The Statesman.
London, England, 1821-04-10 00:00:00

THE STATEiffIAN.

might be, perfectly true ; but'that there was no re-
medy for those evils which resulted tram a &kneel
us.'est if the cuirrettre. might, however, easily be
proved that we lead brought our standard above
that what:
it was is the year 1797, and therefore
versos 'teed be %crapulous to that degree as to fear
any ill councilmen* fret* the adoption of his p-
positimi. It might be said—" Don't let us agro gra•
vate the evil; but let es rather leave it where it
To this, the fact which he had just alluded to svuoilul
be sufficient answer. It ought to be the object of the
legislatner, in applying a remedy for an alteration .
which had been so desunctive, to enter, if possible
into those principles which pervaded the coin's of
parties at the tittle that former contracts had been
made. Though ti-is could not be followed up in ail in-
stances, yet having once touched the standard, he 4141
not know whether it might not he the hest course to
pursue, obieryiug, as nearly as could be, what might
justly be supposed the real proportion of value
be-
to ern the two standard,. We had gone beyond that
ho Never, the present standard exceeding that of 179/.
The House would remember that prior to that year
gold and silver jointly' were a legal tender. 'fs,e
price of gold was then 31. 17s. Iltld. ani of silver
ss. 4.1. per ounce. Gold still remained at 31. 17s.
hut silver within these few days bad fallen a.
lo.r as 45. Iftd. That silver gas now at 4s. Ind.
which might before the year 1797 (always excepting
the operation of a certain order in council which was
in its origin only a temporary measure, and not made
permanent till .1797) be taken to the Mint and ex-
changed{ for coinage at 695. to the pound. This
gave a difference in the value of about 7 per cent.
t might be will to consider what would be the dif
I.:reuce between the Bank of England's having in
any future case of difficulty one metal as a legal
tender, and its flaying two. Why, any person
conversant with these things must know that iis suds
a case it wonlul add considerably to those difficulties
to say to the Bank, " You shall have but one metal
—gold for instance." If this were the case, the Bank
would proceed with great timidity in all its operations;
f; would have to look around through all Europe for
and it would be liable to perpetual losses by
reason of the rperttlatious of all the stock-jobbers in
tie marimt But the house was told that a single
metal was the ono, e profitable standard. If they would
hake up their minds to have gold currency, they would
be entitled to say that it was for the benefit of the
country now to take a gold standard ; but when the
house looked to what a debtor had a right topap, this
p; inciple w mild appear to be wrong; when they found
that before the year 1797 he had the right of dis-
cdiarging his debt in silver, and that that gave him
an advantage of some 7/. per rent. they might, at least,
with perfect justice, take that amount from the present
salue of the standard. If the sovereign, instead of
were to base a value of 21s. affixed to it, he
1::onglit it might he done with perfect security, with-
out injury to the public, and without any breach of
the public faith. Ile thought that this al, ne would
be ground for going into a committee, in order to as
certain whether they had not screwed up the standardl
of the currency to a higher scale than at any
harmer period. If they looked to the different
etchanges of Europe, they would find that the
pumnsi sterling had tisrn in the same proportion;
they would bud in those lists that it etas higher
*ow than at any former time whatever. The
Honourable Cd •ditlensaid, after assuring the House
tltat lie wool.' he the last person to disturb any mea-
sc.te of this description if be did not beheve it to
he ittcnded with comequences the most fatal, opti-
c:tried Ly re.ddling his andentltnent.
Ml. Arrwowt seconded the amendment in a
speech of c.msitlera:.le length, the greater part of
was indlis.inctly heard in the gallery. If the
L.:45e Averted to the recent operations on gold, they
find that in 1315 and Isl.' we romunenred the
I.:.,dortation of bullion that in the change us hit h
took place in the circumstances of this country in the
years 1517 and ISIS, the whole was again exported ;
and that its the succeeding period of distress all this
gold once more re-appeared. It was impossible to
cm.sider these importations and exportations of Kola
as connected with the great changes in the situation
of the country. without seeing that they materially
infitenced these rhanges. It was absurd to ascribe
the present distress to the importation of a certain
aumber of quarters of wheat from Ireland, or to an
ailinslant harvest. Such an effect had never been
known to proceed rum) such cans, s in any country.—
(Ilear.)—The redo: tid' of the issues of the Bank
since 1319 haul beet, 6,000,0001., and he would put it
to the Chancellor of the Exrhequer whether a reduc-
tion of Bank notes from 29,000,090/. to 23,000,11011/.
