its expectations and also its abi- 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 downright 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, "What is in buying and selling must fol- to have a pig to sell. low; and in two prices paper" the price of that pig, farmer?" money sees the of its Upon which I ask, "what is the death as clearly as the thief sees "kind of your money ? Does "it chink?" "Yes," the cause of his death in the hemp that is about to be tied round his neck. cause 66 "30 shillings;" and, by the by, a 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 chap 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 paper first explain how two 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 notes 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 suing 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, a sovereign, laid by note. But, they have not, and now, will then buy as much bread sovereigns will now. or clothes or land as two or three and do not repeal Peel's Bill, and do not stop payment again. The quantity of bank paper must be greatly contracted; and the country-bank paper nearly gone long before Peel's Bill compel the Bank to pay in coin. A great deal of gold must be got into the country to supply the place of the paper that will be carried in ; " This is a clear case. It admits of no doubt. The same thing took place in America, and the same thing took place in France. This is what would happen if the Bank were to stop pay ment again; for, observe, there is now gold out. There are the means of carrying on dealings between man and for, as country-bankers must 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 countries. 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 body 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 landNow, then, let us see how the lord's estates (except in particase will stand, if the "stern-cular cases) will be very fast passpath of-duty" men push on, ing away out of their hands, 66 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, put 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 mass 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. It is a vain thought, that the If the former take place; that is to say, a reduction of the interest interest of the debt can be reof the Debt, the paper-system re-duced to a certain extent, and no ceives its death-blow in a very short further. To take away a part time. To pay part of the debt is open bankruptcy. Such a noise this will make all over the world! Those who have " money in the 66 will be of very little effect in relieving the landlord. However, when once tapped, the barrel will soon go! Nobody will have any belief in the thing again. In short, it will be at an end in a year after the first fair and open assault is made upon it. funds," as they call it, and as they imagine they have, will set up a most melodious how!! The French funds and the American 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 revolu- 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, 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." 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 pay in 60 ounce bars of gold on the first of May last, and this gold was to be at So that any the real mint price. The Bank did not like Now, then, is it prudent to delay the work of putting by? I think that it is not; and here are the reasons for my opinion. We have seen, that, in no case whatever can there be, even for notes. a moment, any loss upon a piece this. 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 the better. Never put off till to- would have been called for, to be morrow that which you can do to-put by by persons who had conday 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 tainty of two prices (that blessed thing!) if the Bank stop again; all these are powerful motives for the Bank to keep paying in gold. Indeed I do not see how it can have been persons, and I told the Bank this, to go and get bars, to have them coined into sovereigns, and to exchange them for paper; then to go and get more bars; 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 the The Bank, therefore, seeing That the people do give a decided preference to gold is now clearly seen; for, in London, we are pretty nearly come to real money in all the smaller dealings. There are, besides, some very cu rious facts belonging to this affair. A bank at Liverpool was made to represent the Mother Bank in taking in notes and paying in gold. Immense quantities of Sovereigns have been called for by this deputy bank. An agent from the Mother Bank was placed for this purpose at Manchester.. He opened shop with a demand that it would be called upon for | gan, 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 its reluctance to pay, the eagerness to get gold would be increased, had a choice of evils; namely, to carry on this sort of contest with the people, or to begin to pay at once. It chose the latter; but, that it chose it with reluctance is obvious from the movements of the government news-papers, who did every thing in their power to induce the people not to get gold. Observe, too, that the Bank is not compelled to pay, by law. It is merely permitted to pay. may, if it choose, stop again; and, it was stated, that the inten- for five thousand sovereigns by. tion was, that the gold should one man! In both these places circulate along with the one pound notes! All these things show, that the object was rather to pre-customers in those places, which vent the demand for bars, 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 Bank! 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 to have supposed, that the people did not care about gold. And it happened very oddly, that fellows, looking like tradesmen, of the late King's coinage that were, just when the payment be- came out of the Bank Now, It the drain continued to be very great; but, I have heard, that the Another thing is of great consequence. When the payment began, which was early in May, there were none but sovereigns |