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*and he could only call it a whim, to have that is to say, the paper-money, or Bank“gold in preference to any other circulat- notes, of France; for, les not any one lay “ing medium. This desire to have gold to his soul the flattering unction, that there was founded in ignorance, as there might is any inherent difference between Bruce " be a circulating medium without gull / notes and assi 2.118; litro one suppose, that perfectly adequate 10 all the exigències there is any dilerince in their rulure ; leo “ of the country, and which might be ef- n:) One suppose, that there is any thing in fected by the branches of the Bank of the mere uime that makes a difference in “ England, and the endries in the Bank- l the thing. ----Well; but, klid Robespierre's os books to which he had alluded on a for- plan succeed? On, yes! 10 admiration. mer night. Gold was only the measure Nobody violated his law, for it was, written or of other things, and was not necessary

in blood; but, those who had any thing to so to circulation. The Bill was reau a sell took care to ask two or three times the “ first time, and ordered to be printed. former price for it, and, as this rise in " ---THE EARL or LIVERPOOL wished prices would naturally go on, the Conven*“ the second reading to be mared to-110i- tion were soon obligeid 10 pass the law of är row, when he intended to move to posta Paximum, that is to say, a lui prescribing s pone it for three months. ---EARL STAN- the prices at which things shoud be sold. HOPE declined hurrying the Bill with The moment disis law passed, the streets “such rapidi!y, and thought it possible of Paris flowed with bloud. Robespierre, " that the Noble Secretary of State night who was a shallow man, thought that his " have a wiser opinion respecting it by project was practicable, and as he was obs Monday.--Earl Grosvenor having stinate and bloody, be resolved to carry it « wished to be informed, whether any mo. into execution. Bui, he myse hare killed - tion on the Bill was to be made to-mor- all the people in France. It was against row, THE EARL OF LIVERPOOL said nature. It could not be eller ted. - he would not do so unusual a thing as to Yet, monstrous as the law of i!arimun

to postpone ihe Bill for three was, it naturally grew out of the law for “ montlıs to-morrow, the Noble Earl (Stan: equalizing ihe current value of the money.

hope) having declined to move then the It was a necessary consequence of that 1 " second reading.” -Well, reader, what law; for, does any man believe, that, if think you of that? Do you think that the the holder of a guinea be compelled to end is not now approaching? I should sup. kcep or to send it cbroad, or to pass it for pose that even Grizzle Greenhorn sees it 215. worth of a paper which is at 25 per as plainly as she can see the nose upon cent. below par; is there any body to her lover's face. My Lord Stanhope I believe that such a 29 will ný: keep the says, tirat he went to Binkers and to me guinea or send it a'road? All will, ail learned in the Law, and they all approved must, become paper ariediately, if such of his remedy, wineh, he said, was very a law be passed. There will b: 19 coin simple. Indeed it is; but his lordship seen, of any sori. O Lord Liverpool's need not have gone to Bankers and Law. big heavy pennies have disapp ared alyers for advice, having s perfect a prece ready; and, if this law were passed, even dent before him in the Robespierrean Code. the brass halfpanice would be hoarded: It is precisely what was done in France in The effect of that would be eise in all the time of Robespierre; precisely Robese prices, and that so rapid as to destroy virpierre's first measure of finance. The tually every contract existing bịtween Convention finding that their assignats man and man.---- -Well, but whai is to be would become good for nothing in a very

done ? Aye, that is a gistion often put short time, unless they compelled people to o me, and I always answer: "Go to take them at par with gold and silver, “ your ministers! They are paid for passed a law making it a crime for any taking care of the altiss of the nation. one to give more for gold than its nominal “ You give them a great deal of noney value and to take or pass assignats for less < for thinking for you. They are the than their nominal value. No sooner was people for you to inok to in your troue this law passed than the whole of the gold

- bles.

