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"tunes, who had the presumption to ❘ of the confessions of past errors; and,

"think themselves qualified for high "offices." The reptile could discover no motive beyond that of a love of money and of power in men, who demonstrated the causes of the nation's sufferings, and called for a remedy. This reptile, who now hardly dares shew his nose of brass, then talked so boldly and so glibly about the ig. norance of the demagogues, and CANNING and the base ELLIOT regretted that the people had been taught to read even the Bible; because, by the same means, they had been taught to read the "Weekly Venom;" that very "Weekly Venom," which was demonstrating the real causes of the natiou's distresses, and urging the people to call for that, which was the ouly remedy.

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At this time a total ignorance prevailed, amongst the Borough Crew, of their danger on the side of the papermoney. They did not see, and had no idea of, the situation, in which they were really placed. They had borne every thing down before them so long, that they could not believe it possible, that any thing could arise, that they should not be able to subdue by the bayonet. I always told them, that the bayonet would avail them nought against the Paper-money. None of their threats ever made me despair; because I saw, that we had an infallible ally in the Debt. When SIDMOUTH gaped and spewed out his spite against cheap publications," and when JENKINSON pouted out his lips and said they were "resolved to pursue the stern path of duty;” then 1 laughed at them, well assured, that the day was not distant, when they must change their toue.

as these have taken place upon this subject, let us hope, that the amiable precedent will be applied to other subjects, especially to that of parliamentary reform. Do not start, my Lord! After eating their words so greedily as the Boroughmongers have upon this occasion, it is not too much to hope, that they will soon begin to chew them a little upon the grand subject of Reform.

RYDER began the business in the Lords. He said little, He was indisposed; and well he might; for he had been one of them, who, in 1817, had cried up the paper-system as the cause of the salvation of the country. Next came JENKINSON, and he talked as gravely about the the notorious depreciation of Bank Notes as if he had never asserted the contrary. In the years 1810 and 1811, he scouted the idea of depreciation; and now he expressly says, that Bank Notes were then depreciated thirty per cent. He fairly swallows all; and, as Lord Lauderdale truly observes, they now propose to give the lie, by act of parliament, to all their former doctrines. But, there is one passage in the speech of JENKINSON, which I must notice particularly on account of the flagrant theft he has committed.

"This first question, however, "which it was natural to ask respect"ing this doctrine, was, had such a "system ever existed in any country "since the foundation of the world? "Iron, copper, and other materials "had been employed as instruments " of commerce by different nations; " but iron, and copper had an intrinsic "value, and might therefore easily " serve as a measure of value in the "barter and comparison of other

We have now before us what they have said in the way of retractation, and "commodities. But no system of

that is the part of the discussion, that I shall first observe upon. The Houses have come to unanimous votes. Bless us! Then all must be right, to be sure! That which two such bodies vote unanimously must be law and gospel too! But, let us hear a little

"circulation had ever existed, Lin "which there was not some fixed " standard by which the value of pro

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perty might be determined. He "would ask their Lordships also to "reflect what must be the natural " effects of any other principle of

"circulation. They all knew what "disgraceful measures had been taken

in past times, in this country as "well as in the other countries of "Europe, by debasing the currency "to obtain some immediate profit to "the Government. There was, how"ever, this difference between that case "and the one which he was now con"sidering that something of fixed "value was still given in lieu of that "which circulated before. The effect " of the new doctrine would be to "say, that they would have no fixed "standard, but would leave to a body "of men, (most respectable he ad"mitted, and who had exercised with signal moderation the great power "entrusted to them), to the Bank of "England, a discretionary authority to make money, which they denied to "the Sovereign himself, who would "exercise it under the control of "Parliament-(hear)."...

