Lord Liverpool said, "the bill was a measure of justice. Public faith required that the public creditor should be placed on as good a footing as any other individual in the country. The public creditor received bank notes at par: he ought to be placed in a situation in which he should be enabled to part with them at par. If in this point the landholder obtained an advantage, the public creditor must sustain an injury." Adverting then to the various arguments against the bill, he denied that there was any depreciation of paper, shewing that while some articles, like gold, had risen in price, some had fallen, and others were stationary. And to the profound observation, as he called it in scorn, that if bank notes were to be increased to the amount of the assignats in France, they would become equally depreciated, he replied, by asking, "if there was the least ap prehension of such an event. While the issue was only 28 millions, and the revenue amounted to between 70 and 80, there could be no ground for fearing a ruinous excess. As to the resumption of cash payments by the bank, how, in the present state of exchange with foreign countries, could that take place without the most dangerous consequences? Much had been said about profusion in the national expenditure. What profusion? what measure of expence had been adopted with any other view but the conviction of its being wise and politic? The policy might be erroneous, but no one was justified in terming it profusion. It was true that the issue of bank paper might be reduced, by reducing the public expenditure; but this reduction must be effected, if effected at all, by a complete change of system; by with drawing our troops from the peninsuJa, and by an abandonment of all those plans to which the government had hitherto looked for ultimate success and security. For his part, convinced

as he was that the exertions made by Great Britain were indispensable in the present critical situation of Europe, he was firmly persuaded that whatever might be the inconveniences attendant on the present state of the currency, those inconveniences were trifling, as compared with the evils which must result from an abandonment of those efforts which the country was making in the common cause."

The bill was then passed by a majority of 43 to 16. In the Commons, it was opposed at every step, but carried by majorities of 133 and 95, to 35 and 20. Mr Calcraft and Mr Sheridan,-as Mr Sheridan had done on former occasions,-laid aside all party feeling upon this question. Sir F. Bur dett, Sir S. Romilly, Mr Brougham, Mr Creevy, and Mr P. Moore, went the whole length of opposition, and rung the usual changes upon miscon duct, incapacity, ignorance, folly, profusion, corruption, depreciation, bankruptcy, and ruin.

"This bill," Lord Stanhope said, "was only an July 12. incipient, an introductory measure, a palliative remedy, a plaister merely calculated to keep the wasps and flies from the wound until the next session of parliament. What he now proposed was a series of propositions which he wished the house would order to be printed, that they might be generally known, and considered, not merely by their lordships, but by the public at large. He meant them as the foundation of a comprehensive system for securing an efficient and never-failing circulating medium to the country, which was so necessary under its present circumstances, when, from various causes, it was impracticable to use what were technically called the precious metals as such. Under the present system, it would be highly unjust to render bank notes a legal tender, that is generally, because indi

viduals might easily be placed in such circumstances, with reference to the possibility of forged notes being passed upon them, that whether they refused or accepted the tender, they might be equally losers. To public creditors, they might safely be rendered a legal tender, because, their payments coming directly from the bank, there was no fear of forgery. But the system which he proposed to substitute, and which ere long it would be found necessary to adopt, or something like it, would do away all apprehensions of this kind. The system was, that branches from the Bank of England should be constituted in the different counties, so as to pervade the whole; that books of credit should be opened at certain places, where notes to any amount, or for very small sums, should be received from individuals, and an equivalent credit given them in the bank books so distributed, for the money thus lodged; that the power of transfer should be allowed from place to place, and that triplicates should be made of the entries of credit; one for account of the individual party, a second for the general bank in London, and a third for conservation in the Tower. This would preclude the necessity of regarding gold, silver, or even copper, as the fixed and invariable circulating medium; a system, which recent, as well as long continued experience, had proved to be utterly impracticable, on account of their fluctuation in price and occasional scarcity. It would render forgeries impossible, and put it out of the power of invasions, insurrections, or domestic violence, to produce any fatal effect. A transfer of this kind might, without injustice, be made a legal tender. To believe gold necessary to a circulating

VOL. IV. PART I

medium, was an idea only fit for Hottentots. It was only shewing that we were just at the commencement of civilization, or rather on the verge of barbarism. He could see no difficulty in fixing a standard, which should not be liable, like gold, to variation and fluctuation. If he wanted to measure that house, he would take for the purpose some certain and definite measure, and not a thermometer, which would expand in his hand. So with respect to the pound sterling; fixing its value at the time of passing the act, it might remain a permanent standard, fixed and invariable, which would be a certain and definite measure of value. It had been said, that plenty of gold was to be had; but how were we to get it if the balance of payments was against us and how were we to keep it when we had got it? Would it not, under such circumstances, go out of the country as fast as it came into it? Conceiving it then to be impossible to procure gold, and that if it could be procured, it was not a fit substance for a circulating medium, from its fluctuation in value, he thought it time to look to some other resource as a circulating medium; and if the system of bank entries, which he proposed, was adopted, the difficulties we had encountered would be a fortunate circumstance, in leading us at last to a sound and permanent system."

