The Statesman.
London, England, 1822-06-12 00:00:00

THE STATESMAN.

bootees a paprt and a gold currency; and that it
should be penal fir say man set to allow fee each dif
ft fence, whes owe easetiosed by the Legislator,. Ho
should have supposed that such a preposition asset have
been spa reed sad rejected by the greet majority of the
Members of that House; bat, above all, be could not
think it ehosledzizserported by the loaded intermit. He
should have that they would protest spigot
the authority the State interposing between debtor
sad creditor. He should have thought that the leaded
isterest would say that their rent charges were liable to
be affected by the measure, and that it compromised or
dos other interests Is which they were ceacerued. Is
fact, be should have thought that a general outcry would
be raised against it. and that Gestleemen on his side of
the House should be obliged to use Wore they pressed
it in opposition to public and private feeling. Ho
should have supposed that some unrelenting creditor had
come forward to dossed the difference between psi
nominal value. All this lie should here sopposdi
the teller of the Hes. Member's speech. Bet he Id
ask the Hos. Member sod the House if this was our
situation. Nay, was sot oar situation the very reverse
of what the lion. Member had described ? He would
ask whether debts cootracted before the year 1797 were
compensated for to the creditor is reference to the
difference in the value of money since that period ? He
would ilk what her pecuniary engagements made since
that period had any Worm* to the deprecladoil of the
currency, sod whether the law did *et interfere taproot
say deemed being made for a difference of value?—
Why, then, be mast say, that, when called spelt to ma-
dder a question of this Baton% he could not divest him-
self of the coesideration, whether it was ceinpatible
with geed faith sad plitile justice. Could the 'los.
limber say thin therff item bei rules of right and jos-
tice—ose for the minter, and e other for the Obese?
The Hon. Member had talked o aa eocumberal NOM.
Now, he would pat this case to Islav= that.
before the year 1797, he bad trios a on as
estate, which mortgage woe still doe; ' tbst after-.
t, w , when depreciation Ass at the greatest pitch, (in
suppose) he had given another mortgage, *idols
age was also still due, he would sat the Hen.
. r whether, during the depreciation, he vets at H.
to go to the person to whom be bad need the
trot mortgage, and tell him that he met or an al-1
lowan*, for the difference in the vales se betweem
hello periods! Would sot the credits, say to
Mm. "I look to the security of the NO pow de-
mised. I have looked into all the ' ism the
time of Elisabeth doers to the year 1797, sOli litund
that the ancient standard had moor in the
time been altered." Agaia, suppose the MAL
turned round on the mortgagee of 1811, a11t4611 bilk
" You lest me money wham it was greatly tempecialiff?
therefore 1 mast be allowed the differencillOween this'
'elms ht that time, and when it bore a Liable rice."—
" True," the creditor would reply, " HMO was a de.
predation, but it was only temporary."—" Yes," the
Hos. Member would rejoin, "but land Is reduced 40
per OM. is value; and 1 now demand from pit as
abatement to that amount." Sorely nilpropbsidom
could be more monstrous than this. It wem-wee, he
keel'', which the Hon. Member would be the last to
make, mid he only pat the ease hypothetically. He
would ask, was it peedble for the house to look to the
different loin which had bees made dating the war,
and deduct from the creditors arrears proportionate to
the difference of value in the currency between one put.
riod and smother? When the Hon. Member talked of
public and private creditors, he (Mr. H.) would ask,
was it possible that each a measure as that now proposed,
could be practically acted upon with reforest, to either?
Could the Hon. Member distinguish between a loan
made in one year and in another, or between the
circumstances under which they were mode !--(Hear.)
If such a proposition were adoptedrihmt saute erase
all the transactions, both public and private, that
took place before and after the year 1797.--(Hear.)
la what situation must it place an individual who bad
&dreaded his money on mortgage in a period of great
iepreciation ? Was he to go back with his claim of jos-
lice to the person whom be bad accommodated I If the
house should now double the value of the coin (and the
' preposition of the Hon. Member went thus far,) was the
cam of each individual to be considered, or rather must
they sot look to see what might be the effect of the
change generally. He contended that it would be im-
possible for the country not to be involved in inextrica-
ble confusion by the measure—s measure in itself fatal
to prosperity and public security. He should not waste
the time of the house by following the Hon. Member into
his elaborate details ; he only wished to confine himself
to the real merits of the question. Mach as he was sur-
prised at the arjounsents of the Hun. Member, he was
not at all surpassed at his theory; for when once Gentle-
men indulged in theories, they were apt to branch out
into nomberlessdivergencies. In one of the propositions
of the Hon. Member, he had endeavoured to shew that
the prosperity of the country was ascertained by
the extensive dearness of all the articles of life.—
(Cries of hear, hear, hear.) The Hon. Gentleman
had informed the house that, in 1813, a period of great
distress, taxes were paid with a small proportion of corn,
for it bore a high price ; and he also shelved how small
a proportion of other articles was sufficient to pay the '
public demand. One should have thought that, under
these rircumstasces, the people were completely happy,
and that their burdens were diminished ; but he (Mr.
Hisskisson) looked a little closer, and found that in the
year 1812, which was so peculiarly unfortunate, the ma-
nufacturers of the country being in a state little short of
open rebellion, and nothing but distress and famine
talked of, yet at that period, in those halcyon days, as
they most have been according to the Hon Member's
theory, he found that cern sold at 1255. the quarter, and
11,000,1100 of quarters were paid in taxation. Compare
• this, said the Hon. Member, with the price in 1522.
when there were no rebellious manufacturers, and no

