Silk Facings and Velvet Collar, W. ffs. to W. las.
—Kerseyiaere or Cloth Trowsers, 21s. to 303. Suit of Li-
very, complete, 41. 4s. to 41. 10s. Box, Chaise, and Fa-
shionable Driving Coats; Visiting and Travelling Cloaks,
Shooting Jackets, Young Gentlemen's Suiti and Children's
Dresses, elegantly made.
C. and Co. conducting their business on ready money
principles, are enabled to offer these articles at the above
low prices. Quality and workmanship not to be excelled by
any house at the west end ; each oracle being made under
their immediate inspection.
Gentlemen waited upon at their own houses; by direct-
ing letters, post-paid. Observe the number is 181, Fleet-
street.

EQUITABLE ADJUSTMENT.

HOUSE OP LORDS, MAY 1, 19211.
Lord Stanhope presented the following Petition of C.
A. Thomson, Esq. which was read by the Clerk to the
Right Honourable the Lords Spiritual and Temporal of
the United 'Kingdom of Great Britain and Ireland, in
Parliament assembled:

Tat PETITION OF CHARLES ANDREW THOMSON. OP CHIS-
WICK, IN THE COVNTY MIDDLESEX.
_ _

Most humbly showeth,—That your Petitioner has, for
many years past, paid large sums of money, out of the pro-
duce of his industry, for the support of the Government and
laws of the Country ; that he has always been taught to be-
lieve, the. In return for this support, he had a right to ex-
pect from the Government and Laws protection In the right-
ly enjoyment of his property ; bat that he has. by that Go-
vernment and by those Laws, been despoiled of his proper-
ty, and that, from a state of opulence, he has, by the unjust
elects and irresistible force of Acts of Parliament, been
reduced to a state of ruin and bankruptcy.
That your Petitioner, imputes no intentional wrong-ooing
to your Honourable House or to any branch of the Govern-
ment ; that to err is not criminal ; that It is not given to
man to be free from error ; that from error wrong may in-
nocently be committed ; and that of that obstinate perse-
verance in error, which converts unintentional wrong into
premeditated injustice, your Petitioner confidently hopes
that he is not doomed to witness an instance in the conduct
of you Honourable House.
That your Honourable House has not now to be inform-
ed of the mighty mischiefs resulting from the measures for
returning to Cash Payments, unaccompanied as they un-
happily were with measures for rectifying contracts ; that
the cries of thousands upo.: thousands of families, sudenly
plunged into penury and want, from a state of ease and
of plenty, cannot fail to have reached the ears and to have
awakened the compassion of your Honeurthle House •
but that, amongst the thousands upon thousands of suf-
ferers, your Petitioner believes, that the case of a few can
exceed, in hardship and injustice, that to which be now
most earnestly begs the attention of your Honourable
House. . _ .

That your Petitioner and his Father (now deceased) were •
Oporto merchants for thirty years, and in the most ex-
tensive trade ; that, In this trade, and in that of wine
merchant, in which your Petitioner's Father had been for
many years previous to those thirty, they gained a large for-
tune • and that in 1811 and 1812 they, with a part of their
capital, made divers purchases of Land.
That they purchased the Estate of Northaw, in Hertford-
shire, for which they paid, in ready money, 02,00 W. ; on
which estate they built two excellent new houses and six
cottages, and broke up 200 acres of land, which they brought
into a state of fine cultivation ; that the whole of these ita-
provemeets cost them 10,01.001.; and that the estate, therefore,
has cost them 72,0001.
Tustin 1812 your Petitioner and his Father bargained for
the estate of Pontrylas. in Herefordshire. for 00.0001., the
proprietor of which estate was John Ashfordby Trenchard,
Doctor of Divinity, of Highworth in the county of Wilts,
and paid 6,635/. as a deposit ; that the Title was by the law
adviser of your Petitioner deemed not good, and that your
Petitioner accordingly refused to complete the purchase,
and brought an action for the deposit ; that the vender ap-
plied to the Court of Chancery to stop tne action ; that the
question remained undecided in that Court until 1819, during
which time your Petitioner bad not the power to sell the Es-
tate ; that at the mid of that period the Vie. Chancellor de-
cided against your Petitioner ; that there was then due to
ITrenchard for purchase money and interest thereon. 71 9371.
19s. 6d. and from Treochard to your Petitioner for rents
received 8,8391. Is. 9d. making a balance against your Peti-
tioner of 63,1181. 17s. Bd.
That in the mean time your Petitioner had experienced
great reverses in his commercial affairs, in consequence of
the same all-ruinous cause, and, beteg unable to pay the
sum of 03,1181. 17s. 811„ rave tOTrionehard a mortgage for
86,0001. oaths estates of Pontrylas and Northaw.
That between the year 1819, when the Chancery suit waa•
decided, and July 1921, your Petitioner paid in part et Illjat
debt of 86,0001, the sum of 3,1)001. ; and 8,9001. Waist SIN
the same up to July 1921.