The attempt to disguise, here, the robbery committed on me, in my Letters to the Regent of last winter, is like that of scoundrels, who, when they have stolen a horse, cut off his tail and ears and knock out an eye. I beg leave, however, to except the parenthesis in favour of the BankDirectors; for, never have I, at any time of my life, called them, or thought them, a respectable body of men: on the contrary, I have always said, that they were most zealous instruments in the hands of a most de. testable tyranny.

To be sure it is a most degrading thing to king and people, that a band of fellows, at a big building in London, should have the power to make 'money, at their discretion; and that they should be able, whenever they pleased, to cause a violation of all contracts. But, I have been saying this every month for thirteen years; and, which I beg to be remembered, I proposed a remedy for this more than twelve years ago. And yet the shallow and impudent CASTLEREAGH reviled me as a man aiming at distinction, without having capacity to merit

it. Ile shall never pass another session, this hole-digging statesman shall not, so quietly as he passed the last.

But, of all the retractors, GRENVILLE seems to have been the most eager. His speech contains matter for plenty of fun, if the subject were not too serious for joke. A great part of what he said was, indeed, very true; but, not one single truth did he utter, connected with the doctrines of the subject, which I had not uttered before him, and for the uttering of which I had not been abused. Let us, however, put upon record a little of his stuff, and then hear what can be said upon it. Any thing said by this man is unworthy of remark, except as it may tend to shew how impudent and wicked the Borouglimongers have been; and, at the same time, how ignorant. The beastly ignorance of the dungeon-making crew, of the insolent pretenders to superiority of birth, of the audacions gang who call us all in a lump "the Lower Orders;" this beastly ignorance ought never, for one single moment, to be out of our sight. Now let us hear the dull and arrogant Grenville, who was a volunteer for the dungeon-bill.

"Lord GRENVILLE. -The No"ble Earl who had opened the debate, " had explained the plan which he had "proposed to their Lordships in so " luminous and argumentative a speech, that there was very little "occasion for him to add a single " word upon the subject. But having "considered this restriction as one of "the greatest calamities under which "this suffering country had laboured; "having frequently had occasion to la"ment and deplore the part which he "had himself taken, on its original " proposition, in prolonging it for the "term of the then existing war; "having avowed his error in so doing, "as became an honest man, at the "commencement of the last war; and " having prophecied but too truly all "the distress and wisery which would "befall the nation in consequence of "it, he could not help expressing his

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"cular moment avert an impending "danger, to meet such a momentary " crisis, it might be necessary to resort to "a forced circulation; still such forced "circulation should not be continued "beyond the momentary necessity. "For he held it to be a maxim, that there was no difference in principle " or effect, between excessive issues

" joy and satisfaction that the country at last arrived at that period " in which it could look forward with "certainty to the repeal of this inju"dicious and unfortunate measure. "He could not remain silent when a " measure was proposed to their "Lordships, which was almost posi"tively certain of success, but must "be allowed to add his voice, weak" forced upon the country at par by

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"legislative enactment as soon as they "became depreciated; and the more "direct system pursued by Austria, "Prussia, Russia, and the other Con"tinental Governments, of at once " fixing an arbitrary value upon the "national currency. He was inclined "to express his sentiments on this subject in the strongest manner, because, hoping as he now did, that an end would at length be pat to "the Restriction, he wished to impress "his country with that serious view "of the question, which, after long " and anxious and laborious delibera"tion, he was convinced was the true " and only aspect which could bear "the test of principle. IHe was disposed to go very far on this point; " he would say, that under any circumstances, a restriction on cash

