and well I may; for I have asserted it many a tine. It is very true, that Napoleon was not put down by our armies; nor, by any armies; but by perfidy, purchased with Bank Notes. The million of men in arms, collected to fight against him, were collected by Bank Notes. Bank Notes produced the whole of the success. Bank Notes bought the treasons in France. Bank Notes did the whole; and Wellington had no more to do, as to the putting down of Napoleon, than I had. It ought not to be called "Waterloo "Bridge;" but "Paper-money "Bridge;" I said, years ago, that, if any monument at all were erected, it ought to be erected in honour of the Paper-money makers; and, in this respect, I perceive, that you and I agree in opinion. But, Sir, where is that security, of which you speak? Oh, no! There is no security, which the Bank Notes have acquired for us, except, indeed, that they have insured us a Reform of the House of Commons in the end; for, the difficulties of the country are now such as cannot be overcome without a great change of men. Not such a change as SIR FRANCIS BURDETT had in view, in his speech on the "State of the "Nation;" not a change of fuctions; but, such a change as shall give confidence to the whole nation, in the integrity and talents of the actors. We are sure now to have such a change; and, in this respect, the Bank Notes have done great good. But, as to the object, it has been wholly defeated. The object in issuing the base notes was to give perpetuity to the Boroughmonger power. That object has not been accomplished, and it will not be accomplished. In this case, as in all others, a false money is, as PAINE emphatically described it, " strength at "the beginning and weakness at "the end." The day of its strength has passed away; and that of its weakness is now arrived. So far from giving security to the authors of it, it is sure, in all cases, to expose them to continual danger. It is, at all times, big with peril; and, at this moment, the peril is become iminent. What do you mean, Sir, by saying, that you know " the ad"vantages of an abundant circu "lating medium?" What ignorance is this? How little are you able to judge of such matters? What do you mean by an abundant circulating medium? If the quantity of money, the number of pounds, for instance, in circulafion, in any country, be great, it will require a greater number of them to move a horse from owner to owner than if the number of pounds in circulation were small. Supposing there to be twenty millions in circulation, and that, then, a bushel of wheat sells for ten shillings; how is that state of things better than a state of things, in which ten millions would be in circulation, and the bushel of wheat selling for five shillings? Do not the ten millions and the five shillings perform the same offices in the last instance as the twenty millions and the ten shillings in the first instance? If, indeed, there be an enormous Debt, enormous taxes, and fixed salaries and pensions without end; then an addition to the amount of the money in circulation has an effect very advantageous to the payers of taxes. But, as a general thing, no possible advantage can arise from there being in cir : culation a great amount of circulating medium. You are, I dare say, in spite of these remarks, just as wise as you were before; but, I have so long been accustomed to "chop blocks "with a razor," that I think very little of this waste of time. I now come to your speech in parliament, when you presented the petition of the Merchants and Bankers. It is a stupid composition; but, stupid as it is, it is worth remembering; and remember it we will. You seem to have been strangely disappointed. The state of things was different, you found, from what it was in 1797! The people were not, now, to be frightened into a belief, that it was right to continue a paperfraud. "Sir R. PEEL said, he rose "with difficulty he never had ex"perienced before in that House "(hear!), though he had to pre"sent the Petition of a body of " men entitled to the highest re"spect-the Merchants, Bankers, " and Traders of the City of Lon"don-men who, in the distress "of the country, had been the first "to step to the relief of the Go"vernment. He wished those "Members of the House, who had "been long enough acquainted "with public affairs to recollect "the Meeting which had been " called in 1797 of these Gentle" men, but for which the Restric"tion Act would not bave been "carried (hear!). The present "Petition was from the same men " on the same topic: and if a " measure bearing on a sub"ject which they were so com. "petent to understand did not " meet with their approbation, he "trusted the House would give " their sentiments every atten"tion. The petition was one, men to judge of the effects of "such a measure; yet it was re"markable, that notwithstanding "this, and though they were most "intimately connected with the "interests of the country, they "had not been consulted (Hear!). "Before, therefore, a measure so "destructive to the commercial "interest (to which every other "interest was closely joined) was "carried into effect, he would "entreat the House to pause 66 a while. In the Report they "would find the opinions, not " of men likely to know the in"terests of the country, or fit to "give advice on them. (Hear, "and a laugh). Was it fit that "the men best fitted to advise "them correctly should be left "out of consideration on such a "question? He had attended at "the meeting at which the Peti"tion he held in his hand was "agreed to, and it was the only one which he had ever taken an "interest in except that of 1797, 66 66 which was thought by many to "have saved the country. The "present Petition had equal "claims to respect. At the meet"ing with which this Petition "originated, some proceedings "had taken place, respecting "which a great deal of misrepre"sentation had gone abroad. It 66 was not true, for instance, that "Messrs. Hunt, Wooler, and "Watson, who attended that "meeting, had behaved in a dis"orderly manner; on the con"trary, indeed, their conduct was 1 66 "orderly and decorous, possibly | "predilection for the principles "in consequence of the influence "and character of Mr. Pitt. "of the new alliance which they "Other men might have other "had formed with his Ma"jesty's Ministers (a laugh and "hear). For they, on this occa"sion, quite concurred with "the Ministers, and such an alliance formed so good a subject " for a caricature, that he should "really like to see the exhibition "of the Noble Lord and his "friends on the one side, with "Messrs. Hunt and Co. on the "other (a laugh). But with "regard to the proposition " of the Committee to which "the petitioners referred, he was one of those who strongly de"precated any such attempt to "interfere with the system of the "immortal Pitt. -- That system, "through which this great states-"occasion, he could have no doubt “ 66 man was enabled to maintain a "war of unprecedented expense "and difficulty, while the country "advanced in a