The advocate., 1891-09-30

which Mr.. Pitt had introduced. Peel went
as far as he dared in restoring an exclusively
metallic mOney-the money Of the early
ages of bsFbarism. Nor shall we ever per-
msnently prosper as a nation till we return
to a representative paper money-the
money of civilization and progress-mOney
which is capable of expanding with expand
ing wealth and increasing population
money based upon the great truth that a
nations wealth consists not only in the
precious metals which are drawn out Of the
mine, but that there is wealth lying hid in
the nerves and sinews of the laborer, the
enterprise of the merchant, the skill of the
artisan, the discoveries of science, which,
therefore, gives to every wea th-producing
power Of man, to land and to labor-no less
than to gold and silver-its representative
as well as its actual value-money provided
by the government for the use of the peO-
pie, in which debts can be discharged and
taxes paid-mOney neither of intrinsic
value nor convertible into any fixed amount
of any commodity whatever, and which is,
therefore. secured from undue imitation
when gold is brought into the country and
under contraction when gold ia withdrawn
from the country-English money for Eng
lish people, and, obviously, American money
for American people.-Rector Twells'
Pamphlet (English.)
Respecting the passage of the bill of
Sir Robert Peel for the contraction of
the currency and return to specie pay
ments, the historian, Thomas Doubleday,
speaks as follows:
That by the augmentation of the value
of current money cost by this act it in effect
doubled, or nearly doubled, the weight of
all money engagements, public and private,
then outstanding, there are few who deny.
That the act was suffered to pass without
any member of either house of parliament
distinctly asserting the truth and at the
same time deprecating the injustice is
equally unQuestionable. That the country,
is still struggling under the effects Of this,
the most unjust of all acts of parliament
passed in modern times, admits of just as
little doubt. It would be, however, just as
far from equitable to impute, as some have
attempted to do, the whole of these errors
and their consequences to Mr.. Peel, because
his name is welded by usage to an act
which was selected by the economist party
to carry through the house. The bill was
earnestly and silently opposed by a few
members of parliament and others. The
elder Sir Robert Peel was heard to remark
on the passage of the bill: Robert, my son,
has doubled his fortune, but ruined his
country" doubleday life of Sir Robert
Peel, pages 219, go and 221.
Mr.. s. A. Goddard, Of England, dis
cussed the subject In hand as follows:
The Bank of England and provincial
bank notes constituted the money Of the
country for period of twenty-six years,
performing all the necessary functions of
money, effecting the exchanges of property,
enabling capital to employ labor, to feed
the hungry and clothe the naked; and also
enabling the government-whether for good
or evil need not enter into this considera-
tiOn-to carry on great war and bring it
TO triumphant conclusion. These notes,
at no time a legal tender, passed current
and were taken in payment upon all COCA
siOns; fact highly creditable to the good
feeling and patriotism of the people. When
the war terminated the bank commenced
preparations for return to specie payments,
oCcasioning general stringency in the
money market, causing fall of prices, in
A., L. a