That on the decision of the Chancery suit your Peti-
tioner was put into possession of the Estate, and continued
in possession until he became bankrupt; during which time
yOar Petitioner received, on account of rent and timber,
3,4101.
That In July 1821 your Petitioner offered the two Estates
for sale, but could not obtain for them a price at all equal to
his expectations or the amount of the sum for which they
wen mortgaged.
That in October 1821 your Petitioner became a Bank-
rupt.
That Trenchard thereon took the proper and legal steps
to retain the profits of the estate, and has since given notice
of fore-closing t he mortgage.
what thus your Petitioner has actually paid to Trenchard
18,6361. while he has received from the estate 3,4101. and
is in danger of losing both this estate and his estate at
Northaw, which cost your Petitioner 72.000/.
That, on the other hand, Dr. Trenchard has received in
cash from your Petitioner 18,3361.; together with the
whole rests of the estate trout the time of sale up to the year
1819; and that he has now applied to the assignees of your
Petitioner ter leave to take the two estates, together with
all Amara of rent, which are due from February 1819 (and
whit'', together with timber felled, your Petitioner esti-
mates at about 3,30(1.) in lieu of the debt of 60,0001.
That the Assignees of your Petitioner are now praying
the Court of Chancery to agree to the above proposal, and
that if the prayer should be granted, Trenchard will have
received the whole rents and profit of the estate except for
two years. and 1,4701. for timber; that be will have been
paid 18,333/, by your -Petitioner ; and that in addition to
his own estate be will have acquired the estate of Northaw,
which cost your Petitioner 72,000/.
That your Petitioner and his deceased Father purchased
other estates, in 1811. in the counties of Middlesex, Essex,
and Hants, for 33,1661. which hitse now been actually sold
for 12,0001.; that your Petitioner and his Father, owing to
the depression in the price of land, and to a like depression
in that of their stock in trade, were in 1221 reduced to a
state of bankruptcy ; that seven children of your Petitioner,
ten children of his Brother' and seven children of his Sister,
will now be left wholly destitute, while your Petitioner's
Father, with a heart broken by these calamities, died in the
year 1822.
It is to prevent this act of crying injustice and cruelty
that your Petitioner Nimbly implores your Honourable
, House to interpose the exercise of that Power which you
possess, for the impose of protecting his Majesty's people
against oppression. Your Petitioner thinks it wholly un-
necessary to take up the time of your Honourable House
in chewing, that this threatened confiscation of his proper-
ty has risen wholly from those Legislative measures which
have produced that change in the value of money, which
bas taken two-thirds from the price of Agricultural produce,
and which has, of course, lessened in the same degree the
price of land. His case is so plain that it cannot be mis-
understood; and, therefore, begging leave to remind your
Honourable House of the Bank-Suspension Act in 1797, of
the Suspension of Actions against the non-resident Clergy
in 1800 (which action were afterwards quashed by an Act of
your Honourable House), and of the suspension of the
Landlord's power of distress against Tenants, In 1812:
your Petitioner begging leave to remind your onourable
House of these precedents, most humbly prays your Ho-
nourable House to suspend the power by which the Mort-
gages above-mentioned may be enabled to take from him
his Estate; and he further prays your Honourable House,
to cause such equitable adjustment of contracts between
man and man, as say prevent the atter ruin of your Pe-
titioner, and of the numerous persons dependent for their
bread on his pecuniary mesas.
And your Petitioner will ever pray.

