paper system evils and consequences which did not belong to it. Has the price of gold greatly increased within the last eighteen months? All admit it. Is it from the increase of paper currency? No: for the paper currency has in that period been diminished two millions and an half! That, therefore, cannot be the cause: while an obvious cause for the increased value of bullion, the balance of trade against us, and the demand of our continental warfare, does exist! The seeming contradiction between the necessity of this measure of the Gold Coin Bill, and the truth of the position standing on the Journals of the House, that a guinea in specie, and a paper guinea, are equal for all domestic and legal purposes, did not strike him as at all irreconcilable. He thought the position true, in the sense in which it was intended and ought to be understood. In truth, a guinea in specie had two characters of value: one derived from the intrinsic value of the materials of which it was composed; the other from its representative capacity. It was of this latter character that the position was laid down and in this latter character he contended that it was correct. But it was to obstruct the illegal use of it in its former character that the Bill was framed. Having explained himself thus briefly, on a subject which was capable of the most extended and ample discussion, but on which the patience of the House had been already exhausted, he should not presume on this first occasion, which he embraced with great diffidence and humility, to obtrude on its indulgence any farther.

Mr. Whitbread said, that among the virtues of the right hon. the Chancellor of the Exchequer, candour was a prominent one, and had never been more conspicuous than in the instance which had just occurred. The vote of an hon. gentleman (Mr. Protheroe) was tendered under a misapprehension, which the right hon. gentleman had corrected, although by his correction he of course lost a vote, and the minority would have the advantage of an unexpected convert. A right hon. gentleman opposite (Mr. Rose,) who had been called the Nestor of the House, had dilated much on the pernicious consequences of the existence of two prices. He could assure the right hon. gentleman that two prices already existed, and that in the city of Bath, at this moment, as he was informed by a letter he had received that day, this distinction openly prevailed, and that in ailed, (VOL. XXIV.)

the article of potatoes, a quantity might be purchased for three guineas in gold, that could not be had for less than 41. 7s. in paper. The right hon. gentleman had talked, too, of the mischief arising from the fluctuation of prices; but were not prices necessarily subject to fluctuation under all circumstances?. An hon. and learned gentleman (Mr. Preston) had referred to the rise of the value of land, as an example of the increasing prosperity of the country. But was it not obvious that a great part of this rise was purely nominal, and proceeded from the depreciation of the circulating medium, and that it was also to be attributed in a great measure to the demand for land, a more desirable property than the securities of government? He was strongly inclined to believe, that that hon. and learned gentleman did not, as lawyers were once wont to do, often hear the chink of guineas in his outer chambers. He much doubted, indeed, whether in that assembly, many guineas were to be found in the pockets of its members. Where, then, were the guineas to be found? did they all go to the bakers and brewers? As to the latter, he could himself give testimony, that one individual had not received one single guinea for several years. With respect to the continued abuse of lord King, and the compassion so pathetically felt and described for the yeomanry of the county, it should be recollected, that the yeomanry, instead of suffering, gained by the change of the value of money, and at the expence of the landlord. In the case, too, of lord King, it happened, that the person against whom he proceeded, was not a simple farmer, but a Bank Director. He had no doubt, that many would have followed lord King's example, had it succeeded, who have since clamorously joined in the outcry raised so unjustly and absurdly against that distinguished person. As to the practice of selling guineas, it notoriously prevailed every where, and the apprehension, therefore, of the right hon. gentleman on the other side, was wholly unnecessary. Thus, then, the guineas did not reach the destination projected for them by the author of this Bill. Did they go to the army abroad?-far from it, for that army was experiencing every kind of inconvenience for the want of them. The right hon. the Chancellor of the Exchequer, in his opinion, had had the guineas offered to him at a very reasonable price. Were he a young member, or unaccus (U)

tomed to the ordinary course of votes in that House, he should be astonished at the proceeding, which he had no doubt, would that night, be adopted. But not withstanding all they might vote, or all they might resolve, guineas would be clandestinely bought and sold, gold would find its level, and property its just estimation.

Mr. Herbert, of Kerry, declared he knew of no difference between the value of gold or Bank notes, and was always content to receive his rents in the latter.

