The Statesman.
London, England, 1822-12-16 00:00:00

THE STATESMAN.

lag one guinea into two, or by making one retinal per-
form two operations where its formerly performed one.
can make no differeuce whatever in the question of the
peliey or justice of wantonly breaking op • system upon
which such 400rmons obligations had been founded.
When men contract debts or obligations, Oil do got
contrast them upon money, hat upon property. They
do not borrow money for the,porpose of holding It, bat
for the purpose of eoabling them to hold property. ff.
therefore, they borrow money, or burrow property con-
verted into tooney, or contract monied debts in any war,
which enable theta to hold, perhaps, 11.10 acres of land.
or lOU tons of iron, they are jut as effectually injured
and defrauded by compelling them to repay money which
rommawls 21)0 acres of land, or 200 tons of iron, as if
they had been decidedly and openly compelled to repay
40s. for every 203. which they borrowed. Of what con-
tinence was it to the tenantry of the country, when they
contracted their present obligations, whether the high
prices which guided their judgments, and constituted
the cunsideratinn for their contracts, were occasioned
by any extraordinary circumstances of the war, or by
any direct reduction of the metallic standard of value?
Both circumstances are alike to them. The fraud and
robbery entnutitted upon them, the violation of contracts,
and the outrage of "good faith," with all the ruin and
the misery which we now see, are jnst as real, whether
the high prices were owing to one cause or to another.
The high prices formed the basis and the equitable con-
sideration of their contracts, and therefore, when the
high prices were reduced hyl Legislative measures, the
high contracts which were founded upon them ought
to have been reduced correspordently at the same time.
6. Sr. also in the imposition of taxes during the war.
The high prices formed the basis on which they were,
grounded, and without which they a could have,
been imposed. The high prices limited also the
quantities of value which the quadrupled taxation drew
from the country, just as effectually, whether they were
using to a direct reduction in the standard of value, or
to any other circumstances whatever.

Z. It is eviden,, therefore, that 1247 millions sterling
of public ohligations was imposed upon the country is
depreciated currency during the war, which wow not
upon the average worth more than one half of the value
which the currency before the war commanded. Let us
now inquire into the private obligations contracted be-
tween man and man during the same pet iod.
8. The whole rental of England and Wales during the
war, amounted to 43 millions sterling per annum, as
stated in the Propertidat Returns. It is but reason-
able to believe that about one ballot this litmus subject'
during the war,to legal obligations of one kind or other;
either mortgages, bonds, rent charges, jointures, 'Dui-
ties, or settlements of some kind. 1 his, at 311 years
purchase, witioonts $o 645 millions sterling. In Ireland
it is well known amp a much greater proportion than
one half of tire war rental uas under sumo kind of se-
questr.dion. and in Scotland probably not h less.
I have heard alone gentleman who possesses 350,0001 s of
Scottish mortgages. If to thole two masses of private
obligationa we add the general book debts, or what the
lawyers tall "simple contract debts," of the three
kingdoms; and if to the whole we add a yaks.
tion of the obligation., by way of lease anal ',f-increased
tithe, entered into during the war, we shall certaittlyl
find g►ounds for bidieving, that all these otiligatioas poel
together will riot amount to leas tbau another WO mil
lions sterling !

9. We have thus 1247 millions sterling of.public obli-
gation, and 125.5 millions sterling of private obligation,
in all, say two thousand five hundred millions sterling
of public and private monied obligations contracted
during the war in depreciated currency! Of course, it
is not possible to he quite correct. Hot in such immense
sums, a hundred millions or two is but of little caner-
quence.
10. Now, Sir, itmight have ►een thoagLt, tbat after
having contracted such a prOdij(0111 mass of
,public and
private obligation ; alter baring loaded the nation
' with such enormous burthens, pressing with their mor-
tal weight upon every nerve and sinew, and every artery
of the social system ; I ear, Sir, it might have been
though', in such a state dating' as this, that if any
measures in our monetary system were necessary on the
return of peace, they ought, in common honesty, in com-
mon prudence, and in common humanity, to have been
such as would have relaxed the burthens of industry,
and have set free the national energies, is order to meet
the more effectually the tremendous pressure of the na-
tional obligations. Under such a state of things, we
should not have been surprised to find the Govenment of
the country, bearing in mind that the safety of t' se peo-
ple is their first duty to attend to, depreciating still fur;
tber the existing currency of the country, in order to
lighten the intolerable pressure of the national burthens.
and enable the !deductive cl to bear the more
easily, and discharge the more readily, the prodigious
obligations which the common safety of all hail inipused
upon them. In such case, if the value of the pound ster-
ling, on the twenty years average of the war, had been
ascertained to have been equal to Ilk, of our ancient
money, we should not then have been surprised to find
the (Internment coining 9.. or be., or even ss. of such
ancient money into a pound sterling, io order to recruit
and recover the tainting energies of a nation, exhaust-
ed with so many exertions, nod reeling tinder so many
burthens.

