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circulation? No: "these things were written | felt assured cons'ituted 99 out of every for your learning." The evils of a depreciated existing 100 contracts (hear); and having currency were long felt, and ought to be a been formed in au improved currency, if you warping to us in future to adhere to a metallic depreciated the standard, in point of fact you standard, which was free from the ucaltered the contracts. If he had the hop. tuations to which paper was exposed. Do Member in the witness-box, he would call on not again incur the evil, a return from which him asan evidence to prove that the bill of 1819 was in itself a calamity, but infinitely inferior was not the original cause of the improveto the continuance of an inconvertible paper ment in the currency, inasmuch as the imcurrency. He admitted the existing depres-provement had commenced, according to the sion of prices, but said that if any man hoped hou. Member's own showing, before 1819. by means of any currency whatever to bolster The hon. Gentleman wrote a letter, dated up prices to a war standard, he would find May 2, 1817, and addressed to Mr. Vansittart, himself miserably mistaken. (Cheers). Let it in which he described the monetary system of not be forgotten that the war commencing in the country as it existed two years before the 1793 and lasting till 1815, a period of twenty bill of 1819 had passed, and six years before it two years, with an inconvertible paper cur- came into operation. There was an inconrency, with a monopoly of the manufacturing vertible paper currency, and abundance of market in our favour, afforded no parallel for paper too; yet the hou. Member stated “ that ordinary times, Let it be remembered that money had diminished in value during the last within the period referred to there was not a five years, that a scarcity of money had country in Europe that had not been exposed existed for that period, which caused prices to to invasion except our own. His hon. Friend fall." That admission of the hon. Member had quoted Mr. Thornton as an authority to brought us back to 1812. The articles of show that prices had varied thirty or forty manufacture were those of war, and yet it apper cent.; but when was this? During war pears that thousands are dying by inches for time, so that the quotation was adverse in- the want of wholesome food. This was, be it stead of favourable to his hou. Friend. Upon observed, on the 2. of May, 1817. The landthe subject of distress, the hon. Member for lords have had no rent for the last four years. Whitehaven had referred every symptom of (Loud laughter). If they have received any distress to the bill of 1819. Was there, he thing, it has been as capital of the farm, or asked the bou. Member, no distress previously by the impoverishment or out of the amount to the passing of the act? Had there beeu of the principal, for (and he would beg atten noue in 1793, when we had an inconvertible tion to this point) the laudlord who had conpaper currency? Was there no distress inverted his property into money had doubled 1797? Was there no distress in 1810, when we had the high war prices of which the hon. Member was so enamoured? But it appeared according to the evidence taken before a committee of the House, that even during the war, and with an inconvertible paper currency, prices had fallen fitty, sixty, and seventy per cent. Did not this prove that a paper currency was no protection against distress-no invariable stimulant of prices even in a time of war? Was there, be would a-k, no distress in in 1816? There was; bankers failed in numbers, aud great commercial pressure and alarm were occasioned.

He con

his capital. (Hear, hear). He mentioned this to show that there had been, on the showing of the hon. Member himself, au improveď currency since 1812; and there was nothing in agriculture or manufactures to account for the distress. The hon. Member in his letter went on to show that there had existed great distress amongst the manufacturers for the last few years, and that the industry of the artisan could not give him sufficient for his maintenance, The hon. Member proposed a remedy, and he (Sir R. Peel) begged the attention of the House to it. It was to convert a part of the fixed to a floating capital, an tended that the appreciation of the currency issue of Exchequer-bills bearing no interest. had arisen long before 1819, and therefore, it By this, to the amount of 10,000,000l., he followed that the contracts which it was now proposed that it should be applied in giving proposed to alter, had not all been entered full employment to the labourers of the kinginto since 1819, but since the termination of dom at their accustomed rate of wages. (Hear, If the committee was intended to hear). This was the hon.Gentleman's standard. lead to any pratical result, it must lead to He went on to say that if an invading army a depreciation of the currency; and what had come and broken up the roads, the counthe honourable Member meant was, that try could not be in a worse situation as to inevery man who had entered into a contract tercourse between one part and another; and within the last eighteen years should have this, his letter went to remark, was the situa-it disturbed. If the motion were directedtion of the country ever since the bullion comagainst the fundholder alone, aud if it were only intended to disturb contracts entered into during the war, it would be a gross injustice but it went further; you were going to inflict a double injury, a multitude of the contracts with which you meddled were entered into in an improved currency. These latter he

the war.

mittee had broken up the relations between money and labour. Now he had read this to show, that if we had now broken up the contracts which existed between man and mau, as we should do, if the object of the hon. Member were gained, we should break up those which had been made for the last 23

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years. (Hear, hear). Allow him now to call the attention of the House to the state of the issues of the Bank of England during this period, when the country were in so much distress, and during which the landlords could not get any rent for four years-at this period, when 40,000 nailers were dying of hunger, and when no workman could make his industry fully available for his support. Be it observed, that at this period there was no limit to the issue of country banks. There was no check upon their amount. During this period the issues of the Bank of England were

In 1807
1808

.....

