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"currency of this description to be issued; this system than this old man himself? He ” and James I. when he did issue them, had always supported Pitt. He was al. “ would not suffer them to be called ways in some office under him, and, indeed, « Coins, but Tokens: many of these Cop- under every other minister during the last " per Tokens were sent into circulation in fifty years of his life. This, to be sure, " a subsequent period by individuals, par- was no reason why he should not endea“ ticularly during the confusions that pre. vour to do a little good, ro utter a little * vailed in the course of the civil wars. useful truth, before he went under ground, « The Dollars issued in the course of last beiore he finally bid adieu to the people,

year are certainly not Coins, though out of whose taxes he had received' so " they have the impression of your Ma much; but, he should, I think, bave taken " jesty; for they are not current under this occasion (the last that was to offer!) "your royal authority, and no one is of doing, or attempting to do, or, at least, "obliged to take them as legal tender in expressing a wish to do something like "payment of any debt. They are merely, justice to those, by whom this poisonous “ Silver Tokens. --The justification of system had been opposed, and who had " this measure rests singly on the absolute | long been objects of persecution.--If, in “ necessity there was for these Silver To- the year 1805, the want of silver coin was " kens, to pay the seamen of the royal severely felt by labourers and journeymen, ““ nary, and the artificers in the great docks what must they feel from that cause now? " of tbe kingdom, from the want of Coins There is hardly a master tradesman in « of the lower denominations, which are England, who can pay his men separately “ necessary for that purpose : the blame, on a Saturday night. How should it be, " therefore, if any such is to be imputed, indeed, when the Bankers, it is openly de“falls not on those who permitted these clared, give 2 or 3 per centum for silver, "Dollars to be issued, but on those who and when guineas are said to sell for 26 or " neglected to supply your Majesty's sub- 275. The 78. gold piece passes pretty "jects with a sufficient quantity of legal current, I believe, at 88. or perhaps "Silver Coins to be employed in those more.

While this is the case how is it payments, for which these Dollars now possible for people to have silver wherein

pass. But not only your Majesty's to pay workmen's wages ?. -For want " sailors and your own artificers are in of silver and gold for this purpose, they "Want of legal Silver Coins; the labourers must take paper. They must put their " in every part of the country, and the men in classes and pay them three or "manufacturers in the great and populous four in one payment; or, they must give " towns of this kingdom, and all your good them paper in advance, or the men must "people in every part of it, particularly give the masters credit, and thus running "the inferior classes, suffer equally from accounts and all the endless trouble and " the want of them. On this occasion vexation of them to such persons. But, " allow me to submit to your Majesty a whence is to come the paper for these small "moral consideration, which will, I am payments.

When I say small payments, persuaded, make a strong impression on I mean small separately considered, and "you: the lower ranks are occasionally not in their aggregate amount; for, thus

led into excesses from the want of a suř- viewed, they are very large indeed, as will "ficient quantity of Coins of the smaller be at once perceived, when it is consi" denominations ; for when they receive dered, that the wages upon a farm are ge" their weekly wages, they are frequently nerally nearly equal to the rent, and when "compelled by their employers to attend we reflect, that, of every article of dress " for payment at ale-houses and places and of furniture, nine tenths of the amount " of that description, where Coins, or a low is in workmanship. Whence, then, is 10 " sort of paper currency sometimes called come the thing to supply the place of gold

Silver Noies, are provided for that pur- and silver for the payment of wages? And, "pose ;, and the poor are thereby too fre- what effect must this new issue have upon

quently tempted to spend, in the pur- the paper system? Is it not as clear as the "chase of liquors, a part of what they sun, that there must be more paper issued "have gained by their industry, which to supply the place of the hoarded coin,

ought to have been reserved for the and to carry on these operations between "sober maintenance of themselves and fa- master and man, to say nothing about army "milies." Now, this is all very true; or navy? The coin being hoarded, is it.pot but, who had contributed more towards clear that more paper must come to supply