Earl Stanhope's propositions were accordingly printed, and left for the consideration of the public till the next session. Meantime his bill produced its intended effect; it prevented those who were worst disposed from following Lord King's example, and things went on as before. Even the most loquacious disputants became

weary of the bullion question; and the prophecies of the bullionists' proved like those of Lords Grey and Grenville concerning the end of the war in

Portugal, and those of Richard Brothers and Joanna Southcote concerning the end of the world.

THE accession of the prince regent was welcomed with indecent and triumphant joy by the more intemperate of the Irish catholics. During the administration of the Talents, he had been pledged by the Duke of Bedford and Mr Ponsonby, the then Viceroy and Chancellor of Ireland, to grant them their demands; and the consequence of this flagrant misconduct in the king's ministers now began to be felt. The catholics, without waiting for the natural demise of the king, and setting aside all consideration of the chance of his recovery, a chance which at this time appeared probable to all, except those who wished that it might never occur,-thought the pledge, which had been so unconstitutionally and inexcusably given, would now be redeemed, and that their claims would be granted if they brought them forward in force. Some of their most honourable and most moderate men came forward on this occasion, actuated by the hope which seemed to present itself of promoting the interests of their religion, and hurried on by the zeal of the young, the violence of the hotheaded, and the arts of the disaffected. Delegates were appointed from the several counties, and they met together in a representative body in Dublin, calling itself the Catholic Committee,

whose proceedings were not more temperate than those of the Scottish Convention in 1793, and like them were regularly published in journals devoted to the same object. To check them in this inflammatory course, the Irish government issued a circular letter to the sheriffs and magistrates, declaring their intention of enforcing the Convention Bill, an act passed in the year 1793.

The opposition raised an outcry against this law, and reprobated the conduct of the go- Feb. 22. vernment. Lord Lansdowne moved for papers upon the subject, accusing the lord lieutenant and Mr W. W. Pole of the most inconsiderate violence and severity, and saying, that they had taken this rash step without allowing themselves time to consult the English government, or even to take the pleasure of the prince regent, of whose feelings and opinions upon this subject there could not be much doubt, and whose disposition in favour of the Irish catholics could not well be called in question. The motion was negatived in that house without a division. It was discussed at greater length the same evening in the Commons, when the Honourable Mr Ward, who brought it forward, made the same assertion, that ministers had not the countenance of his royal highness in this proceed

12

ing.

The advocates for the motion slid into the general question of the state of Ireland, not exaggerating the evil, but imputing it, as usual, to the least of all its operating causes, and the only cause which cannot be remo ved, without incurring heavierevils than already exist. Gen. Loftus expressed his regret, that the debate should have taken this course, inasmuch, he said, as the observations which were thus made respecting the oppressed state of the inhabitants of Ireland, tended to mislead those members who were not connected with that country." The fact is," said he, "that there is not a jot of difference between the situation of the great majority of the inhabitants of Ireland and their protestant brethren, or between that description of persons and the lower class of people in England: they have the same laws to govern them, the same advantages under those laws; they have their forty shilling freeholds, and can sit upon juries; and, in fact, there is no difference whatever between the lower class of protestants and that description of catholics: there are about thirty-two offices of state which the educated catholics are not competent to hold; but which, if they took the same oaths the protestants were obliged to take, they might hold; in fact, the oppression of the catholics was not any want of catholic emancipation, but in the state of the country. The discontents of Ireland could only be removed by her native gentry. Let them lower their rents and raise the wages of the labourer; for the high rents and bad wages were the evils most complained of. Of catholicemancipation, the majority of the people knew no more than they did of what he was uttering at that moment." In the course of the debate Mr Whitbread observed, that the Chancellor of the Exchequer had, at his entrance into office, given a bond, sealed with his honour, that he never would

"To

concede the catholic claims. whom," said Mr Perceval, " did I give such a bond? Never to any one. I most distinctly deny it. I have indeed, by the expression of my senti. ments in this house, opposed the catholic claims; and when I look to the present state of the catholics, I cannot anticipate any change in my opinions. If the honourable gentleman chooses to call this declaration a bond, I am satisfied with that explanation; but if he says I ever gave any other bond to any living person, I must flatly contradict it." Mr Whitbread replied, "The right honourable gentleman desires an explanation from me, and he shall have it. When I said he gave a bond not to concede the catholic claims, I referred to the manner in which he came into power. The former ministry went out of power because they would not give such a bond. He came in, and of course it was to be inferred, that he had entered into that stipulation, for refusing to enter into which his predecessors had gone out." "I gave no such pledge on my taking power," rejoined Mr Perceval; "but those who had left the government were pledged to the contrary, and it was natural to expect that those who had always opposed the catholic claims in parliament, would do so in power. So far I gave a pledge, and no farther." A farther explanation, on the part of Mr Whitbread, led to a call for order, among others from Mr Fuller. "Perhaps, sir," said that blunt, odd, honest member, addressing the speaker; "Perhaps, sir, I am not a very proper per.. son to rise to order; but no matter for that, I confess it. When I do get up, however, I speak to the subject; aye, and pretty freely too. When the honourable gentleman opposite. (Mr Whitbread) talked about his bond and his sealing on honour, and things of that kind, all it came to in the end was supposing.' For that matter, I