£16,657,470
16,645,860
17,840,390

.........

1809

1810

20,442,740

1811

23,333,430

1812

23,322,020

1813

23,933,140

1814

1815

1816

25,157,710
27,298,290
26,573,280
27,138,290

1817

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of the raw material, and then say whether they could expect to purchase at very low prices, and to continue to sell at high prices.. He would then tell them to look at the improvement that had taken place in machinery at the improved application of steam, and ask themselves if all these things had not tended to lower the prices of manufactures? (Hear, hear). That land had fallen in value he would adınit, but did any one expect that it would preserve the same value as daring the war, when so much capital was applied in bringing bad land into cultivation. He regretted that this kind of land was now thrown out of cultivation, but it could not be otherwise. Let them see what had been the effect of the large increase of Irish importation into this country. Let that be considered sepa rate from the question of the currency. The moment the good land of Ireland was brought into competition with the bad land which had been brought into cultivation in England, was a necessary consequence that the value of the latter must be greatly diminished, and (Hear, hear). This, then, was enough to much of it thrown wholly out of cultivation. show that extraordinary issues of paper did Then see what had been the operation of the not bring that improvement in our commerce, poor-laws, with all their defects of administraagriculture, and manufactures, which the tion. Let all these circumstances be taken hon. Gentleman would lead the House to be- into consideration, and see what had been lieve; it would show that prices of wages their combined effect, and then it would promight be lowered during even an extraordi- bably be evident that a very small portion of nary issue of inconvertible paper money. He that (and, as he contended, none at all of it) would admit that if he took the issues in some would be left, as the result of the change in of the months in the years he had mentioned, our currency which was made in 1819. To the difference would be greater; but the this, however, as the favourite year, all our question was, whether the issues of the Bank distress was to be attributed. Indeed, one of England were such as he had stated them hon. Member carried his proofs of that further during this period of distress, and was it con- than could have been expected even from his sistent with the hon. Gentleman's argument great ingenuity; for according to his view of that such distress as he had described should it, the downfal of the Bourbons in 1830 could be coexistent with those so-much-desired be traced to the measure of 1819; and Louis. issues of paper money. If a committee, such Philippe now sat on a tottering throne, in as the hon. Member moved for, were appoint. consequence of the low state of prices in ed, and that he was a member of it, he would France, from the same cause. One hon. Gensay to them-Gentleman, you must look at tleman had carried his objections still further, other things beside the change in the currency and had traced the distress and disturbances to account for the distress of which you com- to the same fatal cause-the measure of 1819. plain; you must consider the state of the On hearing statements of this kind, one country during the war, the stimulus which would like to have the proofs on which they that war gave to the cultivation of land, the rested in order to judge for himself. The great outlay of Government during the war; description of the distress was almost the only but when that is done, you must inquire what thing like a proof offered. There was "" dehave been the effects of the 18 years of peace, vouring poverty " and "appalling distress," and how far that long interval of tranquillity both very dreadful, no doubt; but these were had been the means of provoking the rivalship caused by the measure of 1819, and thenof other nations in our manufactures. and here was the pinch of the argumentwould ask them to consider whether England you had only to change the names, and to could hope to carry on the same extent of ma-substitute England for Ireland, in order to nufactures, and of almost monopolizing the show that the same distress existed here, and whole trade of Europe, when she had to com- was produced by the same cause. (Hear, pete with France, and Spain, and Portugal, hear). The hou. Member who had used this and Italy, and Germany. Could she hope argument had laid down some positions which with such competition still to keep up the he (Sir R. Peel) would not dispute-he bad old war prices? Look at the operation of ma- told them, that as crime had increased in nufactures in America, and see how Ireland, morality had decreased (laughter), far it had had the effect of diminishing that distress was the cause of much sufferyour prices-look at the different rate of ing. (Laughter). These were points into the insurances, and at the reduced price discussion of which he would not then enter

He

:

1816..

