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last Letter, namely, the reason for the alarm of the Government at the prospect of seeing Lord King's example followed.

I spoke of the TWO PRICES before; but, let me say a few more words upon that very interesting part of our subject. Two Prices have always proved the death of paper-money. In this case it would have been the same, and, in the end, it will still be the same; for, the Bill of Lord Stanhope can do no more than retard the event for six or nine months; and mind, I tell you this with as much confidence as would venture to foretel the arrival of Christmas day. I do not say, that the event will come in six or nine months; but, I say, that this Bill will not keep it off for a greater length of time than that. If TWO PRICES were generally made, we should see the gold and silver back into circulation immediately; but, none of it could get to the Bank, because no man would pay his TAXES in gold and silver. Consequently the fund-holder and the government would be paid in paper, while gold and silver would be circulating amongst all the rest of the community. As soon as there are two prices, the paper must depreciate at an enormous rate; and, as the government would have to pay its contractors and others whose pay was not fixed, in this depreciated paper, it must have a greater quantity of that paper, and it must come from the Bank. It is so easy to see how this must work; how rapidly it must go on; how soon it must render the paper worth little more than its weight in rags; all this is so easy to see, that I will not suppose any one of you so very dull as not to perceive it.

The government, with nothing but paper at its command, would soon begin to feel somewhat like a person who has taken a powerful emetic. The big round drops of sweat would stand upon its forehead; its knees would knock together; it would look pale as a ghost; an universal feebleness would seize it. That is to say, all this would take place, if the government persevered in the Pitt system, and that it would do so, who can doubt after what we have seen during the last twenty years. If the TWO PRICES were openly made, and became general, as they, in all probability, would, in the course of six or eight months, the paper would fall so low as that 5, or, perhaps, 10 shillings would be required to

purchase a quartern loaf. How, then, would the government, who would get nothing but paper, make shift to pay its way? The Generals and Judges and others, having a fixed pay, would, indeed, still be paid as they were before, and, of course, the government would lose nothing by taking paper as far as this description of expence went; for, you will observe, that I hold it to be impossible, that the parties I have just mentioned, namely, the Generals, the Judges, the Tax-Commissioners, and the like; I hold it to be impossible, that these men should not all of them be excessively happy to take the paper-money, though at a hundred for one, seeing that the greater the degree of depreciation, the finer the opportunity for them to give proofs of their devotion to public credit. But, though my Lords the Judges and Lord Arden and Lord Buckinghamshire and Lord Liverpool and Lord Bathurst and the Marquis of Buckingham and Lord Camden and Old George Rose and Mr. Canning and my neighbour the Apothecary General and Lord Kenyon and Lady Louisa Paget, and, indeed, the hundreds of those who have fixed sums paid them by the government out of money raised upon the people, whe ther in the shape of salary, sinecure, or pension; though all these persons would, I dare say, from motives of public spirit, cheerfully continue to take the paper till a pound of it would not purchase a pinch of snuff; still, there would be some things and some services that must be paid for in money, or they would not be obtained. Beef and Pork and Biscuit could not be bought without real money. These are commodities that do not move without an equivalent. Whether the soldiers would be paid, under such circumstances, in paper so much reduced in value, I shall not pretend to say, and will leave the point to be settled by those who have lately said so much about this useful and numerous class of active citizens. But, one thing is certain: that THEY must be paid in a kind of money that will purchase eatables. They have bargained to receive a certain sum per day; and, if the same should not purchase half so much beer or beef as it does now, the bargain will not be so good an one as it is now; though, observe, I am not supposing, that there would not be found public spirit enough. amongst the soldiers to make them take the paper in preference to the gold. At any rate, this is a matter which belongs

exclusively to those who have the management of our affairs, and who are paid very well for such management.

It would be useless to extend our remarks here. It is as clear as day-light, that, whenever TWO PRICES shall be generally established, the death of the paper is at hand, and, indeed, the death of the funding system; because, owing to the rapidity of the depreciation, the fundholders, our poor friend GRIZZLE GREENHORN and all the rest of them, would soon be in the situation described by Mr. HORNE TOOKE, in the passage taken for my motto; that is to say, a hundred pounds of their stock would yield them a couple or three quartern loaves in the year; and, it is within the compass of possibility, that many persons, who now are enabled to ride in their coaches by incomes derived from the funds, may end their days as paupers or beggars. In In short, it is quite impossible for any man of common sense not to perceive, that the establishment of TWO PRICES would put an end, in a short time, not only to the property of the fund-holders, but to the sinecures and pensions, and also to great numbers of other emoluments derived from the public revenue. Put an end to all for a time at least, and subjecting them to an after revision.