—that was, a reduction of more than one-fifth of the
circulation—adm. t not produce a difference of more
2;1 per I rut. in the value of money and the price
of cousmodities,ainstead of 5 per cent., as was con-
tenle,l by an Won. bent.--(Hear.)—The scale of
Frices in every country depended on the quantity of
wom:y eirentiting iii that country ; and therefore it
was es ident that when the circulation was diminished,
ices most be reduced. What were the symptoms
that indicated at present an improvement, as alleged by
!the right Hon. Gentleman opposite, in the condition of
the labouring classes ? Were these indications to be
found in the tracts of land that were thrown out id cul-
tivation, in the circumstance that the manufacturer
was unable to employ the usual number of bands, or
in the reduction of tht slapping employed in com-
merce ?—(Hear, hear)—The increased consumption
of articles had been talked of as an indication of an
improved situation; and in support of this opinion
the case of British Spirits had been referred to by a
Noble Lord in another place. It happened, however,
that the Noble )Lord had given the number of gallons
of wash instead of spirits. Ilad not Ibis mistake been
mole, it would have appeared that there was a dimi-
nution of fully one-fifth in the consumption of spirits.
It rested with government' to examine this important
subject : if
,esietisig distresses -arose out of measures
within the control oflailiansent, a dreadful responsi-
bility rested with Pirliitueut not investigate
the question, and prepare. a remedy.—(Hear.)—llls
position was this—that the distresses were within the
control of Parliatient, that they might be wholly re-
lieved by a meissitin;of tie dOubtful
.tendeney, bat of
which the cgunfrit ;hid -hid'receit anperiencei and
which, :whether just or unjusi, had bite aduptscl by
the present government only four years •ago.. That
measure was to give back to the country that standard
of value sad amount of circulatioo in which its debts

;i

scare incurred. its taxes iteposert, and in which alone
theyought to be discharged anti paid. If this prnpo-
sition wart rejected, the nation must %vait with pa-
tience the next proem of that experiment (as hail
it
beau called) uow undertaken, awl which hall Already
iisrolved it in surfs unprecedented distress. If it were
staccessfel, and a return tet prosperity were obtained,
it could only be he the destruction of the present ge-
neration of farmers and trader., and by the successionill
of another ietts their Islas r,, less int:mole red, hut sill
lalsouting !antler the naiti4a!eri pressare of public bur-
slots. Such was the most facoaralsk pos,iirct now al-
fssrsletl ; more gloomy view, and one that perhaps
tuil!iit be realized hereafter, was thr ruin of the whole
system, the aliattilostment of public faith, and the de-
struction of public cs edit.
The CHANCELLOR of the EXCIIEQC ER said
that, in tepeated discus-ions, be had been reproached
with 'Wearing or delaying the retorts to a stastriaril,
and of maintaining an artilieal state of ilsits4s fatal to
commercial prosperity. Ile WES IlOw or!) (nil
he could comply, because he had *sever brill any faller
A
ellatritle) to support the cocient legitimate standard of
the country, whirl, however fur a time deserted, had
never been totally lust sight of. It was said that the
cJuntry was &antra upon tu make gout! the eisgsagenseetts
of war at the standard of peace ; hut be wished to
know what standard lion. Gentlemen would propose .
If the standard of 1797; to that we had •returned.