-For my part, though I knu and silver disappeared; totally disappear what ought to be done inmediately, and ed; and was, in quick time, followed even what will be done at least ; though I could by the copper sous, though of the basest now point out the way in which ihe delimetal; for, base as they might be, they rerince of England might be secured, and were still superior in value to assignars; which I deem of much more importancë

ounce.

than the deliverance of Europe ; though | " Paper-money is estimated in this man- . I could do this, I will not do it, and the ner;

the

price of Gold in 1802, the reason I will not is, that I dare not, though " year of your agreement, was £.4 an what I should recommend would secure

The present market price is both the crown and the people from “ £.4 14s. arising from the diminished danger; and though it would be the “ value of Paper; in that proportion an greatest blessing the nation could expe- " addition of £.17 10s. per cent. in Paper rience. For publishing my proposition, “money will be required as the equiva. I might be called a seditious libeller, per- “ lent, for the payment of rent in paper.". haps, and dealt with accordingly. There --Such is the notification of their landfore, I will not say what I think ought to owner's intention; and, I am fully perbe done. I have had no hand in produc- suaded, that the thing is of more importing the danger, and I shall not, therefore, ance to England than could be 50 battles be amongst the first to run any risk for fought with Buonaparté. The fate of the sake of warding it off. I bave Spain and Portugal and the Baltic and foretold it, and I have been abused and Sicily; what is it to compare to this, persecuted for foretelling it. The danger which marks out to the government of is now at the door; and let those who England what is going to happen, what abused and persecuted me find out the must arrire soon or late, and what will af. remedy.-- -We will now take a look at fect the interests and the very existence the PARTICULAR ACT, which called forth of every man in Englandi

-The author the proposition of Lord Stanhope. There of this notification is, in the report of the is,' it seems, some lund-owner, who has debate, said to have been actuated by black notified to his tenants, that, in future, they malignity, and, in another part of it, it is shall pay in gold, or, if not, he will not said that ignorance alone can induce a man take bank notes ercept at their present value to prefer gold to paper. Now, if this be compared with gold. I happen to be pos- so, I must confess myself chargeable with sessed, I believe, of a copy of this notifi- black malignity and with ignorance, seecation, which I understand to come from ing that, I only want the means, having the one of the tenants. It was brought me last will, to do precisely what this nobleman Sunday; and I hare no doubt of its being bas done, except, perhaps, that I should genuine.----It is as follows: “ By. Lease, have gone farther, and insisted opon my " dated 1802” (mark the period) “you rents in guineas, and guineas only; and, “have contracted to pay the annual rent in so doing, I should have thought myself “ of £.47 55. in good and lawful money acting, not only a just, but a patriotic part, “.of Great Britain. In consequence of and should have consoled myself, under “ the late great depreciation of paper present censure, with the certainty of remoney, I can no longer accept any ceiving, in a short time, the thanks of all “ Bank.notes, at their nominal value, in that part of the nation, whose gains do not payment or satisfaction of an old con- wholly proceed from the system of paper. o tract. I must therefore desire you to

-I'his land-owner, who, I believe, is “ provide for the

payment

of your rent in LORD KING, and, if I am in error, I am “ the legal gold coin of the realm. At quite sure his lordship will pardon me, " the same time, having no other object and have the goodness to enable me to " than to secure payment of the real incorrect my error next week; this land“ trinsic value of the sum stipulated by owner, or, to use the name, Lord KING,

agreement, and being desirous to avoid let his farms, or, at least, the particular

giving you any unnecessary trouble, I farm alluded to in the notification, in the "shall be willing to receive payment in year 1802, when four one pound bank “either of the manners following accord-notes would buy an ounce of gold; but now “ing to your option.- 1st, By payment the bank notes are become so much less “ in Guineas ; - 2nd, if Guineas cannot valuable than they were then, that it re“be procured, by a payment in Portugal quires four one pound notes and fourteen shil. " Gold coin, equal in weight to the num- lings to get an ounce of gold; and, conse“bers of Guineas requisite to discharge quently, unless Lord King gets a greater " the rent ;-3rd, by a payment in Bank- quantity of Bank notes for the same