If we are of opinion, that this effect would have been produced by the example of Lord King being followed, there is, I think, little room for wonder, that the ministers were alarmed at the prospect. I know it will be said, and with perfect truth, that the same effect will be produced by Lord Stanhope's Bill; but, supposing it to be produced full as soon by the Bill, it does not follow, that the ministers perceive that. On the contrary, it would seem, that they do not perceive it at all; and, it is evident, that they have a sort of vague notion, that the Bill will stay the depreciation. I am convinced that it will not; I am convinced, that it will hasten the depreciation, and though not quite so fast as the example of Lord King would, still that, in the end, the effect will be the same. But, the ministers could, in the one case, see the effect: in the other they appear not to have seen it; and, this is quite sufficient to account for their giving their support to the Bill.

I said before, Gentlemen, that this Bill

was the first of a series of measures, the object of which would be to keep up the paper by the force of law. This seems to be the opinion of all those who have opposed it in the House of Peers: that it is merely a step in the old beaten path of keeping up by the arm of power a depreciated paper-currency. This course has been before pursued, in other countries, and it has, in every part of the world, led to the same end: the total destruction of the paper. Each of the Colonies, now moulded into an united nation in America, had its debt, its paper-money, its legal tenders, and its public bankruptcy, before their separation from England, and even before the revolutionary quarrel began. But, it was in France, where the thing was performed upon a grand scale; and, by taking a view somewhat more close than we have hitherto done, of the progress of the measures in France, we shall be able more correctly to judge of the tendency of what is now going on here.

There are divers histories of what was done in France, relative to the assignats ; but, I choose to take for my authority one of the present Ministers, the MARQUIS WELLESLEY, who, when he was LORD MORNINGTON, made a speech in the House of Commons, which was afterwards published in a pamphlet, or rather book, in which he gave an account of all the pranks played with the assignats in France, up to the time of his making the speech, which was on the 21st of January, 1794, just three years and a month before the then ministry, whom he supported, issued an Order in Council to protect the Bank of England against the demands of cash for

their notes.

In this memorable speech, manifestly drawn up for the purpose of exciting horror in the people of England at the wickedness of the French Rulers relative to the assignats, and also to make the people believe, that the state of the assignats must prove the overthrow of France; in this memorable speech, not only facts are stated, but principles and maxims of finance are laid down. We will take a cursory view of them all; for time, which tries every thing, has now brought us into a state to judge correctly of those facts, principles, and maxims.

Lord Wellesley told the House of Com mons, that the rulers of France were very

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wicked, but that they were not less foolish than wicked; that their ignorance was, at least, equal to their villainy, though the latter was surprizingly great. He said, that, "the French Revolutionary Govern"ment, in order to supply an extrava"gant expenditure, had recourse, at first, "to increasing the mass of paper-money; "and, that they declared, that they had " no other means of sustaining the pressure of "the war, than by the creation of an addi"tional quantity of assignats." There is, then, nothing original in the declarations of Lord Liverpool and Perceval and Rose. Nothing new in their recent assertions, that it was the paper-money that enabled them to provide for the defence of the kingdom, to make such great exertions against the enemy of the human race," to gain such victories in Spain and Portugal, and to add such glories to the English name! This was all very fine and full of comfort; but, as you now see, Gentlemen, there was nothing new in it. The same thing had been said before by the revolutionary rulers of France; the same thing had been said by Danton and Robespierre and their associates in praise of the revolutionary money of France.

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them, as Lord Wellesley said in his speech, revolutionary money; their Chancellor of the Exchequer said that it was a happy thing for the people to have Republican assignats instead of pieces of metal bearing the effigy of tyrants; that the whole nation despised the corrupting metals, and that he would soon find a way of driving back the vile dung into the bowels of the earth. In another part of his speech Lord Wellesley tells us, that people were imprisoned and punished for their contempt of assignats.