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the place of that coin; and what, then, will | Now, as to the amount of their wages, be gained by a new issue of 600,000 Dol- taking one with the other, the rate cannot lars, if the very operation includes a further be lower than 15 shillings a week for each depreciation of the paper, first by an issue man; which would make, of paper in the purchase of these Dollars,

Weekly wages............. £.1,990,618 and next by the depreciation occasioned by another issue of paper to supply the Part of this sum might, and, doubtless, was, place of the coin hoarded on account of paid in paper; but, the far greater part that rise in the price of the Dollar, with must, I should think, have been paid in out which a new issue of Dollars could coin, before coin vanished froin circulation, not have been thought of But, in If we deduct a quarter part of the sum, order to get a clear understanding upon upon the supposition that so much of it this part of the subject, we must bave used to be paid in paper, we shall then something better than mere conjecture as find, after having reduced it to the lowest to the amount of money used in the possible calculation, that there was, weekly payments for labour ; because, when we know pretty exactly what that amount

Weekly wages until now

paid in coin....... ... £.1,492,964 is, we shall be able to form something like a well-grounded and satisfactory opinion, This, then, was about the amount of the coin First, as to the quantity of paper which has paid every Saturday night to workmen, conbeen added to the mass by the absence of coin ; sequently there must have been this much and, SECOND, as to the effect which the issuing in circulation in small gold coins and in of 600,000 Dollars will have in bringing coin silver, with a few copper-pieces. Well, back into circulation. There were, in the far greater part of this is in circulation England Wales and Scotland, when an no longer. The famous plan, proceeding Account of the Population was taken ten from the joint deliberations of the Privy years ago, numbers as follows:

Council and the Bank, sent it all, or nearly England and Wales.

all, out of circulation. The wages must, Persons chiefly employed in

of course, be paid now in paper. Horo Agriculture .... .... 1,713,289 the thing is managed it matters not to the Persons employed in Trade,

argument. Paid in paper the wages must Manufactures, and Handi

now be some how or other; and of course, craft

1,843,353 there is now so much more paper afloat Scotland.

than there was before, which paper the First Class as above ...... 365,516

new Dollars will have to face when they Second Class as above ......... 293,373

come out, if ever they dare shew their

heads, or, rather, if this paper ever dares 4,215,531

meet them at the price of 59. 60.

What are 600,000 Dollars, then ? What This includes masters as well as men, and figure will they cut? What head will they the families of both; and also yearly ser- is 165,000 pounds, a little more than A

make Their amount, as I showed before, vants as well as weekly labourers. But, it is to be observed, that the wives and TENTH part of enough to pay the weekly children work, in many instances; and wages! This is the view to take of it. The that one half, perhaps, of the workmen in coin that used to pay the weekly wages the second class are unmarried. Al was, as we have seen, about £1,492,964 ; lowing, therefore, one master and master's

and, that being now hoarded, the Bank family in every five of the first class, and

are (as is said) about to sendout.£,165,000 one in every ten of the second class; allow to supply its place! And this is their scheme; one third part of the farming labourers to

this is their remedy; this is their grand be yearly servants; allow one half of the specific to prevent people from hoarding ! remainder of the whole to be married Why, the £.165,000 would be boarded in men, having 3 children each; but, allows three days. Not a Dollar, except at an ing also that the wife and children earn tion at the end of three days. One of the

enhanced price, would be seen in circulahalf as much weekly as the man, and to be taken as such: according to this esti- poems of the pensioned poet, Fitzgerald, mate the reader will find that, in this would do as much good as such an issue island, there are to pay weekly,

of Dollars as this.- -But, what have I

done? What have I estimated here ? Not Workmen of the two classes 2,654,159. much more than half. The hundreds of thou,

3. d.

