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now, continued to take the £.100 a year, ing 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. 6 d. 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 eryou 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 deprecia- it, or which last, is of no consequence to tion.
Suppose, for instance, that the us. They have it all amongst them. They paper has depreciated 20 per centum, or chose the grounds of war, and the time for five pounds in every twenty, since 1802; beginning; they put down all those who and suppose, that wheat is now 25 pounds opposed them; they have been, for 26 a load; consequently, it will require only years, the rulers of the country and the four loads of wheat to pay £.100 now, masters of all its resources.
One set, but it must have required five loads to pay therefore, is, and ought to be, just the £.100 in 1802: But, is it not just and same as the other in the eyes of the peufair, that DAN STiles should give Lord ple. Let them settle the matter of preKing as much wheat for his rent in 1811 cedence between them; let them bait as he contracted to give him in 1802: one another as long as they please ; but If he does not do this, and if the paper go let not .us be, by such baiting, amused on depreciating, may it not come to pass, and drawn away from the great points at that Joan Stiles will not give Lord King issue. more than a brishel 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 as to bear in mind, Gentlemen, that this conduct? However, upon this head, I is, Mr. Perceval says, the object of the Bill; shall always say, for my part, that the and, I beg you also to bear in mind, that Lords are the best judges of whether they I say, that in this object the Bill will fail. or their tenants are likely to make the Here we are, then, I and the Minister, best use of the rents; and, if they like to foot to foot in opposition. I say his scheme give the rents to the tenants, I know of no will not prevent the TWO ÞRICES. I one who has any right to find fault with say it will not: he says that such is its them. They and the other great land- object: we shall see who is right. He owners' appear to have abundant conf. ought to be; for, I am sure, he is paid dence in Mr. Perceval; in the Bank, and money enough for thinking for this most in the East India Company; and the thinking people in the world. He did, Clergy appear to have equal confidence in however, confess, that it was possible, that them. Well, then; I really see no good this bill might not be efficient; and, what reason that we, the people in general, was then to be done? Why, the bank have to find fault with what is going on. notes, he said, must, in that case, be made The matter seems, I think, to lie wholly a legal tender! Bravo! Come : to't again! between the land owners and this little Once more, and then comes the marimum! sharp gentleman and his colleagues ; and I always said, that it would be 'thus. I to them I will leave it, being quite satis- always said, that the moment any oue put fied, that the former are now about enjoy- the paper-money to the text, the paper
money would be made a legal tender. They had a maximum in France, in the This Bill it was (but I do not believe it times of depreciated paper-money. The now is) believed would have the same ef- rulers of that day, finding the assignats fect; but, if it fail of that effect, then the depreciate very fast, passed a law to put a legal tender is, it seems, to come. 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 accordgible 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 potes a legal tender, would cause ther. But, this did not answer the pardebts 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 ruted 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 turcs in such mofundholder of 6,0001. capital rents a house ney? And what was to become of those of 3001. a year, and says that it would be whose incomes, founded on former conertremely 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 3001. 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, lie must, have recourse counteract this, a law was passed to punish to maximum. And, it may not be amiss monopolists, and every man who kepi more here to explain to you farmers and trudes- corn, meat, or necessaries of any sort, in men what a muximum means; for, you will his house, than was absolutely necessary find it a matter, in which you are very for the use of his own family, became a deeply interested.
monopolist, and, in many cases, such per
sons were punished with death! This was such means, immediately adopted, we might the last of that series of measures, which stop where we are ; but, to restore is imposwas adopted in France during the reign sible. To make the dividends worth of terror and blood. The guillotine was their nominal amount in gold and silver is continually at work to enforce this last no more possible than it is to bring back measure. The market place in every yesterday. considerable town reeked with human blood. Hundreds of thousands of inno. When I closed my last Letter, I thought cent country people and shop-keepers that, in this, I should have been able to perished upon the scaffold and in prison conclude the discussion; but, the debate in consequence of the laws made for the in the House of Commons has created new purpose of sustaining a depreciated paper- matier, and, as I wish to see the event of money in France ; and, wherever a similar the Bill now before that House, before I project is attempted to be forced into exe. take my leave of the subject, I must defer cution, similar consequences will follow. the conclusion till next week.
In the mean while, At last, however, the people of France,
I remain, Gentlemen, unable to endure so hellish a system any longer, put an end to it and to its authors.
