it, or which last, is of no consequence to now, continued to take the £.100 a yearing the just reward of their conduct for in bank notes; but now he finds, that those the last twenty-six years. notes are so far from being good and law- Mr. Perceval said, that those who supful money of the realm, that they have ported the Bank Restriction Act in 1797 sunk in value 20 per centum, and that, were inconsistent in not supporting this instead of £.100 he would, in effect, get Bill; and he talked a great deal about the only £.80. If, however, the thing was inconsistency of those who proposed, the likely to stop where it is, he might possi- other day, to continue the Restriction for bly go on receiving paper to the end of two years longer. With these matters, the present leases, when he would take Gentlemen, WE have nothing to do. The care to raise his rent of course; but, the affair is all their own. THEY made the thing is not likely to stop; it goes regu-war that produced the loans that produced. larly on; gold is purchased up; a guinea the paper that produced the run that prosells for 27 s. 6d. And is it not, then, time duced the stoppage of cash payments that for Lord King to begin to protect himself produced the depreciation that produced against this depreciation? JOHN STILES, the sale of guineas and the hoarding and exyou see, suffers no hardship in this, be-portation of them. THEIR work the whole cause he raises the price of his corn and of it is, and which set of them were first at cattle to meet the effects of the depreciation. Suppose, for instance, that the paper has depreciated 20 per centum, or five pounds in every twenty, since 1802; and suppose, that wheat is now 25 pounds a load; consequently, it will require only four loads of wheat to pay £.100 now, but it must have required fire loads to pay £.100 in 1802. But, is it not just and fair, that JOHN STILES should give Lord King as much wheat for his rent in 1811 as he contracted to give him in 1802? If he does not do this, and if the paper go on depreciating, may it not come to pass, that JOHN STILES will not give Lord King more than a bushel of wheat in a year? Aye, may it; and a great deal sooner too The "object of the bill," Mr. Perceval than many persons seem to imagine. said, "was to prevent the establishment of And, because Lord King wishes to avoid" TWO'PRICES, which must be the case this ruin is he to be lumped along with" if Lord King's example were generally jews, pedlars, and smugglers, and are we" followed." Now, you will be so good to be told of the odium attaching to his conduct? However, upon this head, I shall always say, for my part, that the Lords are the best judges of whether they or their tenants are likely to make the best use of the rents; and, if they like to give the rents to the tenants, I know of no one who has any right to find fault with them. They and the other great landowners appear to have abundant confidence in Mr. Perceval, in the Bank, and in the East India Company; and the Clergy appear to have equal confidence in them. Well, then; I really see no good reason that we, the people in general, have to find fault with what is going on. The matter seems, I think, to lie wholly between the land-owners and this little sharp gentleman and his colleagues; and to them I will leave it, being quite satisfied, that the former are now about enjoy as to bear in mind, Gentlemen, that this is, Mr. Perceval says, the object of the Bill; and, I beg you also to bear in mind, that I say, that in this object the Bill will fail. Here we are, then, I and the Minister, foot to foot in opposition. I say his scheme will not prevent the TWO PRICES, I say it will not: he says that such is its object: we shall see who is right. He ought to be; for, I am sure, he is paid money enough for thinking for this most thinking people in the world. He did, however, confess, that it was possible, that this bill might not be efficient; and, what was then to be done? Why, the bank notes, he said, must, in that case, be made a legal tender! Bravo! Come: to't again! Once more, and then comes the maximum!· I always said, that it would be thus. I always said, that the moment any oue put the paper-money to the test, the paper money would be made a legal tender. This Bill it was (but I do not believe it now is) believed would have the same effect; but, if it fail of that effect, then the legal tender is, it seems, to come. They had a maximum in France, in the times of depreciated paper-money. The rulers of that day, finding the assignats depreciate very fast, passed a law to put a stop to the depreciation, which only made them depreciate the faster; and, as the Mr. Perceval says, that this may be assignats were bought and sold, as our bank come necessary. For what, Mr. Perceval? paper now is, they passed another law to What may it become necessary for? Ne- prevent the gold from passing for more cessary to do what, thou Minister of Fi- than its nominal worth and to prevent the nance? Why, you will say, I suppose, to paper to pass for less than its nominal prevent TWO PRICES, and to PRO-worth. This object, though attempted to TECT THE FUNDHOLDER. And, be accomplished by the means of very sedost thou really think; dost thou, a dis-vere penalties, was not accomplished. ciple of the great statesman now no more, There was still a money price and a paper think, in good earnest, that a legal tender price; for, when a man went to