Sir Edward May was of opinion that guineas were a very inadequate test of the wealth of a country, and that the present Bill ought to be supported.

Mr. W. Smith reprobated the principle upon which the Bill was originally introduced he said it was not alone inconsistent with that species of policy which the most celebrated writers had advanced as best calculated to uphold the interests of a state, but in direct opposition to the commercial interests of the country. As to the latter part of the Bill, he considered it a perfect fallacy; for, to his own certain knowledge, guineas were in the month of October last bought and sold without the slightest attempt at concealment, in the city of which he had the honour to be representative (Norwich.) Indeed, so little reserve was observed in the traffic, that it was universally believed that agents were employed by the government for the express purpose of buying guineas. The hon. gentleman concluded by declaring his intention of voting against the Bill.

Mr. Stephen rose to deliver, for the first time, an opinion on a subject which he confessed had not employed much of his attention. He would not assert that the Bill went to the complete abolition of two prices, but they certainly would not exist in the degree that they would do if a free competition were allowed between gold and Bank-notes.

Mr. Alderman Smith said a few words in support of the Bill.

sight. It was not, as had been asserted, the immense increase of the commerce of England that rendered it impossible to find gold and silver to count up its transactions by, but the enormous amount and portentous increase of the National Debt. The depreciation hinged on that debt; and every increase of debt would work additional depreciation: our reckonings had passed what could be paid in gold, and every fresh loan, acting as a creation of imaginary property, representable by paper, and on which a paper interest must be paid, accompanied by no real increase of asset whatever, must of necessity spend itself upon the values of our currency.

The hon. gentleman said, he was perfectly aware, whilst things could be kept going in their present train, that the paper issues of England could not fall through, as had been the case with those of all other countries-the whole amount of Bank-paper issued being received by government at par for taxes three times in the course of the year-in loans and taxes five times. And from the experience of one district, he could confidently state, that the amount of the whole circulation, public and private, passed at par in direct payments from the subject to the government, much within the period of twelve months-he should think in eight or nine. But still, though this would preserve the system from falling to pieces amongst ourselves, yet our pound of account, being in daily process of meaning less and less-as, of every thing else, so assuredly of gold and silver. In measuring our standard against those of other countries, who have no debt, and a fixed metallic currency-we should be found more and more wanting-more and more unable to circulate guineas at their old rates again.

thing was clearer than that the Bank could not stand a fortnight were they to attempt to pay in guineas. Government could not coin at the present price of silver bullion; but the Bank not being under

restriction as to the weight and fineness of their tokens, might pay the public for the gain of perpetual re-issues, by the charge of perpetual recoinage; and either under the sanction of legislative enactment, or by understood agreement, much alleviate the inconveniences suffered, by giving on demand their own tokens for their own notes.

The Report of the Committee was then agreed to.

The Chancellor of the Exchequer moved, that the Bill be read a third time to

morrow.

Mr. Whitbread expressed his surprise that the right hon. gentleman should attempt to pass the Bill through the House with so much precipitancy. Saturday was a day on which it was usually understood that no public business would be done, and as many members might feel disposed to deliver their sentiments on the third reading of the Bill, he conceived it would be better to reserve that stage for some future day.

The Chancellor of the Exchequer did imagine that every member had had a fair opportunity of delivering his opinion upon the Bill, and this he was the more inclined to think, from the appearance of the House. If however further debate was thought necessary, and the hon. gentleman would say that he believed some of his friends were desirous of giving further opposition to the Bill, he would not press it forward, although it was a measure which, in his estimation, required dispatch.

Mr. Whitbread said, it was extremely unusual for the House to sit on Saturday at so early a period of the session. He would not pledge himself for the intention of any hon. member, but as there was no pressure, he could not help thinking it extremely indecorous to endeavour to hurry the Bill through the House upon a day when, it was almost universally understood, no business of importance would be transacted.

The Chancellor of the Exchequer repeated, that if the hon. gentleman would say that any of his friends had any thing to offer upon the subject, he would defer the third reading until Monday.