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" and humble as it was, to that of "those who had spoken so ably and "eloquently upon it. The Noble "Earl had said that the Bank had "been of the greatest utility to the "Government during the war, and "had advanced many large sums to carry it on with vigour and energy : " he did not mean to deny this assertion; but he could not help ob"serving, that it was his opinion that no permanent advantage had been "derived from the connexion between "the Government and the Bank suf"ficient to compensate the evils to "which it had given birth. He need "not tell their Lordships his opinion "regarding the war which we had "waged with France-that must be "sufficiently well known to all of "them; he need not repeat to them "what he had often before stated, "that he considered no sacrifice which "could be made, too great to bring that war to a successful termination; " but he must inform them, that even "with those sentiments, he was of opinion that the restriction was an "evil of such magnitude, that the "sooner it was abolished the better "it would be for the country. He "did not believe that any men sin"cerely wishing the welfare of their "country, could at any time resort to "such a measure, without a sorrow"ful apprehension of the difficulties" of loans. The war terminated just " and dangers to national and indi-" before the breaking up of the bubble,

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"vidual interests which must neces"sarily result from it, and without a "conviction that it was for the mo"ment absolutely essential for a par"ticular crisis. Certainly if the "question were, whether any extra"ordinary exertion might at a parti

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payments, or in other words, a "forced, and consequently an exces"sive paper circulation must be at"tended with greater evil than good; " he would refer to its natural effects, "commercial distress, increase of " prices, increase of taxes; and, he "would say, that these circumstances " must so cramp and contract all the "natural energies of the country, as

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even in time of war to obstruct the " necessary efforts, and thus produce "a mischief far to overbalance the "advantage accruing from the facility

" and it was fortunate, it was provi"dential, that it did, for its conti"nuance, jointly with the continu"ance of the restriction; would " have inflicted such distress on the "Country, as it would have been im" possible to bear. If, when no

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"system by which it is impossible it "could ever be terminated. It was " with great surprise and pain that he

had heard a most intelligent witness " (to whom the Noble Earl had re"ferred) declare, that the Suspension "Act afforded great facilities to in"dustry and commerce, without any "countervailing evil. There were " others who maintained, that while "the measure was of the greatest "service to the commercial world, it "might be injurious and even ruinous "to the other interests of the com"munity. With the latter part of "this opinion he perfectly agreed; " from the former part he must ex

" further exertion was necessary than " to wind up the war expenses, it had " been found to be not only impru"dent, but impracticable to remove "the Bank restriction; and when it " was necessary to have recourse to "those methods of raising money, " usual only in war; what would "have been the case if the Country " had been called upon to make "fresh and extraordinary efforts for "the farther conduct of a war, or " rather for the existence of the "Country? It would have been this "-that the Country would have had "to learn, by its absolute destruction, "the effects of a measure intended to " preserve its existence (hear.) He "did not now look to live to see the "practical results of any of his opinions; but he was anxious to be "explicit, that future Statesmen, who " might have to propose a similar " measure, might at least not have "to say, that the opinion of such a " measure having once saved the the memorable example of 1816.

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country was unanimous. So far " from wishing to be thought a party "to such a doctrine, he hoped (if "indeed any opinion of so humble " an individual as himself could be "expected to be remembered, he " would not say after his death, but " even for the few remaining years of "life-he hoped) that it would be

recorded of him as his decided con"viction, that in proportion to the " danger under which the country " laboured, he would almost say in " proportion to the extent of that "danger was the impolicy and despe" rate madness of such a measure as "they were now considering how to " rescind. Having providentially emerged with success from the war (for Providence would not suffer "such an example of morals and laws as this country afforded to be lost d to the world) they had now to de"liberate and decide, whether in time of peace they would consent to prolong the measure of restriction in"definitely, and place its control in "the hands of those who act on a

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press his most decided dissent. The "facilities of commerce returned on "commerce with aggravated mischief; " and whatever temporary advantages " might be furnished to individuals, "it rarely happened that these indivi. "duals did not ultimately suffer ten"fold injury. He would refer to

