Cobbett's Political Register

VOL. V. No. 18.]

London, Saturday, 5th May, 1804.

[Price 10D

"His Majesty's Ministers are fully prepared to enter upon the discussion: we feel within us all the "strength and spirits of Giants refreshed; and we challenge the noble lord [Lord Grenville] to the contest."-Speech of LORD CHANCELLOR ELDON, April 20, 1804.

641]

DEPLORABLE STATE OF THE CURRENCY
IN IRELAND.

SIR, Having for some time past been.
a constant reader of your Weekly Register, I
was glad to find that the present situation of
Ireland had, among other serious events, en-
gaged your attention. I should presume,
indeed, that forming as it does no inconsi-
derable part of the empire, the prosperity or
depression produced by the measures of go-
vernment in its various departments, is a sub-
ject of the deepest concern to every thinking
man in the community. It is far from
my intention, in what I submit to you and
to the public, to attribute every difficulty
and every misfortune, however unforeseen,
to the neglect or mismanagement of those to
whom the public affairs are confided; but,
in such instances where evils have been gra-
dually increasing to an alarming crisis, with-
out a seeming consciousness on the part of
ministers that such evils existed at all; or, if
by chance perceived, without any attempt to
check their progress, and without being in the
smallest degree prepared to remedy their ef
fects, when the welfare, if not the very exis-
tence of the state is at stake; in such in-
stances it cannot be deemed invidious or
factious to expose their conduct to general
censure. The state of the currency of
this country is a thing now so well known,
that I should not have been tempted to add
to what has been already said in your Re-
gister on the subject, had I not felt provoked
by the assertions made by two ministers in
the House of Commons, Lord Castlereagh
and Mr. Corry, that were, I must say, not-
withstanding my usual habits of deferring to
such great men, utterly destitute of truth
The former insisted that the Bank paper of
this county was not depreciated, and the lat-
ter assured the House, that the Privy Coun-
cil here had obviated the difficulties, and ef-
fectually remedied the evil of the bad circu-
lation.- -With respect to a paper currency,
I believe the simplest position to stand thus:
as long as the paper and specie in circulation
bear a due proportion to each other, the con-
venience of the paper will always maintain
its value; but, whenever the quantity of pa
per so far exceeds the specie as to produce
the least difficulty in exchanging the one for

[642

the other, the merit of the convenience is
done away, and the value is instantly depre-
ciated more or less.In this country, it is
certainly out of all proportion. The Direc-
tors of the Bank have most ingeniously con
trived, that in no payment, whatever be the
sum, ever so great, or ever so small, shall
there be a necessity for issuing any specie be-
yond a few balfpence. A dexterity in
shifing between the guinea-and-half note;
(£1. 14. 1 Irish) the guinea note (£1. 2. 9
Irish) and the pound note (£1. 0. 0 Irish)
is all that is requisite, and will always reduce
the fraction below a shilling.--Hence I
have a right to attribute the total disappears
ance of sterling specie, the introduction of
counterfeit, and the consequent depreciation
of Bank paper.- -But, if Lord Castlereagh
is not satisfied with this position, or disposed
to admit the conclusion from it, I will state
a fact, which no one will contradict. The
exchange between this country and England,
during last week, was about 16 per cent. so
that, had I wanted £100 payable in London,
of British currency, I must have carried to
market £116 Irish, in the national Bank
notes; but, I did carry £105 only, in specie.
and I obtained £100 British.--I insist
therefore, that the depreciation of the Bank
paper is nearly eleven per cent.-Lord
Castlereagh, however, may not call this a
depreciation in the value of paper. By a lit-
tle ingenious sophistry, he may, perhaps,
shew, that it is only a preference which peo-
ple of prejudiced minds and narrow under
standings have for gold and silver. Leaving this
point to the ingenuity of his lordship, let me
now ask, what could have induced the Irish
Chancellor of the Exchequer to pretend that
his dispatches brought him accounts, that
authorised his assurance to the House? Is it
because the whole trade of Dublin is at a
stand for want of some circulating medium?
Or, because the business of all the public of
fices can only be transaeted by little scraps of
paper, with I. O. U. written on them, which
are handed about among the clerks? Or,
are we to thank the Privy Council for a par-
cel of three and sixpenny notes issued by an
alderman, or by a company at Malahide a
village about 7 Irish miles from Dublin, nei-
ther of which would have passed while any

