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in a proportionate degree, a depreciation formation, reliance on the Bank is measured of money in all the nations of Europe. He by the degree of popular credulity rela:ive to must know, that, taking the average of that instiintion. Light, upon this sobject, is prices and the average of the quantity of every day penetrating into the country; and currency considered relatively to the quan the progress of this light would be greatly aco, tity of commodities, in all the nations of celerated by a dashig issue of notes for the Europe, the one will be found to bear an relief of Ireland, Sucb an issue might, exact proportion to the other; and that, , therefore, at once bring matters to a crisis; whatever fluctuations there may be in the and, indeed, it seems most likely, that, if incurrency of particular countries; however ternal tranquillity should be preserved wiibe currency may be restored in one or in seve out interruption for many years, as every one ral of them, yet, if, in the whole of them, the must hope it will, the paper systein, accordsame quantity of currency remains, the ing to the prediction of my motio, will exaverage of depreciation and of prices will be pirt under some attempt to prolong its existthe same; and that, of course, the degree of ence.--Such are my reasons for thinking, restoration in one country will, propor that the plans in question would produce no ționately, be the measure of the further de good to the nation, and why they ought not preciation in all the other countries. If this to be adopted; as an Irish bank director or be admitted as a general principle, and I proprietor, I should have ano:her objection; should be glad to see the arguments by and ıhat is, that an attempt to carry either of which it could be controverted, the applica the plans into execution would utterly ruin tion is evident.- - The consequences, then, the Bavk of Ireland. I. T. expresses his sawhich would, if my reasoning be sound, pro tisfaction, that this objection was not urged ceed from the proposed measure are these : by me. If I did not nrge ir, the omission Irish paper would be raised to a level with certainly is not to be attributed to my having English paper, but the English paper would any doubt opon the subject; but to the little in the operation be lowered from its present importance which I was disposed to give to standard : the average of the value of all the it. I was viewing the question upon a napaper in the kingdom would be the same tional scale, regarding the interests of the thrat it is now, but English bank notes would bank directors and their constituents as being, in a very short time be at an open dis- comparatively, of very little nioment; but, count: part of the little gold now in Eng- since I am compelled to express an opinion land would go to Ireland, and it would not upon this point, it decidediy is, that either come back again, as it now does, to assist in of the measures would, in a short tine, comcirculation: all prices would be diminished pletely break up the Bank of Ireland; and I in Ireland, and, in a proportionate degree, should be very glad to hear the reasons, opon augmented in England, to the great and im- which an opposite opinion is founded ; which mediate injury of all persons living upon reasons the bank directors have surely a fixed incomes, and, in co-operation with right to look for at the hands of those by scarcity and corn-bills, to the imminent dan whom so material an innovation is proposed, ger of the state.-----Here I am disposed to --Having said more, perhaps, than was stop, but I cannot forbear to ask of I. T. necessary as to the plans for restoring the whether, as to public opinion and confidence, currency of Ireland, I shall now endravour he imagines, that the Bank of England could, to show that my objection to I. T.'s censure, without great risk of a speedy dissolution, of the bank directors and of what is called strike off a sufficiency of paper for the use " the Irish Government" was not ontoundof Ireland? Does he think that no one would ed. And, here it must be observed, thai, in perceive and point out to the public, this tur. abandoning the movers and makers of the ther immense issue beyond the capital of the bank-restriction law, he takes care to say Bank of England ? Its capital is now about very little about them, but hastens as fast as £7,000,000 sterling money ; and its issues; possible to the executors of the law, as he is its promissory notes, amount to about pleased to call the bank-directors and the £18,000,000 sterling money. I confess, Irish-government. “There are," says he, that, after this, it may well be supposed, that rs two circumstances that attend every law : the issues may be extended to any amount, " the policy" (and the justice he might have Yet, not so.