Nevertheless, the people of France had, it seems, still an unnatural hankering after gold and silver in preference to assignats; and, they did in fact, make TWO PRICES; the consequence of which was an enormous rise in the price of all the necessaries of life, the proprietors of which were reviled as enemies of the country, and, as such, many hundreds of them were put to death. This, however, was not sufficient to put a stop to the rise of prices, and, indeed, did not check it at all. Then came the law of MAXIMUM (as it will in England if the present course be pursued), fixing the highest price at which any of the necessaries of life should be sold, and at which men should work and render The Ministers have frequently denied, their services. This terrible law, lord that the coin of the country is, or ought to Wellesley tells us, had nearly starved the be, the standard of value. Rose and Lord whole nation; for the farmers would not Westmoreland and several others of them bring their produce to market, and tradeshave denied, that the Bank notes ought to men kept their goods locked up. Then, be looked upon as depreciated, merely be- he tells us, that these persons were pursued cause they would not go for the same quan- as monopolists; and thus, said lord Weltity of gold as formerly; and the hireling lesley, "every farmer whose barns and grawriters have taken infinite pains to decry" naries are not empty; every merchant and run down the gold and silver coin." and tradesman whose warehouse or shop One of them calls guineas an encumbrance; "is not entirely unprovided with goods, another says that gold and silver are "must be subject to the charge of monomerely articles of traffick, and that the Bank" poly. This crime is punished differently, notes are the only money fitting the coun- according to the enormity of the case; try; another has said, that, were it not for "but, most frequently the punishment is the National Debt, the patronage, and the "death." So that it is time for farmers paper money, the government could have no and tradesmen to look about them, and existence, and that the Bank notes offer to especially the farmers; who, if they do the government a most indestructible sup- not already see the danger of their landport, because they make the daily bread of lord's property being withheld from him, every individual depend upon the government; will, perhaps, be more clear-sighted when and, another has said, that Bank paper is their own natural fate is pointed out. the best bond of individual and public se- They hear LORD KING accused of black curity, and the only medium of currency to malignity; they hear him charged with suit and exert the energies of an insular and selfishness; they hear him classed along with commercial people! pedlars and Jews. This was, as lord Wellesley tells us, precisely the language which Danton and Robespierre and their underlings made use of towards the people of property in France, who had a

What a similarity between this language and the language of the Rulers of France in favour of their assignats! They called

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" contempt for assignats." They were accused of incivism; they were called egotists, and were, in almost the very words in which LORD KING is now arraigned by the COURIER, told that they "committed "a robbery against the RIGHTS OF SO"CIETY"! And, this is what the people of England are told, observe, after eighteen years of war, after eighteen years of blood and taxation, in order, as they were promised, to preserve their country from what they saw going on in France!

"But, our paper is at par," say some of the PITTITES still; "Our paper is no "depreciated." So they said in France. Yes, said lord WELLESLEY, "the French "minister of Finance has boasted, that "his assignats are at par; but, the laws "which have been passed for punishing "with long imprisonment any person who "takes, gives, or offers assignats under "par, sufficiently account for this circum"stance." Good God! It would really seem, that every saying is to come home to us; that upon our devoted heads are to be visited all that was felt, and, which is more, perhaps, all that was, by our rulers, said to be felt by the people of France; aye, it really would seem, that all, that all, to the very letter, is now to come home to the people of England, who were led to build their hopes of success and of safety upon the ruin of the people, or at least, the government, of France! This very bill now under discussion, will impose a penalty, whether of imprisonment or not I do not yet know, upon any person, who takes, or gives, or offers, bank notes, under par. The prohibition was made in the Lords, and the Minister has said, that he means to add the penalty!

"hold public credit, of every description, "rising under all the disadvantages of a "general war; an ample revenue, flowing "freely and copiously from the opulence of a contented people."

Gentlemen, read this with attention; and, when you have so done, draw yourselves the contrast which the situation of England now presents with that of France! It is a fact perfectly notorious, that there is no such thing as paper-money in France; it is also notorious, that not only does France abound in gold coin, but that the coin of this country, the guineas of England, are now gone and are daily going to France; aye, to that same country, which was to be ruined and overcome and subdued by the failure of its finances! This speech of Lord Wellesley, and all the numerous other speeches of the same description, were intended for the purpose of gaining the people's concurrence to the prosecution of the Anti-jacobin war, which war, by adding five hundred millions sterling to our Debt, has produced the fruit of which we are now about to taste. Year after year the same means were made use of for the same purpose, and with similar success. At the opening of the Session of Parliament, in October, 1796, PITT himself told the Honourable House, that, in his conscience, he believed, that, with finances so dilapidated, the French would not be able to stand out another campaign! "This DEPRECIA"TION of the Assignats," said he," is so "severely felt, that it has been repeatedly "admitted, that means must be found to " employ resources less wasteful. This

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principle has been recognized by every "financier or statesman. Even at the pe"riod when the depreciation was only one "half, it was declared, that, unless some

"would be unable to maintain their ar"mies. Months have since elapsed, and 66 по substitute has been employed. Re"sources thus strained to their utmost pitch, " and incapable of any renovation, must have "in themselves the seeds of decay, and the "cause of inevitable dissolution.”

