The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-02

! SHEET.
told the House Of Commons thst they had acted in isnb
rance Of the monetary science and had had no idea of
what they were doing. sour hand was placed spon
spring one Of the most powerful OF all those that move
We were Ignorant Of lis potency and character"
But read, above all, NJ Atwoodp powenui dsschPuon
OF the effect Of resumption n increasing me naras3 2.
the debt or every debtor BY wha9evsr description o.
psounary contract he is bound, has been increased
= ssoad & msas . every ds which
esss TO another and % that which the nation
owes TO the public creditor For every EGG thai We
paid We have mads the claim u the creditors =
strong and valid for mis- false and fauduent Au6men
ss 81 e., e n,si - n i
for the GOO which he had lent and which the DEBTOR ad
In reality ard usttoe owe For this fictitious debt when
The dsbos suhlect = executon and biz person . i
prisonmenk Il u mot that w hays protected the crod
or e p "a ss ssas s 81 s
ths names he whole sxtsni Of ths king
Sbsa 81 e. * 1us SAsss Ss 3 ID az Ike
.s have ppo.st psao.s az sssSos Which ws have
We Ssd sccamoistsS mss q annual taxes % tie
amount Of sxty millious " al6ag and gradual ooarss
sons and salaries o twelve annual millions By long
courss 81 gradual dirsc snd progressive augsntasion
and sasn o sasn nsasa.ss " $1,000 2 ssGnsss
az 81: ~ ssss. s gss
oss:sd Ssss sasnsa.ss sasasas & . f.: RON
the a.. y. s., o 1 snss ron or o
g eus nynd..S me.s ~ sns 49,, woos y ~
Iona We iound eight hsn1rsd niIicos Of sccumuaasd
hundred millions In their snectue preosurs on the In.
dussry Of the country; whieh psopesy asd which r.
ws thuc gave over e sns cssao .nd servants
By these means more than three times the smouns Of IL
the rent Of al land, and We pay "a pensions
and .aares than ~ the cuivsio Of our soil can ever
4 The eject Or this brilliant oraslon Of Mr. Atwood upon
Mr. mo. Lord Brocgasm was 90 grs,. that No. who had
declared that hs would vote IN favor Of the MOTION He
said n M3 ASS af5. MA s
1sH anything was wanted 70 convince him still mors
OF the necessity Of strict examination into this important
matter was the reception which had been that night
given to one Of the most argomcntave learned and ea
boate speeches which he had heard delivered upon
q subject Of very absruse and delicate nature The
honorable member (Mr Atwood) had brought TO bear
cal xcuteness and he might add, ooquence which had
rarely been combined on such topic He dad NOS
speak from prejudice in favor Of the honorable member
seeing that he differed widely from him on many sub
jects but almost impossible for any person inter-
estsd the subject not 70 listen to him with attention
and respectnay, with admiration Yet such an address
seemed scarcely to have attended to BY the House,
They frame and temper 70 listen 70 argu-
ment He would not dozens or scores but hundreds
Of members had poured in during It's delivery, not to
discuss but to vote and prevent discusson and while
an argument was going on which 1t was more easy 70
for division II anything then could induce him to be
anxious for inquiry by committee u was that he
saw the House not In frame OF mind At present Ut for
Alter this glimpse into the interior of tho House or
Commons il follows that the motion OF Mr. Western was
voted down by lao to 90 The SO members, includ-
ing teller and pairs, belonged about half 70 the
tory and half to the opposition side Of the House.
Sir Francis BuIdstt e. that time ,s the popular
the direction in which popular feeling had already set
His namc among the thirty. OF The Irish members
banker and member for Kildare; Mr.. J. Graham Mem
Der OF Parliament for county Wicklow, and MI Domi-
nick Browne, Member Of Paiamsnt for country Mayo.
The distress OF 1922 became that the govern
ment struggled through Parliament the Small Notes act
which allowed the country bankers 70 extend their issues
OF small Says SIR Archibald Alison, hercanent
(vo. H., page 520):-"Mnisters had not the manness
TO confess they had been wrong in the they bad
adopted in regard 70 the bill compelling cash payments
In 1872 perhaps they aware that The influence
OF tho moueyed interest In tho House Of Commons was
too strong 70 ronder n possible for thorn openly and
almost secretly, perhaps unconscousiy, in the most
effective way. Lord Londonderry alone had
the sagscisy % perceive and the cour.s: e
and the evils Il was intended TO obviate. He did not
treat T. ssys Sir James Graham question Of nuctua-
superbuudast harvssA The noble Marquis sad painiy
and directly this Is question OF currency. Tue our
rsncy q tho country TOO cooractsd for ~ wants. and
Tns Dssss q Cs41pns exbi6sssd the usual amount
Of gross snoance lis occasion. The second reading
was carried In house which was Just enougbsto form
quorum says the above cited historian :ts.Whis %
many hundred pages OF Hansard occupied with de-
which At the utmost could only save the nation few
hundred thousands year. this which restored
ns
and only be discovered by the most careful examina
ton in our Parliamentary proceedings"
circulation under the provisions OF this act By this
and other auxiliary measures prices were permitted TO
y. wsre sopo
led 70 drain Of gold to the continent and the drain Of
gold brought the cruel revusion of 1925. which Il lie
beyond the scope Of our article TO describe.
A RKrESrANr LEGISLATOR M
Mr.. Banks one Of tho members Of the House Of Com
he have foresecn the effects which had resulted from the
measures begun on this question few years back he
never could have been party 70 them The committee
mised by witnesses perfectly unniormed, who talked
Of fall Of prices OF -four, five six per cent when
has since been rendered undesirable that the fall in
prices had been productive Of alteration in the value
Of money not OF four or six per cent but OF twenty or
thirty per cent"
The eloquent and cogent writings and speeches Of Mat
thas and Thomas Atwood OF Birmingham, did not fall
ansssdsd on SUFFERING public To. date O MI wss,s
agitation against Bullionis theorcs The friends of m
nconvertibe paper money became numerous enough 70
70 themselves the SCOTS OF the Bulionis press
They were nicknamed " The Birmingham Scnooi Of Cur
rency Doctorsr They earnestly Investigated and
faihomed 70 It's depths the science OF money. Soon
after 1880 John Taylor wrote his mastery Catechsm
his invaluable Essay on Money" The ideas
OF the Attwoods and John Taylor were caught
up and propaga.ed among the people by Jona-
than Duncan, talias "AIaddin'y, and Brouterre
O'Brien, and among the governing classes BY Ed
ward Stingheet, Cayley and Sir Archibald Alison
Monetary catasrophes and Industrial stagnations fol-
lowed each other thick and FAST and each successive
crisis each spasm Of suffering, has brought new sdher
ents TO the friends Of symbolc money They constitute
now the only school OF currency rcformers in Britain
who have faith, enthusiasm and future. They have
the confidence of the working classca Their lead
ing dogma-that considerable and adequate portion Of
the currency OF Britain and every other civilized
ton should consist OF media Of exchange which
are not liable 70 BE- exported when the International
balances OF trade what n called adverse, In other
words when drain OF buoa sets in-is sinking deeply
into the minds Of the commercial and trading classes Of