The Statesman.
London, England, 1822-06-12 00:00:00

(Continuadois of Debate,frems 2d page )

upon the probable melts of alterations in the currency.
which he considered to be singularly prophetic of tbe
distress in which the country wee now plunged. Hear*
tended that thp effect of the alterstloo could not be esal:
mated by a mere reference to posed., shillings, .54
pence. The relative depreciation in lb. 'shut of atm
could only he estimated by the price of momeseditiesess-_,
In order,therefors, to chew the extent of &penlights IN
had converted the amount of the taxes into mmume:
and he had taken the three commodities deem
anti labeler. In 1813, the taxes amounted to 74,674.71/K
and wheat was worth 108 s. per quitter; so that
11,732,296 quarters would be sea/lout to pay the
taxes. In 1821 the taxes being 60 Wiliam, and thew.
hie of a quarter of wheat 555. 4d. it would then require
21,963,724 quarters, or nearly one-half more than is the
year Isl 3, to psv the taxes of the country, they beil,
so touch lower than at that period. But sopposiort the
price of wheat to be 45e. this year, it woad take Veit.
lions of quarters to pay the taxes, • quantity that weskit'
base been enough tom doable- their amount at the
price.. of 1813. In the valise of gold the different did
net appose so great. In 1813 the !sace of geld was 110
shining* per ounce. and 13.577,236 mimes would have
been sulkiest to pay the taxes, asnoutieg to above 74
mallows. At the pretend time the price of geld was 775.
7J. ; aro that 15,600,000 ounces 1110111 d be meessary to
discharge the taxes, being 60 millions. la 1813, the
p-ice of labour was 164. per week : and the labour of
lice millions of persons for 18 weeks and four day;
would have paid the taxes of the year, Itelog 74 snow
and upwards. The ge price of labour woo oink.
per week; and it would take the labour of the same
number of person* for 26 weeks and sit der tory Ike
foxes of MI milliess.; and supposing the. soot or Main
to have falls, to 8.. it would require 30 week% Wad
almost4eablo the quantity required in 1813. The Hon.
Member then proceeded to show the operation of the
measure apes the other markets of Europe. It apposed
by the pekoe sorrow of Bordeaux, Amsterdam, and Lou-
don, that the various articles of praetor In those mar-
kets had falleo in the propertioss of 15 per nails at
Horton": at Amsterdam prices bad fallen3s/ per cent.
and at hoodoo 44 per cent. between the years 1814 aid
1821. He thee read from some docoments,a calculation of
the fill In timprices of various article* of produce, *bleb
appeared to be generally from 30 to 40aet150per cent. It
was impossible to ascribe this to any other cause than to
the measure which the Wombed adopted. Its pernicious
consequences, be felt convinced were felt as severely by
the commercial and manufacturing world as it war by
the agricultural interests. Commercial sea were car-
rying on commerce without prat, and the manufacturer
was manufacturing without prat. The Hen. Member
then went into as intricate calculation to shim. that the
fundbolder stood in lb* situation new of receiving 49
quarters of cern for his lOU/. stock, instead of 251 glu-
ten in the year 1793. He contended, that the public
faith would be In no way injured by adhering to the
standard, from which they bad so retestly departed. In
regard to the Poor-rates, II was said, that they. had de.
creased sine. 1813.—(Hear.)—He said they bad increased.
—(Hear.)-11 calculated by the value of commodity, us
they ought to be, it 114'14 Is found that they bad in.
messed nearly double since that period.--(Hear.)—
Could any Gentlemen then think of hillictiog such a fal-
lacy upon the farmers I. the country, as to tell them
that their poor rates were-diminished, when, in fact,
they were paying nearly double the quantity of the stock
of their barns. He conteuded that the number of cri-
Imitate, which had so increased within the last few years.
wasio be attributed to the progress of a system which
threw so large a portion of the poor out of employment.
was the real cause of the distress in Ireland at the
present nioment.;—(Hear, hear.)—He should conclude
by the shame and humble wish that the subject bad
fallen into hands better able to executer-the task. Bat
each was his opinion of the calamities and distress of the
country ; inch !alibis dread of the future; such was his
opinion of the canoe of all that calamity and distress,
that nothing could deter him from doing that *Ma he
conceived to he his duty, in bringing the subject ander
the consideration of the house. In doing this; be bad
dements less than his duty; and he 'sweated the house
to remember that the people of this country always ap.
plied their sober and good sense to the investigation of
questions like the present, and he believed that tliey
were now beginning to discover the full.consequences of
the measure, which the could not sec at the time it was
adopted. Would any Gentleman say—would the Noble
Marques: opposite tray—that he did not begin to look
with distrust and apprehension to the future as to what
might ensue from the effects of the measure. The feet
was, that any one looking at the Report of the Com-
mittee, would see that they did not look at the probable
results of returning to an ancient standard of valife, after
departing from 'it for such a period of time. All they
considered was; the capability of the Bank to meet the
demand for cash. Those results were, indeed, pointed
out to them ii a document presented by the Bank Di-
rector; bat with no effect.—(Hear, hear.)—The house
must not now be deterred from porsoisti. any coarse by
alarm, or bye reluctance to retrace their former steps.
They must look to some which would restore
prosperity to the various interests in the country; and
that could be only accomplished by giving to the m-
ace of industry the same value ie money which it pos-
sessed previous to the adoption of this measure. He
snored, " That a Committee be appointed to consider
the effect produced by the Act of the 59th of Geo.
chap. 14. upon the Agriculture, Manufactures and COM.
an ea of the United Kingdom, and upon the general
condition of the different el therein."
Mr. IHISKISSON then rose, and began by observing
that the motion of the Hon. Member involved a Oen.
pie of the most momentous importance to the country.
The standard of value was the foundation of all engage.
ments between man and man ; and the Hon. Member now
proposed its reri..ion by the House. But if, as must he
admitted, this was a fruition of the gresteat po.sihk
magnitude, involving the most extensive and complica-
ted interests, he mast also add, that the coarse propos-
ed by the Hen. Member was pregnant with the most
fearful consequences--(Hear, hear.)—These consider.'
lions he hoped would induce the House to favour him
with an attentive hearing, and extend to him that in-
nolgenc• of which he stood so much in need. He lima
listened with the most profound attention to the speech
of the Hon. Member for Essex, but at the saute time,
with the greatest astonishment and regret. With
astonishment at some of the statements which the Hots. I
Member hail made, and some of the dortriaes he had
propounded; with regret that a gentleman of hie highly
approved character could recommend • measure which
in its nature was subversive of public faith at.il justice.—
(Hear, hear.) —Far be it from him to impute any undue
motive to the Hon. Member; but he could not help say-1
saving that he lost sight altogether of the proceeding of I
1819, so far as regarded the principle upon which it
was founded. lle (.Ur. Iluskisson) wis one of those
who sat in the noose during the time that the W.
pension of cosh payments because the subject of discos-
son, and he hid given to time proceeding all the canal-
derotion of which he was capable. Fro:u the speech of
the Hon. Member, he should have thought, that in the
year 1797, the liability of the Hank to pay cash for their
notes was suspended ; and that since that period a dif-
ference of value had grown up and was acted upon by
the public, and recognised by the Legislature. lie
siiiiiild have thought that at saute subsequent period of
depreciation, when the difficulties of the country were at
the higheat pitch. a measure of adjustment was proposed,
which wee to baye reference to the difference of value