After the peace of Amiens the priceof the precious me-
tals rose ; but it was not un:il the peninsular war that
the difference because at all considerable. Whatever
were the cause, the s otisespetsce was a wide departure
fur a remain number of years from the value of our
paper cosrency in the metallic circulation, in which it
was accessary to pay the foreign engagements of the
country. lie should like to he informed which of the
variable and fluctmatiug standards the HAL mone
would fix upon. Whatever change he would recon.-
useful, no period route be pointed out fur its adoption,
without doing the most obvious and glaring injustice
as to every engagement contracted before or after thud
time. Ile was supported by the resolutions of the
House, and by the arguments of the other *Weeks say-
int: that no engegements were ever made that were
not subjcct to the return to rash payments: that was
an invariable onolition. After the peninsular war awe
its consequences, followed the peace; and soon after-
wards, upon the Hun. Gentleman's own showing., that
very standard was restored at which we were now once
more arrives', by a different operation. A art'" tad
depression, thong)' slight, sulEsequently took place,
owing perhaps to the Wails Irons the Rank, rendered use-
cetsary by the removal ofthe property tax. If the stand-
ars) of Isl • were taLess, it would not snake the price of
gold inure than -IL Is. or U. 25.; and he would leave the
House to decide whether a variation thus protium.' of
live or Nis per cent. would give such important relief
as to be worth the sacrifice of the faith of Patlisstreent
and the stability of public credit. If indeed debts
contracted at the standard of 3/. I 7s. INA. were pay-
able at U. Ills. neopsest. ably grievous injustice would
be done; but as such was not by any sueans the rase,
he, the (Chastrellor of the Exchequer) only wiabiol
retain the ground oil which the lisaaticial aefairs of the
country sere at present post d. As yet he bad heard
no plausible argument fur usidoisstr what bail been
already eltose.—(llear, hear.)--The Hon. Member for
Taunton (Mr. Darius) had not attempted to pledge
Parliament to more than inquiry by a CO iiiii bust
the Hon. Gentleman who followed had gone much
further, and had stated his project to reduce the
standard to what it had been during the war. Flue
lion. Member for 'Taunton had sow. rtheless souse
other suggestions to snake, though i.e had abandoned
the remedy he formerly proposed ; and what remained
was a suggestion for sit 'sing do standard as '
mix a silver with a gold cattretsey, by making silver
a legal tender to any extent, however unlimited. Tries
it was that in this proposal be was justified by the'
ancient usage of the country ; but from the date of
Sir Isaac Newton's Report, in 17" I, when the price of
the guinea was fixed at 21s. the silver currency had not
its fact beets a legal tootles-. It had been limited still fur-
ther in 17113; and in I 774 it had been rs.stricted to 251
The circulation of silver Was now plentifill; hut by law
its use was principally confined to the subdivision off paper
and gold. The lion. Nlember for Taunton bad main-
tained that a silver as ws II a gold standard would
give relief to the extent of 111 per cost. ; but its the
first place, he was mistaken in the price fur which lie
could now procure silver : thee bores: prier was
in. Intl. per ounce: and, in the next place, it was'
undeniable that a standard its one metal was more
perfect than in two. It was admitted by all writers
on this subject than ally metallic standard was im-
perfect hum the fluctuating nature of the usaterial ;
but if two metallic standards mere adopted, of course
the imperfection would he doubled. On the whole
he saw urither justice nor policy in the proposition.
In ordinary transactions a creditor would seldom be
able to avail himself of the advantage, while a new
opportunity would be afforded to sq eritlators of play-
ing with the precious metals, and taking advantage ofl
their price. It ought to be recoil. tacit that whatever,
distress arose from a low price or eonsivisniitiesi;* wits
not confined to this country—(scar, hear ;)—it was
felt elsewhere, especially in Am:-rica, where the re-
duction un flour was grestcr than that we hail expe-
-1 ricnced upon wheat.—(Hear, bear.)—The same sic-
'pression prevailed in the article of colon. At least
this condition, therefore, was not owing to the act
of Il•!19, but was proolureti. nearly in al parts u f
the world, by much snore general causesl . One of
those causes, perlsaps, was the two successive and
productive harvests ; and if they were continued,
either the price of grain would be still further
lowered, or the growth would be dinsinishesl.
question was, whether the existing degree of ineon-
venieuce, difficulty, and pressure, had not been fore-
seen by the Committee of the House on this sub-
ject, sod whether Parliament ought now to retrace
its steps, undo all that had been done, and again
embark on the troubled woo es of an uncertain and
fluctuating currency. It could not be denied that
any hesitation or doubt on the subject was produc-
tive of difficulty. During the sitting of the Bullion
Committee all business was paralized; and was the
same state of uncertainty now to be restored, instead
of persevering in a course that had been sanctioned by
the almost unanimous voice of Parliament. He by au
means shared the terrors of the Ho s. Best. with re-
gard to the revenue ; the returns for the lAst quarter
made up the other day skewed that the sources "had
been, on the whole, more productive, allowing for the

and the cot,..
