The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-05-03
HOW CONTRACTION OF THE CUR
RENCY AFFECTED ENGLAND.
by HON. F. GILLETTE.)

(BY HON. F. GILLETTE.)
Soon after Bcnapart entered upon his
career of conquest-as has always been
the case in trouolous times gold failed
to meet the emergency, and in 1897 the
parliament of Great Britain suspended
the leash payments and relied upon
paper-money, based upon the credit OF
the country, to carry the nation through
the crisis. This suspension continued for
nearly quarter of a century. The coun-
try highly prospered meanwhile and the
people asked no change But in 1919,
when the clouds of war had fully cleared
from the sky, the British aristocracy
began to agitate for cash payments. To
accomplish their purpose with more as
surance, they enlisted into their service a
young politician, of distinguished talents
vast wealth and boundless ambition
His advent into public life was heralded
by the avowal Of two great principles
opposition to Catholic emancipation and
high toryism. These, together with his
riches, naturally made him a fit instru-
ment for the task assigned him.
No sooner was this young aspirant for
fame,-Robert Peel I'd. afterward, Sir
Robert-elected to Parliament than he
was appointed chairman of the bullion
committee and introduced bill for the
resumption of cash payments, which took
his name. In this action he was opposed
by his own father, also member OF Parli-
ment.
Against this oppressive and ruinous
policy, requiring the Bank of England to
paw its notes on demand in standard
gold coin, a: the end of four years, the
officers of the bank, the merchants,
manufacturers. and businessmen
Throughout the kingdom earnestly remon.
strated. They foretold the impending
ruin to the commercial and industrial
interests, but were powerless against the
aristocracy, aud the bill was passed,
greatly to the delight of the money power
consisting Of the political economists, the
privileged classes. the fund holders. the
public functionaries and the gold and
stock gamblers all of whom were
jubilsnt.
What followed? The same disastrous
consequences which the same wretchcC
policy is producing, to>day, on this side
of the Atlantic-prostration of business
Gripping enterprise obstruction ofltrade
spoliation of property paralization Q
industry. turmoil, idleness. starvation
riots. murders, suicides. bankruptcies
and beggary. Hall the merchants ant
manufacturers were broken down, field.
went untitled, disorder and disolatior
ran riot, and of 100000 landowners bu
100. 900 came out of the wreck retaining
their estates. The balance had beer
confscated and swallowed by the greedy
and pitiless authors OF all the ruin.
/ In confirmation of these facts authori'
ties might be quoted to an extent thai
would far transcend the limitation o
this article Seeing the ruin and distres;
Lord Brougham, in speech in Parlia'
ment. regretted his support OF the nea
! sure. and the author Of the bill, as hf
looked out upon the desolation and heard
the cries of distress, relented, and tried
to cast the odium of the authorship o
.'Peels Currency Bill" upon Others
| IQuery: to make the analogy complete
will the author Of the Resumption Act In