11. But, instead of this, instead of relaxing the pres-
sure of the national burthens,what do we find to be the
case ? The minguisled Legislature under which we live,
without being invited by the national voice, without
being solicited by the monied parties interested in the
question, without even enquiring into the ••• policy" of
such a mortal mea.iire, have voluntarily and gratuitously
pesseil laws, the express object and effect of which have
been literally to double the whole: Tu give five
thousand millions sterling in payment of 2,5410
millions sterling, or to speak ,more •in particulars
to give two bushels of wheat and two days labour in
the discharge of all the multitudinous engagements in
which the nation ur individuals contracted to pay one.
Never, (ruin the very beginning of time, have we yet
seen ; tir%er, to the very'etid or' time, eloali we again
see, a meantize of tricii enormous and such wide-spread-
ing destruction as thin :
12, Now, what the Legislature can possibly have in-
tended in this conduct it is difficult to say, because they
have never condescended to inform us ; en the contrary,
they have continually rep ted that they were not
going to double our burdens, but merely to increase
then' 3 or 4 per cent. It I were disposed to draw harsh
conclusions, I should blame the great landowners, and I
should say, that it is to their greediness that they one
their own and their country's rain. The great land-
owners had made contracts nits their tenants, and with
the tiovernnient, to pay their rents, salaries, and divi-
dends, in farthings, passing current by law for pounds
aim ling. Cutler the action of these nominal pounds
sterling, they had contrived to double and treble those
rents, salariee, and dividends. Hut when peace came,
they wete not content with farthings; they were out
content that these enormous fictitious credits should be
paid them in farthings, in the seine money in which
they were contracted, nor in real sixpences, passing
current by law for pounds sterling ; nor in real aisil-
hags, nor even in half guineas, passing current by law
for pounds sterling! Rut, forsooth, they must needs
hare heavy guineas! In the delirium of their pride
' and their folly, they insisted upon having the intrinsic
' value of heavy guineas, where they only advanced or
' contradicted for the intrinsic value of farthings! Hee-
-1
lig laid strong hold, as they thought, upon the nation's
throat, they took advantage of a 1.. gal quibble to ley

their tenantry and the nation prostrate at their feet'.
Not lipeansisg, I suppose, to persecute to the death ; not
meaning absolutely to destroy the sower.% of their own
prosperity ; but merely purposing to bleed and bring,
down the plethora of the middle classes. until the de• I
gradation of their political wealth shoul I make some
amend, tor the superiority of their intellectual power' I
dare say; this was all that the landowners meant. They
only meant for the fanner to put on Isis smock frock,
and for the merchant aml manufacturer to results, the
hamble habits whim h become " vulgar people ;" and
then there would he a proper distinction between
noblemen and persons in trade. Ilt turas out very
unlucky, that these fine expectations are disap-
pointed. The great landowners hero been surrounded
by a hind of interested and designing men, and
into their toils they have fallen, as completely as
ever bird fell into the fowler's net. And whilst the Jews
and Lawyers are quarrelling about the spoil, the Rsdi-
eels step in to claim the lion's share'
13. The Members of the Legislature are Creditors.
and although most of them are also debtors, yet being
creditors to a mock larger extent, the interest ut the cre-
ditors Las probably preponderated in their minds. They
are all either landowners, fundowners, or placemen ; and
as such are interested as creditors of the active el
via,-• of the farmers, merchants, manufacturers, and
traders, from .whom Han whole of their income proceeds.
Having well fastened their legal claims round the necks
of these unhappy cl of men, the Members of the Le-
gislature were anxious to substantiate those claims in
" forte monnoie" as the French call it, in strong power-
ful money; and in their eagerness to ',corn/dish this
sll•iumportant object, it is possible that they may have
forgotten duly to consider the interest of !lode unfurtn-
nate debtors. It possibly may have appeared right in
their eyes, that the farmer should put on his*" smock-
frock," and that the merchant should resume the ft ugal
habits of his predecessors, forgetting their own !orbits
have advanced at least equally with those of the envied
farmer ; and that if it is right for the farmer to resume
the " smock.frock," it is at least equally right for them-
selves also, to resume the double-horse, and the hung
beef, and the beer, and the rush-covered Boors, with
which their ancestors were content. And forgetting;
slsn, that habits are a second nature, cad that when men's
habits are once fixed, it is not possible to drive
thrum back again. through any other process than that
of ruin.