CHARLES ANDREW THOMSON.

Lord STANHOPE then rose and addressed their Lord-
ships nearly as follows :—" My Lords, the Petition which
has just been read, brings under your consideration a sub-
ject of very general iitterest and extreme importance—it is
that subject °requitable adjustment which has been so much
misunderstood by some, and has been by others so much
misapplied. An equitable adjustment is a phrase which of
itself implies an adjustment upon principles of right, a true,
clear, and undeniable consequence of that natural and im-
mutable state of affairs, without which, although obedience
to human laws, may be enforced, those laws cannot com-
mand respect. It is evident that If the Government .of a
country alter the value of its currency, it ought is the same
proportion, to alter the value of contracts made antecedent
to such a regulation. By the introduction of the Sank Re-
striction Bill in 1807, the value of the currency was rendered
what it was not before, and such has proved to be the case
not only with respect to gold, but by that which affords a
much more accurate criterion, namely, by the value of ma-
nufactures and commerce. With respect to gold, it must be
recollected that it cannot beunderstood as a standard value,
except when it is used for purposes of Government. For a
few years, gold became itself depreciated to a great extent,
in the same manner as paper when compared with gold ;
it has been stated that nothing can be more futile or more
fallacious than an attempt to measure the market price of gold
by the depreciation of currency at different periods ; that
argument may suit those whose endeavour is to prevent the
matter being viewed in its true light. As the value of the
currency, however, has been very different at various pe-
riods, it is requisite for the sake of justice, to pursue the
principles of equitable adjustment, so that, each contract
should be rectified or adjusted, according to the real origi-
nal value the commodity bore at the period when it was con-
tracted for. This Is another principle of equitable adjust-
ment, which is essentially different from all those propo-
sals which we have beard of, for the purpose of altering the
standard, inasmuch as it would affect all contracts in the
same proportion ; for, by such an equitable adjustment as
allude to, each contract would be restored to its va-
lue at the time the parties contracted. Such are the princi-
ples that 1 conceive ought to regulate an equitable adjust-
meat; than which none can be more just—none can be
more necessary,-1 will not merely say, for the safety and
well being, but even for the existence of the country. The
object of my proposition, as to au equitable adjustment, Is
Ito rectify and to regulate, to their original value, all con-
tracts made since the restriction of cash payments in the
year 1807, and previous to the restoration of cash payments
in 1819; the effect of that would be to do justice to all par-
ties contracting, to correct all the grievances that now ex-
ist, and to place all the parties interested, in the same situ-
ation as they were in at the time when those contracts'
were entered into. Such being the means of remedying the
evil, and such the nature and object of an equitable inkjest-
went, I should be surprised at the calumnies that have been
heaped epos it front various quarters, were I not convinced
that wilful and base representations have been made upon the
subject, by those who are perhaps interested in the conti-
nuance of that iniquity, which it is the object of the proposers
of an equitable adjustment to prevent. It was, however,
with great astonishment that 1 heard, the other night, this
measure stigmatized as being revolutionary, on a petition
presented by a Noble Lord, not now present, which Peti-
tion proceeded from the county of Hereford, and also pray-
ed for an equitable adjustment. When we talk of proposi-
tions being revolutionary, I should tike to know what can be
more revolutionary, or more destructive to regular Govern-
ment and good order, than that which has the effect of revo-
lutionizing the value of property 1 What can be more ler-
rific than that, when done under the sanction of law? I
would beg to quote the words of that admirable Petition,
which the Noble Lord presented from the county of Here-
ford, in which this country is said to he goverAed by a vio-
lent aristocracy, and proceeding -gradually towar.ts revolu-
tion. Can your Lordships suppose that such a revolution
can be consummated without experiencing the effects of, I
will not merely say a change, but a total destruction to the
Constitution, and without producing evils which no wee
has anticipated. I retort the charge of revolutionary mutes-
lions upon those who have so used it, and who attempt to
calumniate the measure with such epithets, but with which
they in vain attempt to stigmatise it; I would wish them to
use arguments Instead of abuse. We have heard it lately
asserted that a systed of equitable adjustment would pr v-