Public opinion is slow in its added] “ of passing it, and the inanner in operation against an establishment of pro " which it is administered. We are bo!h verbial solidity. “ As safe as the Bank of agreed perfectly as to the bank restriction « England," is still heard in provincial con being the ultimate cause of the evils ata versation; but, it is heard less frequently " tending the papercurrencies of these realms; than it used to be; and, amongst men of in " the manner of administering that law
" alone remains as a subject of discussion." injure themselves, and, in this respect at Then follows a general position, which I am least, I think, I. T. might venture to trust not inclined to dispute; to wit; that “good them. After all, bowever, I am not ready “ laws may be rendered mischievous by to admit that the bank company have profi. « mal administration, and that by wise ad. ed, or can profit, from the great addition “ ministration bad ones may be rendered that has been made to the quantity of their 6. less mischievous than ibey otherwise would paper, notwithstanding all that has been « be;" which position is supported by a re said about their high dividends and their boference to instances in the adminitration of
A similar coinplaint has, by a very the penal law. But, can this be made fairly sensible wriver, been made against the nga to apply to the case before us? Can the Irish lish bank directors, and a correspondent, in bank directors and the Irish government, or p. 193 of the present volume, discovered coneither of them, be truly said to be the almi siderable anger because I did not seem to nistrators of the bank.restriction law? The agree as to the justice of the-e complaints; bank-restriction law is merely prohibitory. but, to the objections which, in answer to It forbids the bank to pay their notes in spe that correspondent, were stated, in p. cie. The bank directors are the party pas. 216, &c. I have never yet seen an ansive. They have no concern with the law swer; and, till I do see an answer to but to obey it; and, unless I. T. can accuse them, I shall not regard the dividing of 7 them of disobeying it; that is of paying their per centum per annun with a bonus of 5 notes in specie, he will find it very difficult per centum as being any proof at all, that indeed 10 fix upon them any share of the the trade of the banks has been benefited blame due to those from whose conduct the
by the operation of the restriction law. evils complained of have arisen.-" But," The correspondent, 10 whose letter I have says he, " it being admitted, that the depre- just referred, perceiving that there was no “'ciation arises from excessive issues, the good ground of accusation against the bank. a question is confined to one single conside directors as administrators of the restriction o ration, whether the directors were, or law, has charged them with being the real
were noi, in fault in making those issues," authors of tha: law, and seems to regard True; but, there is a previous question to it as as quite sufficient to assert, that " it be settled; to wit; whether, in niaking was passed at their request." To say these excessive is ues, the bank directors nothing about the contemptible light, in pronoted the interests of the bank proprie- which this fact, if true, would place the tors, or whether they did not : if the latter, ministry and the parliament, it is enough they were to blame for making the excessive to state, that the ministers have, over and issues; if the former, they certainly were over again, denied the fact, and in terms not. I. T. gives such a description of the more explicit than ever at the last renewal origin of the bank as clearly indicates a wish of the law.---If the bank-directors are, to make and to support a distinction between then, exculpated, as I think they clearly banks and other chariered companies; but, are, what reason is there to impute blame, such a distinction is, I am atraid, purely sen on this account, to the persons who are detimental. " The bank was established with nominated the Irish Governmeni? “ They " a view to public convenience and advap " should," says 1. T. “ have watched the 6 tage." What company is not? What 66 effects of this dangerous law." The efcharier is granted but from such motives, fects wanted no watching. They were vientertained or professed ? No: bank com sible enough to all the world; and, those panies are established opon exactly the same persons could only share with every other principles as other trading companies; their man in the country in feeling them. “They motto is “ get money;" and ihe business of
“ should have applied to the parliament or the directors is to get as much as they can “ to the bank-directors to prevent the exfor their constituents. It is for them to “ cessive issue of paper, which was the avail themselves of every circumstance that “ proximate cause of the depreciation. presents itself for this purpose. They have Applied 10 the bank-directors ! . Why, has nothing to do with the interests of the pub.