Your friend, The paper-money was totally annihilated,
WM, COBBETT. and, in a short time, gold and silver came State Prison, Newgate, back into circulation. But, in the mean Friday, 12th July, 1811. while, what protection did any of these measures give to the man of fired income, who might be compared to our fund holder? How did he get any protection from any of
OFFICIAL PAPERS. these measures? Yet, he full as much as the fund-holder in England will get from PORTUGAL.-THE WAR. - Dispatch from this measure of Mr. Perceval, who, though
Lord Wellington, June 6th. he may, in part, ruin the land-owner, will
(Concluded from p. 32.) not, thereby, do the fund-holder the smallest good. The rent of the fund-holder's house is Notwithstanding that these works have the least article of his yearly expences. been carried on with great rapidity, I am His servants, his upholsterer, his butcher, happy to say they are themselves so com his baker, his haberdasher, his draper, his plete, and the communication from one to brewer, his wine-merchant, &c. &c. will the other so well assured, that our loss all be paid in gold, or in paper upon the hitherto throughout the siege' has been principle of TWO PRICES. There is, very small. I am sorry to say that therefore, no means of protecting the fund- Lieutenant Hawker of the Royal Artillery, holder against these gentlemen, except the an Officer who has distinguished himself marimun. It is useless to talk about it, and in these operations, was killed this morning. for people to attempt to buoy themselves The enemy have hitherto made no up with a sort of vague notion of the im- movement to disturb our operations; but possibility that an English ministry should I understand that three battalions were ever do what was done by Robespierre. I moved from the blockade of Cadiz in the hope they never will, indeed ; but, this I last'days of May; and I have received a am sure of, that, without doing what was report, that the battalions of the 9th corps, done by Robespierre, they cannot make destined to reinforce the Army of the the fund-holder's income equal in value to South, were to arrive at Cordova on the gold and silver. This is what Mr. Perce. | 5th or 6th of this month.. val wishes to do; this is what he calls The Army of Portugal likewise broke protecting the fund-holder, and this would up from the Tormes on the 3d instant, be protecting him ; but this, I tell him, he and their first march was in the direction cannot do, nor can all the powers on earth of the passage of the Tagus. do it. To stop where we are is within the I have received a letter from Mr. Wel. scope of possibility. By an immediate stop lesley of the 1st instant, from which I. to the increase of the National Debt and learn that General Suchet had invested the Dividends; by an immediate stop to Tarragona.--I have, &c. all Loans and issues of Exchequer Bills; by
(Signed) WELLINGTON, an immediate reduction of the Taxes ; by
SPAIN.Marshal Beresford to his Army.
Lieut.-Col. Sir W. Myers, and thanks it
for the share it had in the success of that Albuera, 31st May, 1811.
day; he gives his particular thanks to His Excellevcy the Marshal, baving on Lieut.-Gen. Alten, and the light brigade the 17th published an order, thanking the of the King's German Legion, under his troops for their good conduct in defeating orders. The dispositions of the General, and repulsing the enemy in the battle of and the conduct of the officers and soldiers, the 16th, could not help directing himself were every thing his Excellency could in particular to the British and Portuguese wish. Major-General Hamilton and the troops, who more immediately served Portuguese troops merit every praise; under his orders on that day, which con discipline was all that their natural valour ferred such honour'on all the troops that required to place them on a level with the took part in it. The Marshal almost finds best troops, to which class they now achimself necessitated to limit himself to ge- tually belong. Great praise is due to nerally thanking the officers and soldiers, Brigadier General Harvey, and the bri. seeing how difficult it is to make distinc- gade under his command, for its conduct, tions, when all, and each one in particu- and the firmness with which it repulsed lar, well and nobly conducted himself. the attack of the French cavalry. The His Excellency can only applaud and Marshal also renders his thanks to the give thanks to all the corps of Cavalry, brigades of Brigadier General Tonseau, Artillery, and Infantry, that were under and Brigadier General Campbell, as also his command in that battle, in which the to the brigade of Colonel Collins, and be honour of their respective countries was feels with the utmost regret the misfornobly maintained. Valour was seconded tune which befel the latter officer.-The by discipline, and victory was the result. Marshal likewise gives his thanks to
The Marshal acknowledges his thanks Major-General the Honourable William to be especially due to Major-General Lumley, for the able manner in which he Cole; and considers that Major-Gen. the nanæuvred the allied cavalry against the Hon. W. Stewart, by his very great ser much superior number by which he was vices, contributed greatly to the fortunate opposed, preventing the enemy from obsuccess of that day ; his Excellency begs taining his object. The officers and solhim to accept his thanks.