.•
cries of famine, and it will not be found to amount to
one-half, though in the one year the fazes were
70.000.001.1., and in the other but 50,009,0110/. In op.
'po‘itinsi to the principle of the lion. Gentleman, he
tnaint.tined that the country would always be in the
most flourishing condition when all commodities were
mo.irrAtr in price ; and that, to raise the prices of com-
moditiea by artificial means, as the Hon. lieniletnan had
rtcomtuemied, would be inconsistent with the interest
as well as the prosperity of the country. If the
standard of value and currency was to continue in a fluc-
tuating stive by artificial means, it•would be impossible
for men to fulfil with fidelity, the contracts into
which they might have entered. The doctines of
diminishing the value of money by artificial means,
was by no means a new one. It had been pro-
mulgated long since by a Mr. Loundes in England,
anti by a Mr. Law in France; and the scheme never pro-
duced any other than a mischievous effect. The Hon.
Gentleman had stated that corn and not money was the
best standard of value and currency; io answer to which
he (Mr. H.) would maintain that nothing could be a
mere fluctuating standard—(Hear, hear,)—and that the
prices of corn to this country never kept pace with the
relative increase or depreciation in the value of money.
What sort of standard, he asked, would the lion. Oen-
tleumn have for the present time, whey we imported less
corn than we did some years ago when corn was at a
very high price ? The remedy proposed by the Hon.
thatleinatl for adjusting all contracts according to the
value of money. would be at once impracticable and an.
just; and his statement respecting a proprietor of land
with an income of WOW. a year, subject to a mortgage
, of 5001. ayear, was a very unfair one. It did not follow
that the laod of such proprietor must be subject to the

