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its expectations and also its abi-y they cannot, compel any one to lity to pay.
sell his goods for paper-money at: It is impossible therefore, that par. They cannot, unless, inanother stoppage should not con- deed, they thunder in the style vince all but the downriyht insane of the French cut-throat ROBESthat gold is a great deal better PIERRE, 'pass a law to compel us than paper; and when once this to buy and sell in paper-money at conviction take place, two prices all. Supposing me, therefore, in buying and selling must fol- to have a pig to sell. “What is low; and in two prices paper " the price of that pig, farmer?" money sees the cause of its Upon which I ask, “ what is the death as clearly as the thief sees“ kind of your' money? Does the cause of his death in the hemp “ it chink?" "Yes," " 30 that is about to be tied round his “ shillings;" and, by the by, a neck.
famous good pig, or, rather, Two-prices have always been hog, it is now, for 30 shillings. the end of paper-money; and of But, if my clap has got papernational debts; and, if our pretty money, I ask him 60s.' and, in gentlemen had had only a small time 200s. for the same pig. portion of common sense, it Bloody Robespierre himself could would have been the end of our not get a law enforced to prevent debt long enough ago! But, of the like' of this. this, more hereafter. Let me When this arrive the paperfirst explain how tuin prices would must all be put an end to; for, work. The thunderers may enact; the taxes would be paid in paper, as, indeed, they have, that and the soldier, the sailor, the bank note's shall be received in placeman, the pensioner, would payment for rent and of all debts. all be paid in paper; and all They have also enacted, that we transactions between man and shall not purchase paper with man would be carried on in real gold coin, or gold coin with money! There's a mess! In paper, except at par ; that is to its own defence; for its own sake; say, that we shall not buy or sell for its own salvation, the thundera pound note for less than a su- ing power must enact the death of vereign, and shall not buy or sell all paper-money. And, if that, a sovereign for more than a pound be done, å sovereign, laid by noté. But, they have not, and now, will then buy, as much bread,
or clothes or l'and as two or three and do not repeal Peels Bill, and sovereigns will now.
do not stop payment again. The This is a clear case. It admits quantity of bank paper must be of no doubt.,: The same thing greatly contracted; and the coun- ,! took place in America, and the try-bank paper nearly gone long same thing took place in France. beforç Peel's Bill compel the This is what would happen if the Bank to pay in coin. A great Bank were to stop payment again; deal of gold must be got into the for, observe, there is now gold out. country to supply the place of There are the means of carrying the paper that will be carried in ; on dealings between man and for, as country-bankess inust go man in coin; and, as to the pay- on barking, the alarm will bement of taxes, the more paper come more and more general; there was out, the better for the and, finally, their horrid rags will people. When the tax-gatherer wholly disappear. The gold must called, and I happened not to be drawn from other countriese have paper enough for him, I This will make it rise in price should step to a neighbour and there, and lower there the price buy, for a shilling or two, as of food and other goods; so that, much as would pay, perhaps, by the same act that we lower taxes to the amount of ten pounds. the prices here, we lower them The fund-lords would soon begin there, and thus they will always to return to their pencil-boxes be in a situation to undersell us and orange-baskets; the thun- in our own markets in the raw derers would impose taxes, I sup-produce of the earth, until we pose, and present accounts as come down to all coin and no, usual; but, these would soon be paper-money. This will prevent: of no sort of interest to any boily the repeal of the Corn-Bill; and but themselves. In short, this is that Bill, together with other certain death to all paper-money; prohibitions and duties arising and then a sovereign, put by out of the same cause, will keep now, or any time before two commerce and manufactures reguprices come, will be worth what larly sinking lower and lower. : three, at least, are worth now. In the meanwhile the land
Now, then, let us see how the lord's estates (except in particase will stand, if the “ slern- cular cases) will be very fast pass"path of-duty” men push on, ing away out of their hands.
This will cause a struggle on their rate, it will totally destroy the part against the tax-eaters; and paper-money; it will bring the this struggle cannot end without quartern loaf down to two pence, something very near to a blowing or less; and, therefore, a soveup of the paper-system. One of reign, pul by now, will purchase two things will take place. A three times as much bread as if reduction of the interest of the laid out now. For, observe, there Debt; or the total ruin and de- was 'paper-money, and a good gradation of the great niass of deal of it, too, when I was a landlords, together with a furious boy; and, I can remember the pulling down of the Clergy. quartern loaf at four pence.