market, law would prevent two prices and protect the he pulled out his paper, or his coin; and, fund-holder? Forgive me, but, it is impos- the article was high or low priced accordsible for me to refrain from laughing at ingly. If the thing to be bought was a the idea. You will say, I suppose, that it quarter of mutton, for instance, a crown is "no laughing matter." Cry, then, if piece in silver might be the price; but, if you like, but I will not; nor will any one the payment was to be made with paper, belonging to me. But, how is the legal then the price might be ten pounds or fifty tender to prevent TWO PRICES being pounds, perhaps. The next thing, theremade? An act of parliament, making the fore, was to prohibit the use of coin altogebank notes a legal tender, would cause ther. But, this did not answer the purdebts to be paid in paper; but, it could pose. The assignats still kept depreciatnot make the Butcher or the Baker give ing, and the rate of depreciation kept on their meat or bread for bank notes. They increasing, till at last, it required a hunwould and they must and they will have dred pounds to purchase a pair of common two prices; a money price and a paper shoes; and, this was not at all wonderful; price; and this will become general in for, when once a paper-money is got into spite of every thing that can be done to a state of acknowledged and notorious deoppose it. What protection, then, will the preciation, it always goes on with accelefund-holder, or "public creditor," as he is rated velocity. Well, what was now to be called, to derive from measures like these? done? If it took a hundred pounds to Mr. Perceval supposes a case (of which I purchase a pair of common shoes, what will say more by-and-bye) in which the was the use of collecting taxes in such mofundholder of 6,000l. capital rents a house ney? And what was to become of those of 300l. a year, and says that it would be whose incomes, founded on former conextremely hard, if this man, who is obliged tracts, were paid them in such money to receive his 300l. a year from the go- What was the government to do? Why, vernment in paper, were to be left exposed to fix a price upon all the necessaries of life, to the compulsion of paying his 300l. a and to compel people to sell their goods at year rent in gold. Where is the hardship, those prices. This was done, and all if bank notes are as good as gold? Where Farmers, Bakers, Butchers, and others, is the hardship, if the notes have not de- were compelled to sell their commodities preciated? And these assertions are daily at the same price, in assignats, as they and hourly made. But, to return to the used to sell them at in money, before any Baker and Butcher, for these are the lads assignats were made. The consequence that it will be most difficult to manage; of this was, that those who had corn or what will this fund-holder do with them? meat or other necessaries, did not bring How will Mr. Perceval protect him against them to market; the shop-keepers shut them? Why, to be sure, he will, and in-up their shops, or hid their goods. To deed, consistently, he must, have recourse to maximum. And, it may not be amiss here to explain to you farmers and tradesmen what a maximum means; for, you will find it a matter, in which you are very deeply interested. counteract this, a law was passed to punish monopolists, and every man who kept more corn, meat, or necessaries of any sort, in his house, than was absolutely necessary for the use of his own family, became a monopolist, and, in many cases, such per ? sons were punished with death! This was the last of that series of measures, which was adopted in France during the reign of terror and blood. The guillotine was continually at work to enforce this last measure. The market place in every considerable town reeked with human blood. Hundreds of thousands of innocent country people and shop-keepers perished upon the scaffold and in prison in consequence of the laws made for the purpose of sustaining a depreciated papermoney in France; and, wherever a similar project is attempted to be forced into execution, similar consequences will follow. At last, however, the people of France, unable to endure so hellish a system any longer, put an end to it and to its authors. The paper-money was totally annihilated, and, in a short time, gold and silver came back into circulation. But, in the mean while, what protection did any of these measures give to the man of fixed income, who might be compared to our fundholder? How did he get any protection from any of these measures? Yet, he got full as much as the fund-holder in England will get from this measure of Mr. Perceval, who, though he may, in part, ruin the land-owner, will not, thereby, do the fund-holder the smallest good. The rent of the fund-holder's house is the least article of his yearly expences. His servants, his upholsterer, his butcher, his baker, his haberdasher, his draper, his brewer, his wine-merchant, &c. &c. will all be paid in gold, or in paper upon the principle of TWO PRICES. There is, therefore, no means of protecting the fundholder against these gentlemen, except the maximum. It is useless to talk about it, and for people to attempt to buoy themselves up with a sort of vague notion of the impossibility that an English ministry should ever do what was done by Robespierre. I hope they never will, indeed; but, this I am sure of, that, without doing what was