The Statesman.
London, England, 1812-09-15 00:00:00

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LISBON PAPERS.

ESURTHER EXTRACTS.

sterling increased but in the same ratio, the price of
the quarter mould have remained at the sixpence, at
which it stood in the reign of Edward the Confessor,
770 years ago. The Reader is particularly request-
ed to attend to the merits of these fundamental pro-
positions, because, if they ho false, nothing is re-
quired but to prove them so, to bring the whole fa.
bric of my argument to the ground. But if they be
true, they must form a rock on which the ignorance,
folly, or prejudice of mankind can make no impres-
sion,
The doctrines en which F.arl Stanhope, Sir John
Sinclair, Mr. Smith, and Mr. Ilaithby, grounded
their opposition to those of the Bullion Committee,
are, Ist, " That it is the stamp impressed, and not
the weight in metal, whieh gives the Standard to goi-
Dees." 2cily, " That money cannot possess intrinsic
value." And, 3dly, " That a►► unite, or the term
pound sterling, is the standard of value."--If any
one can tell how such a term—a mere name, can
stand for any thing but the number of shillings that
it represents. The conclusions are, beginning with
the last proposition, Ist, That while the term pound
sterling continues, the corn value of the pound, as
a standard, cannot depreciate. Idly, That possessing
mo intrinsic value, money cannot lose its value as a •
standard. And, 3dly, That, because under the
stamp, guineas cannot nominally depreciate, there-
fore their corn value cannot be affected by any in-
crease or diminution of their quantity, or any addi-
tion which paper currency may make to their number.
As the corn value of money is the only value of it
that can interest any one but the monied interest, and
as we see how that value is gone, I have to apolo-
gise for alluding to these theories; but hating done
so, you mill permit me to state, in opposition, Ist,
" That n►ither the stamp impressed upon guineas,"
nor yet " the weight in metal," is a standard of va- '
hue for any- thing;—they stand for nothing but 21s.
in silver, copper, or paper, as the reduced value of
guineas, in every thing else, to one 240th part of
their real value seven hundred and seventy years ago,
demonstrates:—ally, That money cannot but pos-
se F-1 intrinsic value to the amount of the labour it
costs, whether in bringing it from the rocky mean.
' tains of South America, or the tattered mines of Rag
Fair: And, 3dly, That money, whether it be terms,
or the things to which the name is applied ; whether
it be gold, silver, or paper, or the number of pounds,
shillings, an►l pence, into which any given weight or
meaccre of the metals,' dr paper, may be divided,
must invariably rise and fall in its corn value, in the
ratio of the increase or diminution of its real or re.
lative quantity.
That nothing but ignorance and delusion ever
made money the standard of value of land and labour,
Is rendered one of the clearest truths in nature, by
the fact, that, as repeatedly stated, the sixpence
which measured the exchangeable value of eight
bushels of wheat 770 years ago, that being then
their price, does not now measure the exchangeable
value of one-third of a quartern loaf, its price being
above ls. 6d.
A perfect standard of value will neither increase
nor diminish in its weight or measure, extend nor ;
shrink in its length or any of its dimensions. Nothing
but some production of land and labour can be inedisi
a standard of value; but, as there is none of the
articles so produced, which is not liable to increase
or diminish 'nits weight or measure, we can only
pitch upon that one of them which is the least liable
to such increase or dimunition. And for the follow-
ing reasons corn or bread appears to be that article:
Corn or bread is an article of the most prime ne-
e.essity, a►►d as such, it is of all articles the most gene-
ral in use; it is an article, the same weight or mea-
sure of which, converted into money, will now pur-
chase the same weight or measure of any other ar-
ticle of necessity that it did 770 years ago, and it is
an article, that will continue to do so while man
continues to consume articles of necessity in equal
proportions; it is an article of all others the least li-
able to rise or fall in its intrinsic value, because the
labour that produces it is of all others the least liable
to a variation in its quantity ; in its relation to the
wants of mankind, it is an article that cannot rise or
fall in its exchangeable value, because the same quan-
tity of it can feed no more persons at one time
than- it did at another; it is an article, our want
of which impels us to keep up the necessary
stock ; and it is an article, the perishableness of which
check us in producing more than the necessary stock.
On these grounds the article of corn appears to me
to be the most perfect standard of value; and for
that reason I fix upon it as the only standard by
which we can try the value of any thing, without
being cheated out of a part of its worth, as we have
been, are, nod shall be, by money while it continuer
to he the measure of value of land and labour.
These, sir, on the subjects of the value of money,
and the true standard of the value of every thing
else, are my fundamental propositions, opposed to
those of the Noblemen and Gentlemen to whom
have alluded ; and L leave it to the judgment and re-
flection of my readers, to ascertaiu which of the two
is most founded in truth and reasou. In the mean
time, I am, Sir, your& respectfully,
Surr.l-oreet, HECTOR. CAMPBELL.
vice'. 10.

Lesaow, Apo. a iNv. ree of the Cortex, petraiseoo
bas been graa:eg to the city of Salamanca to pLee in the prin.
eipal square Oa bast of the great lord Weilingtou, witbao
sertn•ion, descriptive of their gratitude for baying beco freed
frosts the French yoke.—( Ga;etir, Aug, 29)
OFFICIAL DISPATCH

711014 COLONEL PAL Aar% TO. THE mania:PO mom9A.
LUD, O ►TCD naitaIIANCHEL DE
IFIXO, AVG. 12.
Eust.t.twr Bra.—T have the satisfaction to, inform your
coneney, that I entered the city and court of Madrid to-day at
1/ &elect, free from the enemy, with the excels' ioo of 1800
men, who remained la the Retire. The regiment of the Enspe.
eiaado, ether free corp.', and an itnglish division, also entered.
It Is sot possible to describe to your Excellency the enthusiasm
of this patriotic population I all the windows were adorned,
sod an innumerable concourse of people obstructed the road
from the gay!, of fiegovio, bv which' we entered.
The head-quarters of Lord Wellington were to-day in Roses,
and will to.morrow be transferred to Madrid. The rreneh are.

in diferent columns, retiring by Mancha. The enemy's garri-
ton •f Goodalarsre, composed of SOO mew, is this moment rapt-
tuLsting with the Empeioado, and are to remain prisenen of
lonit.--(Litten (h.:411,, iv. 26.) .

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