66 the disonssion of this question," any of those fatal conseto wit, whether it was, or was quences which it was the not, possible to obtain, by en-"fashion to apprehend from it. quiry, any means of preventing "If there were no other grounds a final blowing-up of the paper-" for going into an inquiry, the system, I must look back at "expediency of trying if a comwhat you say, in your own "mittee of that House could' speech, as to the topics and ob-" not chalk out some course by jects of enquiry. These I find which the Bank of England' stated in the following words:" might resume their payments' "There remained little for him" in cash without endangering "to say, except on the subject of" the tranquillity and welfare "the mischiefs which some per-" of the community, would be "sons apprehend from the re- one amply sufficient (Hear, sumption of cash payments by "hear, hear!) Indeed, were "the Bank of England. To a 66 we asked how such a com" certain extent he was willing "mittee as that for the appointto admit, that these appre- "ment of which he was about "hensions might, perhaps, be" to move, could best employ "well founded. 16 He did not themselves, he would "believe, however, that any "endeavouring to devise the "violent shock could occur. He" means by which the cash payby no means supposed that" ments by the Bank might be "the Bank would try to secure" gradually brought about, and the continuance of the restric 44 say, in a limit put to the issue of tion, by making the resump- paper, so as to facilitate those tion of cash payments as diffi-" objects without risking any "cult and as dangerous as pos- "serious shock. This, he be"sible; and he was convinced," lieved, might be done; but "that if the Bank sincerely ap- "he also believed that it could plied themselves gradually" be done only by a committee "and gently to prepare for that" composed of intelligent indi"resumption, although, un-"viduals, who would calmly. doubtedly a great diminution" and dispassionately enter into "must take place in the exist-" the investigation of the subing circulation, yet, that it" ject, and collect all possible Avuld not be productive of "information upon it from those who were the most competent | tition. which Lord FOLKE"to the task of affording such STONE (for what reasons his "information." Lordship best knows) had refused to present, but which had not, for that refusal, been This, then, was to be the object of inquiry: the Committee were to" endeavour to devise the less read. This opinion had " old Mother Cole. And, so you the means, by which the cash-an effect upon the Borough men payments by the Bank might like that of ether or laudanum "be gradually brought about, upon a losing gamester; or, and a limit put to the issue of like that of Loader's dram upon paper, so as to facilitate those objects without risking any "went out of the House a"serious shock." Your opinion" midst the loudest cheers!" as to the probability of the Thank you kindly, Mr. LoaCommittee's effecting this ob- der! Bless you, dear Mr. Loaject is in the affirmative. You der! 66 and yet if I do, I am afraid I must offend you; for, it is quite impossible for me to consider you as having been sincere upon this occasion without considering you as extremely shallow with' admit, that, to a certain ex- I must be insincere myself, or tent, there may be mischiefs I must treat you with sincerity; attending the resuming of cash payments; but, you do not believe that any violent shock would occur. You believe, that if the Bank were to apply themselves sincerely to prepare gradually and gently for the re-regard to a matter, which you sumption, although a great diminution in the circulation would take place, yet that no fatal consequences would ensue. This was your opinion, Sir; and, no wonder that it was cheered by those by whom you ought to have well understood, before you attempted to speak upon it in a public assembly; and particularly before you took upon you to be a leader in the discussion. As being the least' offensive of the two, however, I will suppose you to have been were surrouffded. This opi- sincere; and, upon that suppo nion came, too, so pat just after my dismal predictions and* Published in the Register, No. 6 doctrines, contained in that Pe- of Vol 33. sition, will proceed to give my great deal of trouble. How reasons in opposition to this your ever, your opinion being wholly consoling and comforting opi- unsupported by any reasons does nion; which opinion is, that not prevent me from stating means can be devised for ena- reasons in support of my opibling the Bank to pay in coin nion; and, if my reasons be without producing any serious good, your opinion must be ermischief, any fatal consequen-roneous. ces, any violent shock. Doubtless a Committee of the As to mischief or fatal conse- House of Commons, as it is quences, I may think so too. But, called, would consist of some then, what you may think mis-surprisingly ingenious gentlechief and fatal consequences, men; but, though they would I may regard as most happy have been able to draw up, in a events. To get rid of all mis-short time, a Green-Bag Reunderstanding here, I shall, as I port, there are certain things fairly may, suppose you to mean, which they could not have done that the payment may take unless the House could have' place without a blowing up of communicated