PRICE SEVEN PENCE.

duce dreadful confusion; it is the first time tl at
I ever heal* such an argument used against obtaini g
justice, to prevent the continuance of spoliation, and to aver t
the most destructive state of circumstances to individuals SA
well as to society in general. It never was proposed by any
man, that in following up the principles of equitable adjust-
ment, we were to strike at the foundation of property, to
discover who were the original holders. It is clear that
every holder of a contract, whether by purchase or other-
wise, is the same as the original holder; he not only pos-
sesses the same rights, but must submit also to the same on-
ligations. That this is the principle of equitable adjustment
is not a discovery that is new ; but I should consider that Sr
being •no valid objection to it, if it were, I should refer
your Lordshipeto au Act of Parliament, painted in Scotland
in the 3d Parliament of James 111., for the purer se of settles r
equitably all debts and contracts then subsisting; that Act
differs from the Acts of our days, as It is very short ; it
states in the preamble, that whatever contract may have been
made for money, it is for the good of the remin, that the
same should be settled equitably, according to the value of
the currency; it then enacts that all debtors Who owe any
debts upon contracts, may be allowed to pay the same, ac-
cording to the sum and substance of what was intended h--
tween the parties at the time of making their contract. Now,
my Lorts, you here seethe principle of an equitable adjust-
ment measured out in Scotland In former times, by the a.-
thority of an Act of Parliament; and, if I be correctly in-
formed, the same princ'ple has been established in this coun-
try by the decision of a Court of Law. I don't know the
names of the parties in that case, but I base no
doubt they are familiar to my Noble and Learned
friend upon the Woolsack. It was, I believe, a case which
occurred towards the end of Queen Elizabeth's reign. with
respect to a person who, having made his will at the close
of that reign, and (as a great alteration had taken place in
the value of the currency at that period,) his execetors en-
tertained a doubt as to ;how to settle the Testator's affairs,
on account of the ruinous obligations they found imposed
upon them by that will ; a question was therefore agitated
as to whether that Testator understood that the payments .
were to be made at the valuation of the currency at the corn-
meacement of the reign, or according to that .aloe which
existed at the time the will was executed ? The Court de-
cided that inasmuch as the wordeof the will," I give and
bequeath such and such sums, to be paid to certain persons
named, according to the valuation of the currency." it was
thought that those wbrds were to be understood as being ap-
plicable to the general value of the currency at the time thu
payments were to be made. Here again your Lordships see
the effect of an equitable adjustment acted upon in Courts of
Law. Besides that, if we look to the example of other
countries, I need only refer your Lordships to the conduct
of the Emperor of Austria, and for which conduct, I darn
say, the :Government of that country cannot be railed, in
any respect, revolutionary ; en that country the present Em-
peror having made considerable alterations in his currency,
issued an edict to all the Magistrates within his dominions,
forbidding them, under the severest penalties, to open it be-
fore a certain day; and desiring them, at the same time,
when that day came, to give it all possible publicity.
Wbeo that edict was opened, it was found to contain a scale
for the payment of debts, and direct:ng all debts constituted
by contracts previously obtained, to be paid according to
that scale. It is also singular that the same country, Aus-
tria, should exhibit an example, not only of the sort of
equitable adjustment here proposed, but also a measure
similar in its nature to that Bill, which has lately passed in
this country, commonly called Mr. Peel's Rill. Be that as
it may, however, it Is certain that the paper currency of Aus-
tria has from time to time fluctuates'. from 140 to 030 in paper,
as compared with 100 in shyer. The Emperor, determined
to ascertain the proportion between paper and silver whirl
was settled at that time, and it was ascertained that it af-
forded no more • just criterion of the value of silver in that
country, than what are called the market-price of gold it
this country. The Emperor directed, as in this country,
that the debts should be paid in silver, according to
taut ratio which he then established, and that system was be-