most extraordi 66 nary manner in commerce, ma"nufactures, and agriculture, "should not in his opinion be "disturbed without the utmost "caution. Yet it appeared the "intention of Ministers, and of "others, to abandon that system "altogether. But he hoped the "House would pause before it "acceded to such a project. It " was his fate, in this case, to ap"pear in that House in the extra"ordinary character of differing "totally and decidedly from a "near and dear relation. But "both himself and his relation "had duties to perform to which "the House and the Country "would expect them to attend, "without any undue influence " from family connection or per"sonal attachment. (Hear, hear!). " For himself, he would say, that he had an old and immovable " partialities, and they had a "right to indulge them, but he "had always thought Mr. Pitt "the greatest man this coun"try had ever known. He re"membered that when his rela"tion, yet a child, was in his "arms, he had often expressed a "wish to his friends that he "would take that great man as "his model-that he would en"deavour to discharge his public "duty as Mr. Pitt had done; de"claring at the same time, that "he would present him to his "country (general cries of hear, "hear, hear!). But although "he still differed from his rela"tion upon this very important "that he as well as himself was "anxious to perform his duty to "his country; and knowing his "relation's heart and head to be " in the right place, he was posi"tive that whatever little devia"tion might take place in his "conduct, he would soon return " to the right course (hear, hear! "and a laugh). The honourable "Baronet concluded with stating "that he did not feel it necessary "to make any farther observa"tions at present, as other occa"sions would offer for discussing "this important question. "Sir J. SEBRIGHT said, that "there were some observations "from the honourable Baronet "which he could not allow to not read the evidence adduced " man was pursuing upon the before the Committee, as among "that evidence were to be found "the names of some of the most "intelligent and respectable in"dividuals connected with the "trade of the country. But he "differed from the honourable "Baronet's opinion, that mer"chants and manufacturers alone "were qualified to give informa"tion or form a judgment upon "this subject, as landed proprie"tors, who were equally, if not " more interested, were at least "as competent judges. There was "another part of the speech of "the honourable Baronet to "which he thought it necessary "to advert. He need hardly " present important occasion, in"titled him to universal and un" qualified praise, for that course 66 was decidedly conducive to the "public good. - That Right Ho"nourable Gentleman had indeed "evinced a degree of decision "and magnanimity upon this "question which could not be too " much applauded. It was obvious "that some inconvenience must " be felt at any time, through the "resumption of cash payments, " and the abandonment of a sys"tem so long acted upon as the "restriction. But the dread of "that inconvenience should not " prevent Parliament from adopt"ing a line of necessary policy. "Ministers, indeed, in adopting "that policy were eminently in"titled to the support of that "House. Although a very hum"ble individual, therefore, he "felt it his duty to present Minis"ters his best thanks for the "course which they had resolved "to pursue; and although "laugh was excited by his al"lusion to Messrs. Hunt and "Wooler, he thanked them also " for their proceedings and decla"rations upon this occasion, be"cause, he repeated, measures, "not men, were always the object "of his consideration." a say that he was not among the "followers of Mr. Hunt, but " measures, not men, being al"ways the object of his consider "ation, he had no hesitation in "expressing his approval of the "conduct pursued by Messrs. "Hunt, Wooler, Pearson, and "Watson, at the meeting from "which this Petition emanated "(a laugh): because he agreed "in their resolution that the "Directors of the Bank had, "through the restriction upon "cash payments, become pos"sessed of a power which ought "not to belong to any set of men " in a free country, and so long as "the authors of that resolution "followed the same course, he "should be always ready to ad"vocate their proceedings. With "regard to the honourable Baro"net's allusion to the disposition " and purpose of his relation, he " (Sir J. S.) should be most ready, " if in his power, to add to the "praise which attached to the "conduct of that distinguished "individual. The course which Your observations on the alli"the Right Honourable Gentle-ance, as you call it, between MR. I have here inserted the speech of SIR JOHN SEBRIGHT, because it is so perfect a novelty in parliamentary speaking: it contains some like matter of common sense. As to your cant about your son, let it pass. Let your praises of Pitt pass also, with this single remark; that you ought, one of these days, to be made to answer for this audacious insult offered to the suffering nation: Whether the Bank-fellows pay in bullion, or not, the conse- HUNT and CASTLEREAGM savour tem. Let me stop here to observe a little on the impudence of those persons, who, even now, talk of the "wisdom" of the Boroughmongers. Formerly such an expression might be tolerated; but, now, when all the world sees the proofs of their profound ignorance; when they themselves are acknowledging, that they have been fools up to this hour'; and when, at the very moment that they confess their past errors, they refuse to follow the light that they say sad experience is holding up before them; when all this is as notorious as the trafficking in seats, what impudence must that man have, who can talk of their "wisdom" in any way except in that of derision! Here we see a set of men, who, in 1792, had titles and estates The thing was so sudden, that which they might not only call time appears to have been wanting their own, but who enjoyed them to Mr. HUNT and his associates. unenvied and unhated. These men, Else, what a famous petition they because they would not grant the might have sent to the House of people the enjoyment of rights, Commons! How the Borough- which might have been enjoyed mongers might have been lashed! without any harm to the BoroughHow clearly might it have been mongers themselves, contracted shown, that the Bank-Notes were engagements, by which their estheirs and not the Bank Com- tates became pawned for ever. pany's! What blows might have This pawn, and a pawn, concurbeen dealt them upon this occa-rently made, as to the labour of sion! But, other occasions will the people, are now at work upon offer; for the "great shocks," as the nation, plunging it in misery PAINE called them, are all now and driving it to distraction. coming on fast upon the heels of There is a plain and easy remedy each other. Next winter! Next for the evil; but, this remedy winter will try the soul of the sys- (the only one) these men reject, : 1 |