It. Now, if we had had another House of Parliament,
consistiag all of debtors, or of persons in whom the
interest of the debtors preponderated, we should pro-
bably have found is such a House of Parliament
as great a disposition to halve the national bar-
thens, as we have found in the present House, to doe-
Lie them. lYe should have found in such a House
of Parliament as great a readiness to coin five oil
mint shillings into a pound sterling, as we bays found
in the present House to main twenty of those Wl-
lings into a pound sterling; and these two Houses thos
balsocieg earth each other, the House of Debtors wish
ing to halve the standard of value, and the House of Vro-
ditors to double it, a mild, at last, have come to a com-
promise ; mod each party giving op its intended eta&
lions, they would 63re settled dons in coining ten old
mint shillings into a pound sterling as justice and etas.
'son required, and all would have been right. The prices,
of property and labour would have been peas d at:
just double the level of 1791, and tinder that doubledt
level of prices, the house of Debtors would hare accused,
the just rights'and interests of their constitoents ; awif
the farmers, merchusts, manufacturers, and traders.,
would have discharg•ed their doubled rents, debts,
tithes, and taxes, 11101 the same ease as they did doting
the war,and before the war. Tits improvements of society
would about have covered the real increase of taxation
#tica 114.1. aid the general comforts of the population
would have been secured, uninjured, and untouched,
15. The same observations will boll good with regard
to the public pun, and alio with regard to the three
'embed professions. They era .all of them interested
against the public, until the destruction of the public
returns the ruin upon themselves. The proprietors of
the public papers, whether daily, weekly, monthly, or
quarterly, may all be considered as creditors, and as
such interested in obtaining "fore* siommie' for their
credits, contracted is 14011110 TC." They hare
all of them a tiled is price for their papers, which not
liable toglic fall, and indeed is almost as severe as if pros
',sited by the law; and since their circalation thins brings
them is a fixed income, it is their intcerst, to render that
fixed income as powerful, or as valuable as possible.—
Without any disparagement, therefore, to the principles
at integrity of these gentlemen, it rosy be reasonably
presumed that a strong interest of this kind has biassed'
their judgments, and induced them to look with fay.iiir-
hie eyes upon that general depression of prices, which
whilst it has halved or destroyed other men's property,
has literally doubled their own! lo this way we may
perhaps account for the utter ignorance, anal for the
apathy or total silence, whit which the public press
in general have tretve.l this vital, this all important sub-
ject. If we had had another public press conducted by
debtors, or by persons in whom the interest of the
debtors preponderated ; or if the prices of the publist
papers had been exposed to a fall of one half, say from
7,1. down to 41 upon each newspaper, whilst the taxes.
debts, and engagements, of the proprietors continued
the same; we should in either of these cases. I appre-
hend, have found that the conductors of the public
press would have exhibited a little more knowledge
upon this important snbject, and a little more anxiety
to expose the plunder that has been palletised upon the
country.
- •

16. it would appear from these observations that the
interests of the debtors, that is the people at large,
upon this question at least, have nut been properly re-
presented either in Parliament or in the public press.—
rimy have %hewn a marvellous pertinacity in protecting
the Interests of the creditors; but unluckily they have
forgotten the poor debtors. The words " public faith".
have been dunned in our ears until tee are almost deaf;
but unluckily those words hare only had reference to
the interestaof the creditors ; and whit is still more nn•
lucky, in bur anxiety to do ample justice to 'the err.
Mime, and to ercore them their plunder in "Art(
monnoie," we have unwittingly imposed rush bnrthena
as bare broken the hacks of the debtors ! And thus•
both creditors and debtors are like to be involved in
one common ruin !