643]

COBBETT'S WEEKLY POLITICAL REGISTER.

specie was to be had? Or, are we to offer up
to the paternal regard of the minister, the
unfeigned applause of every housekeeper,
who goes with a guinea note to market, and,
rather than return without something for
dinner, must bring home his change in a load
of bad halfpence? If these were the items of
his long expected dispatches, I cannot exult
with Mr. Corry at the remedies that have
been applied; but, I can most solemnly
vouch for the truth of them.In fact, Sir,
the situation of this kingdom is deplorable
for want of the common means of traffic;
and, it is cruel that a people who are submit-
ting to the greatest hardships with patience,
should be laughed at in their distress.

But

to considerations of this sort Mr. Corry may
boast a noble superiority, and, I suppose, like
Brother Peter, he will tell the Irish, that
they may be damned to all eternity, if they
do not believe that they have every thing
provided for them that can contribute to the
comfort and happiness of a nation.--Every
retail shopkeeper in Dublin will tell you,
notwithstanding, that he is on the brink of
rin, in consequence of the stagnation in
trade. I examined the day-book of one
very respectable man, and I found that
prior to the 25th of March, his weekly re-
ceipts were on an average £53, and that,
since that time, they have not exceeded
three guineas. Customers have offered
themselves, but none with what he could
take for his goods.-Such men are likely to
for
fast, but not very likely I think to pray
Mr. Corry or the Privy Council. The Bank
have, since the 16th of this mouth, opened
an office for the purpose of buying the best
of the late silver at 8 shillings in the pound,
on an average, and all who have it are
obliged to submit to that loss; some indi-
viduals having to the amount of several hun-
But even this mea-
dred pounds worth.-
sure was delayed for three weeks after the
base currency stopped; during which time,
the poor who had no alternative but to sell
what shillings they had, or to starye, were
left a prey to Jews and Extortioners, who
would give them only two pence balfpenny
for cack shilling, or, 4 shillings and two-
pence in the pound. So that, those who
could least bear it lost double.--I have
no doubt that Mr. Corry will say, that dol-
lars have been sent into circulation: so they
have, and I will tell him how, and what good
To define what is any
they have done.
piece of coin that is said to be in circula-
tion, I humbly conceive that it is absolutely
necessary to show that that piece of coin
has a specific value acknowledged by the
whole community; and that, either it con-

[644

veys that value intrinsically in itself, or it
applies to some fund appointed to redeem
it at the value for which it was issued,
whenever its currency is obstructed. Is
this the case with the dollars that have been
sent into circulation? No, Sir, by no means.
I am sorry, on this occasion to say, that
much honour has not been reflected on any
of the parties concerned.--A dollar ac-
cording to the present price of bullion, is
intrinsically worth four shillings and six-
pence; and, when stamped by the Bank of
England they pass for five shillings of Bri-
tish money. But here, as if the people in
trade had not already suffered enough by a
base currency that had little value but in
its name, and instead of relieving, taking
an advantage of the difficulties under which
the community laboured, the Treasury be-
gan by issuing dollars at six and sixpence,
or six shillings English. This imposition was
soon rejected; for, in a week's time, they
were, in all trade, reduced to five and eleven
pence halfpenny, or five and sixpence English,
up the
The Directors of the Bank then took
trade, they immediately sent to England
and bought up a quantity of the dollars, and
sold them to the public for five and sixpence
English. At the same time a paragraph
appeared in every Dublin Paper, to the fol-
lowing effect: "we are authorised to state
"to the public, that the Bank of Ireland
"will pay and receive dollars at five shil-
"lings and elevenpence halfpenny each."
--Until this paragraph appeared, it was
matter of accident entirely what they would
for. No man that had a dollar in his
go
pocket could positively say what he was
worth, or what he could buy. But a value
was now stamped, not by a legal and re-
gular authority, it is true, but in such a
manner, that nobody doubting that the edi-
tors of these papers had been instructed
formally to announce the intentions of the
Bank Directors to the public, they became
current without difficulty or dispute. Peo-
ple of all descriptions flocked to purchase
them; and, this measure did actually carry
on the face of it an appearance of relief.
But, will you not, Sir, nay, will not all
England be astonished to hear that the
Bank of this country will not receive back
these very dollars in payment.I think,
therefore, I have done Mr. Corry jus-
tice when I omitted to state this as one
of the reliefs for which we were indebted
to the anxiety of the privy council.-
Among many others, one grievance bas
arisen conspicuously out of this proceeding.
The people in the market, foreseeing that
they must some day be losers, either by the