41- gelafeedrtht Iladoneaets."lthlt6;orr it
aPPraseverarl4vfroaeses rpatetPetrht:
114
of land had been doubled : the noses of estates.
re, daring the dipreciation of money. bad thi.
&drainage. that if their estates were mot ince.
they had increased rents, and that If they were
hiespiserrd they' were better able to pay the in-
Wed of the debt they had contracted, because they
his iaterest to pay in consetseace of the
aid currency. It mast also be observed that
the whole time of depteeiatioa. the ass
'who ved their Josses from mew ale.., NM-
gaped smiles to all the pressure whisk that, .►
goollatioa had occasioaesl ; and these were Rabin*, to
shish different descriptions of proprietors must ever he
eatjeott and the peosemen of lead could sot be
is a worse rooditios than monied proOrktora. sakes
. sots should fall below what they were in 1797. He
Innintained that during the depreciation of money the
poloonses of estates derived advantages much greater
. the totaled interest. sad that the diadvantages
kboared loader at the present time. were sot mina
what the nemiirsl interest suffered daring such olit.
prosiatioa. Indeed there was one class of twee who
did* he considered as great sufferers. est who were es.
*kW to the commiseration of Parliament. He unease
the tosaatry of the sentry, who had laid oot their es
grsad were obliged to WM all their engagements.
tig. this was an evil which might Worldly have be..
expected; and it slid .at follow that la meadgbe remedy it.
the whole steslard of the circulatio• dblidd be onset.
tied; a Wog that could not bodes. with* Wog as
sad to allsoattacts. 'The value of mosey
ts,
wow
mislabel by-Nistat calms; but it did IR Mk
credits" should on that axonal be estitleff So
dos; sae could say measure bare been adopted to de
away the elect of depreciation. As well might the Pus
!lament be called on to make a new standard is seethe
Wass of America threw an inereased mass of metallic
currency late the kingdom. The Hon. Gentleman said
there was tacking parallel to this state of things is the
history of the massif/. He would tell them that there
were many similar situations in our history. After the
accession of King William similar occurreaces took place
in regard to our entreaty. IS the year 1696, immure.
Seacies, exactly such as were stated grew eat of the
sew coinage which them leek place. Here the Right
Hoe. Omit. read am extract from the work of Madams*
Cox. in which it was stated. that after the bowsaws
is &Miser, bank aotesbad fallen to au &lassie, ansottat,
"ad that guineas had risen to 30s. About the seise time
the. Doke of Shrewsbury wrote to the Kiag. who was
with his army on the continent. stating that there said
hem Miter remedy for the depreciatioa which them took
pies. hat to let the Parliament sit in June, and pat all die
=money into circulation again; a measure that
have locked op all the gold to the kingdom. That
was exactly similar to the Blondes we were lately plead
Is. The King is his answer to that letter said, he was
quite overcome, and could devise no plan for the re-
lief of the country. At that time there were peti-
tions from all parts of the kingdom, desiring the re-
iteration of the clipped money, and begging to have
the same measures adopted as to the standard which
were now called for by the Honourable Gentiessa sad
others. In smother answer the King said, that the
country mast test to Providence, bat did sot recom-
mend the Tuitions plan of circulating • base currency.
In the month of October after this, Kiag William set
his Parliament. sad en that occasion did wisely sod
manfully recommend the maintaining of the sew coinage
in opposition to those who wished to continue i be cir-
culation of the base money; sod on the very same day,
Mr. Montague, then Chancellor of the Exchequer,
moved a Resolution is the House of Comeau, that
the House would not allow any alteration to be made
in the standard introduced by the now coinage.—
This was matter of history: it mused in the year
1696, gra time when the smutty had hoes engaged