not Mr. Foster applied to those directors lic, any niore than Perkins has with the now? And, does' I. T. believe, that an health of those who purchase bis l'oints. If application of Lord Hardwicke would have by excessive issues they hasten the destruc been attended with better success? Yet, tion of the paper, and thus, in shortening it is now suggested, that Lord Hardwicke the probable duration of The trade, more than might not only have thus prevented excesoverbalance its present profits, then they in. sive issues of paper, but inight have kept jure their constituents, but they must also those issues within the bounds of the bank
capital, which the issues have now surpas. till, in evil hour, the minister obtained from sed four fold! How comes it, then, that the parliament, in 1793, a repeal of the the issues of the English bank have not thus statute of William and Mary, the intention been restrained? Had Lord Hardwicke and effect of which were, like those of the more influence and power in Ireland than provisions of the American iaw, to keep the the minister has in England? But we bank independent of the government, and must stop for a moment here, to inquire to prevent the minister froin becoming, as into the practicability of what the Irish go lo money ma' ters, in the least degree, indevernment is so strongly censured for having | pendent of the legislature. The moment neglected to accomplish. To shew, that this bursier was removed, the bank and the the thing was practicable, I. T. has refer Treasury became united; and the paper of red to the opinion of the attorney-general The former is now the paper of the latter. of Ireland, who, in a speech delivered at And does I. T. really think that Lord Hard. the tiine that the bank was first instituted, wicke could have restored things to their forexpressed his wish to compel the bank com mer stale? Al must have b-en restored, or pany to keep their issues within the limits it is perfect dreaming to talk of keeping the of their capital. And, to strengthen this issues of the bank company wihn the argument, which, indeed, is rather feeble, amount of their capital. All the principles he has cited the instance of the American and provisions of the old law must have been national bank, called the Bank of the revived, or it would have been utterly imUnited States, for a description of the re possible to revive ihe restraint as to avount gulations of which bank he refers us to a of issues. It is not a little strange, too, that pamphlet of Mr. Dorrien Magens, published while I. T. was prodacing the instance of the about seven or eight months ago.
American bank, the corner stone of which referring to the bank law of the United is that provision which keeps the bank inde. States, 1. T. has overlooked some most im pendent of the government, and the treaportant provisions in that law, even as it sury independent of the bank; it is rather has been described by Mr. Magens. It is strange, I must confess, that, while he was true, that one provision is, that the issues producing this instance in order to remove of the American bank cannot exceed its my objections, lie should entirely overlook capital ; but then there are, in the law, the main drifi of iny remarks, which, as he other provisions, without which this provi must now remember, was to shew that it sion would be an absurdity. “In America," was matter of satisfiction, that the proposal says Mr. Magens, “the banks are limited of Mr. Foster had failed, because, if his " in the loans they are to make; and are plan was proper to be adopted, the parlia
precluded from advancing money to any ment was the body whose sanction it ought " government, even their own, without an first to receive. It is very strange, that, " act of the legislature. The principal
The priocipal | under such circumstances, this should have " baok, that of the United Staies, was been so completely overlooked.---But, that “ formed by a subscription of ten millions which creates the most astonishmeni, in the " of dollars, of which one third was to be letter of I. T. is, the notion, that Lord " subscribed in gold or silver, and the rest Hardwicke could have produced the change “ io government stock; and their loans or
desired; ibat Lord Hardwicke could, “ issues of notes of every description, cannot with success, have advised! Advised «. exceed that sum ; the directors b-coming whom, and what? Advised Mr. Pitt (for “ personally responsible when they do." ~ I am sure 1. T. will not regard Mr. AdThe act of congress, on which Mr. Magens dington as having any thing to do or say ia must found his statement, was passed ihe matter) advised Mr Pitt to procure February the 25th, 1791. He has made a repeal of the law of 1793, to restore (Wo slight mistakes. The subcriptions the back to its former independence of himconsisted of une fourth specie instead of self, and to restore the parliament to its one third ; and the bank can lend the former power of checking both himself and government of the United States £25,000 the bank! “ In the future pages of history," sierling, and either of the state govern it will, indeed, as 1. T. obseryes, be writments £12,500 sterling without any spe ten, that, at the time when the paper of the cial law authorizing such loan ; but no national bank of Ireland became depreciated greater sum can be lent or advanced withou!