incomprehensible to the common understandings of mankind.

This, it is generally believed, has beea occasioned by the interference of certain learned gentlemen in our legislative assem blies, who have, it seems, found means to get themselves appointed as the delegates of Parliament, for the framing of those laws, This seems to be more particularly the case, with respect to the framing of all cur revenue laws; and these revenue laws are, in consequence, generally more unintelligible than any other of the British acts of Parlia ment.

The learned gentlemen who have been employed to compose several of the acts, that were passed in the last session of Par

genuity, and of course have been more suc cessful in rendering the will of the legisla ture unintelligible, than any of their prede

alderman's, or Malahide paper, and having no longer any confidence in the dollars beyond their value as bullion, have, to secure themselves against ruin, thought it prudent and expedient to raise the price of their commodity in proportion to their estimation of the risk; as a shopkeeper in Bond street does in his dealing, between ready money and trust, or between a good pay and a bad one. that, meat now is eleven-pence per pound, which, ten days ago, was only nine-pence; and all other things much in the same ratio. Mr. Corry may take advantage of the distance which he is at from the actual sufferers, to impose on the House of Commons; but, I can assure you, that the moment the report of his communication to that assembly reached this country, an universal indig-liament, seem to have discovered more innation was expressed at it. I should not be surprised if that gentleman was grown careless of the opinion of the citizens of Dublin, since the failure of his friend's motion for a vote of thanks to him, in the Common Hall, "for kis attention in the House of Commons "to the interests of Ireland," and I am ready to allow, that the amendment, which was no less than to expunge his name and insert that of Mr. Foster, and which was carried by a great majority, was enough to disgust any gentleman of his tender feelings. His constituents, however, are fellow-sufferers, and will not be ready to give him much credit on a future occasion.I will now close this letter, with assuring you, though assurances are much depreciated, that, in conformity to your request only, I send this anonymous; but, should it meet with any contradiction in point of facts, I will prove what I have said; and if, in opinion, I will endeavour to controvert it. A SPECTATOK.-Dublin, 24th April, 1804.

THOUGHTS AND OBSERVATIONS
UPON THE

REVENUE LAWS,

AND

MORE PARTICULARLY UPON THE LAW

IMPOSING

A TAX UPON PROPERTY.

It has been a general complaint in these kingdoms, that the manner and the language in which our British acts of Parlia ment have of late years been composed, are so mysterious and unintelligible; and one part of these written laws is frequently (in appearance at least) so opposite and contradictory to another, that the real will of the legislature has been thereby rendered totally

cessors.

The law, imposing a tax upon property, is certainly a non-pareil in this species of composition. These learned, ingenious men, have in this act found means to bury the real will of the legislature, under such an immense mountain of words, as to render it absolutely impossible for any man of common understanding to find it out. I have not, from the first passing of this act to the present day, met with a single individual, not even any of those honourable gentlemen who constitute our great legislative councils, who ever pretended to understand this law. If this be really the case, with respect to all those individuals who compose our legisla tive councils, can this law, which they themselves declare, they do not understand, be properly said to be the will of the legis lature? As all the different orders of men in these kingdoms universally concur in opinion, that the manner in which this law has been composed, has rendered the real will of the legislature totally incomprehensible to them; can it be reasonably required from the subjects of these, or any other kingdoms, that they should regulate their conduct by a law, which they themselves do not understand? The commissioners to whom the legislature has intrusted the execution of this law, universally declare, that they do not understand it is it not then impossible for these gentlemen to execute the will of the legislature, if that will has not been made obvious to their minds?