in a long and expensive war; whoa the diselasunsie
the slue of money was as groat lie it was some few years
ago: and the cases in those two periods were exactly
parallel. Under all those circumstances William restored
the standard of the currency. The guinea was, at that
period, current for so less than 30s. bat after the Mare
to the standard and the re-coinage It fell to 2?.. The
situation of this country in 1696 was an exact parallel to
the circumstances in which it stood after the late restora-
tion of the standard of the currency. Hs could show
Hon. Gentlemen in no better way than by referrieg them
to the history of the period, how the country recovered
from the difficulties and embarrassments rider which it
laboured in 1696. The obvious result of adopting the
proposition of the Hon. Member would be distraction
and doubt, which would terminate only in some despe-
rate convulsion. He would defy the Hon. Member, or
any other Hon. Member, to point out any country that
resorted to a system such as was recommended by the
Honourable Gentleman, that did not consequently
come to a convulsion.—(Hear. hear.) He was aware
that the object, the immediate object, of the Honourable
Gentleman s motion, was a Committee to inquire.—
But the Honse should know on what principles and on
what data the inquiry was to be entered into. The
house should be in possession of the oddest' measure
the Hon. Gentleman bed in view. Did not Hon. Gentle-
men perceive that an end would be put to all dealing is
the country, if it were made 'mews that that house was
to adopt the recommendation of the Hoe. Gentlemen
even to go into a Committee? Would not every credi-
tor in the country at once attack his debtor, and de-
mand the immediate repayment of his claim? Would
not the guinea or the pound, which was then only 205.,
rise at once to 30? II ould there not be a run on every
hank in the kingdom, and a demand for all the coin,
both gold end silver, now in those banks, in paymeat
for their notes? The result of the proposition of the
lion. Gentleman, if adopted by the House, would nese.
sarily be to throw the country in • general and a cons-
oleic stagnation of business. There would be an uni-
versal and simultaneous demand by the creditors on the
debtors fur the performance of their engagements.—
There would be a similar demand on she banks for geld,
which, in that event, would pass for 50 per sent. at least,
more than the present value. On a question of such im-
portance and such delicacy, it was not sufficient that the
house 'mould give • negative, which he hoped would be
the case ; but they should also, in order to quiet the
public appr..hension and set at rest the public feeling,
give it the fullest consideration. That was his excuse
for detaining the House so lung in adverting to the sr-
gunients of the lion. Gentleman. He therefore did not
think fit to get rid of the proposition hy a mere negative,
but he would conelde by recommending the Resolution
of that House in the year 1696 as a precedent. He would
therefore move as an amendment, that instead of the
lion. Gentleman's motion, the following Resolution be
substituted, namely ---• 'rliat the House did not judge it
fit to alter the present standard of gold or silver in its
finenemyweight or denomination."
The original question and amendment being then
read from the Chair, and the amendment being put,
Lord A. HAMILTON said, at that hoar of the eight
—(Alcry of •` adjourn!") —it was not his intention to dle-
tails the house long. If it were true, that the country
was in a state of prosperity, the speech of the Right
Hon. Gentleman might apply, but unfortunately the
country was not in that state. He was disposed to think
inquiry would lead to a justification of the measure pee
posed by his lion. Friend. It was too obvious that the
payers of the National Debt were paying more than
they ought to pay. The tenanby were unable to make
the land pay-forlaisour, and in supporting the propo-
sition lie was desirous to do something for that class.
He was not so aboard as to suppose the proposition

