have had to dread the combined fleets | the prevalent distress, then you may be of America, France and Russia; and, sure that a return to the base paperwhich is the worst of all, we should not money is intended; and if there be a have seen the jails four times as big as return to that base paper-money, then they were; and should not have seen be prepared for it. Englishmen reduced to such a state of misery as for the honest labouring manbase paper-money, no matter under what

to be fed worse than the felons in the jails.

From Nottingham I intend to go to Leicester, on Saturday, the 6th of February, and to lecture there that night, if I shall have voice enough left for the purpose. Thence I intended to go to Wolverhampton; but my time will not permit; besides the probable deficiency in point of voice and I hereby beg my friends at Wolverhampton to be assured, that I give up that place for the present with great regret, and will not fail to pay my respects to them in my way to modern Athens, in the spring. If I quit Leicester on Sunday, the 7th, I shall be in London on Monday, the 8th, and shall give a lecture at the MECHANICS' INSTITUTE, on Thursday, the 11th. This will depend upon the state of my voice; but further notice of which I will give in London, before the time shall arrive.

The consequence of a return to the

shape or in what name, is, that there must very soon be a stoppage of gold payments at the Bank. The banks about the country will be the agents for circulating the Bank of England paper, which will be issued on no security but that of the stock which the Bank holds, and which will, therefore, be a Government paper to all intents and purposes. The exchanges will immediately be against us all over the world. The French funds, and all other funds, will immediately rise all over England; because we shall be paying our dividends in depreciated paper, while their dividends will be payable in gold. If, therefore, you have money in the funds, as it is called, sell your stock instantly, and turn it into gold; for it is very probable that a sovereign will very soon sell for forty shillings in paper, if a measure so fatal as this were now to be adopted. If you have money lodged in the Bank, or with And now, my friends, readers of the bankers, withdraw it and turn it into Register, let me call your attention to gold, unless you have an assurance from that in which you have all a very deep the conduct of the Government and the interest, particularly if you have pro- Parliament, that there is to be no return perty dependent on the measures of the to a depreciated paper-money. Observe, Government. What that Government that this measure, if it be resorted to, will do, it is impossible for us even to which I trust it will not, for how is it guess. If it proceed in its present possible to believe that the Duke of course, we may prepare for that convul- Wellington, after his solemn declarasion, for which MURRAY'S Quarterly tions, will return to such a measure! Review bids us prepare. If the King's If, however, the measure should be reSpeech (which will appear before you sorted to, do not expect any warning: can possibly see this) recommend to the it must come like a thief in the night: Parliament to take the question of the there must be no discussions on the currency, or the state of the country; if matter; for, the moment people perit recommend to the Parliament to take ceived that their stock or their deposits these, or either of them into considera- were about to be paid in a depreciated tion, then lay your account with a re-paper, they would rush to the Bank and turn to the base paper-money; to a to all the country bankers, and turn raising of prices, and all the conse-every scrap of paper that they held into quences which I shall mention more so much gold. No man in his senses particularly by and by. And if, during the first debate, you perceive the Ministers to be prepared for appointing a committee to inquire into the causes of

would fail to do this: it would be done as surely as that men love to save themselves from destruction. Therefore, if done at all, the stoppage of gold payments must