It is universally admitted, that there is no other power in these kingdoms, competent to make laws for the government of the realm, but the King, Lords, and Commons, in Parliament assembled. This union of

the three orders of the state into one governing body, is that which constitutes the great supreme governing principle in every free monarchical government: and as it is this supreme governing principle alone that is competent to enact laws, it is obvious, that none other but this great principle itself can be competent to explain, alter, or repeal any law which it has enacted. For if any individual, or any order or society of men in the state shall arrogate to themselves the power of explaining any law which the legislature has enacted, the power of this great principle must evidently be thereby destroy ed, and the law which it has enacted is no Jonger in force. And those persons, who arrogate to themselves this power of explaining the laws, which have been enacted by the legislature, thereby impose their own arbitrary opinion upon the whole nation as a law, under the pretence, that this explantation is the will of the British legisJature.

These learned ingenious men, having, upon the mere authority of custom, acquired what they deem a prescriptive right to intertere in, and direct the composition of all the revenue laws, that are enacted by the British legislature; they, by rendering these laws dark and unintelligible to the common understandings of men, have thereby acquired a power over the legislature itself, and have been thereby enabled to impose their pwn arbitrary will upon the whole nation as a law. A very few words will be sufficient to prove, that this is truly the present situation of these united kingdoms.

That the law imposing a tax upon the property of all the inhabitants of these kingdoms, has been composed in such an extraordinary marner as to render it perfectly unintelligible, is a truth, in which, I believe, every man, who has read the law, will readily concur. The law having been thus rendered unintelligible to these gentlemen, who were appointed to be the execu tors of it, they could not, as I have already shown, possibly proceed to carry it into execution; and the only thing they could rationally propose, was, to return the act to Parliament, and to desire, that the will of the legislature might be expressed in such plain, intelligible language, as would render it perfectly obvious to their minds. The insurmountable difficulties which occurred to the commissioners in their attempts to execute this law, have, I believe, been the cause why the execution of this act of Parliament has been delayed for so many months beyond the period fixed by the law for the commencement of it.

It has not, however, been deemed necessary to return this unintelligible law back to the legislature, for the purpose of obtaining an explanation of it, in that kind of language which might render its will obvious to the common understandings of all men. Some persons (who they are I know not), have, it seems, arrogated this legislative power to themselves, and have now given a kind of explanation of this unintelligible law, in the way of instructions to the commissioners, who are appointed for the execution of it. Through these commissioners all the rest of mankind are now instructed in what way they are bound to obey it; and this explanation, which these men have now given to this law, they have the confidence to expect all the subjects of these kingdoms should admit to be the will and intention of the legislature, and to yield obedience accordingly.

But I shall, however, now venture to appeal to the common understandings of all men, if these gentlemen, in thus presuming to give an explanation of a British act of Parliament, have not arrogated to themselves that power, which, in the very constitution of our government, is vested in the King, Lords, and Commons, in Parliament assem. bled alone? And, if this explanation, which they have presumed to give of this act of Parliament, is any thing else, but their own arbitrary will and pleasure, which they are now attempting to impose upon the nation as a law?

As these explanations and instructions which these ambitious gentlemen have pre sumed to give to the commissioners appointed to execute this law, are so clearly an unlawful assumption of a power, which they have no right to exercise; I beg leave to submit it to the serious consideration of each of these commissioners; if they can, with any degree of respect for their own characters, or with any regard to the real welfare and interest of the nation, proceed any farther in the execution of these unlaw ful instructions; and, if it be not a duty, which they owe to themselves, to all their fellow.subjects, and even to that supreme governing principle itself, from which alone all the laws of this kingdom can lawfully proceed, to return this unintelligible act back to the legislature itself, in order that it may have an opportunity of explaining its qwn will and intention in that clear and in telligible manner, which may render it per fectly obvious to their minds.