1
s oc.o. ton have a eery
ners would be
malt tax, than the corresponding quarter of the pre- Rills and other Government seru,iitiesu-„,
ceding year. It was known that the consumption nf garner ofbringing such large none": l i
almost all estriarahle arti, les had increased, and was (for it should he borne in mind I
likelf to increase hereafter. He ailuaittetl the error in price of ell.) would be that, the - I, '
\ t., ...lite the nut; , ;
that eOl.l *
ti.
a former return :vetch stetril the quantity of wa,ll in- considerable fall, for the time, atitld. floirievlu..l"cluodslitithe.,
stead of the quantity of spirit t hot diet did not of sending over their gold, to pie Cease a:
remote affect the nes uracy of subsequent accounts. many Isere trould he ohligt•d to sr .. bUdi prices u
ps the effect of rendering
,iiwseEwolui,,lls:ll _
Upon the whole three was much more reason to Itepe : lie
slearcst, one of dr ches.pest tonotrics iii F.,, e tot
Kai:Arem.
ste at+ , instead of the
that the presence of distress would be alleviated by
persevering steadily in the course merited out by par- woillil be a great blessing, ii it were not for the
li:intent, Gout by adopting arty new and untried pro-1 mots expenses and the luaus- fixed sa:aries sel,it•helltil'i:
jeets. Above all he again pre sed upon the house, I country had to pay.
that the danger and inconvenience of again agitating `, one of the highest taxed commit-3 in
the miestion might be boundless and irremediable. It ; would, to; lie had already °l:set...ea, be a' Europe,
delelll47d
the system at present adopted were abandoned, !solemn- I for gold when the preaent measure came into °pm.
folence conlil in future be reposed in the most conside-Isioll, olano ifivionah, ail
rate decisions of the legislature.
a 1 e . 4;it p, s F p,i A , said he should
teatsa'i 11 go
ebaeresn, wouldbles
beaused with
x itoi7uer-•asdtios:tallrioetitcelinitgifdireleoagke,
flogh,iletwudarii'
Intl',
i'lecaplaakhralgrayhurielmeeeepuilliNtrtt..
oppose the notion of lii' hon. friend (Mr. Baring.) in preference to paper. :-ouie uscildt ~.we
etglad t is. fait
The rirritlation, in his opinion, was now about to he for it from curiosity and the ti • I y
i placed on a sound Lads, on which it could not be af- others would, from nioti o (1.". t:
of
the
thing ; alui
f-'cted he the present or any similar motion. Ile 'amid to possess it ;
not avoid expressing his surprise at the great Siff, r• Lion who would be inclinedo
motives
there was, IsPecfulation, tudeay."
ence which existed hetwren the doctrines of his Hoe. paper fr an of u I rat er tha
, would not be regular for him to say that the p i•
Friend and the conclusion he 'Mende I to draw lieved these existed a greart'laerieui
front them. Ile (Mr. Baring) had fully admitted
Mat a frequent change in our currency %eolithl ment were a war with the people: bat there was 1
e af lit-
he a great national evil. and yet, at the saute tittle, believed, a large portion of the people at nor itio:paiee.
Lc would, by sending the mi'asure (fur the resumption liament, and they would take golsl to ans
of rash payments to a committee) re-plunge the coun- ment. They were now convinced that
thetoy‘peetll-
try in all the uncertainty in which it was before that
,tis.olidetry thatiwdo:yldslutocht beinteoanasttea,t i
I.ketalvteoulrinzattillel ctkilws:7l
measure had been decided upon.
Mr. AIONCK was of opinion that the cause of all Exchequer, as the more vuluerabl point. 11e has
the distress which existed in the country might be pointed at those inconvenience which, in his opinion,
summed up in these two principles--the pressure of would result from the measure before the house; bat
excessive taxation, rendered still more heavy by the he could not point out how they were to be remedied.
attempt to return fr a false and fictitious, to a sound At all events he fell satisfied the it,„fionef the 16,.
currency. But however notch we inielit feel that for Member for Taunton (.Ir. )taring) would nut he a
a time, it would be better than to return to that un- remedy. One good effect, and one alone, lie was err-
soloist state of our currency from which we are now mitt of—the difficultisoiressnotfoloisurneptmeerseauginsittuoati
emerging. The question now was, whether, owing would be a salutary
tame-
the immense debt which had been contracted for the , per or play tricks with so sacred a thing as our ise
ton tory, we al Id pay it in a debased or in a sound tallic currency.