It

take place by order in Council, just as money is to cause the value of the it did in the year 1797; and, very money to be less than it is now. likely, on the very same day of the year, would be useless to put out a small namely, on the 26th day of February! quantity of the paper-money; because See, then, the situation in which you that would not bring the relief that is would stand, if you had debts due to wanted. The quantity put out must be you; contracts unfulfilled of which you large; and it must be made a legal would be the receiver. In both these tender, or it could not be kept out; so cases, you would be paid in depreciated that, here would be open and avowed money; if you had money in the funds, bankruptcy; an openly declared inabior money deposited with bankers, this lity to pay in gold; on every exchange money, the moment a stoppage took in the world, England would be written place at the Bank, would not be worth up for a bankrupt nation; its paperin reality one-half of what it is worth money would be assignats to all intents now. Therefore, be upon your guard: and purposes; and never could the be prepared in time: get the gold, for nation recover from that state, without that cannot deceive you. If you were passing through a series of convulsions to sell out, and lay by the gold, and if, something like those which marked the after all, the Government and Parlia-progress of the French Revolution. inent did not return to the base papermoney, you could lose but a trifle, a tender, all men must receive it in payThe paper-money being made legal mere trifle of interest, while, on the ments of debt; all mortgagees and other hand, you must and would lose annuitants must receive it in payment one-half of your money if the legal ten- of interest; the fundholders must reder were to come and find your money,ceive it in payment of their dividends; the in the hands of others. Be therefore Government must receive it in payment prepared, my friends. Scores of men, of taxes; for the remainder of the presince I have been from home, have come sent leases, landlords must receive it in to me on purpose to thank me for hav-payment of rents; but the gold, of which ing given that advice to them, by fol- there is now a great quantity everylowing which they have saved their fortunes; or, at least, saved themselves from ruin. Be you advised now, then be you on your guard now; and do not stand hesitating and doubting about the matter: get the gold, trust nobody, have no outstanding credits anywhere, draw all close about you; diminish your expenses as much as possible; and be snugly prepared for the grand catastrophe.

where throughout the country, would assert its right of superior value. As far as sensible men were enabled to hoard, they would hoard it; but a part of it must be used as currency still; and as every man, after the experience that we have had, would wish to possess gold in preference to paper, the gold sovereign will pass for more than a pound in paper, and men would carry on their private transactions very frequently in Hence would come, in a very

:

It is said by some, that the paper-gold. money, if put out again, will be put out short time, two prices in buying and with limitations and restrictions, and selling a paper price and a money will not be suffered to be out in such price. The law of legal tender could quantities as to expose the banks to not interfere here. The tender would blowing up. Now observe, what is the be legal in the case of debts, contracts, object of putting out the paper-money? dividends, and taxes; but ROBESPIERRE, It is to cause prices to rise. Prices and ROBESPIERRE only, ever dreamed of cannot rise in consequence of any addi-a law to prevent men from making bartional quantity of money, without a de- gains, specifying a distinction between preciation of the money; that is to say, the paper and the gold. Therefore, we without making the paper-money less should make that distinction in a very valuable than the gold; so that the short time. A man who had been paid very object of putting out the paper- once in legal tender, would take care

the next time to be paid in gold, or in nels through which to send it; that a greater quantity of paper in proportion there was no open market for it; and to the depreciation of that paper. When that the people did not understand as I was in France, a little before the they now understand, the doctrine of reign of ROBESPIERRE, I used to send a depreciation, and the vast superiority of guinea to almost any shop in St. Omer's, gold over paper. Vain, therefore, is and receive about 120 or 130 francs for the hope that a legal tender paper it in paper. When I went into the mar- would not now lead to two prices. ket, which I always did to get the Who would venture to keep buying a butter, while I was at lodgings at St. parcel of paper-money, having no fixed Omer's, the market women used to say, value, liable to lose one-half of its when I asked the price of a piece of worth in the course of six months? butter, "Six francs, Sir; but if you pay Every one would be anxious to have in money, one franc," or thereabouts. some gold, and as much as possible. So will it be in England in a very short Every man who went abroad must take time, if horrible bankruptcy and legal some gold to pay his expenses. There tender make their appearance again. fore, men would seek to have gold; Six one-pound notes for a pig; but if you pay in money, a sovereign. This is TWO PRICES; and as PAINE said long ago, two prices are the passing bell of paper-money.

and, in order to obtain it, they would make their sales for gold. Whatever he might want to pay rent, to pay taxes, to pay interest on mortgage, to pay annuities, he would be content to have in paper; but whatever he wanted to keep by him for any time at all, he would take care to have in gold. There would be a paper price and a gold price, as there was in the market of St.Omer's, and the Government would have to receive the paper, and the gold would remain amongst the people. ROBESPIERRE passed a law to put people to