Mr. Whitbread would not enter into any pledge whatever, but demanded, as a matter of right, that the Bill should not be thus precipitated through the House; and in support of this right he begged to move, That the Bill be read a third time on Monday.

The Chancellor of the Exchequer would save the hon. gentleman the trouble of moving this amendment, by moving it himself.

The third reading of the Bill was then fixed for Monday.

Mr. Whitbread, in order to give the right hon. gentleman an opportunity of explaining what the urgent nature of the business was, which rendered it necessary for the House to sit on Saturday at so early a period of the session, moved, That the House, at its rising, do adjourn to Monday.

The Speaker observed, that much business had already been appointed for tomorrow.

The Chancellor of the Exchequer said, it was very common for the House to sit on Saturdays, for the purpose of expediting business.

Mr. Whitbread. Not at this period of the session.

The Chancellor of the Exchequer. At all periods.

Mr. Smith was about to speak, when the Speaker interrupted him, by observing that there was no question before the House.

The Chancellor of the Exchequer, in order to give the hon. gentleman an opportunity of addressing the House, moved, That the other orders of the day be now read.

Mr. Smith apprehended the Chancellor of the Exchequer would find it difficult to adduce a precedent, in which the House had sat to do business, on a Saturday, at so early a period of the session.

The Speaker said, that, in point of fact, in all stages of the session, Bills for Supply, or for other urgent matters, were.expedited on Saturdays.

HOUSE OF COMMONS.

Saturday, December 12.

AYRSHIRE ELECTION-PETITION OF GENERAL MONTGOMERIE.] A Petition of major-general James Montgomerie was delivered in and read; setting forth,

"That the petitioner and sir Hew Dalrymple Hamilton, bart. were candidates at the election of a knight of the shire to represent the county of Ayr in this present parliament, which took place on Friday, 23d of October last; and that, at the said election, persons were admitted to vote in the choice of preses and clerk who were incapable of voting; and persons were also allowed to give their votes for the said

sir H. D. Hamilton, bart., although they had no legal right to vote, while the votes of certain freeholders, who had a legal right to vote, and claimed to vote in favour of the petitioner, were rejected, whereby an apparent majority of two /votes was brought about in favour of the said sir H. D. Hamilton, who was returned duly elected, to the prejudice of the petitioner, who had the majority of legal votes; and praying the House to grant him such relief as to them shall seen proper."

Ordered to be taken into consideration on the 25th of February.

POST OFFICE SECRETARY'S FRANKING BILL. On the order of the day for the second reading of the Bill for authorizing the Assistant Secretary to the Post-mastergeneral to frank letters and packets,

Mr. Creevey objected to any extension. of the privilege of franking by public officers, observing, that there was no one privilege more abused. It was only from the newspapers that he had been aware of the House meeting this day, a thing which he observed had been objected to, though unsuccessfully. The reason assigned, however, for this unusual meeting of the House on Saturday was the necessity of forwarding some Bills which required dispatch. He could not conceive the present to be a Bill of that description, and therefore he hoped it would not be pressed, that he might have an opportunity of demanding from the right hon. gentlemen on the other side, on some future day, some explanation as to the grounds on which the measure in question was proposed.

Mr. Wharton was convinced if the hon. member had attended to the statement made by him on the introduction of this measure; if he had reflected on the immense multiplicity of business in the Post Office, all falling to the share of one man, and the impossibility of conceiving that any one person, who had such important duties to perform, could be always on the spot, attending from day to day without intermission; if he had considered that without such a Bill as the present, the whole of the important duties of this office must be at a stand, during any occasional indisposition or necessary absence of the Secretary, he was satisfied the hon. gentleman must have been convinced, that the present Bill was not only not unreasonable, but necessary. For his own

part, instead of expecting any objection to the Bill now, he was surprised that such a measure had not hitherto been thought of. As to any abuse of this privilege by any public officer, he was not aware that such had existed; but if it did, and the hon. gentleman would point it out, a speedy check should be put to it.

Mr. Creevey alluded to the privilege enjoyed by a noble lord, one of the paymasters general of the forces, who never entered the door of the office; and to a similar privilege enjoyed by the three commissioners of woods and forests. This certainly was less objectionable, and if on enquiry he found it was as the hon. gentleman had stated, the Bill should experience no farther objection from him.