wearid produce the ruin or confusion of the consul.
1147 had heard in that house that the leans were men.
raged to the public creditor. That meant that lands
might be seised In payment of public debt. They hid
heard of public faith, bat was public faith due to it se
but the (landholder 2 He was peps idea there sete
others who had a claim upon public la th. H. had al.
ways fel that the government could only cony to wit.
dont by stultifying themselves, with regretter to feta r
acts aid proce.dinge. A great part of the safferisg
the farmers was cyanosed by a departure from the best
principle,. The state of the country was such that mat-
ters were growing worse, and they never could remedy
the distress of the strict& nt I .ts by telling them they
I must bear with patience all the miseries waich oppressed
I thew. He was not die Posed to reduce the standard, has
he wished to support the motion of his Hon. Friend, is
the hope that inquiry might he the means of throwing
the burden of distress un the whole bulk of the people,
rather than ou one class.

At the conclusion of the Honounble Member', speech,
several members exclaimed—Adjourn, adjourn.
The Marquess of LONDONDERRY said, if it was
the feeling of the house that the question engin to
adjourned. it would he advisable to adjourn forthlri,h.
At the same time be fel, that coosiderabm I tvonvenien..
would arise if the country was kept io suspense epos the
sehject. The Noble Marquess did not feel that any or.
sideration ott„bt to induce the house to adopt the in.
"dry reoorentotaled, and he should therefore wish to
come to a decision though the debate should last to a
late hoer.
Mr. SRO M.lll A M felt the great expediency ofanniog
to a desiaion that eight • at the Batas time he could not
bet deprecate the dilculty the Right Den. Gentle.
ease bat raiser!. Many who might oppose the audios
of his Hon. Friend, would not vote for the proposition
of the Right Hoe. tientleinan.
Mr. BENNET then moved, that fortherdebate ea this
qu-stioss be adjourned till tomorrow.
Mr. lIROCtIHAM said his lion. Friend did metre
haps recollect that the floe. Member for Somerset had
a motion for to-morrow, which wasehl be prevented by
the adjourned debate.
The Marquess of LONDONDERRY had soave hope
that the Doi. Member, stn..= he saw in his plate. woahl
Rot object t e a fntther postponement of his motion.
Sir T. URI DUE said he was ready to give way
is compliance with the wishes of the house, has be was
sot_ prepared tot Noe sty Vier day for his motions.
The debate was them adjouraed at half-paat twelve
o'clock.

..

FRO it 71.1E:SDAII miuurs GAZETTE.

Commirrioas In the North Shropshire Regiment of Ye°.
Maury Cavalry, signed by the Lord Lleatenent of the
County of Satop.
Major the lion. T. Kenyon to be Lieutenant-Colonel, rice
Owen resigned; Captain J. Myttoit to he Major, rim
Kenyon. promoted ; Meet. C. Warren to ►e Caplets.
Kirkpatrial, resigned ; Lieut. T. H. fleadford le Jwt~st
vice Career, resigned; Lieut. L. Jewel to be Oink flb
Mynas. promoted; Cornet T. Gwynn@ to be Linetemutt;
Cornet J. W. Jebb to be ditto ; Corset J. Crozet' to be
ditto; F. R. Grimes. Gent. to be Cornet; John Wm.
Benetton, Gent. to be ditto; T. L. Jones, jets. Gout. w
be ditto.
111ANIIIItePTCT 111CFBILIBIDED.
J. Ranting, Cemberiand-street, New-road, St. Mary-le-
bone, carpenter.

11NIERCPTS.

----
T. Shlpway, Tldworth-Warren-Farm, Hants. sheep-
denier. to surrender, Jane 47. *I, July 23. at the Whi•e
Hart Inn, Andover. Attorneys. Messrs. Roust Mil and
Booverie-street, Fleet-street; and Mr. Ma at,