If a committee of Parliament, composed of plain country gentlemen, possessing good common sense only, and who have not made

the study of law their profession, were ap pointed to compose all the laws, which the legislature may find it proper to enact, we might then reasonably expect to find the will of the legislature, expressed in a language that would render it perfectly obvious to the minds of the subjects, who are to obey that law. But so long as these learned gentlemen, who have been bred to the profession of the law, are permitted to interfere in the composition of our written laws, we may be well assured, that they will always endeavour to render the will of the legislature doubtful, because, by these means, they are enabled, as I have already shown, to arrogate to themselves the power of legislation, and also to increase the trade of law. If our legislators would only copy that great example which the Creator himself has set before them in the composition of his own law, a British act of Parliament might in that case frequently be found to require alterations and amendments, but it is impossible that it would ever require any explanation. Every man upon the face of this earth to whom the will of God has been revealed, will feel himself compelled to confess, that it is so clearly expressed in that universal law which he has enacted, that no man who has the proper exercise of his rational faculties can possibly pretend ignorance as an apology for his sins. This clear and distinct knowledge of the will of God every man must admit was absolutely necessary to render mankind accountable to him for their disobedience of this righteous law. For the sake of argument, and with reverence we say, that it would evidently have been an act of injustice and cruelty, even in the Almighty himself, to punish men for the transgression of a law which they did not understand. Must not the supreme government of every nation upon earth be, therefore, guilty of cruelty and injustice in punishing its subjects for transgressing those laws which it has enacted, and in which its will is expressed in such an extraordinary manner as to render it perfectly incomprehensible to their minds?"

There are, I trust, but few men in these kingdoms who will not readily agree with me in opinion, that whenever any of the acts of the British legislature are found to require alterations and amendments, that the old law should be at once repealed, and re-enacted with these alterations and improvements. By these means the subjects would be enabled to acquire a knowledge of the will of the legislature, and consequently of the duty required from them by the perusal of one law only. But these learned gentle

men who are at present permitted to inter fere in the framing of our statute laws by multiplying explanation upon explanation, and amendment upon amendment, the old law still remaining unrepealed, have been thereby enabled so to darken and obscure the will of the legislature, which was, perhaps, clearly enough expressed in the origi nal law, as to render it incomprehensible to the minds of men. In this manner also, they have been enabled to arrogate to themselves the legislative power of explaining the law, and likewise of greatly increasing the trade of law. Of this multiplication of law upon law, we need go no farther back than the last session of Parliament to find examples.

That all mankind are bound by the law of nature itself to contribute, in proportion to their respective abilities, towards the expense necessary for the support of that government, under which they live, cannot be doubted; because it is expressly required by the Creator himself, as a duty incumbent upon all men. This being admitted as a truth, it naturally follows, that the only rational and equal mode of obtaining these necessary supplies for the support of government is, by requiring from every individual. member of the state a certain proportion of that annual revenue which the Creator has been pleased to bestow upon him. And, I believe, it will be admitted by every man who will give himself the trouble to reflect, even but for a few minutes upon the subject, that this simple tax upon income, or upon the annual revenues of each individual member of the state is the only revenue law which ought to exist in every well regulated society. I may with confidence appeal to every man of common understanding, if it would not be equally as beneficial to him (even supposing the present mode of obtaining the supplies for the support of government, by imposing a tax uron the various necessaries and conveniencies of life, were as equally proportioned to each indivi-. dual's annual income as the other, which it certainly is not) to pay the whole of his proportion towards the support of government, perhaps half yearly, or quarterly, under the name of a tax upon his annual revenues, as to pay the same sum annually as an additional price, imposed upon the various necessaries and conveniencies of life, which he finds to be necessary for the maintenance and convenience of himself and his family, under the various names of custom-house, excise, and stamp duties, of land tax, house tax, window tax, servant tax, horse tax, carriage tax, &c. &c. And it must be per

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Cobbett's Political Register, Band 5