of a sum sufficient to purchase (at amount of rent than he used to take in the present market price) the weight of 1802, he will lose 1 ts. in every 2.6, "standard Gold requisite to discharge the which is 38. 6d. in the pound, or £.17 10s. "rent. The alteration of the value of the in every hundred pounds. --Is it right,

paper

that he should suffer this loss? What rea. dividual alluded to, would find any body to son is there for il? Is it right that the Di. follow his example, or would persevere in rectors and Company of the Bank should what he had begun.- -If Lord Liverpool be protected against the demands of their saw this matter in the light in which I see il, creditors, issue out as much paper as they he would startle at these words having been please, and pocket the profits, and that LORD promulgated. They convey the idea, that KING should be losing his income daily the erample was bad, and that the person who from that cause ? ---Oh, no! says the had begun the thing would not dure to go on. Lord Chancellor, he is not losing any in. And, my Lord STANHOPE by way of encome ; for, he gives the £. 100 lo his forcing his arguments in favour of his Bill, coach-maker, just in the same noles that reminded the House of the recent opposihe takes from his tenant. The hundred tion to the Dissenters' Bill, and having pounds is still a hundred pounds : 'and, if it asked, why the Dissenters made such ef. will go for a hundred, what does Lord fectual opposition, he said : " Because King lose in taking it for a hundred ? they were in the habit of meeting 10But, my good Lord ELDON, do you sup- "gether statedly ; and the alarm fiew pose, that the coachmaker will not raise his through them all like a shock of elecprice to meet the depreciation of money? “ tricity! The Farmers likewise met statThis was asked, it seems, by Lord Lav- edly at every market-town in the kingDERDALE; and the Lord Chancellor an. dom; and if they felt such injuries as he swered, that he supposed the case of a “contemplated, the same spirit would be coachmaker under contract to furnish cur- " shewn, and they would express strongly riages and work at a fired price! Very good!" and boldly what they felt severely. He Very good ! Quite conclusive. But, how “ considered his remedy as easy as the did any one know, that Lord King had a "evil was alarming. He concluded by contract with his coachmaker and that it " presenting his Bill." - Really, I am was made so long ago as 1802? For, to quite thunderstruck at reading this, and make the supposition worth any thing, especially at seeing the notion adopted. I even as a mere supposition, the contract have been called a Jacobin and a Leveller, must have been made at the same time, and I have much less veneration for title that the Leases were made.- -Well; but and family than many other people have; what is the coachmaker? Lord King must but, I should have hesitated very long beeat, drink, and dress, and is it to be sup- fore I adopled notions like these; which, posed, that he is supplied by contract with as I said before, do really seem to have ihe eatables and drinkables and wearing been generally adopted. What! are the apparel for his family? Is it supposed that farmers to come boldly forward and comhe has his servants by contract, his men plain of their landlords for demanding and his maidens by contract ? And, ob- their rent? Are the landlords, let the serve, the contracts must have been made, paper depreciate to. whatever degree it too, in 1802. He gets the same nominal may, still to be compelled to take the nosum from his tenant Nokes, for instance, minal sum that they now take? Is Lord as he got from him in 1802; but this same KING still to take the same nominal sum sum will not now buy him so much bread from farmer Nokes, when the paper shall or meat or wine or wages as it would buy have fallen to 10s. in the pound? Aye, him in 1802. So that Lord King does, in when to 58. in the pound, or 6d. in ihe fact, daily become poorer and poorer, and pound ? the land may change masfarmer Nokes becomes daily richer and ters in the quietest manner possible. We richer; and, of this those who repro- have heard a great deal about revolubate the conduct of Lord King may tions, and about the horrors of revolution ; be well assured, that, if his erample but what thinks the reader of this sort of is not followed, the farms will in a very revolution ? And, if landlords are to be little time, change owners, if he may be stigmatised as cruel for demanding their called the owner who receives all the rents in the standard existing at the date of benefit of the thing. The House of Lords the contract, what landlord will have the will, I think, reflect a little upon the conse- courage to do it? Thus, then, the thing quences, to which the doctrine of the 27th will go on, as far as leases now exist ; for, as of June may lead. I think they will to stopping with this doctrine in his face, have good reason to reflect on and long. what landlord will do that? There is no to remember that doctrine. Lord Liver- stopping, unless you stop now; and, if any POOL said, that he did not believe the in- man has now twenty thousand pounds a