done by Robespierre, they cannot make the fund-holder's income equal in value to gold and silver. This is what Mr. Perceval wishes to do; this is what he calls protecting the fund-holder, and this would be protecting him; but this, I tell him, he cannot do, nor can all the powers on earth do it. To stop where we are is within the scope of possibility. By an immediate stop to the increase of the National Debt and the Dividends; by an immediate stop to all Loans and issues of Exchequer Bills; by an immediate reduction of the Taxes; by such means, immediately adopted, we might stop where we are; but, to restore is impossible. To make the dividends worth their nominal amount in gold and silver is no more possible than it is to bring back yesterday. When I closed my last Letter, I thought that, in this, I should have been able to conclude the discussion; but, the debate in the House of Commons has created new matter, and, as I wish to see the event of the Bill now before that House, before I take my leave of the subject, I must defer the conclusion till next week. In the mean while, I remain, Gentlemen, THE WAR. - Dispatch from Lord Wellington, June 6th. (Concluded from p. 32.) Notwithstanding that these works have been carried on with great rapidity, I am happy to say they are themselves so com plete, and the communication from one to the other so well assured, that our loss hitherto throughout the siege has been very small. I am sorry to say that Lieutenant Hawker of the Royal Artillery, an Officer who has distinguished himself in these operations, was killed this morning. The enemy have hitherto made no movement to disturb our operations; but I understand that three battalions were moved from the blockade of Cadiz in the last days of May; and I have received a report, that the battalions of the 9th corps, destined to reinforce the Army of the South, were to arrive at Cordova on the 5th or 6th of this month. The Army of Portugal likewise broke. up from the Tormes on the 3d instant, and their first march was in the direction of the passage of the Tagus. I have received a letter from Mr. Wellesley of the 1st instant, from which 1. learn that General Suchet had invested Tarragona.-I have, &c. (Signed) Wellington, SPAIN.-Marshal Beresford to his Army. Albuera, 31st May, 1811. for the share it had in the success of that Lieut.-Col. Sir W. Myers, and thanks it day; he gives his particular thanks to Lieut.-Gen. Alten, and the light brigade of the King's German Legion, under his orders. The dispositions of the General, and the conduct of the officers and soldiers, were every thing his Excellency could wish. Major-General Hamilton and the Portuguese troops merit every praise; discipline was all that their natural valour required to place them on a level with the best troops, to which class they now actually belong. Great praise is due to Brigadier General Harvey, and the bri His Excellency the Marshal, having on the 17th published an order, thanking the troops for their good conduct in defeating and repulsing the enemy in the battle of the 16th, could not help directing himself in particular to the British and Portuguese troops, who more immediately served under his orders on that day, which conferred such honour on all the troops that took part in it.The Marshal almost finds himself necessitated to limit himself to generally thanking the officers and soldiers, seeing how difficult it is to make distinc-gade under his command, for its conduct, tions, when all, and each one in particular, well and nobly conducted himself. His Excellency can only applaud and give thanks to all the corps of Cavalry, Artillery, and Infantry, that were under his command in that battle, in which the honour of their respective countries was nobly maintained. Valour was seconded by discipline, and victory was the result. The Marshal acknowledges his thanks to be especially due to Major-General Cole; and considers that Major-Gen. the Hon. W. Stewart, by his very great services, contributed greatly to the fortunate success of that day; his Excellency begs him to accept his thanks.--The Marshal feels the misfortune which befel the first brigade of the 2nd division, it was gallantly engaged under its valourous Commandant, in using that truly British weapon the bayonet; but in that moment it was attacked in the rear by the enemy's cavalry, whose approach, in consequence of the heavy rain and bad state of the atmosphere, was not perceived, and all their efforts rendered abortive. His Excellency is satisfied with this brigade; the 2d and 3d brigades of the same division, particularly merit the thanks of the Marshal, who joins in the sentiments of sorrow, caused to all the officers and soldiers, by the loss which they have suffered in officers and soldiers, and particularly by the death of Major Gen. Houghton, and Lieut. Col. Duckworth: it will console them to know, that they rest in the tomb of honour, dying in the most noble of causes, and were fully revenged by the soldiers who survived them. Colonel Inglis, of the 57th, Lieut.-Col. Abercrombie, and Major L'Estrange, likewise deserve to be particularized in the Marshal's thanks. His Excellency laments with the Fuzileer Brigade, the loss of its valiant Commander, and the firmness with which it repulsed the attack of the French cavalry. The Marshal also renders his thanks to the brigades of Brigadier General Tonseau, and Brigadier General Campbell, as also to the brigade of Colonel Collins, and he feels with the utmost regret the misfortune which befel the latter officer.