5,337

7,164

7,818

9,091

(a laugh) but the question was, whether they had greatly increased since the currency this alleged distress was produced by the had been changed. They had in some inchange from a paper to a gold currency, or stances been more than doubled; what then whether there was less of it when the issue of became of the argument that the cattle had paper currency was at its highest. He would been banished from the fields, that the labour admit that crime had increased, but was the of the plough had been suspended, and that year of the greatest paper money that of the land was thrown out of cultivation. (Hear, least prevalence of crime? He found from hear). The hon. Member for the North Riding returns before the House that the commit- of York, in an attempt to answer the unanments in Ireland wereswerable speech of the Vice-President of the In 1811.. Board of Trade, had selected three places in 1813.. which he stated that great distress existed, 1815. and (if the argument was good for anything) that these were to be considered a fair criterion by which to judge of the condition of the rest of England. The places selected were Oldham and its vicinity, Macclesfield and Whitby,-three good situations. But what was the condition of these places, aud was there no cause to be assigned for their distress but the change in the currency? Oldham, it was well known, had a great number of handlooms, and that suffered more from the competition of the power-looms than any other branch of business. Macclesfield was suffering from the successful competition of Manchester; and such rises and declines of particular places were perfectly consistent with the highest degree of civilization and even of general prosperity; and Whitby - we gave it a member, yet it was known that Whitby had long been in a declining state. These cases of the hon. Member for the North Riding of York were, then, most fallacious as general tests of the condition of the country.

[The conclusion of Sir R. PEEL'S speech will be given next week.]

The hon. Member seemed to look upon the years 1818 and 1825 as those of great prosperity, as being years of great paper issue. Now it happened rather unfortunately for his argument, that in 1818 was the greatest number of any preceding years with one single exception, and that the commitments of 1825 had been greater than those of any preceding year, for in that year they had amounted to 14,400, (hear, hear,) the largest amount ever known. He (Sir R. Peel) founded no theory on these facts. All that he was called upon to do, which he had done, was to show that the facts he had stated did not support the theory of the hon. Member. Now as to the value of Irish land. He had taken down the words, and making allowance for declamatory language, they were to this effect that cattle had vanished from the fields, the plough was no longer at work, no manure was purchased, land was going out of cultivation, and universal distress prevailed throughout the land. They were not there to discuss to whom the produce of the land went-whether to the resident, or to the absentee; but whether capital had been applied to the cultivation of the soil in those periods to which the hon. Member referred. The argument was, that disturbance and distress had prevailed since the passing of the currency measure of 1819; and the inference intended to be drawn was, that they were both to be traced to that measure. He begged to deny the inference, and also the fact. He had had some experience of Ireland, and he was acquainted with its condition at the periods referred to; and he found, on referring back to dates, that disturbance and distress existed at times when the issue of paper currency was at a height which the greatest admirer of that system could desire. In 1817 paper issues were abundant, and in that year the Insurrection Act was applied to Ireland. In 1814, another year of extensive paper issues, the same act was again applied. He did not Barley was in moderate supply. Best Maltsay that these acts were at all a conseing descriptions met with little inquiry, though quence of paper issues; he only met the they might have been purchased at 30s. to 31s. argument which stated that distress and dis-Stained parcels, as well as distillers' and turbances had been a consequence of the grinding qualities, ruled excessively dull and change in the currency of the measure of were perfectly nominal in value. 1819. The question was, whether agriculture had been more depressed after this than before. The right hon. Baronet here read returns of the importation of cattle and corn from Ireland to England, in order te show that

LONDON MARKETS.

MARK-LANE, CORN-EXCHANGE, April 22.The supplies fresh up to this day's market were moderate from Kent and Suffolk, but the arrivals from Essex liberal. The best parcels were taken off by the home millers in the early part of the morning, at about the prices of this day week; all secondary and inferior descriptions, however, hung very heavily on hand, and to effect sales, lower prices must have been accepted, and the trade closed dull, Old Wheats remained firm. Bonded Corn was more in request, but the offers continued too low to lead to any actual business.

Malt continued heavy sale at last week's prices.

The receipts of Oats were limited, and the article was in fair demand at fully last Monday's currency.

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Feed..........

Flour, per sack

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PROVISIONS.

14s. to 18s.
48s. to 50s.

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SMITHFIELD.-April 22.

This day's supply of Beasts, Sheep, and Porkers, was but limited; the supply of Lambs and fat Calves moderately good. Trade, was, throughout, dull; with Beef, Veal, and Pork at Friday's prices; with Mutton and Lamh at a depression of 2d. per stone.