17. So it seems, if we were disposed to inoralize. Mr.
Editor, that we might deduce all the national distresses
from the national vices, front the general grer.:iness,
jealousy, and malignity, of one class of society toward■
another ; for although I thus censure the public press,
and the learned professions, yet I am by no wears pre-
pared to say, that the public at large are composed of
any better materials. In every trade 1 have seen
quite us much indifference, or rather quite as much
jealousy and nialigni,y on the part rt. the greeter
capitalists toward• what ■re called " little fellows."
as I have presumed on the part of the great I indowners to-
scuds theniselvre. instead of holding forth the hand of
friendship to lift up andenconrage the ex twisted wretches,
who'll) every tradeore sinking; under the weight of their
doubled burthens, the greater capitalists too frequently
Wilms in millet' and malignant satisfaction, as if she
sufferings of their little rivals might tend, in some de-
pee, to diminish their own. It is nut until the greater
capitalists begin to feel ruin at their own door, that the
fountains of their hearts are opened, and taught by their
own miseries, they learn to feel fur the siderite* of

18. Begging pardon of yo?r readers for the apparca;

lrvily which I have greatest this staiiikl a alibi et r
4 hi. h I kno.: admits of no loftily, but compels the dcfp.
est anxiety 11.1111 every upright wino'. I reititinnitb
pest, sir, your obedient listable
.

THOM tt ATTWWID.
Now, I ant aware, that the readers of the w:.
erelaim, • here is nothing that you yourself have
told ur many three ever." Very *true; bat, it it sae
talinieissas itneeitth.;nago.wed then,lnnjeetil ttehaStirtre
.hediTTWITe ptbe•D."*lt h 7
osi:l.t
to be observed, too, that appeared at the Loolos
T.
Tern sea petitioner og.lia.,t rect.'s hit 1; and that, e.
fore the hill was passed, he 11.4.1 (~ithout ack4wmt,
meat indeml) what had been said, its a Letter to 114E41
the year before. Ile is nut a tile plagisr;st, like
'squires FAULT and Wk./1 ;he outs melte tomelitth.
acknowledgement ; he due, give a hit of a tap at nv
shop door.; and, therefore, we may pay attention to hie
The statement in paragraph 4 I.a. never, as far at i
have observed, beers made before by any Doty but nn.
self. Nothing Can be truer. than that the money was
greatly depreciated long Gefute 1797. It is a grew:
mistake to suppose, that the paper was not depreeiwr4
because it was said to be payable is. geld it tie 82110:.
Bat, Wile. Mr. ATTWOOU gives we credit fot this diact.
very of the. paper "carrying dowse' the gold, to
Turrets, !heti preten.led to any such merit; :IZI
ilia 'homily merit I had, in this case, was that of butts;
amplified and illustrated what Me. Pastes. with maw
pruphetic:voice, bad said upon the subject. I ilesn
' quoted Mr.-Pat x a's weeds, from his fames, einayss
" Decline wad Fall *fate British System of Fil1111%:. a
work ittatsviii be road with admiration, when his etap-1
and bass traducer...her aiding :a the rein of thEr
coital/1, mill be rotten and forgotten, or rensemlitsei
only to be fed. In that ;matins' essay are the
great principles that have guided my pea. He crd not.
indeed, foresee (for who could imagine say thing so
monstrous!) the desperate measure of 1797; het, to this
hair's breadth lie saw and foretold the Late of it. alsten
le 11798 he wrote his essay. He then said: the hunts
cannot pay is gold now. 'the paper is nor depret4.
" sad. The Paper•rooney par' dews the p!4
. . . . .

" along %%ith it first, and the gold palls it dens
"at lest. Paper-money is strength is the t,
" gistaiesi cad teeakeess is the sad. Public aria
" is suspicion asleep: let it awake, let the holders of the
" notes rash to the beiak for payment: and tr, tilayif
‘• first will hare the best elizecs; Ale, the Be ust

4. pay a quarter part of what it ha. oat." This prveil.
Lion was verified in less than twelve months frous it
these of his writing the Essay; sad he was is Free:.
%ben he wrote it! If hie advice had bees foMew. ,
what a happy country England might have be at is,
,lay! But his advice always included the destractioa f
the "elective /cauchise" of dear Canon and .IParro.
Old Sarum! And what is the happiness of Englel
compare! with that!
Tile wise owe have chosen to listen to lircinue :t•
stead of Mr. PAWN. and not to see that papsepoile:
.doams gold. Therefore, they, of coarse, c•5ti,,4:(,4,-;.p,..
there could be no depreciation before 1;4; fenetiv,
plAcy naturally came to the eoeciusion, that AP market
price of gold was the standard by which to pleasure IL'
amount of the depreciation of the paper. This error
was first publicly put forth and merle faeltionsbbr
SAINT IiONNSII, in 1810 and 1811. It arrivoral te.l