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calm sea

"There was, indeed, nothing new in
"the progress and effects of a depre-
"ciated currency. For a time all
"seemed brisk and cheering; the
"vessel rode along in full sail, and
with favouring current, but it never
"failed to happen n that
" became troubled, that the flattering
"gale swelled into a storm-such a
"storm as that from which this coun-
"try had with difficulty saved itself,
"and from the effects of which it still
"suffered, and would long continue
"to suffer. As an illustration of his
"argument he would refer their Lord-
"ships to the lists of bankrupts, from
"the year 1790 to the present time;
"and their Lordships could not fail
"to remark the striking coincidence
"of increased bankruptcies with the
"system of increased facilities....
"While the Bank was lending money
"with one hand, with the other it

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was shaking the foundations of con"tracts, affecting all prices, and in"volving the country in distress, and "individuals in ruin, and in a pro"portion tenfold greater than any ad

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vantage that could arise from their "liberal issues. He could willingly ""dwell on this subject, if he were not "afraid of detaining their Lordships: "he could shew how the miseries of "1816 followed on the issues of the "preceding year: he could show how "the excessive issue of country paper "which could not maintain itself, like "Bank paper, by legislative enact"ment, led to a fearful depreciation, "and without any fault of individuals, " by the mere force of the system in"volved the whole kingdom in one "general desolation. Not only its

the

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paper-system" " he calls the thing bubble;' he says that it enhances taxes, alters prices;" he says "that it shakes the foundations of contracts,;" he says, that, if the noble, noble, noble Lords, those compassionate and tender-hearted creatures, could see the multitude of the "victims" of the paper-system, the sight would appal their noble and compassionate and generous souls. Well done, Daddy Grenville! Thus far the Daddy repeated my opinions and words pretty correctly; but, he omitted to observe, that, out of the

"trade and commerce, but its agricul-eleven hundred millions that have

"ture, its landed interest, even classes "the most remote from connexion "with or even knowledge of the paper "system, found themselves suddenly "consigned to total and inexplicable "ruin. If their Lordships could see " at their bar, not merely the victims " of commercial failure, but those nu"merous persons of all ages, sexes, "and classes, who had unconsciously "suffered without even understanding "how and where the evil fell upon "them, such a spectacle would fill "their Lordships with horror, and "he sincerely believed that not only no voice would be raised for the "maintenance of such a system in " commerce, but not even in war."

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been borrowed, by the means of this
system, he and his family have swal-
lowed up about a million; he forgot,
that he himself had spent, or had still
in his possession, more than two hun-
dred thousand pounds of the borrowed
money. He forgot to observe, that
he was, even while he was speaking,
pocketting four thousand pounds a
year of the public money, in the
shape of a sinecure. And what has
he this for? For past services? What,
when he has now to acknowledge, that
he was one of those, who were the au-
thors of measures the most injurious
that ever were adopted in the coun-
try; could he stand up and look peo-
ple in the face, while he was receiv.
ing an enormous annual income for
past services? Daddy Grenville was
the author of the first sedition Bills;
of the Bill making it high-treason to
do any thing, by word or deed, to
overawe either House of Parliament;
of the soldier's-speaking-to hanging
bill; and he was a volunteer for pass-
ing all the infamous measures of 1817.)
Ah! Daddy! You will not, by your
vehement censure on your instru-

"Choak, chicken: there are more hatching:" say the women to the sulky babies, when they are heaving out tears and sighs. But Daddy Grenville vomits out quite freely. Before I got the news-paper, which contains this speech, I had a letter from Liverpool, containing these words: "I "have not read the debates yet, but a friend, who has had time, tells me. "that Lord Grenville has confessed " his past errors, and that he is a con-ments of Threadneedle Street cause

"vert to your doctrines and to com"mon sense. Repent this our bitter enemy may; but, I doubt his con"version to common sense."

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However, Daddy Grenville does talk about the "suffering country;" about" distress and misery" arising out of the system; he calls the thing

these things to be forgotten!

You say, that the paper-system enhances taxes; and how, Daddy? Not by lowering the value of money; but by making it easy to borrow money, and to give it to such men as you, and to soldiers, and to Judges in augmentation of their pay, which last

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