"tunes, who had the presumption to of the confessions of past errors; and, "think themselves qualified for high as these have taken place upon this "offices." The reptile could discover subject, let us hope, that the amiable no motive beyond that of a love of mo, precedent will be applied to other ney and of power in men, who de subjects, especially to that of parliamonstrated the causes of the nation's mentary reform. Do not start, my sufferings, and called for a remedy.- Lord! After eating their words so This reptile, who now hardly dares greedily as the Boroughmongers have shew his nose of brass, then talked upon this occasion, it is not too much so boldly and so glibly about the ig. to hope, that they will soon begin to norance of the demagogues, and CAN-chew them a little upon the grand subNING and the base ELLIOT regretted ject of Reform. 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 only remedy. 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 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. 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; "This first question, however, because I saw, that we had an infal which it was natural to ask respectlible ally in the Debt. When SID- "ing this doctrine, was, had such a MOUTH gaped and spewed out his spite" system ever existed in any country against cheap publications," and "since the foundation of the world? when JENKINSON pouted out his lips Iron, copper, and other materials and said they were "resolved to pur"had been employed as instruments sue the stern path of duty;" then I "of commerce by different nations; laughed at them, well assured, that" but iron, and copper had an intrinsic the day was not distant, when they "value, and might therefore easily must change their tone. serve as a measure of value in the barter and comparison of other commodities. But no system of circulation had ever existed, in "which there was not some fixed We have now before us what they have said in the way of retractation, and 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 66 Ile shall never pass another session, this hole-digging statesman shall not, so quietly as he passed the last. "circulation. They all knew what | it. 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. 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 had not been abused. Let us, however, put upon record a ̈ littlé 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 Boroughmongers 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 Noble 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 To be sure it is a most degrading" considered this restriction as one of thing to king and people, that a band "the greatest calamities under which of fellows, at a big building in Lon-" this suffering country had laboured; don, 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 shal❝ low and impudent CASTLEREAGH re "having frequently had occasion to la"ment and deplore the part which he "had himself taken, on its original 66 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 misery which would 66 viled me as a man aiming at distinc-befall the nation in consequence of tion, without having capacity to merit 66 it, he could not help expressing his joy and satisfaction that the country" cular moment avert an impending was at last arrived at that period "danger, to meet such a momentary in which it could look forward with crisis,it might be necessary to resort to "certainty to the repeal of this inju- a forced circulation; still such forced "dicious and unfortunate measure. "circulation should not be continued "He could not remain silent when a k beyond the momentary necessity. measure was proposed to their For he held it to be a maxim, that Lordships, which was almost posi- there was no difference in principle tively certain of success, but must or effect, between excessive issues "be allowed to add his voice, weak" forced upon the country at par by "and humble as it was, to that of legislative enactment as soon as they those who had spoken so ably and became depreciated; and the more eloquently upon it. The Noble The Noble direct system pursued by Austria, "Earl had said that the Bank had "Prussia, Russia, and the other Con"been of the greatest utility to the "tinental Governments, of at once Government during the war, and "fixing an arbitrary value upon the "had advanced many large sums to carry it on with vigour and energy: he did not mean to deny this asser"tion; but he could not help ob66 serving, that it was his opinion that no permanent advantage had been derived from the connexion between "the Government and the Bank sufficient to compensate the evils to "which it had given birth. He need❝tion, he was convinced was the true แ 66 แ હે A 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 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 66 66 (6 ; 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. 66 แ 66 dis and only aspect which could bear the test of principle.-Ile was posed to go very far on this point; he would say, that under any circumstances, a restriction on cash 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 even in time of war to obstruct the "necessary efforts, and thus produce a mischief far to overbalance the "advantage accruing from the facility of loans. The war war terminated just before the breaking up of the bubble, and it was fortunate, it was provi "dential, that it did, for its continuance, jointly with, the continu"ance of the restriction; would 66 He 66 did not believe that any men sincerely wishing the welfare of their country, could at any time resort to "such a measure, without a sorrow"ful apprehension of the difficulties "and dangers to national and indi"vidual interests which must necessarily result from it, and without a "conviction that it was for the mo 66 66 have inflicted such distress on the "Country, as it would have been im possible to bear. If, when no "system by which it is impossible it could ever be terminated. It was further exertion was necessary than to wind up the war expenses, it had "been found to be not only impru-" with great surprise and pain that he "dent, but impracticable to remove "had heard a most intelligent witness "the Bank restriction; and when it" (to whom the Noble Earl had re66 was necessary to have recourse to "ferred) declare, that the Suspension <those methods of raising money, "Act afforded great facilities' to in"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 66 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 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 express his most decided dissent. The did not now look to live to see the facilities of commerce returned on "practical results of any of his commerce with aggravated mischief; opinions; but he was anxious to be "and whatever temporary advantages "explicit, that future Statesmen, who "might be furnished to individuals, "might have to propose a similar" it rarely happened that these indivi 66 measure, might at least not have" duals did not ultimately suffer tento say, that the opinion of such a "fold injury. He would refer to "measure having once saved the "the memorable example of 1816. country was unanimous. So far "There was, indeed, nothing new in "from wishing to be thought a party "the progress and effects of a deprc"to to such a doctrine, he hoped (if "ciated currency. Fer a time all indeed any opinion of so humble" seemed brisk and cheering; the "an individual as himself could be "vessel rode along in full sail, and "expected to be remembered, he be remembered, he with favouring current, but it never would not say after his death, but failed to happen that the calm sea ❝even for the few remaining years of " became troubled, that the flattering "life he hoped) that it would be " "gale swelled into a storm-such a "recorded of him as his decided con- "storm as that from which this coun"viction, that in proportion to the "try had with difficulty saved itself, "danger under which the country "and from the effects of which it still laboured, he would almost say in "suffered, and would long continue "proportion to the extent of that "to suffer. As an illustration of his danger was the impolicy and despe- argument he would refer their Lord«rate madness of such a measure as "ships to the lists of bankrupts, from they were now considering how to "the year 1790 to the present time; i rescind. Having providentially" and their Lordships could not fail emerged with success from the war "to remark the striking coincidence હે (for Providence would not suffer of increased bankruptcies with the such an example of morals and laws" system of increased facilities.--as this country afforded to be lost "While the Bank was lending money to the world) they had now to de-"with one hand, with the other it liberate and decide, whether in time" was shaking the foundations of con"of peace they would consent to pro- "tracts, affecting all prices, and inthe measure of restriction inlong volving the country in distress, and "definitely, and place its control in "individuals in ruin, and in a prothe hands of those who act on a (6 portion tenfold greater than any ad " ૐ 3 food es the paper-system" he calls the thing " "a a 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 36 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 "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 numerous 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." σε 66 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 1 got the news-paper, which contains this speech, I had a letter from Liverpool, containing these words: I แ 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"vert to your doctrines and to common sense. Repent this our bitter enemy may; but, I doubt his con"version to common sense." 66 66 However, Daddy Grenville does talk about the " suffering country;" about "distress and misery" arising out of the system; he calls the thing been borrowed, by the means of this system, he and his family have swallowed up about a million; he forgot, that he himself had spent, or had still in his possession, more than two hundred 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 authors of measures the most injurious that ever were adopted in the country; could he stand up and look people 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 passing all the infamous measures of 1817. Ah! Daddy! You will not, by your vehement censure on your instruments of Threadneedle Street cause 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 |