If so,

jani.

year arising out of leases from two to len | is adopting; but, wholly prevented they years old, he may see himself in the re- cannot be. If Lord King's example ceipt of what will buy bim a twentieth part were to be followed, tenants might quietly of what he now annually spends or jays fall into the measure now; it mighe beby, which must be a great comfort to bim, come a general custom to make up in ad. and more especially lo his children, whose ditional nominal sum what had been lost fortunes will have all passed away to the by depreciation, and thus the contract children of his tenants.

What are

Inight be kept on both sides. If this were the injuriesof which Lord STANHOPE once customary, the paper might go on seenis io think the furmers would bave to depreciating without producing any very complain, if Landlords acted upon the sensible injury; or, at least, without a rule of Lord Kino? All that Lord King shock ; but, if it do yo on depreciating, it wants of bis tenants iš to pay him as is very clear, that landlords inust make a much now as they agreed to pay him stand sooner or later, or give all quietly when they took their farms. And, can up; and, if they make a stand at all, certhis be called an injury? If I had a tenant, tainly the sooner it is done the better, bewho had but a year to continue in bis cause every year will add strength to the farm I wouu make him pay in guineas, tenani's motives for objecting to pay in or I would have the world of shiose gui- the standard of the contract.

His lordship neas, tênis bug Id a 2.3.173. 101. an has, in fact, made an effort to preserve the cunce; the Islou think perfectly just; estates of the nobility from being wholly and shou not be at all indsid to meet the swallowed up, and he must, for this effort, charge of having come an injury to my te. expect to be called a Jucobin and a Levellet,

-- Lord King persevere, others and to have all sorts of malignant motives vi'i follow his exampie, and an equable impuied to him by the whole tribe of anci pucerible leznement between land renal writers, who though they know no lord and itirant may become general more of the matter than the quills with through the country; but, if Lord King which they write, will not fail io express, do not persevere; if lie give way in with great gravily, their regret that so consequence of what has b en said against amiable and excellent a young nobleman his conduri, it requires no conjuration to

should have been induced to do an act so furesee the coi?sequences.

It is a matter

injurious to the credit of the country. of much too general and deep intere:t to -- There is one expression of Lord pass unlaice. There is nt a farmer STANHOPE that I niust yet notice ; nor any tenuit vi any sort, who will not namely, that the Bank was the bollom Blue what has pow pausid in the House plank of the Ship England. I have been of Lords, whicie, from the whole tenor of on board of ship; and when I bring the debate, it appears, that the general my mind back to the scene; imagine impression was, ibat the conduct of LORD myself looking over the side and seeKisu vas te trying of censure. The peo- ing the moon and stars at apparently ten pe will keep their eyes fised upon him. thousand miles down in the waier ; when Every textant in th.. kingdom will have his I take this awful object into my mind, and Qye ypon Loan King, in whose single per. suppose that the bottom plunk is to the real son the rate of all landlords will be decided. ship what I look upon the Bank to be to ------- But,” some of your hoping gentry the Ship England; when I thus fancy mywill say, "why did he stir the thing?" self, I can scarcely help exclaiming : Why leil your friend that he has a mor- “ God preserve my poor Widow and Chil. tification be gun in his finger point? Why" dren."--The builom plank, my lord! The not let it go on; why not disguise the disa bottom plank of England! What! that agreeable truth from him, till the destruc- Bank that stopped paying gold and silver, tive principle reach his armpit and de- and was propped by an act of indeinnity; scend to his heart? The paper money is and which has never paid in gold and silunder an impulse as regular as that of a ver since that time.-But, enough for the mortification. The progress of deprecia- present. There will, doubtless, be more tion may be accelerated; but, no earthly said upon the subject, and, of course, it will power can stop it; and, the main con- be necessary for me to return to it. sequences of it must finally be what they always bave been in siinilar cases.

