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| one, as big as å harrow, sus- up a shout, “ huzza for old rags ! :

pended over your head as a ca- “ huzza for Mynheer !” This , nopy. We will have à tragi-ideot-like roar shall hardly have , politi-comi-farcical exhibition.- ceased, when Mynheer shall come We will have all our actors dressed forward again, and, flinging down , out in paper-doublets and fool's- the old rag and holding out a caps and bells. Some shall dance guinea, shall swear, in a voice of . about, crying " old rags for ever, thunder, that the guinea is worth o the solid system of finance.” all the old rags in the world. Others shall step one foot forward, Wereupon the buffoons shall set'. and with smiling air and soft ac- up a shout louder than the last ::: cent; assure us that we are merely “ down with old rags ! huzza for in a transition from a happy states the guinea ! - huzza for Mynto one more happy; and this heer!" Amongst the rest we. buffoon shall add, that, in order will have a parcel of Jews, the .

ought to amuse ourselves with forward and comfort us with for.. digging holes and filling them up tune telling. He shall say : again. Then shall come a 'swag-"Neva mind, neva mind, 'tish , gering, hectoring, brass-faced“ oney dree per centch; dat ish bully, bellowing out: “ Poh! all; 'tish vera easy ting.” Then “ 'tis all à lie! It is not night, all the whole band of buffoons. “ you grumbling villains. It is shall dance and caper, and flock 6 only a rascally cloud that has about Moses and cheer him and “ got before the sun. He shall pat him on the back till he is “ re-appear in a moment and put black in the face, and till his big. “ your eyes out with light.” This round eyes are ready to bolt out actor shall be, as it were, an of his head. Then shall come a upstart upon the theatre. He long, gaunt, greedy-looking hound shall bolt at once out of the green- of a fellow in top boots, and with room. Then shall come a Dutch-a negro-driver's whip in his hand; man, who shall swear, as occasion and he, in most solemn accent,and demands, that black is wbite, and laying his other land to his breast, that white is black. He shall shall assure us, upon his 'hobring an old rag in his hand, and nour, that pure humanity induces swear that it is as good as a gui- bim to wish that bread may be nea. Then the buffoons shall set dear. This actor shall have at

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his elbow a theatrical Satan with fire or his pipe, I have no an amazing tail and horns and hesitation in saying, that there with a 'prompter's book in his ought to be an Inquisition, or hands. When the humane advo- something else, to' deprive such vocate for dear bread has finished an ignoramus of the power of his speech, Old Nick shall set fire laws. . ' -. . and brimstone to his paper dou-] Before I come to your second blet; to escape he shall run a proposition, let me observe, 'that mongst the rest; and the whole you are likely never to receive any botheration band shall go off answer to your first. You received burning and blazing like so many none in the House, except 'we faggots at an auto-da-fe. look for it in that foolish remark :

To return from this anticipated of Van, in which he referred to seene of fun, let me thank you for the distresses of other countries, having well exposed the mon- and asked; particularly as to strous folly of measuring the ef- America, whether Peels Bill fect of Peel's Bill by the standard produced the fall of prices there. of the price of gold. Nothing, If you had been informed of the surely, was ever equal to this in facts, and could have spoken a sepoiut of folly: I pointed it out cond time in the debate, how in my second Letter to Mr. Peel completely you might have closed (page 455, Vol. 38. Feb. 17, up his mouth'! You had com1821); but, contempt, joined, pletely proved 'what I had years perhaps, to a little laziness, pre- before asserted, that our distress vented me from going into the was not produced by a transition matter in the 'elaborate mammer from war to peace; because, as that you have.' Whether Mr. you showed, the “ prosperity," PERRY will still continue to éxült as it is called, came and visited in the circumstance, that the this country a second time in part Spanish Legislator, may now, of 1817 and 1818; and that was ... without any fear of the Inquisi- three years after the peace took tion, take down from his shelt“ a place. And you showed, by the 66 Blackstone or 'a Ricardo," is amount of bank-notes out during more than I can say; but, if the this period of second'prosperity," Spanish Legislator do take down compared with the amount out the latter from "his shelf for any before it, and after it, that the purpose but that of lighting his jprosperity kept pace with the

bank notes. But, had you known wrote his book about May 1816.

the history of the American dis- The Congress, however, in that - tresses, what an answer you year, established by law (a fatal would have had for Van, who law) an infernal National Bank. really seems to understand nothing Out of this sprang other Banks, at all about the affairs of the State Banks, private Banks, and country over the finances of banks of all sorts, to such an exwhich he has been chosen to pre-tent, that, in Kentucky, the Leside.