A full moiety of the Beasts consisted of Scots and home-breds, chiefly from Norfolk; about a fourth short-horns; and the remaining fourth about equal numbers of Devons and Welsh runts, also chiefly from Norfolk; with a few from Lincolnshire, Leicestershire, Northamptonshire, and our western and mid. land districts; with, perhaps, about 100 Herefords, and as many Irish Beasts, from various quarters, with a few Sussex Beasts, Town'send Cows, Staffords, &c.

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On Sunday, 5. May, will be published in THE ENGLISHMAN, the First Number (to be continued weekly) of

Paris Correspondent of the Morning Chronicle.

A Saturday Afternoon Edition of the En glishman, admirably adapted for the country, is regularly published at No. 170, Strand, London, at Four o'clock, in time for the post, by which it may be received on Sundays 200 miles from London. As a Family Newspaper, the Englishman stands unrivalled; not a line, or an advertisement, of an immoral tendency, is allowed, under any circumstances, to stain Full three-fifths of the Sheep were new its pages. The Englishman is a twenty-folioLeicesters, of the South Down and white-column Journal, the same size and price as faced crosses, in the proportion of about two of the former to five of the latter; about a fifth South Downs, and the remaining fifth about equal numbers of Kents, Kentish halfbreds, and polled Norfolks, with a few old Leicesters and Lincolns; horned and polled Scotch and Welsh Sheep; horned Dorsets, &c. About a moiety of the Lambs were Dorsets; the remainder, for the most part new Leices ters, of the various crosses.

the Observer, (Seven-pence). The paper upon which it is printed is of an excellent sort, and the type almost new. Indeed, for variety, quantity, and quality, it is the most perfect. In speaking of Sunday newspapers, it is proverbial to say, the Englishman is almost a library in itself.

Printed by William Cobbett, Johnson's-court: and. published by him, at 11, Bolt-court, Fleet-street.

COBBETT'S WEEKLY POLITICAL REGISTER.

VOL. 80.-No. 5.]

LONDON, SATURDAY, MAY 4TH, 1833.

TO THE

PEOPLE OF OLDHAM.

MY FRIENDS,

Bolt-court, 2. May, 1833.

[Price, ls. 2d.

and thus we got to about half-after five o'clock. Then came Sir JOHN KEY, with his motion for a repeal of the house and window-tax. When he had done, came Lord ALTHORP with his amendment. This debate went on till about two in the morning. Then the House divided: and, as you will see, there were two other divisions, which brought the time to about three o'clock. You will see that the several pieces of business are numbered, from one to forty-six.

After these divisions you come to number 21 of these pieces of business ; BEFORE I proceed to offer you my and you will see that twenty-six of them opinions with regard to the final conse- were dispatched after three o'clock in quences of that which took place in the the morning. The twenty-seventh of House of Commons on Tuesday last, I these pieces of business you will find to beg you once more to look well at the be a thumper, containing no less than manner of conducting the business in TWENTY-FOUR SEPARATE votes of mothat House. I have before published NEY; altogether, I believe, amounting an account from the records themselves to more than a million! Then look at of part of a day's work. I will here the pieces of business from twenty-eight publish the account of a whole night's to forty, amongst which you will find work; and such a night's work no body of one bill going into a committee and relegislators ever performed in this world. ported; then you will find the affair The Speaker took the chair precisely at close with six pieces of business, amongst four o'clock in the evening, and he which is the bringing up of a report quitted it at four o'clock in the morn- from the public petitions committee. ing. The first work was balloting for Now, I pray you to look well at all two election committees, which took up this; I pray you to think well of it; an hour, pretty nigh, and which is a and I pray you to be prepared for the job for him to perform of a very toil- inevitably ultimate consequences. You some nature. I should have observed, will observe, that these proceedings that a quarter of an hour was spent in began at pretty nearly the end of the prayers before the balloting-work be- day; and that they terminated just gan. Next came on a discussion and a about the time that men ought to be division about the GRAVESEND Pier-waking from their sleep in the mornBill, which I opposed, or rather voted ing. I think that I shall go to bed at against, because no little conveniences my usual time, when the days get a of pleasure-parties ought to be suffered little longer, and go to the House in to weigh one single feather, when put the morning, and then do what I can in competition with the navigation of a before the House separates. For my great river like the Thames. These part, I went away on Tuesday night, matters having been disposed of, several and was asleep two hours before the private bills were disposed of also, and first debate was finished, and I awaked one of them passed. Next came a up in the morning much about the parcel of petitions in favour of a repeal time that the Speaker was quitting the of the house and window-tax. All this chair: he quitted his chair, and I quitted work might possibly cost half an hour; ny bed, within half an hour of the same

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