The Statesman.
London, England, 1822-06-13 00:00:00

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II • hail I.u.se scntieinen ei h-r there or
elsewhere, end in supporting the motion of the Hon.
Member, be should not hind himself toany propositions,
that might be inconsistent with the honour or the justice
of the country.
Mr. IL GURNEY bad no hesitation in declaring his
opposition to the amendment of the Right Hon. Gentle-
man, because it • as impossible to say how soon circum-
stances might call amen the house to annul such a reso-
lution.
Mr. LEYCESTE:R supported the motion for gaitg
into a Committee. He protested against any attack
upon the Diriilend 1 or upon Mr. Pesl's Bill, but he
thought it ought to be followed up by economy is the
public expenditure.
Mr. HALDIMAN D opposed the motion. He defended
, the conduct of the /tank, and said, that while it paid its
cores in gold there could be no pretence for charging it
With unfairness towards the public.
Mr. RICARDO sold it was impossible to calculate
' the exact amount of oepreciation which hail taken place
under the Bill of 1819. He cooed not, however. agree
with the lest speaker in Lis opinion of the conduct of the
Bank. By the Bill of 1819 they were not bound to pay
full in eatansellthe year 'MS; and for a given periodlmmedi-
ately preeiding that year they were by that Bill hound to pay
their uotes in bullion. Bad this plan been adhered to,
the resumption of cash payments might have been et
fected with comparative ease; but the Bank made con-
siderable purchases of gold very prematurely, and did
not at the same time Increase its Issue*. Their not doing
so, had caused the pressure to be much greater than it
otherwise would hove been. It hail indeed been argued
in their favour, that at the time when they ensile these
purchases, there was murk of unfavourable public opi-
- of the nameroos men-
-41f. notes,
prevent
1/. notes
re of this
their con-
ies custom-
the first in-
J. He could
ee the speech
declared that
A. and who
heer.)—
his own
opinion. __ forgive his
doing so. He had been arraigned for his sentiments on
the 'object of depreeiatiou as applied to the effect of the
Bill is question. The term, •t depreciation." had, be
thought, been greatly misunderstood. He would pet a
familiar instance on this point : If the sovereigns were
to be clipped so as to take off a teeth of their weight,
they would be depreciated ; but as the demand for gold
might from many causes be afterwards increased, it
sit; ght happen that lbw clipped and depreciated sore-
reiges would become of greater *slue than they bad been
before the clipping ; but still, however, they would be
r elated upon a comporisen with tins valet
which they would possess, had they not been clipped.
He agreed that there were very massy caws which ope-
rated to affect the price of gold; but the gold of this
country was no mere liable to 'the Whence of these
causes, than the gold of other countries. Upon this sub-
ject, when the Bill of 1819 was first before the house, be
had said *halals measure could make a difference in the
price of goods of not snore than 5 per cent.; but he then
spoke of the influence of the cries then in existence,
and of their probable effect. It could be supposed
that be pretended to exclude the influence of other
causes sot thee under coosideratioe. To shew that this
was his meaning. he would, with the permission of the
house. refer to the pamphlet be hid first published on
the subject. He had there in substance stated, " there
is no possible remedy against the ordinary variations of
the standard; and there is no doubt that numerous cir-
cumstances may contribute to vary it in an extraordi-
nary degree. as go'd and silver are of a very variable
nature, as signs of value, but after all they form the
best standard," and so on. He really had to apologise
to the house for troubling them with matter of per-
sonal nattier ; but on this question, he considered that
h • was ; I ced o; on his trial.—(Hear, bear, and a laugh.)
The plan he had recommended had not mes adopted.
When the Bill of 1819 went before the House, he had
distinctly stated that the object in view should be gained
very gridually. Ile had said that the Bank ought to
reduce their issues very cautiously. and be feared they
would retitle.e them too quickly. Above all, he recom-
mended them not to buy gold for a considerable time.
On the contrary, he said were he in their situation, nod
had he ever so little gold, he would boldly sell.—(Hear,
hear.) tiering offered thus much in defence of his own
opinions, be would address himself to the question im-
mediately under discussion. In the year 1819, at the
time of the passing of this Bill, the financial affairs of
the country were in the hands of a company of mer-
chants, respectbble, he admitted, but ig t, as he
contended, of all the principles of currency.--.(A
laugh.) The currency of this country had for many
years preceding this time been in a very fluctuating
state. In the year 1813 the Bank-note was worth no
more titan 145., but in the year 1819, the time in ques-
tion. that note was at within five per cent. of its value,
and bad been so fur the four years immediately preced-
ing. The question then was, which of the two stan-
dards the house should select. Ooe would be that at
which the note was at the time the house was discuss-
it; : the other was the ancient standard. Had the de-
preciation at that time been as great as it was in the
year 1813, he should have recommended the adoption
orthe temporary standard; but the depreciation being
so very trifling, he thought, and the house also thought,
that under all the circumstance's, it would he better to
retells to the ancient standard. That course he still
thought was the wisest.—(Hear, bear.) Inder-1 the
pressure which he anticipated as a consequence of the
measure he could scarcely regret,' for it would teach
is never again rashly to meddle with our currency.—
T e first mischief was in the year 1797.—(Hear. hear.)
111:t had the Bank uedorstood the management of their
own and the country's affairs, they might have contrived
an as to withdraw all the paper without paying out a
single guinea. It was the quantity which always regu-
lated the standard of value, not only with regard to gold,
but with regard to all other commodities. Indeed, if
Vie Mint were not open at the time in question. the
Kink might snake their pound note worth two Sove-
reigns. lie had here to repeat, that he did not regret,
anti he believed he never should have occasion to re-
gret the share he had in the Bill of 1819.—(Cheers.)—
The Hon. Mover wanted to regulate the standard of
value by the price of Corn; but this was a must varia-
ble standard. In support of his opinion, the Hon.
Mover had quoted Locke and Adam Smith. who had
made calculations with re -sect to the price of corn, and
treating corn as the standard of value ; but these writers
must have suppmed that money, the circulating medium
wan invariable. If they slid slut so suppose it, their cal-
culations were not worth a farthing. Corn, he con
tends d, was a much worse standard than either gold or
sager. The difficulties in the way of treating corn as
tl:e standard were obvions. There were different coati-
tie+ of land all over the country; and those of course
tend to the production of different (panties of
corm The increase of population, too, increased de-'
wand, and the improvements in the mode of husbandry'
all tend 4.1 to effect the value of corn. and to reader it
therefore a most uncertain standard. Aslant Smith
stated as a reason for treating it as a standard, that it
was in such universal demand fur the support of man;
but this circumstance had nothing to do with its steadt

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noon expressed in conseqeence of the semeiow
Bons which had taken place for the forgery of I/
and that the Bank ware therefore desirous to
dp
this species of for withdrawing their 1
from circulation. sot admit the force
argument, or give ' t for th
duct in this point ' have I
plated the mere rgeer . in the
stance. insareessarily increased their issues. H
not, as he was proreeditie, forbear to notice the
et the lion, Member (Mr. Leycester) who dechn
he had no wish to see the Bill of 1819 touched, a
yet would note for the present motion.—(Hear, I
lie had to snake a few observations respecting I
opinion. awl he trusted the house would Corp