Mr. RICARDO, in reply to the observations of Lis
and metallic curtency. On this aubject, he thought the
It of kliniso'rs hall been most reprehensible. Hon. Friend who had just sat down, observed, thatis
The I liatirellor of the Exelsequer load induced the , predicting on a former occasion, that the variation be- •
to room to a resolution, which
ctwete.nhpeabpryrnannind,egaonlsdbewcoaumlde brees"onnlys•ibflueetrororantiyre um
/intro, 10 years ago,
, whether of 10, ail, or 50 per cent. on the other corn*
certainly lie (Mr. Muncie) considered a disgraceful
shwa. It the measure which he recommended bad ben
out. Ile had plopioted, and the Ilouse adopted the
proposition, that a pound should not be taken fur' adopted. it would have beets unnecessary fur the )tug
less, nor the guinea sold for more than its nominal
to tiny an ounce of gold ; and in that (-slat the white
value ; and upon this, soon after, an Act was passed, I sariation in the value would have been four or in pet
maliog it a misdemeanour to take inure than 21s. f r ,:ent. Advertino to the 'apposed case of Francr,io-
stanced by his Hon. Friend,he maintained atenosiderale
a 2.liillea ill ,•aglil, or lets than 211 s. for a pound cote;
length, that that supposed case was i n favor of hisopinthe
mid at the very saute time it was as well khown as any
The H
thing else which was done en 'Change, if
ge, that a guinea onour"ble Member for Taunton had spoken a
the adoption of gold as the standard of our cse
in gold continued to he bought in the market for '?pis. rency was modern. The fact was, that it had ben
Nut only was tisk the fact, but the Governintott itself adopted in 1796 or 1791. Up to that period both rid •
was the principal purchaser of guineas at that price, auden silver were
Chancel a legal tenoder. HisE Righquert Ileamtaseteik
for the ;impose of sending them over to pay our troops Frid the lor f the xchemel
to be in a little error on this subject ; for he appeared
then on the continent. lie called for a contradiction
to suppose that lie•fore that period silver wasa kpl
of ski.. it it were not the fact. It was impossible to
tender only up to 231. That tea; certainly the came
rli-prose it: and if it were necessary he could bring
tatteihet
prima of it to the Bar ; for, within the last to ree with respect to the degraded Silver then curvet. Bet
he was in converssition with a person wh days, o
was the Mint was open to any one who chose to
ettinleyed on that occasion ; „ that the 1a„,..
to be mined, and if he owed 100,00 W. with thateas
makers on that occasion turned out to he the first and he might pay his debt. The price of Silver, boom',
Ilse printipol lawohreakers. He held in his hand with reference tie the price of Gold, was reit sulk as t
a calculation of the variation in the prices of corn and induce persons to carry Silver to be coined in meter-
gold, taken at periods of four years at and since the cute to carrying Geld. In 1796, 1797, or 179 d (Le
lirst Bank Restriction Act. In 1797 the price of did not exactly recollect which) a change took place is
corn was 625. doe quarter. I n 101 l 1 the price had the relative prices of the two metals ; and, under thee
risen to 71s. nearly an increase of 15 per cent, and
circumstances, had the 31itst continued open to receive
yet the price of gold continued the same. hie 1801 Silver, fur the mime of being coined, there could le
, ion rose to 755. hut still there was no variation in no doubt that Silver would become the standard of or,
the price of gold. In l oom corn was as high as 795. currency.—Governnient, however, aware of that fac.
and then gold rose for tee first time to IL the ounce• two kinds of Silver eats
and not wishing to have
Bet the next and gti•atest rise was in 1612. Corn in 1; ttt 1 aria debased, issued an Order in Council, aro
th.it )ear was 105 a. the quartet, and the price of guild he beliceed was followed by an Act of Patlianonts Is
(t.il.iii2 theav,rag, air th, %rho), %.„,a, fir at „„„„;,, shot the Mint against persons carrying Silva to be
coined, though it still to mined open to persons carry- ~
lie believed it was as high as 51. 10s, per ounce) was
in Gold fur that purpose. It the:efore was not setae
5/. ss. 611. the otoice. here then, from this vulva- If
to make Gol 1 the standard of our correnec I*l,
hoion the Iloti-e would perceive, that though corn be-
tween the years 1797 and Isl./ rose from tilts. to lie repeated, that if leis proposition had been adopted,
the Bank needed not have purchased gold at all •
1115 s, or about 100 per cent. vet the prier id gohl ne-
ver inereas, II beyond 27 per rent. if this mooning But he considered the declamation of his Ifoneuralie
were trite, nothing ►could lie more fallacious than
Friend, that gold at risen at all, as inertly Iln swop-
the argument of the Honourable Nlember for Portar- lion. When two cutionoilities varied in price nit-
lington (Ms. iticeolo) as to the differences between reference to one another, why must it necetharily lo
the real pricrsof paper and gold. An lion. member I said that one had risen 'c Why nutlet it riot be said
wa• rot rect in say; lig that there was only a difference oil that the other had fallen? His Hon. Friend the 31eur
..