•
perfection under the aaralag of litcoaato la Itil9t, sod
the caluinnlators and persecutors of Mr. tarns are son
testing the conetveseas. and that they way limo
their fill of these, every jam *do mast whet.
In paragraph lg. Mr. ArtivonD speaks of Obit 'nett
to have been done le•the WU of " rektring" the Lar-
ders, when the Paaliameat was forcing gold payments
bark. Mr. Armour) does not 'peek out here. ilt
chows very clearly the robbery. the cost/ism/Ma, that
ought to'have been prevented; but, be does not say Me
it might have been prevented. He no a bete tela us
' what ought to have been done; bet leaves as to eon:hid
that he is 4 opinion. that nothing Ought to hire heen
done. Novi. here I differ widely from him; fur, I
think. that we ought to hare conic back to eel.-
payments at the peace; and that the meassoreso
to lie Hearse "in way too tong" petition ',lglu toe
been adopted in the same time, together Witt, -unit other
stereenree, which I did not snuck rare ahatit destrihis,4
in print. I wan always for emits peplums. but wile
concomitant measnrar. Lord 'Pollution@ found wee r-
lition " too hind," and therefore slid not pr. sent it. tie
said, that the !louse serer ettended. to each Pon; peti•
liens! Faith t„ .• the /hose," will attend. one of these
odd days. to something a great deal Lougee: A how-
containing persons with such long names should nut,
think, object to a little length in petiiions. • lime is
one of them, who is called. Rickard Plantagenet Nil -
gent Chandos. Temple Grenville. or 'watching Is.. is
that, and the frame ut Lord Folkestone hinsself is Lord
Frilliest Pleyelt Bo:merit Plecornt Folkestone.
the name of about forty or fifty of- them would occupy
as much teem as my plains ilia. dud, if they 16014
come to that petition at lest! What rein, what cala-
mities. would hare been prevented, if that pi-tidos 1,4
been acted us! And. after all, after malice. folly, awl
lase pride have dime their almost, to auttietbieg like
that peritioa,the thing must come !
What Mr. ATTWOOD 1133-9. in paragraph 13r stage the•
Lentsoieti Wanting to get gold instead of paper.is tree
Aiktigh tr'kttt, lie-aboald have quoted my words; lot.
say tomtits. though they will like kir. Acrwooti•
perhaps, *ill recollect. that, I too, laughed this no-
tion of 'kJ, Jollerheady at the time. ".'o," said I,
th:y tingtre they-wet* tolesoss.dasamadarseg„mraal
from efstar tenants, and as mach is a/044W 111641#405i to
they Issd been getting in paper The great, prowl.
stupid asses!" This was the nay I heated thew; mil
if there be • assain all Eagland who enjoys their die-
appointipeet end confusioa more than I do, 1 would fide
are tbst matt: that I may participate with Lim la hues
resents j'itY.' I have before me the declaration 441,1.01
AYLSFoItD sod the rest II those protested 'Paw
the In's-keeper at Met idea. Ism:nate he snifered Comsat r
to his his What a has* wretch 1 nail be, it
di,' riot rejoice at this moment

In paragrhpli IS Mr. Arrwono speaks atilt Prrw;
and hero lie is is some respects, income' and asp''.
First, as to the incorrectness. What does be mess by
saying, that the newspaper people hare daable4 their
gains? We hove, he says. Visa price for ear papers
which is almost as secure as if tercet Ly :aw. " Aftwool"
Why not onite? Is not ..I.e pries fued by lee? And.
is it possible that he does not know, lust the Ottoriii the.
greater pan of the cost? Does he nut knew, that 111:,
stamp costs mare than bafof what we receive for • news'.
paper ? How was the newspaper fo come doss.
hoot to whea the stamp was still afil. ? And
does be think, that so many paters arc soa as saed
to be -veld by nearly one bah: And does be sot
know..- that it costs (in the priLting) as muck to
riot ONO paper as two hundred and /fie parrs? .
Ire knows notbiag at all abort this matter—
111 will observe, however, that pristioir and paper.