sands of persons, not included in either of this mere drop in the bucket will put a ahe above classes, yet paid weekly, such as stop to hoarding, or lower the price of the Porters, Waiters, Drawers, Car-men, Coach-Dollar? Let us now (for it has a very men, Stable-men: in short, to give any close connection with the subject before thing like a correct general description of us) cast our eyes towards our ancient ally. them is impossible. All of these get paid in AUSTRIA. It will be borne in mind, that sipall gold or silver. Then the sums necessa- a part of our National Debt, the dividends rily current in shops and passing from hand on which are paid in paper-Iwoney by our to band amongst others besides workmen. Bank; that a part of this Debt ; a part of Then the urmy and navy, and all their numer- our Funds; a part of our Stock; a part of ous retainers. What sums in coin must all what is called the Funded Properly, was these have received weekly! That coin is borrowed of the people for, and in the now boarded; its place is, because it must name of, the Emperor of Germany; and, it be, supplied by paper; the amount cannot be is even now called the Imperial Loan. It less than two or three millions of pounds ; stands in the Public Accounts thus : and, does Governor Manning think, that

For the Emperor of he will put this paper out of circulation again by a hundred and sixty fire thousand

Germany.............. 7,502,633 6 8 "pounds in Dollars? Why, his Dollars would How exact they are! Punctual to a penny! scarcely suffice for paying the weekly al- Good God, what a people we are ! lowance to the PAUPERSof this prosper- Upon this sum the annual interest or erous country. In 1803, the annual sum pence, is £.496,277 7s. 11d. They might expended upon the Paupers in England have put t'other penny! What a people, and Wales (exclusive of Scotland) was Good God! Here is nearly half a 5,348,205 ; and, if we suppose, as we million of money, you see ; nearly a must, that the Paupers have increased as twelfth part of enough to feed all our fast in the last 8 years as they did in the Paupers; and this sum we have had to pay 8 years before 1803, the sum annually for many years, and are paying it yet, for expended on them now amounts to the Emperor of Germany, whose daughter £.6,943,433. Less than a fourth part of the has now become the spouse of Napoleon. Paupers are kept in Workbouses. But, But, at any rate, this Emperor being suppose a fourth part of the money to be so much in our debt, it is worth while for laid out upon those in the Houses; there us to pay a little attention to what is said will then remain £.5,207,575 to be paid about his finances. Here it is, as I find it to the OUTS (" I bar fallacious inuen- in the Times news.paper of the other day; do'); to be paid, I say, to the out paupers, and I beseech the English reader to pay who get their pay weekly from the over- attention to every word of it; for, he may seer. Now, if you divide this sum into be assured, that it is, of all things confifty two, or weekly, allotments, you will nected with politics, the most interesting find, I believe, that there will require, as that he can have submitted to him. The weekly payment to the

“ The Emperor of Austria has issued a out-lying Paupers of England £..

" long edict, for the purpose of regulating

the current value of the Vienna banka and Wales.........

100,145

paper, which is well known to have This is exclusive of Scotland, observe; so “ sutfered a great depreciation. This edict, that, when Governor Manning's 600,000 which is dated the 20th of February, promised Dollars, or 165,000 pounds, have “ 1811, sets out with enumerating the had taken from then the sum necessary “ measures which were taken for supportfor the weekly pay of the out paupers in ing the finunces of Austria in September England and Wales, there will be 65,000 last, by imposing a tax of 10 per cent. pounds worth of these Dollars left! Is it “ on moveable and on real property. Note not shocking, then; ought it not to make " withstanding this, however, the value one ashamed of one's country, to see it “ of the paper-money continued to full, stated in the public prints, that these " and sunk so low as 1,200 in exchange 600,000 Dollars are calculated to remove “ for specie. "It then goes on to mention the present distresses? The whole 600,000 " the inconveniencies which arose to inare not sufficient to furnish the overseers dustry and property from this state of with the means of paying all the poor, if“ things, proceeding from the “ excess of we include Scotland. Is it not, then, "" a worthless paper money.”-In order to monstrous to suppose, that the issuing of “ remove this evil, the edict circumscribes

" to say,

1

at at

500 .........