Then, look at the situation of the Government: collecting its taxes in worthless rags; paying its soldiers twopence in reality, instead of thirteen-pence a day. No one will give the tax-gatherer a bit of hard money: all the hard money will be kept hoarded, or will be confined to the traffic between man and man. In short, the Government and Parliament have, ever since the year death for making this distinction; he 1819, been attempting to accomplish that most impossible of all impossible things; namely, the compelling of a nation to pay in real money debts contracted and appointments made in depreciated money.

would insist that assignats and gold should circulate side by side; and, after having shed rivers of blood to accomplish his purpose, came the just guillotine which put an end to his law and his

life.

Some men imagine, that because the Thus, my friends, you are warned in nation experienced little distress during time: be sensible, be wise: turn into the war, while legal tender existed, it gold every thing that you can, and then would experience no distress now if we sleep soundly in the night, and in the were to return to the legal tender. day-time calmly view the progress of These men forget that the circumstances events. If you disregard my advice; have totally changed; that the com- if you treat it with suspicion; if you merce of all the world was then at our hesitate to act upon it; and if ruin fall command; that foreigners could not upon you, the fault will not be mine. come here except by special license; If you have any thing to sell, and can that England was the place of deposit obtain any thing near the value of it for for all the riches of Europe; that there ready money, sell it now, and turn the were no means of sending the gold out proceeds into gold, and keep this gold of the country; that the gold was, in until the end of the session of Parlia fact, not in circulation at all, the greater ment, which is now about to begin. I part having been sent away by the Go- tell you again, that if legal tender come, vernment; that individuals had no chan-it will come like a thief in the night.

Be vigilant; be prudent; act át once, such union. The boroughmongers have and believe me

Your faithful friend,

and most obedient servant,
WM. COBBETT.

P. S. Look at the motto to this paper; look well at it; read it a dozen times over in such an hour, how precious will be a sovereign in gold!

ADVICE TO YOUNG MEN.

long contrived to divide these two classes, for purposes much too obvious to mention. At last, the middle class begins to perceive that it must be totally sacrificed, unless it make a stand, and a stand it cannot make unsupported by the lower class. The declaration, or address, put forth by the leaders in this union, is evidently from the pen of Mr. THOMAS ATTWOOD: and, like every thing else that comes from his pen, exhibits a great deal of knowledge and a great deal of talent. The main obTHE last notice that I gave about this ject of the union is to obtain for these work, was, that the next Number would two classes their share of the represenbe published on the 10th of February. tation in Parliament. Were I disposed I then thought that I should be in town to be as ill-natured as some people have sooner than I shall be there. I must, been towards me, I might call this intherefore, put it off until the first of consistent in Mr. ATTWOOD, seeing that, March, when I shall continue it monthly only last year, he disapproved of my regularly until the work be completed. wishing for reform, until the grand Since I have been from home, scores of question of the currency should be persons have come to me to thank me settled. I do not call this inconsistency for writing this book, especially young in him: he has seen reason to change men; which is calculated to give me, and his mind; he has seen reason to convince does give me, a great deal of pleasure and of pride. A very good-looking rather young man introduced himself to me at Leeds, with a request to shake me by the hand, and as he held my hand in his, he said, "I have to thank this hand for making me a sober man." And certainly I do believe that I have done more in this way than all the parsons in the kingdom; than all the teachers of all the sorts of religion put together. I write that which men will read, and remember as well as read; and my little books will be read with delight and advantage, when all the dull rubbish of all the lazy parsons, and all the mongrel teachers, will have been used for the singeing of fowls, or for purposes more vile.

1

BIRMINGHAM

him that the nation cannot be saved
without admitting the people at large
to a share in the representation. This
now seems to be the opinion of all men
of any sense and sincerity. Everywhere
you hear men exclaim, that no effort is
of any avail, or can be of any avail, as
long as the House of Commons shall
be constituted as it is. It is in vain to
attempt to disguise this fact. Reform
or convulsion is our choice.
It is now
twenty years since I contended in print
over and over again, that as long as
the paper bubble could be kept up we
should have no reform; and now that
the bubble seems to be drawing towards
the close of its destructive existence,
reform appears to be approaching al-
most of its own accord.