If the former take place; that. It is a vain thought, that the is to say, a reduction of the interest interest of the debt can be reof the Debt, the paper-system reduced to a certain extent, and no ceives its deatb-blowin a very short further. To take away a part time. To pay part of the debt is will be of very little effect in reopen bankruptcy. Such a noise this lieving the landlord. However, will make all over the world! when once tupped, the barrel will Those who have “ money in the soon go! Nobody will bave any “ funds,” as they call it, and as belief in the thing again. " In they imagine they have, will set short, it will be at an end in a op a most melodious howl! The year after the first fair and open French funds and the American assault is made upon it. . funds will break up, very soon In the other case ; that is to afterwards. An universal discre- say, in case the “ stern-path-ofdit will fall upon all paper-mo- “ 'duty” men go on, and bring ney; a panic will prevail from down the landlords and the church Vienna to Philadelphia. Judea (the latter will not fall entirely), and Judaized Christendom will still the paper-money will detremble to their centre! A total crease in quantity. The struggle revolution in affairs of money that will take place before Jeruand credit will take place through- salem be completely established out the whole world : the mon- in England will do much. Men ster of iniquity will be crushed. will be in a state of uncertainty.' This may, or it may not, be ac- They will always be afraid of a companied by political revo!u- something that is coming. This, tions here and there; but, at any will, of itself, make two prices,
unless the quantity of the paper- system. But, this is possible; money be reduced to almost no mind! It may stop again! And, i thing. At last the thing will then, it will be too late for any close with the destruction of all one to say, “ I wish I had a few paper-money, so that, take which “ sovereigns." 1 is. ' path they will, the “ stern-path” | The beginning to pay is, very gentlemen will bring the matter to erroneously, regarded as a volunthis same sort of. close. And, tary act on the part of the Bank. therefore, common sense points Let us see how the case stood out to every one, to lay by, with regard to that fatal Combefore these events come on, as pany of Merchants. Peel's Bill much real money as possible.' compelled them to payin 60 ounce
Now, then, is it prudent to bars of gold on the first of May delay the work of putting by? last, and this gold was to be at I think that it is not; and here the real mint price. So that any are the reasons for my opinion. one might go and get a bar of We have seen, that, in no case this gold in exchange for bank whatever can there be, even for notes. The Bank did not like a moment, any loss upon a piece this. For, in the first place, the of hoarded gold or silver; and gold sovereigns are - somewhat that, in no case, which can arise, cheaper than the gold bars. They can there be an absence of great cost the Bank less an ounce. So : advantage. When a good deed much gold would not have been
is to be done, the sooner it is done called for; but, a great deal. į the better. Never put off till to-would have been called for, to be Įmorrow that which you can do to-put by by persons who had con
day as well as you can do it to-siderable sums to lay up, or to morrow. The infamy of repeal- keep in their hands for a length ing Peel's Bill; the threatened of time. Besides, there would feast of the Gridiron; the cer- hare been persons, and I told the. tainty of two prices (that blessed Bank this, to go and get bars, to thing!) if the Bank stop again; have them coined into sovereigns, all these are powerful motives for and to exchange them for paper; ' the Bank to keep paying in gold. then to go and get more bars ; : Indeed I do not see how it can and so on. This was the effect stop, unless upon a settled de- of Peel's Bill on the first of May. termination to put an end to thel The Bank, therefore, seeing
that it would be called upon forgan, seen in the markets in the a great quantity of bars ; and country, spreading reports, that seeing also, that it might, by the the gold was no better than it ought process I have just mentioned, be to be. The same was observed in compelled to pay in gold; and, the coffee-houses in London... seeing also, that by iis reluctance That the people do give a de to pay, the eagerness to get gold cided preference to gold is now would be increased, had a choice clearly seen ; for, in London, we of evils; namely, to carry on this are pretty nearly come to real sort of contest with the people, money in all the smaller dealings. or to begin to pay at once. It There are, besides, some very cuchose the latter ; but, that it rious facts belonging to this afchose it with reluctance is obvious fair. A bank at Liverpool was from the movements of the go-made to represent the Mother vernment news-papers, who did Bạnk in taking in noies and payevery thing in their power to in-ing in gold. Immense quantities duce the people not to get gold. of Sovereigns have been called for
Observe, too, that the Bank is by this deputy bank. An agent not compelled to pay, by law.- from the Mother Bank was placed It is merely permitted to pay. It for this purpose at Manchester. may, if it choose, stop again; He opened shop with a demand and, it was stated, that the inten- for five thousand sovereigus by tion was, that the gold should one man! In both these places. circulate along with the one pound the drain continued to be very notes ! All these things show, great; but, I have heard, that the that the object was rather to pre-customers in those places, which vent the demand for lars, and to customers were daily increasing, try the people's taste and see are now obliged to come to the whether they liked the gold Mother Banh! This adds a little best, than to come to the pay to the inconvenience; but, the table with real good will. The drain goes gloriously on! “ stern-path” gentlemen seem Another thing is of great con-. to have supposed, that the people sequence. When the payment did not care about gold. And it. began, which was early in May, happened very oddly, that fel- there were none but sovereigns Jows, looking like tradesmen, of the late King's coinage that were, just when the payment be- came out of the Bank Now,