“the mass of paper money, and fixes it at bours? If the Emperor, our ancient and $ 1,060,798,753 florins, which is the faithful ally in the Anti-Jacobin war, ". whole sum to remain in circulation, and were to tender us payment in his paper

to be afterwards funded. But the mass money now, what should we say? Yet, I “ so diminished is not to be realised, or do not see how we could refuse it; bow " to pass at its nominal value; and on we could say that it was not a legal tender, so this head the edict contains the follow, after the principles upon'which the great « ing regulasions :- 1. The Vienna bank- :: man vow no more,” and bis living fol

paper shall not reinain in circulation lowers, haveacted. This papermuney 4 afer the last day of January, 1812.mis

, then, come down to one-fifth of the “ 2. Till then itshall pass current in pay real money value. Ours retains about “ments at the fifih part of its nominal four fifths of its real money value, sup“ value. 3. From the 15th of March posing the dollar to be freely current ai 5s. “ 1811, the bank-paper in all redemption 6d. Mr. Iluskisson said our paper had “ bonds and payments shall be fixed at sunk thrce shillings in the pound when he " one fifth of its nominal value ; that is wrote his pamphlet. The fall since that,

or the rise in the price of silver (tbey are Bank-money of 5 florins, at 1 fiorin.

the same thing), is, we all know, ten per

cent, that is to say two shillings in the 10 25

5

pound more, making, in the whole, 5s, in

the pound; that is to say 25 per centum ; 50 ........, at 10 100

that is to say, one fourth part; leaving, as I at 20

said before, the paper-money at four fifths of at 100 the value of real money.-

-Al present, “ and at this rate it shall be taken by the it would be useless to waste one's time in “ public treasury, and by private indivi- conjectures as to what will be the future ç duals, till the end of January, 1812. progress of our paper-money, especially “ . From the 1st of Febs. 1812, the Vienna as there seems to me, and, I think, must “ bank-paper shall be taken out of circu- to every rational man, so little room for “ lation, and payments in it shall cease conjecture; the fact being so plain before “ with the 31st of January, 1812.–5. But, I cannot refrain from requesting “ Redemption-bonds can no longer be cir. the reader; I cannot refrain from requesting “culated but in exchange for bank- all those who have, or are likely to bave, “paper at one fifth of its nominal value. any public power in their hands, to look « By this means the amount of redemp. well at the state of things in Austria. What ! “ tionbonds cap in no case rise higher sell the property of the Church! Alas! how “ than 212,159,750 florins. The edict were the Jacobins of France abused for “ then goes on to state, that the Emperor doing that! Yet, this is now going on “ will adopt means for placing these re- under a government that joined us in mak“ demption-bonds under the guarantee of ing was against those Jacobins

, one of “the Hereditary States, for funding and whose crimes in our eyes was, the sacrile“gradually annihilating the paper-money, gious seizing hold upon Church Property " and establishing a sinking-fund; and -What a revolution must this be in " that he will publish new regulations to Austria! The change must have been such " that effect as soon as he has come to a as to turn society almost upside down. ç settlement with the Diets of Hungary The CLERGY, who were always the “ and Transylvania in relation to the pre- 1 greatest enemies to the liberties of tke people

, ! sent matter. In the mean time he'de have now to smart in their turn. The " clares to his faithful subjects, that the people can lose nothing. They cannot “ money arising from THE SALE OF THE be worse off than they were before. They « PROPERTY OF THE CHURCU CONTINUES TO cannot be more cruelly taxed and in“ BE APPROPRIATED TO THE EXTINCTION sulted; and, though they may get no"OF THE PAPER-MONEY. - Then follow a thing, in the first instance, by the change, “ variety of minor regulations with re- they have that which is cheering to all

spect to the payment of debts due to men, namely, the pleusure of seeing their “individuals and io the State, according insolent oppressors pulled down.--Wben“ to the value affixed to the bank-paper ever there has been a paper-money that “' by the edict.” Bravo! Take breath, has ended in a Bankruptcy, the Church, and at it again! Does not our poor where there has been Church Property, has £7,502,633. os. 8d. tremble, my neigh- tasted of the effects of it. And, one can

US.