Andover.
J. BiWigton. Meech/Wee. shopkeeper. .lase 17, 21, hay
23, at the Albion Hotel, Manchester Attorneys. News.
Affiliates, Gregory. awl Ilies'keer. Redford-row. Leedom.
J. Haloes, Lobsolwas,Lelsesiseehire. baker. hoe If.
July 93, at lb, thessieino. Nabs-Harboteogl. NW*
ways. Memws. Wattoski, illbstUovverth, sonogram. lier-
ket-Harhis6ll.; and Wm". Montrion end Loeoek,
Arms-yard, Wean-street.
R. Hostiewil. P.ywouth, mercer. June a 26, July 23. at
Weskley's Hotel, Plymouth Dock. Attorneys. Mr. Ma-
llows, Middle Teeple ; sod Mr. Sole, Plymouth Dock.
U. Cobb. Grammy, Kent, farmer, J 11184144, 23, Jilt 23.
at the Guildhall, Canterbury. Attorneys, Mr. Jeffery', jell.
or Mr. Morgan, Faversham; and Altura. Lowe and Bower,
Southampton-building". Chancery-lane.
R. Bradbury, Stone, S'a Tordshire, dueler, Jane 26, 27.
July 23„ at the once of Messrs. Wheatley and Series,
State. Attorneys, Mr. Barbor, Fetter-lane; and Messrs.
Wheatley and Barlow, Stone.
G. Bramwell, Sheffield, merchant, June 99, 24. Jolt. It, et
the Commercial Inn, Sheffield. Attorneys, Mr. Duncan,
Holborn-court, Gray's Inn ; and Mr. Tattershall, Sheffield.
T. Betbell, Poole, painter, Jane SS, 99, July 23, at the
London Tavern, Poole. Attorneys, Messrs. Holme. Framp-
ton, end Loftas, New Inn, London ; and Messrs. Parr and
son, Poole:
H. Quilter, Leicester, victualler, Jane 17, IS, July 23, at
the Rutland Arms Inn, Leicester. Attorneys, Mr. Bo.A.
Leicester; and Messrs. Holier, Frampton, and Loftus, New
lon, London.
S. Willing, Plymouth. corn-merchant. June 27, 4.9. July
23, at the King's Arms lon. Plymouth. Attorneys, Mr.
Kelly, Plymouth; end Mr. Wright, Inner Temple.
T. 011ey, Clare, Suffolk, malt:nor, June 20, 21, July 23, at
the Half Moo. Ina, Clare. Attorneys, Mr. Stevens, Clore,
Suffolk; and Mr. Stevens. Gray's ion-square.
S. C. Boyd, Oxford, wise-merchant, Jane 91, 42, July 43,
at the house of lobloson Bertram, under the Town 11'11,
Oxford. Attorneys, Mr. Bridger, Angel-court, 'f !wormer-
ton-street ; and Mr. Cecil. Oxford.
(Dividends, dm. to-morrow.)

A Court-martial is ordered to assemble no the 17th
instant, and inquire into charges preferred by Captain
J. T. Nicolas, C. B. of his Majesty's ship Egeris.
against Captain D. Buchan, of his Majesty's ship Brass-
hopper, complaining of neglect of duty and disrespect.
Admiral Sir J. H. Wbitshed, K.C.B. to be President.
—(Hapapshire Telegraph.)
• We understand flint in consequence of the reduc-
tion in the price of 3lalt, Mr. Co•emax, of the Bhg-
Mire Wells Brewery has determined to make his Ale,
Table Ale, and Table Beer of Stich snperior finality as
will enable him to defy all competition. When we coo-
eider the importance to fatuiliesf It. possessing a bvierage
free from the novoits inzredients usually employed in
the composition if th at nec .ssery article, we cannot
he surprised at the extensive pationage he so deserv-
edly enjoys. Such patronage we hope will always
be giveu to meritorious individuals oho prefer a small
profit and fair name to the risk of destroying the health
of their fellow-creatures by a wicked and unfeeling cu-
pidity. To satisfy the most fastidious as to the genuine-
ness of his articles, Mr. CUATMA la makes half-yearly the
following affidavit.
" RlCtiala C , of Ragnigge Wells Brewery.
Table Ale, awl Table Beer Urewer, maketh oath and saidi
that his Ale. Table Ale, end Table Beer, are brewed treat
Malt and Ho ps only, and that he never his, nor ever will
permit or antler any drugs or other iikjurimus Ingredieets to
be used in his brewery. "R. Cu AAAA
Sworn at the Measion-House in the City of London.
March 23, 1828, before me, M mitt AY, Mayor.-
N.B. Orders executed for Ready Money.—Alt letters
must be post-paid, or not receive______

UMW.
Yesterday, In Baker street, the infant daughter of W.
Jamas, Esq., M. P., aged MI mouths.

London : Ldited, Printed, and Pahl:sited at the 01Serot
" Tau MT&TaUMMN" and " Tit! CONSTITUTION" (SWUM,
Psper,) N 0.297. Strand, by IL. WARDELL LLB' I.
who= all communications, Orilcm, iite. are ralastmlif
be addressed.

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