Let us new look, then, at the contrast," immediate remedy was applied, they which Lord WELLESLEY drew, upon that memorable occasion, between the situation of England and that of France. "From "this disgusting scene," said he, " let us "turn our eyes to our own situation. Here "the contrast is striking in all its parts. "Here we see nothing of the character "and genius of ARBITRARY FINANCE; "none of the bold frauds of bankrupt "power; none of the wild struggles and plunges of despotism in distress; no lop"ping off from the capital of the debt; no "suspension of interest: no robbery under "the name of loan, NO RAISING THE "VALUE, no DEBASING THE SUB« STANCE of THE COIN. Here we be

This, Gentlemen, was PITT's reasoning as applied to France. Little did that presumptuous and shallow man dream, that, in less than four months from that very day, he was doomed to come into that same House of Commons, and from the same spot where he then stood, announce that the Bank of England was no longer able to

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pay its notes in the coin of the realm, and Mr. Perceval (I have the report of his that he had been guilty of a violation of speech as given in the COURIER) began by the law in issuing an Order of Council to stating his reasons for having come round guarantee the Bank Company against to the support of Lord Stanhope's Bill, the consequences of refusing to pay the after having, at first, disapproved of it. debts due to their creditors! But, as if this He says, that he, at first, thought it unnewere not enough, he must, in the speech | cessary, because he did not think, that any just referred to, comment upon certain body would follow the example of Lord metallic money then, it was said, about to King; but, that finding that it was likely, be issued in France. "Metallic pieces," that the example would be followed, he said he," are, it seems, to be put in circu- then thought it necessary to support the "lation; but it is not said, whether these bill. Thus, then, at any rate, it has been are to be of the DENOMINATED one individual who has caused this bill; "VALUE: if not so, they are only ME- the bill is made for the purpose of pre"TALLIC ASSIGNATS!" Yet this same venting that individual and others from minister, who has been impudently called obtaining in payment of rent what the "the great Statesman now no more," had, law now authorizes them to demand; it is in a short time afterwards, to propose to a bill, in fact, which, against the will of this same House of Commons, to sanction one of the parties at least, alters contracts the issuing of Dollars at 4s. and 9d. the real made years ago. Yes, says Mr. Perceval, value of which was 4s. 44d.; he lived long it does so; but, the same was done in 1797! enough to propose to the same House of That is the answer. Because the thing Commons, to give its sanction to an issue was done by Pitt, he may do it! He of dollars at 5s.; if he had lived till now, said, that, until now, this preference for (I always regret that he did not!) he coin before paper had been shown by would have seen the Dollar at 5s. 6d. And, none but Pedlars, Jews, and Smugglers ; what he would have seen it at, if he had and, in speaking, afterwards, about the lived till a few years hence, I must leave possibility of the Bill being inefficient, TIME, the trier of all things, the rewarder and a legal tender being necessary, he of all good deeds, and the avenger of all in- said, that he did, however, "hope, that the juries, to say. "ODIUM attaching to the conduct which I gave rise to this Bill, WOULD PREYou will now be able to judge how far" VENT OTHERS FROM FOLLOWour situation, in respect to paper-money," ING THE EXAMPLE.” These are resembles that of France at the time when the revolutionary rulers of that country were endeavouring to keep up the Assignats by the arm of the law, by the ter rors of the jail and the guillotine. Mr. PERCEVAL says that there is no resemblance whatever between the bank notes and the assignats. I shall shew you, that Mr. Perceval is deceived; that he does not understand this matter; and that, if he had read the works of PAINE, at the time when his colleague Lord Eldon (then Attorney General) was prosecuting the author, he would not have hazarded any such assertion.

But, we must now take a look at the whole of this speech of Mr. Perceval. I mean his speech in the House of Commons, on Tuesday last, the 9th instant, upon the first reading of Lord Stanhope's Bill in the House of Commons. This Speech will be a memorable one. The child yet unborn will have cause to think of this speech, and of the series of measures, of which, as appears to me, it is the Necessary forerunner.

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memorable words, especially considering from whom they came. Aye, aye! I' know well what workings of mind there must have been before they were uttered. I would not have such workings in my mind for ten times the worth of the reversion of Lord Arden's sinecure. Oh! a time is coming, when all these things will be seen and felt as they ought to be.

But, let us return to this memorable expression: "the ODIUM!" A man, then, is, it seems, to incur odium if he demand his due; his due in equity as well as in law! Gentlemen, you are, for the most part, tenants; but, take care how you suffer yourselves to be led to wish for any advantage from this Bill, which will most assuredly operate, in the end, to your injury, and perhaps, to your utter ruin. Let me explain to you, a little more fully than I have hitherto done, the nature of Lord King's demand upon his tenants. He let a farm, for instance, in 1802, to JOHN STILES for £.100 a year, in good and lawful money of the realm. He has, until

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