This is, I suppose,

Persons so very

not but be struck with wonder, that in and fetched an immensity of money. The France, in Austria, and many other coun- lands and houses held under the Church tries the established Clergy have, nineteen were all made free, and the tythes, being out of twenty, been amongst the most for- bought out, were, of course, abolished; ward in support of the system that has or, rather, the owner of the land became produced, and that did naturally and ob- the proprietor of all its produce, and tythes viously tend to produce their own over- ceased to exist. throw. This has always been matter of what they are doing in Austria; and, if it wonder with me. But, leaving the cause be absolutely necessary in order to save to others, the fact is notorious; and, the poor public creditors from starving, therefore, when the day of their fall has there can be no doubt of its being a just arrived, they have never been proper ob- measure, though, I think, that the Clergy jects of pity. There has been in their ought to have a decent provision made for conduct, is the countries referred to, a them; for, while the Church Property is maliguity unknown to all others but the disposed of to prevent one class of persons lawyers, and surpassing even that of this from starving, another class ought not to latter tribe. Other tyrants have been cruel be starved by the same measure. This and insolent and excessively so ; but, in is a very interesting subject, and I beg the conduct of the Clergy, there has been a leave to recommend it to the discussion of coolness and a maliguity unmatched by those Clergymen, who may be members what has apppeared in any other description of the "Pitt CLUB.” of men. Verily I say unto you, they zealous in support of the “public faith, « have their reward!” For them there is as it is called, can hardly, I should sup: every species of loss and of mortification, pose, disapprove of this measure adopted without one remaining ray of hope. in Austria.

When I, some years ago, When one sees a inan fallen from a bigh ventured to express my doubts as to wheestate ; sees him tumbled from bis gilded ther the fund-holders in England would charjoi, and made to trudge through the have any reason to complain, if their dirt, one cannot help feeling some com- interest was stopped for ever, unless passion for him, however insolent he may their money was forced from them and have formerly been. But, this is a great put into the Funds against their will; weakness. He never felt, perhaps, for when I thus ventured, I was called every any human being under bis power. He thing but a Gentleman.

« Cheat, rogue, never shewed mercy towards any one; swindler :' nothing was too bad for and, in the insolence of his heart, he will

, me. Well, then, do you, the Pittite perhaps, despise the forgiving public who CLERGY : I put it to you: do you approve pity bim. ---As to the measure of selling of what has been done in Austria ? Come, the Church Property, in order to liquidate come ! None of your faultering and stamthe paper-money, we have not here a mering and equivocating: answer me at very full account of it; but, I suppose, once: do you, I say, approve of what has there was no other way of obtaining the been done in Austria ? Do you approve means of making even a small provision of selling the Property of the Church to for the unhappy creatures, whose all was make good the depreciation on the paperin vile paper, and who had lent their

And, to try the thing by the money upon the faith of the government. scriptural test, should you, in case of a This inoney they had lent to the govern- further great depreciation of the paperment, wbich, as far as it was able, was money here, approve of a sale of the property bound to see them paid. It could not pay of the Church of England? That is the questhem any longer, except in a depreciated

tion. That is home to you. If you anpaper; they are now paid, I suppose, in swer in the affirmative, it is well. I am ibis paper, which is reduced to one fifth of satisfied. But, if you biggle, and at last its value, and even that is, it wouid seem, answer me in the negative, where is your not to be supported without the sale of the Pro- justification for abusing me, because I experiy of the Church, which, I should suppose, pressed my doubts as to the claims of the would fetch a great deal of money." The fund holders! When I saw this article Church has, I suppose, lands and houses about the paper-money in Austria, I could and manors, as our Church has, and livings, not help asking myself how the salaries of consisting of tythes and glebes and man- my Lords the Judges were paid there, sions. These, except the mansions, or Now, they receive the paper at one fifth, of personage houses, were sold in France, course; but, how did they get their sala.

money

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