There is an article in the QUARTERLY REVIEW that has excited a great deal of public attention. It calls for a reform POLITICAL UNION. of Parliament; it calls for an adjustment; it calls, in short, for what I have THIS is a very important matter. been calling for so many years. It calls We see, at last, then, the middle class for those very things which it applauded uniting with the working classes. the Ministers for in 1817, for endeavourEverywhere where I have been, I have ing to stifle by their dungeon and gagendeavoured to show the necessity of ging bills. Strange change! But no

the next time to be paid in gold, or in nels through which to send it; that a greater quantity of paper in proportion there was no open market for it; and to the depreciation of that paper. When that the people did not understand as I was in France, a little before the they now understand, the doctrine of reign of ROBESPIERRE, I used to send a depreciation, and the vast superiority of guinea to almost any shop in St. Omer's, gold over paper. Vain, therefore, is and receive about 120 or 130 francs for the hope that a legal tender paper it in paper. When I went into the mar- would not now lead to two prices. ket, which I always did to get the Who would venture to keep buying a butter, while I was at lodgings at St. parcel of paper-money, having no fixed Omer's, the market women used to say, value, liable to lose one-half of its when I asked the price of a piece of worth in the course of six months? butter, "Six francs, Sir; but if you pay Every one would be anxious to have in money, one franc," or thereabouts. some gold, and as much as possible. So will it be in England in a very short Every man who went abroad must take time, if horrible bankruptcy and legal some gold to pay his expenses. There tender make their appearance again. fore, men would seek to have gold; Six one-pound notes for a pig ; but if and, in order to obtain it, they would you pay in money, a sovereign. This is TWO PRICES; and as PAINE said long ago, two prices are the passing bell of paper-money.

Then, look at the situation of the Government: collecting its taxes in worthless rags; paying its soldiers twopence in reality, instead of thirteen-pence a day. No one will give the tax-gatherer a bit of hard money: all the hard money will be kept hoarded, or will be confined to the traffic between man and man. In short, the Government and Parliament have, ever since the year 1819, been attempting to accomplish that most impossible of all impossible things; namely, the compelling of a nation to pay in real money debts contracted and appointments made in depreciated money.

make their sales for gold. Whatever he might want to pay rent, to pay taxes, to pay interest on mortgage, to pay annuities, he would be content to have in paper; but whatever he wanted to keep by him for any time at all, he would take care to have in gold. There would be a paper price and a gold price, as there was in the market of St.Omer's, and the Government would have to receive the paper, and the gold would remain amongst the people. ROBESPIERRE passed a law to put people to death for making this distinction; he would insist that assignats and gold should circulate side by side; and, after having shed rivers of blood to accomplish his purpose, came the just guillo tine which put an end to his law and his

life.

Some men imagine, that because the Thus, my friends, you are warned in nation experienced little distress during time: be sensible, be wise: turn into the war, while legal tender existed, it gold every thing that you can, and then would experience no distress now if we sleep soundly in the night, and in the were to return to the legal tender. day-time calmly view the progress of These men forget that the circumstances events. If you disregard my advice; have totally changed; that the com- if you treat it with suspicion; if you merce of all the world was then at our hesitate to act upon it; and if ruin fall command; that foreigners could not upon you, the fault will not be mine. come here except by special license; If you have any thing to sell, and can that England was the place of deposit obtain any thing near the value of it for for all the riches of Europe; that there ready money, sell it now, and turn the were no means of sending the gold out proceeds into gold, and keep this gold of the country; that the gold was, in until the end of the session of Parlia fact, not in circulation at all, the greater ment, which is now about to begin. I part having been sent away by the Go- tell you again, that if legal tender come, vernment; that individuals had no chan- it will come like a thief in the night.