-- The Marshal diers of the cavalry have an equal right feels the misfortune which befel the first to the thanks of the Marshal for their brigade of the 2nd division, it was gal- firm deportment, which overawed the Jantly engaged under its valourous Com. enemy, and prevented him, notwithstandmandant, in using that truly British wea-ing his superiority, from attempting any pon the bayonet; but in that moment it thing against it. The Marshal must also was attacked in the rear by the enemy's speak with praise of Brigadier-General cavalry, whose approach, in consequence Long, and the Hon. Colonel Gray, for the of the heavy rain and bad state of the at- part which they took in directing the camosphere, was not perceived, and all their valry; as also of Colonel Otway, for the efforts rendered abortive. His Excellency dispositions which he made to cover the is satisfied with this brigade; the 20 and left of the line. Major Hostaman, Major 3d brigades of the same division, particu- Dixon, and the officers and soldiers of the larly merit the thanks of the Marshal, British, Germans, and Portuguese 'artilwho joins in the sentiments of sorrow, lery, deserve the greatest praise, and the caused to all the officers and soldiers, by Marshal accordingly gives them his the loss which they have suffered in offi. thanks.---The Marshal well knows that cers and soldiers, and particularly by the every officer and soldier deserves to be death of Major Gen. Houghton, and Lieut. named in particular, the conduct of all has Col. Duckworth: it will console them to been 'mosi valiant and noble, and never“ know, that they rest in the tomb of were given greater 'proofs of brilliant honour, dying in the most noble of causes, British valour. The Portuguese 'also and were fully revenged by the soldiers shewed, that in the field of battle they are who survived them. Colonel Inglis, of capable of emulating the allies whom they the 57th, Lieut. Col. Abercrombie, and love.-The Marshal gives his thanks to Major L'Estrange, likewise deserve to be a!! the officers of his Staff, and particuparticularized in the Marshal's thauks. larly to Brigadier-General D’Urban, His Excellency laments with the Fuzileer Quarter-uiaster-general of the army, who Brigade, the loss of its valiant Commander, so much contributed in the success of the
day; to Brigadier-General Mozinho, real invaders of Portugal and Spain. Lieutenant-Colonel Rook, Lieutenant-Co That people now see their error, but too lonel Harding, and to the officers of the late. They now know their friends, and Deputy and Adjutant-General and Quar. would willingly stretch forth the hand of ter. Master-General. He likewise gives peace, but it is withered by the machina. bis thanks to Brig.-Gen. Leriers, and 10 tions of England. -Let us then, my coun. the officers of the present Staff of his Ex: trymen, avenge their cause. Let us be cellency, for the aid which he received tbe advocates of the oppressed, not by from them.-Soldiers, you have fought, words but by deeds. Already.we are in and reduced to shameful flight, a laughty and a siuaiion to meet the English, if they ruiz-glorious enemy, and covered yourselves dare to accept our defiance. They will wuh true glory. The victories which the not while they can avoid it; but it will British troops have gained over the ene soon be out of their power to refuse; and my are as many as the battles they have they shrink in vain from that blow, which fought. (Signed) Rook, T, C. A. G. they have neither the strength to meet,
nor the resolution to oppose.
Marshal Duke of DALMATIA.” Spaix. -The Duke of Dalmalia to his
army, 9th June, 1811. · Fellow Soldiers !-A month has not
SPAIN AND PORTUGAL.-Extract of a Diselapsed since your arms
patch from Lord Viscount Talavera to the with triumph on the plains of Albuera,
Earl of Liverpool, dated, Quinta de Graand since the enemy trembled at the
nicha, 13th June, 1811, giving an Aethunder of your artillery, Discomfiled
count of the raising of the Siege of Badathey fled, and left their cannon and their
joz; and inclosing a Copy of a Letter standards in your possession. Soon you
from General Spencer, giving an Account shall have anoiber opportunity of display.
of his evacuation of Almeida.- Published
in London, 6th July, 1811. ing 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, Lieul.-Colonel Fletcher, minate the war in the Peninsula –Bada- that the fire from St. Christoval might oc- . joz, besieged on every side ; bombarded casion the loss of many lives in the operawithout intermission during twelve suc- tions on the left of the Guadiana, and the cessive days and nights, and surrounded breach in that oul-work having been apby enemies for nearly two months, has parently much improved by the fire , bravely resisted every effort-still will ihroughout 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 capnon, 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. Marsbal Beresford and all diana, accordingly ordered a detachment bis Portuguese were unequal to accom- | under Major Mackintosh, of the 85th regi... plish its fall. 'I he aid of the British ment, to make the attempt. The men ad... Commander in Chief will also be ineffec- vanced under a very heavy fire of mustual, and if by delays, retreats, and ma- ketry and band-grenades from the out. neuvres of every kind, they may avert work, and of shot and shells from the .. the blow for a lime, yet it must and shall town, with the utmost intrepidity,' and in fall, and with such a weight as to crush the best order, to the bottom of the breach; our opponents.-Comrades, in this con- the advanced guard being led by Ensign dict the British are not the greatest suf Dyas, of the 31st regiment, who volun.. ferers ? -No. It is the unhappy Portu- teered to perform this duty; but they guese nation that is borne down by the found that the enemy had cleared the burden of affliction. A people whom the rubbish from the bottom of the escarp; and Emperor wishes to make truly happy-a notwithstanding that they were provided .. people possessing within themselves ail with ladders, it was impossible to mount means of felicity--a people who wish to it. They retired with some loss. The retain those blessings --but a people de fire upon St. Christoval, as well as upon ceived, betrayed, insulted, ruined, and the place, continued on the 7th, 8th, and trampled upon-not by us who are mis- 9th, on which the breach in the wall. of.. called invaders, but by the English, the St. Christoral appeared practicablo, and