The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-07-22

been necessary to produce the wonderful sonceamen
rather srh,,s Of the whole Currency question: You
when stated few weeks ago, that 1t Ia the of
nation. when the ruling party in country adopts the
In the question Of ths currency the wings were
always the great criminals They calumniaed the paper
SYSTEM in or'er to displace the Tories; and when the
Tories adopsd their fatal policy in 1919 there was mo re
treat In this terrible dilemma the country ought TO
have found refuge in the combination of the Industrious
classes This combination attempted to form But
was thwnred in every way by Radicals and Chartists
Dat OF Parliament and in Parliament, always found
bnei against me- In the ns House Of Common een
embraced upon this extraordinary combination IN the fo
IS are three iacsons IN
oithe Exchequer, Lord AlthoV) At the head OF the
other is the Right Honorable Baronet the member for
Iamworth. (sr Robert PeeD. And at the head oil the
third is my honorable friend the member tor Oldham,
(r CobbetD. Now said ], il is most singular that
all these three factions hac each other with cordial
hatred They disagree upon every subject under Heaven
except subject ony that one subject they COR
daily mite; that one subject being mortal upon
the currency the credit and industry OF the country,
IN fact the only possible measure pohich con pull doOn the
frame Of society upon their own heads'
"re is the fatal source OF all our country suerings
and dangers The Wings could not abandon the bill Of
1919. because it was their own pet measure, recon
The Tories could anandon it, because they had deli
beratev sdoped III and the Radicals and Char
general distress they would restore the general content
ment oithe people, and cut of all hope OF reform repeal
or repoiuficn.
free trade measures of the last year friend to
free trade in country like England, encountered with
noniary axes rents, debts contracts ola bundred
descrios;ons have often designated 1t publicly as"ree
plumber a. more gyst to the plundereTs npn But
must take the liberty of saying that, in adopting his
great measures respecting corn and Sir Robert
Peel Is entitled to the eternal gratitude his country
By those great he hes removed the main props
and 6mirsssf which supported the hill Of 1919; and nov,
for the first time since 1907 he has brosght the
OF the metallic standard Of value to fall with nearly
broken orca' upon the landed interest What Is called
rent can longer exit in England under the taxes
which exist, and under the prices Of agricultural pro.
auce which the bill Of 1919 imposes compels The
are thus at last brought to suffer- They
cannot escape from ruin by any human policy which
does not lead repeal of the bill Of 1919 Let this great
measure be accomplished. and let just honest and
different currency be permanently adopted and will fer
felt life we hear again Of any serious distress
dscontent in England Scotland or Irelsnd The land
owners still possess the great political the nation
in their hands cannot therefore, hut hope and trust
that they will now use in rescung themselves and their
conn ry ron the fearful anarchy which threatens all
VIII you blame Sir Robert Peel then?
lam, my dear Sir,
Yours, very faithfully.
THOMAS ATWOOD"
The views contained in this letter strongly support
ed by the Circular and other influential papers
All these interests and views working in powerful
party under the leading opposition member, Lord John
RUSSELL Now what is that which the aim7 Arepeal
of "Peels Bill The effect Of that is to repudate the
Bank in circulation and thereby establish an incon
vertible paper currency, which will enormously depre-
cate other words prices will rise immensely thus
eecting Reputation Of the public debt to that extent.
These people rdculousy absurd as to suppose
deprecated paper currency be maintained, and
England retain her intercourse with foreign nations
Fer from it, but in the extract from Goblet contained in
the above letter have that at which they aim ulti
mately, viz abolition of the arstocracy the DEBT
and the whole of this INTERNAL THING"
The arisocracy and debt England depend entirely
upon taxston. Taxation depends upon high money
prices. High prices depend upon high tariff, particu
larly for When Sir Robert Peel reduced the tariff
last year. he took another step the direction as his
bill in 1919 The whole level of prices reduced nearer
to that Of other countries and the whole fabric of British
government shook to its centre By that movement and
the income hethrew the weight ofthc upon
properly than upon labor, and strengthened the whole
while making necessary alterations when the mass be.
consolidated another reduction in prices must be
made and the Reputation Of the debt be arrived by
slower process. An immediate return to shinrlas.er
currency would produce csnvusion and destroy the 60
verument in year. All parties thus tending to the
result viz. reputation Of the public debt. The
douby died traitor, OCounsll moy agnn succeed in
holding back the Irish, that he has succeeded In
making the rent" again flow copiousy. But the hour
Of English reputation Is rapidly approaching, and with
1t the death knell of every public stock in Europe.