len per centun, when the gold coin disapan express act of the legislature; and there peared, when the silver coin was universally can be no repetition of even these advances, cried down, when even brass fied from the till after an act has been obtained. Such, degrading society of sixpenny bank notes; or pearly sncb, was the law of England too, it will, probably, be written, that, whea
all this took place, Lord Hardwicke was the “ in the following terms: " Having ob. chief governor of the country. But, the " " tained permission of the minister at war historian will not like my correspondent “ “ to repair to the baths of Aix-la-Chapelle, I. T. contine himself to the censuring of “" I hereby bind myself, on my word of Lord Hardwicke. He will, surely say, that hoooar, to return to Valenciennes within his lordship had nothing to do in establishing ~ 6 two months, reckoning from the day of the sinking fund, in repealing the act of my departure. -(Signed) The ChevaWilliam and Mary, in procuring a law to “ lier CRAUFURD." -Thus, as this protect the bank against the demands of iis. statement has not been, as far as I know, creditors, or in any other of those measures publicly contradicted, I must take it for by which the evils complained of were pro granted, that it is, in all its paris, correct. duced. He will, I hope, have no motive Sir James Craufurd did, then, give his pafor evading the real merits of the question, role, and did break that parole, by coming for sliding over the cause and fixing the at to England, where he now is, having no aptention of his reader solely upon the effect; parent intention of returning to France.a hope in which I am greatly fortified by the From the facts thus nakedly stated, it would reflection, that when he who writes the be naturally concluded, that he had been pages of future history shall take up the pen, guilty of a breach of parole, in the usual Mr. Pitt will have neitber titles nor emolu sense of the phrase, than whico breach noments to bestow.
thing can be more dishonourable. Bet, in Sir JAMES CRAUFUND. ----The case of order to form a correct and ju't judgment this gentleman having, from various causes, upon the case, we must inquire into the cirbut particularly from a reflection on the ef cumstances, under which the parole was gifects which his escape may produce with re ven; for, those circumstances may materigard to those English persons who were detain-1 ally alter the nature of the engagement'; and, ed with him, and who are still detained in wiih regard to the 'effect which his escape France, become a subject of considerable may have bad upon the English prisoners in public if not political importance, it appears France, his feelings for those persons must necessary to place it in a clear and fair point be weighed against the feelings of a husband of view. With the more minute circum and a father. Considering Sir James's stances of Sir James Craufurd's arrest, as conduct as a question of public law, embracwell as with the motives that led him to ing his obligations towards the French and France and other particulars relative to his towards bis own country, there would be then situation there, I am altogether unac great difficulty in coming to a decision, if quainted ; and, as to those explanations; the English government had not already setwhich have, since his arrival in England, tled the point. When the French seized on been published in the news papers, they the English visitors 10 France, and made seem to me to be calculated merely to apo them prisoners, at the beginning of the war, Jogize for the frailties of the husband and the act was, in this country, condemned as the father. This is not the ground whereon contrary to the law of nations; as an act at a gentleman and a servant of the king ought once of violence and of treachery. The to stand before the world. Such a person
French maintained the contrary, and, it must look strict justice in the face; and, if would be very difficult to settle the point she acquit him not, he must be condemned. with them, who may, if they please, go back
-The article published in the French six or seven _centuries for precedents:Official Gazette is as follows: “ Paris, 18 The English government, however, perst
Sept. 1804.--Sir James Craufurd, pri. vered in its doctrine, and, accordingly, they soner on his parole at Valenciennes, hav. refused to exchange the persons who had thus
ing applied to the minister of war for been made prisoners, alleging, as their rea" leave to pass two months at the Aix-la son for that refusal, that the arrest was a vi
Chapelle baths, and produced certificates olation of every principle of public law. The “ froin several medical gentlemen, that he fact of their not exchanging these persons
use of the baths would be attended with was a pretty convincing mark of their opi. “ the greatest advantage to his health, the nion; but, in the circular letter of Lord
minister yielded to his request, on the Hawkesbury to the foreign ministers resident “ condition of his leaving a written engage in London, dated 30:h of April. 1804*,
ment, that he would return from the wa solemn declaration on the subject is made in " ters to Valenciennes, at the expiration of the name of his majesty. « Of all governo “ two months. Oo the joih Messidor “ ments, pretending to be civilized, that of
(June 29), Sir J. Craulurd sent to the “ minister of war this engagement, couched
* See Register, Vol. V. p. 676.