WM. COBBETT. They may be mitigated; and they would Statc Irison, Newgate, Le by measures such as LORD KING Friday, 25th June, 1811.

16 our

Where talent and virtue are combined TO THE MARQUIS OF TavisTOCK.

with youth, we may expect ardour of inLetter II.

quiry, an ingenious love of truth, a quick

June 22, 1811. discernment of what is right and honest, . My Lord; In the eyes nf some, it will and such an inflexible adherence to the be an ill omen, that a crrection of the public interest, when once discovered, as borough system stould be iaken up by the siall become the descendant of patriot heir in borough property: hy the next in ancestors, succession to a moripi house that hath a If, then, such a young nobleman-if a direct interest in ihre wystem; and when Russell of his description, wirile standthev observe the micile hisivas chalked out sing forward as a Parliamentary Reformer, to himseli, their forriedmys may receive shall be conscious of having a personal ina strong confirmation.

terest in tbat borough system which is "the But, my Lord, I feel strong in hope ; source of our evils,” we know the rigid and from three consideracions. That per- justice which bis high sense of honour son is young; he has the reputation of will dictatemwe know the vosparing seves talent and a virtuvus disposition ; avd herity with which he will be ready 10 " cut is a Russell. He is, indeed, the son of off"? that source of our coils;"-we a nobleman, who, only six years ago,

know ihat rather than incur the suspicion wrote to ine as follows: I should be of a base action, rather than be thought “ ashamed to give support to any

set of 0 play off any maneuvre for basing men who did not feel the necessity of a " substantial and rudical reform," he would radical amendment in the whole system of be led to the scaffold, and there pour out government. The source of our

the blood he derives from one who died for "evils is an inadequat, defective repre.

his o juntry! " sentation of the people in parliament,

My Lord! a young man of your rank " and until hat source is cut oft", in my

and expectations, unless he make himself " humble judgment, abuse and corruption an austere recluse, must be continually “ will never cease to flow in a thousand coming in contact with sycophanis, beard. " different channels.

less and hoary, who, for some sordid in“ I hope and trust the day is not far terest of their ow), through ignorance or o distant, when that most desirable event, want of principle, or from that natural de" a substantial and radical reform in the sire of the base to bring down to their “ representation of the people may be own level all superiority of character, will

brought to bear: In the mean time, let | be for ever striving to undermine his vir" them see the extent of their grievances, tue, to warp him from rectitude, and to “ let them know whence they arise, and poison his mind in favour of prevalent " let them coolly and dispassionately form corruptions. “ their own ju igments upon the best and It has, I presume, been from some such surest remedy: It is at hand, simple, and quarter, that you were counselled to " of easy attainment.

announce to us another statute, in addition With these words engraven on the to the useless lumber already on heart of the son, he will doubtless enter shelves, “ for preventing the expence of on a comparison of remedies; and of course “ elections;" hut, at the same time, to be prefer that which is “ best and surest;" silent on that prominent feature of oligar“ simple, and of easy attainment.” chical usurpation, ihe close borougk, * in In stating the youth of this person as one

" the quiet possession of a single great ground of my hope, I am well satisfied ; “ family *.since the error, as I esteem it, of a first

my Lord, into this snare. intimation, is in a young man very excu- Give to this suspicious counsel a serious sable, when that error is even sanctioned reconsideration. Ere you meddle with by the grave opinions of much older per- the vital question, study, my Lord, in all sons, who, in leaning rather to partial and its parts, the beautiful, the interesting progressive reform, than to that which is science of representation. Make not, in a to be at once achieved, ought not to be first adventure, shipwreck of your youthsuspected of any sinister design. But as ful fanie. Let no counsel induce you to all error, where there is free discussion, trifle with public opinion. Shun, as you must, in tine, yield to the force of truth, would shûn a pestilence, the fatal error of we need be in no pain for what will ultimately be the public opinion.

* The Comparison, 36.

our

Fall not,

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