I or 5 per rent. in the prier of gold as compared with ber fur Taunt" was a great authority un such "it::
He (Mr. Ricardo)
viewed one side of the (pies- jccts.
paper; but then he only
tion, and left out of his consideration altogether the he said, and he would theiefore read extracts from lie
depreciation of paper as compared with commodities. evidence of his lion. Friend before the Committee°
'The Honourable Nlember (Mr. Ricardo), on a former the Batik Restriction Art, to show that at that tie`
had a great floret for so
occasion, bad also left out of lt s view the issues of his lion. Friend preferred gold as the standard °fear
runner) banks. Now it could not be denied that, if a currency. The Hon. Heinber here read the utile." ''•
in question.) Ills Hon. Friend accused lame( broac,‘%
g rest reduction took place in the price of the produce of
the laud and other commodities, it must% have an eliectsin in theories. His Hon. Friend, it appeared, hal'oc`ii
diminishing the circulation, because the same quail- theories too, and theoties changed very oftta- 7.,
city could not be absorbed that was before required. lion. Friend oust net therefore pride Itiniself "6"
This was proved from the reduction in the prices on being a practical man. his Hon. F
whii•ls had taken place in the last three years. It former occasions expatiated on the danger of In
Lad produced a diminution of the testes from country the principles of our currency, and now, Ww_
banks. In ISIS the stamp duties on country bank letting the question rest, and allowing the eviltoleit
notes amounted to 165,1100!. In 1419 they were rid of by dote, and the declared determinatioe if. A
only 6 1,000/., and in 1820 they had been reduced to !lament to adhere to the system they bad establimotatu.
51,41110/. There was then a question, whether things he made a proposit:on, the effect of which 04_5,
riend bsILI
would not go back to the prices at which they were disturb the whole subject, and again to agitate.Thr
when the restriction conmsetired, and the unsound minds upon it. The Hon. Member, after sole "1". _
currency, as he would call it, began to be circulated. observations, concluding by supporting the Inelw'r.
'they would, if in the interim we hail stood still its Mr. til'ltN EY said that raising the value of e
our expenditure; but had we loom! still? hail we nut reigns to 21s. would lie a tax of 5 per Cent. ell 1.-
gone on during that time in a most Levitt: aystem of sterol property. We understood the Hon. iteat• id..
d had 'St'
expense ? Had we not inrreased our &Id from to argue, that the variations of the staudar i
sed
300 to neatly 1.000 millioms, and did we not stoned the distresses of the country. In Vileimoei.
still eontioue most enormous civil as well as niilitary 11419, when measures of this nature had been
• el°
establishments ? Had n•e not a vast increase of set- be had declared his convictien that it tt as io ,
tled salaries and other claims upon the public income ? to recur to a utetallic standard, while the 04811 '
amongst which be would particularly notice the hie boured under such an accumulation of
metre and extravagant civil list we had voted. All had in fact been no case of a Hos erome" ""be ~
these were reasons why things conld not return to their paper currency, where it did not tamper Stith I ,
bawl I)
former standard, with the return to cash payments.— Ine of coin which was passing frons baud to ~.
ennientm ter
When that measure came to be in fell operation, there lioaattrable Member proceeded in lois or, At
be
would be be a great demand for gold. The Bank of short time; but from the low tone in which
0.
England he was aware was rich enough, and no doubt it was imposeilmle fur us to catch his °lnterest', r
Frit el
would be willing to pay gold; hat would that he the Mr. ELLICE agreed with his lion. ...,:.
case with the country banks? He said no: he would cribing the difficulties of the country to the c.• ,
debt.
ilialber:
sa, 0
say for the country banks that they bad not WWII. io Atkins net)i e careens: reel •
. tion He art
osi
gold, to pay the fifteen millions of their notes in eir- deal wltli his Hon. Friend awo •
1 PAL .
culati .n. He did not mean to say that they were not the evils occasiosed by the metoomre • . , a
solvent ;—fle free it; for he ha& no doubt they had wished much that we should he placed hi
.trrlosi7m,
fends. But how were they to get the gold ? They y. He was at a loss 15--
tuation that we were in then ; but the ci "—lii;
would endeavour to get it by the sale of Eichequer of the country were greatly altered. lie kV"

'1