-The Marshal likewise gives his thanks to Major-General the Honourable William Lumley; for the able manner in which he manoeuvred the allied cavalry against the much superior number by which he was opposed, preventing the enemy from obtaining his object. The officers and soldiers of the cavalry have an equal right to the thanks of the Marshal for their firm deportment, which overawed the enemy, and prevented him, notwithstanding his superiority, from attempting any thing against it. The Marshal must also speak with praise of Brigadier-General Long, and the Hon. Colonel Gray, for the part which they took in directing the cavalry; as also of Colonel Otway, for the dispositions which he made to cover the left of the line. Major Hostaman, Major Dixon, and the officers and soldiers of the British, Germans, and Portuguese artillery, deserve the greatest praise, and the Marshal accordingly gives them his thanks.-The Marshal well knows that every officer and soldier deserves to be named in particular, the conduct of all has been most valiant and noble, and never were given greater proofs of brilliant British valour. The Portuguese also shewed, that in the field of battle they are capable of emulating the allies whom they love.-The Marshal gives his thanks to all the officers of his Staff, and particu larly to Brigadier-General D'Urban, Quarter-master-general of the army, who so much contributed to the success of the day; to Brigadier-General Mozinho, Lieutenant-Colonel Rook, Lieutenant-Co lonel Harding, and to the officers of the Deputy and Adjutant-General and Quarter-Master-General. He likewise gives his thanks to Brig.-Gen. Leriers, and to the officers of the present Staff of his Excellency, for the, aid which he received from them.-Soldiers, you have fought, and reduced to shameful flight, a haughty and tain-glorious enemy, and covered yourselves wuh true glory. The victories which the British troops have gained over the enemy are as many as the battles they have fought. (Signed) Rook, T, C. A. G. SPAIN.--The Duke of Dalmatia to his real invaders of Portugal and Spain.That people now see their error, but too late. They now know their friends, and would willingly stretch forth the hand of peace, but it is withered by the machinations of England.Let us then, my coun trymen, avenge their cause. Let us be the advocates of the oppressed, not by words but by deeds. Already we are in a situation to meet the English, if they dare to accept our defiance. They will not while they can avoid it; but it will soon be out of their power to refuse; and they shrink in vain from that blow, which they have neither the strength to meet, nor the resolution to oppose. Marshal Duke of DALMATIA." SPAIN AND PORTUGAL.-Extract of a Dispatch from Lord Viscount Talavera to the Earl of Liverpool, dated, Quinta de Granicha, 13th June, 1811, gwing an Account of the raising of the Siege of Badajoz; and inclosing a Copy of a Letter from General Spencer, giving an Account of his evacuation of Almeida.-Published in London, 6th July, 1811. 1 army, 9th June, 1811. "Fellow Soldiers !-A month has not elapsed since your arms were crowned with triumph on the plains of Albuera, and since the enemy trembled at the thunder of your artillery. Discomfited they fled, and left their cannon and their standards in your possession. Soon you shall have another opportunity of displaying your valour, if the English will venture to give it you, and, with another glo- In consequence of a report from the rious and decisive victory, you shall ter- Chief Engineer, Lieut.-Colonel Fletcher, minate the war in the Peninsula Bada- that the fire from St. Christoval might ocjoz, besieged on every side; bombarded casion the loss of many lives in the opera without intermission during twelve suc- tions on the left of the Guadiana, and the cessive days and nights, and surrounded breach in that out-work having been apby enemies for nearly two months, has parently much improved by the fire bravely resisted every effort-still will throughout the oth, I directed that an atthe noble garrison disappoint the inten-tempt might be made to carry St.. Chris......... tions of the foe, and reply to their sum- toval by storm that night. Major-Gene.. monses from the mouth of the cannon, re- ral Houstoun, who conducted the opera turning defiance for the empty threats of tions of the siege on the right of the Gua the assailants. Marshal Beresford and all diana, accordingly ordered a detachment bis Portuguese were unequal to accom- under Major Mackintosh, of the 85th regi-. plish its fall. The aid of the Britishment, to make the attempt. The men ad... Commander in Chief will also be ineffectual, and if by delays, retreats, and manœuvres of every kind, they may avert the blow for a time, yet it must and shall fall, and with such a weight as to crush our opponents.-Comrades, in this conflict the British are not the greatest sufferers? No. It is the unhappy Portuguese nation that is borne down by the burden of affliction. A people whom the Emperor wishes to make truly happy-a people possessing within themselves ail means of felicity-a people who wish to retain those blessings?but a people deceived, betrayed, insulted, ruined, and trampled upon-not by us who are miscalled invaders, but by the English, the vanced under a very heavy fire of mus- The ་ |