gun in that country, having been occasioned by similar
causes as have existed in this. At that time the most griev-
ous and intolerable inequality of payments prevailed in that
country, and, as in this, the disproportionate value of pay-
ments was monstrous. Such a system as formerly prevail-
ed in Austria, as to the pay meut of debts, was in the result,
a source of extreme dissatisfaction and discontent through-
out the whole of the Emperor's Dominions. Having trou-
bled your Lordships, at this length, upon the general prin-
ciples of this measure—principles which have been so u:.-
justly calumniated, allow me to apply those principles to the
case of this Petitioner.—His case is this—that he is in dan-
ger of losing two Estates which were bought by him in the
year ISI I for 132,0001. ; he is in danger of being dispossess-
ed and deprived of those Estates by the foreclosure of a
deed of Mortgage for 00,0001., being leas than one-half of
the value of the Estates upon which that Mortgage was
granted." His Lordship then entered into an elucidation of
the losses sustained by the Petitioner, founded upon the
statement in the Petition, and also stated various other si-
milar cases W' hardship which had come within his know-
ledge, as arising from the depreciation of landed property.
lie mentioned one instance, iu Herefordshire, where an Es-
tate was sold for o,ooo'. some years ago, and which had
been repurchased by the original proprietor for 0,00*.V.
—He should ask their Lordships if it were possi-
ble to state any thing more strong and energetic
to 'thew the cruelty and hardship which this Petitioner
and others in &similar situation were under the necessity of
enduring on account of the injustice arising from the incon-
ceivably great reduction in the value of property, withoio
any alteration being made in the value of the curreocy.—
Those evils could only he remedied by an equitable adjust-
ment, and until that system, which he now proposed, were
adopted, the evils complained of could not be remedied : i A
duty to their country, their Lordships were bound to pre-
vent the mortgagee under such circumstances executing
foreclosure. His Lordship also mentioned the case co a
person whose income had been reduced from 60,01)01. a
year, to 30,000/. a-year • with the same annuities of 21,000/.
a-year to pay out of 30,0001. a-y ear, which he had to pay
out oft:10,000/. a-year ; he was well aware that 10,001)/. a -
year was quite enough for any man, but he only mentioned
it to anew the proportionate hardship which was indicted
by the state of the currency upon landed proprietors ; no
man could willingly submit to be thus dispossessed of hie
property, nor have it swallowed up or transferred into other
hands. In order to pay claims established upon former
contracts, many were under the necessity of disposing of
twice the quantity of produce compared with the value of
the property when those contracts were entered into. Ile
asked for justice being done to the public debtors—he asked
for justice being done to the suffei log people of this coun-
try—he asked for justice iu redress of grievances, such as
those which even Ruonaparte in the plenitude of his power
would not have allowed to exist. Unless those grievances
were speedily redressed, we might expect that the country
would be overwhelmed in ruin, or, at least, involved in con-
vulsions which no man would desire to see, and which, per-
haps, none have apprehended as likely to arise from such a
cause. He called upon their Lordships to arrest the pro-
gress of such consequences : but such was the state of the
affairs, that those grievances met them in every step.—
Should we ever again have occasion to revert to the ques-
I of peace or war, he should ask their Lordships how
they could be prepared to go to war, even if menaced by
some danger or distress under such a state of circulostences
The sinews of war were money, and he should ask whether
they could expect to raise sediment funds, if the landed
proprietors of the country were so impoverished 7 He
trusted, however, that the sinews of war did not merely
consist in money, but in that unconquerable will and
courage which would never stannic nor yield.—
Even in that ease, he would ask how they could
expect that unconquerable will and courage, to be
minced by a population, oppressed as it Was by the mea-
sures of Government. No wonder, that the people were
distressed, discontented. and disaffected, by the continuance
of evils in a system of Government.. which Witted to ren-
I der them desperate. Unless the Government were disposed
•to si-lc the emery into a st::e far more base and abject