The Bill was then read a second time.

HOUSE OF COMMONS.

Monday, December 14.

CONTESTED ELECTIONS.] The Speaker announced, that if any gentlemen had petitions to present complaining of undue elections of members to serve in the present parliament, now was a proper time to give them in to the clerk. A considerable number were immediately presented, the names of which were severally written down on slips of paper and put into a balloting glass, from which they were drawn by the clerk, and the days for taking them into consideration fixed in the order of priority. They were as follows:

Pembroke county, against the return of sir John Owen; the committee to try the merits of which was appointed to be balloted for on the 2d March.-Carmarthen borough, against G. Campbell, esq.; committee March 4.-Cork city, against sir N. Colthurst; committee on 9th March.-Liverpool, against the right hon: George Canning and general Gas coyne; committee March 2-Hythe against sir John Perring; committee on 9th March.-Grampound borough, against

A. C. Johnstone, &c.; committee 11th March.-Denbigh borough, against lord Kirkwall; committee on 11th March.-Cardigan borough, against the hon. col. Vaughan; committee 16th March.-Pembroke borough, against sir John Owen; committee on 2nd March. Youghall borough; committee 16th March; Helston borough, against H. Hammersley, &c.; committee on March 18.-A Petítion against the return for Tregony borough, and a Petition against the return

for the borough of Grimsby, were severally referred to the same committees which were appointed to be ballotted for to try former petitions affecting the same elec

tions.

GOLD COIN BILL.] On the order of the day for the third reading of the Gold Coin Bill,

rates at which paper and coin shall' pass current, must, in proportion to its success, interfere with the just and legal execution of all contracts already existing, without the possibility of affecting the terms upon which contracts shall be made in time to come.

6. That it is the bounden duty of the Commons House of Parliament, as the

1. That, by the law and constitution of these realins it is the undoubted right of every man to sell' or otherwise dispose of his property for whatever he deems to be its value, or whatever consideration he chuses to accept, and that every man' pos. sessed of a Bank-note, or other security for the payment of money, has an undoubted right to give it away for nothing, or in exchange for whatever sum of money he pleases, or, if he cannot obtain what he demands, to retain possession of it.

2. That any statute having for its object to restrain this right would be con trary to the principles of the British constitution, and a flagrant violation of the most sacred rights of property, and the ancient and unalienable liberties of the people.

3. "That any statute having for its object to prevent the Bank or other paper currency of the country from being exchanged against the lawful money of the realm, below a certain rate, would, if it could be carried into effect, cause the lawful money of the realm wholly to disappear, and would, in proportion to its efficacy, preclude the application of the most appropriate remedies for the present derangement in the circulation of the country.

4. That the free exchange of the lawful money of the realm with the paper currency, on such terms as the holders of each may think proper to settle among themselves, is not only the undoubted right of the subject, but affords the best means of restoring the circulation of the country to its sound and natural state, by establishing two prices for all commodities whensoever the one currency is from any cause depreciated below the other.

5. "That no law whatsoever can alter the real value of the paper currency in relation to the lawful money of the realm, nor alter the real value of either kind of currency in relation to all other commodities; and that any attempt to fix the

discountenance and resist a scheme which has for its immediate objects the establish ment of a maximum in the money trade of the realm, and the dissolution of the obli gations already contracted by numerous classes of the community; but which has for its ground work principles leading to an universal law of maximum, and the infraction of every existing contract for the payment of money, and that the said Bill has the said objects, and proceeds upon the said principles."

The Resolutions being put were all negatived. Upon the third Resolution, the House divided, when the numbers were, For the Resolution 29. For the previous Question 73. Majority against the Resolution 44.

The motion was then put for the third reading of the Bill.

Mr. Abercromby observed, that the amount of currency was now entirely under the regulation of a body, who had declared, that they governed their issues by no other rule than the supposed solidity of those upon the security of whose bills they made their advances. Provided the Bill was considered the representation of a real commercial transaction, and payable at a short date, it was admitted that no further test was deemed necessary of the propriety of any issue. How the di