to them a real the paper, and the borough sys- instead of an hyperbolical omnitems, and that the paper-money potence. And, amongst the and the Debt and the dividends things which a Committee could and army and all can go on as they now go on. not have done, one would have been, the preventing of the yet, unless they could have done this, it is pretty clear to me, that the payment would not have gone on for two days. If, Sir, as a quieter to those holders of notes from going to persons, who, you say, appre-get cash for them, as soon as hend mischiefs from the resump- the Bank should begin to pay: tion of cash payments; and, if, in answer to the fashionable opinions about fatal consequences to be apprehended from the same cause; if you, as might have been expected, had, in answer to these apprehensions, offered some reasons, instead of a naked opinion in the negative, you would have saved me a That the Bank cannot venture to pay now is certain. That fact must be taken as admitted; because, if it could venture to pay now, the bill would not have been passed; no, nor asked for. And, why cannot it pay, gold, and it all his notes were now? For the same reason that payable on demand to bearer, many other people cannot pay their bills; namely, because it has not money enough to pay with. would he not be sent to a mad- There are two ways of ena- whom I once, (in the Bullion bling the Bank to pay: one, by putting gold into its coffers, and the other, by reducing the quantity of paper now afloat. As to the first, how is the Bank to Committee time) endeavoured to prevail apon to go to the House and blow all the absurdities into air, asked me, why goods might not be sent abroad get more gold into its coffers and sold for gold, and the gold than it now has in those coffers, brought home to the Bank! My which, I believe, contain very answer was, that there was no little? I ask how, Sir? What other objection to this scheme, scheme could your committee than, that the owners of the have devised to effect this pur-goods would, in all probability, pose? Suppose I have a par- want to keep for their own use cel of notes out, payable on de- the gold that the goods would mand. I wish to take them up; be sold for, His next question I wish to be able to pay them. was, why the government could I have not money enough to not get gold from South Ame take them up; what am I torica. To be sure, the mines do? Borrow some money. But were the places to look to I must give more notes for the wards. But, then, it unluckily money I borrow, or must sell happened, that the owners of my goods, or pawn them. The the gold in South America Bank has nothing to sell or to would demand payment for the pawn; and, therefore, it must gold; and, what was more, so buy gold with new issue of notes. little bowels would they have Now, Sir, if a man who had a for SAMUEL THORNTON and hundred pounds out in notes, Company, that they would take were to buy a hundred pounds care and have the goods before in gold with another hundred pounds in notes, and then pay off the first hundred with the they would let the gold go; and, then, if the Bank sent the goods, they must issue paper to pay for the goods. By the help them. He had them quite safe of a fleet and an army, the Bank in London, for they were in the might, indeed, rob the South Bank, where he had lodged American Mine-owners to a them three years before for the trifling extent; or, the Bank sake of secure keeping! He men might rob the houses and went to the Bank, but it was travellers at home, though, per-restrained from letting him trave haps, they would find little ex- them out! ། cept their own paper. This, There are very few now-aprobably, the Bank men would days, who are so foolish as this When that prime have some scruple to do, unless farmer was. assured of an indemnity bill be-agent, Gibbs, was calling for his fellow-labourers to make me fore hand. " Their case, lates to augmenting the relative proportion of their gold, is desperate; for this last is the only possible way, in which they can effect that object. How should there be any other, except, to the asses ears of MIDAS, the Boroughmongers and Bank-men you addressed yourselfmaythink, eould add his gold-creating the people of England, the suftouch? They have a parcel of paper, snips of paper, of no value, which they want to convert into pieces of precious metal. A few years ago there was a Norfolk Farmer, who sold five hundred knew no more than they knew golden guineas to the Guard of of the feats of witches and wiThey did not know the Norwich Coach, for twenty-zards seven shillings each. The dealer what a fundholder, a loan-jobbrought down the money the ber, or a director was. They next trip, and asked for the gui- knew nothing of the manner neas. The farmer had them in of making funds and debts; and, London, and up he went with they, if possible, knew less than the guard in order to deliver nothing about the manner in then, as far as re-a blighted example," he did not, I dare say, imagine, that he was doing that which would produce a new era, a totally new era, in political knowledge.“ Paper against Gold" was amongst the fruits of that deed; and Sir, whatever those to whom fering people of England, know all about the paper-money system, and about which, before my foes thought they had murdered me, the people in general |