* France has the least right to appeal to the a principle, I must greatly doubt of the sin« law of nations. With what confidence cerity of similar declarations. The case of “ can they appeal to that law, who, from breaking a parole given to rebels has been 6s the coinmencement of hostilities, have cited, such breach having generally beeil “ been in the course of constantly violating condemned. But, the case is not in point, " it? They promised their protection to The rebel spares your life after you have en“ such of the subjects of England as were deavoured to take his; no inatter whether « resident in France, and might be desirous justifiably or not. That is a question to be “ of remaining there after the recall of his decided between those who rebel and those
majesty's embassador. They revoked this who claim their allegiance. It is a fact, that “ promise without any previous notice, and you are seeking the life of the rebel; yet he « condemned those very persons to be pri spares yours, and hence arises his claim to “ soners of war, and still retain them as the performance of your parole. The robber « such, in defiance of their own engage. has no such claim; and iher-fore the cases « menis and the universal usage of all civi are not parallel.---But, if other persons “ lized nations." This at once clumsy and were seized by bandiiti as well as yourself, feeble style reflects little credit either on our and if your breaking your promise would taste or our talents; but, we understand it: render the confinement of those other per. it is plain enough: the writer declares, in
sons more severe, ought not thay circum. his majesty's name, that the imprisonment stance to have an influence upon your conof the English in France was at once an act doct? This is an entirely vew question, and of violence and of treachery. --- If the its decision must depend upon the nature of French government, even the civilization of the engagements or connections between the which the hero of Amiens seems to dispute, parties arrested. If you have made any prodid not act according to the law of nations ; mise to your fellow-prisoners not to break if they set all law and justice at defiance ; any parole that you may give to the banditii; if they were guided by nothing but their or, if it be a joint-parole; or if the parole be own inciination and power to do wrong, we obtained through the means of your fellowcannot, as to this particular instance, regard prisoners, and, or for their service, or ia them as any thing better than banditti.-- their bebalf: in that case you contract an Therefore, from a question of public law, obligation with your fellow-prisoners; your the conduct of Sir James Crauford becomes parole is, in fact, given to them, and not le a question of morality ; and we have only to The banditii. How far Sir James Craufurd decide, whether a man is, or is not, bound may have been pledged in this way, I koow to keep a promise, which he has tendered to not; but, if in this way he was not pledged bandiiti for the purpose of escaping from in any degree whatever, he is by no means their clutches? Let it be observed, that I answerable for any severities, which, in con. by no means pretend (God forbid !) to decide
sequence of his escape, may have been, or between the French government and him may be, inflicted upon the persons who rewho now disputes the fact of their being ci main in France. In such case, his conduct, vilized, though he not long ago declared that as far as relates to those persons, is a mere they had “ asked pardon of God and man.” I question of feeling, which no one but him.leaverhem to settle the matter between them; self could possibly decide ; but, as it up, but, if his declaration, made in the king's pears, that he had a wife and young family name, be truç, ihen linsist, that, as far as re in England, I think it would be véry ditri lates to the arrest of Sir James Craufurd, the cult to show, that the feeling which led him French government must be regarded as to England was not far preferable to that banditti, especially by a person in the em. which would have detained bim in France, ployment of the government, whose senti- especially at a time when the former was in ments Lord Hawkesbury proclaimed to the daily expectation of being invaded by the world. --This conclusion will not, I am latter. It will be much to be lamented, if sure, be denied ; and, I should think, that
the persons who remain in France should there are very few persons, who, if seized suiter on Sir James Craufurd's account; but, by banditti, would scruple to tender them that consideration will not justify any one in a promise of any sort, in order to get safe blaming bim for escaping. To sacrifice out of their power. Nothing is easier than ourselves to the happiness of our fellowto say, that, having once made a promise, creatures may be laudable enough; bat, we you would abide by it, though made to a have no right to blame others for not begang of foot-pads; but, saying and doing coming sacrifices from such motives ; arid, are iwo very different things; and, until I in many cases, it may not only be foolish hear of sonie one who has acted upon such but highly criminal so to sacrifice oursclves,