gislature passed.no less than forty Now, Sir, the fact is, that all Bank Charter Bills in one week in was high-flying prosperity in the year 1817! Need I say, that America,notwithstanding war and prosperitycame back again? invasion until the peace, the news That it revisited the American of which reached that country in States as it did England, at that February 1815. I beg you to time? All was flourishing; but, mark the epochs. Flour was, in how long did the flourish last? some cases, so high as 12 dollars Curious coincidence ! Until the a barrel. The peace, the “ sud- winter of 1819!. Then money s« den transition,” brought down became a little less plenty; and it four to about 6 dollars a barrel. kept on getting more and more But, was it the peace ? No, it scarce 'till I left the country, in ' was certain acts of the Congress November, 1819, hastening home for collecting the duties in specie. to participate in the blessings of This made the banks draw in P.el's Bill, which was passed by their paper ; and the merchants, the Six Acts parliament in the and even farmers, tumbled about preceding month of July; and, I Like rotten sheep! Mr. Mathew find, that the distress," as it Carey,of Philadelphia, published has been called there too, has a little work on the subject, a co- been increasing ever since. And py of which he sent me to Eng-wliat was the cause of this second land. It was lost, or sold, at distress? Precisely the same as Botley after my departure in that of the former distress, a large 1817; and, I am sorry I have il contraction of the paper-money. not; for the picture he drew of Two hundred.. banks, or therethe dist: ess was so precisely suited abouts, broke between October to our present state, that it would 1818 and October 1819. The be valuable at this time. He general government received its custom duties in specie, or in bills tioned to the extent of the comof its own bank; and the circula- mercial transactions carried on tion became contracted. This between the two countries ; and, was the cause, and the cause still I believe, that it is very well remains at work, and will, Il ope, known, that of the commercial remain, until the American people transactions of America nearly rid themselves of that degrading two-thirds of the whole are with curse, a public debt. : England! There VAN; pretty

So that VANNY might have smiling VAN; you see there is been met and put down upon his something in the world that reown ground. The good of it is, quires knowledge besides those too, that the price of gold and Scotch herrings of which you were silver remained the same during once a Commissioner! the whole of these several periods ;| Yes, Van, and in both these and there was no luw to authorize a cases of American distress” a refusal 10 pay in specie. Any man part, at least, of the cause was, might, at any time, during the " English ccts of purliament." whole of these years, refuse to take it ought to be known to a Chanpayment in notes of any sort. cellor of the Exchequer in EngWhat, then, becomes of Mr. Ri- land, that much of the means of cardo's doctrine? Van appears giving credit and of putting forth to have put on a smile,, when he bank notes in America is derived said, “ can the distress in Amt - from credit obtained there from s rica have been occasioned by merchants here. Now,can the mere “ an English act of parliament." chant, who has a capital of 100,000 Yes, VAN, notwithstanding that (pounds, and who is in the habit sweet self-complacent smile of of having 30,000 of it in Ameyours. Yes, VAN; and, be it rica, let that 30,000 remain there, known to the English Chancellor if, by an English act of parliaof the Exchequer, that, as the ment, his capital be reduced to currency in London cannot be 50,000? Oh, no, VAN: a mercontracted without producing a chant cannot work by hocus-poproportionate contraction at Li-cus, nor can you, if you really · verpool, the currency of this king- give us payments in gold. There dom cannot be contracted without was a merchant at New York who producing a contraction of the had two banks, one in town and currency in America, propor-Jone in the country. His means

consisted of his credit in London. lations! How are they to forgive That was curtailed in the spring you for repeating to their faces, of 1819; and, in the August after, to their very blocks, the substance : his notes were at a discount of 50 of my Registers, 'on this subject, .. por cent! .. . ,' for three years past! However,

Thus it is, Sir, to have to do we are in a state of things, 'which with self-complacent ignorance! makes a man like you an object One must, in a dispute with it, of fear to ignorance in power. lose one's temper or give up one's The great blazer, Pitt, had the good manners. It is impossible; first skimming of the nation's re . without self-abasement, to treat sources. Addington and Perit with respect; and yet it is be- ceval skimmed the pan pretiy neath one to be seriously angry clean. The present ģentry are with it. Talk of banishment as got to skim-milk. It is nearly long as they please, there is no sky-blue. And, therefore, they punishment equal to that of be will be more tame, and are more. ing compelled to chop such blockštame, than any of their predecesa with a razor! And yet, “ God sors, with regard to those who “ forbid” (to use the words of have the courage to contradict Judge Best) that the affair should them. The whole nation is be(as yet ) be taken out of the hands ginning to recognize the truth of of VAN! . . . my doctrines; and those doc .

You are å staunch continiste-trines, as far as they relate to rikt man,” as people call it. the effects of cash-payments, I You hate us reformers. You have, at last, in your excellent wish for the thing to exist. You speech, heard openly and ablý will, I dare say, support seven maintained in the Honourable VAN against the reformers. But, House itself. the true mên will never forgive Tlius, and no farther, however, you for this act of rebellion. do I agree with you. Your 'two: They will look upon you as a last propositions I dissent from.. self-hunting dog ; "and they will the third I have already dismissed, never suffer you to feed with the end, with regard to the second, I pack. But, how are they to for-am now going to endeavour to give your taunts! Yourfemind- cortvince you of your error." ing them of their ignorant'say- Your second proposition 'is, ings; their wild, their mad caleuu that the Labouring Class suffers;

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