The Statesman.
London, England, 1819-05-25 00:00:00

Plidice to any party • all the oontreeti *Mt th .
Ile we& relterMl ist4mt a. Moedarsl gaffer, and the
discharge of these imipagemients ,sold ant be impig,.
peel, Gentili by*Worrertet to that standard seen.
Great embarrassments might ornately attend Ike
Waage; hot the sebeeqeeet (vaults wauld mete than
eompeesete for proven* shakable*. Ile reed net dis-
guise from himself, and *geld got from the Beam,
that east entanglements net, 1.1.47 t. Ito hit befrae
the goosernmatioo of that objectine country so de.
goody wished; but no diners world typal hitt,
end no alarm* frighten blot frees the coovietion,
that the reeempvion of Cash Payments at a filed
and certain period wee obsoletely nemetsary. le
the history of the cottony, there had hero Arm
petiode et which the cads bed been rewind, god in
nese of them had the old standard been
The Mgt of these had been in the reign of Edward 1.
othe amidst his wars both with Fraser and Seethed,
hod foetid ledger. for the reformation of the eels.—
Tim wood era had been In the reign of Elisabeth,
which held oat en .ample for the pressed day. le
the times of ll.nry VHI. and of Edward YE. the
coin bad been debased to lee retest of 400 per cent.
—l4 the second year of her reign, Owe Elisabeth,
1 by the advice of her Minister Berleigh, in
to
of web public danger, sestered the coin of the
realm to the old standard. The circeostance of her
basing festered the coin hid been mentioned in tits
insersption on her atonement, *mom/ the ether me-
t morable ewes of her reit., sisonela &jails, ad jag.
i foot valorem. reads. The last of these periods bad
been in the Frig. of Wilism 111. is the year 1695, at
a time when that Monarch bed isms forged is a
Moody and protracted we r for the liberties of Europe.
.--At that time the silver cortesey bed been depts.
;dated 30 rr cent , and the thee Chancellor of the
Eschequer had been opposed merely fir the parposs
of opposition. At that time the restoration of this
coin had bees media party qoestion and in that
point of view, the premed time offered a happy cos-
trust, as all parties were happily suited for the pur-
pose of accomplishing the same important sad. The
same arguments bad then bees made use if against tho
alteration in the currency that had been employed in
die time of Elisabeth. Ile hoped the Hesse
wield look to the works of Mr. Lowndes sad Mr.
Lech., upon the *abject, the former the advocate for
depreciating the coin, sad the other its able end en.
lightened opponent. It bed hems stated by Mr.
Lowndes, the Secretary to the'Tressory, that a
ghillies was the standard of valor; while en the
otherhind, it was maietained by Mr. Locke, that the
vele. eat not determined by the denomination bat the
weight ; that though in the depreciated currency the
price of an nonce of silver might be vs stated by
Leonides, fir. 3d. yet that the same pointity cook!
be bought for if. good weight. Happily for the
country, the opinions of Mr. Locke prevailed. The
impence of the coinage amounted to three manna, -
end the same ergemonars were urged egsiest the she
Chancellor of the Esebeqaer, Mr. Montagu, that hod
bent wide es. of by soonest the present time. These
argements hod been det.iled in the work .4 the late
Lord Liverpool ; and ley were, that the time was sn-
it' see count,, being engaged le war; that all teed,
wepeld stand still, and neatly, that mach confides
would ease*. On the other heed, it had heeds's/nod by
Ille.Mentegoe, that thedisordorweeld beano* impeller-
ablo,if some respod) *woof applied; sod that the
ratios of the coinage ti its ancient verity, woold raise
theebaraeter of troperrentrysinonsforeigenetions.There
was nothing in the peewits state of the country that
timid laden the Brow to postpone the improventeet
of the currency, or Its reiteration to the old standard.
The prosperity of the coostry had Dot been owing to
ea inconteetibie parr convene', as the cottony
bed nourished keg before 1797, end she public faith
had been always scropelessly withheld, insomuch se
that the property of foreigners in the &Mob feeds
bad never been eased. Bat the eases esample of
good faith oboold be observed in pest*, as well as ie
war. The subject of the Mint Regulations bid
been alleded to in another place, as affectiog the
(laundry-tor the circulating medteet; but he sew foo-
thill solid in that obeervatloa, which had not pre-
Misled itself to any Member of the Committee.—
Frees 1774 le 1797 the silver bad bee% in a very
depreciated state, and then it had Iwo a legal
tender to the 111111111116 i of 251. whereas at present it
could only be legally tendered to the amoest of
40s. the disappearance of the geld could sot
be ascribed to the Mint Revelations. ft bed pro-
posed that the Bank should pay in geld at the mar-
ket price, but such a plan would destroy the wad-
ers!, and substitute the discretion of the Bask for the
prerogative of the Crown. Ile thanked the noise
for the attendee with which they had heard hian,end
as he bed differed from the opinions be bad formerly
entertaised on the subject, be frosted the Boise
would regard that ass proof of Ids sincerity. He hod
also on the present Genghis presumed to differ UN
one (Sir R. Peel), whose opinions ea that and trey
other *object it was Me defy le limes t. with writ
and reverence.
Tb. three following Reselethes were thee pit
from the Chair and agreed to s-
-1. Thor it Is ezpolieet to cousiese the itestrirtine es Par
wool ie Casio by she gook of latghtN, toyent the thee
whim ir Nat promos limited by low.
9. Thal It Is eared** that a deirsite perhsd shArtrl he diet
few she teredeattea of the gantries** on Cml I as mews ;
ChM preparatory oorwn shasal.l be tat n. Ilk • ales*. fir'
UMW had irons. ma the orrlool of an* so-rsirs. she plumes of
Site Prwolasory Notes of the Bank sof Foal** is me Segal Na
of the mole.
3. That he alder to eke to the Boot a sewer essouroad wet
star awed et their twee than 'boy as pin ••••1 re* S. pooos*
maths t. he made roe the Owbail orra,serve so the Seat d the
sum of a e Milbims Wog part of she row doe 5.. tae 1101.
en
merest of eloaares made by thew fur 144 phew 4 yes.
end as examine of the pasebnie of isebegose bell. saki
tee
▪ Wity if Ams of eft Legislator,.
The fourth Resolution Whig put in the felloolog
terms :-
4. That is Li et pear* to provide by law. that fr elite Lt
or February. 1620. the gook shalt be so Ir. no di.
gold ..fdandard final/14644i. inertia...4%re .011 4hoses*
us his Alojesty's Mini, a quoatity aa* se-than at *was
being required * eschew f se han •Onens. ssf 0.4 ; use
Book *Aloft be tenet to is. Tahoe of the p. 10 .o reto,sed, at
the rose of 41.1.. ter utusx.
Mr. ELLICE addressed the House. chi
principles that bad been laid down 4......414,40, CVO*
curried ; bet he differed is to the sppli, t to ,re
principles to the state of the enettory. la Igifr tee
debt to the Bank bad been ',deceit to 19 milhdidt
and the public baleoces had been tor... iiawe see
amount of whet they were is the p•ea..nt pelf ; teed
a gradual inns: of the precious metal. is.. 11.004
into the conot.y. The state of o !ISO/